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	Funds

	Annual Report
	February 28, 2007

	ING Global Equity Dividend and Premium Opportunity Fund

	E-Delivery Sign-up – details inside

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

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President’s Letter		1
Market Perspective		2
Portfolio Managers’ Report		4
Report of Independent Registered Public Accounting Firm		7
Statement of Assets and Liabilities		8
Statement of Operations		9
Statements of Changes in Net Assets		10
Financial Highlights		11
Notes to Financial Statements		12
Portfolio of Investments		22
Tax Information		27
Shareholder Meeting Information		28
Trustee and Officer Information		29
Advisory Contract Approval Discussion		34
Additional Information		39

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Dear Shareholder,

ING Global Equity Dividend and Premium Opportunity Fund (the “Fund”) is a non-diversified, closed-end management investment company traded on the New York Stock Exchange under the symbol “IGD.” 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 objectives by investing in a portfolio of global common stocks that have a history of attractive dividend yields. It also looks to earn additional income through a strategy of writing covered call options on a substantial portion of the portfolio of common stocks. It also aims to provide a measure of downside protection on a portion of the value of the Fund in the event of severe market disruption through the strategic purchase of out-of the money put options on selected global, regional or local securities indices.

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

Based on its share price as of February 28, 2007, the Fund provided a twelve-month total return of 19.35%⁽¹⁾. This return reflects an increase in its share price from $18.96 on February 28, 2006, to $20.55 on February 28, 2007, plus the reinvestment of $1.87 per share in distributions. Based on net asset value (“NAV”), the Fund had a total return of 15.32%⁽²⁾ for the twelve-month period. The Fund made twelve monthly distributions of $0.156 per share, for a total of $1.87 per share for the fiscal year ended February 28, 2007. For more information on the Fund’s performance, please read the Market Perspective and Portfolio Managers’ Report.

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

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

Sincerely,

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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ING Global Equity Dividend and Premium Opportunity Fund (the “Fund”) seeks to provide investors with a high level of income from a portfolio of global common stocks with historically attractive dividend yields and premiums from covered call option writing. The Fund is managed by Moudy El Khodr, Nicolas Simar, Kris Hermie, Frank van Etten, Ruud Boeve, Menno van Boven, Willem van Dommelen and Bas Peeters, Portfolio Managers, ING Investment Management Advisors B.V. — the Sub-Adviser.

Portfolio Construction: The stock selection process begins with constructing an eligible universe of global common stocks with market capitalizations typically over $1 billion that have a history of paying dividend yields in excess of 3% annually. Through a multi-step screening process of various fundamental factors and fundamental analysis the portfolio managers construct a portfolio generally consisting of 65 to 90 common stocks with a history of attractive dividend yields, and stable or growing dividends that are supported by business fundamentals.

The Fund’s Integrated Option Strategy: To generate premiums, the Fund writes covered call options on a substantial portion of the common stocks held in the Fund’s portfolio, a strategy known as covered call option writing.

Country Allocation

Writing covered call options involves granting the buyer the right to purchase certain common stock at a particular price (the “strike price”) either at a particular time or during a particular span of time. If the purchaser exercises a covered call option sold by the Fund, either the common stock will be called away from the Fund and

Once the underlying portfolio is constructed, the specific securities and percentage of each underlying security to be used for covered call option writing is determined based on stock outlook, market opportunities and option price volatility. Over the reporting period, the Fund wrote calls on around 65% of the stocks in the equity portfolio. Of those portfolio holdings on which calls are written, the calls written averaged 50% at the end of the period. The Fund’s option strategy helps stabilize returns and income by selling covered calls on individual securities and by buying puts on both local and regional indices.

The Fund seeks to sell covered 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.

Enel S.p.A.	2.1%

Lloyds TSB Group PLC	2.0%

Altria Group, Inc.	2.0%

Bank of America Corp.	1.9%

AT&T, Inc.	1.9%

Telecom Italia S.p.A.	1.9%

Southern Co.	1.9%

Pfizer, Inc.	1.9%

Citigroup, Inc.	1.9%

Washington Mutual, Inc.	1.8%

Portfolio holdings are subject to change daily.

The Fund may seek, and during the reporting period has sought, to partially hedge against significant market declines by buying out-of-the-money put options on related indices, such as the Standard and Poor’s 500^® Composite Stock Price Index (“S&P 500^® Index”), the Financial Times Stock Exchange 100 Index (“FTSE 100”), the Nikkei All Stock Index (“Nikkei”), the Dow Jones Euro Stoxx 50 (Price) Index (“EuroStoxx50”) or any other broad-

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based global or regional securities index with an active derivatives market. The Fund generally invests in out-of-the-money puts that expire in 20 to 125 trading days. A portion of the premiums generated from the covered call strategy is used to buy put protection. Also, the Fund may seek to, and during the reporting period has sought to, partially hedge the foreign currency risk inherent in its international equity holdings. Such currency hedges are implemented either by selling the international currencies forward or by buying out-of-the-money puts on international currencies versus the U.S. Dollar.

Performance: Based on its share price as of February 28, 2007, the Fund provided a twelve-month total return of 19.35%. This return reflects an increase in its share price from $18.96 on February 28, 2006, to $20.55 on February 28, 2007, plus the reinvestment of $1.87 per share in distributions. Based on net asset value (“NAV”), the Fund had a total return of 15.32% for the twelve-month period. The Morgan Stanley Capital International (“MSCI”) World^SM Index and the Chicago Board Options Exchange (“CBOE”) BuyWrite Monthly Index (“BXM Index”) returned 15.86% and 10.61%, respectively, for the same period. The Fund made twelve monthly distributions of $0.156 per share, for a total of $1.87 per share for the fiscal year ended February 28, 2007. As of February 28, 2007, the Fund had 96,750,019 shares outstanding.

Market and Portfolio Review: On the whole, equity markets performed well during the period as companies continued to post positive earnings growth for the fourth year in a row. However, the price of oil and commodities in general remained high and the U.S. dollar showed signs of jitters following greater uncertainty surrounding the direction of interest rates in the U.S. Regionally, Europe, Asia Pacific (ex-Japan) and emerging markets delivered the highest returns, despite the May to June and late February 2007 corrections. In contrast, Japan and the U.S. both disappointed. Value stocks outperformed growth significantly over the reporting year. Mergers and acquisitions (“M&A”) were also a major theme for the year, which particularly helped companies that paid a high and stable dividend.

