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	Funds

	Annual Report
	February 28, 2007

	ING Global Advantage and
	Premium Opportunity 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.

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President’s Letter		1
Market Perspective		2
Portfolio Managers’ Report		4
Report of Independent Registered Public Accounting Firm		7
Statement of Assets and Liabilities		8
Statement of Operations		9
Statements of Changes in Net Assets		10
Financial Highlights		11
Notes to Financial Statements		12
Portfolio of Investments		21
Tax Information		29
Shareholder Meeting Information		30
Trustee and Officer Information		31
Advisory Contract Approval Discussion		36
Additional Information		41

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Dear Shareholder,

ING Global Advantage and Premium Opportunity Fund (the “Fund”) is a diversified, closed-end management investment company traded on the New York Stock Exchange under the symbol “IGA.” The primary objective of the Fund is to provide a high level of income, with a secondary objective of capital appreciation.

The Fund seeks to achieve its investment objectives by investing at least 80% of its managed assets in a diversified global equity portfolio. It looks to earn additional income through a strategy of writing index call options.

I am very pleased to report that for the year ended February 28, 2007, the Fund continued to provide you with attractive quarterly distributions generated by its global-equity strategy coupled with its index call writing strategy.

Based on its share price as February 28, 2007, the Fund provided a twelve-month total return of 24.40%⁽¹⁾. This return reflects an increase in its share price from $18.61 on February 28, 2006, to $21.11 on February 28, 2007, plus the reinvestment of $1.86 per share in distributions. Based on net asset value (“NAV”), the Fund had a total return of 14.81%⁽²⁾. The Fund made four quarterly distributions of $0.465 per share, for a total of $1.86 per share for the fiscal year ended February 28, 2007. For more information on the Fund’s performance, please read the Market Perspective and Portfolio Managers’ Report.

At ING Funds our mission is to set the standard in helping our clients manage their financial future. We seek to assist you and your financial advisor by offering a range of global investment solutions. We invite you to visit our website at www.ingfunds.com. Here you will find information on our products and services, including current market data and fund statistics on our open- and closed-end funds. You will see that we offer a broad variety of equity, fixed income and multi-asset funds that aim to fulfill a variety of investor needs.

We thank you for trusting ING Funds with your investment assets, and we look forward to serving you in the months and years ahead.

Sincerely,

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International investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic.

¹   Total investment return at market value measures the change in the market value of your investment assuming reinvestment of dividends and capital gain distributions, if any, in accordance with the provisions of the Fund’s dividend reinvestment plan.

²   Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of each period and a sale at net asset value at the end of each period and assumes reinvestment of dividends and capital gain distributions, if any, in accordance with the provisions of the dividend reinvestment plan.

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In our semi-annual report, we described what we believed to be global equities markets apparently obsessed by interest rates and how the modest gains for the six-month period were largely made after the U.S. Federal Reserve Board left the federal funds rate unchanged on August 8, 2006 after 17 interest rate increases. The second half of the fiscal year was much healthier however, and the Morgan Stanley Capital International (“MSCI”) World Index^SM(1) measured in local currencies, including net reinvested dividends advanced 9.6% and for the year ended February 28, 2007, returned 15.86%. In currencies, the dollar, suffering from expectations that European interest rates would rise faster than those in the U.S., fell 3.1% in euros and 3.0% against the pound. But the yen was buffeted by the “carry trade”: speculators borrow in yen at tiny interest rates and buy higher yielding securities in other currencies, often leveraged, and riskily betting that the yen will not strengthen. For six months, the dollar gained 1.26% and for the year ended February 28, 2007, the dollar gained 2.12%.

We noted in the semi-annual report that the once booming U.S. housing market, a powerful driver of growth in recent years, had fallen into decline and the economy was clearly slowing. This continued into the second six months and it was only in the last few days of 2006 that the slump showed some signs of bottoming out, with unexpectedly good new and existing home sales figures reported, along with rebounding consumer confidence. The early economic data in 2007 sustained this view, reporting strong employment, retail sales and confidence readings as well as robust increases in housing starts and pending home sales. The first estimate of fourth quarter gross domestic product (“GDP”) growth was an impressive 3.5%.

Yet the seeds of doubt were planted when it was reported on February 2, 2007, that the default rate among sub-prime housing loans was now higher than during the 2001 recession. It had long been feared that mortgage lending had become far too easy during the boom, particularly to those least able to repay and that the inevitable correction would be severe. Within weeks the country’s largest sub-prime mortgage lender increased its loss reserves by $1.76 billion, while the apparent general improvement in housing figures proved illusory. This may be explained by the mild weather of early winter, as new starts and sales plummeted and prices resumed their decline. Fourth quarter GDP growth was revised down to 2.2% and the fiscal year ended with fears that the weak conditions would persist for much longer than had been hoped.

Fixed income markets reacted predictably after August. The ten-year U.S. Treasury yield fell to its lowest level at the beginning of December, then soared 47 basis points (0.47%) within two months to its peak, before giving most of it back in February to end at 4.55%, 18 basis points (0.18%) below the August 31, 2006 rate. With the Federal Open Market Committee’s (“FOMC”) bias still towards tightening the yield on the three-month Treasury Bill was more stable during the second six months, rising by 9 basis points (0.09%) to 5.00%. On February 27, 2007, in fact the yield on the three-month Treasury Bill exceeded the ten-year yield by 48 basis points (0.48%), the most since January 2, 2001. The broader Lehman Brothers^® Aggregate Bond Index (“LBAB”)⁽²⁾ of investment grade bonds gained 3.66% and for the year ended February 28, 2007 returned 5.54%.

February was an unsettling month in other ways. The China stock market had practically doubled in 2006 and the long expected pull back eventually came on February 27th when the index fell 9%. The effect on sentiment was to shake relative risk strategies generally. Money left stocks and high yield bonds and went into investment grade bonds. Many carry trades were unwound. The effect on major developed markets and on other Asian emerging markets were falls of between 3.5% to 4.5% at the end of the month.

Investors in U.S. equities remained generally optimistic in the face of growing evidence of economic slowdown and later sub-prime mortgage lending problems. For the second six months of the fiscal year, the Standard & Poor’s 500^® Composite Stock Price Index (“S&P 500^® Index”)⁽³⁾ rose 8.9% and for the year ended February 28, 2007 returned 11.97%, including dividends. Reasons for this were not hard to find. For one thing, the oil price, having hit its record in mid July averaged 22% less. GDP growth may have slowed but the share of corporate profits, reported at 12.4%, was the highest since the 1950s. S&P 500^® Index companies were well on their way to reporting their 14th straight double-digit percentage earnings gain. The next merger or acquisition never seemed far away. The setback on February 27, a 3.5% fall, was the worst in nearly three years.

International markets also had a strong second half (based on MSCI local currency indices plus net

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dividends), subject to sharp drops in the last two days. In Japan the market advanced 9.5% boosted by the fastest quarterly rate of GDP growth in three years and despite another 0.25% interest rate increase in late February. Consumer spending was fragile despite low unemployment and almost flat prices. Yet business confidence remained high and profit growth healthy. European ex UK markets surged 11.3%. The environment for stocks improved, due to the fastest GDP growth in years, inflation just below 2%, declining unemployment and budget deficits, plus continuing merger and acquisition activity, and despite headwinds in the form of a strengthening euro, a hawkish European Central Bank that raised rates twice and the rise in German sales tax. UK equities added 6.2% in the second six months of our fiscal year, shrugging off two rate increases and inflation at 2.8%. Rising home prices, up more than 10% in 2006, and a robust service sector appear to have raised the UK’s growth trajectory, with fourth quarter GDP 3.0% higher than a year earlier. Again however widespread, large-scale mergers and acquisitions energized the market.

⁽²⁾ The LBAB Index is a widely recognized, unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.

⁽³⁾ The S&P 500^® Index is an unmanaged index that measures the performance of the securities of approximately 500 of the largest companies in the U.S.

All indices are unmanaged and investors cannot invest directly in an index.

Past performance does not guarantee future results. The performance quoted represents past performance. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The Fund’s performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 992-0180 or log on to www.ingfunds.com to obtain performance data current to the most recent month end.

Market Perspective reflects the views of the Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.

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ING Global Advantage and Premium Opportunity Fund’s (the “Fund”) primary investment objective is to provide a high level of income. Capital appreciation is a secondary investment objective. The Fund seeks to achieve its investment objectives by:

•	investing at least 80% of its managed assets in a diversified global equity portfolio; and
•	utilizing an integrating option writing strategy.

The Fund is managed by Paul Zemsky, Omar Aguilar, Jody I. Hrazanek, Carl Ghielen, Martin Jansen, Bas Peeters and Frank Van Etten, Portfolio Managers, ING Investment Management Co. — the Sub-Adviser.

Portfolio Construction: Under normal market conditions, the Fund invests in a diversified portfolio of common stocks of companies located in a number of different countries throughout the world, normally in approximately 550 common stocks, seeking to reduce the Fund’s exposure to individual stock risk. The Fund normally invests across a broad range of countries, industries and market sectors, including investments in issuers located in countries with emerging markets.

The Fund’s weighting between U.S. and international equities

Country Allocation

depends on the Sub-Adviser’s ongoing assessment of market opportunities for the Fund. Under normal market conditions, the Fund seeks to maintain a target weighting of 60% in U.S. domestic common stocks and not less than 40% in international (ex-U.S.) common stocks.

The Fund’s Integrated Option Strategy: The option strategy of the Fund is designed to generate premiums by writing (selling) index call options on selected indices in an amount equal to approximately 60% to 100% of the value of the Fund’s holdings in common stocks.

Writing index call options involves granting the buyer the right to appreciation of the value of an index above at a particular price (the “strike price”) at a particular time. If the purchaser exercises an index call option sold by the Fund, the Fund will pay the purchaser the difference between the cash value of the index and the strike price of the option.

The Fund seeks to generate income and gains from its portfolio index call option strategy and, to a lesser extent, income from dividends on the common stocks held in the Fund’s portfolio. The extent of index call option writing activity depends upon market conditions and the Sub-Adviser’s ongoing assessment of the attractiveness of writing index call options on selected indices. Index call options are primarily written in over-the-counter markets with

Top Ten Holdings

ExxonMobil Corp.	2.6%

Bank of America Corp.	1.7%

Citigroup, Inc.	1.6%

International Business Machines Corp.	1.4%

Hewlett-Packard Co.	1.2%

JPMorgan Chase & Co.	1.2%

Walt Disney Co.	1.1%

Cisco Systems, Inc.	1.1%

AT&T, Inc.	1.0%

Dell, Inc.	1.0%

Portfolio holdings are subject to change daily.

major international banks, broker-dealers and financial institutions. The Fund may also write call options in exchange-listed option markets.

The Fund writes call options that are generally short-term (between 10 days and three months until expiration) and at- or near-the-money. The Fund typically maintains its covered call positions until expiration, but it retains the option to buy back the covered call options and sell new covered call options.

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The Fund may, and during the period has, hedged the vast majority of its foreign currency exposure by selling forward against the U.S. dollar various currencies in which its equity holdings are denominated, including the Australian Dollar, the Swiss Franc, the Euro, the Great British Pound Sterling and the Japanese Yen.

Performance: Based on its share price as February 28, 2007, the Fund provided a twelve-month total return of 24.40%. This return reflects an increase in its share price from $18.61 on February 28, 2006, to $21.11 February 28, 2007, plus the reinvestment of $1.86 per share in distributions. Based on net asset value (“NAV”), the Fund had a total return of 14.81% for the twelve-month period. The Standard & Poor’s 500^® Composite Stock Price Index (“S&P 500^® Index”), the Morgan Stanley Capital International — Europe, Australasia and Far East^® Index (“MSCI EAFE^® Index”) and the Chicago Board Options Exchange (“CBOE”) BuyWrite Monthly Index returned 11.97%, 21.07% and 10.61%, respectively, for the same period. The Fund made four quarterly distributions of $0.465 per share, for a total of $1.86 per share for the fiscal year ended February 28, 2007. As of February 28, 2007, the Fund had 18,185,082 shares outstanding.

Market and Portfolio Review: The U.S. large-cap equity portion of the Fund is based upon the ING Enhanced Index Select Strategy, which modestly underperformed the S&P 500^® Index before charges. Security selection added to performance while sector allocation hurt the Fund. Security selection was particularly strong in telecommunication services and information technology, but acted as a drag in several consumer sectors. The Fund’s underweights in telecommunication services and financial stocks were the primary disappointments from an allocation perspective.

The international equity component of the Fund is based upon the ING International Index Plus Strategy, which outperformed its benchmark, the MSCI EAFE^® Index, for the year under review. By design, the portfolio is closely aligned with the regional and sector weights of the index. Stock selection added value in Europe, Japan and developed Asia ex-Japan. Noteworthy positive contributions were recorded in the materials, industrials, consumer discretionary and utility sectors. In contrast, financials negatively impacted returns.

During the year, most major currency markets strengthened versus the U.S. dollar on concerns over global interest rates, while the yen weakened slightly. As a result, the Fund’s overall currency hedge detracted from the Fund’s performance. However, the loss was somewhat mitigated by the Fund’s yen hedge. The last week of the reporting period saw a reversal of this trend as talk of the unwinding of the “yen carry trade” was reflected in the currency markets.

Turning to the Fund’s option strategy, over the twelve-month period the Fund’s domestic trades produced mixed results. Generally, the early part of the period’s option gains (as a result of our written call options expiring out of the money) were offset by losses in the later part of the period (as the Fund’s options expired in the money after the rally in the equity markets). Although the VIX, the CBOE Volatility Index, seemed to languish at low levels throughout the period, we did manage to capitalize on the spikes in volatility that occurred in the early months of the summer. In August, the Fund’s coverage ratio was lowered from 70% to 65% and was subsequently increased to approximately 67% in the fall of 2006, where it stood at the end of February. Over the twelve months, call options were written on approximately 65% to 70% of the Fund’s assets.

