Annual Report

December 31, 2009

Series B

ING Corporate Leaders Trust Fund

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 fund's investment objectives, risks, charges, expenses and other information. This information should be read carefully.

MUTUAL FUNDS

TABLE OF CONTENTS

President's Letter	1
Market Perspective	2
Portfolio Managers' Report	4
Report of Independent Registered Public Accounting Firm	5
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	9
Notes to Financial Statements	10
Portfolio of Investments	13
Director/Trustee and Officer Information	15

PROXY VOTING INFORMATION

A description of the policies and procedures that the Trust 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 (800) 992-0180; (2) on the ING Funds' website at www.ingfunds.com and (3) on the U.S. Securities and Exchange Commission's ("SEC") website at www.sec.gov. Information regarding how the Trust voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the ING Funds' website at www.ingfunds.com and on the SEC's website at www.sec.gov.

PRESIDENT'S LETTER

Dear Shareholder,

It would be hard to find fault with the returns of securities markets over the past year, but we have been through a tumultuous period, and recent events raise new questions. By most measures (with the confounding exception of employment) the global recession is abating and economies are growing again, especially in the developing countries of Asia. Every silver lining has a cloud, though, and the improved but fragile outlook carries within it the same risks that got us into this crisis: disengaged monetary policies, unpredictable asset bubbles, enfeebled regulation and wilting political will.

Against the backdrop of the Davos World Economic Forum and President Obama's first State of the Union address, Ben Bernanke, Chairman of the Federal Reserve, was confirmed by the Senate for a second four-year term, adding some element of certainty to the concerns of investors about the future. He and other policymakers still face economic problems, such as our growing long-term budget deficit, which will influence markets going forward.

How can this information help you with your investment plans? The outlook for corporate profits and market valuations is driven, at least in part, by reactions of government officials to economic and political events. The federal budget deficit casts overtones of uncertainty around expectations for inflation, for example, which could affect the value of all assets in U.S. markets. As a result, it could make sense to broaden one's investment horizons to include additional exposure to non-U.S. investments.

The strong returns of the stock markets last year should not obscure the fact that keeping a well-diversified asset mix is likely to serve your financial needs. Before you make any changes to your portfolio, discuss them thoroughly with your investment advisor to ensure they appropriately reflect your situation.

Thank you for your continued confidence in ING Funds. We look forward to serving your investment needs in the future.

Sincerely,

Shaun Mathews
President & Chief Executive Officer
ING Funds
January 28, 2010

The views expressed in the President's Letter reflect those of the President as of the date of the letter. Any such views are subject to change at any time based upon market or other conditions and ING Funds disclaims any responsibility to update such views. These views may not be relied on as investment advice and because investment decisions for an ING Fund are based on numerous factors, may not be relied on as an indication of investment intent on behalf of any ING Fund. Reference to specific company securities should not be construed as recommendations or investment advice.

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

1

MARKET PERSPECTIVE: YEAR ENDED DECEMBER 31, 2009

In our semi-annual report we described how markets in risky assets, depressed by the financial crisis and recession, had abruptly recovered after early March to register gains through June 30, 2009. This was maintained in the second half of the fiscal year and global equities in the form of the MSCI World Index^SM(1) measured in local currencies, including net reinvested dividends ("MSCI" for regions discussed below), added 20.00%, for a return of 25.70% for the fiscal year ended December 31, 2009. (The MSCI World Index^SM returned 29.99 % for the fiscal year ended December 31, 2009, measured in U.S. dollars). From the March 9, 2009 low point, the return was 60.90%. In currencies, the U.S. dollar was mixed for the year, losing 1.60% to the euro and 9.10% to the pound, but gaining 2.10% on the yen.

