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	Funds

	Semi-Annual Report
	August 31, 2006

	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
Statement of Assets and Liabilities		7
Statement of Operations		8
Statement of Changes in Net Assets		9
Financial Highlights		10
Notes to Financial Statements		11
Portfolio of Investments		20
Additional Information		29

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JAMES M. HENNESSY

Dear Shareholder,

The ING Global Advantage and Premium Opportunity Fund (the “Fund”) is a diversified, closed-end 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 six months ended August 31, 2006, the Fund continued to provide you with attractive monthly distributions generated by its global-equity strategy coupled with its index call writing strategy.

Based on its share price as of August 31, 2006, the Fund provided a six-month total return of 11.93%.¹ This return reflects an increase in its share price from $18.61 on February 28, 2006, to $19.85 on August 31, 2006, plus the reinvestment of $0.93 per share in distributions. Based on net asset value (NAV), the Fund had a total return of 5.30% for the six-month period.² During the period, the Fund made two quarterly distributions of $0.465 per share. As of August 31, 2006, the Fund had 18,076,478 shares outstanding. For more information on your Fund’s

At ING Investments, LLC 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 our products and services, including current market data and fund statistics on our open-and closed-end funds.

ING Investments, LLC continues to offer a broad variety of equity, fixed income and multi-asset funds that aim to fulfill particular investor needs. We have a broad range of global and international solutions both traditional and structured. We thank you for trusting ING Investments, LLC 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. Investments in issuers that are principally engaged in real estate, including REITs, may subject the Fund to risks similar to those associated with the direct ownership of real estate, including terrorist attacks, war or other acts that destroy real property (in addition to market risks). These companies are sensitive to factors such as changes in real estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand, and the management skill and creditworthiness of the issuer. REITs may also be affected by tax and regulatory requirements.

¹   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.

²   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.

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In our last report, we noted that global equities had achieved little after early January. They resumed their rise in March however, giving investors the best first calendar quarter since 1998. But this was undone early in May as fears began to grip markets that zealous, inflation fighting central bankers would raise interest rates by more than enough to choke off the global growth enjoyed in recent years. Only after Federal Reserve Board (the “Fed”) inaction on August 8 did markets recover to register a positive result for the six months ended August 31, 2006. The Morgan Stanley Capital International (“MSCI”) World^® Index⁽¹⁾ in dollars, including net reinvested dividends gained 4.97%. But more than half of this arose from currency fluctuations. The dollar fell back against the European units on perceptions that the gap between U.S. and European interest rates would soon fall. The dollar slid 7.0% and 7.9% against the euro and the pound, respectively, but after an initial drop, added 1.4% against the yen.

For most investors worldwide, not just those in U.S. fixed income securities, a key issue was when would the Fed stop raising the federal funds rate. In January 2006, Dr. Ben Bernanke replaced Alan Greenspan as Federal Reserve Chairman. The Federal Open Market Committee (the “FOMC”) had raised rates in May for the sixteenth time since June 2004. But hints about a pause after May had emerged. Meanwhile, the price of oil and other commodities, and stock markets, had been making new records. The combination of inflationary pressures and the Fed apparently about to go on hold got commentators wondering, out loud and in print, if Mr. Bernanke was just a little bit soft on inflation.

To re-establish his inflation fighting credentials, every single member of the FOMC over the next few weeks made a point of stressing in public that inflation was the prime concern. Investors feared that with all this tough talk the FOMC would now have to keep raising rates, even as the economy was obviously cooling. So the seventeenth interest rate increase to 5.25% on June 29, surprised no one. By then, every yield on the Treasury curve was below the Federal Funds rate: the market’s vote that the FOMC had already gone too far.

Not everyone was convinced that the FOMC was finally done and the doubts intensified when renewed conflict in the Middle East sent the price of a barrel of oil to another all-time record on July 14. But the flow of data, especially on housing, pointed almost without exception to a slowing economy. At the August 8 meeting, the FOMC did indeed pause on the basis of the 17 prior increases and “other factors restraining aggregate demand”. By August 31, those factors were plain for all to see. For the six months ended August 31, 2006, the yield on the ten-year Treasury note/bond rose by 18 basis points (“bps”) to 4.73%, and the three month Treasury Bill rose by 40bps to 4.91%. The month-end gap between three-month and ten-year yields had not been higher since December 2000.

U.S. equities in the form of the Standard and Poor’s 500^® Composite Stock Price (“S&P 500^®”) Index⁽²⁾, rose 2.8% including dividends, and traded at a P/E ratio of 14.8 times earnings for the current fiscal year. Stocks were then actually cheaper than the preceding year, as profits had grown faster than prices. Second quarter profits registered double-digit year-over-year growth for the twelfth straight quarter. But investors seemed only to have eyes for interest rates. They were encouraged through early May 2006 when an early end to the tightening cycle seemed to be at hand. The S&P 500^® Index even reached a five-year high on May 5. But these hopes were soon dashed by the hawkish FOMC rhetoric. By August 8, the S&P 500^® Index was just 5bps higher than at February 28. However, the Fed’s pause at that point, plus subsequent evidence that it was probably justified, let relieved investors push stock prices up again.

In international markets, based on MSCI local currency indices, the pattern of results resembled that in the U.S. In Japan an early rally stalled, then resumed as it became clear the economy was on a sustainable growth path and deflation was a thing of the past. On May 8, the market was up 6.5% since February 28. But from there, stocks slumped on U.S. interest rate fears combined with signals from the Bank of Japan, followed by the fact on July 14, local interest rates would rise for the first time in six years. The market had fallen 15.6% by July 18, but positive, albeit cooler, economic data continued to emerge encouraging markets to recover and score a gain for the six months, of 1bp In the same period, European ex UK markets added 3.2%. They peaked on May 9, initially supported by widespread merger and acquisition activity and improving conditions. But events in the U.S. and two 25bps increases in euro interest rates as inflation remained stubbornly above 2%, sent stocks down 13.1% before surprisingly good gross domestic product growth and that FOMC pause allowed markets to bounce back. By May 9,

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UK equities were up 6.4%, near their highs since February 28, boosted by acquisition-prone financials and the large energy and materials sectors, as commodity prices surged. The reversal in these prices and interest rate concerns dragged the market down 9.3% by mid June, before better economic news, resurgent energy and what the FOMC didn’t do on August 8, let stocks claw back a 4.1% gain for the six months ended August 31, 2006.

⁽²⁾ The Standard & Poor’s 500^® Composite Stock Price Index is an unmanaged index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.

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 ING 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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The 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.
•	utilizing an integrating option writing strategy.

The Fund is managed by Omar Aguilar, Mary Ann Fernandez, Paul Zemsky, Ernie Tang, 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 will invest 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 expects to invest 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 will depend on the Sub-Adviser’s ongoing assessment of market opportunities for the Fund. Under normal market conditions, the Fund will seek 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.

Country Allocation

United States	56.9%

Japan	10.3%

United Kingdom	9.1%

France	3.9%

Netherlands	3.0%

Switzerland	3.0%

Germany	2.9%

Australia	2.2%

Italy	1.7%

Spain	1.6%

Sweden	1.0%

0.5% – 0.8% Countries(1)	3.2%

0.3% – 0.5% Countries(2)	1.5%

<0.3% Countries(3)	0.3%

Other Assets and Liabilities, Net*	(0.6)%

Total Assets	100.0%

(1)		Includes five countries, which each represents 0.5% – 0.8% of net assets.
(2)		Includes five countries, which each represents 0.3% – 0.5% of net assets.
(3)		Includes four countries, which each represents <0.3% of net assets.
*		Includes short-term investments related to repurchase agreement.