The Fund outperformed the BXM Index during the period and nearly matched the MSCI World Index^SM based on NAV during the period, thanks to the strength of high-yielding stocks. Specifically, the correction in May to June shifted investor appetite generally to less risky assets, favoring companies that paid higher dividends. The final week of February 2007 also saw a flight to safety, with a further concentration of the defensive stocks favored by the Fund. M&A activity was also supportive. Our positioning in Europe also helped as did the cautious strategy towards the U.S. The Fund’s overweight in financials (including real estate) helped as Singapore-based United Overseas Bank Ltd. outperformed on the back of positive quarterly earnings. In contrast, an allocation to emerging markets acted as a drag. Stock selection in telecommunication services also negatively impacted the Fund as Telecom Corp. of New Zealand Ltd. saw its share price fall sharply after the New Zealand government passed a law in December forcing the company to split into three operational units and open up its local residential networks to competitors.

Overall, the Fund’s high dividend objective benefited performance. Volvo AB outperformed as the company consistently raised its dividend. Additionally, there was speculation that the company might be the target of a leveraged buyout. Scania, the Swedish truck and car maker, benefited from becoming a take-over candidate as MAN group, the German truck manufacturer, made an offer for the company. The Fund sold its position as the market digested the news. Despite court cases against the tobacco industry, U.S.-based UST, Inc. experienced increases in its quarterly profits as price rises and a wave of cost cutting, which it conducted throughout the year, boosted its share price. In contrast, Fording Canadian Coal Trust acted as a drag as the Canadian Coal miner was impacted by new fiscal measures by the Canadian government, which chose to close a tax-loophole allowing trusts to avoid paying income tax.

Option Portfolio Commentary: The Fund’s option strategy helps stabilize returns and income by selling covered calls on individual securities and by buying puts on both local and regional indices.

As designed, over the year, the Fund’s call option writing strategy served to generate income and reduce volatility while simultaneously reducing the capital appreciation achieved by the Fund relative to global equity strategies without such a call writing strategy. In general, the put option strategy also helped the Fund during periods of increased volatility, though the puts purchased expired out-of-the-money. The Fund has significant currency risk which was partially hedged during the period using out-of-the-money foreign exchange options. The relatively

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low current implied volatility in foreign exchange markets enabled us to hedge a significant part of Fund’s currency risk at a low cost.

Current Strategy and Outlook: We expect the Fund to benefit from investments in defensive sectors including utilities, telecommunication services, real estate and consumer staples, which we believe should provide downside protection. We believe these areas are relatively inexpensive, less dependent on the economic environment, and offer stable, high dividend yields.

If the equity markets move sideways, we believe our stock selection and consistent and disciplined strategy could add value. In this scenario, we believe that dividends and the premiums from the call writing will comprise an important part of the total return. In the case of a strong rally, we believe the strategy may generate an absolute positive return. However, the upside will be limited as the calls written will be exercised thus taking away some of the potential gains.

As a result of the option strategy, we believe the Fund has lower volatility than a global equity strategy with no option overlay. The option writing overlay may generate net option premiums which contribute to the Fund’s distribution yield. With market volatility moving away from historical lows, the overlay is expected to continue to help the Fund.

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The Shareholders and Board of Trustees

We have audited the accompanying statement of assets and liabilities of ING Global Equity Dividend and Premium Opportunity Fund, including the portfolio of investments, as of February 28, 2007, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for the year then ended and the period from March 30, 2005 (commencement of operations) to February 28, 2006. These financial statements and financial highlights are the responsibility of management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

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

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

Boston, Massachusetts

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ASSETS:
Investments in securities at value*				$	1,844,959,771
Cash					82,756,469
Foreign currencies at value**					11,195,204
Receivables:
	Investment securities sold				202,576
	Dividends and interest				5,910,302
Prepaid expenses					17,526
		Total assets			1,945,041,848
LIABILITIES:
Payable for investment securities purchased					203,195
Payable to affiliates					1,352,485
Payable for trustee fees					2,688
Other accrued expenses and liabilities					452,633
Options written***					9,633,865
		Total liabilities			11,644,866
NET ASSETS (equivalent to $19.98 per share on 96,750,019 shares outstanding)				$	1,933,396,982
NET ASSETS WERE COMPRISED OF:
Paid-in capital — shares of beneficial interest at $0.01 par value (unlimited shares authorized)					1,807,086,006
Accumulated distribution in excess of net investment income					(8,562,137	)
Accumulated net realized loss on investments, foreign currency related transactions and written options					(6,258,272	)
Net unrealized appreciation on investments, foreign currency related transactions and written options					141,131,385
NET ASSETS				$	1,933,396,982
* Cost of investments in securities				$	1,712,722,824
** Cost of foreign currencies				$	11,212,048
*** Premiums received for options written				$	18,464,464

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INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*			$	80,716,742
Interest				2,228,233
Securities lending income				28,101
	Total investment income			82,973,076
EXPENSES:
Investment management fees				19,638,996
Transfer agent fees				38,510
Administrative service fees				1,870,363
Shareholder reporting expense				155,375
Professional fees				59,545
Custody and accounting expense				584,107
Trustee fees				45,410
Miscellaneous expense				183,708
	Total expenses			22,576,014
	Net waived and reimbursed fees			(3,740,761	)
	Net expenses			18,835,253
Net investment income				64,137,823
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS AND WRITTEN OPTIONS:
Net realized gain (loss) on:
	Investments			109,490,809
	Foreign currency related transactions			(1,096,318	)
	Written options			11,502,024
Net realized gain on investments, foreign currency related transactions and written options				119,896,515
Net change in unrealized appreciation or depreciation on:
	Investments			61,951,030
	Foreign currency related transactions			(9,757	)
	Written options			19,028,613
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions and written options				80,969,886
Net realized and unrealized gain on investments, foreign currency related transactions and written options				200,866,401
Increase in net assets resulting from operations			$	265,004,224
* Foreign taxes withheld			$	6,195,920