In the international arena, call options were written on the Financial Times Stock Exchange (“FTSE”) Index, the Dow Jones Euro Stoxx 50 (Price) Index (“Eurostoxx 50”) and the Nikkei 225 Index. The option portfolio consisted of a basket of short-dated options with low tracking error relative to the MSCI EAFE^® Index. The actual composition of the basket may be adjusted to capitalize on the relative attractiveness of volatility premiums and market trading opportunities. For the fiscal year as a whole, the trending up of markets resulted in most of the options expiring in-the-money. A notable exception was the April to June timeframe, when a general market decline resulted in most of the written options expiring worthless. However, the associated increased implied volatility resulted in higher option premiums compared to the previous months. In August, the coverage ratio was lowered from approximately 70% to 65%. The strikes of the traded options were close to the money, with average maturities of between four and six weeks.

Overall, the result of the Fund’s options strategy was to detract from total return. This was also the case with our currency hedging strategy as the U.S. dollar weakened against the Euro and the British pound.

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Outlook and Current Strategy: The recent sell-off in equities as a result of concerns in the Asian and U.S. markets has caused an increase in volatility. While we remain fundamentally constructive on global equity markets, we believe the slowing growth outlook in the U.S. and decelerating earnings growth in the international developed markets may increase volatility in the near term. We believe that this repricing of risk in the global markets may lead to slightly higher implied volatility levels in the coming months. Risk premiums should therefore remain attractive.

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The Shareholders and Board of Trustees

We have audited the accompanying statement of assets and liabilities of ING Global Advantage and Premium Opportunity Fund, including the portfolio of investments, as of February 28, 2007, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for the year then ended and the period from October 31, 2005 (commencement of operations) to February 28, 2006. These financial statements and financial highlights are the responsibility of management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of February 28, 2007, by correspondence with the custodian and brokers, or by other appropriate auditing procedures when replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of ING Global Advantage and Premium Opportunity Fund as of February 28, 2007, and the results of its operations, the changes in its net assets, and the financial highlights for the periods specified in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

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ASSETS:
Investments in securities at value*				$	385,110,475
Short-term investments at amortized cost					2,228,000
Cash					936,648
Cash collateral for futures					98,000
Foreign currencies at value**					16,281
Receivables:
	Investment securities sold				1,179
	Dividends and interest				730,514
	Variation margin receivable				27,209
Unrealized appreciation on forward foreign currency contracts					96,277
Prepaid expenses					3,535
		Total assets			389,248,118
LIABILITIES:
Payable for investment securities purchased					1,174
Payable for futures variation margin					3,400
Unrealized depreciation on forward foreign currency contracts					1,904,966
Payable to affiliates					135,297
Payable for trustee fees					7,412
Other accrued expenses and liabilities					165,424
Options written***					1,597,655
		Total liabilities			3,815,328
NET ASSETS (equivalent to $21.19 per share on 18,185,082 shares outstanding)				$	385,432,790
NET ASSETS WERE COMPRISED OF:
Paid-in capital — shares of beneficial interest at $0.01 par value (unlimited shares authorized)					341,784,514
Accumulated distributions in excess of net investment income					(4,166,620	)
Accumulated net realized gain on investments, foreign currency related transactions, futures and written options					14,852,885
Net unrealized appreciation on investments, foreign currency related transactions, futures and written options					32,962,011
NET ASSETS				$	385,432,790
* Cost of investments in securities				$	352,545,675
** Cost of foreign currencies				$	16,281
*** Premiums received for options written				$	3,839,882

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INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*			$	8,198,041
Interest				96,521
	Total investment income			8,294,562
EXPENSES:
Investment management fees				2,774,584
Transfer agent fees				17,501
Administrative service fees				369,942
Shareholder reporting expense				72,358
Professional fees				64,881
Custody and accounting expense				145,216
Trustee fees				13,152
Miscellaneous expense				47,328
	Total expenses			3,504,962
Net investment income				4,789,600
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS, FUTURES AND WRITTEN OPTIONS:
Net realized gain (loss) on:
	Investments			40,473,674
	Foreign currency related transactions			(7,661,865	)
	Futures and written options			3,498,345
Net realized gain on investments, foreign currency related transactions, futures and written options				36,310,154
Net change in unrealized appreciation or depreciation on:
	Investments			9,757,520
	Foreign currency related transactions			(972,344	)
	Futures and written options			1,103,350
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, futures and written options				9,888,526
Net realized and unrealized gain on investments, foreign currency related transactions, futures and written options				46,198,680
Increase in net assets resulting from operations			$	50,988,280
* Foreign taxes withheld			$	330,863

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		Year Ended				October 31, 2005(1)
		February 28,				to February 28,
		2007				2006
FROM OPERATIONS:
Net investment income		$	4,789,600			$	1,002,354
Net realized gain (loss) on investments, foreign currency related transactions, futures and written options			36,310,154				(36,811	)
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, futures and written options			9,888,526				23,073,485
Net increase in net assets resulting from operations			50,988,280				24,039,028
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income			(812,038	)			(2,798,525	)
Net realized gains			(27,768,469	)			—
Tax return of capital			(5,048,487	)			—
Total distributions			(33,628,994	)			(2,798,525	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			—				344,033,000	(2)
Dividends reinvested			2,700,001				—
Net increase in net assets resulting from capital share transactions			2,700,001				344,033,000
Net increase in net assets			20,059,287				365,273,503
NET ASSETS:
Beginning of period			365,373,503				100,000
End of period		$	385,432,790			$	365,373,503
Undistributed net investment income (accumulated distributions in excess of net investment income) at end of period		$	(4,166,620	)		$	1,628,960
(1) Commencement of operations
(2) Proceeds from sale of shares net of sales load of $16,245,000 and offering costs of $722,000.

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

				Year				October 31,
				Ended				2005(1) to
				February 28,				February 28,
				2007				2006
Per Share Operating Performance:
Net asset value, beginning of period		$			20.24				19.06	(2)
Income from investment operations:
Net investment income		$			0.26				0.06	*
Net realized and unrealized gain on investments		$			2.55				1.28
Total from investment operations		$			2.81				1.34
Less distributions from:
Net investment income		$			0.04				0.16
Net realized gains on investments		$			1.54				—
Tax return of capital		$			0.28				—
Total distributions		$			1.86				0.16
Net asset value, end of period		$			21.19				20.24
Market value, end of period		$			21.11				18.61
Total investment return at net asset value(3)		%			14.81				7.08
Total investment return at market value(4)		%			24.40				(6.17	)
Ratios and Supplemental Data:
Net assets, end of period (millions)		$			385				365
Ratios to average net assets:
Gross expenses prior to expense reimbursement(5)		%			0.95				1.06
Net expenses after expense reimbursement(5)(6)		%			0.95				1.00
Net investment income after expense reimbursement (5)(6)		%			1.29				0.86
Portfolio turnover rate		%			132				41

⁽¹⁾ Commencement of operations.

⁽²⁾ Net asset value at beginning of period reflects the deduction of the sales load of $0.90 per share and offering costs of $0.04 per share paid by the shareholder from the $20.00 offering price.

⁽³⁾ Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of each period and a sale at net asset value at the end of each period and assumes reinvestment of dividends and capital gain distributions, if any, in accordance with the provisions of the dividend reinvestment plan. Total investment return at net asset value is not annualized for periods less than one year.

⁽⁴⁾ Total investment return at market value measures the change in the market value of your investment assuming reinvestment of dividends and capital gain distributions, if any, in accordance with the provisions of the Fund’s dividend reinvestment plan. Total investment return at market value is not annualized for periods less than one year.

⁽⁵⁾ Annualized for periods less than one year.

⁽⁶⁾ The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by ING Investments, LLC within three years of being incurred.

*  Per share data calculated using average number of shares outstanding throughout the period.

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NOTE 1 — ORGANIZATION

ING Global Advantage and Premium Opportunity Fund (the “Fund”) is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is organized as a Delaware statutory trust. The primary investment objective for the Fund is to provide a high level of income. Capital appreciation is a secondary investment objective. The Fund seeks to achieve its investment objectives by investing in a portfolio of global common stocks and utilizing an integrated options writing strategy.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements, and such policies are in conformity with U.S. generally accepted accounting principles for investment companies.

A.	Security Valuation. Investments in equity securities traded on a national securities exchange are valued at the last reported sale price. Securities reported by NASDAQ are valued at the NASDAQ official closing prices. Securities traded on an exchange or NASDAQ for which there has been no sale and equity securities traded in the over-the-counter-market are valued at the mean between the last reported bid and ask prices. All investments quoted in foreign currencies will be valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at that time. Debt securities are valued at prices obtained from independent services or from one or more dealers making markets in the securities and may be adjusted based on the Fund’s valuation procedures. U.S. government obligations are valued by using market quotations or independent pricing services which use prices provided by market-makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics.
	Securities and assets for which market quotations are not readily available (which may include certain restricted securities which are subject to limitations as to their sale) are valued at their fair values as determined in good faith by or under the supervision of the Fund’s Board of Trustees (“Board”), in accordance with methods that are specifically authorized by the Board. Securities traded on exchanges, including foreign exchanges, which close earlier than the time that the Fund calculates its net asset value (“NAV”) may also be valued at their fair values as determined in good faith by or under the supervision of the Fund’s Board, in accordance with methods that are specifically authorized by the Board. The value of a foreign security traded on an exchange outside the United States is generally based on its price on the principal foreign exchange where it trades as of the time the Fund determines its NAV or if the foreign exchange closes prior to the time the Fund determines its NAV, the most recent closing price of the foreign security on its principal exchange. Trading in certain non-U.S. securities may not take place on all days on which the New York Stock Exchange (“NYSE”) is open. Further, trading takes place in various foreign markets on days on which the NYSE is not open. Consequently, the calculation of the Fund’s NAV may not take place contemporaneously with the determination of the prices of securities held by the Fund in foreign securities markets. Further, the value of the Fund’s assets may be significantly affected by foreign trading on days when a shareholder cannot purchase or redeem shares of the Fund. In calculating the Fund’s NAV, foreign securities denominated in foreign currency are converted to U.S. dollar equivalents. If an event occurs after the time at which the market for foreign securities held by the Fund closes but before the time that the Fund’s NAV is calculated, such event may cause the closing price on the foreign exchange to not represent a readily available reliable market value quotation for such securities at the time the Fund determines its NAV. In such a case, the Fund will use the fair value of such securities as determined under the Fund’s valuation procedures. Events after the close of trading on a foreign market that could require the Fund to fair value some or all of its foreign securities include, among others, securities trading in the U.S. and other markets, corporate announcements, natural and other disasters, and political and other events. Among other elements of analysis in the determination of a security’s fair value, the Board has authorized the use of one or more independent research services to assist with such determinations. An independent research service may use statistical analyses and quantitative

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	models to help determine fair value as of the time the Fund calculates its NAV. There can be no assurance that such models accurately reflect the behavior of the applicable markets or the effect of the behavior of such markets on the fair value of securities, or that such markets will continue to behave in a fashion that is consistent with such models. Unlike the closing price of a security on an exchange, fair value determinations employ elements of judgment. Consequently, the fair value assigned to a security may not represent the actual value that the Fund could obtain if it were to sell the security at the time of the close of the NYSE. Pursuant to procedures adopted by the Board, the Fund is not obligated to use the fair valuations suggested by any research service, and valuation recommendations provided by such research services may be overridden if other events have occurred or if other fair valuations are determined in good faith to be more accurate. Unless an event is such that it causes the Fund to determine that the closing prices for one or more securities do not represent readily available reliable market value quotations at the time the Fund determines its NAV, events that occur between the time of the close of the foreign market on which they are traded and the close of regular trading on the NYSE will not be reflected in the Fund’s NAV. Investments in securities maturing in 60 days or less are valued at amortized cost, which, when combined with accrued interest, approximates market value.
	Options that are traded over-the-counter will be valued using one of three methods: (1) dealer quotes, (2) industry models with objective inputs, or (3) by using a benchmark arrived at by comparing prior-day dealer quotes with the corresponding change in the underlying security. Exchange traded options will be valued using the last reported sale. If no last sale is reported, exchange traded options will be valued using an industry accepted model such as “Black Scholes.” Options on currencies purchased by the Fund are valued using industry models with objective inputs.
B.	Security Transactions and Revenue Recognition. Security transactions are recorded on the trade date. Realized gains or losses on sales of investments are calculated on the identified cost basis. Interest income is recorded on the accrual basis. Premium amortization and discount accretion are determined using the effective yield method. Dividend income is recorded on the ex-dividend date, or in the case of some foreign dividends, when the information becomes available to the Fund.
C.	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 period 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

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	U.S. companies and U.S. government securities. 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 liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities.
D.	Forward Foreign Currency Contracts. The Fund may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on their 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 on forward foreign currency contracts are included on the Statement 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 in terms of their contracts and from movement in currency and securities values and interest rates.
E.	Distributions to Shareholders. Dividends from net investment income and net realized gains, if any, are declared and paid quarterly by the Fund. Distributions are determined annually in accordance with federal tax principles, which may differ from U.S. generally accepted accounting principles for investment companies. The Fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. Distributions are recorded on the ex-dividend date.
	The Fund intends to make regular quarterly distributions based on the past and projected performance of the Fund. The tax treatment and characterization of the Fund’s distributions may vary significantly from time to time depending on whether the Fund has gains or losses on the call options written on its portfolio versus gains or losses on the equity securities in the portfolio. The Fund’s distributions will normally reflect past and projected net investment income, and may include income from dividends and interest, capital gains and/or a return of capital. The final composition of the tax characteristics of the distributions cannot by determined with certainty until after the end of the year, and will be reported to shareholders at that time. The amount of quarterly distributions will vary, depending on a number of factors. As portfolio and market conditions change, the rate of dividends on the common shares will change. There can be no assurance that the Fund will be able to declare a dividend in each period.
F.	Federal Income Taxes. It is the policy of the Fund 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 any net realized capital gains to its shareholders. Therefore, no federal income tax provision is required. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized or expired.
G.	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.
H.	Securities Lending. Under an agreement with The Bank of New York (“BNY”) the Fund has the option to temporarily loan up to 30% of its managed assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. The borrower is required to fully collateralize the loans with cash or U.S. government securities. Generally, in the event of counterparty default, the Fund has the right to use collateral to offset losses incurred. There would be potential loss to the Fund in the event the Fund is delayed or prevented from

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	exercising its right to dispose of the collateral. The Fund bears the risk of loss with respect to the investment of collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in the Fund.
I.	Options Contracts. The Fund may purchase put and call options and may write (sell) put options and covered call options. The premium received by the Fund upon the writing of a put or call option is included in the Statement of Assets and Liabilities as a liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Fund will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option or purchased put option or the purchase cost of the security for a written put option or a purchased call option is adjusted by the amount of premium received or paid. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.
J.	Repurchase Agreements. The Fund may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. The Fund will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by the Fund. The underlying collateral is valued daily on a mark to market basis to assure that the value, including accrued interest is at least equal to the repurchase price. There would be potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral.

