Voya Credit Income Fund (XSIAX) N-CSRS 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, 2009

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, 2009

ING Senior Income Fund

E-Delivery Sign-up – details inside

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, 2009

Table of Contents

Portfolio Managers' Report	2
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	15
Additional Information	24
Portfolio of Investments	25

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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, 2009
Net Assets	$	869,657,047
Total Assets	$	989,220,610
Assets Invested in Senior Loans	$	946,999,444
Senior Loans Represented		471
Average Amount Outstanding per Loan	$	2,010,615
Industries Represented		35
Average Loan Amount per Industry	$	27,057,127
Portfolio Turnover Rate (YTD)		18	%
Weighted Average Days to Interest Rate Reset		32
Average Loan Final Maturity		51 months
Total Leverage as a Percentage of Total Assets		7.58	%

PERFORMANCE SUMMARY

During the six months ended August 31, 2009, the Fund's Class A, Class I, Class Q and Class W shares each distributed total dividends from income of $0.30, resulting in an average annualized distribution rate^₍₁₎ of 6.12%, 6.15%, 6.16%, and 6.13%, respectively. During the same period, the Fund's Class B and Class C shares each distributed total dividends from income of $0.28, resulting in an average annualized distribution rate of 5.65%^₍₁₎ and 5.64%^₍₁₎, respectively.

The Fund's total return for the six months ended August 31, 2009, excluding sales charges, for Class A, Class B, Class C, Class I, Class Q and Class W was 37.01%, 36.81%, 36.73%, 37.54%, 37.15%, and 37.25%, respectively. For the same period, the S&P/LSTA Leveraged Loan Index (the "Index")^₍₂₎ had a gross return of 30.80%.

The overall loan market carried a decidedly positive bias throughout the period, as key technical factors remained intact; namely, limited new loan origination activity, the accelerated prepayment of loans with proceeds from newly issues high yield bonds, and new investment flows into bank loan mutual funds. Year-to-date, the stock of existing institutional loans has declined approximately 7% to $555 billion, the largest peak-to-trough reduction on record. The lack of new loans to invest in continues to have an uplifting effect on loans already in the market.

(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. 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 Index 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 Index to establish a performance benchmark for the syndicated leveraged loan industry. An investor cannot invest directly in an index.

2

ING Senior Income Fund

PORTFOLIO MANAGERS' REPORT (continued)

A more sanguine fundamental outlook also provided a constructive backdrop for loan performance. Although the domestic economy continues to search for solid footing, credit conditions appear to be improving modestly. While the actual trailing default rate continues to creep up (9.68% at the end of August, a record high), the annualized default rate has slowed substantially (to 7.7% between April and August, from a record pace of 19.5% in the first quarter).

Corporate earnings are also trending better than expected. Indeed, S&P recently reported that of 118 public issuers spread across the 23 industry sectors comprising the Index, the average sequential revenue increase during the second quarter was 5%, versus a 6.5% decline in the first quarter. The average sequential increase in earnings before interest, taxes and depreciation and amortization for the second quarter was 16.9%, the first positive reading since the second quarter of 2008. Of course, the risk of a double-dip recession, while lessening, has not been eliminated. And while cash flow improvement is unquestionably important, particularly to leveraged companies, loan investors are now looking for greater demand-driven revenue growth as an indication of sustainability.

TOP TEN SENIOR LOAN ISSUERS AS OF AUGUST 31, 2009 AS A PERCENTAGE OF:
	TOTAL ASSETS			NET ASSETS
Cequel Communications, LLC		2.7	%		3.1	%
Univision Communications, Inc.		2.1	%		2.4	%
Metro-Goldwyn-Mayer, Inc.		1.8	%		2.0	%
Hotel Del Coronado		1.7	%		1.9	%
Texas Competitive Electric Holdings Company, LLC		1.5	%		1.7	%
Lyondell Chemical Company		1.4	%		1.6	%
PBL Media		1.3	%		1.5	%
Idearc, Inc.		1.3	%		1.5	%
UPC Financing Partnership		1.2	%		1.3	%
First Data Corporation		1.0	%		1.1	%

PORTFOLIO REVIEW

The Fund's performance during the period was buoyed by a continuing strong technical undercurrent to the senior loan market, in addition to the Fund's limited exposure to non-performing loan assets relative to the Index. Because of its long-standing focus on higher quality, below investment grade senior loans, the Fund has not fully participated in the powerful rally among the lowest rated (i.e., riskiest) component of the Index that commenced early in the year and continued through the end of August. Nonetheless, issuer selection was generally favorable and beneficial to returns. The Fund held positions in four of the five top contributors to the Index returns during the period, including market bellwethers First Data Corporation, Texas Competitive Electric Holdings Company LLC and Univision Communications, Inc. Less impactful in a rising market, but significant nonetheless, the Fund did not hold any of the top-five detractors from the Inde x. Sector allocation proved neutral. Broadcasting and retailing contributed to results as investors searched for value in these challenged industries. Healthcare and cable, although positive, underperformed on a relative basis. The technical underperformance of the healthcare sector was due largely to the ongoing market-wide push into riskier credits and industries, e.g., automotive and certain areas of real estate.

TOP TEN INDUSTRY SECTORS AS OF AUGUST 31, 2009 AS A PERCENTAGE OF:
	TOTAL ASSETS			NET ASSETS
Healthcare, Education and Childcare		9.5	%		10.9	%
Printing & Publishing		7.7	%		8.8	%
Retail Stores		7.1	%		8.1	%
North American Cable		6.9	%		7.9	%
Chemicals, Plastics & Rubber		5.8	%		6.7	%
Radio and TV Broadcasting		5.5	%		6.2	%
Utilities		5.0	%		5.7	%
Data and Internet Services		4.8	%		5.5	%
Leisure, Amusement, Entertainment		3.5	%		4.0	%
Foreign Cable, Foreign TV, Radio and Equipment		3.1	%		3.5	%

3

ING Senior Income Fund

PORTFOLIO MANAGERS' REPORT (continued)

Non-performing assets within the portfolio remained within our expectations during a period in which the overall market default rate continued to rise. Since January 2008 (the unofficial onset of this default cycle), the Fund has experienced 20 defaults (performing and nonperforming), compared to 82 in the Index.

INDUSTRY ALLOCATION AS OF AUGUST 31, 2009 (AS A PERCENT OF NET ASSETS)
Healthcare, Education and Childcare	10.9	%
Printing & Publishing	8.8	%
Retail Stores	8.1	%
North American Cable	7.9	%
Chemicals, Plastics & Rubber	6.7	%
Radio and TV Broadcasting	6.2	%
Utilities	5.7	%
Data and Internet Services	5.5	%
Leisure, Amusement, Entertainment	4.0	%
Foreign Cable, Foreign TV, Radio and Equipment	3.5	%
Gaming	3.4	%
Diversified / Conglomerate Manufacturing	3.3	%
Diversified / Conglomerate Service	3.1	%
Industries between 2.0% - 2.9%(1)	20.4	%
Industries less than 2.0%(2)	12.1	%
Other Assets and Liabilities - Net	(9.6	)%
Net Assets	100.0	%

⁽¹⁾  Includes nine industries, which each represents 2.0% - 2.9% of net assets.

⁽²⁾  Includes thirteen industries, which each represents less than 2.0% of net assets.

Portfolio holdings are subject to change daily.

OUTLOOK

Heading into the last portion of 2009, the global loan market has reached an interesting juncture. Optimists continue to see strong value in an ultra-short duration credit instrument trading at a still substantial discount, particularly if one is more than moderately concerned about higher inflation and interest rates in the future. Recall that senior loans, by way of their floating rate mechanism, have historically provided participation in, and are an effective and efficient hedge against, rising short-term interest rates. Moreover, should the economy really turn the corner into sustainable growth, we believe the velocity of default rates should continue to diminish, furthering the case for the asset class.

Those less optimistic point to the unprecedented run in loan prices since the first of the year (which argues a less compelling valuation) and a fundamental outlook that still hinges on the path of the economic recovery. While we agree that the excess returns earned in the first half of this year are not likely to be repeated, we also believe both the technical backdrop and the fundamental outlook for the loan market are aligned to provide loan investors with relatively favorable risk adjusted return opportunities over the foreseeable investment horizon.

4

ING Senior Income Fund

PORTFOLIO MANAGERS' REPORT (continued)

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 October 9, 2009

5

ING Senior Income Fund

PORTFOLIO MANAGERS' REPORT (continued)

	Average Annual Total Net Returns for the Periods Ended August 31, 2009
	1 Year			3 Years			5 Years			April 2, 2001			April 15, 2008
Including Sales Charge:
Class A(1)		(9.02	)%		(3.46	)%		(0.59	)%		2.57	%		—
Class B(2)		(9.81	)%		(3.65	)%		(0.29	)%		2.03	%		—
Class C(3)		(8.06	)%		(3.11	)%		(0.13	)%		2.05	%		—
Class I		(6.29	)%		—			—			—			(3.10	)%
Class Q		(6.67	)%		(2.63	)%		0.36	%		2.52	%		—
Class W		(6.29	)%		—			—			—			(2.94	)%
Excluding Sales Charge:
Class A		(6.70	)%		(2.63	)%		0.37	%		2.57	%		—
Class B		(7.20	)%		(3.11	)%		(0.14	)%		2.03	%		—
Class C		(7.19	)%		(3.11	)%		(0.13	)%		2.05	%		—
Class I		(6.29	)%		—			—			—			(3.10	)%
Class Q		(6.67	)%		(2.63	)%		0.36	%		2.52	%		—
Class W		(6.29	)%		—			—			—			(2.94	)%
S&P/LSTA Leveraged Loan Index(4)		2.39	%		1.62	%		3.18	%		3.92	%		2.01	%

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 S&P/LSTA Leveraged Loan Index 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 April 1, 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.

6

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, 2009		4.30	%		3.91	%		3.91	%		4.66	%		4.40	%		4.66	%
February 28, 2009		6.66	%		6.32	%		6.32	%		7.16	%		6.85	%		7.13	%
	Average Annualized Distribution Rates(2)
	Class A			Class B			Class C			Class I			Class Q			Class W
August 31, 2009		6.12	%		5.65	%		5.64	%		6.15	%		6.16	%		6.13	%
February 28, 2009		7.55	%		7.08	%		7.07	%		7.61	%		7.60	%		7.58	%

(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 of not more than 10% of its outstanding Common Shares. If more than the respective monthly repurchase offer 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 March 2008 and April 2008, the Fund received redemption requests in excess of the respective monthly repurchase offer amounts and therefore had to reduce such requests pro rata.

7

ING Senior Income Fund

STATEMENT OF ASSETS AND LIABILITIES as of August 31, 2009 (Unaudited)

ASSETS:
Investments in securities at value (Cost $1,137,813,679)	$	953,386,392
Cash		5,649,213
Foreign currencies at value (Cost $5,399,208)		5,375,321
Receivables:
Investment securities sold		17,827,429
Fund shares sold		2,526,337
Interest		3,839,803
Other		13,950
Unrealized appreciation on forward foreign currency contracts		69,732
Reimbursement due from manager		485,438
Prepaid expenses		46,995
Total assets		989,220,610
LIABILITIES:
Payable for investment securities purchased		38,149,203
Notes payable		75,000,000
Deferred arrangement fees on senior loans		340,662
Payable to affiliates		1,065,901
Income distribution payable		1,957,769
Unrealized depreciation on forward foreign currency contracts		1,183,323
Unrealized depreciation on unfunded commitments		1,196,737
Accrued trustees fees		78,643
Other accrued expenses and liabilities		591,325
Total liabilities		119,563,563
NET ASSETS	$	869,657,047
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	1,255,313,760
Undistributed net investment income		20,298,174
Accumulated net realized loss on investments and foreign currency related transactions		(219,084,835	)
Net unrealized depreciation on investments, foreign currency related transactions, and unfunded commitments		(186,870,052	)
NET ASSETS	$	869,657,047

See Accompanying Notes to Financial Statements
8

ING Senior Income Fund

STATEMENT OF ASSETS AND LIABILITIES as of August 31, 2009 (Unaudited) (continued)

Class A
Net assets	$	394,775,780
Shares authorized		unlimited
Par value	$	0.01
Shares outstanding		33,943,258
Net asset value and redemption price per share	$	11.63
Maximum offering price per share (2.50%)(1)	$	11.93
Class B
Net assets	$	39,326,889
Shares authorized		unlimited
Par value	$	0.01
Shares outstanding		3,390,211
Net asset value and redemption price per share(2)	$	11.60
Class C
Net assets	$	377,265,326
Shares authorized		unlimited
Par value	$	0.01
Shares outstanding		32,473,536
Net asset value and redemption price per share(2)	$	11.62
Class I
Net assets	$	140,989
Shares authorized		unlimited
Par value	$	0.01
Shares outstanding		12,177
Net asset value and redemption price per share	$	11.58
Class Q
Net assets	$	38,163,098
Shares authorized		unlimited
Par value	$	0.01
Shares outstanding		3,301,292
Net asset value and redemption price per share	$	11.56
Class W
Net assets	$	19,984,965
Shares authorized		unlimited
Par value	$	0.01
Shares outstanding		1,720,629
Net asset value and redemption price per share	$	11.61

⁽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, 2009 (Unaudited)