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		Year Ended				March 30, 2005(1)
		February 28,				to February 28,
		2007				2006
FROM OPERATIONS:
Net investment income		$	64,137,823			$	60,620,925
Net realized gain on investments, foreign currency related transactions and written options			119,896,515				15,573,815
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions and written options			80,969,886				60,161,499
Net increase in net assets resulting from operations			265,004,224				136,356,239
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income			(54,413,854	)			(63,621,155	)
Net realized gains			(119,437,967	)			(37,576,510	)
Tax return of capital			(5,936,401	)			(32,724,647	)
Total distributions			(179,788,222	)			(133,922,312	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares			—				1,810,700,000	(2)
Adjustment to paid-in capital for offering costs (Note 8)			1,289,618				—
Dividends reinvested			21,047,122				12,610,313
Net increase in net assets resulting from capital share transactions			22,336,740				1,823,310,313
Net increase in net assets			107,552,742				1,825,744,240
NET ASSETS:
Beginning of period			1,825,844,240				100,000
End of period		$	1,933,396,982			$	1,825,844,240
Accumulated distribution in excess of net investment income at end of period		$	(8,562,137	)		$	(7,677,210	)

(1) Commencement of operations

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

								March 30,
				Year Ended				2005(1) to
				February 28,				February 28,
				2007				2006
Per Share Operating Performance:
Net asset value, beginning of period		$			19.08				19.06	(2)
Income from investment operations:
Net investment income		$			0.67	*			0.63
Net realized and unrealized gain on investments		$			2.09				0.79
Total from investment operations		$			2.76				1.42
Less distributions from:
Net investment income		$			0.57				0.66
Net realized gains on investments		$			1.24				0.43
Tax return of capital		$			0.06				0.31
Total distributions		$			1.87				1.40
Adjustment to paid-in capital for offering costs:		$			0.01				—
Net asset value, end of period		$			19.98				19.08
Market value, end of period		$			20.55				18.96
Total investment return at net asset value(3)		%			15.32				7.84
Total investment return at market value(4)		%			19.35				2.13
Ratios and Supplemental Data:
Net assets, end of period (millions)		$			1,933				1,826
Ratios to average net assets:
Gross expenses prior to expense reimbursement(5)		%			1.21				1.23
Net expenses after expense reimbursement(5)		%			1.01				1.03
Net investment income after expense reimbursement(5)		%			3.43				3.75
Portfolio turnover rate		%			119				112

⁽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.

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

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NOTE 1 — ORGANIZATION

ING Global Equity Dividend and Premium Opportunity Fund (the “Fund”) is a non-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 that have a history of attractive dividend yields and utilizing an integrated options 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 calculations 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

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

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	period end, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in 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 monthly 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 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 be determined with certainty until after the end of the year, and will be reported to shareholders at that time. The amount of monthly distributions will vary, depending on a number of factors. As portfolio and market conditions change, the rate of dividends on the common shares will change. There can be no assurance that the Fund will be able to declare a dividend in each period.
F.	Federal Income Taxes. It is the policy of the Fund to comply with subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, no federal income tax provision is required. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized or expired.
G.	Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
H.	Securities Lending. Under an agreement with The Bank of New York (“BNY”), the Fund has the option to temporarily loan up to 30% of its managed assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. The borrower is required to fully collateralize the loans with cash or U.S. government securities. Generally, in the event of counterparty default, the Fund has the right to use collateral to offset losses incurred.

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	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.	Options Contracts. The Fund may purchase put options and may write (sell) 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 and the purchase cost of the security for a written put option, or purchased call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. 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.

NOTE 3 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES

ING Investments, LLC (“ING Investments” or the “Investment Adviser”), an Arizona limited liability company, is the Investment Adviser of the Fund. The Fund pays the Investment Adviser for its services under an investment management agreement (“Management Agreement”), a fee, payable monthly, based on an annual rate of 1.05% of the Fund’s average daily managed assets. For the first five years of the Fund’s existence, the Investment Adviser will contractually waive 0.20% of the Fund’s managed assets. Beginning in the sixth year, the fee waiver will decline each year by 0.05% until it is eliminated in the ninth year. For the purposes of the Management Agreement, managed assets are defined as the Fund’s average daily gross asset value, minus the sum of the Fund’s accrued and unpaid dividends on any outstanding preferred shares and accrued liabilities (other than liabilities for the principal amount of any borrowings incurred, commercial paper or notes issued by the Fund and the liquidation preference of any outstanding preferred shares). As of February 28, 2007, there were no preferred shares outstanding.

The Investment Adviser entered into a sub-advisory agreement (“Sub-Advisory Agreement”) with ING Investment Management Advisors B.V. (“IIMA”), an indirect, wholly-owned subsidiary of ING Groep N.V. (“ING Groep”), domiciled in The Hague, The Netherlands, for the Fund. IIMA manages the Fund’s assets in accordance with the Fund’s investment objectives, policies and limitations.

The Investment Adviser has also retained ING Investment Management Co. (“ING IM” or “Consultant”), a Connecticut corporation, to provide certain consulting services for the Investment Adviser. These services include, among other things, furnishing statistical and other factual information; providing advice with respect to potential investment strategies that may be employed for the Fund, including, but not limited to, potential options strategies; developing economic models of the anticipated investment performance and yield for the Fund; and providing advice to the Investment Adviser and/or Sub-Adviser with respect to the Fund’s level and/or managed distribution policy. For its services, the Consultant will receive a consultancy fee from the Investment Adviser. No fee will be paid by the Fund directly to the Consultant.

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

NOTE 4 — OTHER TRANSACTIONS WITH AFFILIATED AND RELATED PARTIES

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

Accrued
Investment		Accrued
Management		Administrative
Fees		Fees		Total
$1,202,226		$150,259		$1,352,485

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

The Fund places a portion of its transactions with brokerage firms which are affiliates of the investment adviser. For the year ended February 28, 2007, the commission paid to the affiliated firm was:

Affiliated Broker		Commission Received
ING Baring LLC		$3,301

NOTE 5 — PURCHASES AND SALES OF INVESTMENT SECURITIES

The cost of purchases and proceeds from sales of investments for the year ended February 28, 2007, excluding short-term securities, were $2,190,749,129 and $2,361,535,277, respectively.