NOTE 3 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES

ING Investments, LLC (“ING Investments” or the “Investment Adviser”), an Arizona limited liability company, is the Investment Adviser of the Fund. The Fund pays the Investment Adviser for its services under the investment management agreement (“Management Agreement”), a fee, payable monthly, based on an annual rate of 0.75% of the Fund’s average daily managed assets. For the purposes of the Management Agreement, managed assets are defined as 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). As of February 28, 2007, there were no preferred shares outstanding.

Effective November 1, 2006, all ING funds sub-advised by ING Investment Management Co. (“ING IM”) are permitted to invest end-of-day cash balances into affiliated ING Money Market Funds, including ING Institutional Prime Money Market Fund. Investment management fees paid by the Fund will be reduced by an amount equal to the management fees paid indirectly to the ING Institutional Prime Money Market Fund with respect to assets invested by the Fund.

The Investment Adviser entered into a sub-advisory agreement (“Sub-Advisory Agreement”) with ING IM. Subject to policies as the Board or the Investment Adviser might determine, ING IM manages the Fund’s assets in accordance with the Fund’s investment objectives, policies and limitations.

ING Funds Services, LLC (the “Administrator”) serves as Administrator to the Fund. The Fund pays the Administrator for its services a fee based on an annual rate of 0.10% of the Fund’s average daily managed assets. The Investment Adviser, ING IM, and the Administrator are indirect, wholly-owned subsidiaries

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of ING Groep N.V. (“ING Groep”). ING Groep is one of the largest financial services organizations in the world, and offers an array of banking, insurance and asset management services to both individuals and institutional investors.

The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with the Fund under which it will limit the expenses of the Fund, excluding interest, taxes, leverage expenses, and extraordinary expenses to 1.00% of average net assets. The Investment Adviser may at a later date recoup from the Fund fees waived and other expenses assumed by the Investment Adviser during the previous 36 months, but only if, after such reimbursement, the Fund’s expense ratio does not exceed the percentage described above. The Expense Limitation Agreement is contractual and shall renew automatically for one-year terms unless ING Investments or the Fund provides written notice of the termination within 90 days of the end of the then current term or upon written termination of the Management Agreement.

NOTE 4 — OTHER TRANSACTIONS WITH AFFILIATED AND RELATED PARTIES

At February 28, 2007, the Fund had the following amounts recorded in payable to affiliates on the accompanying Statement of Assets and Liabilities:

Accrued
Investment		Accrued
Management		Administrative
Fees		Fees		Total
$105,216		$30,081		$135,297

The Fund has adopted a Retirement Policy (“Policy”) covering all Independent Trustees of the Fund who will have served as an Independent Trustee for at least five years at the time of retirement. Benefits under this Policy are based on an annual rate as defined in the Policy agreement and are recorded as trustee fees in the financial statements.

NOTE 5 — PURCHASES AND SALES OF INVESTMENT SECURITIES

The cost of purchases and proceeds from sales of investments for the year ended February 28, 2007, excluding short-term securities, were $493,547,246 and $525,760,058, respectively.

NOTE 6 — CALL OPTIONS WRITTEN

Written option activity for the Fund for the year ended February 28, 2007 was as follows:

		Number of
		Contracts				Premium
Balance at 2/28/2006			2,242,544			$	4,359,982
Options written			3,772,395				45,529,679
Options expired			(3,080,550	)			(11,963,507	)
Options exercised			(2,607,489	)			(34,086,272	)
Balance at 2/28/2007			326,900			$	3,839,882

NOTE 7 — CONCENTRATION OF INVESTMENT RISKS

Foreign Securities and Emerging Markets. The Fund makes significant investments in foreign securities and may invest up to 20% of its managed assets in securities issued by companies located in countries with emerging markets. Investments in foreign securities may entail risks not present in domestic investments. Since investments in securities are denominated in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, as well as from movements in currency, security value and interest rate, all of which could affect the market and/or credit risk of the investments. The risks of investing in foreign securities can be intensified in the case of investments in issuers located in countries with emerging markets.

Leverage. Although the Fund has no current intention to do so, the Fund is authorized to utilize leverage through the issuance of preferred shares and/or borrowings, including the issuance of debt securities. In the event that the Fund determines in the future to utilize investment leverage, there can be no assurance that such a leveraging strategy will be successful during any period in which it is employed.

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NOTE 8 — CAPITAL SHARES

Transaction in capital shares and dollars were as follows:

		Year				October 31,
		Ended				2005(1) to
		February 28,				February 28,
		2007				2006
Number of Shares
Shares sold			—				18,050,000
Dividends reinvested			130,082				—
Net increase in shares outstanding			130,082				18,050,000
$
Shares sold		$	—			$	344,033,000	(2)
Dividends reinvested			2,700,001				—
Net increase		$	2,700,001			$	344,033,000

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(1)	Commencement of operations.
(2)	Proceeds from sales of shares net of sales load paid of $16,245,000 and offering costs of $722,000.

NOTE 9 — FEDERAL INCOME TAXES

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

The following permanent tax differences have been reclassified as of the Fund’s tax year ended December 31, 2006:

Distributions in
excess of		Accumulated
Net Investment		Net Realized
Income		Gains/(Losses)
$(9,773,142)		$	9,773,142

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:

Tax Year Ended

Tax Year Ended December 31, 2006

December 31, 2005

Ordinary

Long-Term

Return

Ordinary

Income

Capital Gains

of Capital

Income

$23,422,969

$

5,157,538

$

5,048,487

$

2,798,525

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 the tax year ended December 31, 2006 were:

Unrealized		Post-October
Appreciation/		Currency Losses
(Depreciation)		Deferred
$29,968,895		$	(2,473,353	)

NOTE 10 — OTHER ACCOUNTING PRONOUNCEMENTS

In June 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes.” This standard defines the threshold for recognizing the benefits of tax-return positions in the financial statements as “more-likely-than-not” to be sustained upon challenge by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50 percent likely to be realized. FIN 48 is effective for fiscal years beginning after December 15, 2006, with early application permitted if no interim financial statements have been issued. However, acknowledging the unique issues that FIN 48 presents for investment companies that calculate NAVs, the U.S. Securities and Exchange Commission (the “SEC”) has indicated that they would not object if a fund implements FIN 48 in its NAV calculation as late as its last NAV calculation in the first required financial statement reporting period for its fiscal year beginning after December 15, 2006. For the February year-end closed-end funds, this would be no later than their August 31, 2007 NAV and the effects of FIN 48 would be reflected in the funds’ semi-annual financial statements contained in their Form N-CSR filing. At adoption, companies must adjust their financial statements to reflect only those tax positions that are more likely-than-not to be sustained as of the adoption date. Management of the Fund has assessed the impact of adopting FIN 48 and currently does not believe that there will be a material impact to the Fund.

On September 15, 2006, the FASB issued Statement of Financial Accounting Standards No. 157 (“SFAS No. 157”), “Fair Value Measurements.” The new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. SFAS No. 157 defines fair value as the price that would be received to sell an asset or paid to transfer a

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liability in an orderly transaction between market participants at the measurement date (an exit price). SFAS No. 157 also stipulates that, as a market-based measurement, fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability, and establishes a fair value hierarchy that distinguishes between (a) market participant assumptions developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (b) the reporting entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. As of February 28, 2007, management of the Fund is currently assessing the impact, if any, that will result from adopting SFAS No. 157.

NOTE 11 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS

In 2004, ING Investments reported to the Boards of Directors/ Trustees (the “Boards”) of the ING Funds that, like many U.S. financial services companies, ING Investments and certain of its U.S. affiliates have received informal and formal requests for information since September 2003 from various governmental and self-regulatory agencies in connection with investigations related to mutual funds and variable insurance products. ING Investments has advised the Boards that it and its affiliates have cooperated fully with each request.

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

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

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

In September 2005, ING Funds Distributor, LLC (“IFD”), the distributor of certain ING Funds, settled an administrative proceeding with the NASD regarding three arrangements, dating from 1995, 1996 and 1998, under which the administrator to the then-Pilgrim Funds, which subsequently became part of the ING Funds, entered into formal and informal arrangements that permitted frequent trading. Under the terms of the Letter of Acceptance, Waiver and Consent (“AWC”) with the NASD, under which IFD neither admitted nor denied the allegations or findings, IFD consented to the following sanctions: (i) a censure; (ii) a fine of $1.5 million; (iii) restitution of approximately $1.44 million to certain ING Funds for losses attributable to excessive trading described in the AWC; and (iv) agreement to make certification to NASD regarding the review and establishment of certain procedures.

In addition to the arrangements discussed above, in 2004 ING Investments reported to the Boards that, at that time, these instances include the following, in addition to the arrangements subject to the AWC discussed above:

•	Aeltus Investment Management, Inc. (a predecessor entity to ING IM) identified two investment professionals who engaged in extensive frequent trading in certain ING Funds. One was subsequently terminated for cause and incurred substantial

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	financial penalties in connection with this conduct and the second has been disciplined.
•	ReliaStar Life Insurance Company (“ReliaStar”) entered into agreements seven years ago permitting the owner of policies issued by the insurer to engage in frequent trading and to submit orders until 4pm Central Time. In 2001 ReliaStar also entered into a selling agreement with a broker-dealer that engaged in frequent trading. Employees of ING affiliates were terminated and/or disciplined in connection with these matters.
•	In 1998, Golden American Life Insurance Company entered into arrangements permitting a broker-dealer to frequently trade up to certain specific limits in a fund available in an ING variable annuity product. No employee responsible for this arrangement remains at the company.

For additional information regarding these matters, you may consult the Form 8-K and Form 8-K/A for each of four life insurance companies, ING USA Annuity and Life Insurance Company, ING Life Insurance and Annuity Company, ING Insurance Company of America, and ReliaStar Life Insurance Company of New York, each filed with the SEC on October 29, 2004 and September 8, 2004. These Forms 8-K and Forms 8-K/A can be accessed through the SEC’s website at http://www.sec.gov. Despite the extensive internal review conducted through independent special counsel and a national accounting firm, there can be no assurance that the instances of inappropriate trading reported to the Boards are the only instances of such trading respecting the ING Funds.

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

•	ING has agreed with the ING Funds to indemnify and hold harmless the ING Funds from all damages resulting from wrongful conduct by ING or its employees or from ING’s internal investigation, any investigations conducted by any governmental or self-regulatory agencies, litigation or other formal proceedings, including any proceedings by the SEC. ING Investments reported to the Boards that ING management believes that the total amount of any indemnification obligations will not be material to ING or its U.S. business.
•	ING updated its Code of Conduct for employees reinforcing its employees’ obligation to conduct personal trading activity consistent with the law, disclosed limits, and other requirements.
•	The ING Funds, upon a recommendation from ING, updated their respective Codes of Ethics applicable to investment professionals with ING entities and certain other fund personnel, requiring such personnel to pre-clear any purchases or sales of ING Funds that are not systematic in nature (i.e., dividend reinvestment), and imposing minimum holding periods for shares of ING Funds.
•	ING instituted excessive trading policies for all customers in its variable insurance and retirement products and for shareholders of the ING Funds sold to the public through financial intermediaries. ING does not make exceptions to these policies.
•	ING reorganized and expanded its U.S. Compliance Department, and created an Enterprise Compliance team to enhance controls and consistency in regulatory compliance.

Other Regulatory Matters

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

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for relief and cease and desist order filed by the New Hampshire Bureau of Securities Regulation (the “NH Bureau”) concerning their administration of the New Hampshire state employees deferred compensation plan.

On October 10, 2006, an affiliate of ING Investments entered into an assurance of discontinuance with the NYAG (the “NYAG Agreement”) regarding the endorsement of its products by the New York State United Teachers Union Member Benefits Trust (“NYSUT”) and the sale of their products to NYSUT members. Under the terms of the NYAG Agreement, the affiliate of ING Investments, without admitting or denying the NYAG’s findings, will distribute $30 million to NYSUT members, and/or former NYSUT members, who participated in the NYSUT-endorsed products at any point between January 1, 2001 and June 30, 2006. The affiliate also agreed with the NYAG’s office to develop a one-page disclosure that will further improve transparency and disclosure regarding retirement product fees (the “One-Page Disclosure”). Pursuant to the terms of the NYAG Agreement, the affiliate has agreed for a five year period to provide its retirement product customers with the One-Page Disclosure.

In addition, on the same date, these affiliates of ING Investments entered into a consent agreement with the NH Bureau (the “NH Agreement”) to resolve this petition for relief and cease and desist order. Under the terms of the NH Agreement, these affiliates of ING Investments, without admitting or denying the NH Bureau’s claims, have agreed to pay $3 million to resolve the matter, and for a five year period to provide their retirement product customers with the One-Page Disclosure described above.

Other federal and state regulators could initiate similar actions in this or other areas of ING’s businesses.

These regulatory initiatives may result in new legislation and regulation that could significantly affect the financial services industry, including businesses in which ING is engaged.

In light of these and other developments, ING continuously reviews whether modifications to its business practices are appropriate.

At this time, in light of the current regulatory factors, ING U.S. is actively engaged in reviewing whether any modifications in our practices are appropriate for the future.