INVESTMENT INCOME:
Interest	$	25,011,363
Arrangement fees earned		143,054
Other		625,489
Total investment income		25,779,906
EXPENSES:
Investment management fees		3,346,552
Administration fees		418,319
Distribution and service fees:
Class A		418,122
Class B		182,775
Class C		1,239,447
Class Q		39,969
Transfer agent fees:
Class A		124,962
Class B		13,851
Class C		124,277
Class I		23
Class Q		11,882
Class W		4,055
Shareholder reporting expense		89,684
Interest expense		1,533,941
Custodian fees		218,092
Professional fees		103,536
Trustees' fees		20,919
SEC Registration fees		55,478
Postage expense		227,820
Excise tax expense		966,538
Miscellaneous expense		58,219
Total expenses		9,198,461
Less:
Net waived and reimbursed fees		(1,305,645	)
Net expenses		7,892,816
Net investment income		17,887,090
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS, AND UNFUNDED COMMITMENTS:
Net realized loss on:
Investments		(53,605,693	)
Forward foreign currency contracts		(8,398,203	)
Foreign currency related transactions		(868,638	)
Net realized loss on investments and foreign currency related transactions		(62,872,534	)
Net change in unrealized appreciation or depreciation on:
Investments		274,166,105
Forward foreign currency contracts		(2,794,195	)
Foreign currency related transactions		497,043
Unfunded commitments		1,589,328
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, and unfunded commitments		273,458,281
Net realized and unrealized gain on investments, foreign currency related transactions, and unfunded commitments		210,585,747
Increase in net assets resulting from operations	$	228,472,837

See Accompanying Notes to Financial Statements
10

ING Senior Income Fund

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

	Six Months Ended August 31, 2009			Year Ended February 28, 2009
FROM OPERATIONS:
Net investment income	$	17,887,090		$	62,020,434
Net realized loss on investments, foreign currency related transactions, and payments by affiliates		(62,872,534	)		(112,882,541	)
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, and unfunded commitments		273,458,281			(244,822,029	)
Increase (decrease) in net assets resulting from operations		228,472,837			(295,684,136	)
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(9,815,630	)		(28,839,390	)
Class B		(995,308	)		(3,294,298	)
Class C		(8,951,793	)		(27,498,197	)
Class I		(1,891	)		(149	)
Class Q		(943,216	)		(2,516,784	)
Class W		(334,954	)		(115,014	)
Decrease in net assets from distributions to shareholders		(21,042,792	)		(62,263,832	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		116,137,752			139,832,162
Reinvestment of distributions		11,472,128			36,985,628
		127,609,880			176,817,790
Cost of shares repurchased		(85,573,506	)		(549,775,544	)
Net increase (decrease) in net assets resulting from capital share transactions		42,036,374			(372,957,754	)
Net increase (decrease) in net assets		249,466,419			(730,905,722	)
NET ASSETS:
Beginning of period		620,190,628			1,351,096,350
End of period	$	869,657,047		$	620,190,628
Undistributed net investment income at end of period	$	20,298,174		$	23,453,876

See Accompanying Notes to Financial Statements
11

ING Senior Income Fund

STATEMENT OF CASH FLOWS for the Six Months Ended August 31, 2009 (Unaudited)

INCREASE (DECREASE) IN CASH Cash Flows From Operating Activities:
Interest received	$	22,148,642
Arrangement fees received		43,049
Other income received		626,088
Interest paid		(1,916,115	)
Other operating expenses paid		(6,995,927	)
Purchases of investments		(111,270,251	)
Proceeds on sale of investments		148,852,982
Net cash provided by operating activities		51,488,468
Cash Flows From Financing Activities:
Distributions paid to common shareholders		(9,145,733	)
Proceeds from capital shares sold		114,618,983
Disbursements for capital shares repurchased		(85,573,506	)
Net decrease in notes payable		(77,000,000	)
Net cash flows used in financing activities		(57,100,256	)
Net decrease in cash		(5,611,788	)
Cash at beginning of period		11,261,001
Cash at end of period	$	5,649,213
Reconciliation of Increase in Net Assets Resulting from Operations to Net Cash Provided by Operating Activities:
Increase in net assets resulting from operations	$	228,472,837
Adjustments to reconcile increase in net assets resulting from operations to net cash provided by operating activities:
Change in unrealized appreciation/depreciation on investments		(274,166,105	)
Change in unrealized appreciation/depreciation on foreign currencies		26,437
Change in unrealized appreciation/depreciation on forward foreign currency contracts		2,794,195
Change in unrealized depreciation on unfunded commitments		(1,589,328	)
Change in unrealized depreciation on other assets and liabilities		(523,480	)
Net accretion of discounts on investments		(5,398,248	)
Net amortization of premiums on investments		77,102
Net realized loss on sale of investments and foreign currency related transactions		62,872,534
Purchases of investments		(111,270,251	)
Proceeds on sale of investments		148,852,982
Decrease in other assets		599
Decrease in interest receivable		2,458,425
Increase in reimbursement due from manager		(233,970	)
Increase in prepaid expenses		(5,526	)
Decrease in deferred arrangement fees on revolving credit facilities		(100,005	)
Decrease in accrued interest payable		(382,174	)
Increase in payable to affiliates		287,930
Increase in accrued trustee fees		11,184
Decrease in other accrued expenses		(696,670	)
Total adjustments		(176,984,369	)
Net cash provided by operating activities	$	51,488,468
Non Cash Financing Activities
Receivable for shares sold	$	2,526,337
Reinvestment of distributions	$	11,472,128

See Accompanying Notes to Financial Statements
12

FINANCIAL HIGHLIGHTS (Unaudited)

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

			Per Share Operating Performance																										Ratios to average net assets after reimbursement/ recoupment						Ratios to average net assets before reimbursement/ recoupment						Supplemental data
	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions from net investment income			Distributions from net realized gains on investments			Distributions from return of capital			Total distributions			Net asset value, end of year or period		Total Investment Return(1)			Expenses (before interest and other fees related to revolving credit facility)(2)(3)		Expenses (with interest and other fees related to revolving credit facility)(2)(3)		Net investment income (loss)(2)(3)		Expenses (before interest and other fees related to revolving credit facility)(3)		Expenses (with interest and other fees related to revolving credit facility) (3)		Net investment income (loss) (3)		Net assets, end of year or period		Portfolio Turnover
Year or period ended	($)		($)			($)			($)			($)			($)			($)			($)			($)		(%)			(%)		(%)		(%)		(%)		(%)		(%)		($000's)		(%)
Class A
08-31-09		8.74		0.28			2.92			3.20			(0.30	)		—			—			(0.30	)		11.63		37.01			1.47		1.88		5.03		1.81		2.22		4.69		394,776		18
02-28-09		13.21		0.77			(4.47	)		(3.70	)		(0.77	)		—			—			(0.77	)		8.74		(29.08	)(a)		1.61		2.81		6.52		1.71		2.91		6.42		278,225		10
02-29-08		15.57		1.04			(2.35	)		(1.31	)		(0.95	)		(0.03	)		(0.07	)		(1.05	)		13.21		(8.94	)		1.53		2.81		6.85		1.53		2.81		6.85		595,017		56
02-28-07		15.56		1.01			0.02			1.03			(1.02	)		—			—			(1.02	)		15.57		6.84			1.50		2.56		6.42		1.48		2.54		6.44		998,140		57
02-28-06		15.59		0.78			(0.03	)		0.75			(0.78	)		—			—			(0.78	)		15.56		4.96			1.50		2.20		4.98		1.48		2.18		5.00		918,621		82
02-28-05		15.47		0.55			0.18			0.73			(0.56	)		(0.05	)		—			(0.61	)		15.59		4.80			1.34		1.45		6.49		1.35		1.46		3.48		736,740		82
02-29-04		14.83		0.61			0.69			1.30			(0.64	)		(0.02	)		—			(0.66	)		15.47		8.93			1.36		1.43		3.84		1.46		1.53		3.74		172,975		72
02-28-03		14.92		0.69			(0.09	)		0.60			(0.69	)		—			—			(0.69	)		14.83		4.15			1.42		1.63		4.88		1.57		1.78		4.73		11,106		60
04-02-01(4)-02-28-02		15.00		0.81			(0.09	)		0.72			(0.80	)		—			—			(0.80	)		14.92		4.92			1.47		1.73		5.58		1.82		2.07		5.26		2,411		65
Class B
08-31-09		8.71		0.19			2.97			3.16			(0.28	)		—			—			(0.28	)		11.60		36.81			1.97		2.38		4.55		2.56		2.97		3.96		39,327		18
02-28-09		13.17		0.70			(4.45	)		(3.75	)		(0.71	)		—			—			(0.71	)		8.71		(29.47	)(a)		2.11		3.31		6.02		2.46		3.66		5.67		32,838		10
02-29-08		15.53		0.96			(2.34	)		(1.38	)		(0.94	)		(0.03	)		(0.01	)		(0.98	)		13.17		(9.43	)		2.04		3.35		6.36		2.29		3.60		6.11		75,885		56
02-28-07		15.53		0.92			0.02			0.94			(0.94	)		—			—			(0.94	)		15.53		6.26			2.00		3.06		5.91		2.23		3.29		5.68		111,749		57
02-28-06		15.57		0.70			(0.04	)		0.66			(0.70	)		—			—			(0.70	)		15.53		4.37			1.99		2.69		4.45		1.97		2.67		4.47		120,254		82
02-28-05		15.45		0.47	•		0.18			0.65			(0.48	)		(0.05	)		—			(0.53	)		15.57		4.28			1.87		1.94		2.93		2.13		2.19		2.67		125,200		82
02-29-04		14.82		0.53			0.69			1.22			(0.57	)		(0.02	)		—			(0.59	)		15.45		8.33			1.87		1.97		3.47		2.22		2.31		3.13		62,852		72
02-28-03		14.92		0.62			(0.10	)		0.52			(0.62	)		—			—			(0.62	)		14.82		3.57			1.91		2.09		4.12		2.31		2.49		3.72		17,648		60
04-02-01(4)-02-28-02		15.00		0.75			(0.10	)		0.65			(0.73	)		—			—			(0.73	)		14.92		4.45			1.96		2.23		5.19		2.29		2.54		4.89		12,776		65
Class C
08-31-09		8.73		0.23			2.94			3.17			(0.28	)		—			—			(0.28	)		11.62		36.73			1.97		2.38		4.55		2.31		2.72		4.22		377,265		18
02-28-09		13.19		0.71			(4.46	)		(3.75	)		(0.71	)		—			—			(0.71	)		8.73		(29.42	)(a)		2.11		3.31		6.02		2.21		3.41		5.92		280,599		10
02-29-08		15.55		0.96			(2.34	)		(1.38	)		(0.88	)		(0.03	)		(0.07	)		(0.98	)		13.19		(9.42	)		2.04		3.35		6.35		2.04		3.35		6.35		625,516		56
02-28-07		15.55		0.93			0.01			0.94			(0.94	)		—			—			(0.94	)		15.55		6.25			2.00		3.06		5.92		1.98		3.04		5.93		927,950		57
02-28-06		15.58		0.70			(0.03	)		0.67			(0.70	)		—			—			(0.70	)		15.55		4.44			1.99		2.69		4.46		1.97		2.67		4.48		923,549		82
02-28-05		15.46		0.47			0.18			0.65			(0.48	)		(0.05	)		—			(0.53	)		15.58		4.28			1.83		1.94		2.88		1.83		1.95		2.87		830,584		82
02-29-04		14.82		0.53			0.70			1.23			(0.57	)		(0.02	)		—			(0.59	)		15.46		8.40			1.86		1.94		3.38		1.96		2.04		3.28		275,849		72
02-28-03		14.92		0.62			(0.10	)		0.52			(0.62	)		—			—			(0.62	)		14.82		3.57			1.91		2.09		4.19		2.06		2.24		4.04		32,647		60
04-02-01(4)-02-28-02		15.00		0.75			(0.10	)		0.65			(0.73	)		—			—			(0.73	)		14.92		4.45			1.96		2.23		5.20		2.29		2.54		4.89		19,391		65
Class I
08-31-09		8.67		0.62			2.59			3.21			(0.30	)		—			—			(0.30	)		11.58		37.54			1.12		1.53		5.15		1.46		1.87		4.81		141		18
04-15-08(4)-02-28-09		13.24		0.66			(4.61	)		(3.95	)		(0.62	)		—			—			(0.62	)		8.67		(30.38	)(a)		1.26		2.46		6.87		1.36		2.56		6.77		2		10
Class Q
08-31-09		8.68		0.31			2.87			3.18			(0.30	)		—			—			(0.30	)		11.56		37.15			1.47		1.88		5.03		1.81		2.22		4.68		38,163		18
02-28-09		13.13		0.76			(4.44	)		(3.68	)		(0.77	)		—			—			(0.77	)		8.68		(29.11	)(a)		1.61		2.81		6.48		1.71		2.91		6.38		24,324		10
02-29-08		15.49		1.05			(2.36	)		(1.31	)		(1.01	)		(0.03	)		(0.01	)		(1.05	)		13.13		(8.99	)		1.53		2.71		6.81		1.53		2.71		6.81		54,678		56
02-28-07		15.49		0.99			0.03			1.02			(1.02	)		—			—			(1.02	)		15.49		6.81			1.50		2.56		6.39		1.48		2.54		6.41		135,675		57
02-28-06		15.52		0.78			(0.03	)		0.75			(0.78	)		—			—			(0.78	)		15.49		4.97			1.49		2.19		4.96		1.47		2.17		4.98		184,586		82
02-28-05		15.41		0.52			0.20			0.72			(0.56	)		(0.05	)		—			(0.61	)		15.52		4.75			1.34		1.45		3.39		1.34		1.45		3.38		183,017		82
02-29-04		14.79		0.63			0.65			1.28			(0.64	)		(0.02	)		—			(0.66	)		15.41		8.82			1.40		1.54		4.17		1.48		1.62		4.09		157,051		72
02-28-03		14.89		0.69			(0.10	)		0.59			(0.69	)		—			—			(0.69	)		14.79		4.09			1.41		1.59		4.69		1.56		1.74		4.54		215,341		60
02-28-02		15.30		0.81			(0.32	)		0.49			(0.90	)		—			—			(0.90	)		14.89		3.73			1.43		1.63		5.94		1.70		1.90		5.67		215,029		65
12-15-00(4)-02-28-01		15.02		0.14			0.14			0.28			—			—			—			—			15.30		1.80			1.85		1.85		7.00		1.85		1.85		7.00		94,096		11
Class W
08-31-09		8.71		0.52			2.69			3.21			(0.30	)		—			—			(0.30	)		11.61		37.25			1.12		1.53		5.15		1.46		1.87		4.81		19,985		18
04-15-08(4)-02-28-09		13.24		0.65			(4.56	)		(3.91	)		(0.62	)		—			—			(0.62	)		8.71		(30.07	)(a)		1.21		2.56		8.25		1.31		2.66		8.15		4,202		10

⁽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 does not include sales load.

