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SECURITIES AND EXCHANGE COMMISSION
MANAGEMENT INVESTMENT COMPANIES
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EX-99.CERT | ||||||||
EX-99.906CERT |
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(1) | The MSCI U.S. REIT® Index is a free float-adjusted market capitalization weighted index that is comprised of equity real estate investment trusts that are included in the MSCI U.S. Investable Market 2500 Index (with the exception of speciality REITs that do not generate a majority of their revenue and income from real estate rental and leasing obligations). The index represents approximately 85% of the U.S. REIT market. |
Simon Property Group, Inc. | 11.0 | % | ||
Vornado Realty Trust | 6.4 | % | ||
Ventas, Inc. | 4.2 | % | ||
Boston Properties, Inc. | 3.8 | % | ||
Host Hotels & Resorts, Inc. | 3.7 | % | ||
HCP, Inc. | 3.5 | % | ||
Public Storage, Inc. | 3.5 | % | ||
Prologis | 3.5 | % | ||
AvalonBay Communities, Inc. | 3.3 | % | ||
Nationwide Health Properties, Inc. | 3.2 | % |
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as of November 30, 2009
(as a percent of net assets)
(1) | The Russell 1000 Value® Index is an unmanaged index that measures the performance of those Russell 1000 securities with lower price-to-book ratios and lower forecasted growth values. |
as of November 30, 2009
(as a percent of net assets)
ExxonMobil Corp. | 4.8 | % | ||
Pfizer, Inc. | 4.7 | % | ||
General Electric Co. | 3.5 | % | ||
JPMorgan Chase & Co. | 3.2 | % | ||
Verizon Communications, Inc. | 2.8 | % | ||
Bank of America Corp. | 2.7 | % | ||
Home Depot, Inc. | 2.6 | % | ||
ConocoPhillips | 2.5 | % | ||
Chevron Corp. | 2.2 | % | ||
Wells Fargo & Co. | 2.1 | % |
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as of November 30, 2009
(as a percent of net assets)
(1) | The Russell 3000® Growth Index is an unmanaged index that measures performance of broad growth segment of the U.S. Equity universe. It includes those Russell 3000® companies with higher price-to-book ratios and higher forecasted growth values. |
(2) | The Russell 1000® Growth Index is an unmanaged index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® companies with higher price-to-book ratios and higher forecasted growth values. |
as of November 30, 2009
(as a percent of net assets)
Microsoft Corp. | 5.1 | % | ||
Apple, Inc. | 4.7 | % | ||
Google, Inc. – Class A | 3.9 | % | ||
Cisco Systems, Inc. | 3.6 | % | ||
Wal-Mart Stores, Inc. | 3.2 | % | ||
Philip Morris International, Inc. | 3.1 | % | ||
Cognizant Technology Solutions Corp. | 2.0 | % | ||
Qualcomm, Inc. | 2.0 | % | ||
Danaher Corp. | 1.8 | % | ||
Coach, Inc. | 1.8 | % |
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as of November 30, 2009
(as a percent of net assets)
(1) | The Russell Midcap® Growth Index is an unmanaged index that measures the performance of those companies included in the Russell Midcap® Index with relatively higher price-to-book ratios and higher forecasted growth values. |
(2) | The Russell Midcap® Index is an unmanaged index that measures the performance of the 800 smallest companies in the Russell 1000® Index, which represents approximately 26% of the total market capitalization of the Russell 1000® Index. |
as of November 30, 2009
(as a percent of net assets)
Cognizant Technology Solutions Corp. | 2.4 | % | ||
NetApp, Inc. | 2.3 | % | ||
Coach, Inc. | 2.2 | % | ||
BMC Software, Inc. | 2.0 | % | ||
Priceline.com, Inc. | 1.9 | % | ||
Coca-Cola Enterprises, Inc. | 1.8 | % | ||
Invesco Ltd. | 1.8 | % | ||
Bed Bath & Beyond, Inc. | 1.7 | % | ||
Micros Systems, Inc. | 1.7 | % | ||
QLogic Corp. | 1.7 | % |
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as of November 30, 2009
(as a percent of net assets)
(1) | 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. |
as of November 30, 2009
(as a percent of net assets)
International Business Machines Corp. | 3.5 | % | ||
Procter & Gamble Co. | 3.4 | % | ||
AT&T, Inc. | 3.3 | % | ||
Pfizer, Inc. | 3.2 | % | ||
Microsoft Corp. | 3.1 | % | ||
General Electric Co. | 2.9 | % | ||
Wells Fargo & Co. | 2.7 | % | ||
EMC Corp. | 2.3 | % | ||