The rally had been credited to "green shoots", a metaphor for signs, perhaps frail and erratic, that the worst of the financial crisis and resulting recession was over. Governments intervened massively to recapitalize companies considered systemically important, or at least to make practically unlimited amounts of liquidity available to them at low cost. These were mainly banks and other financial institutions, but in the U.S. also included major auto makers. Some financial giants in the U.S. and U.K., once thought impregnable, now sit meekly under government control. Interest rates have been reduced to record low levels to encourage these institutions to lend and generally to support demand. Bank lending has continued to stagnate, however (except in China, where banks tend to follow government directions). Corporations have instead issued bonds, which have been eagerly taken up by yield hungry investors.

"Cash-for-Clunkers" programs were successfully introduced in a number of countries, under which governments subsidized the trade-in of old vehicles for newer models. In the U.S., the government offered an $8,000 tax credit to first-time home buyers and extended jobless benefits. In Europe, to reduce the number of workers being laid off, corporations were subsidized to keep them on part time. The UK reduced Value Added Tax.

Government budget deficits have soared to modern-day records: in the U.S. alone, the deficit equaled $1.42 trillion for the fiscal year ending September 30, 2009. To keep interest rates down, the Federal Reserve Board and the Bank of England have been buying Treasury bonds in a strategy known as quantitative easing.

What will happen when large-scale government intervention ends is probably the greatest concern for investors. But China's rate of gross domestic product ("GDP") growth is approaching 10% again and by the end of the year some key areas of the domestic economy were clearly looking better.

House prices are rising again. The Standard & Poor's ("S&P")/Case-Shiller National U.S. Home Price Index⁽²⁾ of house prices in 20 cities was reported in December to have risen for five consecutive months, although it was still down 7.30% from a year earlier. Sales of existing homes in November rose to the highest levels since February 2007.

On the employment front, just 11,000 jobs were lost in November and by year end the number of new unemployment claims was the lowest since July 2008. Yet the unemployment rate rose to 10.00%, having peaked at 10.20% even as thousands of workers left the labor force. Wage growth continued to decelerate and the average working week still hovered near lowest recorded levels. Broad, sustainable recovery will require a much more vigorous improvement in the labor market.

The economy, after four consecutive quarterly declines, has at least started to expand again. In the third quarter of 2009, GDP in the U.S. rose by 2.20% at an annual rate.

In U.S. fixed income markets, the Barclays Capital U.S. Aggregate Bond Index⁽³⁾ of investment grade bonds returned 5.93% for the fiscal year ended December 31, 2009. But improving risk appetite, combined with concern over the large volumes of issuance and fears of longer term inflation, meant that the Barclays Capital U.S. Treasury Index⁽⁴⁾ component returned (3.57)% while the Barclays Capital Corporate Investment Grade Bond Index⁽⁵⁾returned 18.68%. High yield bonds, represented by the Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index⁽⁶⁾, did even better, gaining a remarkable 58.76%. The annual yield on the 90-day U.S. Treasury Bills started the year at 12 basis points and ended it at just 5 basis points.

U.S. equities, represented by the S&P 500^® Composite Stock Price ("S&P 500^®") Index⁽⁷⁾ including dividends, returned 26.46% for the fiscal year ended December 31, 2009, led by the technology and materials sectors, with telecoms and utilities lagging, albeit with positive returns. It was far from a smooth ride, and sentiment would periodically become fixated on the rather shaky foundation of the rally. Profits for S&P 500^® companies suffered their ninth straight

2

MARKET PERSPECTIVE: YEAR ENDED DECEMBER 31, 2009

quarter of annual decline in the third quarter. But this must surely change in the fourth quarter since in the corresponding period in 2008, S&P 500^® earnings were actually negative.