⁽²⁾  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.

⁽³⁾  Annualized for periods less than one year.

⁽⁴⁾  Commencement of operations.

^_•  Calculated using average number of shares outstanding throught the period.

^(a)  There was no impact on total return due to payments by affiliates.

See Accompanying Notes to Financial Statements
13

FINANCIAL HIGHLIGHTS (Unaudited) (CONTINUED)

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

	Supplemental data
	Borrowings at end of year or period		Asset coverage per $1,000 of debt		Average borrowings(1)		Shares outstanding at end of year or period
Year or period ended	($000's)		($)		($000's)		(000's)
Class A
08-31-09		75,000		12,600		90,453		33,943
02-28-09		152,000		5,080		288,762		31,849
02-29-08		544,000		3,484		426,164		45,039
02-28-07		237,000		10,171		404,137		64,122
02-28-06		389,000		6,519		325,044		59,029
02-28-05		163,000		1,251		34,767		47,252
02-29-04		—		—		20,771		11,180
02-28-03		47,000		689		17,655		749
04-02-01(2)-02-28-02		8,000		3,220		19,797		162
Class B
08-31-09		75,000		12,600		90,453		3,390
02-28-09		152,000		5,080		288,762		3,768
02-29-08		544,000		3,484		426,164		5,760
02-28-07		237,000		10,171		404,137		7,195
02-28-06		389,000		6,519		325,044		7,742
02-28-05		163,000		1,251		34,767		8,043
02-29-04		—		—		20,771		4,068
02-28-03		47,000		689		17,655		1,191
04-02-01(2)-02-28-02		8,000		3,220		19,797		856
Class C
08-31-09		75,000		12,600		90,453		32,474
02-28-09		152,000		5,080		288,762		32,152
02-29-08		544,000		3,484		426,164		47,406
02-28-07		237,000		10,171		404,137		59,679
02-28-06		389,000		6,519		325,044		59,402
02-28-05		163,000		1,251		34,767		53,316
02-29-04		—		—		20,771		17,841
02-28-03		47,000		689		17,655		2,202
04-02-01(2)-02-28-02		8,000		3,220		19,797		1,300
Class I
08-31-09		75,000		12,600		90,453		12
04-15-08(2)-02-28-09		152,000		5,080		288,762		0	*
Class Q
08-31-09		75,000		12,600		90,453		3,301
02-28-09		152,000		5,080		288,762		2,801
02-29-08		544,000		3,484		426,164		4,163
02-28-07		237,000		10,171		404,137		8,761
02-28-06		389,000		6,519		325,044		11,918
02-28-05		163,000		1,251		34,767		11,789
02-29-04		—		—		20,771		10,188
02-28-03		47,000		689		17,655		14,559
02-28-02		8,000		3,220		19,797		14,439
12-15-00(2)-02-28-01		—		—		—		6,152
Class W
08-31-09		75,000		12,600		90,453		1,721
04-15-08(2)-02-28-09		152,000		5,080		288,762		482

^₍₁₎  Based on the active days of borrowing.

^₍₂₎  Commencement of operations.

*  Amount is less than 500.

See Accompanying Notes to Financial Statements
14

ING Senior Income Fund

NOTES TO FINANCIAL STATEMENTS as of August 31, 2009 (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% of its outstanding common shares 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.

15

ING Senior Income Fund

NOTES TO FINANCIAL STATEMENTS as of August 31, 2009 (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, 2009, 98.1% 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 Compliance 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 or liability 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 summarizing the Fund's investments under these levels of classification is included following the Portfolio of Investments. For the six months ended August 31, 2009, there have been no significant changes to the fair valuation methodologies.

16

ING Senior Income Fund

NOTES TO FINANCIAL STATEMENTS as of August 31, 2009 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

On April 9, 2009, the FASB issued FASB Staff Position No. FAS 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly ("FSP 157-4"). FSP 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosure are to be expanded for each major category of equity and debt securities. There was no change to the financial position of the Fund and the results of its operations due to the adoption of FSP 157-4 and all disclosures have been made for the current period as part of the Notes to Financial Statements and Portfolio of Investments.

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. All changes to disclosures have been made in accordance with SFAS 161 and have been incorporated for the current period as part of the Notes to Financial Statements and Portfolio of Investments.

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

17

ING Senior Income Fund

NOTES TO FINANCIAL STATEMENTS as of August 31, 2009 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.  Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

(1)  Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at the end of the day.

(2)  Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at the end of the day, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statement of Assets and Liabilities for the estimated tax withholding based on the securities current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and the U.S. government. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liq uid and prices more volatile than those of comparable U.S. companies and U.S. government securities.

G.  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.

18

ING Senior Income Fund

NOTES TO FINANCIAL STATEMENTS as of August 31, 2009 (Unaudited) (continued)

NOTE 3 — INVESTMENTS

For the six months ended August 31, 2009, the cost of purchases and the proceeds from principal repayment and sales of investments, excluding short-term investments, totaled $144,529,144 and $160,525,799, respectively. At August 31, 2009, the Fund held senior loans valued at $946,999,444 representing 99.3% 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 or assigned basis of restricted securities are as follows:

	Date of Acquisition	Cost or Assigned Basis
Decision One Corporation (417,344 Common Shares)	06/03/05	$	295,535
Safelite Realty Corporation (30,003 Common Shares)	06/21/01		—
Total restricted securities excluding senior loans (market value of $180,828 was 0.0% of net assets at August 31, 2009).		$	295,535

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.

On October 19, 2008, ING Groep announced that it reached an agreement with the Dutch government to strengthen its capital position. ING Groep issued non-voting core Tier-1 securities for a total consideration of EUR 10 billion to the Dutch State. The transaction boosts ING Bank's core Tier-1 ratio, strengthens the insurance balance sheet and reduces ING Groep's Debt/Equity ratio.

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.

19

ING Senior Income Fund

NOTES TO FINANCIAL STATEMENTS as of August 31, 2009 (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, 2009, 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, 2009, 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,
2010		2011		2012		Total
$	—	$	288,824	$	1,021,217	$	1,310,041

NOTE 7 — COMMITMENTS

The Fund has entered into a 364-day revolving credit agreement, collateralized by assets of the Fund, to borrow up to $155 million maturing June 24, 2010. Borrowing rates under this agreement are based on a fixed spread over LIBOR, and a commitment fee is charged on the unused portion. There was $75 million of borrowings outstanding at August 31, 2009. Prepaid arrangement fees are amortized over the term of the agreement. Average borrowings for the six months ended August 31, 2009 were $90,452,960 and the average annualized interest rate was 3.36%.

20

ING Senior Income Fund

NOTES TO FINANCIAL STATEMENTS as of August 31, 2009 (Unaudited) (continued)

NOTE 8 — SENIOR LOAN COMMITMENTS

As of August 31, 2009, the Fund had unfunded loan commitments pursuant to the terms of the following loan agreements:

Calpine Corp.	$	742,500
Cengage Learning, Inc.		1,288,889
Coleto Creek Power		5,000,000
ION Media Networks, Inc.		287,800
Kerasotes Theatres, Inc.	$	825,000
Lyondell Chemical Co.		1,086,665
Mediacom LLC Group		1,800,000
Sturm Foods, Inc.		500,000
	$	11,530,854

The unrealized depreciation on these commitments of $1,196,737 as of August 31, 2009 is reported as such on the Statement of Assets and Liabilities.

NOTE 9 — TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At August 31, 2009, 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
$	632,217	$	79,027	$	354,657	$	1,065,901

The ING Funds have adopted a retirement policy under which any Trustee, who as of May 9, 2007, had served for at least five (5) years as a Trustee of one or more ING Funds and who is not an "interested person" of such ING Funds (as such term is defined in the Investment Company Act of 1940, as amended) shall be entitled to a retirement payment ("Retirement Benefit") if such Trustee: (a) retires in accordance with the retirement policy; (b) dies; or (c) becomes disabled. The Retirement Benefit shall be made promptly to, as applicable, the Trustee or the Trustee's estate, after such retirement, death or disability in an amount equal to two times the annual compensation payable to such Trustee, as in effect at the time of his or her retirement, death or disability. The annual compensation determination shall be based upon the annual Board membership retainer fee (but not any separate annual retainer fees for chairpersons of committees and of th e Board). This amount shall be paid by the Fund or ING Funds on whose Board the Trustee was serving at the time of his or her retirement. The retiring Trustee may elect to receive payment of his or her benefit in a lump sum or in three substantially equal payments. For the purpose of this policy, disability shall be the inability to perform the duties of a member of the Board because of the physical or mental impairment that has lasted or that can be expected to last for a continuous period of not less than 12 months, as reasonably determined by a majority of the Board.

During the year ended February 28, 2009, the Fund's sub-adviser reimbursed the Fund for compensation received by an affiliate of the sub-adviser in connection with two loans the Fund purchased from that affiliate. Those purchases were conducted in a manner that was determined to be inconsistent with applicable regulations. The amount reimbursed to the Fund was $298,074.

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, 2009.

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 20% of its total assets, measured at the time of investment, in subordinated loans, unsecured debt instruments and other investments, as directed by the Prospectus. As of August 31, 2009, the Fund held 0.7% of its total assets in subordinated loans and unsecured loans.

21

ING Senior Income Fund

NOTES TO FINANCIAL STATEMENTS as of August 31, 2009 (Unaudited) (continued)

NOTE 12 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

Year or		Shares sold		Reinvestment of distributions		Shares redeemed			Net increase (decrease) in shares outstanding			Shares sold		Reinvestment of distributions		Shares redeemed			Net increase (decrease)
period ended		#		#		#			#			($)		($)		($)			($)
Class A
	08-31-09		6,351,076		503,580		(4,760,819	)		2,093,837			63,862,131		5,250,096		(45,168,445	)		23,943,782
	02-28-09		7,450,889		1,450,313		(22,091,062	)		(13,189,860	)		88,626,250		16,598,073		(260,590,633	)		(155,366,310	)
Class B
	08-31-09		44,609		58,472		(481,060	)		(377,979	)		466,985		602,484		(4,891,727	)		(3,822,258	)
	02-28-09		99,535		184,560		(2,275,715	)		(1,991,620	)		1,129,469		2,102,469		(27,031,464	)		(23,799,526	)
Class C
	08-31-09		2,873,074		495,453		(3,046,874	)		321,653			29,583,554		5,130,554		(30,671,469	)		4,042,639
	02-28-09		2,335,912		1,513,066		(19,102,836	)		(15,253,858	)		28,292,662		17,359,820		(227,347,027	)		(181,694,545	)
Class I
	08-31-09		11,911		39		—			11,950			121,200		454		—			121,654
	04-15-08(1)- 02-28-09		227		—		—			227			3,000		—		—			3,000
Class Q
	08-31-09		888,457		30,920		(418,937	)		500,440			9,003,946		320,888		(4,369,318	)		4,955,516
	02-28-09		1,097,868		81,721		(2,541,636	)		(1,362,047	)		12,029,375		923,519		(30,139,581	)		(17,186,687	)
Class W
	08-31-09		1,269,138		15,086		(45,977	)		1,238,247			13,099,936		167,652		(472,547	)		12,795,041
	04-15-08(1)- 02-28-09		853,284		169		(371,071	)		482,382			9,751,406		1,747		(4,666,839	)		5,086,314

⁽¹⁾  Commencement of operations.

NOTE 13 — FEDERAL INCOME TAXES

During the six months ended August 31, 2009, the Fund incurred a Federal excise tax expense in the amount of $966,538 which has been fully reimbursed by the Investment Adviser.

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, 2009		Year Ended February 28, 2009
Ordinary Income		Ordinary Income
$	21,042,792	$	62,263,832

22

ING Senior Income Fund

NOTES TO FINANCIAL STATEMENTS as of August 31, 2009 (Unaudited) (continued)

NOTE 13 — FEDERAL INCOME TAXES (continued)

The tax-basis components of distributable earnings and the expiration dates of the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of February 28, 2009 were:

Undistributed Ordinary Income		Unrealized Depreciation			Post-October Capital Losses Deferred			Capital Loss Carryforwards			Expiration Dates
$	26,667,318	$	(462,880,403	)	$	(74,778,756	)	$	(80,562,079	)		2017

The Fund's major tax jurisdictions are federal and Arizona. The earliest tax year that remains subject to examination by these jurisdictions is 2004.

As of August 31, 2009, no provisions for income tax would be required in the Fund's financial statements as a result of tax positions taken on federal income tax returns for open tax years. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue.

NOTE 14 — OTHER ACCOUNTING PRONOUNCEMENT

In June 2009, the FASB issued Statement of Financial Accounting Standards No. 168, "The FASB Accounting Standards Codification^TM and the Hierarchy of Generally Accepted Accounting Principles — a replacement of FASB Statement No. 162" ("SFAS No. 168"). SFAS No. 168 replaces SFAS No. 162, "The Hierarchy of Generally Accepted Accounting Principles" and establishes the "FASB Accounting Standards Codification^TM" ("Codification" or "ASC") as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with U.S. GAAP. All guidance contained in the Codification carries an equal level of authority. On the effective date of SFAS No. 168, the Codification will supersede all then-existing non-SEC accounting and reporting standards. All other non-grandfathered non-SEC accounting literature not included in the Codification will become non-authoritative. SFAS No. 168 is effective for financial statements issued for interim and annual periods ending after September 15, 2009. As of August 31, 2009, management of the Fund has determined that adoption of SFAS No. 168 will not impact the financial statement amounts but will require revisions to current disclosures.

NOTE 15 — SUBSEQUENT EVENTS

DIVIDENDS DECLARED

Subsequent to August 31, 2009, the Fund declared the following dividends:

Per Share Amount			Type	Declaration Date	Record Date	Payable Date
$	0.05850	(A)	NII	Daily	Daily	October 1, 2009
$	0.05384	(B)	NII	Daily	Daily	October 1, 2009

NII — Net Investment Income

(A) — For Class A, I, Q and W shares.