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

NOTE 12 — SUBSEQUENT EVENTS

Dividends: Subsequent to February 28, 2007, the Fund declared a quarterly dividend of:

Per Share		Declaration		Payable		Record
Amount		Date		Date		Date
$0.465		3/23/2007		4/16/2007		4/4/2007

The Fund estimates that distributions for the tax year commencing on January 1, 2007, and including the distributions listed above, will be comprised of approximately 59% net investment income. The remaining portion of the Fund’s monthly distributions is estimated to come from the Fund’s covered-call option strategy, which for tax purposes, may be treated as a combination of long-term and short-term capital gains, and/or a return of capital. The tax character of the Fund’s covered-call option strategy is largely determined by movements in the underlying equity portfolio. Based on the current realized appreciation in the Fund’s underlying equity portfolio, the Fund estimates that the remaining approximately 41% of the distributions would be considered short-term capital gain.

20

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Table of Contents

Shares								Value
COMMON STOCK: 98.9%
						Australia: 2.3%
	39,043					Amcor Ltd.		$	224,185
	25,060					APN News & Media Ltd.			117,408
	29,985					Australia & New Zealand Banking Group Ltd.			693,443
	22,152					BHP Billiton Ltd.			473,514
	133,313					BlueScope Steel Ltd.			982,463
	8,910					Boral Ltd.			59,351
	7,226					Centro Properties Group			55,966
	50,758					Coles Myer Ltd.			613,924
	86,568					Commonwealth Property Office Fund			94,086
	8,323					Computershare Ltd.			66,150
	3,764					CSL Ltd.			231,400
	48,002					CSR Ltd.			137,521
	22,379					Foster’s Group Ltd.			111,466
	34,057					GPT Group			135,465
	32,019					Harvey Norman Holdings Ltd.			110,008
	27,029			**		ING Industrial Fund			50,745
	10,805					Insurance Australia Group Ltd.			51,150
	2,947					Leighton Holdings Ltd.			72,200
	3,446					Lend Lease Corp., Ltd.			49,021
	15,338					Lion Nathan Ltd.			100,529
	20,843					Macquarie Airports Management Ltd.			60,815
	17,694					Macquarie Goodman Group			100,063
	222,163					Macquarie Office Trust			280,436
	27,715					OneSteel Ltd.			109,949
	58,115					Pacific Brands Ltd.			134,309
	52,889					Qantas Airways Ltd.			214,252
	2,200					Rio Tinto Ltd.			131,787
	48,524					Santos Ltd.			357,851
	50,877					Stockland			347,345
	105,744					Suncorp-Metway Ltd.			1,817,257
	15,811					TABCORP Holdings Ltd.			201,895
	36,938					Tattersall’s Ltd.			133,982
	15,788					Telstra Corp., Ltd.			52,992
	10,101					Wesfarmers Ltd.			290,232
	3,184					Westpac Banking Corp.			63,992
	4,050					Zinifex Ltd.			53,369
									8,780,521
						Austria: 0.1%
	1,104					Boehler-Uddeholm AG			81,122
	2,409			@		bwin Interactive Entertainment			78,429
	10,084			@		IMMOFINANZ Immobilien Anlagen AG			153,051
	1,806					OMV AG			100,561
									413,163
						Belgium: 0.7%
	630					Delhaize Group			52,414
	630					D’ieteren SA			235,455
	54,536					Fortis			2,343,194
	698					Omega Pharma SA			53,873
									2,684,936
						Bermuda: 0.6%
	20,300					ACE Ltd.			1,140,048
	2,800					Frontline Ltd.			97,577
	34,552			@		Tyco International Ltd.			1,065,238
									2,302,863
						Denmark: 0.7%
	57					AP Moller — Maersk A/S			585,958
	1,475			@		East Asiatic Co., Ltd. A/S			64,840
	22,150					Novo-Nordisk A/S			1,901,782
									2,552,580
						Finland: 0.4%
	7,834					Kesko OYJ			412,909
	15,867					Nokia OYJ			346,325
	14,400			@		Orion OYJ			317,128
	12,412					Rautaruukki OYJ			568,632
									1,644,994
						France: 4.6%
	660					Accor SA			58,184
	1,116					Air France-KLM			48,372
	111,159					Alcatel SA			1,417,568
	3,480			@		Atos Origin			188,053
	3,546					AXA SA			150,793
	762					BIC			52,052
	25,969					BNP Paribas			2,707,960
	26,106					Bouygues			1,817,835
	9,206					Capgemini SA			642,887
	584					Casino Guichard Perrachon SA			50,232
	2,640					Cie de Saint-Gobain			245,428
	1,070					Compagnie Generale des Etablissements Michelin			111,152
	47,487					Credit Agricole SA			1,891,726
	3,766					France Telecom SA			102,003
	13,355					Groupe Danone			2,112,034
	657					Lafarge SA			98,038
	4,090					Sanofi-Aventis			347,290
	14,391					Societe Generale			2,420,154
	2,661					Sodexho Alliance SA			183,594
	1,496					Technip SA			100,180
	16,741					Total SA			1,127,548
	206					Unibail			59,460
	737					Veolia Environnement			51,887
	41,034					Vivendi			1,618,994
	746					Zodiac SA			50,679
									17,654,103
						Germany: 4.1%
	14,185					Allianz AG			3,050,452
	525					BASF AG			53,405
	15,588					Deutsche Bank AG			2,047,929
	42,765					Deutsche Lufthansa AG			1,159,323
	931					Douglas Holding AG			54,176
	5,519					E.ON AG			722,816
	760					Fresenius Medical Care AG & Co. KGaA			107,898
	1,209					Heidelberger Druckmaschinen			51,495
	15,324					Hochtief AG			1,346,809
	3,588			@		Infineon Technologies AG			55,035
	2,541			@		KarstadtQuelle AG			88,549
	10,634					Merck KGaA			1,339,607
	6,533					Muenchener Rueckversicherungs AG			1,046,637
	614					Rheinmetall AG			49,477
	861					RWE AG			88,140
	9,724					Salzgitter AG			1,210,009
	3,266					Siemens AG			344,203
	40,692					ThyssenKrupp AG			1,990,688
	9,180					Volkswagen AG			1,154,479
	316					Wincor Nixdorf AG			51,217
									16,012,344
						Greece: 0.1%
	4,165					Coca-Cola Hellenic Bottling Co. SA			161,349
	10,735					Hellenic Petroleum SA			146,070
									307,419
						Hong Kong: 1.2%
	28,000					CLP Holdings Ltd.			205,596
	98,000					Giordano Intl., Ltd.			45,686
	17,500					HongKong Electric Holdings			88,607
	37,000					Hysan Development Co., Ltd.			101,717
	15,000					Kingboard Chemicals Holdings			63,045

21

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Table of Contents

Shares								Value
						Hong Kong (continued)
	339,000					Noble Group Ltd.		$	310,843
	53,000					Orient Overseas International Ltd.			432,652
	74					PCCW Ltd.			44
	8,000					Sun Hung Kai Properties Ltd.			94,708
	156,000					Swire Pacific Ltd.			1,765,570
	13,000					Television Broadcasts Ltd.			84,525
	72,000					Texwinca Holdings Ltd.			51,269
	368,000					Wharf Holdings Ltd.			1,303,942
									4,548,204
						Ireland: 0.1%
	33,712					Depfa Bank PLC			568,396
									568,396
						Italy: 2.4%
	95,113					Autogrill S.p.A.			1,714,742
	3,562					Banche Popolari Unite Scpa			101,077
	191,797					Capitalia S.p.A.			1,647,107
	9,517					Enel S.p.A.			99,387
	16,139					ENI S.p.A.			494,294
	16,368			@		Fiat S.p.A.			387,557
	317,738					Intesa Sanpaolo S.p.A.			2,307,455
	2,140					Italcementi S.p.A.			64,141
	98,316					Pirelli & C S.p.A.			109,683
	43,523					Telecom Italia — RNC			110,430
	661,944					Telecom Italia S.p.A.			2,001,127
	11,669					UniCredito Italiano S.p.A.			107,768
									9,144,768
						Japan: 10.4%
	8,000					77 Bank Ltd.			56,771
	4,400					Aeon Co., Ltd.			91,684
	3,000					Alfresa Holdings Corp.			198,956
	5,000					Amada Co., Ltd.			56,889
	1,200					Astellas Pharma, Inc.			52,685
	6,000					Bank of Fukuoka Ltd.			50,666
	82,000					Bank of Yokohama Ltd.			672,895
	39,300					Canon, Inc.			2,128,646
	5					Central Japan Railway Co.			60,154
	6,000					Chiba Bank Ltd.			57,300
	5,500					Circle K Sunkus Co., Ltd.			102,264
	9,000					COMSYS Holdings Corp.			104,953
	3,500					Daifuku Co., Ltd.			52,510
	8,400					Daiichi Sankyo Co., Ltd.			271,173
	6,000					Dainippon Screen Manufacturing Co., Ltd.			49,321
	37,000					Daiwa House Industry Co., Ltd.			663,654
	6,000					Dowa Holdings Co., Ltd.			62,277
	92					East Japan Railway Co.			707,759
	13,100					Eisai Co., Ltd.			666,927
	2,200			@		Elpida Memory, Inc.			98,983
	3,600					FamilyMart Co., Ltd.			98,957
	53,000					Fujikura Ltd.			373,076
	8,000					Furukawa Electric Co., Ltd.			53,108
	15,000					Gunma Bank Ltd.			103,512
	13,000			@		Haseko Corp.			50,153
	2,200					Hitachi Chemical Co., Ltd.			51,375
	1,800					Hitachi High-Technologies Corp.			50,537
	13,000					Hokugin Financial Group, Inc.			49,134
	1,000					Ibiden Co., Ltd.			50,292
	12			@		Inpex Holdings, Inc.			100,623
	130,000					Itochu Corp.			1,259,785
	9,000					Joyo Bank Ltd.			59,145
	6,000					Kaneka Corp.			56,222
	6,000					Kawasaki Kisen Kaisha Ltd.			59,970
	7					KDDI Corp.			54,696
	17,000					Kintetsu Corp.			56,171
	472,000					Kobe Steel Ltd.			1,902,917
	7,000			@		Konica Minolta Holdings, Inc.			89,820
	12,000					Kyowa Hakko Kogyo Co., Ltd.			109,853
	3,500					Kyushu Electric Power Co., Inc.			100,483
	1,600					Leopalace21 Corp.			50,622
	110,000					Matsushita Electric Industrial Co., Ltd.			2,209,765
	5,000					Matsushita Electric Works Ltd.			57,065
	24,800					Mediceo Paltac Holdings Co., Ltd.			464,111
	100,500					Mitsubishi Corp.			2,341,800
	6,000					Mitsubishi Electric Corp.			60,306
	105,000					Mitsubishi Materials Corp.			484,651
	14,000					Mitsubishi Rayon Co., Ltd.			92,563
	41					Mitsubishi UFJ Financial Group, Inc.			502,762
	20,000					Mitsui Mining & Smelting Co., Ltd.			113,354
	363					Mizuho Financial Group, Inc.			2,550,338
	6,800					Namco Bandai Holdings, Inc.			100,237
	17,000					Nichirei Corp.			103,793
	26,000					Nippon Electric Glass Co., Ltd.			637,676
	23,500					Nippon Mining Holdings, Inc.			196,602
	17,000					Nippon Oil Corp.			124,159
	29					Nippon Telegraph & Telephone Corp.			153,625
	51,000					Nippon Yusen KK			403,442
	12,000					Nishi-Nippon City Bank Ltd.			57,743
	8,000					Nissan Motor Co., Ltd.			91,972
	2,000					Nitto Denko Corp.			102,893
	5,500					NOK Corp.			93,645
	41					NTT DoCoMo, Inc.			74,672
	8,000					Obayashi Corp.			53,920
	5,000					Olympus Corp.			167,948
	3,020					ORIX Corp.			831,941
	198,000					Osaka Gas Co., Ltd.			779,748
	500					Otsuka Corp.			48,962
	345					Resona Holdings, Inc.			980,475
	37					Round One Corp.			90,712
	1,000					Sankyo Co., Ltd.			44,956
	10					Sapporo Hokuyo Holdings, Inc.			104,327
	3,800					Sega Sammy Holdings, Inc.			95,723
	7,000					Sekisui Chemical Co., Ltd.			57,935
	41,200					Seven & I Holdings Co., Ltd.			1,319,489
	3,000					Sharp Corp.			55,897
	5,000					Shizuoka Bank Ltd.			53,433
	39,300					Softbank Corp.			997,473
	86,900			@		Sojitz Corp.			389,302
	1,100					Sony Corp.			57,030
	36,400					Stanley Electric Co., Ltd.			727,706
	7,000					Sumitomo Bakelite Co., Ltd.			50,467
	23,000					Sumitomo Metal Industries Ltd.			116,890
	52,000					Sumitomo Metal Mining Co., Ltd.			931,498
	188					Sumitomo Mitsui Financial Group, Inc.			1,828,968
	5,000					Sumitomo Trust & Banking Co., Ltd.			56,680
	4,000					Suruga Bank Ltd.			55,180
	4,200					Suzuken Co., Ltd.			150,562
	15,000					Taisei Corp.			57,090
	4,000					Tanabe Seiyaku Co., Ltd.			54,146
	2,100					THK Co., Ltd.			52,887
	24,000					Tobu Railway Co., Ltd.			124,678
	5,000					Tokyo Electric Power Co., Inc.			174,594
	20,700					Tokyo Electron Ltd.			1,505,944
	127,000					Tokyo Gas Co., Ltd.			715,325
	84,000					Tokyu Corp.			679,714
	10,000					Tosoh Corp.			51,859
	7,500					Toyo Seikan Kaisha Ltd.			146,375
	4,400					Toyoda Gosei Co., Ltd.			100,103
	53,300					Toyota Motor Corp.			3,579,952
	26,000					UNY Co., Ltd.			363,915
	1,530					USS Co., Ltd.			96,542
	19					West Japan Railway Co.			90,017
	23,000					Yaskawa Electric Corp.			251,560
									40,096,015