National Oilwell Varco, Inc. | 2.0 | % | ||
Oracle Corp. | 2.0 | % |
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as of November 30, 2009
(as a percent of net assets)
(1) | The Russell 2000® Growth Index is an unmanaged index that measures the performance of securities of smaller U.S. companies with greater than average growth orientation. |
(2) | The Russell 2000® Index is unmanaged an index that measures the performance of securities of small U.S. companies. |
as of November 30, 2009
(as a percent of net assets)
Solera Holdings, Inc. | 1.5 | % | ||
Bally Technologies, Inc. | 1.4 | % | ||
Healthsouth Corp. | 1.4 | % | ||
Haemonetics Corp. | 1.3 | % | ||
Informatica Corp. | 1.2 | % | ||
Stifel Financial Corp. | 1.2 | % | ||
Steris Corp. | 1.1 | % | ||
Gymboree Corp. | 1.1 | % | ||
Watsco, Inc. | 1.1 | % | ||
Dril-Quip, Inc. | 1.1 | % |
* | Excludes short-term investments related to ING Institutional Prime Money Market Fund – Class I and securities lending collateral. |
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as of November 30, 2009
(as a percent of net assets)
(1) | The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. |
(2) | The Russell 2000® Index is an unmanaged index that measures the performance of securities of small U.S. companies. |
(3) | For the purposes of these discussions, “the fund” refers to each Sub-Adviser’s respectively managed portion of ING SmallCap Value Multi-Manager Fund. |
(4) | Gross performance includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of November 30, 2009
(as a percent of net assets)
Lincoln Electric Holdings, Inc. | 2.9 | % | ||
Elizabeth Arden, Inc. | 2.4 | % | ||
Royal Gold, Inc. | 2.1 | % | ||
Ares Capital Corp. | 2.1 | % | ||
Griffon Corp. | 2.1 | % | ||
World Fuel Services Corp. | 2.0 | % | ||
Actel Corp. | 1.9 | % | ||
Aspen Insurance Holdings Ltd. | 1.8 | % | ||
ABM Industries, Inc. | 1.8 | % | ||
CIRCOR International, Inc. | 1.7 | % |
* | Excludes short-term investments related to ING Institutional Prime Money Market Fund – Class I. |
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as of November 30, 2009
(as a percent of net assets)
(1) | The Russell 3000® Value Index is a market capitalization-weighted index of stocks of the 3,000 largest U.S. domiciled companies that exhibit value-oriented companies. |
(2) | The Russell Midcap® Index measures the performance of the 800 smallest companies in the Russell 1000® Index, which represents approximately 26% of the total market capitalization of the Russell 1000® Index. |
as of November 30, 2009
(as a percent of net assets)
Lihir Gold Ltd. ADR | 3.6 | % | ||
Kinross Gold Corp. | 3.6 | % | ||
Newmont Mining Corp. | 3.5 | % | ||
Barrick Gold Corp. | 3.5 | % | ||
Wal-Mart Stores, Inc. | 2.9 | % | ||
Ameren Corp. | 2.8 | % | ||
Nippon Telegraph & Telephone Corp. ADR | 2.6 | % | ||
Lucent Technologies Capital Trust I | 2.5 | % | ||
Tyson Foods, Inc. | 2.5 | % | ||
Tesoro Corp. | 2.2 | % |
* | Excludes short-term investments related to ING Institutional Prime Money Market Fund — Class I and securities lending collateral. |
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Actual Fund Return | Hypothetical (5% return before expenses) | |||||||||||||||||||||||||||||||
Beginning | Ending | Expenses Paid | Beginning | Ending | Expenses Paid | |||||||||||||||||||||||||||
Account | Account | During The | Account | Account | During The | |||||||||||||||||||||||||||
Value | Value | Annualized | Period Ended | Value | Value | Annualized | Period Ended | |||||||||||||||||||||||||
June 1, | November 30, | Expense | November 30, | June 1, | November 30, | Expense | November 30, | |||||||||||||||||||||||||
2009 | 2009 | Ratio | 2009* | 2009 | 2009 | Ratio | 2009* | |||||||||||||||||||||||||
ING Real Estate Fund | ||||||||||||||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,350.10 | 1.24 | % | $ | 7.31 | $ | 1,000.00 | $ | 1,018.85 | 1.24 | % | $ | 6.28 | ||||||||||||||||
Class B | 1,000.00 | 1,345.40 | 1.99 | 11.70 | 1,000.00 | 1,015.09 | 1.99 | 10.05 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,345.60 | 1.99 | 11.70 | 1,000.00 | 1,015.09 | 1.99 | 10.05 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,352.30 | 0.90 | 5.31 | 1,000.00 | 1,020.56 | 0.90 | 4.56 | ||||||||||||||||||||||||