(B) — For Class B and C shares.

The Fund has evaluated events occurring after the balance sheet date (subsequent events) through October 23, 2009, the date the financial statements were issued, to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

23

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.

24

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited)

Senior Loans*: 108.9%					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower/Tranche Description	Moody's	S&P	Value
Aerospace & Defense: 1.8%
				Avio Group	NR	NR
$	553,772			Term Loan, 2.388%, maturing December 13, 2014			$	470,429
EUR	705,000			Term Loan, 2.621%, maturing December 15, 2014				882,436
$	590,346			Term Loan, 3.013%, maturing December 13, 2015				501,499
EUR	705,000			Term Loan, 3.246%, maturing December 14, 2015				882,436
				Delta Airlines, Inc.	Ba2	BB-
$	2,940,000			Term Loan, 2.276%, maturing April 30, 2012				2,653,350
				Delta Airlines, Inc.	B2	B
	5,904,710			Term Loan, 3.526%, maturing April 30, 2014				4,561,389
				McKechnie Aerospace DE, Inc.	B1	B+
	1,198,733			Term Loan, 2.270%, maturing May 11, 2014				1,073,865
				Spirit Aerosystems, Inc.	Ba3	BBB-
	443,945			Term Loan, 2.255%, maturing September 30, 2013				431,736
				Transdigm, Inc.	Ba3	BB-
	1,000,000			Term Loan, 2.401%, maturing June 23, 2013				971,875
				United Airlines, Inc.	B3	B+
	4,423,958			Term Loan, 2.313%, maturing February 01, 2014				2,837,969
								15,266,984
Automobile: 2.2%
				Dollar Thrifty Automotive Group, Inc.	Caa3	CCC-
	632,500			Term Loan, 2.761%, maturing June 15, 2014				480,700
				Ford Motor Company	Caa1	CCC+
	9,571,051			Term Loan, 3.495%, maturing December 16, 2013				8,355,528
				KAR Holdings, Inc.	Ba3	B
	5,785,568	(3	)	Term Loan, 2.520%, maturing October 18, 2013				5,455,310
				Oshkosh Truck Corporation	B2	BB-
	1,206,363			Term Loan, 6.626%, maturing December 06, 2013				1,205,421
				TRW Automotive, Inc.	B1	B+
	3,300,612			Term Loan, 6.313%, maturing February 09, 2014				3,299,787
								18,796,746
Beverage, Food & Tobacco: 2.5%
				ARAMARK Corporation	Ba3	BB
	1,905,115			Term Loan, 2.473%, maturing January 26, 2014				1,776,520

See Accompanying Notes to Financial Statements
25

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower/Tranche Description	Moody's	S&P	Value
Beverage, Food & Tobacco: (continued)
$	831,811			Term Loan, 2.336%, maturing January 27, 2014			$	781,250
	1,987,786			Term Loan, 2.473%, maturing January 27, 2014				1,866,960
				Pinnacle Foods Holding Corporation	B2	B
	7,546,000			Term Loan, 3.031%, maturing April 02, 2014				7,002,062
				Sturm Foods, Inc.	B2	B-
	2,901,428			Term Loan, 3.063%, maturing January 31, 2014				2,665,687
				United Biscuits	NR	NR
GBP	2,500,000	(3)		Term Loan, 3.399%, maturing December 15, 2014				3,716,670
EUR	775,940			Term Loan, 3.684%, maturing December 15, 2014				1,039,611
				Van Houtte, Inc.	Ba3	BB-
$	146,692			Term Loan, 3.095%, maturing July 19, 2014				139,357
	1,075,738			Term Loan, 3.095%, maturing July 19, 2014				1,021,951
				Wm. Wrigley Jr. Company	Baa3	BBB
	1,462,500			Term Loan, 6.500%, maturing September 30, 2014				1,483,022
								21,493,090
Buildings & Real Estate: 1.6%
				Capital Automotive, L.P.	Ba1	B
	4,218,142	(3	)	Term Loan, 2.040%, maturing December 15, 2010				3,543,239
				Contech Construction Products, Inc.	B1	B
	2,594,631			Term Loan, 2.280%, maturing January 31, 2013				2,211,923
				Custom Building Products, Inc.	Ba2	BB-
	2,762,929			Term Loan, 8.000%, maturing October 29, 2011				2,690,403
				John Maneely Company	B3	B
	4,218,228			Term Loan, 3.624%, maturing December 09, 2013				3,353,492
				KCPC Acquisition, Inc.	Ba2	B-
	522,257			Term Loan, 2.562%, maturing May 22, 2014				391,693
	189,655			Term Loan, 2.630%, maturing May 22, 2014				142,241
				Tishman Speyer	NR	D
	3,000,000	(2	)(3)	Term Loan, 0.000%, maturing December 27, 2012				1,237,500
								13,570,491

See Accompanying Notes to Financial Statements
26

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower/Tranche Description	Moody's	S&P	Value
Cargo Transport: 1.3%
				Baker Tanks, Inc.	B1	B
$	3,421,250			Term Loan, 2.659%, maturing May 08, 2014			$	2,918,754
				Dockwise Transport, N.V.	NR	NR
	1,285,414			Term Loan, 2.598%, maturing January 11, 2015				1,159,015
	939,270			Term Loan, 3.473%, maturing January 11, 2015				846,909
	1,285,414			Term Loan, 3.473%, maturing January 11, 2016				1,159,015
	939,270			Term Loan, 3.473%, maturing January 11, 2016				846,909
	700,000			Term Loan, 4.761%, maturing July 11, 2016				456,167
	750,000			Term Loan, 5.098%, maturing July 11, 2016				488,750
		(1	)	Gainey Corporation	NR	NR
	1,124,379	(2	)	Term Loan, 6.344%, maturing April 20, 2012				174,279
				Inmar, Inc.	B1	B
	644,268			Term Loan, 2.520%, maturing April 30, 2013				608,027
				TNT Logistics	B1	B-
	1,877,207			Term Loan, 3.261%, maturing November 04, 2013				1,495,509
	723,070			Term Loan, 3.598%, maturing November 04, 2013				565,200
		(1	)	US Shipping Partners, L.P.	NR	NR
	1,787,463	(2	)	Term Loan, 12.000%, maturing March 21, 2012				916,075
								11,634,609
Cellular: 0.1%
				NTELOS, Inc.	Ba3	BB
	1,000,000			Term Loan, 5.750%, maturing August 07, 2015				1,001,875
								1,001,875
Chemicals, Plastics & Rubber: 6.7%
				AZ Chem US, Inc.	B1	BB-
EUR	705,281			Term Loan, 3.153%, maturing February 26, 2013				929,782
				Borsodchem Nyrt.	NR	NR
EUR	822,816	(2	)	Term Loan, 3.340%, maturing March 26, 2015				695,642
EUR	824,838	(2	)	Term Loan, 3.842%, maturing March 26, 2016				697,352
				Brenntag Holding GmbH & Co. KG	B1	B+
$	5,313,148			Term Loan, 2.273%, maturing January 20, 2014				5,074,056

See Accompanying Notes to Financial Statements
27

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower/Tranche Description	Moody's	S&P	Value
Chemicals, Plastics & Rubber: (continued)
$	1,727,096			Term Loan, 2.312%, maturing January 20, 2014			$	1,649,377
				Celanese	Ba2	BB+
	3,442,334			Term Loan, 2.806%, maturing April 02, 2014				3,299,801
				Cristal Inorganic Chemicals, Inc.	B1	B
	3,310,678			Term Loan, 2.848%, maturing May 15, 2014				2,466,455
				Hexion Specialty Chemicals, Inc.	B1	CCC+
	1,728,000			Term Loan, 2.452%, maturing May 05, 2013				1,327,104
	972,500			Term Loan, 2.750%, maturing May 06, 2013				746,880
	7,825,714			Term Loan, 2.875%, maturing May 06, 2013				6,010,148
	1,699,115			Term Loan, 2.875%, maturing May 06, 2013				1,304,920
				Ineos US Finance, LLC	Caa1	B-
	2,306,641			Term Loan, 9.001%, maturing December 17, 2012				1,871,263
EUR	755,041			Term Loan, 6.206%, maturing December 16, 2013				831,738
$	2,645,510			Term Loan, 9.501%, maturing December 16, 2013				2,033,736
EUR	133,495			Term Loan, 9.750%, maturing December 16, 2013				147,056
$	2,644,393			Term Loan, 10.001%, maturing December 16, 2014				2,032,877
EUR	133,435			Term Loan, 10.250%, maturing December 16, 2014				146,989
EUR	754,568			Term Loan, 10.250%, maturing December 16, 2014				831,218
				ISP Chemco, Inc.	Ba3	BB-
$	3,907,595			Term Loan, 2.063%, maturing June 04, 2014				3,700,492
				Kraton Polymers, LLC	B1	B
	1,984,615			Term Loan, 2.625%, maturing May 13, 2013				1,724,135
		(1	)	Lyondell Chemical Company	Ba1	NR
	2,174,333			Debtor In Possession Term Loan, 9.168%, maturing December 15, 2009				2,263,209
		(1	)	Lyondell Chemical Company	Ba3	NR
	5,256,799			Debtor In Possession Term Loan, 5.807%, maturing December 15, 2009				4,893,202
		(1	)	Lyondell Chemical Company	NR	C
	514,181			Term Loan, 3.768%, maturing December 20, 2013				246,807

See Accompanying Notes to Financial Statements
28

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)			Market
Principal Amount				Borrower/Tranche Description	Moody's	S&P		Value
Chemicals, Plastics & Rubber: (continued)
$	221,350			Revolver, 3.768%, maturing December 22, 2014				$	106,248
	830,063			Revolver, 3.768%, maturing December 22, 2014			��		406,731
	1,581,504			Term Loan, 3.768%, maturing December 22, 2014					774,937
	635,475			Term Loan, 4.018%, maturing December 22, 2014					305,028
	635,475			Term Loan, 4.018%, maturing December 22, 2014					305,028
	635,475			Term Loan, 4.018%, maturing December 22, 2014					305,028
	2,757,504			Term Loan, 7.000%, maturing December 22, 2014					1,351,177
	2,757,504			Term Loan, 7.000%, maturing December 22, 2014					1,351,177
	2,757,504			Term Loan, 7.000%, maturing December 22, 2014					1,351,177
				MacDermid, Inc.	B2	B+
EUR	1,871,716			Term Loan, 2.698%, maturing April 11, 2014					1,994,794
$	1,849,110			Term Loan, 2.261%, maturing April 12, 2014					1,556,334
		(1	)	Northeast Biofuels, LLC	NR	NR
	115,095	(2	)	Term Loan, 10.750%, maturing June 28, 2013					17,264
				Polypore, Inc.	Ba2	BB-
	3,266,667			Term Loan, 2.530%, maturing July 03, 2014					3,111,500
									57,860,662
Containers, Packaging & Glass: 2.8%
				Berry Plastics Corporation	B1	B+
	5,742,672	(3	)	Term Loan, 2.275%, maturing April 03, 2015					4,890,247
				Graham Packaging Company	B1	B+
	274,137			Term Loan, 2.563%, maturing October 07, 2011					267,969
	2,743,366			Term Loan, 6.750%, maturing April 05, 2014					2,749,245
				Graphic Packaging International, Inc.	Ba3	BB-
	6,013,106			Term Loan, 2.526%, maturing May 16, 2014					5,822,665
				Klockner Pentaplast	NR	NR
	4,078,679	(3	)	Term Loan, 3.523%, maturing January 03, 2016					2,780,301
				Owens-Illinois	Baa3	BBB-
EUR	654,375			Term Loan, 2.020%, maturing June 14, 2013					900,179

See Accompanying Notes to Financial Statements
29

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower/Tranche Description	Moody's	S&P	Value
Containers, Packaging & Glass: (continued)
				Pro Mach, Inc.	B1	B
$	2,328,807			Term Loan, 2.520%, maturing December 14, 2011			$	2,095,927
				Smurfit-Stone Container Corporation	NR	D
	200,000	(2	)(3)	Revolver, maturing November 01, 2009				191,500
	603,111	(3	)	Revolver, maturing November 02, 2009				577,479
	121,035	(3	)	Term Loan, maturing November 01, 2010				115,739
	137,741	(3	)	Term Loan, maturing November 01, 2011				131,715
	259,619	(3	)	Term Loan, maturing November 01, 2011				248,152
	78,494	(3	)	Term Loan, maturing November 01, 2011				75,027
				Tegrant Holding Company	Caa3	CC
	500,000			Term Loan, 6.100%, maturing March 08, 2015				147,500
				Xerium Technologies, Inc.	Caa3	CC
	4,439,041			Term Loan, 6.098%, maturing May 18, 2012				3,040,743
								24,034,388
Data and Internet Services: 5.5%
				Activant Solutions, Inc.	B1	B+
	2,229,788			Term Loan, 2.483%, maturing May 02, 2013				2,051,405
				Amadeus IT Group, S.A.	NR	NR
EUR	1,268,581	(3)		Term Loan, 2.540%, maturing July 01, 2013				1,610,532
EUR	1,268,581	(3)		Term Loan, 3.040%, maturing July 01, 2014				1,610,532
				Audatex	Ba3	BB-
$	1,074,208			Term Loan, 2.438%, maturing May 16, 2014				1,054,067
				Carlson Wagonlit Holdings, B.V.	B2	CCC+
	2,633,971			Term Loan, 4.241%, maturing August 03, 2012				1,839,389
				First Data Corporation	B1	B+
	2,631,030			Term Loan, 3.017%, maturing September 24, 2014				2,201,433
	5,032,960	(3	)	Term Loan, 3.017%, maturing September 24, 2014				4,219,297
	4,165,279	(3	)	Term Loan, 3.017%, maturing September 24, 2014				3,479,312
				L-1 Identity Solutions Operating Company	Ba3	BB+
	481,250			Term Loan, 7.250%, maturing August 05, 2013				483,656