Portfolio holdings are subject to change daily.

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 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 a index call option sold by the Fund, or 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 be written in over-the-counter markets with major international banks, broker-dealers and financial institutions. The Fund may also write call options in exchange-listed option markets.

Banks	11.2%

Oil & Gas	9.0%

Telecommunications	6.5%

Diversified Financial Services	6.1%

Pharmaceuticals	6.1%

Retail	5.9%

Insurance	5.5%

Electric	3.7%

Beverages	2.9%

Miscellaneous Manufacturing	2.9%

Portfolio holdings are subject to change daily.

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The Fund sells 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.

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 of August 31, 2006, the Fund provided a six-month total return of 11.93%. This return reflects an increase in its share price from $18.61 on February 28, 2006, to $19.85 on August 31, 2006, plus the reinvestment of $0.93 per share in distributions. Based on net asset value (NAV), the Fund had a total return of 5.30% for the six-month period. The Standard & Poor’s 500^® Composite Stock Price Index (“S&P 500^®), the Morgan Stanley Capital International — Europe, Australasia and Far East Index (“MSCI EAFE^® Index”) and the Chicago Board Options Exchange BuyWrite Monthly Index returned 2.79%, 7.94% and 4.63% respectively, for the same period. During the period, the Fund made two quarterly distributions of $0.465 per share. As of August 31, 2006, the Fund had 18,076,478 shares outstanding.

Market and Portfolio Review: Global financial markets performed well over the six-month period ending August 31, 2006.

The beginning of the reporting period saw a decline in global markets and a move to safety and stability. Two consecutive disappointing U.S. inflation numbers triggered a sell-off in global equity markets. A decelerating U.S. housing market and comments by U.S. Federal Reserve Chairman, Dr. Ben Bernanke, about the need to be vigilant against inflation, prompted a sharp increase in the market’s expectations for U.S. interest rates. This in turn raised fears that global economic growth could be stifled by rising rates. Even positive corporate news and merger and acquisition activity could not take away interest rate concerns. The Fed raised the overnight rate to 5.25% at its June 29 meeting, but the committee introduced some “dovish” language that might be interpreted as more cautious on the economic picture. Against this backdrop, markets saw an unwinding of risk appetite and investors preferred the more stable markets of the United States and Europe to the higher-risk emerging markets. They favored defensive sectors such as utilities, telecoms and consumer staples while moving away from information technology, industrials and consumer discretionary.

Towards the end of the reporting period, lower-than-expected inflation numbers buoyed investor sentiment, as many saw it as a sign that the U.S. Federal Reserve Board (“the Fed”) was close to ending its current monetary tightening cycle. Strong earnings reports by U.S. companies through the period and increased merger and acquisition activity were also received positively.

While the Fund’s relatively neutral sector and country allocation added no value in the international portion of the portfolio, security selection benefited the Fund. The telecommunications and industrials sector holdings outperformed their sector position while an underweight position in the financials sector hurt the Fund relative to the MSCI EAFE^® Index.

The domestic U.S. portion of the Fund outperformed the S&P 500^® Index. Security selection was the main driver of performance, with selection in telecom technology and utilities helping the Fund. By contrast, positions in health care and consumer discretionary acted as a drag. While an overweight position in consumer staples and an underweight position in industrials benefited the Fund, an overweight position in consumer discretionary and an underweight position in utilities detracted from results.

The major currency markets strengthened against the U.S. dollar during the first part of the reporting period on concerns about the future direction of U.S. interest rates and global imbalances. While our currency hedge acted as a drag during this period, it helped the Fund in the second half of the period.

During the reporting period, call options were written on the S&P 500^® Index, the Financial Times Stock Exchange 100 Index (“FTSE 100”), the Dow Jones Euro Stoxx 50 (Price) Index (“EuroStoxx50”) and the Nikkei All Stock Index (“Nikkei”). The option portfolio consists of a basket of short-dated index options with a low-tracking

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error to the Fund’s equity portfolio. The actual composition of the basket may be adjusted to capitalize on the relative attractiveness of volatility premiums and market trading opportunities. Over the reporting period, call options were written on approximately 67% of the Fund’s assets.

As a result of the general market decline in May and June, the majority of the Fund’s written call options expired out-of-the-money. The Fund realized a short-term gain on these positions, partially offsetting the decline in vale of the Fund’s equity portfolio. As global equity markets recovered in July and August, the calls written by the Fund expired in-the-money. Rising implied volatility over the period also resulted in higher option premiums. In August, the Fund’s coverage ratio was lowered from approximately 70% to 65% of the value of the Fund’s equity portfolio. The strikes of the traded options were close to the money, with average maturity between four and six weeks.

Outlook and Current Strategy: The underlying U.S. and EAFE strategies seek to reward investors with sector- and country-diversification that is close to the S&P 500^® and MSCI EAFE^® indices, while seeking outperformance through portfolio construction techniques.

If the market falls or moves sideways, the premiums generated from our call-writing strategies, dividends and our disciplined equity strategies may make up an important part of the Fund’s total return. In the case of a strong market rally, the strategy may generate an absolute positive return; however, the upside may be limited as call options will likely be exercised.

After a spike in June, equity option volatility levels gradually decreased and reverted to their lows at the end of July. For the coming months we expect these concerns to continue, implying volatility could move higher. Risk premiums should, under this scenario, remain attractive.

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ASSETS:
Investments in securities at value*				$	369,579,348
Repurchase agreement					932,000
Cash					1,407,351
Cash collateral for futures					31,500
Foreign currencies at value**					35,625
Receivables:
	Investment securities sold				3,219,689
	Dividends and interest				1,003,924
	Variation margin				250
Unrealized appreciation on forward currency contracts					318,470
Prepaid expenses					465
		Total assets			376,528,622
LIABILITIES:
Payable for investment securities purchased					3,975,638
Unrealized depreciation on forward currency contracts					449,272
Payable to affiliates					141,111
Payable for trustee fees					11,006
Other accrued expenses and liabilities					189,543
Options written (premium received $3,974,597)					4,705,747
		Total liabilities			9,472,317
NET ASSETS (equivalent to $20.31 per share on 18,076,478 shares outstanding)				$	367,056,305
NET ASSETS WERE COMPRISED OF:
Paid-in capital — shares of beneficial interest at $0.01 par value (unlimited shares authorized)				$	344,567,285
Undistributed net investment income					4,260,831
Distributions in excess of net realized gains on investments, foreign currency related transactions and options					(6,831,052	)
Net unrealized appreciation on investments, foreign currency related transactions and options					25,059,241
NET ASSETS				$	367,056,305
* Cost of investments in securities				$	343,664,810
** Cost of foreign currencies				$	35,675