Class O | 1,000.00 | 1,351.10 | 1.24 | 7.31 | 1,000.00 | 1,018.85 | 1.24 | 6.28 | ||||||||||||||||||||||||
Class W | 1,000.00 | 1,352.60 | 0.92 | 5.43 | 1,000.00 | 1,020.46 | 0.92 | 4.66 | ||||||||||||||||||||||||
ING Equity Dividend Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,195.90 | 1.25 | 6.88 | 1,000.00 | 1,018.80 | 1.25 | 6.33 | ||||||||||||||||||||||||
Class B | 1,000.00 | 1,191.20 | 2.00 | 10.99 | 1,000.00 | 1,015.04 | 2.00 | 10.10 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,191.50 | 2.00 | 10.99 | 1,000.00 | 1,015.04 | 2.00 | 10.10 | ||||||||||||||||||||||||
Class W | 1,000.00 | 1,166.00 | 1.00 | 5.43 | 1,000.00 | 1,020.05 | 1.00 | 5.06 |
* | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 183/365 to reflect the most recent fiscal half-year. |
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Actual Fund Return | Hypothetical (5% return before expenses) | |||||||||||||||||||||||||||||||
Beginning | Ending | Expenses Paid | Beginning | Ending | Expenses Paid | |||||||||||||||||||||||||||
Account | Account | During The | Account | Account | During The | |||||||||||||||||||||||||||
Value | Value | Annualized | Period Ended | Value | Value | Annualized | Period Ended | |||||||||||||||||||||||||
June 1, | November 30, | Expense | November 30, | June 1, | November 30, | Expense | November 30, | |||||||||||||||||||||||||
2009 | 2009 | Ratio | 2009* | 2009 | 2009 | Ratio | 2009* | |||||||||||||||||||||||||
ING Growth Opportunities Fund | ||||||||||||||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,210.20 | 1.35 | % | $ | 7.48 | $ | 1,000.00 | $ | 1,018.30 | 1.35 | % | $ | 6.83 | ||||||||||||||||
Class B | 1,000.00 | 1,206.00 | 2.00 | 11.06 | 1,000.00 | 1,015.04 | 2.00 | 10.10 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,205.90 | 2.00 | 11.06 | 1,000.00 | 1,015.04 | 2.00 | 10.00 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,211.90 | 1.00 | 5.54 | 1,000.00 | 1,020.05 | 1.00 | 5.06 | ||||||||||||||||||||||||
Class W(1) | 1,000.00 | 985.50 | 1.00 | 0.22 | 1,000.00 | 1,020.05 | 1.00 | 5.06 | ||||||||||||||||||||||||
ING MidCap Opportunities Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,219.40 | 1.35 | 7.51 | 1,000.00 | 1,018.30 | 1.35 | 6.83 | ||||||||||||||||||||||||
Class B | 1,000.00 | 1,215.80 | 2.10 | 11.66 | 1,000.00 | 1,014.54 | 2.10 | 10.61 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,214.90 | 2.10 | 11.66 | 1,000.00 | 1,014.54 | 2.10 | 10.61 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,221.90 | 0.99 | 5.51 | 1,000.00 | 1,020.10 | 0.99 | 5.01 | ||||||||||||||||||||||||
Class O | 1,000.00 | 1,220.00 | 1.35 | 7.51 | 1,000.00 | 1,018.30 | 1.35 | 6.83 | ||||||||||||||||||||||||
Class W | 1,000.00 | 1,177.70 | 1.01 | 5.51 | 1,000.00 | 1,020.00 | 1.01 | 5.11 | ||||||||||||||||||||||||
ING Opportunistic LargeCap Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,178.90 | 1.25 | 6.83 | 1,000.00 | 1,018.80 | 1.25 | 6.33 | ||||||||||||||||||||||||
Class B | 1,000.00 | 1,174.00 | 2.00 | 10.90 | 1,000.00 | 1,015.04 | 2.00 | 10.10 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,173.80 | 2.00 | 10.90 | 1,000.00 | 1,015.04 | 2.00 | 10.10 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,184.30 | 0.48 | 2.63 | 1,000.00 | 1,022.66 | 0.48 | 2.43 | ||||||||||||||||||||||||
Class W | 1,000.00 | 1,182.50 | 0.58 | 3.17 | 1,000.00 | 1,022.16 | 0.58 | 2.94 | ||||||||||||||||||||||||
ING SmallCap Opportunities Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,164.80 | 1.50 | 8.14 | 1,000.00 | 1,017.55 | 1.50 | 7.59 | ||||||||||||||||||||||||
Class B | 1,000.00 | 1,159.80 | 2.25 | 12.18 | 1,000.00 | 1,013.79 | 2.25 | 11.36 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,160.20 | 2.25 | 12.18 | 1,000.00 | 1,013.79 | 2.25 | 11.36 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,167.90 | 0.92 | 5.00 | 1,000.00 | 1,020.46 | 0.92 | 4.66 | ||||||||||||||||||||||||
Class W | 1,000.00 | 1,167.40 | 0.99 | 5.38 | 1,000.00 | 1,020.10 | 0.99 | 5.01 | ||||||||||||||||||||||||
ING SmallCap Value Multi-Manager Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,192.50 | 1.50 | 8.24 | 1,000.00 | 1,017.55 | 1.50 | 7.59 | ||||||||||||||||||||||||