See Accompanying Notes to Financial Statements
30

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

			Bank Loan Ratings† (Unaudited)		Market
Principal Amount		Borrower/Tranche Description	Moody's	S&P	Value
Data and Internet Services: (continued)
		Mitchell International, Inc.	Caa1	CCC+
$	250,000	Term Loan, 5.875%, maturing March 30, 2015			$	162,500
		Orbitz	B2	B+
	7,815,265	Term Loan, 3.454%, maturing July 25, 2014				6,532,256
		Reynolds & Reynolds Company	Ba2	BB
	5,196,559	Term Loan, 2.261%, maturing October 26, 2012				4,546,989
		Sabre, Inc.	B1	B
	8,117,064	Term Loan, 2.654%, maturing September 30, 2014				6,684,978
		Sitel, LLC	B3	B+
	1,855,028	Term Loan, 5.957%, maturing January 30, 2014				1,474,747
		Sungard Data Systems, Inc.	Ba3	BB
	106,289	Term Loan, 2.026%, maturing February 28, 2014				100,230
	1,486,263	Term Loan, 6.750%, maturing February 28, 2014				1,485,466
	2,875,860	Term Loan, 4.078%, maturing February 26, 2016				2,790,183
		Transaction Network Services, Inc.	B1	BB
	2,031,234	Term Loan, 9.500%, maturing March 28, 2014				2,048,359
	676,561	Term Loan, 9.500%, maturing March 28, 2014				680,789
		Travelport, Inc.	Ba2	B
	980,000	Term Loan, 2.761%, maturing August 23, 2013				884,695
	1,556,322	Term Loan, 2.883%, maturing August 23, 2013				1,407,693
	312,277	Term Loan, 3.098%, maturing August 23, 2013				282,454
						47,630,962
Diversified / Conglomerate Manufacturing: 3.3%
		BOC Edwards	B3	B
	3,185,000	Term Loan, 2.285%, maturing May 31, 2014				2,030,437
		Brand Services, Inc.	B1	B
	2,808,622	Term Loan, 2.606%, maturing February 07, 2014				2,548,824
	1,228,125	Term Loan, 3.679%, maturing February 07, 2014				1,142,156
		Brand Services, Inc.	Caa1	CCC+
	1,600,000	Term Loan, 6.363%, maturing February 07, 2015				1,148,000

See Accompanying Notes to Financial Statements
31

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower/Tranche Description	Moody's	S&P	Value
Diversified / Conglomerate Manufacturing: (continued)
				Dresser, Inc.	B2	B+
$	4,352,885			Term Loan, 2.679%, maturing May 04, 2014			$	4,084,094
				EPD, Inc.	B3	NR
	554,062			Term Loan, 2.530%, maturing July 31, 2014				392,553
	3,868,594			Term Loan, 2.530%, maturing July 31, 2014				2,740,899
				Ferretti, S.P.A.	NR	NR
EUR	866,500	(2)		Term Loan, 3.794%, maturing January 31, 2015				351,387
EUR	866,500	(2)		Term Loan, 4.294%, maturing January 31, 2016				351,387
				Manitowoc Company, Inc.	B1	BB
$	3,994,987	(3)		Term Loan, 7.500%, maturing November 06, 2014				3,643,429
				Mueller Group, Inc.	B1	BB-
	868,369			Term Loan, 6.019%, maturing May 24, 2014				824,950
				Rexnord Corporation / RBS Global, Inc.	B1	BB-
	975,000			Term Loan, 2.563%, maturing July 19, 2013				901,063
	1,000,000			Term Loan, 2.957%, maturing July 19, 2013				924,167
				Sensata Technologies	B3	B
	6,116,628	(3	)	Term Loan, 2.246%, maturing April 26, 2013				5,041,123
EUR	1,940,046			Term Loan, 2.914%, maturing April 26, 2013				2,255,266
				Textron Fastening Systems	Caa1	CCC+
$	486,250			Term Loan, 5.098%, maturing August 11, 2013				218,813
								28,598,548
Diversified / Conglomerate Service: 3.1%
				Affinion Group	Ba2	BB
	3,899,193			Term Loan, 2.761%, maturing October 17, 2012				3,734,433
				AlixPartners, LLP	B1	BB-
	2,578,769			Term Loan, 2.308%, maturing October 12, 2013				2,520,747
				Brickman Group	Ba3	BB-
	1,437,215			Term Loan, 2.339%, maturing January 23, 2014				1,343,796
				Brock Holdings, Inc.	Caa1	B
	1,398,885			Term Loan, 2.848%, maturing February 26, 2014				1,122,605

See Accompanying Notes to Financial Statements
32

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

				Bank Loan Ratings† (Unaudited)		Market
Principal Amount			Borrower/Tranche Description	Moody's	S&P	Value
Diversified / Conglomerate Service: (continued)
			Catalina Marketing Corporation	Ba3	BB-
$	3,470,010		Term Loan, 3.276%, maturing October 01, 2014			$	3,285,665
			Coach America Holdings, Inc.	B2	B
	2,341,033		Term Loan, 3.020%, maturing April 18, 2014				2,103,027
	493,837		Term Loan, 3.347%, maturing April 20, 2014				443,630
			Intergraph Corporation	Ba3	BB-
	1,000,000		Term Loan, 2.372%, maturing May 29, 2014				965,625
			ISS Global A/S	NR	NR
EUR	100,916	(3)	Term Loan, 3.260%, maturing December 31, 2013				130,900
EUR	201,086	(3)	Term Loan, 3.260%, maturing December 31, 2013				260,833
EUR	525,178	(3)	Term Loan, 3.260%, maturing December 31, 2013				681,218
EUR	495,073		Term Loan, 3.260%, maturing December 31, 2013				642,167
EUR	245,614		Term Loan, 3.260%, maturing December 31, 2013				318,590
EUR	1,754,386	(3)	Term Loan, 3.260%, maturing December 31, 2013				2,275,645
			Valleycrest Companies, LLC	B1	BB-
$	1,805,815		Term Loan, 2.330%, maturing March 12, 2014				1,516,885
			Vertafore, Inc.	B1	B
	1,015,403		Term Loan, 2.893%, maturing January 31, 2012				967,171
			West Corporation	B1	BB-
	5,329,348		Term Loan, 2.644%, maturing October 24, 2013				5,082,866
							27,395,803
Diversified Nat'l Rsrcs, Precious Metals & Minerals: 0.2%
			Georgia Pacific Corporation	Ba2	BB+
	1,180,193		Term Loan, 2.609%, maturing December 20, 2012				1,146,051
	649,974		Term Loan, 3.806%, maturing December 20, 2014				648,752
							1,794,803

See Accompanying Notes to Financial Statements
33

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

				Bank Loan Ratings† (Unaudited)		Market
Principal Amount			Borrower/Tranche Description	Moody's	S&P	Value
Ecological: 0.1%
			Synagro Technologies, Inc.	B2	CCC+
$	1,078,000		Term Loan, 2.270%, maturing April 02, 2014			$	861,053
			Synagro Technologies, Inc.	Caa2	CCC-
	590,000		Term Loan, 5.020%, maturing October 02, 2014				371,700
							1,232,753
Electronics: 2.1%
			Aeroflex, Inc.	Ba3	BB-
	1,980,324		Term Loan, 3.741%, maturing August 15, 2014				1,807,051
			Brocade Communications Systems, Inc.	Ba2	BB+
	2,705,070		Term Loan, 7.000%, maturing October 07, 2013				2,715,214
			Decision One	NR	NR
	467,941		Term Loan, 15.000%, maturing November 29, 2013				467,941
			Freescale Semiconductor, Inc.	B2	B-
	3,553,571		Term Loan, 2.031%, maturing November 29, 2013				2,675,729
			Infor Global Solutions	B1	B+
	490,000		Term Loan, 3.020%, maturing July 28, 2012				416,908
EUR	975,000		Term Loan, 3.490%, maturing July 28, 2012				1,156,122
$	848,852		Term Loan, 4.020%, maturing July 28, 2012				717,280
	1,626,966		Term Loan, 4.020%, maturing July 28, 2012				1,374,786
			Infor Global Solutions	Caa2	CCC+
EUR	500,000		Term Loan, 6.792%, maturing March 02, 2014				394,957
			Kronos Incorporated	Ba3	B+
$	3,661,460	��	Term Loan, 2.598%, maturing June 11, 2014				3,416,599
			NXP, B.V.	C	CC
	1,000,000		Floating Rate Note, 3.881%, maturing October 15, 2013				620,000
			ON Semiconductor	Baa3	BB+
	2,632,534		Term Loan, 2.011%, maturing September 03, 2013				2,487,744
							18,250,331

See Accompanying Notes to Financial Statements
34

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower/Tranche Description	Moody's	S&P	Value
Finance: 0.9%
				LPL Holdings, Inc.	Ba3	B+
$	4,367,754			Term Loan, 2.990%, maturing June 28, 2013			$	4,058,373
				Nuveen Investments, Inc.	B3	B
	4,893,540			Term Loan, 3.386%, maturing November 13, 2014				4,000,469
								8,058,842
Foreign Cable, Foreign TV, Radio and Equipment: 3.5%
				Levana Holding 4 GmbH	NR	NR
EUR	874,078	(2	)	Term Loan, 0.000%, maturing March 02, 2015				731,675
EUR	874,078	(2	)	Term Loan, 0.000%, maturing March 02, 2016				731,675
				Numericable / YPSO France SAS	NR	NR
EUR	702,050			Term Loan, 2.990%, maturing June 16, 2014				788,035
EUR	1,819,169			Term Loan, 2.990%, maturing June 16, 2014				2,041,975
EUR	1,145,448			Term Loan, 2.990%, maturing June 16, 2014				1,285,740
EUR	463,250			Term Loan, 3.240%, maturing December 31, 2015				512,797
EUR	870,083			Term Loan, 3.240%, maturing December 31, 2015				963,142
				ProSiebenSat.1 Media AG	NR	NR
SEK	2,269,914			Term Loan, 2.155%, maturing July 02, 2014				253,134
EUR	64,583			Term Loan, 2.601%, maturing July 02, 2014				73,507
EUR	1,190,021			Term Loan, 2.601%, maturing July 02, 2014				1,354,448
EUR	60,482			Term Loan, 2.726%, maturing July 03, 2015				69,524
EUR	1,344,256			Term Loan, 2.726%, maturing July 03, 2015				1,545,216
				TDF, S.A.	NR	NR
EUR	1,000,000			Term Loan, 3.403%, maturing January 30, 2015				1,219,542
EUR	1,000,000			Term Loan, 2.490%, maturing January 29, 2016				1,219,542
				UPC Financing Partnership	Ba3	B+
$	2,593,151			Term Loan, 2.031%, maturing December 31, 2014				2,455,930
	1,406,849			Term Loan, 3.781%, maturing December 31, 2016				1,363,471
EUR	3,441,622			Term Loan, 4.290%, maturing December 31, 2016				4,519,331

See Accompanying Notes to Financial Statements
35

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (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)
EUR	2,482,502			Term Loan, 4.540%, maturing December 31, 2017			$	3,269,755
				Virgin Media Investment Holdings, Ltd.	Ba2	BB
GBP	515,999			Term Loan, 3.809%, maturing September 03, 2012				780,293
GBP	262,373			Term Loan, 3.809%, maturing September 03, 2012				396,759
GBP	1,344,879			Term Loan, 3.889%, maturing September 03, 2012				2,033,723
GBP	1,117,088			Term Loan, 3.889%, maturing September 03, 2012				1,689,258
GBP	500,000	(3	)	Term Loan, 3.809%, maturing September 03, 2012				760,505
GBP	500,000	(3	)	Term Loan, 3.809%, maturing September 03, 2012				760,505
								30,819,482
Gaming: 3.4%
				Cannery Casino Resorts, LLC	B1	B+
$	610,216			Term Loan, 2.519%, maturing May 18, 2013				550,720
	504,496			Term Loan, 2.526%,
				maturing May 18, 2013				455,308
				CCM Merger, Inc.	B3	B+
	3,177,661			Term Loan, 2.563%, maturing July 13, 2012				2,987,002
		(1	)	Fontainebleau Las Vegas, LLC	NR	NR
	1,000,000	(2	)	Term Loan, 6.000%, maturing June 06, 2014				215,000
	2,000,000	(2	)	Term Loan, 6.250%, maturing June 06, 2014				430,000
				Golden Nugget, Inc.	Caa3	CC
	1,675,036			Term Loan, 2.270%, maturing June 30, 2014				1,166,943
	953,574			Term Loan, 2.318%, maturing June 30, 2014				664,324
				Green Valley Ranch Gaming, LLC	Caa3	CCC+
	941,136			Term Loan, 3.068%, maturing February 16, 2014				663,501
				Green Valley Ranch Gaming, LLC	Ca	CC
	500,000			Term Loan, 3.879%, maturing August 16, 2014				112,500
				Harrahs Operating Company, Inc.	Caa1	B
	2,365,832			Term Loan, 3.504%, maturing January 28, 2015				1,914,107
	1,379,767	(3	)	Term Loan, 3.504%, maturing January 28, 2015				1,118,378
	3,000,000			Term Loan, 3.506%, maturing January 28, 2015				2,427,423