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Shares								Value
						Netherlands: 2.7%
	26,770					Aegon NV		$	529,267
	30,932					Arcelor Mittal			1,568,182
	55,983					European Aeronautic Defence and Space Co. NV			1,913,393
	1,068					Heineken NV			52,604
	48,645			@		Koninklijke Ahold NV			484,217
	76,019					Royal Dutch Shell PLC — Class A			2,459,616
	52,438					Royal Dutch Shell PLC — Class B			1,691,461
	11,712					SBM Offshore NV			416,091
	50,789					Unilever NV			1,314,287
									10,429,118
						New Zealand: 0.1%
	26,032					Contact Energy Ltd.			161,953
	19,968					Fisher & Paykel Appliances Holdings Ltd.			51,232
	8,579					Fletcher Building Ltd.			64,017
	27,697					Vector Ltd.			52,547
									329,749
						Norway: 0.6%
	860					Aker Kvaerner ASA			99,365
	6,900					DNB NOR ASA			93,352
	114,000			@		Marine Harvest			139,186
	36,200					Norsk Hydro ASA			1,115,543
	14,240			@		Petroleum Geo-Services ASA			329,783
	14,150					Statoil ASA			361,013
	3,600					Tandberg ASA			64,355
	2,600					Telenor ASA			48,112
									2,250,709
						Portugal: 0.2%
	3,687					Banco Espirito Santo SA			68,300
	115,086					Energias de Portugal SA			630,920
	29,425					Sonae SGPS SA			63,471
									762,691
						Singapore: 0.3%
	54,000					ComfortDelgro Corp., Ltd.			65,762
	15,000					Fraser and Neave Ltd.			47,938
	120,000					Neptune Orient Lines Ltd.			226,290
	36,000					Parkway Holdings Ltd.			69,776
	35,000					Singapore Petroleum Co., Ltd.			102,601
	17,000					Singapore Press Holdings Ltd.			48,961
	207,000					Singapore Telecommunications Ltd.			433,588
	132,000			@		STATS ChipPAC Ltd.			130,170
	69,000					Wing Tai Holdings Ltd.			125,621
									1,250,707
						Spain: 1.3%
	12,703					Banco Bilbao Vizcaya Argentaria SA			309,142
	77,779					Banco Santander Central Hispano SA			1,440,007
	43,215					Endesa SA			2,194,313
	2,010					Repsol YPF SA			63,618
	39,554					Telefonica SA			850,766
	1,918					Union Fenosa SA			96,070
									4,953,916
						Sweden: 0.7%
	7,600					Atlas Copco AB			225,764
	2,800					Getinge AB			57,780
	2,450					Nobia AB			98,290
	1,400					Scania AB			103,191
	3,400					Securitas AB			50,631
	2,400					SSAB Svenskt Staal AB			61,179
	3,400					Ssab Svenskt Stal AB			90,950
	2,600					Trelleborg AB			65,533
	25,500					Volvo AB			1,959,620
									2,712,938
						Switzerland: 1.6%
	3,191					Credit Suisse Group			220,487
	3,742					Nestle SA			1,392,084
	16,612					Novartis AG			921,993
	2,269			@		OC Oerlikon Corp. AG			1,130,460
	4,550					Phonak Holding AG			342,872
	4,807					Roche Holding AG			855,402
	5,185					Schindler Holding AG			326,518
	1,885					Swatch Group AG			92,548
	13,162					UBS AG			777,204
	369					Zurich Financial Services AG			105,301
									6,164,869
						United Kingdom: 9.1%
	86,164					3i Group PLC			1,882,926
	7,200			@		Acergy SA			135,858
	19,620					Alliance Boots PLC			303,256
	57,801					Amvescap PLC			679,854
	1,703					Anglo American PLC			80,377
	37,725					AstraZeneca PLC			2,115,491
	10,903					Aviva PLC			174,580
	27,795					Barclays PLC			403,047
	3,457					Berkeley Group Holdings PLC			102,939
	121,574					BHP Billiton PLC			2,435,442
	179,725					BP PLC			1,842,448
	76,902			@		British Airways PLC			809,625
	3,971					British American Tobacco PLC			120,494
	5,081					Brixton PLC			48,549
	265,628					BT Group PLC			1,539,739
	4,754					Cadbury Schweppes PLC			50,842
	5,949					Carnival PLC			282,817
	7,388					Centrica PLC			54,107
	18,842			@		Collins Stewart Tullett PLC			84,379
	4,351					Corus Group PLC			51,227
	6,831					Daily Mail & General Trust			103,466
	29,450					Davis Service Group PLC			298,191
	3,933					Enterprise Inns PLC			48,479
	13,804					First Choice Holidays PLC			68,210
	6,820					Firstgroup PLC			80,972
	49,954					FKI PLC			107,462
	5,445					George Wimpey PLC			60,548
	45,987					GlaxoSmithKline PLC			1,290,302
	51,240					HBOS PLC			1,084,503
	36,269					HMV Group PLC			98,605
	107,448					HSBC Holdings PLC			1,874,086
	21,828					Imperial Tobacco Group PLC			908,950
	3,924					Intercontinental Hotels Group PLC			92,177
	4,155					Investec PLC			50,059
	2,241					Land Securities Group PLC			90,217
	346,010					Legal & General Group PLC			1,059,381
	8,535					Lloyds TSB Group PLC			96,008
	44,466					LogicaCMG PLC			147,531
	86,633					Marks & Spencer Group PLC			1,145,437
	23,139					Misys PLC			105,764
	7,039					Mitchells & Butlers PLC			97,835
	120,527					National Grid PLC			1,806,217
	23,366					Old Mutual PLC			80,529
	3,454					Persimmon PLC			94,407
	13,749					Premier Farnell PLC			48,591
	4,118					Punch Taverns PLC			93,048
	6,873					Resolution PLC			84,521
	51,022					Rexam PLC			502,929
	3,537					Rio Tinto PLC			190,537
	339,874					Royal & Sun Alliance Insurance Group			1,022,085
	57,683					Royal Bank of Scotland Group PLC			2,267,930
	158,454					Scottish & Newcastle PLC			1,635,399

23

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Shares								Value
						United Kingdom (continued)
	6,571					Scottish Power PLC		$	98,449
	25,482					Taylor Woodrow PLC			202,904
	6,018					Tesco PLC			50,945
	180,934					Tomkins PLC			910,096
	1,857					Travis Perkins PLC			71,131
	5,268					Trinity Mirror PLC			50,515
	9,147			@		Tullett Prebon PLC			111,005
	48,905					Unilever PLC			1,310,048
	89,892					United Business Media PLC			1,246,605
	402,881					Vodafone Group PLC			1,116,113
	4,075					Wolseley PLC			102,316
									35,202,500
						United States: 54.6%
	55,900			@		AES Corp.			1,191,788
	33,500					Aetna, Inc.			1,483,045
	27,400					Allstate Corp.			1,645,644
	26,300			@		Altera Corp.			555,193
	33,800					Altria Group, Inc.			2,848,664
	8,000					AMBAC Financial Group, Inc.			701,120
	18,100					American Express Co.			1,029,347
	38,900					American International Group, Inc.			2,610,190
	27,000					AmerisourceBergen Corp.			1,422,090
	18,600			@		Amgen, Inc.			1,195,236
	16,200					Anheuser-Busch Cos., Inc.			795,096
	10,800			@		Apollo Group, Inc.			510,732
	11,200			@		Apple, Inc.			947,632
	12,200					Applied Materials, Inc.			226,554
	105,337					AT&T, Inc.			3,876,402
	128,600			S		Bank of America Corp.			6,541,882
	8,500			@		Big Lots, Inc.			212,755
	4,100					Biomet, Inc.			173,553
	22,700			@		BMC Software, Inc.			700,522
	13,500					Boeing Co.			1,178,145
	7,700					Brunswick Corp.			251,405
	75,600					CA, Inc.			1,969,380
	18,300					Campbell Soup Co.			747,189
	7,200					Caremark Rx, Inc.			443,448
	11,300					CBS Corp. — Class B			342,955
	26,300					Centerpoint Energy, Inc.			469,192
	53,500					Chevron Corp.			3,670,635
	24,100					Chubb Corp.			1,230,305
	12,000					Circuit City Stores, Inc.			228,360
	156,300			@		Cisco Systems, Inc.			4,054,422
	15,900					CIT Group, Inc.			897,873
	125,000			S		Citigroup, Inc.			6,300,000
	8,300					Clear Channel Communications, Inc.			300,294
	30,900			@		Coach, Inc.			1,458,480
	8,400					Coca-Cola Co.			392,112
	13,100					Comerica, Inc.			791,109
	30,300			@		Compuware Corp.			277,245
	6,700					ConocoPhillips			438,314
	11,600			@		Convergys Corp.			298,352
	7,600					Cooper Industries Ltd.			697,224
	10,500					Countrywide Financial Corp.			401,940
	12,100			@		Coventry Health Care, Inc.			658,482
	4,400					Cummins, Inc.			592,592
	160,800			@		Dell, Inc.			3,674,278
	14,100					Dow Chemical Co.			617,580
	24,200					Eastman Kodak Co.			577,896
	12,500					Eaton Corp.			1,012,625
	27,400					Edison International			1,285,608
	10,900					Estee Lauder Cos., Inc.			521,892
	140,500			S		ExxonMobil Corp.			10,071,040
	12,400					Family Dollar Stores, Inc.			359,228
	14,800					Fannie Mae			839,604
	29,300					Federated Department Stores, Inc.			1,308,538
	18,300					FedEx Corp.			2,089,494
	45,700					First Data Corp.			1,166,721
	122,900					Ford Motor Co.			973,368
	23,500			@		Forest Laboratories, Inc.			1,216,360
	80,300					Gap, Inc.			1,540,957
	88,322			S		General Electric Co.			3,084,204
	23,900					General Mills, Inc.			1,347,004
	31,200					Genworth Financial, Inc.			1,103,544
	13,800					Goldman Sachs Group, Inc.			2,782,080
	45,700					Halliburton Co.			1,411,216
	3,100					Harrah’s Entertainment, Inc.			261,919
	16,006					Hartford Financial Services Group, Inc.			1,513,527
	14,000					Hasbro, Inc.			396,060
	121,300					Hewlett-Packard Co.			4,776,794
	50,600					Honeywell International, Inc.			2,349,864
	13,500			@		Humana, Inc.			807,840
	57,600			S		International Business Machines Corp.			5,357,376
	3,100					Johnson & Johnson			195,455
	9,000					Jones Apparel Group, Inc.			296,280
	91,200					JPMorgan Chase & Co.			4,505,280
	3,000					KeySpan Corp.			123,120
	1,800					Kinder Morgan, Inc.			190,368
	25,100			@		King Pharmaceuticals, Inc.			468,115
	27,500			@		Kohl’s Corp.			1,897,225
	23,400					Lehman Brothers Holdings, Inc.			1,715,220
	10,100			@		Lexmark International, Inc.			611,656
	10,600					Lockheed Martin Corp.			1,031,168
	28,600					Loews Corp.			1,242,384
	36,700					Marathon Oil Corp.			3,330,158
	24,300					Mattel, Inc.			632,043
	46,400					McDonald’s Corp.			2,028,608
	31,100					McGraw-Hill Cos., Inc.			2,009,371
	23,300					McKesson Corp.			1,299,208
	73,200					Merck & Co., Inc.			3,232,512
	13,900					Merrill Lynch & Co., Inc.			1,163,152
	32,000					Metlife, Inc.			2,020,800
	44,400			@		Micron Technology, Inc.			526,584
	31,000					Microsoft Corp.			873,270
	49,600					Moody’s Corp.			3,210,112
	35,000					Morgan Stanley			2,622,200
	92,200					Motorola, Inc.			1,707,544
	17,700					Mylan Laboratories			374,709
	35,200					National City Corp.			1,332,320
	34,400					News Corp., Inc.			775,032
	23,000					NiSource, Inc.			547,170
	16,600					Nordstrom, Inc.			881,294
	8,900			@		Novellus Systems, Inc.			286,580
	22,200					Nucor Corp.			1,351,314
	34,500					Occidental Petroleum Corp.			1,593,210
	23,400			@		Office Depot, Inc.			780,624
	6,300					OfficeMax, Inc.			326,970
	26,500					Omnicom Group			2,745,665
	40,200			@		Pactiv Corp.			1,294,440
	9,900					Parker Hannifin Corp.			815,661
	11,500					Pepsi Bottling Group, Inc.			356,500
	16,000					PepsiCo, Inc.			1,010,400
	116,300					Pfizer, Inc.			2,902,848
	3,520					Phelps Dodge Corp.			439,683
	51,400					Procter & Gamble Co.			3,263,386
	47,600					Progressive Corp.			1,091,468
	21,000					Prudential Financial, Inc.			1,909,740
	24,400					Qualcomm, Inc.			982,832
	7,200					Questar Corp.			605,808
	11,500					RadioShack Corp.			287,155
	58,100					Raytheon Co.			3,111,255
	3,600			@		Realogy Corp.			106,488
	39,900					Regions Financial Corp.			1,429,218
	17,700					Reynolds American, Inc.			1,080,585
	2,200					Sabre Holdings Corp.			71,126
	7,900					Safeco Corp.			527,088
	3,900			@		Sandisk Corp.			142,038
	117,100					Schering-Plough Corp.			2,749,508
	8,800					Sherwin-Williams Co.			585,640
	4,900					Snap-On, Inc.			245,490