Class B | 1,000.00 | 1,188.00 | 2.25 | 12.34 | 1,000.00 | 1,013.79 | 2.25 | 11.36 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,187.70 | 2.25 | 12.34 | 1,000.00 | 1,013.79 | 2.25 | 11.36 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,194.50 | 1.02 | 5.61 | 1,000.00 | 1,019.95 | 1.02 | 5.16 | ||||||||||||||||||||||||
Class W | 1,000.00 | 1,194.70 | 1.07 | 5.89 | 1,000.00 | 1,019.70 | 1.07 | 5.42 | ||||||||||||||||||||||||
ING Value Choice Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,212.50 | 1.40 | 7.76 | 1,000.00 | 1,018.05 | 1.40 | 7.08 | ||||||||||||||||||||||||
Class B | 1,000.00 | 1,208.50 | 2.15 | 11.90 | 1,000.00 | 1,014.29 | 2.15 | 10.86 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,208.70 | 2.15 | 11.90 | 1,000.00 | 1,014.29 | 2.15 | 10.86 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,214.30 | 1.15 | 6.38 | 1,000.00 | 1,019.30 | 1.15 | 5.82 | ||||||||||||||||||||||||
Class O | 1,000.00 | 1,213.60 | 1.40 | 7.77 | 1,000.00 | 1,018.05 | 1.40 | 7.08 | ||||||||||||||||||||||||
Class W | 1,000.00 | 1,213.90 | 1.15 | 6.38 | 1,000.00 | 1,019.30 | 1.15 | 5.82 |
* | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 183/365 to reflect the most recent fiscal half-year. |
(1) | Commencement of operations was November 23, 2009. Expenses paid for the Actual Fund Return reflect the 8 day period ended November 30, 2009. |
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ING | ING | ING | ING | |||||||||||||
Real | Equity | Growth | MidCap | |||||||||||||
Estate | Dividend | Opportunities | Opportunities | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in securities at value+* | $ | 455,328,329 | $ | 7,544,052 | $ | 72,594,540 | $ | 252,851,723 | ||||||||
Short-term investments at value** | — | — | 625,068 | 2,637,468 | ||||||||||||
Short-term investments in affiliated underlying funds*** | 5,140,453 | — | 721,000 | 2,799,000 | ||||||||||||
Cash | — | 24,304 | 17,446 | 66,934 | ||||||||||||
Foreign currencies at value**** | — | — | — | 5,590 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | 10,885 | 2,220,175 | 1,467,604 | ||||||||||||
Fund shares sold | 225,206 | 17,424 | 32,090 | 216,590 | ||||||||||||
Dividends and interest | 1,826,122 | 23,864 | 149,131 | 332,881 | ||||||||||||
Prepaid expenses | 63,901 | 35,133 | 33,588 | 34,207 | ||||||||||||
Reimbursement due from manager | — | 2,923 | 42,133 | 49,809 | ||||||||||||
Total assets | 462,584,011 | 7,658,585 | 76,435,171 | 260,461,806 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investment securities purchased | — | 30,229 | 561,648 | 1,003,034 | ||||||||||||
Payable for fund shares redeemed | 566,135 | — | 156,723 | 175,558 | ||||||||||||
Payable upon receipt of securities loaned | — | — | 663,831 | 2,781,320 | ||||||||||||
Payable to affiliates | 323,083 | 7,053 | 52,464 | 269,044 | ||||||||||||
Payable for trustee fees | 7,079 | 104 | 6,569 | 15,849 | ||||||||||||
Other accrued expenses and liabilities | 181,524 | 13,676 | 181,131 | 541,121 | ||||||||||||
Total liabilities | 1,077,821 | 51,062 | 1,622,366 | 4,785,926 | ||||||||||||
NET ASSETS | $ | 461,506,190 | $ | 7,607,523 | $ | 74,812,805 | $ | 255,675,880 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||
Paid-in capital | $ | 578,970,364 | $ | 7,835,356 | $ | 349,079,773 | $ | 339,653,172 | ||||||||
Undistributed net investment income (distributions in excess of net investment income/accumulated net investment loss) | (768,078 | ) | 22,075 | (162,292 | ) | (295,591 | ) | |||||||||
Accumulated net realized loss on investments and foreign currency related transactions | (256,956,823 | ) | (1,217,249 | ) | (287,434,746 | ) | (128,304,885 | ) | ||||||||
Net unrealized appreciation on investments and foreign currency related transactions | 140,260,727 | 967,341 | 13,330,070 | 44,623,184 | ||||||||||||
NET ASSETS | $ | 461,506,190 | $ | 7,607,523 | $ | 74,812,805 | $ | 255,675,880 | ||||||||
+ Including securities loaned at value | $ | — | $ | — | $ | 683,596 | $ | 2,842,234 | ||||||||
* Cost of investments in securities | $ | 315,067,602 | $ | 6,576,717 | $ | 59,225,652 | $ | 208,085,249 | ||||||||