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INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*			$	5,080,716
Interest				85,714
	Total investment income			5,166,430
EXPENSES:
Investment management fees				1,363,823
Transfer agent fees				10,811
Administrative service fees				181,842
Shareholder reporting expense				29,583
Professional fees				38,801
Custody and accounting fees				74,651
Trustee fees				9,532
Miscellaneous expense				13,478
	Total expenses			1,722,521
Net investment income				3,443,909
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS, FUTURES AND OPTIONS:
Net realized gain (loss) on:
	Investments			11,765,163
	Foreign currency related transactions			(7,158,187	)
	Futures and options written			8,003,026
Net realized gain on investments, foreign currency related transactions, futures and options				12,610,002
Net change in unrealized appreciation or depreciation on:
	Investments			3,107,258
	Foreign currency related transactions			705,428
	Futures and options written			(1,826,930	)
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, futures and options				1,985,756
Net realized and unrealized gain on investments, foreign currency related transactions, futures and options				14,595,758
Increase in net assets resulting from operations			$	18,039,667
* Foreign taxes withheld			$	283,712

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		Six Months				October 31,
		Ended				2005(1) to
		August 31,				February 28,
		2006				2006
FROM OPERATIONS:
Net investment income		$	3,443,909			$	1,002,354
Net realized gain (loss) on investments, foreign currency related transactions and options			12,610,002				(36,811	)
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions and options			1,985,756				23,073,485
Net increase in net assets resulting from operations			18,039,667				24,039,028
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income			(812,038	)			(2,798,525	)
Net realized gains			(15,979,112	)			—
Total distributions			(16,791,150	)			(2,798,525	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			—				344,033,000	(2)
Dividends reinvested			434,285				—
Net increase in net assets resulting from capital share transactions			434,285				344,033,000
Net increase in net assets			1,682,802				365,273,503
NET ASSETS:
Beginning of period			365,373,503				100,000
End of period		$	367,056,305			$	365,373,503
Undistributed net investment income (accumulated net investment loss) at end of period		$	4,260,831			$	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.

				Six Months				October 31,
				Ended				2005(1) to
				August 31,				February 28,
				2006				2006
Per Share Operating Performance:
Net asset value, beginning of period		$			20.24				19.06	(2)
Income from investment operations:
Net investment income		$			0.19				0.06	*
Net realized and unrealized gain on investments		$			0.81				1.28
Total from investment operations		$			1.00				1.34
Less distributions from:
Net investment income		$			0.04				0.16
Net realized gains		$			0.89				—
Total distributions		$			0.93				0.16
Net asset value, end of period		$			20.31				20.24
Market value, end of period		$			19.85				18.61
Total investment return at net asset value(3)		%			5.30				7.08
Total investment return at market value(4)		%			11.93				(6.17	)
Ratios and Supplemental Data:
Net assets, end of period (millions)		$			367				365
Ratios to average net assets:
Net expenses after expense reimbursement(5)(6)		%			0.95				1.00
Gross expenses prior to expense reimbursement(5)		%			0.95				1.06
Net investment income after expense reimbursement (5)(6)		%			1.89				0.86
Portfolio turnover rate		%			61				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 at their last bid price in the case of listed options or at the average of the last bid prices obtained from dealers in the case of over-the-counter options.
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

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	transactions may involve certain considerations and risks not typically associated with investing in 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. The Fund estimates that all prior distributions for the tax year commencing on January 1, 2006, will be comprised of approximately 5% net investment income and 95% short term capital gain.
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

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	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 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.	Organization Expenses and Offering Costs. Costs incurred with the offering of common shares were recorded as a reduction of capital paid in excess of par applicable to common shares. Organization expenses are expensed as incurred.
J.	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.
K.	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 an 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 August 31, 2006, there were no preferred shares outstanding.

The Investment Adviser entered into a sub-advisory agreement (“Sub-Advisory Agreement”) with ING Investment Management Co. (“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

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assets. The Investment Adviser, ING IM, and the Administrator are indirect, wholly-owned subsidiaries 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 day 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 provides written notice of the termination within 90 days of the end of the then current term.

NOTE 4 — OTHER TRANSACTIONS WITH AFFILIATED AND RELATED PARTIES

At August 31, 2006, 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
$110,346		$30,765		$141,111

The Fund has adopted a Retirement 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 plan are based on an annual rate as defined in the plan 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 six months ended August 31, 2006, excluding short-term securities, were $221,434,383 and $233,861,884, respectively.

NOTE 6 — CALL OPTIONS WRITTEN

Written option activity for the Fund for the six months ended August 31, 2006 was as follows:

		Number of				Premiums
		Contracts				Received
Options outstanding at February 28, 2006			2,242,544			$	4,359,982
Options written			1,805,495				25,643,284
Options expired			(2,732,850	)			(8,954,145	)
Options exercised			(958,189	)			(17,074,524	)
Options outstanding at August 31, 2006			357,000			$	3,974,597

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:

		Six Months				October 31,
		Ended				2005(1) to
		August 31,				February 28,
		2006				2006
Number of Shares
Shares sold			—				18,050,000
Dividends reinvested			21,478				—
Net increase in shares outstanding			21,478				18,050,000
Shares sold		$	—			$	344,033,000
Dividends reinvested			434,285				—
Net increase		$	434,285			$	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.

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⁽¹⁾:

Six Months Ended		October 31, 2005(1)
August 31, 2006		to February 28, 2006
Ordinary		Ordinary
Income		Income
$16,791,150		$2,798,525

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(1)	Composition of dividends and distributions presented herein differ from final amounts based on the Fund’s tax year-end of December 31, 2005.

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, 2005 were:

						Post-October
Undistributed		Undistributed		Unrealized		Capital		Capital
Ordinary		Long Term		Appreciation/		Losses		Loss
Income		Capital Gains		Depreciation		Deferred		Carryforwards
$812,038		$ —		$23,302,192		$(4,803,692)		$ —

NOTE 10 — OTHER ACCOUNTING PRONOUNCEMENTS

In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation 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 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 as of the beginning of the first fiscal year beginning after December 15, 2006, with early application permitted if no interim financial statements have been issued. 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.

On September 15, 2006, the FASB issued Statement of Financial Accounting Standard 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 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 August 31, 2006, the Fund is currently

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assessing the impact, if any, that will result from adopting Fin 48 and 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 Investment Management Co.) identified two investment professionals who engaged in extensive frequent trading in certain ING Funds. One was subsequently terminated for cause and incurred substantial 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.

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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 Securities and Exchange Commission (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 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

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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 August 31, 2006, the Fund declared a quarterly distribution dividend of:

Per Share		Declaration		Payable		Record
Amount		Date		Date		Date
$0.465		9/22/2006		10/16/2006		10/04/2006

To seek to achieve a return on uninvested cash or for other reasons, the Fund may invest its assets in ING Institutional Prime Money Market Fund and/or one or more other money market funds advised by ING affiliates (“ING Money Market Funds”). The Fund’s purchase of shares of an ING Money Market Fund will result in the Fund paying a proportionate share of the expenses of the ING Money Market Fund. The Fund’s Adviser will waive its fee in an amount equal to the advisory fee received by the adviser of the ING Money Market Fund in which the Fund invests resulting from the Fund’s investment into the ING Money Market Fund.