See Accompanying Notes to Financial Statements
36

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower/Tranche Description	Moody's	S&P	Value
Gaming: (continued)
				Isle of Capri Casinos, Inc.	B1	B+
$	533,844			Term Loan, 2.348%, maturing November 25, 2013			$	501,730
	859,986			Term Loan, 2.011%, maturing July 26, 2014				808,253
	2,149,965			Term Loan, 2.348%, maturing July 26, 2014				2,020,632
				Las Vegas Sands, LLC	B3	B-
	1,584,000			Term Loan, 2.090%, maturing May 23, 2014				1,244,321
	6,272,000			Term Loan, 2.090%, maturing May 23, 2014				4,927,007
				New World Gaming Partners, Ltd.	B3	CCC-
	748,125			Term Loan, 3.095%, maturing September 30, 2014				533,662
	3,693,750			Term Loan, 3.095%, maturing September 30, 2014				2,634,874
				Penn National Gaming, Inc.	Ba2	BB+
	14,407			Term Loan, 2.026%, maturing October 03, 2012				14,090
				Seminole Tribe of Florida	Baa3	BBB
	20,204			Term Loan, 2.125%, maturing March 05, 2014				19,413
				VML US Finance, LLC	B3	B-
	3,703,438	(3	)	Term Loan, 2.850%, maturing May 25, 2013				3,409,148
	546,563	(3	)	Term Loan, 2.850%, maturing May 25, 2013				503,130
								29,321,466
Healthcare, Education and Childcare: 10.9%
				Accellent, Inc.	B1	B+
	3,362,180			Term Loan, 2.872%, maturing November 22, 2012				3,059,584
				AGA Medical Corporation	B1	BB-
	2,722,471			Term Loan, 2.313%, maturing April 28, 2013				2,319,205
				Bausch & Lomb, Inc.	B1	BB-
	404,858	(3	)	Term Loan, 3.680%, maturing April 24, 2015				384,805
	1,595,142	(3	)	Term Loan, 3.680%, maturing April 24, 2015				1,516,133
				Biomet, Inc.	B1	BB-
	5,994,924	(3	)	Term Loan, 3.575%, maturing March 25, 2015				5,779,167
				Bright Horizons Family Solutions, Inc.	Ba3	BB-
	465,882			Term Loan, 7.500%, maturing May 28, 2015				457,438

See Accompanying Notes to Financial Statements
37

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

			Bank Loan Ratings† (Unaudited)		Market
Principal Amount		Borrower/Tranche Description	Moody's	S&P	Value
Healthcare, Education and Childcare: (continued)
		Catalent Pharma Solutions	Ba3	BB-
$	5,640,444	Term Loan, 2.511%, maturing April 10, 2014			$	4,942,439
		CHG Medical Staffing, Inc.	Ba3	B+
	1,515,000	Term Loan, 2.764%, maturing January 08, 2013				1,363,500
	400,000	Term Loan, 3.100%, maturing January 08, 2013				348,000
		CHS/Community Health Systems, Inc.	Ba3	BB
	428,552	Term Loan, 2.511%, maturing July 25, 2014				400,328
	8,882,711	Term Loan, 2.612%, maturing July 25, 2014				8,297,704
		Concentra Operating Corporation	Ba3	B+
	2,744,000	Term Loan, 2.850%, maturing June 25, 2014				2,497,040
		CRC Health Corporation	Ba3	BB-
	666,938	Term Loan, 2.848%, maturing February 06, 2013				550,224
	588,874	Term Loan, 2.848%, maturing February 06, 2013				485,821
		Education Management Corporation	B1	B+
	3,143,836	Term Loan, 2.375%, maturing June 03, 2013				3,020,048
		Emdeon Business Services, LLC	B1	BB-
	2,742,219	Term Loan, 2.461%, maturing November 16, 2013				2,663,380
		Gambro	NR	NR
	646,459	Term Loan, 2.931%, maturing June 05, 2014				543,026
SEK	2,111,070	Term Loan, 3.146%, maturing June 05, 2014				248,970
SEK	2,146,343	Term Loan, 3.146%, maturing June 05, 2014				253,130
$	646,459	Term Loan, 3.431%, maturing June 05, 2015				543,026
SEK	2,146,343	Term Loan, 3.646%, maturing June 05, 2015				253,130
SEK	2,111,070	Term Loan, 3.646%, maturing June 05, 2015				248,970
		Harlan Sprague Dawley, Inc.	B2	BB-
$	3,454,500	Term Loan, 2.780%, maturing July 14, 2014				3,111,209
		Harrington Holdings, Inc.	B1	BB-
	2,593,333	Term Loan, 2.511%, maturing December 28, 2013				2,366,417

See Accompanying Notes to Financial Statements
38

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

			Bank Loan Ratings† (Unaudited)		Market
Principal Amount		Borrower/Tranche Description	Moody's	S&P	Value
Healthcare, Education and Childcare: (continued)
		HCA, Inc.	Ba3	BB
$	8,363,039	Term Loan, 2.848%, maturing November 18, 2013			$	7,889,716
		Health Management Associates, Inc.	B1	BB-
	3,486,055	Term Loan, 2.348%, maturing February 28, 2014				3,284,519
		Iasis Healthcare, LLC	Ba2	B+
	140,874	Term Loan, 2.259%, maturing March 14, 2014				133,549
	522,996	Term Loan, 2.261%, maturing March 14, 2014				495,800
	1,511,309	Term Loan, 2.261%, maturing March 14, 2014				1,432,721
		IM US Holdings, LLC	Ba2	BB
	1,922,785	Term Loan, 2.403%, maturing June 26, 2014				1,832,414
		Life Technologies Corporation	Baa3	BBB-
	1,386,875	Term Loan, 5.250%, maturing November 20, 2015				1,404,211
		Multiplan, Inc.	B1	B+
	1,726,899	Term Loan, 2.813%, maturing April 12, 2013				1,640,554
		National Mentor, Inc.	B1	B+
	1,959,535	Term Loan, 2.600%, maturing June 29, 2013				1,734,189
	117,736	Term Loan, 5.570%, maturing June 29, 2013				104,196
		Nycomed	NR	NR
EUR	535,383	Term Loan, 3.370%, maturing December 29, 2014				710,598
EUR	86,211	Term Loan, 3.370%, maturing December 29, 2014				114,426
EUR	1,397,300	Term Loan, 3.370%, maturing December 29, 2014				1,854,594
EUR	54,917	Term Loan, 3.370%, maturing December 29, 2014				72,890
EUR	388,312	Term Loan, 3.370%, maturing December 29, 2014				515,395
EUR	535,383	Term Loan, 4.120%, maturing December 29, 2015				710,598
EUR	1,397,300	Term Loan, 4.120%, maturing December 29, 2015				1,854,594
EUR	86,211	Term Loan, 4.120%, maturing December 29, 2015				114,426
EUR	54,917	Term Loan, 4.120%, maturing December 29, 2015				72,890
EUR	388,312	Term Loan, 4.120%, maturing December 29, 2015				515,395

See Accompanying Notes to Financial Statements
39

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower/Tranche Description	Moody's	S&P	Value
Healthcare, Education and Childcare: (continued)
				Orthofix International / Colgate Medical	B1	BB+
$	1,570,000			Term Loan, 7.184%, maturing September 22, 2013			$	1,556,263
				Quintiles Transnational Corporation	B1	BB
	1,208,942			Term Loan, 2.472%, maturing March 31, 2013				1,141,946
				Renal Advantage, Inc.	B1	B+
	4,181,084			Term Loan, 3.084%, maturing October 05, 2012				3,992,935
				Sterigenics International, Inc.	B3	B+
	1,347,820			Term Loan, 2.880%, maturing November 21, 2013				1,253,473
				Sun Healthcare Group, Inc.	Ba2	B+
	305,747			Term Loan, 2.598%, maturing April 21, 2014				280,141
	1,312,087			Term Loan, 2.683%, maturing April 21, 2014				1,202,200
				Surgical Care Affiliates, LLC	Ba3	B
	1,942,545			Term Loan, 2.600%, maturing December 29, 2014				1,767,716
				Team Health, Inc.	B1	BB-
	2,681,464			Term Loan, 2.461%, maturing November 23, 2012				2,466,947
				United Surgical Partners International, Inc.	Ba3	B
	387,167			Term Loan, 2.270%,
				maturing April 19, 2014				360,066
	2,049,597			Term Loan, 2.384%, maturing April 19, 2014				1,906,125
				Viant Holdings, Inc.	Ba3	B+
	962,715			Term Loan, 2.850%, maturing June 25, 2014				943,461
				VWR International, Inc.	B1	B+
EUR	2,500,000			Term Loan, 2.990%, maturing June 29, 2014				3,188,314
$	2,500,000			Term Loan, 2.761%, maturing June 30, 2014				2,323,958
								94,523,914
Home & Office Furnishings: 0.8%
				Global Garden Products Italy, S.P.A.	NR	NR
EUR	1,250,000	(2	)	Term Loan, 3.213%, maturing October 19, 2014				859,770
EUR	1,250,000	(2	)	Term Loan, 3.713%, maturing October 19, 2015				859,770
				Hilding Anders	NR	NR
SEK	20,194,780			Term Loan, 3.493%, maturing March 31, 2015				1,384,585

See Accompanying Notes to Financial Statements
40

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower/Tranche Description	Moody's	S&P	Value
Home & Office Furnishings: (continued)
EUR	367,247			Term Loan, 3.943%, maturing April 25, 2015			$	267,508
				National Bedding Company	B1	BB-
$	2,091,523			Term Loan, 2.313%,
				maturing February 28, 2013				1,899,800
				Springs Window Fashions, LLC	B2	B+
	2,307,406	(3	)	Term Loan, 3.375%, maturing December 31, 2012				1,967,064
								7,238,497
Insurance: 1.8%
				AmWINS Group, Inc.	B2	B-
	2,450,000			Term Loan, 2.981%, maturing June 08, 2013				1,678,250
				Applied Systems Inc.	B1	B-
	1,253,414			Term Loan, 2.761%, maturing September 26, 2013				1,163,586
				Conseco, Inc.	Caa1	CCC
	7,301,358			Term Loan, 6.500%, maturing October 10, 2013				5,622,045
				Hub International, Ltd.	B2	B+
	540,974			Term Loan, 2.761%, maturing June 13, 2014				497,020
	2,406,775			Term Loan, 2.761%, maturing June 13, 2014				2,211,224
				Swett & Crawford	B3	B-
	3,128,000			Term Loan, 2.511%,
				maturing April 03, 2014				2,119,220
				USI Holdings Corporation	B2	B
	2,701,203			Term Loan, 3.350%, maturing May 05, 2014				2,377,058
								15,668,403
Leisure, Amusement, Entertainment: 4.0%
				24 Hour Fitness Worldwide, Inc.	Ba3	B+
	4,111,875			Term Loan, 2.930%, maturing June 08, 2012				3,618,450
				Alpha D2, Ltd.	NR	NR
	2,240,571			Term Loan, 2.511%, maturing December 31, 2013				1,909,287
	1,513,442			Term Loan, 2.511%, maturing December 31, 2013				1,289,669
				AMF Bowling Worldwide, Inc.	B1	B
	3,049,454			Term Loan, 3.127%, maturing June 08, 2013				2,546,294
				Cedar Fair, L.P.	Ba3	BB-
	180,915			Term Loan, 2.261%, maturing August 30, 2012				174,696
	655,960			Term Loan, 4.261%, maturing August 30, 2014				639,971

See Accompanying Notes to Financial Statements
41

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

			Bank Loan Ratings† (Unaudited)		Market
Principal Amount		Borrower/Tranche Description	Moody's	S&P	Value
Leisure, Amusement, Entertainment: (continued)
		HIT Entertainment, Inc.	B1	B-
$	3,404,852	Term Loan, 2.730%, maturing March 20, 2012			$	2,855,820
		Kerasotes Showplace Theater, LLC	B1	B-
	75,000	Revolver, 1.374%, maturing October 31, 2010				54,375
	374,053	Term Loan, 4.938%, maturing October 28, 2011				344,128
		Metro-Goldwyn-Mayer, Inc.	Ba3	B+
	19,886,779	Term Loan, 3.511%, maturing April 08, 2012				11,242,255
	10,820,172	Term Loan, 3.511%, maturing April 08, 2012				6,116,784
		NEP II, Inc.	B1	B
	4,396,244	Term Loan, 2.511%, maturing February 16, 2014				4,121,479
						34,913,208
Lodging: 2.0%
		Audio Visual Services Corporation	NR	NR
	1,473,750	Term Loan, 2.850%, maturing February 28, 2014				928,463
		Hotel Del Coronado	B1	B+
	24,600,000	Term Loan, 2.039%, maturing January 15, 2011				16,728,000
						17,656,463
Machinery: 0.3%
		Kion Group	NR	NR
EUR	1,238,909	Term Loan, 2.740%, maturing December 23, 2014				1,153,941
EUR	1,145,833	Term Loan, 2.990%, maturing December 23, 2015				1,067,249
		NACCO Materials Handling Group, Inc.	NR	NR
$	970,000	Term Loan, 2.742%, maturing March 22, 2013				674,150
						2,895,340
Mining, Steel, Iron & Nonprecious Metals: 1.0%
		Continental Alloys & Services, Inc.	Caa2	CCC
	464,442	Term Loan, 4.750%, maturing June 14, 2012				313,498
		Noranda Aluminum Acquisition Corporation	B2	D
	774,795	Term Loan, 2.268%, maturing May 18, 2014				573,348
		Novelis	Ba3	BB-
	1,531,250	Term Loan, 2.270%, maturing July 06, 2014				1,399,563
	3,368,815	Term Loan, 2.422%, maturing July 06, 2014				3,079,097