** Cost of short-term investments | $ | — | $ | — | $ | 663,831 | $ | 2,781,320 | ||||||||
*** Cost of short-term investments in affiliated underlying funds | $ | 5,140,453 | $ | — | $ | 721,000 | $ | 2,799,000 | ||||||||
**** Cost of foreign currencies | $ | — | $ | — | $ | — | $ | 5,070 |
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ING | ING | ING | ING | |||||||||||||
Real | Equity | Growth | MidCap | |||||||||||||
Estate | Dividend | Opportunities | Opportunities | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 80,975,428 | $ | 6,273,700 | $ | 39,736,637 | $ | 133,427,069 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||||
Shares outstanding | 8,044,658 | 756,727 | 2,332,058 | 9,638,295 | ||||||||||||
Net asset value and redemption price per share | $ | 10.07 | $ | 8.29 | $ | 17.04 | $ | 13.84 | ||||||||
Maximum offering price per share (5.75%)(1) | $ | 10.68 | $ | 8.80 | $ | 18.08 | $ | 14.68 | ||||||||
Class B: | ||||||||||||||||
Net assets | $ | 1,548,991 | $ | 224,159 | $ | 13,884,349 | $ | 16,266,429 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||||
Shares outstanding | 153,305 | 27,101 | 865,877 | 1,289,437 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 10.10 | $ | 8.27 | $ | 16.04 | $ | 12.62 | ||||||||
Maximum offering price per share | $ | 10.10 | $ | 8.27 | $ | 16.04 | $ | 12.62 | ||||||||
Class C: | ||||||||||||||||
Net assets | $ | 4,889,699 | $ | 1,106,205 | $ | 15,501,380 | $ | 50,309,662 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||||
Shares outstanding | 464,881 | 133,284 | 969,487 | 4,010,240 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 10.52 | $ | 8.30 | $ | 15.99 | $ | 12.55 | ||||||||
Maximum offering price per share | $ | 10.52 | $ | 8.30 | $ | 15.99 | $ | 12.55 | ||||||||
Class I: | ||||||||||||||||
Net assets | $ | 347,083,625 | n/a | $ | 5,406,360 | $ | 18,359,953 | |||||||||
Shares authorized | unlimited | n/a | unlimited | unlimited | ||||||||||||
Par value | $ | 0.01 | n/a | $ | 0.01 | $ | 0.01 | |||||||||
Shares outstanding | 32,322,510 | n/a | 301,081 | 1,258,665 | ||||||||||||
Net asset value and redemption price per share | $ | 10.74 | n/a | $ | 17.96 | $ | 14.59 | |||||||||
Maximum offering price per share | $ | 10.74 | n/a | $ | 17.96 | $ | 14.59 | |||||||||
Class O: | ||||||||||||||||
Net assets | $ | 23,965,272 | n/a | n/a | $ | 32,555,134 | ||||||||||
Shares authorized | unlimited | n/a | n/a | unlimited | ||||||||||||
Par value | $ | 0.01 | n/a | n/a | $ | 0.01 | ||||||||||
Shares outstanding | 2,384,479 | n/a | n/a | 2,357,169 | ||||||||||||
Net asset value and redemption price per share | $ | 10.05 | n/a | n/a | $ | 13.81 | ||||||||||
Maximum offering price per share | $ | 10.05 | n/a | n/a | $ | 13.81 | ||||||||||
Class W: | ||||||||||||||||
Net assets | $ | 3,043,175 | $ | 3,459 | $ | 284,079 | $ | 4,757,633 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||||
Shares outstanding | 254,420 | 400 | 16,107 | 326,252 | ||||||||||||
Net asset value and redemption price per share | $ | 11.96 | $ | 8.65 | $ | 17.64 | $ | 14.58 | ||||||||
Maximum offering price per share | $ | 11.96 | $ | 8.65 | $ | 17.64 | $ | 14.58 |
(1) | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $100,000 or more, the offering price is reduced. |
(2) | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
15
Table of Contents
ING | ING | ING | ING | |||||||||||||
Opportunistic | SmallCap | SmallCap Value | Value | |||||||||||||
LargeCap | Opportunities | Multi-Manager | Choice | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in securities at value+* | $ | 20,154,750 | $ | 93,862,886 | $ | 20,216,548 | $ | 457,960,503 | ||||||||
Short-term investments at value** | — | 3,548,429 | 92,165 | 12,202,471 | ||||||||||||
Short-term investments in affiliated underlying funds*** | 299,000 | 1,275,000 | 393,856 | 46,367,914 | ||||||||||||
Cash | 436 | 753 | 1,838 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 60,283 | 743,698 | 162,461 | 100 | ||||||||||||
Fund shares sold | 8,392 | 26,639 | 5,717 | 3,726,838 | ||||||||||||
Dividends and interest | 46,490 | 116,579 | 15,320 | 1,880,987 | ||||||||||||