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Shares								Value
COMMON STOCK: 100.0%
						Australia: 2.2%
	36,751					ABC Learning Centres Ltd.		$	181,730
	106,916					Amcor Ltd.			547,429
	9,303					Australian Gas Light Co., Ltd.			143,092
	9,737					BHP Billiton Ltd.			205,100
	173,048					BlueScope Steel Ltd.			895,593
	23,598					Boral Ltd.			122,239
	17,431					Brambles Industries Ltd.			158,705
	159,612					Centro Properties Group			932,600
	40,019					Coles Myer Ltd.			427,138
	31,777					Commonwealth Bank of Australia			1,107,402
	3,053					CSL Ltd.			118,239
	78,195					CSR Ltd.			187,664
	52,097					Foster’s Group Ltd.			236,497
	112,542					Insurance Australia Group Ltd.			460,782
	31,730					John Fairfax Holdings Ltd.			97,601
	20,843					Macquarie Airports Management Ltd.			47,325
	35,968					National Australia Bank Ltd.			994,902
	14,524					OneSteel Ltd.			47,134
	93,855					Qantas Airways Ltd.			246,101
	41,267					Santos Ltd.			352,567
	32,994					Suncorp-Metway Ltd.			515,660
	55,647					Symbion Health Ltd.			137,750
	33,577					Telstra Corp., Ltd.			92,318
									8,255,568
						Austria: 0.3%
	1,104					Boehler-Uddeholm AG			59,402
	3,647					Erste Bank der Oesterreichischen Sparkassen AG			220,591
	14,835			@		IMMOFINANZ Immobilien Anlagen AG			171,914
	2,366					OMV AG			126,284
	5,188					Telekom Austria AG			127,260
	1,130					Verbund — Oesterreichische Elektrizitaetswirtschafts AG			56,910
	1,876					Voestalpine AG			71,079
	2,242					Wienerberger AG			107,587
									941,027
						Belgium: 0.5%
	3,461					Belgacom SA			122,153
	1,350					Delhaize Group			102,755
	23,497					Fortis			914,956
	2,746					InBev NV			142,495
	4,251					KBC Groep NV			457,838
	1,324					Solvay SA			160,252
	1,170					UCB SA			68,583
									1,969,032
						Bermuda: 0.1%
	4,350					Frontline Ltd.			177,866
									177,866
						China: 0.0%
	38,000			@		Foxconn International Holdings Ltd.			100,332
									100,332
						Denmark: 0.3%
	22					AP Moller — Maersk A/S			183,239
	7,900					Danske Bank A/S			303,843
	2,325					East Asiatic Co., Ltd. A/S			99,495
	1,139					FLSmidth & Co. A/S			49,325
	3,550					Novo-Nordisk A/S			262,202
	500			@		Topdanmark A/S			71,623
	3,800			@		Vestas Wind Systems A/S			106,434
	1,400			@		William Demant Holding			103,476
									1,179,637
						Developed Markets: 0.8%
	44,800					iShares MSCI EAFE® Index Fund			3,028,480
									3,028,480
						Finland: 0.7%
	5,420					Cargotec Corp.			235,266
	2,250					Elisa OYJ			45,644
	5,400					Fortum OYJ			145,107
	1,300					Kesko OYJ			55,062
	4,450					Neste Oil OYJ			139,846
	58,450					Nokia OYJ			1,221,672
	2,100			@		Orion OYJ			38,285
	11,100					Rautaruukki OYJ			324,458
	7,100					Sampo OYJ			146,969
	2,000					UPM-Kymmene OYJ			47,331
									2,399,640
						France: 3.9%
	7,289					Accor SA			466,780
	2,731					Air France-KLM			74,550
	22,924			@		Alcatel SA			287,251
	2,688			@,#		Atos Origin			141,324
	23,797					AXA SA			885,098
	3,563					BNP Paribas			378,845
	10,951					Bouygues			576,948
	2,029					Capgemini SA			111,277
	5,424					Carrefour SA			334,854
	2,366					Casino Guichard Perrachon SA			203,098
	11,295					Cie de Saint-Gobain			837,961
	1,489			#		Cie Generale D’Optique Essilor International SA			154,173
	8,905					Compagnie Generale des Etablissements Michelin			604,800
	17,329					Credit Agricole SA			704,160
	10,057					Gaz de France			374,280
	4,603					Groupe Danone			633,406
	4,460					L’Oreal SA			467,009
	1,682					Lafarge SA			216,847
	2,124					Lagardere SCA			155,669
	4,579					LVMH Moet Hennessy Louis Vuitton SA			471,690
	1,522					M6-Metropole Television			47,524
	966					PPR			133,378
	1,227					Publicis Groupe			48,468
	13,325					Sanofi-Aventis			1,196,739
	7,583					Societe Generale			1,224,821
	11,830					Suez SA			506,524
	14,318					Technip SA			825,673
	18,444					Total SA			1,245,484
	1,033					Unibail			201,610
	2,823					Veolia Environnement			158,347
	17,037					Vivendi			585,714
									14,254,302
						Germany: 2.3%
	4,460					Adidas AG			213,451
	1,052					Allianz AG			178,807
	2,814					Beiersdorf AG			156,107
	2,484					Celesio AG			126,824
	10,461					Deutsche Bank AG			1,195,781
	9,353					Deutsche Lufthansa AG			185,221
	4,623					Deutsche Post AG			117,086
	35,004					Deutsche Telekom AG			512,091
	1,938					EON AG			246,010
	435					Fresenius Medical Care AG & Co. KGaA			57,345
	19,321					Hochtief AG			1,097,817