In international markets, the MSCI Japan^® Index⁽⁸⁾ rose 9.10% for the fiscal year, all of it in the first half. By the second quarter, GDP was rising again but it was due to net exports and government stimulus. Domestic demand was still in the doldrums, with wages down for 18 straight months and deflation again the norm. The MSCI Europe ex UK^® Index⁽⁹⁾ surged 27.70%. As in the U.S., the region's economy returned to growth in the third quarter of 2009. Prices stopped falling in November and by year end purchasing managers' indices were in expansion mode. Against this, unemployment was still on the rise to 9.80%. The MSCI UK^® Index⁽¹⁰⁾ jumped 27.60%, despite the disappointment that, alone among the world's largest economies, a rebound in GDP had not been reported by year end. Still, by November house prices were rising on an annual basis for the first time since early 2008, unemployment stabilized and, as in Continental Europe, purchasing managers' indices pointed firmly to expansion.

⁽¹⁾  The MSCI World Index^SM is an unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.

⁽²⁾  The S&P/Case-Shiller National U.S. Home Price Index tracks the value of single-family housing within the United States. The index is a composite of single family home price indices for the nine U.S. Census divisions and is calculated quarterly.

⁽³⁾  The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.

⁽⁴⁾  The Barclays Capital U.S. Treasury Index is an unmanaged index that includes public obligations of the U.S. Treasury. Treasury bills, certain special issues, such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS and STRIPS, are excluded.

⁽⁵⁾  The Barclays Capital Corporate Investment Grade Bond Index is the corporate component of the Barclays Capital U.S. Credit Index. The U.S. Credit Index includes publicly-issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. The index includes both corporate and non-corporate sectors. The corporate sectors are industrial, utility and finance, which includes both U.S. and non-U.S. corporations.

⁽⁶⁾  The Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index is an unmanaged index that includes all fixed income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity.

⁽⁷⁾  The S&P 500^® Index is an unmanaged index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.

⁽⁸⁾  The MSCI Japan^® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.

⁽⁹⁾  The MSCI Europe ex UK^® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.

⁽¹⁰⁾  The MSCI UK^® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.

Parentheses denote a negative number.

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 Trust'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 ING's Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.

3

ING CORPORATE LEADERS TRUST FUND

PORTFOLIO MANAGERS' REPORT

Portfolio Management Team: The portfolio is not actively managed.

Goal: ING Corporate Leaders Trust Fund (the "Trust") seeks long term capital growth and income through investment generally in an equal number of shares of the common stock of a fixed list of American blue-chip corporations.

Performance: For the year ended December 31, 2009, the Trust provided a total return of 12.15% compared to the Standard & Poor's 500^® Composite Stock Price Index⁽¹⁾ ("S&P 500^® Index"), which returned 26.46% for the same period.

Portfolio Specifics: Overweight positions within energy, particularly among integrated oil companies such as ExxonMobil Corp. and Chevron Corp., hurt returns. These companies have solid management teams, diverse business structures and strong balance sheets; nonetheless, they lagged the overall market in 2009. Integrated oil companies underperformed because they were coming off their extreme highs of 2008, and because they were less sensitive to the economic recovery than more-specialized firms were. The Trust had no exposure to the information technology sector, which hurt relative performance as that sector benefited from strong recovery in the global markets. Underweight positions in consumer discretionary companies such as Amazon.com, Inc. also hurt the Trust.

The Trust's position in Dow Chemical Co., in the materials sector, was favorable as the company benefited from the global economic recovery and positive economic forecasts. Within healthcare, positions in pharmaceutical companies Johnson & Johnson and Abbot Laboratories also added to returns. Finally, among industrials, owning Burlington Northern Santa Fe Corp. helped results as the stock benefited significantly from the take-over by Berkshire Hathaway, Inc.

Current Strategy and Outlook: We are encouraged by the long-term outlook for the Trust given its holding of what we believe are high-quality, well-respected leaders in their industries and strong global market positions. These industry leaders represent a broad range of sectors including basic materials, consumer goods, consumer staples, financial services, healthcare, industrials, oil and gas, technology, telecommunications and utilities. For historical reasons, the Trust's sector weightings vary considerably from the benchmark and the Trust holds several very large individual stock positions.