Prepaid expenses | 42,459 | 39,545 | 23,689 | 49,126 | ||||||||||||
Reimbursement due from manager | 7,600 | 47,650 | 5,669 | — | ||||||||||||
Total assets | 20,619,410 | 99,661,179 | 20,917,263 | 522,187,939 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investment securities purchased | 63,189 | 537,916 | 40,205 | 7,234,747 | ||||||||||||
Payable for fund shares redeemed | 59,088 | 262,755 | 38,991 | 1,345,858 | ||||||||||||
Payable upon receipt of securities loaned | — | 3,621,013 | 113,207 | 12,315,005 | ||||||||||||
Payable to affiliates | 19,062 | 112,369 | 25,456 | 566,353 | ||||||||||||
Payable for trustee fees | 2,373 | 6,664 | 2,722 | 2,211 | ||||||||||||
Other accrued expenses and liabilities | 75,572 | 247,490 | 70,630 | 362,950 | ||||||||||||
Total liabilities | 219,284 | 4,788,207 | 291,211 | 21,827,124 | ||||||||||||
NET ASSETS | $ | 20,400,126 | $ | 94,872,972 | $ | 20,626,052 | $ | 500,360,815 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||
Paid-in capital | $ | 65,244,164 | $ | 338,711,083 | $ | 44,824,691 | $ | 509,051,574 | ||||||||
Undistributed net investment income (accumulated net investment loss) | 49,370 | (408,796 | ) | 37,772 | 3,468,540 | |||||||||||
Accumulated net realized loss on investments | (47,215,308 | ) | (249,593,104 | ) | (25,685,564 | ) | (85,180,780 | ) | ||||||||
Net unrealized appreciation on investments | 2,321,900 | 6,163,789 | 1,449,153 | 73,021,481 | ||||||||||||
NET ASSETS | $ | 20,400,126 | $ | 94,872,972 | $ | 20,626,052 | $ | 500,360,815 | ||||||||
+ Including securities loaned at value | $ | — | $ | 3,541,418 | $ | 105,359 | $ | 11,518,790 | ||||||||
* Cost of investments in securities | $ | 17,832,850 | $ | 87,626,513 | $ | 18,746,353 | $ | 384,826,488 | ||||||||
** Cost of short-term investments | $ | — | $ | 3,621,013 | $ | 113,207 | $ | 12,315,005 | ||||||||
*** Cost of short-term investments in affiliated underlying funds | $ | 299,000 | $ | 1,275,000 | $ | 393,856 | $ | 46,367,914 |
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Table of Contents
ING | ING | ING | ING | |||||||||||||
Opportunistic | SmallCap | SmallCap Value | Value | |||||||||||||
LargeCap | Opportunities | Multi-Manager | Choice | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 14,934,699 | $ | 65,910,342 | $ | 15,751,608 | $ | 327,381,539 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||||
Shares outstanding | 1,828,156 | 2,480,906 | 1,911,954 | 22,857,227 | ||||||||||||
Net asset value and redemption price per share | $ | 8.17 | $ | 26.57 | $ | 8.24 | $ | 14.32 | ||||||||
Maximum offering price per share (5.75%)(1) | $ | 8.67 | $ | 28.19 | $ | 8.74 | $ | 15.19 | ||||||||
Class B: | ||||||||||||||||
Net assets | $ | 2,023,945 | $ | 4,444,974 | $ | 1,180,783 | $ | 30,450,711 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||||
Shares outstanding | 254,314 | 189,031 | 145,973 | 2,153,884 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 7.96 | $ | 23.51 | $ | 8.09 | $ | 14.14 | ||||||||
Maximum offering price per share | $ | 7.96 | $ | 23.51 | $ | 8.09 | $ | 14.14 | ||||||||
Class C: | ||||||||||||||||
Net assets | $ | 1,298,296 | $ | 18,155,657 | $ | 3,045,952 | $ | 96,547,402 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||||
Shares outstanding | 164,341 | 773,786 | 376,216 | 6,834,829 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 7.90 | $ | 23.46 | $ | 8.10 | $ | 14.13 | ||||||||
Maximum offering price per share | $ | 7.90 | $ | 23.46 | $ | 8.10 | $ | 14.13 | ||||||||
Class I: | ||||||||||||||||
Net assets | $ | 2,142,459 | $ | 5,797,205 | $ | 614,037 | $ | 11,733,118 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||||
Shares outstanding | 258,465 | 210,411 | 74,066 | 812,226 | ||||||||||||
Net asset value and redemption price per share | $ | 8.29 | $ | 27.55 | $ | 8.29 | $ | 14.45 | ||||||||
Maximum offering price per share | $ | 8.29 | $ | 27.55 | $ | 8.29 | $ | 14.45 | ||||||||
Class O: | ||||||||||||||||
Net assets | n/a | n/a | n/a | $ | 2,362,060 | |||||||||||
Shares authorized | n/a | n/a | n/a | unlimited | ||||||||||||
Par value | n/a | n/a | n/a | $ | 0.01 | |||||||||||
Shares outstanding | n/a | n/a | n/a | 165,673 | ||||||||||||