20

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Table of Contents

Shares								Value
						Germany (continued)
	8,867			@		Infineon Technologies AG		$	104,506
	1,672					Merck KGaA			165,772
	2,269					Metro AG			133,216
	7,374					Muenchener Rueckversicherungs AG			1,108,656
	10,103					Salzgitter AG			905,023
	3,020					SAP AG			576,573
	1,983					Siemens AG			168,474
	14,961					ThyssenKrupp AG			508,977
	2,541					TUI AG			49,849
	5,543					Volkswagen AG			442,506
	333					Wincor Nixdorf AG			46,500
									8,296,592
						Greece: 0.3%
	1,530					Coca-Cola Hellenic Bottling Co. SA			50,412
	5,728					Cosmote Mobile Telecommunications SA			133,153
	11,686					EFG Eurobank Ergasias SA			353,307
	3,352					Hellenic Petroleum SA			43,709
	6,416					National Bank of Greece SA			265,018
	3,700					OPAP SA			131,303
	1,149					Titan Cement Co. SA			57,059
									1,033,961
						Hong Kong: 0.7%
	63,000					Cathay Pacific Airways Ltd.			117,501
	31,500					Esprit Holdings Ltd.			261,545
	129,355					Hang Lung Properties Ltd.			275,571
	32,096					Henderson Land Development Co., Ltd.			181,241
	12,000					Hong Kong Exchanges and Clearing Ltd.			81,365
	84,000					HongKong Electric Holdings			401,635
	34,000					Hutchison Whampoa Ltd.			308,431
	35,000					New World Development Ltd.			62,738
	118,074					PCCW Ltd.			73,721
	124,000					Sino Land Co.			208,988
	11,000					Swire Pacific Ltd.			120,246
	7,000					Television Broadcasts Ltd.			39,731
	32,000					Wharf Holdings Ltd.			108,058
	37,000					Wing Hang Bank Ltd.			355,454
									2,596,225
						Ireland: 0.5%
	23,263					Allied Irish Banks PLC			607,489
	8,023					CRH PLC			277,709
	33,088					Depfa Bank PLC			617,575
	2,597			@		Elan Corp. PLC			42,882
	5,800			@		Grafton Group PLC			79,412
	15,987					Independent News & Media PLC			50,732
	4,065					Irish Life & Permanent PLC			104,634
	5,960					Kerry Group PLC			132,810
									1,913,243
						Italy: 1.7%
	3,132					Autogrill S.p.A.			47,460
	3,801					Autostrade S.p.A.			107,713
	32,282					Banca Fideuram S.p.A.			207,125
	112,757					Banca Intesa S.p.A.			754,734
	1,768					Banche Popolari Unite Scpa			49,923
	162,799					Capitalia S.p.A.			1,420,050
	33,967					ENI S.p.A.			1,038,581
	8,212			@		Fiat S.p.A.			117,709
	14,760					Fondiaria-Sai S.p.A.			624,724
	1,858					Italcementi S.p.A.			45,827
	1,203					Lottomatica S.p.A.			46,545
	3,566					Luxottica Group S.p.A.			103,255
	10,495					Mediaset S.p.A.			121,219
	128,750					Pirelli & C S.p.A.			112,274
	122,327					Seat Pagine Gialle S.p.A.			57,106
	19,084					Telecom Italia S.p.A.			52,839
	220,315					Telecom Italia RNC			541,848
	224,662					Terna S.p.A.			639,636
	5,961					UniCredito Italiano S.p.A.			47,502
									6,136,070
						Japan: 10.3%
	1,020					Acom Co., Ltd.			45,517
	400					Advantest Corp.			38,343
	4,100					Aiful Corp.			163,718
	22,700					Asahi Breweries Ltd.			332,686
	63,000					Bridgestone Corp.			1,335,592
	4,500					Canon, Inc.			223,552
	28					Central Japan Railway Co.			302,479
	16,300					Chugai Pharmaceutical Co., Ltd.			360,440
	21,000					Dai Nippon Printing Co., Ltd.			312,015
	97,000					Dainippon Screen Manufacturing Co., Ltd.			812,935
	31,000					Daiwa Securities Group, Inc.			366,933
	15,000					Denki Kagaku Kogyo K K			57,317
	24					East Japan Railway Co.			176,848
	9,000					Eisai Co., Ltd.			427,441
	56,000					Fuji Electric Holdings Co., Ltd.			282,996
	54,000					Fujitsu Ltd.			431,022
	2,500					Hakuhodo DY Holdings, Inc.			166,994
	3,400					Hikari Tsushin, Inc.			186,924
	97,000					Hino Motors Ltd.			521,482
	160,000					Hitachi Ltd.			1,012,693
	11,400					Isetan Co., Ltd.			191,595
	138					Japan Tobacco, Inc.			524,162
	14,600					JFE Holdings, Inc.			592,303
	11,000					Kajima Corp.			50,973
	5,000					Kaneka Corp.			45,380
	14,000					Kao Corp.			372,709
	39,000					Kawasaki Kisen Kaisha Ltd.			252,782
	13,000					Keisei Electric Railway Co., Ltd.			78,647
	40					Keyence Corp.			9,198
	28,000					Kintetsu Corp.			90,247
	93,000					Kobe Steel Ltd.			295,942
	1,400					Lawson, Inc.			48,765
	18,800					Leopalace21 Corp.			663,493
	24,300					Makita Corp.			711,934
	7,000					Meiji Dairies Corp.			43,902
	17					Millea Holdings, Inc.			311,540
	60,000					Mitsubishi Chemical Holdings Corp.			392,739
	11,000					Mitsubishi Materials Corp.			47,602
	60					Mitsubishi UFJ Financial Group, Inc.			813,951
	31,000					Mitsui Chemicals, Inc.			217,067
	16,000					Mitsui Fudosan Co., Ltd.			356,820
	40,000					Mitsui OSK Lines Ltd.			303,688
	21,000					Mitsui Sumitomo Insurance Co., Ltd.			255,055
	128,000					Mitsui Trust Holdings, Inc.			1,490,763
	39					Mizuho Financial Group, Inc.			314,155
	2,000					NGK Spark Plug Co., Ltd.			40,536
	700					Nidec Corp.			50,546
	34,000					Nikon Corp.			612,382
	4,400					Nintendo Co., Ltd.			899,489
	50					Nippon Paper Group, Inc.			185,316
	124,000					Nippon Steel Corp.			516,009
	210					Nippon Telegraph & Telephone Corp.			1,057,885
	26,000					Nippon Yusen KK			160,565
	212,000					Nishi-Nippon City Bank Ltd.			1,024,727
	92,000					Nisshin Steel Co., Ltd.			274,742
	2,200					Nomura Holdings, Inc.			42,210
	170,000					Oki Electric Industry Ltd.			373,745
	2,000					Olympus Corp.			59,136
	1,180					ORIX Corp.			311,538
	900					Promise Co., Ltd.			40,162
	409					Resona Holdings, Inc.			1,282,614
	7,700					Sankyo Co., Ltd			415,577
	43,000					Sekisui Chemical Co., Ltd.			375,863