Top Ten Holdings
as of December 31, 2009
(as a percent of net assets)

ExxonMobil Corp.	19.5	%
Burlington Northern Santa Fe Corp.	16.8	%
Praxair, Inc.	9.2	%
Chevron Corp.	8.6	%
Union Pacific Corp.	8.5	%
Procter & Gamble Co.	6.8	%
Marathon Oil Corp.	3.7	%
General Electric Co.	3.2	%
Consolidated Edison, Inc.	3.1	%
Fortune Brands, Inc.	3.0	%

Portfolio holdings are subject to change daily.

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Portfolio may differ from that presented for other ING Funds. Performance for the different classes of shares will vary based on differences in fees associated with each class.

4

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Participation Holders and Trustee
ING Corporate Leaders Trust Fund

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of ING Corporate Leaders Trust Fund — Series "B", a series of ING Corporate Leaders Trust Fund, as of December 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. 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 December 31, 2009 by correspondence with the custodian. 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 Corporate Leaders Trust Fund — Series "B" as of December 31, 2009, 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
February 23, 2010

5

STATEMENT OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2009

ASSETS:
Investments in securities at value (identified cost $306,077,358)	$	377,915,059
Cash		4,515,615
Receivables:
Participations sold		345,909
Dividends		548,151
Prepaid expenses		20,274
Total assets		383,345,008
LIABILITIES:
Payable for participations redeemed		603,653
Distributions payable		1,378,085
Sponsor's maintenance fees payable		132,215
Payable for custody and accounting fees		19,934
Payable for shareholder reporting expense		31,327
Payable for professional fees		80,921
Payable for transfer agent fees		87,584
Other accrued expenses and liabilities		1,371
Total liabilities		2,335,090
NET ASSETS:
Balance applicable to participations at December 31, 2009, equivalent to $17.34 per participation on 21,970,217 participations outstanding	$	381,009,918

See Accompanying Notes to Financial Statements
6

STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2009

INVESTMENT INCOME:
Dividends	$	10,634,480
Total investment income		10,634,480
EXPENSES:
Sponsor maintenance fees (Note 4)		1,422,260
Transfer agent fees		326,036
Shareholder reporting expense		72,441
Registration and filing fees		49,500
Professional fees		165,043
Custody and accounting expense (Note 4)		46,702
Miscellaneous expense		2,074
Total expenses		2,084,056
Net investment income		8,550,424
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments		(20,641,312	)
Net change in unrealized appreciation on investments		54,702,874
Net realized and unrealized gain on investments		34,061,562
Increase in net assets resulting from operations	$	42,611,986

See Accompanying Notes to Financial Statements
7

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2009			Year Ended December 31, 2008
FROM OPERATIONS:
Net investment income	$	8,550,424		$	9,274,042
Net realized gain(loss) on investments		(20,641,312	)		3,601,925
Net change in unrealized appreciation or depreciation on investments		54,702,874			(157,712,175	)
Increase (decrease) in net assets resulting from operations		42,611,986			(144,836,208	)
FROM DISTRIBUTIONS TO PARTICIPATIONS:
Net investment income		(13,853,622	)		(4,217,176	)
Net realized gains		—			(37,861	)
Return of capital		(1,081,407	)		—
Total distributions		(14,935,029	)		(4,255,037	)
FROM PARTICIPATION TRANSACTIONS:
Net proceeds from sale of participations		80,698,812			133,258,673
Reinvestment of distributions		12,823,603			3,657,257
		93,522,415			136,915,930
Cost of participations redeemed		(104,433,082	)		(84,904,656	)
Net increase (decrease) in net assets resulting from participation transactions		(10,910,667	)		52,011,274
Net increase (decrease) in net assets		16,766,290			(97,079,971	)
NET ASSETS:
Beginning of year		364,243,628			461,323,599
End of year	$	381,009,918		$	364,243,628

See Accompanying Notes to Financial Statements
8

ING CORPORATE LEADERS TRUST FUND, SERIES B

FINANCIAL HIGHLIGHTS

Selected data for a participation outstanding throughout each year.