NOTE 6 — CALL OPTIONS WRITTEN

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

		Number of
		Contracts				Premium
Balance at 2/28/2006			54,473,000			$	18,285,909
Options written			428,585,924				160,559,651
Options expired			(322,985,833	)			(99,502,892	)
Options exercised			(115,288,091	)			(60,878,204	)
Balance at 2/28/2007			44,785,000			$	18,464,464

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.

Non-Diversified. The Fund is classified as a “non-diversified” investment company under the 1940 Act, which means that the Fund may invest more than 5% of the value of its assets in the obligations of any single issuer. If the Fund invests a relatively high percentage of its assets in obligations of a limited number of issuers, the Fund will be more at risk to any single corporate, economic, political or regulatory event that impacts one or more of those issuers. Conversely, even though classified as non-diversified, the Fund may actually maintain a portfolio that is highly diversified with a large number of issuers. In such an event, the Fund would benefit less from appreciation in a single corporate issuer than if it had greater exposure to that issuer.

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

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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.

NOTE 8 — PAID-IN CAPITAL ADJUSTMENT

In conjunction with the issuance of initial shares, the Fund, based on best estimates, accrued approximately $3,400,000 associated with offering cost. The Fund actually incurred a total of $2,110,382 related to offering costs. The difference between the amount accrued and the amount actually incurred for offering costs of $1,289,618 represents an over-accrual the reversal of which has been recognized as an adjustment to paid-in capital on the accompanying Statements of Changes in Net Assets for the year ended February 28, 2007.

NOTE 9 — SECURITIES LENDING

Under an agreement with BNY, the Fund can lend its securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral must be in an amount equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with BNY (the “Agreement”). The securities purchased with cash collateral received are reflected in the Portfolio of Investments. Generally, in the event of counterparty default, the Fund has the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security; however there would be a potential loss to the Fund in the event the Fund is delayed or prevented from exercising their 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. At February 28, 2007, the Fund did not have any securities on loan.

NOTE 10 — CAPITAL SHARES

Transaction in capital shares and dollars were as follows:

		Year				March 30,
		Ended				2005(1) to
		February 28,				February 28,
		2007				2006
Number of Shares
Shares sold			—				95,000,000
Dividends reinvested			1,078,515				666,504
Net increase in shares outstanding			1,078,515				95,666,504
$
Shares sold		$	—			$	1,810,700,000	(2)
Dividends reinvested			22,336,740				12,610,313
Net increase		$	22,336,740			$	1,823,310,313

(1)	Commencement of operations.
(2)	Proceeds from sales of shares net of sales load paid of $85,500,000 and offering costs of $3,800,000.

NOTE 11 — FEDERAL INCOME TAXES

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

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

Distributions
in excess of		Accumulated
Net Investment		Net Realized
Income		Gains/(Losses)
$(10,401,269)		$10,401,269

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.

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

Tax Year Ended December 31, 2006
Ordinary		Long-Term		Return of
Income		Capital Gains		Capital
$172,974,208		$702,924		$5,936,401

Tax Year Ended December 31, 2005
Ordinary		Long-Term		Return of
Income		Capital Gains		Capital
$85,607,113		$690,634		$32,724,647

The tax-basis components of distributable earnings as of the tax year ended December 31, 2006 were:

Unrealized
Appreciation/
(Depreciation)
$	112,077,227

NOTE 12 — OTHER ACCOUNTING PRONOUNCEMENTS

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

On September 15, 2006, the FASB issued Statement of Financial Accounting Standards No. 157 (“SFAS No. 157”), “Fair Value Measurements.” The new accounting statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. SFAS No. 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). SFAS No. 157 also stipulates that, as a market-based measurement, fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability, and establishes a fair value hierarchy that distinguishes between (a) market participant assumptions developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (b) the reporting entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. As of February 28, 2007, management of the Fund is currently assessing the impact, if any, that will result from adopting SFAS No. 157.

NOTE 13 — 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

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instances of inappropriate trading in those products by third parties or by ING investment professionals and other ING personnel. ING’s internal review related to mutual fund trading is now substantially completed. ING has reported that, of the millions of customer relationships that ING maintains, the internal review identified several isolated arrangements allowing third parties to engage in frequent trading of mutual funds within ING’s variable insurance and mutual fund products, and identified other circumstances where frequent trading occurred, despite measures taken by ING intended to combat market timing. ING further reported that each of these arrangements has been terminated and fully disclosed to regulators. The results of the internal review were also reported to the independent members of the Boards.

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

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

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

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

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

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

ING Investments reported to the Boards that ING is committed to conducting its business with the highest standards of ethical conduct with zero tolerance for noncompliance. Accordingly, ING Investments advised the Boards that ING management was disappointed that its voluntary internal review identified these situations. Viewed in the context of the breadth and magnitude of its U.S. business as a whole, ING management does not believe that ING’s acquired

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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 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

20

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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 14 — SUBSEQUENT EVENT

Dividends: Subsequent to February 28, 2007, the Fund declared dividends of:

Per Share		Declaration		Payable		Record
Amount		Date		Date		Date
$0.156		2/28/2007		3/15/2007		3/5/2007
$0.156		3/15/2007		4/16/2007		4/4/2007

The Fund estimates that distributions for the tax year commencing on January 1, 2007, and including the distributions listed above, will be comprised of approximately 30% net investment income. The remaining portion of the Fund’s monthly distributions is estimated to come from the Fund’s covered-call option strategy, which for tax purposes, may be treated as a combination of long-term and short-term capital gains, and/or a return of capital. The tax character of the Fund’s covered-call option strategy is largely determined by movements in the underlying equity portfolio. Based on the current realized appreciation in the Fund’s underlying equity portfolio, the Fund estimates that the remaining approximately 70% of the distributions would be considered short-term capital gain.