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Shares								Value
						United States (continued)
	29,100					Stanley Works		$	1,617,087
	11,300			@		Starbucks Corp.			349,170
	15,200					TECO Energy, Inc.			254,904
	8,600					Temple-Inland, Inc.			514,280
	16,000			@		Teradyne, Inc.			257,920
	32,800					TJX Cos., Inc.			902,000
	3,200					Tribune Co.			96,096
	17,800					TXU Corp.			1,177,470
	10,100					United States Steel Corp.			895,062
	19,900					United Technologies Corp.			1,306,037
	49,300					UnitedHealth Group, Inc.			2,573,460
	4,200			@		Univision Communications, Inc.			151,200
	27,400					Valero Energy Corp.			1,579,610
	17,900			@		VeriSign, Inc.			452,870
	28,400					Wachovia Corp.			1,572,508
	38,788					Wal-Mart Stores, Inc.			1,873,460
	127,500					Walt Disney Co.			4,368,150
	8,700					Washington Mutual, Inc.			374,796
	45,000					Waste Management, Inc.			1,532,250
	26,500			@		WellPoint, Inc.			2,103,835
	50,200					Wells Fargo & Co.			1,741,940
	6,800					Wyeth			332,656
	32,300					Xcel Energy, Inc.			763,249
	81,200			@		Xerox Corp.			1,402,324
									210,330,927
						Total Common Stock (Cost $349,384,096)			381,098,430
MUTUAL FUNDS: 0.2%
						United States: 0.2%
	12,000					iShares MSCI EAFE Index Fund			890,160
									890,160
						Total Mutual Funds (Cost $916,268)			890,160
PREFERRED STOCK: 0.8%
						Germany: 0.8%
	611					Porsche AG			805,885
	13,083					RWE AG			1,194,526
	12,747					Volkswagen AG			1,121,474
									3,121,885
						Total Preferred Stock (Cost $2,245,311)			3,121,885
						Total Long-Term Investments (Cost $352,545,675)			385,110,475
SHORT-TERM INVESTMENTS: 0.6%
						Repurchase Agreement: 0.6%
$	2,228,000			S		Goldman Sachs Repurchase Agreement dated 02/28/07, 5.310%, due 03/01/07, $2,228,329 to be received upon repurchase (Collateralized by $2,256,000, Federal National Mortgage Association, 2.400%, Market Value plus accrued interest $2,272,882, due 03/29/07)		$	2,228,000
						Total Short-Term Investments (Cost $2,228,000)			2,228,000

				Total Investments in Securities (Cost $354,773,675)*			100.5	%		$	387,338,475
				Other Assets and Liabilities-Net			(0.5	)			(1,905,685	)
				Net Assets			100.0	%		$	385,432,790

@		Non-income producing security
**		Investment in affiliate
S		Segregated securities for certain derivatives, when-issued or delayed delivery securities and forward currency exchange contracts
AUD		Australian Dollar
CHF		Swiss Franc
EUR		EU Euro
GBP		British Pound
JPY		Japanese Yen
*		Cost for federal income tax purposes is $355,650,401. Net unrealized appreciation consists of:

Gross Unrealized Appreciation		$	36,661,046
Gross Unrealized Depreciation			(4,972,972	)
Net Unrealized Appreciation		$	31,688,074

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		Percentage of
Industry		Net Assets
Advertising			0.7	%
Aerospace/Defense			2.2
Agriculture			1.3
Airlines			0.6
Apparel			0.5
Auto Manufacturers			2.1
Auto Parts & Equipment			0.1
Banks			12.2
Beverages			1.2
Biotechnology			0.4
Building Materials			0.2
Chemicals			0.4
Commercial Services			1.5
Computers			4.3
Cosmetics/Personal Care			1.0
Distribution/Wholesale			1.1
Diversified Financial Services			6.5
Electric			3.3
Electrical Components & Equipment			0.3
Electronics			0.3
Engineering & Construction			0.9
Entertainment			0.1
Environmental Control			0.4
Food			2.5
Food Service			0.0
Forest Products & Paper			0.1
Gas			0.6
Hand/Machine Tools			0.6
Healthcare — Products			0.2
Healthcare — Services			2.0
Holding Companies — Diversified			1.1
Home Builders			0.3
Home Furnishings			0.6
Household Products/Wares			0.0
Insurance			6.3
Internet			0.1
Investment Companies			0.2
Iron/Steel			2.9
Leisure Time			0.3
Lodging			0.1
Machinery — Construction & Mining			0.1
Machinery — Diversified			0.7
Media			2.9
Mining			1.4
Miscellaneous Manufacturing			2.8
Office/Business Equipment			0.9
Oil & Gas			8.0
Oil & Gas Services			0.6
Packaging & Containers			0.6
Pharmaceuticals			6.3
Pipelines			0.2
Real Estate			0.5
Real Estate Investment Trusts			0.1
Retail			5.2
Savings & Loans			0.1
Semiconductors			1.2
Software			1.3
Telecommunications			5.2
Textiles			0.0
Toys/Games/Hobbies			0.3
Transportation			1.5
Venture Capital			0.5
Water			0.0
Short-Term Investments			0.6
Other Assets and Liabilities — Net			(0.5	)
Net Assets			100.0	%

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Written Call Options

		# of								Expiration				Strike				Premiums
		Contracts				Counterparty		Description		Date				Price/Rate				Received				Value
			210,000			Merrill Lynch		Nikkei 225 Index			03/05/07				17,360.49	JPY		$	523,820			$	(504,948	)
			8,300			UBS AG, London		Dow Jones Euro Stoxx 50			03/05/07				4,238.76	EUR			610,102				(2,055	)
			2,600			Merrill Lynch		FTSE 100 Index			03/05/07				6,295.00	GBP			465,120				(17,933	)
			106,000			UBS AG, London		S&P 500® Index			03/19/07				1,433.37	USD			2,240,840				(1,072,719	)
																		$	3,839,882			$	(1,597,655	)
		Total Premiums Received:						$3,839,882
	Total Liabilities for Call Options Written:							$1,597,655

Futures Contracts

																Unrealized
				Number				Notional				Expiration				Appreciation/
Contract Description				of Contracts				Market Value ($)				Date				(Depreciation)
	Long Contracts
	S&P 500				6				2,113,350				03/15/07			$	(44,564	)
	S&P 500				1				355,375				06/14/07				3,409
																$	(41,155	)

Forward Currency Contracts

										In								Unrealized
						Settlement				Exchange								Appreciation
Currency		Buy/Sell				Date				For USD				Value				(Depreciation)
Australia Dollars AUD 10,900,000			Sell				05/07/07				8,425,700			$	8,572,396			$	(146,696	)
Switzerland Francs CHF 7,200,000			Sell				05/07/07				5,847,478				5,943,058				(95,580	)
EURO EUR 52,000,000			Sell				05/07/07				67,977,000				69,011,181				(1,034,181	)
EURO EUR 3,000,000			Sell				05/07/07				3,946,797				3,981,414				(34,617	)
British Pound Sterling GBP 19,600,000			Sell				05/08/07				38,587,500				38,491,223				96,277
British Pound Sterling GBP 900,000			Sell				05/08/07				1,755,270				1,767,454				(12,184	)
Japanese Yen JPY 4,400,000,000			Sell				05/08/07				36,960,813				37,496,254				(535,441	)
Japanese Yen JPY 250,000,000			Sell				05/08/07				2,084,202				2,130,469				(46,267	)
																		$	(1,808,689	)

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PORTFOLIO OF INVESTMENTS

Supplemental Option Information (Unaudited)

Supplemental Call Option Statistics as of February 28, 2007
% of Total Net Assets against which calls written		67%
Average Days to Expiration		9 days
Average Call Moneyness* at time written		ATM
Premium received for calls		$3,839,882 million
Value of calls		$(1,597,655) million

*

“Moneyness” is the term used to describe the relationship between the price of the underlying asset and the option’s exercise or strike price. For example, a call (buy) option is considered “in-the-money” when the value of the underlying asset exceeds the strike price. Conversely, a put (sell) option is considered “in-the-money” when its strike price exceeds the value of the underlying asset. Options are characterized for the purpose of Moneyness as, “in-the-money” (“ITM”), “out-of-the-money” (“OTM”) or “at-the-money” (“ATM”), where the underlying asset value equals the strike price.

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Dividends paid during the year ended February 28, 2007 were as follows:

Fund Name		Type				Per Share Amount
ING Global Advantage and Premium Opportunity Fund			NII			$	0.0449
			STCG			$	1.2427
			LTCG			$	0.2930
			ROC			$	0.2794

NII — Net investment income

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Fund. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

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ING Global Advantage and Premium Opportunity Fund, Class I, II & III Trustees

	1.	To elect twelve members of the Board to represent the interests of the holders of Common Shares of the Fund until the election and qualification of their successors.

										Shares voted
						Shares				against or				Shares				Total
		Proposal				voted for				withheld				abstained				Shares Voted
Class I Trustees			R. Barbara Gitenstein				16,246,067.000				159,396.000				—				16,405,463.000
			Jock Patton				16,248,211.000				157,252.000				—				16,405,463.000
			David W.C. Putnam				16,248,720.000				156,743.000				—				16,405,463.000
			John G. Turner				16,245,620.000				159,843.000				—				16,405,463.000
Class II Trustees			John V. Boyer				16,248,852.000				156,611.000				—				16,405,463.000
			Patricia W. Chadwick				16,246,102.000				159,361.000				—				16,405,463.000
			Walter H. May				16,248,720.000				156,743.000				—				16,405,463.000
			Sheryl K. Pressler				16,247,752.000				157,711.000				—				16,405,463.000
Class III Trustees			J. Michael Earley				16,250,243.000				155,220.000				—				16,405,463.000
			Patrick W. Kenny				16,251,102.000				154,361.000				—				16,405,463.000
			Shaun P. Mathews				16,250,492.000				154,971.000				—				16,405,463.000
			Roger B. Vincent				16,252,102.000				153,361.000				—				16,405,463.000

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The business and affairs of the Fund are managed under the direction of the Fund’s Board. A Trustee who is not an interested person of the Fund, as defined in the 1940 Act, is an independent trustee (“Independent Trustee”). The Trustees and Officers of the Fund are listed below. The Statement of Additional Information includes additional information about trustees of the Registrant and is available, without charge, upon request at 1-800-992-0180.

						Principal
		Position(s)		Term of Office		Occupation(s)
		held with		and Length of		during the Past Five
Name, Address and Age		Fund		Time Served(1)		Years
Independent Trustees:
John V. Boyer(2) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 53		Trustee		July 2005 — Present		President and Chief Executive Officer, Franklin and Eleanor Roosevelt Institute (March 2006 — Present). Formerly, Executive Director, The Mark Twain House & Museum(3) (September 1989 — November 2005).
Patricia W. Chadwick(2) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 58		Trustee		January 2006 — Present		Consultant and President of self- owned company, Ravengate Partners LLC (January 2000 — Present).
J. Michael Earley(4) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 61		Trustee		July 2005 — Present		President, Chief Executive Officer and Director, Bankers Trust Company, N.A., Des Moines (June 1992 — Present).
R. Barbara Gitenstein(2) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 59		Trustee		July 2005 — Present		President, College of New Jersey (January 1999 — Present).
Patrick W. Kenny(4) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 64		Trustee		July 2005 — Present		President and Chief Executive Officer, International Insurance Society (June 2001 — Present).
Jock Patton(2) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 61		Chairman and Trustee		July 2005 — Present		Private Investor (June 1997 — Present).
Sheryl K. Pressler(4) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 56		Trustee		January 2006 — Present		Consultant (May 2001 — Present).
David W.C. Putnam(4) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 67		Trustee		July 2005 — Present		Chair, Board of Directors and President, F.L. Putnam Securities Company, Inc. (June 1978 — Present).
Roger B. Vincent(4) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 61		Trustee		July 2005 — Present		President, Springwell Corporation (March 1989 — Present).

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Number of
		Funds
		in Fund
		Complex
		Overseen		Other Directorships
Name, Address and Age		by Trustee		held by Trustee
Independent Trustees:
John V. Boyer(2) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 53		174		None
Patricia W. Chadwick(2) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 58		174		Wisconsin Energy (June 2006 — Present).
J. Michael Earley(4) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 61		174		Midamerica Financial Corporation (December 2002 — Present).
R. Barbara Gitenstein(2) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 59		174		None
Patrick W. Kenny(4) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 64		174		Assured Guaranty Ltd. (April 2004 — Present); and Odyssey Reinsurance Holdings (November 2006 — Present).
Jock Patton(2) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 61		174		JDA Software Group, Inc. (January 1999 — Present); and Swift Transportation Co. (March 2004 — Present).
Sheryl K. Pressler(4) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 56		174		Stillwater Mining Company (May 2002 — Present); California HealthCare Foundation (June 1999 — Present); and Romanian-American Enterprise Fund (February 2004 — Present).
David W.C. Putnam(4) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 67		174		Principled Equity Market Trust (December 1996 — Present); and Asian American Bank and Trust Company (June 1993 — Present).
Roger B. Vincent(4) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 61		174		UGI Corporation (February 2006 — Present); and UGI Utilities, Inc. (February 2006 — Present).

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						Principal
		Position(s)		Term of Office		Occupation(s)
		held with		and Length of		during the Past Five
Name, Address and Age		Fund		Time Served(1)		Years
Trustees who are “Interested Persons”:
Shaun P. Mathews(5) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 51		Trustee		June 2006 — Present		President and Chief Executive Officer, ING Investments, LLC and ING Funds Services, LLC (December 2006 — Present); and Head of ING USFS Mutual Funds and Investment Products (October 2004 — Present). Formerly, CMO, ING USFS (April 2002 — October 2004); and Head of Rollover/ Payout (October 2001 — December 2003).
John G. Turner(5) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 67		Trustee		July 2005 — Present		Retired.

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Number of
		Funds
		in Fund
		Complex
		Overseen		Other Directorships
Name, Address and Age		by Trustee		held by Trustee
Trustees who are “Interested Persons”:
Shaun P. Mathews(5) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 51		4		Mark Twain House & Museum(3) (September 2002 — Present); Connecticut Forum (May 2002 — Present); Capital Community College Foundation (February 2002 — Present); ING Services Holding Company, Inc. (May 2000 — Present); Southland Life Insurance Company (June 2002 — Present); and ING Capital Corporation, LLC, ING Funds Distributor, LLC, ING Funds Services, LLC, ING Investments, LLC and ING Pilgrim Funding, Inc. (March 2006 — Present).
John G. Turner(5) 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 67		174		Hormel Foods Corporation (March 2000 — Present); and Conseco, Inc. (September 2003 — Present).