		Year Ended December 31,
		2009			2008			2007			2006			2005
Per Participation Operating Performance:
Net asset value, beginning of year	$		16.11			22.98			21.97			18.67			17.77
Income (loss) from investment operations:
Net investment income	$		0.37	*		0.48			0.40	*		0.39	*		0.36	*
Net realized and unrealized gain (loss) on investments	$		1.53			(7.15	)		1.95			3.31			1.44
Total income (loss) from investment operations	$		1.90			(6.67	)		2.35			3.70			1.80
Less distributions/allocations from:
Net investment income	$		0.62			0.20			0.38			0.40			0.35
Net realized gains	$		—			0.00	**		0.51			—			0.12
Tax return of capital	$		0.05			—			0.45			—			0.43
Total distributions/allocations	$		0.67			0.20			1.34			0.40			0.90
Net asset value, end of year	$		17.34			16.11			22.98			21.97			18.67
Total Return(1)	%		12.15			(29.25	)		10.82			19.98			10.36
Ratios and Supplemental Data:
Net assets, end of year (000's)	$		381,010			364,244			461,324			400,585			363,967
Ratios to average net assets:
Expenses	%		0.59			0.51			0.49			0.49			0.50
Net investment income	%		2.40			2.15			1.75			1.97			1.93

⁽¹⁾  Total return is calculated assuming reinvestment of all dividends, capital gain and return of capital distributions/allocations at net asset value.

*  Calculated using average number of participation outstanding throughout the period.

**  Amount is less than $0.005.

See Accompanying Notes to Financial Statements
9

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2009

NOTE 1 — NATURE OF BUSINESS AND BASIS OF PRESENTATION

ING Corporate Leaders Trust Fund (the "Trust"), is an unincorporated Unit Investment Trust registered as such with the Securities and Exchange Commission ("SEC"). Series B commenced operations in 1941 as a series of the Trust, which was created under a Trust Indenture dated November 18, 1935, as amended.

The Trust is comprised of a Trust Fund ("Trust Fund") and a Distributive Fund ("Distributive Fund"). The Trust Fund is composed of stock units, each unit consisting of one share of common stock of each of the twenty-one corporations (except with respect to shares received from spin-offs of existing portfolio securities — see discussion below) and such cash as may be available for the purchase of stock units. Cash received on sales of participations (excluding the portion thereof, if any, attributable to the value of, and therefore deposited in, the Distributive Fund), including distributions by the Trust which are reinvested in additional participations under the Distribution Reinvestment Program described herein, is held in the Trust Fund without interest until receipt of sufficient cash to purchase at least one hundred stock units. To the extent monies remain uninvested in the Trust, the Bank of New York Mellon ("the Trustee") serving as Trustee for the Trust, will derive a benefit therefrom.

All dividends and any other cash distributions received by the Trust with respect to the common stock held in the Trust Fund are deposited in the Distributive Fund. Any non-cash distributions received by the Trust with respect to the common stock held in the Trust Fund (excluding additional shares of common stock received upon a stock split which shall remain assets of the Trust Fund) are sold by the Trustee and the proceeds of sale are deposited in the Distributive Fund. The Trustee may invest the funds deposited in the Distributive Fund in debt obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in repurchase agreements collateralized by such U.S. government obligations, which mature prior, and as close as practicable, to the next Distribution Date. The interest earned on such investments is also deposited in the Distributive Fund. Fees and expenses of the Trust are paid from the Distributive Fund . The Trustee may from time to time set aside out of the Distributive Fund a reserve for payments of taxes or other governmental charges.

On each Distribution Date, the Trustee uses the money in the Distributive Fund to purchase additional participations for participants under the distribution reinvestment program unless the participant has elected to receive his distribution in cash.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

A.  Valuation of Securities. Investments are stated at value based on the last sale price on the principal exchange on which the security is traded prior to the time the Trust's assets are valued. Investments for which no sale is reported, or which are traded over-the-counter, are valued at the mean between bid and ask prices. Investments in securities maturing in 60 days or less are valued at amortized cost which approximates market value.