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Shares								Value
COMMON STOCK: 93.8%
						Australia: 6.4%
	1,242,652					Australia & New Zealand Banking Group Ltd.		$	28,737,967
	1,545,267					Coca-Cola Amatil Ltd.			10,076,676
	1,764,713					Foster’s Group Ltd.			8,789,725
	2,221,501					GPT Group			8,836,241
	1,513,190					Lion Nathan Ltd.			9,917,783
	595,541					Publishing & Broadcasting Ltd.			9,072,047
	662,748					Suncorp-Metway Ltd.			11,389,618
	699,073					TABCORP Holdings Ltd.			8,926,669
	639,976					Wesfarmers Ltd.			18,388,430
	584,437					Westfield Group			10,039,600
									124,174,756
						Belgium: 1.5%
	669,992					Fortis			28,786,877
									28,786,877
						Brazil: 2.4%
	296,080					Cia Siderurgica Nacional SA			10,368,722
	320,437					Petroleo Brasileiro SA			26,141,250
	692,976					Tele Norte Leste Participacoes SA			8,987,899
									45,497,871
						Canada: 2.8%
	225,105					Enerplus Resources Fund			9,751,549
	1,085,587					Fording Canadian Coal Trust			27,204,810
	557,766					TransCanada Corp.			17,787,852
									54,744,211
						China: 1.3%
	22,237,144					PetroChina Co., Ltd.			25,873,311
									25,873,311
						Denmark: 1.6%
	663,676					Danske Bank A/ S			30,625,836
									30,625,836
						France: 1.5%
	1,056,564					France Telecom SA			28,617,371
									28,617,371
						Germany: 2.2%
	1,584,678					Deutsche Telekom AG			28,427,350
	115,000					E.ON AG			15,061,389
									43,488,739
						Greece: 1.4%
	771,075					OPAP SA			27,245,661
									27,245,661
						Hong Kong: 1.5%
	1,313,542					CLP Holdings Ltd.			9,644,971
	1,388,297					Hang Seng Bank Ltd.			18,906,033
									28,551,004
						Hungary: 0.5%
	383,059					Magyar Telekom Telecommunications PLC			9,201,077
									9,201,077
						Ireland: 1.0%
	870,549					Bank of Ireland			19,812,218
									19,812,218
						Israel: 0.5%
	2,073,643					Bank Hapoalim BM			9,596,291
									9,596,291
						Italy: 9.6%
	3,806,529					Enel S.p.A.			39,752,074
	917,562					ENI S.p.A.			28,102,439
	4,113,694					Intesa Sanpaolo S.p.A.			29,874,191
	1,648,650					Mediaset S.p.A.			19,101,471
	14,579,056					Telecom Italia S.p.A.			36,990,968
	3,448,114					UniCredito Italiano S.p.A.			31,844,751
									185,665,894
						Netherlands: 4.2%
	930,519					ABN Amro Holding NV			32,627,335
	863,095					Royal Dutch Shell PLC			28,070,297
	1,322,644					Royal KPN NV			20,408,543
									81,106,175
						New Zealand: 1.0%
	5,753,931					Telecom Corp. of New Zealand Ltd.			19,589,657
									19,589,657
						Singapore: 0.5%
	756,600					United Overseas Bank Ltd.			10,108,015
									10,108,015
						South Africa: 0.6%
	472,948					Telkom SA Ltd.			10,673,394
									10,673,394
						South Korea: 0.5%
	142,518					S-Oil Corp.			10,323,434
									10,323,434
						Sweden: 0.6%
	141,000					Volvo AB			10,835,548
									10,835,548
						Taiwan: 0.5%
	890,080					Taiwan Semiconductor Manufacturing Co., Ltd.			9,879,888
									9,879,888
						Thailand: 0.5%
	1,399,500					Siam Cement PLC			9,782,813
									9,782,813
						United Kingdom: 18.0%
	1,885,007					Aviva PLC			30,183,015
	3,523,623					BBA Aviation PLC			18,840,140
	2,819,265					BP PLC			28,901,650
	1,602,187					Brit Insurance Holdings PLC			9,689,828
	1,064,750					British American Tobacco PLC			32,308,279
	1,610,002					Diageo PLC			31,731,728
	5,790,361					DSG International PLC			19,363,755
	1,063,987					GlaxoSmithKline PLC			29,853,317
	655,313					HSBC Holdings PLC			11,429,834
	3,420,441					Lloyds TSB Group PLC			38,475,470
	655,729					Provident Financial PLC			9,399,607
	780,852					Royal Bank of Scotland Group PLC			30,700,857
	2,478,609					Tate & Lyle PLC			27,258,628
	2,102,512					United Utilities PLC			29,968,244
									348,104,352
						United States: 33.2%
	453,775					Altria Group, Inc.			38,244,157
	352,268					Ameren Corp.			18,398,958