21

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Table of Contents

Shares								Value
						Japan (continued)
	1,400					Seven & I Holdings Co., Ltd.		$	49,233
	210,000					Shimizu Corp.			1,241,086
	1,600					Shinko Electric Industries			46,263
	107,000					Shinko Securities Co., Ltd.			429,938
	34,800					Showa Shell Sekiyu KK			387,650
	141,100			@		Sojitz Corp.			495,236
	23,000					Sompo Japan Insurance, Inc.			302,679
	3,600					Sumitomo Electric Industries Ltd.			46,302
	44,000					Sumitomo Metal Industries Ltd.			180,273
	9					Sumitomo Mitsui Financial Group, Inc.			100,937
	6,500					Suzuken Co., Ltd.			242,065
	433,000					Taisei Corp.			1,551,896
	22,000					Takashimaya Co., Ltd.			275,975
	15,500					Takeda Pharmaceutical Co., Ltd.			1,024,215
	6,750					Takefuji Corp.			363,299
	11,000					Tobu Railway Co., Ltd.			56,469
	55,000					Tokyo Electric Power Co., Inc.			1,566,478
	6,600					Tokyo Electron Ltd.			432,251
	9,000					Tokyo Gas Co., Ltd.			47,741
	1,300					Tokyo Seimitsu Co., Ltd.			62,430
	9,000					Toppan Printing Co., Ltd.			101,640
	87,000					Toshiba Corp.			617,082
	142,000					Tosoh Corp.			540,245
	147,000					Toyobo Co., Ltd.			389,040
	24,200					Toyota Motor Corp.			1,307,815
	2,000					Toyota Tsusho Corp.			52,444
	18,000					Ube Industries Ltd. Japan			49,039
	40,000					UNY Co., Ltd.			565,935
	38					West Japan Railway Co.			161,963
	50,900					Yamaha Motor Co., Ltd.			1,350,309
									37,794,309
						Netherlands: 3.0%
	31,846					Aegon NV			569,042
	10,751			@		ASML Holding NV			236,007
	11,384					Buhrmann NV			154,961
	1,409					Euronext NV			126,877
	19,294					European Aeronautic Defence and Space Co. NV			582,243
	32,616			@		Koninklijke Ahold NV			314,034
	12,157					Koninklijke DSM NV			480,957
	23,055					Koninklijke Philips Electronics NV			791,022
	17,824					Mittal Steel Co. NV			604,463
	981					Rodamco Europe NV			105,968
	68,991					Royal Dutch Shell PLC — Class A			2,386,603
	58,906					Royal Dutch Shell PLC — Class B			2,105,530
	40,633					Royal KPN NV			501,736
	5,357					SBM Offshore NV			146,743
	8,842					TNT NV			332,598
	44,077					Unilever NV			1,051,076
	1,288					Wereldhave NV			135,277
	15,672					Wolters Kluwer NV			396,407
									11,021,544
						New Zealand: 0.1%
	15,695					Fletcher Building Ltd.			89,092
	47,373					Telecom Corp. of New Zealand Ltd.			131,807
									220,899
						Norway: 0.3%
	9,800			@		Acergy SA			174,604
	480					Aker Kvaerner ASA			45,860
	10,400					DNB NOR ASA			134,589
	2,200					Norsk Hydro ASA			56,667
	3,150					Orkla ASA			154,313
	7,840			@		Petroleum Geo-Services ASA			408,467
	1,550					Statoil ASA			41,849
	11,400					Telenor ASA			144,370
	5,300					Yara International ASA			78,237
									1,238,956
						Portugal: 0.1%
	50,492					Banco Comercial Portugues SA			155,290
	3,687					Banco Espirito Santo SA			56,629
	27,874					Electricidade de Portugal SA			112,198
	11,582					Portugal Telecom SGPS SA			145,567
	29,425					Sonae SGPS SA			49,014
									518,698
						Singapore: 0.3%
	58,000					CapitaLand Ltd.			175,121
	95,000					ComfortDelgro Corp., Ltd.			90,458
	80,000					Fraser and Neave Ltd.			201,998
	7,000					Singapore Airlines Ltd.			58,687
	22,000					Singapore Press Holdings Ltd.			55,591
	95,000					Singapore Telecommunications Ltd.			150,117
	50,000					United Overseas Bank Ltd.			495,319
									1,227,291
						Spain: 1.6%
	4,734					Abertis Infraestructuras SA			115,584
	2,522					Acerinox SA			47,506
	4,085					Altadis SA			193,484
	9,544					Banco Bilbao Vizcaya Argentaria SA			218,318
	146,454					Banco Santander Central Hispano SA			2,274,697
	30,087					Endesa SA			1,050,413
	5,362					Fomento de Construcciones y Contratas SA			418,244
	3,386					Inditex SA			152,595
	1,119					Metrovacesa SA			105,906
	12,643					Repsol YPF SA			363,755
	58,978					Telefonica SA			1,012,421
									5,952,923
						Sweden: 1.0%
	7,600					Atlas Copco AB			183,832
	5,000					Castellum AB			53,807
	3,700					Electrolux AB			57,215
	5,000					Getinge AB			91,142
	4,300					Kungsleden AB			41,670
	1,250			@		Modern Times Group AB			65,153
	8,850					Nobia AB			275,416
	5,000					Scania AB			237,420
	4,600					Securitas AB			80,993
	3,600					SKF AB			51,551
	7,200					Ssab Svenskt Stal AB			138,552
	3,200					Svenska Cellulosa AB			137,096
	28,300					Svenska Handelsbanken AB			738,307
	5,200					Swedish Match AB			87,934
	203,000					Telefonaktiebolaget LM Ericsson			676,750
	31,000					TeliaSonera AB			191,798
	2,200					Trelleborg AB			42,764
	9,200					Volvo AB			524,110
									3,675,510
						Switzerland: 3.0%
	3,001					Adecco SA			175,264
	10,883					Ciba Specialty Chemicals AG			609,984
	7,496					Compagnie Financiere Richemont AG			356,267
	15,323					Credit Suisse Group			854,034
	805					Kuehne & Nagel International AG			56,637
	2,829			@		Logitech International SA			61,471
	5,126					Nestle SA			1,761,145
	17,681					Novartis AG			1,008,665
	3,602					Phonak Holding AG			214,964
	13,835					Roche Holding AG			2,549,122

