ING real estate funds are managed by CBRE Clarion Securities (CBRE Clarion), one of the worlds largest

real estate investment companies. CBRE Clarion seeks to identify the best opportunities to add value by taking meaningful positions at the company, property type and geographic level. ING Global Real Estate Fund Invests in a diversied blend of countries and regions, including the U.S. A global approach enhances potential diversication due to the historically low correlation in real estate markets between countries. Research analysts around the world. A history of consistent returns.

Process at Work: Disciplined process seeks to add value two ways: asset allocation and stock selection

Regional Asset Allocation

Security Selection

Risk Mitigation

portfolio

Regional Asset Allocation The team uses extensive local knowledge of public and private real estate conditions to overweight regions and property types they believe have the strongest prospects for growth. Factors considered include macroeconomic-trend analysis, private market activities and the relative attractiveness of real estate, bonds and stocks for a given region, country or property type. Security Selection The team uses fundamental analysis to select stocks from a universe of individual real estate companies with over $100 million in market capitalization. A proprietary system called Relative Value Analysis (RVA) helps the team evaluate performance characteristics of individual securities independently and relative to each other. Quantitative and qualitative analysis includes underwriting property portfolios, constructing 3-year earnings forecasts, meeting with management and rigorous local market research to identify securities undervalued by the public market. Risk Mitigation Portfolio construction guidelines are risk-managed to produce a well-diversied portfolio of real estate securities. Risk controls include country and position limit

Market Review Global property companies delivered a positive total return during the second quarter, despite a June retracement, which gave back some of the gains achieved earlier in the period. The market's gains were generated primarily by the Americas and the European region, whereas Asia-Pacific property companies were challenged by the headwinds of governmental and central bank tightening measures. The global economic backdrop continues to be somewhat bifurcated, with Western economies attempting to nurse a fragile recovery and Asian economies (ex-Japan) attempting to cool robust growth. In this environment, property fundamentals continue to exhibit evidence of sustained improvement, as recovering demand and limited supply of property generally combine to support the case for improved earnings prospects. Risks continue to include an economic recovery that occurs too slowly or, conversely, that governmental and central bank policy unwittingly creates inflationary pressures which prove difficult to contain. Portfolio Review During the second quarter, ING Global Real Estate Funds positive relative performance was enhanced by stock selection, which was achieved in the Americas and the Asia-Pacific regions. In the Asia-Pacific region, stock picks added value broadly by being overweight the office and retail sectors and by being underweight the residential sector, which continues to be choppy in the face of tightening measures specifically intended to cool demand. U.S. stock selection was bolstered by the outperformance of office, apartment and mall companies. In Europe, portfolio positions in companies that focus on the London office market outperformed, as did an overweight position in high-quality malls. Asset allocation was positive for the quarter, as the drag from a modest exposure to cash was more than offset by the benefits of an overweight to the outperforming French property market, as well as an underweight to the underperforming Hong Kong property market. Current Strategy and Outlook The first six months of the year have been rewarding for global real estate securities strategies. We continue to expect total return this year to be driven by a dividend yield in the 3-4% range plus growth in cash flow per share in the 8% range as economic recovery increasingly takes hold. While there have been some speed bumps in the road to economic recovery of late, we believe that they are not sufficient to derail the positive case for real estate fundamentals looking forward. We remain positive on regions and property types which are more responsive to improving economic conditions. We are maintaining the outlook we have held since the beginning of the year despite recent market setbacks that we believe are temporary in nature. This includes being positioned toward geographies and property types that benefit sooner from economic improvement, including the apartment sector in the U.S. and office markets in particular central business districts with a financial orientation, including New York, London, Hong Kong, Singapore and Sydney. In the Asia-Pacific region, we remain positively disposed to the commercial property sectors of office, retail and industrial and are cautious on residential with the exception of the Tokyo market. We prefer companies with above average dividend yields and that have a bias toward quality as measured by property type, management, balance sheet, geography and business strategy. We continue to believe

that current yield via the dividend will be a critical and material component of total return for an investor in a global real estate securities strategy. The S&P Developed Property Index is an unmanaged market-weighted total return index which consists of many companies from developed markets whose floats are larger than $100 million and derive more than half of their revenue from property-related activities. The Index does not reflect fees, brokerage commissions, taxes or other expenses of investing. Investors cannot invest directly in an index. Principal Risks: All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield. Foreign Investing poses special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic. Emerging Market stocks may be especially volatile. Investing in stocks of Small- and Mid-Sized Companies may entail greater volatility and less liquidity than larger companies. Concentration of investments in one or more real estate industries may subject the Fund to greater volatility than a portfolio which is less concentrated. Price Volatility, liquidity and other risks accompany an investment in Global Real Estate Equities. Risks of the REITs are similar to those associated with direct ownership of real estate, such as changes in real estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand, and the management skill and credit worthiness of the issuer. Other risks of the Fund include but are not limited to: Company Risks; Currency Risks; Convertible Securities Risks; Rule 144A Securities Risks; Initial Public Offerings Risks; Investment By Other Funds Risks; Market Risks; Issuer Non-Diversification Risks; Other Investment Companies Risks; Liquidity Risks; and Securities Lending Risks. Investors should consult the Funds Prospectus and Statement of Additional Information for a more detailed discussion of the Funds risks. An investment in the Fund is not a bank deposit and is not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. 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 Funds performance is subject to change since the months end and may be lower or higher than the performance data stated herein.