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Shares								Value
						United States (continued)
	195,778					American Capital Strategies Ltd.		$	8,708,205
	1,013,215					AT&T, Inc.			37,286,312
	734,566					Bank of America Corp.			37,367,372
	744,158					Bristol-Myers Squibb Co.			19,638,330
	720,750					Citigroup, Inc.			36,325,800
	650,146					Citizens Communications Co.			9,797,700
	612,583					Consolidated Edison, Inc.			29,759,282
	202,424					Developers Diversified Realty Corp.			13,270,917
	708,485					Dow Chemical Co.			31,031,643
	877,872					Duke Energy Corp.			17,285,300
	788,706					Energy East Corp.			19,488,925
	94,000					Equity Residential			4,774,260
	791,076					Keycorp			29,855,208
	272,938					Kinder Morgan, Inc.			28,865,923
	695,973					Merck & Co., Inc.			30,734,168
	1,462,362					Pfizer, Inc.			36,500,556
	216,221					Rayonier, Inc.			9,656,430
	1,020,115					Southern Co.			36,520,117
	457,735					Spectra Energy Corp.			11,777,522
	345,309					Thornburg Mortgage, Inc.			8,743,224
	837,549					US BanCorp.			29,866,998
	564,100					UST, Inc.			32,751,646
	525,288					Wachovia Corp.			29,085,197
	828,872					Washington Mutual, Inc.			35,707,806
									641,441,956
						Total Common Stock (Cost $1,685,019,823)			1,813,726,349
EQUITY-LINKED SECURITIES: 0.5%
						Luxembourg: 0.5%
	5,650,661			X		Formosa Chemicals & Fibre Corp. (Counterparty: Merrill)			10,905,776
						Total Equity-Linked Securities (Cost $8,489,656)			10,905,776
WARRANTS: 0.5%
						Ireland: 0.5%
	12,585,000			X		Mega Financial Holding Co., Ltd.			8,431,950
									8,431,950
						Luxembourg: 0.0%
	619,731			X		China Steel Corp.			687,901
									687,901
						Total Warrants (Cost $9,309,508)			9,119,851
PUT OPTIONS: 0.6%
						Australia: 0.0%
	3,300					S&P/ASX 200 Index, Strike Price 5,241.37 AUD, expires 03/15/07 (Counterparty: Merrill Lynch)		$	2,706
	5,000					S&P/ASX 200 Index, Strike Price 5,344.84 AUD, expires 04/20/07 (Counterparty: Deutsche Bank, AG)			105,883
	5,500					S&P/ASX 200 Index, Strike Price 5,654.50 AUD, expires 05/18/07 (Counterparty: UBS AG, London)			406,122
	20,000,000					Australian Dollar Currency Option (AUD/USD), Strike Price .7580, expires 04/12/07 (Counterparty: Deutsche Bank, London)			14,079
	20,000,000					Australian Dollar Currency Option (AUD/USD), Strike Price .7465, expires 05/16/07 (Counterparty: Goldman Sachs International)			13,170
									541,960
						Eurozone: 0.2%
	15,200					Dow Jones Euro Stoxx 50 Index, Strike Price 3,864.30 EUR expires 03/16/07 (Counterparty: Deutsche Bank, AG)			361,012
	16,000					Dow Jones Euro Stoxx 50 Index, Strike Price 3,933.00 EUR expires 04/20/07 (Counterparty: Deutsche Bank, AG)			1,080,059
	15,000					Dow Jones Euro Stoxx 50 Index, Strike Price 3,952.90 EUR, expires 05/18/07 (Counterparty: Merrill Lynch)			1,613,422
	85,000,000					European Union Currency Option (EUR/USD), Strike Price 1.2685, expires 04/12/07 (Counterparty: Deutsche Bank, London)			13,150
	85,000,000					European Union Currency Option (EUR/USD), Strike Price 1.2710, expires 05/16/07 (Counterparty: Goldman Sachs International)			92,944
									3,160,587
						United Kingdom: 0.1%
	5,600					FTSE 100 Index, Strike Price 5,917.76 GBP, expires 03/16/07 (Counterparty: Societe Generale)			210,883
	5,000					FTSE 100 Index, Strike Price 5,895.85 GBP, expires 04/20/07 (Counterparty: Merrill Lynch)			462,318
	5,000					FTSE 100 Index, Strike Price 6,066.70 GBP, expires 05/18/07 (Counterparty: UBS AG, London)			1,162,862
	60,000,000					United Kingdom Currency Option (GBP/USD), Strike Price 1.8910, expires 04/12/07 (Counterparty: Goldman Sachs International)			20,485
	55,000,000					United Kingdom Currency Option (GBP/USD), Strike Price 1.8990, expires 05/16/07 (Counterparty: Goldman Sachs International)			92,770
									1,949,318

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No. of
Contracts								Value
						United States: 0.3%
	109,600					S&P 500 Index, Strike Price 1,362.69 USD, expires 03/16/07 (Counterparty: Societe Generale)		$	754,817
	108,000					S&P 500 Index, Strike Price 1,364.43 USD, expires 04/20/07 (Counterparty: Merrill Lynch)			1,848,478
	104,000					S&P 500 Index, Strike Price 1,387.57 USD, expires 05/18/07 (Counterparty: Merrill Lynch)			2,952,635
									5,555,930
						Total Put Options (Cost $9,903,837)			11,207,795

				Total Investments In Securities (Cost $1,712,722,824)*			95.4	%		$	1,844,959,771
				Other Assets and Liabilities-Net			4.6				88,437,211
				Net Assets			100.0	%		$	1,933,396,982

X		Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees.
AUD		Australian Dollar
CAD		Canadian Dollar
DKK		Danish Krone
EUR		EU Euro
GBP		British Pound
HKD		Hong Kong Sar Dollar
NZD		New Zealand Dollar
SEK		Swedish Franc
SGD		Singapore Dollar
*		Cost for federal income tax purposes is $1,737,542,269. Net unrealized appreciation consists of:

Gross Unrealized Appreciation		$	148,949,431
Gross Unrealized Depreciation			(41,531,929	)
Net Unrealized Appreciation		$	107,417,502

		Percentage of
Industry		Net Assets
Aerospace/Defense			1.0	%
Agriculture			5.3
Banks			23.7
Beverages			3.1
Building Materials			0.5
Chemicals			2.1
Coal			1.4
Currency Option			0.0
Diversified Financial Services			3.3
Electric			9.6
Entertainment			1.9
Food			1.4
Index Option			0.6
Insurance			2.1
Investment Companies			0.5
Iron/ Steel			0.5
Machinery — Diversified			0.6
Media			1.5
Metal Fabricate/ Hardware			0.0
Miscellaneous Manufacturing			1.0
Oil & Gas			8.1
Pharmaceuticals			6.0
Pipelines			3.0
Real Estate			1.0
Real Estate Investment Trusts			1.4
Retail			1.0
Savings & Loans			1.8
Semiconductors			0.5
Telecommunications			10.9
Water			1.6
Other Assets and Liabilities-Net			4.6
Net Assets			100.0	%