(1)	Trustees serve until their successors are duly elected and qualified, subject to the Board’s retirement policy.
(2)	Valuation, Proxy and Brokerage Committee member.
(3)	Shaun Mathews, President, ING USFS Mutual Funds and Investment Products, has held a seat on the Board of Directors of The Mark Twain House & Museum since September 19, 2002. ING Groep makes non-material, charitable contributions to The Mark Twain House & Museum.
(4)	Audit Committee member.
(5)	Mr. Mathews and Mr. Turner are “interested persons,” as defined under the 1940 Act, because of their affiliation with ING Groep, the parent corporation of the Investment Adviser, ING Investments, LLC and the Distributor, ING Funds Distributor, LLC.

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				Term of Office
		Position(s) Held		and Length of		Principal Occupation(s)
Name, Address and Age		with the Fund		Time Served(1)		during the Past Five Years
Officers:
Shaun P. Mathews 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 51		President and Chief Executive Officer		November 2006 — Present		President and Chief Executive Officer, ING Investments, LLC and ING Funds Services, LLC (December 2006 — Present); and Head of ING USFS Mutual Funds and Investment Products (October 2004 — Present). Formerly, CMO, ING USFS (April 2002 — October 2004); and Head of Rollover/ Payout (October 2001 — December 2003).
Michael J. Roland 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 48		Executive Vice President		July 2005 — Present		Head of Mutual Fund Platform (February 2007 — Present); and Executive Vice President, ING Investments, LLC and ING Funds Services, LLC (December 2001 — Present). Formerly, Head of Product Management (January 2005 — January 2007); Chief Compliance Officer, ING Investments, LLC and Directed Services, LLC (October 2004 — December 2005); and Chief Financial Officer and Treasurer, ING Investments, LLC (December 2001 — March 2005).
Stanley D. Vyner 230 Park Ave. New York, New York 10169 Age: 56		Executive Vice President		July 2005 — Present		Executive Vice President, ING Investments, LLC (July 2000 — Present); and Chief Investment Risk Officer, ING Investments, LLC (January 2003 — Present). Formerly, Chief Investment Officer of International Investments (August 2000 — January 2003).
Joseph M. O’Donnell 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 52		Executive Vice President Chief Compliance Officer		March 2006 — Present July 2005 — Present		Chief Compliance Officer of the ING Funds (November 2004 — Present); ING Investments, LLC and Directed Services, LLC (March 2006 — Present); and Executive Vice President of the ING Funds (March 2006 — Present). Formerly, Chief Compliance Officer of ING Life Insurance and Annuity Company (March 2006 — December 2006); Vice President, Chief Legal Counsel, Chief Compliance Officer and Secretary of Atlas Securities, Inc., Atlas Advisers, Inc. and Atlas Funds (October 2001 — October 2004).
Robert S. Naka 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 43		Executive Vice President and Chief Operating Officer Assistant Secretary		March 2006 — Present July 2005 — Present		Executive Vice President and Chief Operating Officer, ING Funds Services, LLC and ING Investments, LLC (March 2006 — Present); and Assistant Secretary, ING Funds Services, LLC (October 2001 — Present). Formerly, Senior Vice President, ING Investments, LLC (August 1999 — March 2006).
Todd Modic 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 39		Senior Vice President, Chief, Principal Financial Officer and Assistant Secretary		July 2005 — Present		Senior Vice President, ING Funds Services, LLC (April 2005 — Present). Formerly, Vice President, ING Funds Services, LLC (September 2002 — March 2005); and Director of Financial Reporting, ING Investments, LLC (March 2001 — September 2002).

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				Term of Office
		Position(s) Held		and Length of		Principal Occupation(s)
Name, Address and Age		with the Fund		Time Served(1)		during the Past Five Years
Kimberly A. Anderson 7337 E. Doubletree Ranch Rd. Scottsdale, AZ 85258 Age: 42		Senior Vice President		July 2005 — Present		Senior Vice President, ING Investments, LLC (October 2003 — Present). Formerly, Vice President and Assistant Secretary, ING Investments, LLC (January 2001 — October 2003).
Ernest J. C’DeBaca 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 37		Senior Vice President		May 2006 — Present		Senior Vice President, ING Investments, LLC (December 2006 — Present); and ING Funds Services, LLC (April 2006 — Present). Formerly, Counsel, ING Americas, U.S. Legal Services (January 2004 — March 2006); and Attorney-Adviser, U.S. Securities and Exchange Commission (May 2001 — December 2003).
Robert Terris 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 36		Senior Vice President		May 2006 — Present		Senior Vice President, Head of Division Operations, ING Funds (May 2006 — Present); and Vice President, Head of Division Operations, ING Funds Services, LLC (March 2006 — Present). Formerly, Vice President of Administration, ING Funds Services, LLC (October 2001 — March 2006).
Robyn L. Ichilov 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 39		Vice President and Treasurer		July 2005 — Present		Vice President and Treasurer, ING Funds Services, LLC (October 2001 — Present) and ING Investments, LLC (August 1997 — Present).
Lauren D. Bensinger 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 53		Vice President		July 2005 — Present		Vice President and Chief Compliance Officer, ING Funds Distributor, LLC (July 1995 — Present); and Vice President (February 1996 — Present); and Director of Compliance, ING Investments, LLC (October 2004 — Present). Formerly, Chief Compliance Officer, ING Investments, LLC (October 2001 — October 2004).
Maria M. Anderson 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 48		Vice President		July 2005 — Present		Vice President, ING Funds Services, LLC (September 2004 — Present). Formerly, Assistant Vice President, ING Funds Services, LLC (October 2001 — September 2004); and Manager of Fund Accounting and Fund Compliance, ING Investments, LLC (September 1999 — October 2001).
Denise Lewis 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 43		Vice President		January 2007 — Present		Vice President, ING Funds Services, LLC (December 2006 — Present). Formerly, Senior Vice President, UMB Investment Services Group, LLC (November 2003 — December 2006); and Vice President, Wells Fargo Funds Management, LLC (December 2000 — August 2003).

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				Term of Office
		Position(s) Held		and Length of		Principal Occupation(s)
Name, Address and Age		with the Fund		Time Served(1)		during the Past Five Years
Kimberly K. Palmer 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 49		Vice President		March 2006 — Present		Vice President, ING Funds Services, LLC (March 2006 — Present). Formerly, Assistant Vice President, ING Funds Services, LLC (August 2004 — March 2006); Manager, Registration Statements, ING Funds Services, LLC (May 2003 — August 2004); Associate Partner, AMVESCAP PLC (October 2000 — May 2003); and Director of Federal Filings and Blue Sky Filings, INVESCO Funds Group, Inc. (March 1994 — May 2003).
Susan P. Kinens 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 30		Assistant Vice President		July 2005 — Present		Assistant Vice President, ING Funds Services, LLC (December 2002 — Present); and has held various other positions with ING Funds Services, LLC for more than the last five years.
Huey P. Falgout, Jr. 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 43		Secretary		July 2005 — Present		Chief Counsel, ING Americas, U.S. Legal Services (September 2003 — Present). Formerly, Counsel, ING Americas, U.S. Legal Services (November 2002 — September 2003); and Associate General Counsel of AIG American General (January 1999 — November 2002).
Theresa K. Kelety 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 44		Assistant Secretary		July 2005 — Present		Counsel, ING Americas, U.S. Legal Services (April 2003 — Present). Formerly, Senior Associate with Shearman & Sterling (February 2000 — April 2003).

(1)	The officers hold office until the next annual meeting of the Trustees and until their successors have been elected and qualified.

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Board Consideration and Re-Approval of Investment Advisory and Sub-Advisory Contracts

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) provides that, after an initial period, the existing investment advisory and sub-advisory contracts of ING Global Advantage and Premium Opportunity Fund (the “Fund”) remain in effect only if the Board of Trustees (the “Board”) of the Fund, including a majority of the Trustees who have no direct or indirect interest in the advisory and sub-advisory contracts, and who are not “interested persons” of the Fund, as such term is defined under the 1940 Act (the “Independent Trustees”), annually review and renew them. In this regard, at a meeting held on November 9, 2006 the Board, including a majority of the Independent Trustees, considered whether to renew the investment advisory contract (the “Advisory Contract”) between ING Investments, LLC (the “Adviser”) and the Fund and the sub-advisory contract (“Sub-Advisory Contract”) with ING Investment Management Co. (“ING IM” or the “Sub-Adviser”).

The Independent Trustees also held separate meetings on October 12, 2006 and November 7, 2006 to consider renewals of the Advisory Contract and Sub-Advisory Contract. Thus, references herein to factors considered and determinations made by the Independent Trustees include, as applicable, factors considered and determinations made on those earlier dates.

At the November 9, 2006 meeting, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund. In reaching this decision, the Board took into account information furnished throughout the year at regular Board meetings, as well as information prepared specifically in connection with the annual review process. The Board’s determination took into account a number of factors that its members believed, in light of the legal advice furnished to them by Kirkpatrick & Lockhart Nicholson Graham LLP (“K&LNG”), their independent legal counsel, and their own business judgment, to be relevant. Further, while the Advisory Contract and Sub-Advisory Contract for the Fund were considered at the same Board meeting, the Trustees considered the Fund’s advisory and sub-advisory relationships separately.

Provided below is an overview of the Board’s contract approval process in general, as well as a discussion of certain of the specific factors the Board considered at the November 9, 2006 meeting. While the Board gave its attention to the information furnished, at its request, that was most relevant to its consideration, discussed below are a number of the primary factors relevant to the Board’s consideration as to whether to renew the Advisory and Sub-Advisory Contracts for the one-year period ending November 30, 2007. Each Trustee may have accorded different weight to the various factors in reaching his or her conclusions with respect to the Fund’s advisory and sub-advisory arrangements.

Overview of the Contract Renewal and Approval Process

In 2003, the Independent Trustees determined to undertake steps to further enhance the process under which the Board determines whether to renew existing advisory and sub-advisory arrangements for the Funds in the ING Funds complex, including the Fund’s existing Advisory and Sub-Advisory Contracts, and to approve new advisory and sub-advisory arrangements. Among these measures, the Board: retained the services of an independent consultant with experience in the mutual fund industry to assist the Independent Trustees in working with the personnel employed by the Adviser or its affiliates who administer the Fund (“Management”) to identify the types of information presented to the Board to inform its deliberations with respect to advisory and sub-advisory relationships; established the format in which the information requested by the Board is provided to the Board; and determined the process for reviewing such information in connection with the Advisory and Sub-Advisory Contract renewal process. The end result was the implementation of the current process relied upon by the Board to review and analyze information in connection with the annual renewal of the Fund’s Advisory and Sub-Advisory Contracts, as well as its review and approval of new advisory relationships.

Since the foregoing approval and renewal process was implemented, the Board regularly has reviewed and refined the process. In addition, the Board established a Contracts Committee and two Investment Review Committees, including the International/Balanced/Fixed Income Funds Investment Review Committee (the “I/B/F IRC”). The type and format of the information provided to the Board or its counsel to inform its approval and annual review and renewal process has been codified in the “15(c) Methodology Guide” (the “Methodology Guide”) for the Funds in the ING Funds complex, including the Fund. The

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Methodology Guide was developed under the direction of the Independent Trustees, and sets out a written blueprint under which the Independent Trustees request certain information necessary to facilitate a thorough and informed review in connection with the annual Advisory and Sub-Advisory Contract renewal process. Management provides Fund-specific information to the Independent Trustees based on the Methodology Guide through “Fund Analysis and Comparison Tables” or “FACT” sheets prior to the Independent Trustees’ review of Advisory and Sub-Advisory Contracts. In 2005, the Independent Trustees retained an independent firm to verify and test the accuracy of certain of this information for a representative sample of Funds in the ING Funds complex (other than the Fund). The Independent Trustees have determined to conduct such testing periodically.

As part of a regular on-going process, the Board’s Contracts Committee recommends or considers recommendations from Management for refinements and other changes to the Methodology Guide and other aspects of the review process, and the I/B/F IRC reviews benchmarks used to assess the performance of the Fund. The I/B/F IRC also meets regularly with the Adviser and periodically with ING IM.

The Board employed its process for reviewing contracts when considering the renewals of the Advisory and Sub-Advisory Contracts that would be effective through November 30, 2007. A number of the Board’s primary considerations and conclusions resulting from this process are discussed below.

Nature, Extent and Quality of Service

In determining whether to approve the Advisory Contract and Sub-Advisory Contract for the Fund for the year ending November 30, 2007, the Independent Trustees received and evaluated such information as they deemed necessary regarding the nature, extent and quality of services provided to the Fund by the Adviser and ING IM. This included information regarding the Adviser and ING IM provided throughout the year at regular Board meetings, as well as information furnished for the November 9, 2006 Board meeting, which was held specifically to consider contracts renewals for the period ending November 30, 2007. In addition, the Board’s Independent Trustees also held meetings on October 12 and November 7, prior to the November 9, 2006 meeting of the full Board, to consider the annual renewal of the Advisory and Sub-Advisory Contracts.

The materials requested by and provided to the Board and/or to K&LNG prior to the November 2006 Board meeting included the following items: (1) FACT sheets for the Fund that provided information about the performance and expenses of the Fund and other similarly managed funds in a selected peer group (“Selected Peer Group”), as well as information about the Fund’s investment portfolio, objectives and strategies; (2) the Methodology Guide, which describes how the FACT sheets were prepared, including the manner in which benchmarks and Selected Peer Groups were selected and how profitability was determined; (3) responses from the Adviser and ING IM to a detailed series of questions posed by K&LNG; (4) copies of the forms of Advisory Contract and Sub-Advisory Contract; (5) copies of the Forms ADV for the Adviser and the Sub-Adviser; (6) financial statements for the Adviser and the Sub-Adviser; (7) drafts of a narrative summary addressing key factors the Board customarily considers in evaluating the renewals of Advisory Contract and Sub-Advisory Contract, including a written analysis of how the Fund’s performance and fees compare to its Selected Peer Group and/or designated benchmarks; and (8) other information relevant to the Board’s evaluations.