Net asset value and redemption price per share | n/a | n/a | n/a | $ | 14.26 | |||||||||||
Maximum offering price per share | n/a | n/a | n/a | $ | 14.26 | |||||||||||
Class W: | ||||||||||||||||
Net assets | $ | 727 | $ | 564,794 | $ | 33,672 | $ | 31,885,985 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||||
Shares outstanding | 88 | 20,551 | 3,949 | 2,058,383 | ||||||||||||
Net asset value and redemption price per share | $ | 8.23 | $ | 27.48 | $ | 8.53 | $ | 15.49 | ||||||||
Maximum offering price per share | $ | 8.23 | $ | 27.48 | $ | 8.53 | $ | 15.49 |
(1) | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $100,000 or more, the offering price is reduced. |
(2) | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
17
Table of Contents
ING | ING | ING | ING | |||||||||||||
Real | Equity | Growth | MidCap | |||||||||||||
Estate | Dividend | Opportunities | Opportunities | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends, net of foreign taxes withheld*(1) | $ | 6,865,899 | $ | 116,445 | $ | 431,171 | $ | 1,489,964 | ||||||||
Securities lending income, net | 1,565 | — | 2,807 | 33,490 | ||||||||||||
Total investment income | 6,867,464 | 116,445 | 433,978 | 1,523,454 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment management fees | 1,496,593 | 23,281 | 283,656 | 891,284 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 87,791 | 7,470 | 66,983 | 154,813 | ||||||||||||
Class B | 7,511 | 809 | 71,637 | 84,835 | ||||||||||||
Class C | 22,069 | 5,113 | 77,712 | 238,421 | ||||||||||||
Class O | 26,207 | — | — | 38,474 | ||||||||||||
Class Q(2) | — | — | 328 | 5,254 | ||||||||||||
Transfer agent fees: | ||||||||||||||||
Class A | 32,584 | 1,509 | 70,242 | 210,194 | ||||||||||||
Class B | 704 | 37 | 26,424 | 29,053 | ||||||||||||
Class C | 2,060 | 257 | 28,639 | 80,984 | ||||||||||||
Class I | 7,473 | — | 1,591 | 16,143 | ||||||||||||
Class O | 9,752 | — | — | 52,385 | ||||||||||||
Class Q(2) | — | — | 58 | 5,238 | ||||||||||||
Class W | 200 | 3 | 20 | 359 | ||||||||||||
Administrative service fees | 213,797 | 3,582 | 37,820 | 235,071 | ||||||||||||
Shareholder reporting expense | 68,820 | 989 | 39,729 | 107,409 | ||||||||||||
Registration fees | 42,449 | 25,268 | 30,418 | 30,079 | ||||||||||||
Professional fees | 49,528 | 11,836 | 8,357 | 37,550 | ||||||||||||
Custody and accounting expense | 25,688 | 432 | 4,898 | 23,150 | ||||||||||||
Trustee fees | 7,503 | 101 | 3,294 | 4,941 | ||||||||||||
Miscellaneous expense | 17,020 | 3,956 | 8,935 | 28,428 | ||||||||||||
Interest Expense | 84 | — | 295 | — | ||||||||||||
Total expenses | 2,117,833 | 84,643 | 761,036 | 2,274,065 | ||||||||||||
Net waived and reimbursed fees | (2,354 | ) | (35,388 | ) | (165,513 | ) | (455,020 | ) | ||||||||
Brokerage commission recapture | — | — | (796 | ) | — | |||||||||||
Net expenses | 2,115,479 | 49,255 | 594,727 | 1,819,045 | ||||||||||||
Net investment income (loss) | 4,751,985 | 67,190 | (160,749 | ) | (295,591 | ) | ||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (282,215 | ) | 353,818 | 8,596,351 | 23,479,167 | |||||||||||
Foreign currency related transactions | — | 530 | — | 271 | ||||||||||||
Net realized gain (loss) on investments and foreign currency related transactions | (282,215 | ) | 354,348 | 8,596,351 | 23,479,438 | |||||||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||||||
Investments | 123,757,379 | 856,150 | 5,898,940 | 23,210,447 | ||||||||||||
Foreign currency related transactions | — | 6 | 531 | 371 | ||||||||||||
Net change in unrealized appreciation on investments | 123,757,379 | 856,156 | 5,899,471 | 23,210,818 | ||||||||||||
Net realized and unrealized gain on investments and foreign currency related transactions | 123,475,164 | 1,210,504 | 14,495,822 | 46,690,256 | ||||||||||||
Increase in net assets resulting from operations | $ | 128,227,149 | $ | 1,277,694 | $ | 14,335,073 | $ | 46,394,665 | ||||||||
* Foreign taxes withheld | $ | — | $ | 1,188 | $ | 2,534 | $ | 5,325 | ||||||||
(1) Dividends from affiliated underlying funds | $ | 5,691 | $ | 27 | $ | 795 | $ | 3,572 | ||||||||