Written Call Options

# of								Expiration												Premiums
Contracts				Counterparty		Description		Date				Strike								Received				Value
	659,000			Goldman Sachs		Australia & New Zealand Banking Group Ltd.			03/14/07				29.000				AUD			$	388,699			$	(336,090	)
	457,000			BNP Paribas		Foster’s Group Ltd.			03/14/07				6.700				AUD				89,981				(10,313	)
	593,000			Goldman Sachs		GPT Group			03/14/07				5.400				AUD				76,035				(2,280	)
	313,000			Merrill Lynch		Publishing & Broadcasting Ltd.			03/14/07				20.440				AUD				162,179				(4,883	)
	344,000			Goldman Sachs		Suncorp-Metway Ltd.			03/14/07				21.680				AUD				185,690				(174,286	)
	176,000			Goldman Sachs		Tabcorp Holdings Ltd.			03/14/07				17.470				AUD				65,863				(36	)
	299,000			Goldman Sachs		Westfield Group			03/14/07				21.840				AUD				138,877				(207,323	)
	149,000			Goldman Sachs		TransCanada Corp.			03/14/07				38.690				CAD				114,102				(47,569	)
	357,000			Merrill Lynch		Danske Bank A/S			03/14/07				261.500				DKK				465,033				(294,431	)
	469,000			BNP Paribas		ABN AMRO Holding NV			03/14/07				25.135				EUR				457,502				(935,691	)
	791,000			Deutsche Bank, AG		Deutsche Telekom AG			03/14/07				14.456				EUR				488,139				(23,294	)
	115,000			Goldman Sachs		E. ON AG			03/14/07				99.780				EUR				571,615				(655,182	)
	1,922,000			Citibank, N.A., London		Enel S.p.A.			03/14/07				8.032				EUR				459,271				(90,568	)
	465,000			Morgan Stanley		ENI S.p.A.			03/14/07				25.030				EUR				365,768				(740	)
	355,000			JPMorgan Chase, London		Fortis			03/14/07				32.300				EUR				437,693				(332,405	)
	352,000			JPMorgan Chase, London		France Telecom S.A.			03/14/07				21.647				EUR				346,354				(24,385	)
	2,093,000			Merrill Lynch		Intesa Sanpado S.p.A.			03/14/07				5.999				EUR				400,756				(449	)
	658,000			ABN AMRO		Royal KPN NV			03/14/07				11.528				EUR				423,939				(256,420	)
	405,000			Merrill Lynch		Mediaset S.p.A.			03/14/07				9.218				EUR				141,471				(9,006	)
	436,000			Goldman Sachs		Royal Dutch Shell PLC			03/14/07				26.570				EUR				374,544				(3,891	)

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# of								Expiration												Premiums
Contracts				Counterparty		Description		Date				Strike								Received				Value
	3,801,000			Merrill Lynch		Telecom Italia S.p.A.			03/14/07				1.980				EUR			$	334,392			$	(71,524	)
	1,744,000			ABN AMRO		UniCredito Italiano S.p.A.			03/14/07				7.247				EUR				376,801				(31,505	)
	479,000			JPMorgan Chase, London		Aviva PLC			03/14/07				8.490				GBP				249,991				(29,524	)
	1,390,000			Goldman Sachs		BP PLC			03/14/07				5.500				GBP				450,501				(54,814	)
	535,000			Goldman Sachs		British American Tobacco PLC			03/14/07				15.0163				GBP				463,152				(614,074	)
	819,000			ABN AMRO		Diageo PLC			03/14/07				10.002				GBP				402,261				(299,238	)
	1,458,000			Deutsche Bank, AG		DSG International PLC			03/14/07				1.7267				GBP				196,319				(75,412	)
	535,000			Morgan Stanley		GlaxoSmithkline PLC			03/14/07				14.050				GBP				468,059				(413,387	)
	1,726,000			JPMorgan Chase, London		Lloyds TSB Group PLC			03/14/07				5.8793				GBP				633,985				(195,175	)
	395,000			Merrill Lynch		Royal Bank of Scotland Group PLC			03/14/07				21.053				GBP				429,596				(24,155	)
	12,037,000			BNP Paribas		PetroChina Co., Ltd.			03/14/07				9.910				HKD				633,685				(9,169	)
	1,392,000			Merrill Lynch		Telecom Corp. of New Zealand Ltd.			03/14/07				5.130				NZD				169,716				(2,374	)
	141,000			Merrill Lynch		Volvo AB			03/14/07				508.550				SEK				360,610				(661,907	)
	394,000			Societe Generale		United Overseas Bank Ltd.			03/14/07				19.100				SGD				134,592				(345,010	)
	229,000			ABN AMRO		Altria Group, Inc.			03/14/07				88.3091				USD				713,792				(19,562	)
	94,000			UBS AG, London		Ameren Corporation			03/14/07				53.080				USD				99,640				(23,837	)
	105,000			Goldman Sachs		American Capital Strategies, Ltd.			03/14/07				47.650				USD				127,050				(41,590	)
	564,000			BNP Paribas		AT&T Inc.			03/14/07				36.920				USD				603,480				(108,513	)
	371,000			ABN AMRO		Bank of America Corp.			03/14/07				52.089				USD				423,681				(59,698	)
	376,000			UBS AG, London		Bristol-Myers Squibb Co.			03/14/07				26.440				USD				308,320				(195,484	)
	364,000			ABN AMRO		Citigroup Inc.			03/14/07				53.995				USD				442,624				(1,220	)
	174,000			Goldman Sachs		Citizens Communications Co.			03/14/07				14.380				USD				71,340				(136,828	)
	87,000			Deutsche Bank, AG		Cia Siderurgica Nacional SA			03/14/07				29.2273				USD				120,782				(509,748	)
	155,000			Societe Generale		Consolidated Edison, Inc.			03/14/07				47.640				USD				133,781				(182,536	)
	54,000			Deutsche Bank, AG		Developers Diversified Realty Corp.			03/14/07				65.100				USD				78,743				(72,870	)
	358,000			Deutsche Bank, AG		Dow Chemical Co.			03/14/07				42.4988				USD				426,020				(659,871	)
	400,000			ABN AMRO		Duke Energy Corp.			03/14/07				18.7152				USD				158,800				(419,973	)
	94,000			ABN AMRO		Equity Residential			03/14/07				55.220				USD				146,922				(2,491	)
	198,000			Merrill Lynch		KeyCorp			03/14/07				37.535				USD				149,292				(109,040	)
	351,000			Societe Generale		Merck & Co. Inc.			03/14/07				46.440				USD				474,341				(49,194	)
	88,000			Goldman Sachs		Petroleo Brasileiro S.A.			03/14/07				87.990				USD				315,920				(10,501	)
	738,000			Deutsche Bank, AG		Pfizer Inc.			03/14/07				26.300				USD				523,980				(31,372	)
	272,000			Merrill Lynch		Southern Co.			03/14/07				36.370				USD				190,944				(49,460	)
	188,000			Deutsche Bank, AG		Tele Norte Leste Participacoes S.A.			03/14/07				13.4146				USD				123,572				(35,663	)
	423,000			Deutsche Bank, AG		US BanCorp			03/14/07				35.350				USD				290,093				(269,786	)
	141,000			Merrill Lynch		UST Inc.			03/14/07				57.620				USD				255,915				(164,248	)
	265,000			ABN AMRO		Wachovia Corp.			03/14/07				56.221				USD				354,570				(114,637	)
	442,000			Societe Generale		Washington Mutual, Inc.			03/14/07				44.680				USD				473,691				(129,233	)
																				$	18,464,464			$	(9,633,865	)