See Accompanying Notes to Financial Statements
42

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower/Tranche Description	Moody's	S&P	Value
Mining, Steel, Iron & Nonprecious Metals: (continued)
				Oxbow Carbon and Minerals Holdings, LLC	B1	BB-
$	340,578			Term Loan, 2.261%, maturing May 08, 2014			$	317,163
	3,515,377			Term Loan, 2.397%, maturing May 08, 2014				3,273,695
								8,956,364
North American Cable: 7.9%
				Block Communications, Inc.	Ba1	BB
	1,206,250			Term Loan, 2.598%, maturing December 22, 2011				1,049,438
				Bresnan Communications, LLC	B1	BB-
	4,738,125			Term Loan, 2.519%, maturing March 29, 2014				4,575,252
				Cequel Communications, LLC	B1	BB-
	26,542,430			Term Loan, 2.276%, maturing November 05, 2013				25,190,438
				Cequel Communications, LLC	Caa1	B-
	1,975,000			Term Loan, 4.781%, maturing May 05, 2014				1,797,250
		(1	)	Charter Communications Operating, LLC	Ba2	D
	10,414,493			Term Loan, 6.250%, maturing March 06, 2014				9,705,005
				CSC Holdings, Inc.	Baa3	BBB-
	2,041,381			Term Loan, 2.023%, maturing March 29, 2013				1,980,869
				Insight Midwest Holdings, LLC	B1	B+
	1,162,500			Term Loan, 2.280%, maturing April 07, 2014				1,117,453
				Knology, Inc.	B1	B
	2,896,797			Term Loan, 2.511%, maturing June 30, 2012				2,766,441
				Mediacom Broadband, LLC	Ba3	BB-
	5,905,478			Term Loan, 2.010%, maturing January 31, 2015				5,546,230
				Mediacom LLC Group	Ba3	BB-
	6,354,579			Term Loan, 2.010%, maturing January 31, 2015				5,944,181
				San Juan Cable, LLC	B1	BB-
	3,862,544			Term Loan, 2.030%, maturing October 31, 2012				3,485,946
				WideOpenWest Finance, LLC	B2	B-
	5,818,750			Term Loan, 2.780%, maturing June 18, 2014				5,196,871
								68,355,374

See Accompanying Notes to Financial Statements
43

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

			Bank Loan Ratings† (Unaudited)		Market
Principal Amount		Borrower/Tranche Description	Moody's	S&P	Value
Oil & Gas: 2.0%
		Alon USA	B1	BB
$	215,556	Term Loan, 2.511%, maturing June 22, 2013			$	177,833
	1,724,444	Term Loan, 2.511%, maturing June 22, 2013				1,422,667
		CR Gas Storage	Ba3	BB-
	137,714	Term Loan, 2.023%, maturing May 12, 2013				131,000
	1,958,451	Term Loan, 2.024%, maturing May 12, 2013				1,862,976
	203,301	Term Loan, 2.024%, maturing May 12, 2013				193,390
		Hercules Offshore, LLC	B2	B+
	3,989,848	Term Loan, 7.581%, maturing July 11, 2013				3,690,609
		MEG Energy	B1	BB+
	3,135,230	Term Loan, 2.600%, maturing April 03, 2013				2,927,521
	3,075,625	Term Loan, 2.600%, maturing April 03, 2013				2,871,865
		Pine Prairie Energy Center	B1	B-
	623,639	Term Loan, 4.250%, maturing December 31, 2013				623,250
		Targa Resources, Inc.	Ba3	B+
	979,851	Term Loan, 2.263%, maturing October 31, 2012				965,970
	2,377,541	Term Loan, 2.598%, maturing October 31, 2012				2,343,858
						17,210,939
Other Broadcasting and Entertainment: 1.1%
		Deluxe Entertainment Services Group, Inc.	Ba3	B-
	2,402,571	Term Loan, 2.654%,
		maturing May 11, 2013				2,162,314
	137,795	Term Loan, 2.848%, maturing May 11, 2013				124,016
	243,098	Term Loan, 2.848%, maturing May 11, 2013				218,789
		VNU	Ba3	B+
	2,765,384	Term Loan, 2.276%, maturing August 09, 2013				2,586,788
	4,686,231	Term Loan, 4.026%, maturing May 02, 2016				4,412,869
						9,504,776
Other Telecommunications: 2.0%
		Asurion Corporation	B1	B
	4,250,000	Term Loan, 3.278%, maturing July 03, 2014				4,073,914

See Accompanying Notes to Financial Statements
44

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower/Tranche Description	Moody's	S&P	Value
Other Telecommunications: (continued)
				BCM Ireland Holdings, Ltd.	Ba3	BB-
EUR	1,316,002			Term Loan, 2.365%, maturing September 30, 2014			$	1,733,490
EUR	1,316,231			Term Loan, 2.615%, maturing September 30, 2015				1,733,791
				Cavalier Telephone	Caa2	B-
$	3,010,836			Term Loan, 9.500%, maturing December 31, 2012				1,776,393
				Consolidated Communications	B1	B+
	1,000,000			Term Loan, 2.770%, maturing December 31, 2014				907,500
		(1	)	Hawaiian Telcom Communications, Inc.	NR	NR
	2,839,932			Term Loan, 4.750%, maturing June 01, 2014				1,749,398
				Kentucky Data Link, Inc.	B1	B-
	2,924,710			Term Loan, 2.511%, maturing February 26, 2014				2,705,357
				One Communications	B2	B-
	2,093,053			Term Loan, 4.610%, maturing June 30, 2012				1,875,026
				Time Warner Telecom Holdings, Inc.	Ba1	B+
	567			Term Loan, 2.020%, maturing January 07, 2013				555
				U.S. Telepacific Corporation	B1	CCC
	1,471,226			Term Loan, 4.615%, maturing August 04, 2011				1,243,186
								17,798,610
Personal & Nondurable Consumer Products: 2.1%
				Advantage Sales And Marketing	B1	B
	3,522,151			Term Loan, 2.278%, maturing March 29, 2013				3,374,661
				Bushnell Performance Optics	Ba3	B-
	1,690,355			Term Loan, 4.348%, maturing August 24, 2013				1,470,609
				Fender Musical Instruments Corporation	B2	B+
	1,155,000			Term Loan, 2.540%, maturing June 09, 2014				935,550
	2,286,667			Term Loan, 2.850%, maturing June 09, 2014				1,852,200
				Huish Detergents, Inc.	Ba2	BB
	2,241,595			Term Loan, 2.020%, maturing April 26, 2014				2,151,931
				Information Resources, Inc.	B1	B-
	341,074			Term Loan, 2.145%, maturing May 16, 2014				322,315
				Jarden Corporation	B1	B+

See Accompanying Notes to Financial Statements
45

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower/Tranche Description	Moody's	S&P	Value
Personal & Nondurable Consumer Products: (continued)
$	2,246,364			Term Loan, 2.348%, maturing January 24, 2012			$	2,195,120
	550,727			Term Loan, 2.348%, maturing January 24, 2012				538,163
				KIK Custom Products, Inc.	B3	CCC+
	71,890			Term Loan, 2.520%, maturing June 02, 2014				54,756
	419,360			Term Loan, 2.520%, maturing June 02, 2014				319,412
				Mega Bloks, Inc.	Caa3	CCC
	960,000			Term Loan, 9.750%, maturing July 26, 2012				403,200
				Spectrum Brands, Inc.	NR	NR
	56,383			Term Loan, 5.085%, maturing March 30, 2013				52,930
	1,103,259			Term Loan, 6.250%, maturing March 30, 2013				1,035,685
				Yankee Candle Company, Inc.	Ba3	BB-
	3,425,164			Term Loan, 2.270%, maturing February 06, 2014				3,193,966
								17,900,498
Personal, Food & Miscellaneous: 2.0%
				Acosta, Inc.	B1	B
	3,392,886			Term Loan, 2.540%, maturing July 28, 2013				3,235,965
				Arbys Restaurant Group, Inc.	Ba2	BB
	2,408,649			Term Loan, 7.250%, maturing July 25, 2012				2,421,446
				Culligan International Company	B2	B-
	1,464,340			Term Loan, 2.520%, maturing November 24, 2012				1,015,275
				N.E.W. Customer Services Companies, Inc.	B1	B+
	4,486,868			Term Loan, 2.772%, maturing May 22, 2014				4,212,048
				NPC International	Ba3	B+
	1,105,946			Term Loan, 2.212%, maturing May 03, 2013				1,031,294
				OSI Restaurant Partners, Inc.	B3	B+
	511,156	(3	)	Term Loan, 2.855%, maturing June 14, 2013				408,180
	5,723,181	(3	)	Term Loan, 2.563%, maturing June 14, 2014				4,570,200
				Seminole Hard Rock Entertainment	B1	BB
	1,000,000			Floating Rate Note, 3.129%, maturing March 15, 2014				760,000
								17,654,408

See Accompanying Notes to Financial Statements
46

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower/Tranche Description	Moody's	S&P	Value
Printing & Publishing: 8.8%
				American Achievement Corporation	B1	B
$	590,365			Term Loan, 6.250%, maturing March 25, 2011			$	507,714
				Ascend Media Holdings, LLC	B3	B
	920,046	(2	)	Term Loan, 10.250%, maturing January 31, 2012				36,802
				Black Press, Ltd.	B1	B-
	698,630			Term Loan, 2.372%, maturing August 02, 2013				286,438
	1,150,685			Term Loan, 2.674%, maturing August 02, 2013				471,781
				Canwest Media, Inc.	Caa3	D
	736,875			Term Loan, 0.000%, maturing July 13, 2014				397,913
				Caribe Information Investments, Inc.	B2	B
	2,732,933	(3	)	Term Loan, 2.525%, maturing March 31, 2013				1,667,089
				Cengage Learning, Inc.	B1	B+
	2,044,444			Revolver, 1.784%, maturing July 05, 2013				1,776,111
	6,795,768			Term Loan, 2.760%, maturing July 03, 2014				5,867,724
				Cenveo Corporation	Ba3	BB-
	45,232			Term Loan, 5.109%, maturing June 21, 2013				43,970
	2,759,353			Term Loan, 5.109%, maturing June 21, 2013				2,682,320
		(1	)	Dex Media East, LLC	NR	D
	2,000,000	(3	)	Term Loan, 2.330%, maturing October 24, 2014				1,552,142
				Dex Media West, LLC	NR	D
	4,956,064			Term Loan, 7.000%, maturing October 24, 2014				4,230,001
				Flint Group	NR	NR
	353,279			Term Loan, 4.013%, maturing December 31, 2014				262,604
	841,151			Term Loan, 4.013%, maturing December 31, 2014				625,255
EUR	666,667			Term Loan, 3.945%, maturing May 29, 2015				711,699
$	2,333,333			Term Loan, 4.013%, maturing May 29, 2015				1,734,444
	1,277,104			Term Loan, 4.013%, maturing December 31, 2015				949,314
				Hanley Wood, LLC	B2	B-
	2,688,395			Term Loan, 2.525%, maturing March 08, 2014				1,164,970

See Accompanying Notes to Financial Statements
47

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower/Tranche Description	Moody's	S&P	Value
Printing & Publishing: (continued)
		(1	)	Idearc, Inc.	NR	D
$	27,106,877	(2	)	Term Loan, 6.250%, maturing November 17, 2014			$	12,627,278
				Intermedia Outdoor, Inc.	NR	NR
	1,950,000			Term Loan, 3.598%, maturing January 31, 2013				682,500
				Mediannuaire Holding	NR	NR
EUR	771,848			Term Loan, 2.772%, maturing October 10, 2014				729,973
EUR	771,635			Term Loan, 3.272%, maturing October 09, 2015				729,771
				Merrill Communications, LLC	B1	CCC
$	5,527,710			Term Loan, 2.318%, maturing December 24, 2012				4,090,505
				Nelson Canada	Ba3	B
	4,912,500			Term Loan, 3.098%, maturing July 05, 2014				3,930,000
				PagesJaunes Groupe, S.A.	NR	NR
EUR	1,100,000			Term Loan, 2.022%, maturing November 22, 2013				1,361,975
				PBL Media	B1	NR
AUD	24,331,191			Term Loan, 5.700%, maturing February 05, 2013				13,128,720
				Prism Business Media Holdings / Penton Media, Inc.	Caa1	CCC
$	2,150,500			Term Loan, 2.726%, maturing February 01, 2013				1,462,340
		(1	)	R.H. Donnelley Corporation	NR	D
	2,472,276			Term Loan, 6.750%, maturing June 30, 2011				2,030,357
	2,589,729	(3	)	Term Loan, 6.750%, maturing June 30, 2011				2,138,145
		(1	)	Readers Digest	NR	D
EUR	740,194	(2	)	Term Loan, 3.274%, maturing March 02, 2014				434,871
$	3,923,027	(2	)	Term Loan, 4.144%,
				maturing March 02, 2014				1,577,057
		(1	)	Readers Digest	NR	NR
	600,000	(3	)	Debtor In Possession Term Loan, 3.274%, maturing May 26, 2010				618,375
				Source Media, Inc.	B1	B
	3,464,121			Term Loan, 5.270%, maturing November 08, 2011				2,476,846
				Thomas Nelson Publishers	B1	B
	1,843,554			Term Loan, 8.394%, maturing June 12, 2012				1,249,008

See Accompanying Notes to Financial Statements
48

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower/Tranche Description	Moody's	S&P	Value
Printing & Publishing: (continued)
		(1	)	Tribune Company	NR	NR
$	1,491,225	(2	)	Term Loan, 5.250%, maturing June 04, 2014			$	631,906
				Yell Group, PLC	NR	NR
	2,000,000			Term Loan, 3.261%, maturing October 26, 2012				1,440,000
								76,307,918
Radio and TV Broadcasting: 6.2%
				Citadel Broadcasting Corporation	Caa3	CCC
	10,302,037			Term Loan, 2.341%, maturing June 12, 2014				5,921,096
				CMP KC, LLC	NR	NR
	2,013,244			Term Loan, 6.250%, maturing May 03, 2011				191,258
				CMP Susquehanna Corporation	Caa3	CCC+
	8,913,414			Term Loan, 2.313%, maturing May 05, 2013				5,615,451
				Cumulus Media, Inc.	Caa1	B
	4,831,002			Term Loan, 4.273%, maturing June 11, 2014				3,526,631
				Emmis Communication	Caa2	NR
	1,151,789			Term Loan, 4.601%, maturing November 01, 2013				793,295
				FoxCo Acquisition, LLC	B2	B
	1,119,571			Term Loan, 7.250%, maturing July 14, 2015				931,110
		(1	)	ION Media Networks, Inc.	NR	NR
	575,599			Debtor In Possession Term Loan, 10.167%, maturing May 29, 2010				840,375
	6,500,000	(2	)	Term Loan, 6.381%, maturing January 15, 2012				1,235,000
				Local TV Finance, LLC	B3	B-
	3,332,000			Term Loan, 2.270%, maturing May 07, 2013				2,307,410
				Nexstar Broadcasting Group	B1	B+
	4,428,380			Term Loan, 2.237%, maturing October 01, 2012				3,764,123
	2,682,359			Term Loan, 2.348%, maturing October 01, 2012				2,280,005
				Nextmedia Operating, Inc.	Caa2	CCC+
	2,533,579			Term Loan, 2.252%, maturing November 15, 2012				1,773,505
	1,126,035			Term Loan, 8.250%, maturing November 15, 2012				788,224
				Regent Communications	Caa1	CCC
	2,076,173			Term Loan, 6.000%, maturing November 21, 2013				1,415,259