22

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Table of Contents

Shares								Value
						Switzerland (continued)
	8,991					Schindler Holding AG		$	468,743
	11,029					STMicroelectronics NV			181,766
	1,383					Swatch Group AG			54,547
	343					Swisscom AG			115,209
	32,451					UBS AG			1,834,433
	3,229					Zurich Financial Services AG			736,042
									11,038,293
						United Kingdom: 9.1%
	74,649					Amvescap PLC			770,539
	1,703					Anglo American PLC			73,686
	33,775					AstraZeneca PLC			2,191,765
	3,941					Aviva PLC			55,383
	79,817					Barclays PLC			1,000,009
	2,779					Barratt Developments PLC			52,571
	22,846					Boots Group PLC			335,394
	225,011					BP PLC			2,553,273
	24,686					Brambles Industries PLC			216,365
	17,479			@		British Airways PLC			136,697
	15,482					British American Tobacco PLC			425,408
	265,628					BT Group PLC			1,248,578
	21,829					Cable & Wireless PLC			51,010
	4,688					Cadbury Schweppes PLC			50,000
	5,019					Carnival PLC			215,573
	9,439					Carphone Warehouse Group PLC			50,501
	9,147					Collins Stewart Tullett PLC			135,735
	48,798					Corus Group PLC			364,321
	3,462			@		CSR PLC			77,294
	29,450					Davis Service Group PLC			271,668
	50,463					DSG International PLC			197,070
	11,868					EMI Group PLC			60,445
	43,989					First Choice Holidays PLC			177,835
	8,464					Firstgroup PLC			75,263
	8,957					GKN PLC			52,008
	48,184					GlaxoSmithKline PLC			1,366,987
	29,201					Hammerson PLC			707,074
	91,907					HBOS PLC			1,755,143
	110,614					HSBC Holdings PLC			2,007,246
	16,088					Intercontinental Hotels Group PLC			281,624
	290,902					International Power PLC			1,758,982
	23,316					Ladbrokes PLC			169,912
	148,857					Legal & General Group PLC			372,789
	44,466					LogicaCMG PLC			131,885
	68,663					Marks & Spencer Group PLC			774,391
	1,504					Next PLC			47,733
	114,411					Old Mutual PLC			356,997
	7,986					Reckitt Benckiser PLC			331,580
	11,354					Resolution PLC			128,625
	137,958					Rexam PLC			1,425,613
	21,977					Rio Tinto PLC			1,108,724
	274,531					Royal & Sun Alliance Insurance Group			723,898
	72,456					Royal Bank of Scotland Group PLC			2,457,683
	34,093					SABMiller PLC			671,626
	55,939					Scottish & Newcastle PLC			586,261
	15,057					Smith & Nephew PLC			130,608
	11,447					Sportingbet PLC			55,217
	45,478					Stagecoach Group PLC			100,405
	48,487					Taylor Woodrow PLC			316,673
	93,780					Tesco PLC			673,963
	229,972					Tomkins PLC			1,246,839
	1,857					Travis Perkins PLC			59,603
	42,325					Unilever PLC			1,011,835
	100,226					United Business Media PLC			1,177,689
	358,562					Vodafone Group PLC			777,072
									33,553,068
						United States: 56.9%
	12,900					3M Co.			924,930
	26,000					Abbott Laboratories			1,266,200
	35,700			@		Advanced Micro Devices, Inc.			892,143
	37,600					Aetna, Inc.			1,401,352
	14,500					Alcoa, Inc.			414,555
	31,800					Allstate Corp.			1,842,492
	33,200					Altria Group, Inc.			2,773,196
	20,900					American Express Co.			1,098,086
	42,400					American International Group, Inc.			2,705,968
	17,400					AmerisourceBergen Corp.			768,384
	18,800			@		Amgen, Inc.			1,277,084
	35,100					Anheuser-Busch Cos., Inc.			1,733,238
	11,500			@		Apollo Group, Inc.			577,415
	14,100			@		Apple Computer, Inc.			956,685
	34,900					Archer-Daniels-Midland Co.			1,436,833
	180,600					AT&T, Inc.			5,622,078
	18,400			@		Autodesk, Inc.			639,584
	74,500					Bank of America Corp.			3,834,515
	8,200					Bear Stearns Cos., Inc.			1,068,870
	12,600					BellSouth Corp.			513,072
	25,700					Best Buy Co., Inc.			1,207,900
	8,500			@		Big Lots, Inc.			155,975
	17,000			@		BMC Software, Inc.			452,540
	30,300					Boeing Co.			2,269,470
	15,300					Campbell Soup Co.			574,821
	10,800					Caterpillar, Inc.			716,580
	12,300					CBS Corp. — Class B			351,165
	60,200					Chevron Corp.			3,876,880
	25,800					Chubb Corp.			1,294,128
	13,100					Circuit City Stores, Inc.			309,291
	194,200			@		Cisco Systems, Inc.			4,270,458
	81,200					Citigroup, Inc.			4,007,220
	14,900			@		Citrix Systems, Inc.			457,132
	30,400			@		Coach, Inc.			917,776
	67,400					Coca-Cola Co.			3,020,194
	31,900			@		Comcast Corp.			1,116,500
	13,300					Comerica, Inc.			761,425
	30,300			@		Compuware Corp.			230,280
	48,300					ConocoPhillips			3,063,669
	7,500			@		Cooper Industries Ltd.			614,100
	26,100					Costco Wholesale Corp.			1,221,219
	13,500			@		Coventry Health Care, Inc.			732,240
	37,800			@		Dell, Inc.			852,390
	7,000					Dominion Resources, Inc.			559,230
	15,700					Dow Chemical Co.			598,641
	25,000					Duke Energy Corp.			750,000
	12,300					Eaton Corp.			817,950
	15,500					EI DuPont de Nemours & Co.			619,535
	19,700					Emerson Electric Co.			1,618,355
	15,800					EOG Resources, Inc.			1,024,156
	10,500					Equifax, Inc.			333,795
	14,500					Exelon Corp.			884,210
	11,300			@		Express Scripts, Inc.			950,104
	128,400					ExxonMobil Corp.			8,688,828
	15,800					Fannie Mae			831,870
	34,900					Federated Department Stores, Inc.			1,325,502
	27,500					FirstEnergy Corp.			1,569,150
	32,300			@		Freescale Semiconductor, Inc.			998,393
	21,600					General Dynamics Corp.			1,459,080
	165,100					General Electric Co.			5,623,306
	23,100					General Mills, Inc.			1,252,713
	15,900					Goldman Sachs Group, Inc.			2,363,535
	3,200			@		Google, Inc.			1,211,296
	46,400					Halliburton Co.			1,513,568
	5,300					Harman International Industries, Inc.			429,936
	93,800					Hewlett-Packard Co.			3,429,328
	31,700					Home Depot, Inc.			1,086,993
	42,300					Honeywell International, Inc.			1,637,856
	13,400			@		Hospira, Inc.			490,842
	13,700			@		Humana, Inc.			834,741
	94,500					Intel Corp.			1,846,530
	25,300					International Business Machines Corp.			2,048,541
	16,800					JC Penney Co., Inc.			1,059,072
	48,400					Johnson & Johnson			3,129,544

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Shares								Value
						United States (continued)
	9,000					Jones Apparel Group, Inc.		$	281,700
	56,000					JPMorgan Chase & Co.			2,556,960
	18,900			@		King Pharmaceuticals, Inc.			306,558
	26,600					Lehman Brothers Holdings, Inc.			1,697,346
	9,000			@		Lexmark International, Inc.			504,630
	25,900					Limited Brands, Inc.			666,407
	20,100					Lincoln National Corp.			1,220,070
	18,900					Lockheed Martin Corp.			1,561,140
	29,400					Loews Corp.			1,131,312
	25,600					Lowe’s Cos., Inc.			692,736
	32,800			@		LSI Logic Corp.			264,040
	17,500					Marathon Oil Corp.			1,461,250
	51,400					McDonald’s Corp.			1,845,260
	22,500					McGraw-Hill Cos., Inc.			1,257,975
	21,800					McKesson Corp.			1,107,440
	73,400					Merck & Co., Inc.			2,976,370
	15,400					Merrill Lynch & Co., Inc.			1,132,362
	36,000					Metlife, Inc.			1,981,080
	7,100					MGIC Investment Corp.			410,877
	54,900					Micron Technology, Inc.			948,672
	143,300					Microsoft Corp.			3,681,377
	38,700					Morgan Stanley			2,546,073
	98,200					Motorola, Inc.			2,295,916
	35,400					National City Corp.			1,224,132
	28,900					National Semiconductor Corp.			701,981
	7,400					Newmont Mining Corp.			379,250
	101,000					News Corp., Inc.			1,922,030
	26,200					Norfolk Southern Corp.			1,119,526
	21,100					Nucor Corp.			1,031,157
	35,000					Occidental Petroleum Corp.			1,784,650
	22,000			@		Office Depot, Inc.			810,480
	12,300					Omnicom Group			1,075,266
	62,500			@		Oracle Corp.			978,125
	27,300					Paychex, Inc.			980,343
	11,500					Pepsi Bottling Group, Inc.			402,615
	50,500					PepsiCo, Inc.			3,296,640
	117,600					Pfizer, Inc.			3,241,056
	13,300					PPG Industries, Inc.			842,688
	83,300					Procter & Gamble Co.			5,156,270
	23,200					Prudential Financial, Inc.			1,703,112
	27,400					Qualcomm, Inc.			1,032,158
	28,000					Raytheon Co.			1,321,880
	12,300					Rohm & Haas Co.			542,430
	9,700					Safeco Corp.			559,787
	18,400					Schlumberger Ltd.			1,127,920
	8,300					Sherwin-Williams Co.			428,612
	4,300					Snap-On, Inc.			187,910
	56,500					Southwest Airlines Co.			978,580
	50,500					Staples, Inc.			1,139,280
	44,000			@		Starbucks Corp.			1,364,440
	10,200					Sunoco, Inc.			733,482
	13,100					Target Corp.			633,909
	9,100					Temple-Inland, Inc.			405,132
	67,200					Time Warner, Inc.			1,116,864
	31,600					TXU Corp.			2,092,236
	27,200			@		Unisys Corp.			145,520
	10,200					United States Steel Corp.			593,334
	16,300					United Technologies Corp.			1,022,173
	51,000					UnitedHealth Group, Inc.			2,649,450
	69,700					US BanCorp.			2,235,279
	27,400					Valero Energy Corp.			1,572,760
	10,750			@		Viacom Inc. — Class B			390,225
	26,500					Wachovia Corp.			1,447,695
	38,800					Wal-Mart Stores, Inc.			1,735,136
	40,800					Walgreen Co.			2,017,968
	32,800					Walt Disney Co.			972,520
	8,700			@		Waters Corp.			371,055
	26,900			@		WellPoint, Inc.			2,082,329
	55,600					Wells Fargo & Co.			1,932,100
	8,500					Wendy’s International, Inc.			543,150
	22,500					Wyeth			1,095,750
									208,854,569
						Total Common Stock (Cost $341,956,129)			367,378,035
PREFERRED STOCK: 0.6%
						Germany: 0.6%
	1,813					ProSieben SAT.1 Media AG			48,820
	16,641					RWE AG			1,369,163
	13,855					Volkswagen AG			782,453
									2,200,436
						Total Preferred Stock (Cost $1,708,681)			2,200,436
RIGHT: 0.0%
						Italy: 0.0%
	3,801					Autotrade S.p.A.			5
						Total Right (Cost $— )			5
WARRANTS: 0.0%
						Switzerland: 0.0%
	343					Swisscom AG			872
						Total Warrants (Cost $— )			872
						Total Long-Term Investments (Cost $343,664,810)			369,579,348