Fair value is defined as the price that the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each investment asset or liability of the Trust is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1", inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and unobservable inputs, including the sub-adviser's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3". The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Trust's investments under these levels of classification is included followi ng the Portfolio of Investments. For the year ended December 31, 2009, there have been no significant changes to the fair valuation methodologies.

B.  Income Taxes. No provision for Federal income taxes is made since the Trust, under applicable provisions of the Internal Revenue Code, is trusted as a Grantor Trust and all its income is taxable to the holders of participations. Management has considered the sustainability of the Trust's tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized or expired. At December 31, 2009, the cost of the Trust's portfolio of investments for tax purposes was $306,077,358.

As of December 31, 2009, the tax basis net unrealized appreciation of portfolio securities was

10

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2009 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

$71,837,701, comprised of unrealized appreciation of $107,415,591 and unrealized depreciation of $35,577,890.

As of December 31, 2009, no provision for income tax would be required in the Trust's financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Trust's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue.

C.  Distributions to Participation Holders. Semi-annual distributions will be reinvested at net asset value in additional participations of the Trust unless the Participant notifies the Trustee to pay such distributions in cash.

D.  Security Transactions & Revenue Recognition. Investment transactions are recorded on the trade date basis. Dividend income is recorded on the ex-dividend date. Interest income is accrued as earned.

E.  Accounting Estimates. The preparation of financial statements in accordance with U.S. generally accepted accounting principles for investment companies requires management to make estimates and assumptions that affect the reported amounts of 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.

F.  Restricted Cash. All cash held in the distributable fund throughout the period is intended solely for distributions.

G.  Indemnifications. In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Trust and, therefore, cannot be estimated; however, based on experience, management believes the risk of loss from such claims is considered remote.

NOTE 3 — DISTRIBUTIONS/ALLOCATIONS

For the year ended December 31, 2009, distributions from net investment income were $13,853,622⁽¹⁾,

⁽¹⁾  A portion of this dividend was taxable in 2008 and was reported as such on the shareholder's Form 1041.

equivalent to $0.62⁽¹⁾ per participation. For the year ended December 31, 2008, distributions from net investment income were $4,217,176, equivalent to $0.20 per participation.

For the year ended December 31, 2009, there were no distributions of net realized gains. For the year ended December 31, 2008, the distributions of net realized gains were $37,861.

For the year ended December 31, 2009, the distributions of tax return of capital were $1,081,407, equivalent to $0.05 per participation. For the year ended December 31, 2008, there were no distributions of tax return of capital.

The distributions/allocations presented above do not reflect the reinvestment, if any, of that portion from the sale of securities (other than stock units) representing the cost of the securities sold which is distributed and then reinvested in additional participations. In addition, any gain on the sale of stock units to provide funds for the redemption of participations is non-distributable and remains a part of the Trust Fund.

Effective June 1, 1998, the Trust amended its Trust indenture requiring that additional shares of common stocks received as a result of a stock split shall remain assets of the Trust.

NOTE 4 — TRUSTEE, SPONSOR AND OTHER RELATED PARTY FEES

The Trustee receives an annual Trustee fee, as well as fees for acting as custodian and for providing portfolio accounting and record keeping services, which aggregated to $46,702 for the year ended December 31, 2009.

ING Investments, LLC (the "Sponsor") serves as sponsor to the Trust. The Trust pays a maintenance fee to the Sponsor equal, on an annual basis, to 0.40% of the average daily net assets of the Trust.

NOTE 5 — INVESTMENT TRANSACTIONS

For the year ended December 31, 2009, the cost of purchases and proceeds of sales of investment securities were $24,267,150 and $37,587,285 respectively.