The Fund’s common shares were used for purposes of certain comparisons to the funds in its Selected Peer Group. Common shares were for purposes of comparison because they are the only Fund class issued and outstanding. The common shares were compared to the analogous class of shares for each fund in the Selected Peer Group. The mutual funds chosen for inclusion in the Fund’s Selected Peer Group were selected based upon criteria designed to mirror the class being compared to the Selected Peer Group.

In arriving at its conclusions with respect to the Advisory Contract, the Board was mindful of the “manager-of-managers” platform of the ING Funds. The Board also considered the techniques that the Adviser developed, at the Board’s direction, to screen and perform due diligence on sub-advisers that are recommended to the Board to manage the Funds in the ING Funds complex. The Board noted the resources that the Adviser has committed to the Board and the I/B/F IRC to assist the Board and members of the I/B/F IRC with their assessment of the investment performance of the Fund on an ongoing

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basis throughout the year. This includes the appointment of a Chief Investment Risk Officer and his staff, who report directly to the Board and who have developed attribution analyses and other metrics used by the I/B/F IRC to analyze the key factors underlying investment performance for the Fund. The Board also noted the techniques used by the Adviser to monitor the performance of ING IM.

In considering the Advisory Contract, the Board also considered the extent of benefits provided to the Fund’s shareholders, beyond advisory services, from being part of the ING family of Funds. The Board also took into account the Adviser’s extensive efforts in recent years to reduce the expenses of the ING Funds through re-negotiated arrangements with the ING Funds’ service providers.

Further, the Board received periodic reports showing that the Fund’s investment policies and restrictions were consistently complied with and other periodic reports covering matters such as compliance by Adviser and Sub-Adviser personnel with codes of ethics. The Board considered reports from the Fund’s Chief Compliance Officer (“CCO”) evaluating the regulatory compliance systems of the Adviser and the Sub-Adviser and procedures reasonably designed by them to assure compliance with the federal securities laws, including those related to late trading and market timing, best execution, fair value pricing, proxy voting procedures, and trade allocation, among others. The Board considered the implementation by the Adviser and ING IM of enhanced compliance policies and procedures in response to SEC rule changes and other regulatory initiatives. The Board also took into account the CCO’s annual and periodic reports with respect to service provider compliance and his recommendations regarding service providers’ compliance programs. In this regard, the Board also considered the policies and procedures developed by the CCO in consultation with the Board’s Compliance Committee that guide the CCO’s compliance oversight function.

The Board reviewed the level of staffing, quality and experience of the Fund’s portfolio management team. The Board took into account the respective resources and reputations of the Adviser and ING IM, and evaluated the ability of the Adviser and ING IM to attract and retain qualified investment advisory personnel. The Board also considered the adequacy of the resources committed to the Fund (and other relevant funds in the ING Funds complex) by the Adviser and ING IM, and whether those resources are commensurate with the needs of the Funds and are appropriate to attempt to sustain expected levels of performance, compliance, and other needs.

Based on their deliberations and the materials presented to them, the Board concluded that the advisory and related services provided by the Adviser and Sub-Adviser are appropriate in light of the Fund’s operations, the competitive landscape of the investment company business, and investor needs, and that the nature and quality of the overall services provided by the Adviser and ING IM were appropriate.

Performance

In assessing advisory and sub-advisory relationships, the Board placed emphasis on the investment performance of the Fund, taking into account the importance of such performance to the Fund’s shareholders. While the Board considered the performance reports and discussions with portfolio managers at Board and Committee meetings during the year, particular attention in assessing performance was given to the Fund FACT sheets furnished in advance of the November meeting of the Independent Trustees. The FACT sheet prepared for the Fund included its investment performance compared to the Morningstar category median, Selected Peer Group and the Fund’s primary benchmark. The Board’s findings specific to the Fund’s performance are discussed under “Specific Factors Considered,” below.

Economies of Scale

In considering the reasonableness of advisory fees, the Board also considered whether economies of scale will be realized by the Adviser as the Fund grows larger and the extent to which this is reflected in the level of management fee rates charged. In this regard, the Board considered the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints, taking into account that the Fund is a closed-end Fund.

In evaluating economies of scale, the Independent Trustees also considered a management report presented to them and considered an evaluation and analysis presented to them on November 8, 2006 by an independent consultant.

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Information about Services to Other Clients

The Board requested, and if received considered, information about the nature of services and fee rates offered by the Adviser and ING IM to other clients, including other registered investment companies and institutional accounts. The Board also noted that the fee rates charged to the Fund and similar institutional clients may differ materially due to the different services and additional regulatory overlay associated with registered investment companies, such as the Fund.

Fee Rates and Profitability

The Board reviewed and considered the contractual investment advisory fee rate, combined with the administrative fee rate, payable by the Fund to the Adviser. The Board also considered the contractual sub-advisory fee rate payable by the Adviser to the Sub-Adviser for sub-advisory services.

The Board considered the Fund’s fee structure as it relates to the services provided under the Contracts, and the potential fall-out benefits to the Adviser and ING IM, and their respective affiliates, from their association with the Fund. For the Fund, the Board determined that the fees payable to the Adviser and ING IM reasonable for the services that each performs, which were considered in light of the nature and quality of the services that each has performed and is expected to perform through the year ending November 30, 2007.

The Board considered information on revenues, costs and profits realized by the Adviser, which was prepared by Management in accordance with the allocation methodology (including assumptions) specified in the Methodology Guide. In analyzing the profitability of the Adviser in connection with its services to the Fund, the Board took into account the sub-advisory fee rate payable by the Adviser to ING IM with respect to the Fund. The Board also considered information that it requested and was provided by Management with respect to the profitability of service providers affiliated with the Adviser, as well as information provided by ING IM with respect to its profitability.

The Board determined that it had requested and received sufficient information to gain a reasonable understanding regarding the Adviser’s and ING IM’s profitability. The Board also recognized that profitability analysis is not an exact science and there is no uniform methodology for determining profitability for this purpose. In this context, the Board realized that Management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the operations of the Funds in the ING Funds complex may not be fully reflected in the expenses allocated to each ING Fund (including the Fund) in determining profitability, and that the information presented may not portray all of the costs borne by Management nor capture Management’s entrepreneurial risk associated with offering and managing a mutual fund complex in today’s regulatory environment.

Based on the information on revenues, costs, and profitability considered by the Board, after considering the factors described in this section, the Board concluded that the profits, if any, realized by the Adviser and ING IM were not excessive.

Specific Factors Considered

The following paragraphs outline certain of the specific factors that the Board considered, and the conclusions reached, at its November 2006 meeting in relation to renewing the Fund’s Advisory Contract and its Sub-Advisory Contract for the year ending November 30, 2007. These specific factors are in addition to those considerations discussed above. The Fund’s performance was compared to its Morningstar category median and its primary benchmark, a broad-based securities market index that appears in the Fund’s prospectus. The Fund’s management fee and expense ratio were compared to the fees and expense ratios of the funds in its Selected Peer Group.

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Advantage and Premium Opportunity Fund, the Board considered that, based on performance data for the periods ended June 30, 2006: (1) the Fund underperformed its Morningstar category median for all periods presented but it outperformed its primary benchmark for all periods presented; and (2) the Fund is ranked in the fourth quintile of its Morningstar category for all periods presented. In considering this performance data, the Board took into account that the Fund launched in October 2005, and therefore has a limited operating history for purposes of analyzing Fund performance.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING Global Advantage and Premium Opportunity Fund, the Board took into

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account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; (2) the pricing structure (including the expense ratio to be borne by shareholders) of ING Global Advantage and Premium Opportunity Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of the advisory fee and a 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its Selected Peer Group.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board; and (4) the Fund was launched in October 2005, and it is reasonable to permit the Fund to establish a longer operating history for purposes of evaluating performance. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2007. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

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During the period, there were no material changes in the Fund’s investment objective or policies that were not approved by the shareholders or the Fund’s charter or by-laws or in the principal risk factors associated with investment in the Fund. Effective April 27, 2007, Mary Ann Fernandez retired from ING IM.

Dividend Reinvestment Plan

Unless the registered owner of Common Shares elects to receive cash by contacting The Bank of New York (the “Plan Agent”), all dividends declared on Common Shares of the Fund will be automatically reinvested by the Plan Agent for shareholders in additional Common Shares of the Fund through the Fund’s Dividend Reinvestment Plan (the “Plan”). Shareholders who elect not to participate in the Plan will receive all dividends and other distributions in cash paid by check mailed directly to the shareholder of record (or, if the Common Shares are held in street or other nominee name, then to such nominee) by the Plan Agent. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Agent prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Some brokers may automatically elect to receive cash on your behalf and may re-invest that cash in additional Common Shares of the Fund for you. If you wish for all dividends declared on your Common Shares of the Fund to be automatically reinvested pursuant to the Plan, please contact your broker.

The Plan Agent will open an account for each Common Shareholder under the Plan in the same name in which such Common Shareholder’s Common Shares are registered. Whenever the Fund declares a dividend or other distribution (together, a “Dividend”) payable in cash, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in Common Shares. The Common Shares will be acquired by the Plan Agent for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Common Shares from the Fund (“Newly Issued Common Shares”) or (ii) by purchase of outstanding Common Shares on the open market (“Open-Market Purchases”) on the NYSE or elsewhere. Open-market purchases and sales are usually made through a broker affiliated with the Plan Agent.

If, on the payment date for any Dividend, the closing market price plus estimated brokerage commissions per Common Share is equal to or greater than the net asset value per Common Share, the Plan Agent will invest the Dividend amount in Newly Issued Common Shares on behalf of the participants. The number of Newly Issued Common Shares to be credited to each participant’s account will be determined by dividing the dollar amount of the Dividend by the net asset value per Common Share on the payment date; provided that, if the net asset value is less than or equal to 95% of the closing market value on the payment date, the dollar amount of the Dividend will be divided by 95% of the closing market price per Common Share on the payment date. If, on the payment date for any Dividend, the net asset value per Common Share is greater than the closing market value plus estimated brokerage commissions, the Plan Agent will invest the Dividend amount in Common Shares acquired on behalf of the participants in Open-Market Purchases. In the event of a market discount on the payment date for any Dividend, the Plan Agent will have until the last business day before the next date on which the Common Shares trade on an “ex-dividend” basis or 30 days after the payment date for such Dividend, whichever is sooner (the “Last Purchase Date”), to invest the Dividend amount in Common Shares acquired in Open-Market Purchases.

It is contemplated that the Fund will pay monthly income Dividends. Therefore, the period during which Open-Market Purchases can be made will exist only from the payment date of each Dividend through the date before the next “ex-dividend” date, which typically will be approximately ten days.

If, before the Plan Agent has completed its Open-Market Purchases, the market price per common share exceeds the net asset value per Common Share, the average per Common Share purchase price paid by the Plan Administrator may exceed the net asset value of the Common Shares, resulting in the acquisition of fewer Common Shares than if the Dividend had been paid in Newly Issued Common Shares on the Dividend payment date. Because of the foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if the Plan Agent is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent will cease making Open-

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Market Purchases and will invest the un-invested portion of the Dividend amount in Newly Issued Common Shares at the net asset value per common share at the close of business on the Last Purchase Date provided that, if the net asset value is less than or equal to 95% of the then current market price per Common Share, the dollar amount of the Dividend will be divided by 95% of the market price on the payment date.

The Plan Agent maintains all shareholders’ accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common Shares in the account of each Plan participant will be held by the Plan Agent on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Agent will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants.

In the case of shareholders such as banks, brokers or nominees which hold shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of Common Shares certified from time to time by the record shareholder’s name and held for the account of beneficial owners who participate in the Plan.

There will be no brokerage charges with respect to Common Shares issued directly by the Fund. However, each participant will pay a pro rata share of brokerage commissions incurred in connection with Open-Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Dividends. Participants that request a partial or full sale of shares through the Plan Agent are subject to a $15.00 sales fee and a $0.10 per share brokerage commission on purchases or sales, and may be subject to certain other service charges.

The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.

All questions concerning the Plan should be directed to the Fund’s Shareholder Service Department at 1-800-992-0180.

KEY FINANCIAL DATES — CALENDAR 2007 DIVIDENDS:

DECLARATION		EX-DIVIDEND		PAYABLE
DATE		DATE		DATE
March 23, 2007		April 2, 2007		April 16, 2007
June 22, 2007		July 2, 2007		July 16, 2007
September 21, 2007		October 1, 2007		October 15, 2007
December 21, 2007		December 27, 2007		January 15, 2008

Record date will be two business days after each Ex-Dividend Date. These dates are subject to change.

Stock Data

The Fund’s common shares are traded on the NYSE (Symbol: IGA).

Repurchase of Securities by Closed-End Companies

In accordance with Section 23(c) of the 1940 Act, and Rule 23c-1 under the 1940 Act the Fund may from time to time purchase shares of beneficial interest of the Fund in the open market, in privately negotiated transactions and/or purchase shares to correct erroneous transactions.

Number of Shareholders

The approximate number of record holders of Common Stock as of February 28, 2007 was 15,692, which does not include beneficial owners of shares held in the name of brokers of other nominees.

Proxy Voting Information

A description of the policies and procedures that the Fund 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 1-800-992-0180; (2) on the Fund’s website at www.ingfunds.com and (3) on the SEC’s website at www.sec.gov. Information regarding how the Fund voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s website at www.ingfunds.com and on the SEC’s website at www.sec.gov.

Quarterly Portfolio Holdings

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters

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of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330; and is available upon request from the Fund by calling Shareholder Services toll-free at 1-800-992-0180.

Certifications

In accordance with Section 303A.12 (a) of the New York Stock Exchange Listed Company Manual, the Fund submitted the Annual CEO Certification on June 19, 2006 certifying that he was not aware, as of that date, of any violation by the Fund of the NYSE’s Corporate governance listing standards. In addition, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and related SEC rules, the Fund’s principal executive and financial officers have made quarterly certifications, included in filings with the SEC on Forms N-CSR and N-Q, relating to, among other things, the Fund’s disclosure controls and procedures and internal controls over financial reporting.

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Administrator

Distributor

Transfer Agent

Independent Registered Public Accounting Firm

Custodian

Legal Counsel

Toll-Free Shareholder Information

	PRAR-UIGA          (0207-042607)

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