Total Premiums Received:		$	18,464,464
Total Liabilities for Call Options Written:		$	9,633,865

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Supplemental Option Information (Unaudited)

Supplemental Call Option Statistics as of February 28, 2007
% of Total Net Assets against which calls written		33%
Average Days to Expiration		14 days
Average Call Moneyness* at time written		ATM
Premium received for calls		$18,464,464
Value of calls		$(9,633,865)
Supplemental Put Option Statistics as of February 28, 2007
% of Total Net Assets against which Currency puts purchased		25%
Average Days to Expiration		60 days
% of Total Net Assets against which Index puts purchased		50%
Average Days to Expiration		49 days
Average Currency Put Moneyness* at time purchased		5% OTM
Average Index Put Moneyness* at time purchased		5% OTM
Premium Paid for puts		$9,903,837
Value of puts		$11,207,795

*

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

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

Fund Name		Type				Per Share Amount
ING Global Equity Dividend and Premium Opportunity Fund			NII			$	0.6814
			STCG			$	1.1401
			LTCG			$	0.0133
			ROC			$	0.0372

NII — Net investment income

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

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

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ING Global Equity Dividend and Premium Opportunity Fund, Class I Trustees

	1.	To elect four Class I Trustees to represent the interests of the holders of Common Shares of the Fund until the election and qualification of their successors.

ING Global Equity Dividend and Premium Opportunity Fund, Class II Trustees

	2.	To elect two Class II Trustees to represent the interests of the holders of Common Shares of the Fund until the election and qualification of their successors.

ING Global Equity Dividend and Premium Opportunity Fund, Class III Trustees

	3.	To elect one new Class III Trustee to represent the interests of the holders of Common Shares of the Fund until the election and qualification of his successor.

										Shares voted
						Shares				against or				Shares				Total
		Proposal				voted for				withheld				abstained				Shares Voted
Class I Trustees			R. Barbara Gitenstein				87,766,052.476				699,693.000				—				88,465,745.476
			Jock Patton				87,795,861.476				669,884.000				—				88,465,745.476
			David W.C. Putnam				87,786,778.476				678,967.000				—				88,465,745.476
			John G. Turner				87,788,083.476				677,662.000				—				88,465,745.476
Class II Trustees			Patricia W. Chadwick				87,782,262.476				683,483.000				—				88,465,745.476
			Sheryl K. Pressler				87,760,389.476				705,356.000				—				88,465,745.476
Class III Trustees			Shaun P. Mathews				87,790,876.476				674,869.000				—				88,465,745.476

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

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

[Additional columns below]

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

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

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

[Additional columns below]

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

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

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

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

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

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

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

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BOARD CONSIDERATION AND RE-APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS

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

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

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

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

Overview of the Contract Renewal and Approval Process

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

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

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

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

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

Nature, Extent and Quality of Service

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

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

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

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

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

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

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

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

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

Performance

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

Economies of Scale

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

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

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Information about Services to Other Clients

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

Fee Rates and Profitability

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

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

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

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

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

Specific Factors Considered

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

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Equity Dividend and Premium Opportunity Fund, the Board considered that, based on performance data for the periods ended June 30, 2006: (1) the Fund outperformed its Morningstar category median and its primary benchmark for the most recent calendar quarter and the year-to-date periods, but underperformed both performance measures for the one-year period; and (2) the Fund is ranked in the second quintile of its Morningstar category for the most recent calendar quarter and year-to-date periods, and in the fifth (lowest) quintile of its Morningstar category for the one-year period.

In analyzing this performance data, the Board took into account that: (1) the Fund launched in March 2005, and therefore has a limited operating history for purposes of analyzing Fund performance; and

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(2) in January 2006 there was a change in the Fund’s portfolio management team, and performance had improved since the implementation of that change.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for ING Global Equity Dividend and Premium Opportunity Fund, Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that do not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of ING Global Equity Dividend and Premium Opportunity Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of the advisory fee and a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account fee waivers in place for the Fund through April 2010.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund was launched in March 2005 and a change in portfolio managers was implemented in January 2006, and it is reasonable to permit the Sub-Adviser to continue to manage the Fund to assess longer-term performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2007. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

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During the period, there were no material changes in the Fund’s investment objective or policies that were not approved by the shareholders or the Fund’s charter or by-laws or in the principal risk factors associated with investment in the Fund. Nina Hodzic is no longer responsible for the day-to-day management of the Fund’s portfolio.

Effective April 1, 2007, Alexander Van Eekelen joined the portfolio management team as a Senior Investment Manager. Effective May 1, 2007. Mennovan Boven and Ruud Boeve will no longer be responsible for the 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

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

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

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

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

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

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

Key Financial Dates — Calendar 2007 Dividends:

Declaration Date		Ex-Dividend Date		Payable Date
January 16, 2007		February 1, 2007		February 15, 2007
February 15, 2007		March 1, 2007		March 15, 2007
March 15, 2007		April 2, 2007		April 16, 2007
April 16, 2007		May 1, 2007		May 15, 2007
May 15, 2007		June 1, 2007		June 15, 2007
June 15, 2007		July 2, 2007		July 16, 2007
July 16, 2007		August 1, 2007		August 15, 2007
August 15, 2007		September 4, 2007		September 17, 2007
September 17, 2007		October 1, 2007		October 15, 2007
October 15, 2007		November 1, 2007		November 15, 2007
November 15, 2007		December 3, 2007		December 17, 2007
December 17, 2007		December 27, 2007		January 15, 2008

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

Stock Data

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

Repurchase of Securities by Closed-End Companies

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

Number of Shareholders

The approximate number of record holders of Common Stock as of February 28, 2007 was 97,602, 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

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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 SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330; and is available upon request from the Fund by calling Shareholder Services toll-free at 1-800-992-0180.

Certifications

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

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Administrator

Distributor

Transfer Agent

Independent Registered Public

Custodian

Legal Counsel

Toll-Free Shareholder Information

	PRAR-UIGD          (0207-042607)

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