ING Floating Rate Senior Loan Fund Files Final Prospectus

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./

TORONTO, May 27, 2011 /CNW/ - Connor, Clark & Lunn Capital Markets Inc. (the "Manager") is pleased to announce that a final prospectus for ING Floating Rate Senior Loan Fund (the "Fund") has been filed and receipted by the securities regulatory authorities of all the Canadian provinces and territories for an initial public offering of Class A Units and Class U Units (the "Units") of the Fund.  The maximum amounts of the Class A Unit and Class U Unit offerings are $350 million and U.S. $100 million, respectively. The offerings are expected to close on or about June 17, 2011.  The Toronto Stock Exchange ("TSX") has conditionally approved the listing of the Class A Units and the Class U Units under the symbols ISL.UN and ISL.U, respectively, subject to the fulfillment of TSX requirements. Class U Units are designed for investors wishing to make their investment in U.S. dollars.

The Fund's investment objectives are to (i) provide tax-advantaged distributions consisting primarily of returns of capital; (ii) preserve capital; and (iii) generate increased returns in the event that short-term interest rates rise, in each case, through exposure to a diversified portfolio consisting primarily of senior, secured floating rate corporate loans ("Senior Loans") and other senior debt obligations of non-investment grade North American borrowers, actively managed by ING Investment Management Co. (the "Sub-Advisor"). The Fund will not have a fixed distribution policy, but intends to make monthly distributions based on the actual and expected returns on the Portfolio. Based on current estimates and assumptions, the Fund's initial distribution target is expected to be $0.0417 per Unit per month (U.S. $0.0417 in the case of the Class U Units), representing an initial yield on the Unit issue price of 5.0% per annum.

The Sub-Advisor will seek to invest in a broadly diversified portfolio composed primarily of Senior Loans that exhibit the highest relative value within the asset class. The Sub-Advisor will generally seek to make investments in Senior Loans and other debt obligations of borrowers that have (i) significant levels of asset and/or cash flow coverage; (ii) a protective capital structure, with adequate subordinated debt cushion; (iii) strong senior management; and (iv) attractive market positioning. The Portfolio will consist primarily of Senior Loans that are expected to generate increased Portfolio cash flow in the event that short-term interest rates rise.

ING Investment Management Co. is an indirect, wholly owned subsidiary of ING Groep N.V., one of the world's largest financial services companies. ING Investment Management Co. employs over 800 investment professionals worldwide and has offices in over 30 countries with over U.S. $500 billion in total assets under management as at March 31, 2011. The ING Senior Loan Group within the Sub-Advisor, which will manage the Portfolio, is located in Scottsdale, Arizona (with an office in London, UK), and consists of a team of 25 investment professionals and 19 support staff. The ING Senior Loan Group currently manages over U.S. $9 billion in assets that are substantially similar to the Senior Loan investments that it will manage for the Portfolio.

Connor, Clark & Lunn Capital Markets Inc. will act as Manager of the Fund. The Manager is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management firm whose affiliated managers are collectively responsible for the investment of over $38 billion in assets as at March 31, 2011.

The Units are being offered for sale by a syndicate of agents led by BMO Capital Markets and HSBC Securities (Canada) Inc., and includes CIBC, RBC Capital Markets, National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., GMP Securities L.P., Canaccord Genuity Corp., Raymond James Ltd., Macquarie Private Wealth Inc., Dundee Securities Ltd., Mackie Research Capital Corporation and Wellington West Capital Markets Inc.

A copy of the final prospectus may be obtained from any of the above-mentioned agents.

SOURCE Connor, Clark

For further information:

please visit www.cclcapitalmarkets.com or contact:

Darren Cabral
Vice President & CFO
Connor, Clark & Lunn Capital Markets Inc.
(416) 214-6182 or 1 (888) 276-2258
dcabral@cclgroup.com

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Connor, Clark & Lunn Capital Markets Inc.

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ING Floating Rate Senior Loan Fund

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