The cost of investment securities as well as realized security gains and losses are based on the identified cost basis. The cost of investments for Federal income taxes is the same as that reported in the Trust's financial statements.

11

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2009 (CONTINUED)

NOTE 6 — SOURCE OF NET ASSETS

As of December 31, 2009, the Trust's net assets were comprised of the following amounts:

Capital contributions and non-distributable realized gains retained in Trust Fund	$	308,611,235
Net unrealized appreciation in value of securities		71,837,701
Trust Fund		380,448,936
Distributable fund		560,982
Total net assets	$	381,009,918

NOTE 7 — PARTICIPATIONS ISSUED AND REDEEMED

During the periods indicated, participations were issued and redeemed as follows:

	Number of Participations
	Year Ended December 31, 2009			Year Ended December 31, 2008
Issued on payments from holders		5,395,786			6,731,254
Issued on reinvestment of dividends and distributions/ allocations		803,116			168,703
Redeemed		(6,841,218	)		(4,363,680	)
Net increase (decrease)		(642,316	)		2,536,277

NOTE 8 — SUBSEQUENT EVENTS

The Trust has evaluated events occurring after the Statement of Assets and Liabilities date (subsequent events) through February 23, 2010, the date the financial statements were issued, to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. No such subsequent events were identified.

12

ING CORPORATE LEADERS TRUST FUND  PORTFOLIO OF INVESTMENTS

CERTIFICATES, SERIES "B"  AS OF DECEMBER 31, 2009

Securities	Number of Shares		Cost		Market Value
COMMON STOCK: 99.2%
Chemicals: 14.4%
Dow Chemical Co.		407,867	$	13,779,682	$	11,269,365
EI Du Pont de Nemours & Co.		261,900		11,016,294		8,818,173
Praxair, Inc.		435,400		19,750,257		34,966,974
				44,546,233		55,054,512
Cosmetics/Personal Care: 6.8%
Procter & Gamble Co.		426,100		22,043,736		25,834,443
Electric: 5.0%
Ameren Corp.		261,900		11,639,546		7,320,105
Consolidated Edison, Inc.		261,900		11,194,845		11,898,117
				22,834,391		19,218,222
Gas: 2.2%
NiSource, Inc.		537,308		12,036,658		8,263,797
Household Products/Wares: 3.0%
Fortune Brands, Inc.		261,900		16,271,374		11,314,080
Media: 2.9%
CBS Corp. - Class B		156,100		2,957,645		2,193,205
Comcast Corp. - Class A		241,783		4,931,933		4,076,461
Viacom - Class B *		156,100		4,834,128		4,640,853
				12,723,706		10,910,519
Miscellaneous Manufacturing: 6.1%
Eastman Kodak Co. *		261,900		5,700,749		1,105,218
General Electric Co.		797,700		20,711,444		12,069,201
Honeywell International, Inc.		261,900		10,913,933		10,266,480
				37,326,126		23,440,899
Oil & Gas: 31.8%
Chevron Corp.		427,500		24,523,214		32,913,225
ExxonMobil Corp.		1,086,800		41,875,046		74,108,893
Marathon Oil Corp.		456,200		12,770,197		14,242,564
				79,168,457		121,264,682
Retail: 0.8%
Foot Locker, Inc.		261,900		4,548,685		2,917,566
Telecommunications: 0.9%
AT&T, Inc.		120,297		3,862,249		3,371,925
Transportation: 25.3%
Burlington Northern Santa Fe Corp.		649,642		29,340,329		64,067,694
Union Pacific Corp.		504,800		21,375,414		32,256,720
				50,715,743		96,324,414
Total Investments: 99.2%			$	306,077,358	$	377,915,059
Other Assets and Liabilities - Net: 0.8%						3,094,859
Total Net Assets: 100.0%					$	381,009,918

*  Non-income producing security

See Accompanying Notes to Financial Statements
13

ING CORPORATE LEADERS TRUST FUND  PORTFOLIO OF INVESTMENTS

SERIES B  AS OF DECEMBER 31, 2009 (CONTINUED)

Fair Value Measurements^

The following is a summary of the fair valuations according to the inputs used as of December 31, 2009 in valuing the Trust's assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at 12/31/2009
Asset Table
Investments, at value
Common Stock*	$	377,915,059	$	—	$	—	$	377,915,059
Total Investments, at value	$	377,915,059	$	—	$	—	$	377,915,059

^  See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

*  For further breakdown of Common Stock, by industry type, please refer to the Portfolio of Investments.

