ING Clarion Real Estate Income Fund 'IIA' Declares Monthly Dividend

of November, December 2004, and January 2005. The following dates apply: Record Date November 2004----------11-19-04 December 2004----------12-20-04 January 2005-------------01-20-05 Payable Date 11-30-04 12-31-04 1-31-05 The Trust's primary investment objective is high current income. The Trust's secondary investment objective is capital appreciation. Under normal market conditions the Trust will invest at least 90% of its total assets in income producing "Real Estate Securities." The Trust will invest at least 70% of its total assets in Real Estate Equity Securities and may invest up to 30% of its total assets in Real Estate Fixed Income Securities. ING Clarion Real Estate Securities acts as the Trust's investment advisor. ING Clarion Real Estate Securities is responsible for the Trust's portfolio assets between equity and fixed-income investments and for the selection and monitoring of the Trust's sub-advisor, Clarion Capital, which will select the Trust's Real Estate Fixed Income Securities. As of September 30, 2004, ING Clarion Real Estate Securities had approximately $5.4 billion in assets under management. ING Clarion Partners, an affiliate company, manages $10.1 billion of private market Real Estate and has over 600 employees based in 30 major metropolitan areas in the United States. ING Clarion Real Estate Securities is affiliated with ING Groep N.V., a global financial services organization based in The Netherlands with over $500 billion in assets under management and 115,000 employees operating in 65 countries around the globe on behalf of over 60 million customers. More details on the Fund (IIA) are available at www.crainvest.com. Contacts ING Clarion Real Estate Securities, L.P., Radnor Press and Analyst Inquiries: Drew Fox, 610-995-2500 drew.fox@ingclarion.com