See Accompanying Notes to Financial Statements
49

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower/Tranche Description	Moody's	S&P	Value
Radio and TV Broadcasting: (continued)
				Spanish Broadcasting Systems	Caa3	CCC+
$	3,354,598			Term Loan, 2.350%, maturing June 11, 2012			$	2,146,942
				Univision Communications, Inc.	B2	B-
	26,263,682			Term Loan, 2.511%, maturing September 29, 2014				20,757,685
								54,287,369
Retail Stores: 8.1%
				Amscan Holdings, Inc.	B1	B
	1,955,000			Term Loan, 2.880%, maturing May 25, 2013				1,722,844
				CBR Fashion Holding	NR	NR
EUR	750,000			Term Loan, 2.615%, maturing April 20, 2015				843,649
EUR	669,705			Term Loan, 2.865%, maturing April 19, 2016				753,328
				Claires Stores, Inc.	Caa2	B-
$	4,494,911	(3	)	Term Loan, 3.114%, maturing May 29, 2014				2,966,641
				Dollar General Corporation	Ba3	BB-
	7,000,000			Term Loan, 3.125%, maturing July 07, 2014				6,844,446
				Dollarama Group, L.P.	Ba1	BB-
	2,987,924			Term Loan, 2.238%, maturing November 18, 2011				2,965,514
				General Nutrition Centers, Inc.	B1	B
	2,646,839			Term Loan, 2.724%, maturing September 16, 2013				2,451,635
				Guitar Center, Inc.	B3	B-
	5,135,000			Term Loan, 3.771%,
				maturing October 09, 2014				4,191,444
				Harbor Freight Tools USA, Inc.	B1	B+
	7,035,910			Term Loan, 9.750%, maturing February 12, 2013				6,965,551
				Michaels Stores, Inc.	B3	B
	3,598,317			Term Loan, 2.563%, maturing October 31, 2013				3,200,253
				Nebraska Book Company, Inc.	Ba3	B
	3,291,746			Term Loan, 9.250%, maturing March 04, 2011				3,275,287
				Neiman Marcus Group, Inc.	B3	BB-
	6,243,249			Term Loan, 2.493%, maturing April 06, 2013				5,175,210
				Oriental Trading Company, Inc.	Caa1	CCC
	1,348,323			Term Loan, 9.750%, maturing July 31, 2013				1,063,490

See Accompanying Notes to Financial Statements
50

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

					Bank Loan Ratings† (Unaudited)		Market
Principal Amount				Borrower/Tranche Description	Moody's	S&P	Value
Retail Stores: (continued)
				Petco Animal Supplies, Inc.	B1	B+.
$	4,996,875			Term Loan, 2.709%, maturing October 25, 2013			$	4,812,615
				Phones 4U Group, Ltd.	NR	NR
GBP	1,615,726			Term Loan, 3.042%, maturing September 22, 2014				1,423,707
GBP	1,545,301			Term Loan, 3.542%, maturing September 22, 2015				1,361,652
				Rite Aid	B3	B+
$	5,937,500			Term Loan, 2.027%, maturing June 04, 2014				5,152,016
	1,397,000			Term Loan, 6.000%, maturing June 04, 2014				1,322,494
	1,500,000	(3	)	Term Loan, 9.500%, maturing June 10, 2015				1,560,000
				Sally Holding, LLC	B2	BB
	2,626,083			Term Loan, 5.413%, maturing November 16, 2013				2,511,662
				Sports Authority	B3	B-
	1,910,000			Term Loan, 2.848%, maturing May 03, 2013				1,360,875
				Toys "R" Us, Inc.	B1	BB-
	4,368,159			Term Loan, 4.518%, maturing July 19, 2012				4,198,111
				Vivarte	NR	NR
EUR	1,966,980			Term Loan, 2.522%, maturing March 09, 2015				2,194,267
EUR	1,966,980			Term Loan, 3.022%, maturing March 08, 2016				2,194,267
								70,510,958
Telecommunications Equipment: 1.1%
				CommScope, Inc.	Ba2	BB
$	625,691			Term Loan, 3.098%, maturing December 26, 2014				612,982
				Macquarie UK Broadcast Ventures, Ltd.	NR	NR
GBP	5,357,312			Term Loan, 2.536%, maturing March 10, 2014				7,331,495
				Sorenson Communications, Inc.	Ba2	B
$	1,696,708			Term Loan, 2.760%, maturing August 16, 2013				1,617,528
								9,562,005
Utilities: 5.7%
				Boston Generating, LLC	Caa2	CCC+
	1,062,345			Revolver, 2.848%,
				maturing December 20, 2013				785,140
	5,264,298			Term Loan, 2.589%, maturing December 20, 2013				3,890,648

See Accompanying Notes to Financial Statements
51

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

			Bank Loan Ratings† (Unaudited)		Market
Principal Amount		Borrower/Tranche Description	Moody's	S&P	Value
Utilities: (continued)
$	1,794,089	Term Loan, 2.723%, maturing December 20, 2013			$	1,325,944
		Calpine Corporation	B2	B+
	1,957,500	Revolver, 2.953%, maturing March 29, 2014				1,673,663
	6,594,017	Term Loan, 3.475%, maturing March 29, 2014				6,077,831
		Coleto Creek WLE, L.P.	B1	B+
	2,439,593	Term Loan, 3.253%, maturing June 28, 2013				2,210,881
	437,602	Term Loan, 3.348%, maturing June 28, 2013				396,577
		FirstLight Power Resources, Inc.	B1	B+
	906,823	Term Loan, 3.125%, maturing November 01, 2013				839,944
	2,635,312	Term Loan, 3.125%, maturing November 01, 2013				2,440,958
		FirstLight Power Resources, Inc.	B3	CCC+
	610,514	Term Loan, 5.125%, maturing May 01, 2014				485,359
		Infrastrux Group, Inc.	B2	B
	4,164,771	Term Loan, 4.511%, maturing November 05, 2012				3,727,470
		MACH Gen, LLC	Ba3	BB-
	258,928	Term Loan, 2.598%, maturing February 22, 2013				242,098
		NRG Energy, Inc.	Baa3	BB+
	2,161,075	Term Loan, 2.348%, maturing February 01, 2013				2,046,635
		Texas Competitive Electric Holdings Company, LLC	B2	B+
	7,189,034	Term Loan, 3.761%, maturing October 10, 2014				5,467,519
	3,000,000	Term Loan, 3.776%, maturing October 10, 2014				2,276,250
	6,736,329	Term Loan, 3.776%, maturing October 10, 2014				5,137,852
	2,912,802	Term Loan, 3.776%, maturing October 10, 2014				2,221,618
		TPF Generation Holdings, LLC	Ba3	BB
	1,164,934	Revolver, 2.698%, maturing December 15, 2011				1,108,352
	1,443,369	Term Loan, 2.261%, maturing December 15, 2013				1,373,263
	1,284,619	Term Loan, 2.598%, maturing December 15, 2013				1,222,224

See Accompanying Notes to Financial Statements
52

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

			Bank Loan Ratings† (Unaudited)		Market
Principal Amount		Borrower/Tranche Description	Moody's	S&P	Value
Utilities: (continued)
		TPF Generation Holdings, LLC	B3	B+
$	2,000,000	Term Loan, 4.511%, maturing December 15, 2014			$	1,696,666
		Viridian Group, PLC	NR	NR
EUR	1,310,694	Term Loan, 5.000%, maturing December 19, 2012				1,234,890
GBP	1,320,000	Term Loan, 5.045%, maturing December 19, 2012				1,410,783
						49,292,565
		Total Senior Loans (Cost $1,130,975,922)				946,999,444
Other Corporate Debt: 0.7%
Automobile: 0.7%
		Navistar International Corporation	NR	BB-
$	1,466,667	Unsecured Term Loan, 3.517%, maturing January 19, 2012				1,373,778
	4,033,333	Unsecured Term Loan, 3.511%, maturing January 19, 2012				3,777,890
		Flextronics International, Ltd.	Ba1	BB+
	908,562	Unsecured Term Loan, 2.696%, maturing October 01, 2014				819,523
	260,453	Unsecured Term Loan, 2.759%, maturing October 01, 2014				234,929
		Total Other Corporate Debt (Cost $6,542,222)				6,206,120
Equities and Other Assets: 0.0%

	Description			Market Value USD
(@), (R)	Decision One Corporation (417,344 Common Shares)				—
(@), (R)	Safelite Realty Corporation (30,003 Common Shares)				180,828
	Total for Equities and Other Assets (Cost $295,535)				180,828
	Total Investments (Cost $1,137,813,679)**	109.6	%	$	953,386,392
	Other Assets and Liabilities — Net	(9.6	)		(83,729,345	)
	Net Assets	100.0	%	$	869,657,047

  *  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.

See Accompanying Notes to Financial Statements
53

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

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

  (1)  The borrower filed for protection under Chapter 11 of the U.S. Federal Bankruptcy code.

  (2)  Loan is on non-accrual basis.

  (3)  All or a portion of 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 $1,138,700,571.

    Net unrealized depreciation consists of the following:

Gross Unrealized Appreciation	$	4,670,911
Gross Unrealized Depreciation		(189,985,090	)
Net Unrealized Depreciation	$	(185,314,179	)

See Accompanying Notes to Financial Statements
54

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

At August 31, 2009 the following forward foreign currency contracts were outstanding for ING Senior Income Fund:

Currency	Buy/Sell	Settlement Date	In Exchange For		Value		Unrealized Appreciation/ (Depreciation)
Australian Dollar AUD 15,500,000	Sell	09/30/09		USD$12,809,820		$13,040,269	$	(230,449	)
Euro EUR 37,240,000	Sell	09/30/09		52,687,500		53,364,800		(677,300	)
Euro EUR 3,085,000	Sell	10/30/09		4,433,631		4,420,750		12,881
Euro EUR 6,785,000	Sell	11/30/09		9,654,241		9,722,517		(68,276	)
British Pound Sterling GBP 8,655,000	Sell	09/30/09		14,038,929		14,078,543		(39,614	)
British Pound Sterling GBP 3,600,000	Sell	10/30/09		5,912,748		5,855,897		56,851
Sweden Kronor SEK 13,815,000	Sell	09/15/09		1,791,679		1,939,709		(148,030	)
Sweden Kronor SEK 5,245,000	Sell	09/30/09		716,816		736,470		(19,654	)
			$	102,045,364	$	103,158,955	$	(1,113,591	)

Fair Value Measurements*

The following is a summary of the fair valuations according to the inputs used as of August 31, 2009 in valuing the Fund's assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at 08/31/2009
Asset Table Investments, at value
Senior Loans	$	—	$	930,234,642		$	16,764,802	$	946,999,444
Other Corporate Debt		—		6,206,120			—		6,206,120
Equities and Other Assets		—		—			180,828		180,828
Total	$	—	$	936,440,762		$	16,945,630	$	953,386,392
Other Financial Instruments+
Forward foreign currency contracts		—		69,732			—		69,732
Total	$	—	$	69,732		$	—	$	69,732
Liabilities Table Other Financial Instruments+
Forward foreign currency contracts	$	—	$	(1,183,323	)	$	—	$	(1,183,323	)
Total Liabilities	$	—	$	(1,183,323	)	$	—	$	(1,183,323	)

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

  *  See note 2 in the Notes to Financial Statements for additional information.

  +  Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options.

See Accompanying Notes to Financial Statements
55

ING Senior Income Fund

PORTFOLIO OF INVESTMENTS as of August 31, 2009 (Unaudited) (continued)

Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Fund. Swaps and written options are reported at their market value at measurement date.

The following is a reconciliation of the fair valuations using significant unobervable inputs (Level 3) for the Fund's assets and liabilities during the period ended August 31, 2009:

	Beginning Balance at 02/28/09		Purchases		Issuances		Settlements		Sales			Accrued Discounts/ (Premiums)
Senior Loans	$	29,498,571	$	—	$	—	$	—	$	(466,116	)	$	1,352,862
Other Corporate Debt		—		—		—		—		—			—
Equities and Other Assets		—		—		—		—		—			—
Other Financial Instruments+		—		—		—		—		—			—
Total	$	29,498,571	$	—	$	—	$	—	$	(466,116	)	$	1,352,862

	Total Realized Gain/(Loss)			Total Unrealized Appreciation/ (Depreciation)		Transfers Into Level 3		Transfers Out of Level 3		Ending Balance at 08/31/09
Senior Loans	$	(26,670,841	)	$	13,231,154	$	—	$	—	$	16,945,630
Other Corporate Debt		—			—		—		—		—
Equities and Other Assets		—			—		—		—		—
Other Financial Instruments+		—			—		—		—		—
Total	$	(26,670,841	)	$	13,231,154	$	—	$	—	$	16,945,630

As of August 31, 2009, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $(8,792,501).

  *  See NOTE 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

  +  Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Fund. Swaps and written options are reported at their market value at measurement date.

Transfers into Level 3 represents either the beginning balance (for transfer in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred fom the beginning to the end of the period.

See Accompanying Notes to Financial Statements
56

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

PNC Global Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

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

(0809-102309)

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 90th day prior to such meeting and not later than the close of business on the later of the 60th day prior to such meeting or the 10th 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 5, 2009

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 5, 2009
By	/s/	Todd Modic
		Todd Modic
		Senior Vice President and Chief Financial Officer
Date:	November 5, 2009