See Accompanying Notes to Financial Statements
14

DIRECTOR/TRUSTEE AND OFFICER INFORMATION (UNAUDITED)

The Bank of New York Mellon serves as Trustee for the Trust. The Trust does not have a Board of Directors/Trustees nor does it have any Officers.

15

ING Funds Distributor, LLC offers the funds listed below. Before investing in a fund, shareholders should carefully review the fund's prospectus. Investors may obtain a copy of a prospectus of any ING Fund by calling (800) 992-0180 or by going to www.ingfunds.com.

Domestic Equity and Income Funds

ING Balanced Fund

ING Growth and Income Fund

ING Real Estate Fund

Domestic Equity Funds-of-Funds

ING Strategic Allocation Conservative Fund

ING Strategic Allocation Growth Fund

ING Strategic Allocation Moderate Fund

Domestic Equity Growth Funds

ING Corporate Leaders 100 Fund

ING Equity Dividend Fund

ING Growth Opportunities Fund

ING MidCap Opportunities Fund

ING Opportunistic LargeCap Fund

ING Small Company Fund

ING SmallCap Opportunities Fund

ING Tactical Asset Allocation Fund

Domestic Equity Index Funds

ING Index Plus LargeCap Fund

ING Index Plus MidCap Fund

ING Index Plus SmallCap Fund

Domestic Equity Value Funds

ING Value Choice Fund

Fixed-Income Funds

ING GNMA Income Fund

ING High Yield Bond Fund

ING Intermediate Bond Fund

Global Equity Funds

ING Global Equity Dividend Fund

ING Global Natural Resources Fund

ING Global Real Estate Fund

ING Global Value Choice Fund

International Equity Funds

ING Alternative Beta Fund

ING Asia-Pacific Real Estate Fund

ING Emerging Countries Fund

ING European Real Estate Fund

ING Foreign Fund

ING Greater China Fund

ING Index Plus International Equity Fund

ING International Capital Appreciation Fund

ING International Real Estate Fund

ING International SmallCap Multi-Manager Fund

ING International Value Fund

ING International Value Choice Fund

ING Russia Fund

Global and International Fixed-Income Fund

ING Global Bond Fund

International Funds-of-Funds

ING Diversified International Fund

ING Global Target Payment Fund

Loan Participation Fund

ING Senior Income Fund

Money Market Funds*

ING Classic Money Market Fund

ING Money Market Fund

*  An investment in the funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds. Please see SEC filings for more information on the funds' participation in the U.S. Treasury Department's Temporary Guarantee Program for money market funds.

Sponsor

ING Investments, LLC
7337 East Doubletree Ranch Road
Scottsdale, Arizona 85258

Administrator

ING Funds Services, LLC
7337 East Doubletree Ranch Road
Scottsdale, Arizona 85258

Distributor

ING Funds Distributor, LLC
7337 East Doubletree Ranch Road
Scottsdale, Arizona 85258

Transfer Agent

PNC Global Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

Trustee/Custodian

The Bank of New York Mellon
One Wall Street
New York, New York 10286

Legal Counsel

Dechert LLP
1775 I Street, N.W.
Washington, D.C. 20006

Before investing, carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract and the underlying variable investment options. This and other information is contained in the prospectus for the variable annuity contract and the underlying variable investment options. Obtain these prospectuses from your agent/registered representative and read them carefully before investing.

  PRAR-CLTB  (1209-022310)