Principal
Amount								Value
SHORT-TERM INVESTMENT: 0.3%
						Repurchase Agreement: 0.3%
$	932,000					Morgan Stanley Repurchase Agreement dated 08/31/06, 5.250%, due 09/01/06, $932,136 to be received upon repurchase (Collateralized by $1,985,000 Resolution Funding Corp, Discount Note, Market Value $950,716, due 01/15/21)		$	932,000
						Total Short-Term Investment (Cost $932,000)			932,000

				Total Investments in Securities (Cost $344,596,810)*			100.9	%		$	370,511,348
				Other Assets and Liabilities-Net			(0.9	)			(3,455,043	)
				Net Assets			100.0	%		$	367,056,305

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		Certain foreign securities have been fair valued in accordance with procedures approved by the Board of Directors/ Trustees (Note 2A)
@		Non-income producing security
#		Securities with purchases pursuant to Rule 144A, under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. These securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/ Trustees
*		Cost for federal income tax purposes is $344,917,316. Net unrealized appreciation consists of:

Gross Unrealized Appreciation		$	32,691,541
Gross Unrealized Depreciation			(7,097,509	)
Net Unrealized Appreciation		$	25,594,032

		Percentage of
Industry		Net Assets
Advertising			0.4	%
Aerospace/ Defense			2.2
Agriculture			1.5
Airlines			0.5
Apparel			0.4
Auto Manufacturers			1.1
Auto Parts & Equipment			0.6
Banks			11.2
Beverages			2.9
Biotechnology			0.4
Building Materials			0.6
Chemicals			1.5
Commercial Services			1.3
Computers			2.4
Cosmetics/ Personal Care			1.7
Distribution/ Wholesale			0.3
Diversified Financial Services			6.1
Electric			3.7
Electrical Components & Equipment			0.9
Electronics			0.6
Engineering & Construction			1.4
Entertainment			0.1
Equity Fund			0.8
Food			2.3
Forest Products & Paper			0.2
Gas			0.2
Hand/ Machine Tools			0.5
Healthcare — Products			1.1
Healthcare — Services			2.1
Holding Companies — Diversified			0.6
Home Builders			0.2
Home Furnishings			0.2
Household Products/ Wares			0.1
Insurance			5.5
Internet			0.3
Investment Companies			0.0
Iron/ Steel			2.0
Leisure Time			0.6
Lodging			0.2
Machinery — Construction & Mining			0.2
Media			2.7
Metal Fabricate/ Hardware			0.0
Mining			0.6
Miscellaneous Manufacturing			2.9
Office/ Business Equipment			0.1
Oil & Gas			9.0
Oil & Gas Services			1.1
Packaging & Containers			0.5
Pharmaceuticals			6.1
Real Estate			1.1
Real Estate Investment Trust			0.1
Retail			5.9
Semiconductors			1.8
Software			1.9
Telecommunications			6.5
Textiles			0.1
Toys/ Games/ Hobbies			0.2
Transportation			1.1
Water			0.0
Repurchase Agreement			0.3
Other Assets and Liabilities — Net			(0.9	)
Total Net Assets			100.0	%

No. of						Expiration				Strike				Premiums
Contracts						Date				Price/Rate				Received				Value
WRITTEN OPTIONS
Call Options Written
	236,000			Nikkei 225 Index			09/01/06				15,480.00 JPY			$	754,908			$	(1,328,651	)
	6,400			Dow Jones Euro Stoxx 50			10/02/06				3,812.00 EUR				550,102				(502,835	)
	3,400			FTSE 100 Index			10/02/06				5,912.60 GBP				581,807				(490,466	)
	111,200			S&P 500® Index			10/02/06				1,303.82 USD				2,087,780				(2,383,795	)
	357,000			Total Premiums Received: $3,974,598										$	3,974,597			$	(4,705,747	)
				Total Liabilities for Call Options Written: $4,705,747

At August 31, 2006 the following forward foreign currency contracts were outstanding for the Fund:

																		Unrealized
						Settlement				In Exchange								Appreciation/
Currency		Buy/Sell				Date				For (USD)				Value				(Depreciation)
Australian Dollars
AUD 10,699,000			Sell				12/07/06			$	8,152,638			$	8,152,267			$	371
Swiss Francs
CHF 13,225,000			Sell				12/07/06				10,810,038				10,852,382				(42,344	)
EURO
EUR 44,840,000			Sell				12/07/06				57,641,820				57,771,516				(129,696	)
Great British Pound Sterling
GBP 19,552,000			Sell				12/07/06				36,998,250				37,275,482				(277,232	)
Japanese Yen
JPY 4,275,000,000			Sell				12/07/06				37,232,190				36,914,091				318,099
										$	150,834,936			$	150,965,738			$	(130,802	)

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Information concerning open futures contracts at August 31, 2006 is shown below:

No. of

Notional

Expiration

Unrealized

Long Contracts

Contracts

Market Value

Date

Gain (Loss)

S&P 500 Future

2

652,800

09/15/06

1,941

$

652,800

$

1,941

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Supplemental Option Information

Supplemental Call Option Statistics as of August 31, 2006
% of Total Net Assets against which calls written		67%
Average Days to Expiration		24 days
Average Call Moneyness* at time written		ATM
Premium received for calls		$3,974,598
Value of calls		$4,705,747

*

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

	1.	To elect twelve members of the Board of Trustees 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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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. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Fund’s portfolio.

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-Market Purchases and will invest the un-invested

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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 2006 DIVIDENDS:

DECLARATION DATE		EX-DIVIDEND DATE		PAYABLE DATE
March 22		March 29		April 17
June 21		July 3		July 17
September 20		October 2		October 16
December 20		December 27		January 15

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 August 31, 2006 was 15, 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 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 Commissions Public Reference Room in

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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

Custodian

Legal Counsel

Toll-Free Shareholder Information

	PRSAR-UIGA          (0806-102606)

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