(2) Effective November 23, 2009, Class Q shareholders of ING Real Estate Fund, ING Growth Opportunities Fund, ING MidCap Opportunities Fund, and ING SmallCap Opportunities Fund were converted to Class W shares of the Fund. |
18
Table of Contents
ING | ING | ING | ING | |||||||||||||
Opportunistic | SmallCap | SmallCap Value | Value | |||||||||||||
LargeCap | Opportunities | Multi-Manager | Choice | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends, net of foreign taxes withheld*(1) | $ | 174,171 | $ | 369,634 | $ | 224,922 | $ | 3,112,567 | ||||||||
Interest | — | — | — | 1,562,183 | ||||||||||||
Securities lending income, net | — | 32,097 | 2,399 | 78,236 | ||||||||||||
Total investment income | 174,171 | 401,731 | 227,321 | 4,752,986 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment management fees | 67,577 | 446,560 | 127,919 | 1,933,384 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 17,542 | 86,878 | 26,003 | 353,907 | ||||||||||||
Class B | 10,137 | 24,487 | 6,337 | 140,391 | ||||||||||||
Class C | 5,851 | 91,333 | 16,409 | 413,659 | ||||||||||||
Class O | — | — | — | 2,366 | ||||||||||||
Class Q(2) | — | 90 | — | — | ||||||||||||
Transfer agent fees: | ||||||||||||||||
Class A | 39,945 | 139,830 | 25,204 | 332,913 | ||||||||||||
Class B | 5,763 | 9,855 | 1,542 | 32,902 | ||||||||||||
Class C | 3,327 | 37,186 | 3,992 | 96,107 | ||||||||||||
Class I | 505 | 2,093 | 100 | 3,081 | ||||||||||||
Class O | — | — | — | 2,182 | ||||||||||||
Class Q(2) | — | 27 | — | — | ||||||||||||
Class W | — | 444 | 11 | 11,689 | ||||||||||||
Administrative service fees | 9,654 | 101,814 | 13,291 | 214,819 | ||||||||||||
Shareholder reporting expense | 8,401 | 46,774 | 8,493 | 66,058 | ||||||||||||
Registration fees | 27,062 | 34,948 | 29,668 | 47,526 | ||||||||||||
Professional fees | 4,944 | 31,457 | 3,211 | 35,972 | ||||||||||||
Custody and accounting expense | 1,885 | 15,410 | 3,230 | 20,030 | ||||||||||||
Trustee fees | 340 | 2,536 | 1,281 | 4,937 | ||||||||||||
Miscellaneous expense | 3,327 | 17,138 | 3,952 | 9,884 | ||||||||||||
Interest Expense | — | 250 | 45 | — | ||||||||||||
Total expenses | 206,260 | 1,089,110 | 270,688 | 3,721,807 | ||||||||||||
Net waived and reimbursed fees | (81,459 | ) | (278,583 | ) | (57,211 | ) | (339,607 | ) | ||||||||
Brokerage commission recapture | — | — | (1,530 | ) | (35,651 | ) | ||||||||||
Net expenses | 124,801 | 810,527 | 211,947 | 3,346,549 | ||||||||||||
Net investment income (loss) | 49,370 | (408,796 | ) | 15,374 | 1,406,437 | |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||
Net realized gain (loss) on investments | 1,550,795 | 4,880,793 | (2,179,606 | ) | (10,419,625 | ) | ||||||||||
Net change in unrealized appreciation or depreciation on investments | 1,559,967 | 10,547,700 | 6,993,223 | 89,630,429 | ||||||||||||
Net realized and unrealized gain on investments | 3,110,762 | 15,428,493 | 4,813,617 | 79,210,804 | ||||||||||||
Increase in net assets resulting from operations | $ | 3,160,132 | $ | 15,019,697 | $ | 4,828,991 | $ | 80,617,241 | ||||||||
�� | ||||||||||||||||
* Foreign taxes withheld | $ | 1,108 | $ | 1,106 | $ | — | $ | 58,142 | ||||||||
(1) Dividends from affiliated underlying funds | $ | 165 | $ | 1,748 | $ | 666 | $ | 40,577 | ||||||||
(2) Effective November 23, 2009, Class Q shareholders of ING Real Estate Fund, ING Growth Opportunities Fund, ING MidCap Opportunities Fund, and ING SmallCap Opportunities Fund were converted to Class W shares of the Fund. |
19
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) |
ING Real Estate Fund | ING Equity Dividend Fund | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Year Ended | Ended | Year Ended | |||||||||||||
November 30, | May 31, | November 30, | May 31, | |||||||||||||
2009 | 2009 | 2009 | 2009 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 4,751,985 | $ | 13,582,156 | $ | 67,190 | $ | 147,613 | ||||||||
Net realized gain (loss) on investments and foreign currency related transactions | (282,215 | ) | (250,244,973 | ) | 354,348 | (1,502,049 | ) | |||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | 123,757,379 | (58,334,183 | ) | 856,156 | 241,461 | |||||||||||
Increase (decrease) in net assets resulting from operations | 128,227,149 | (294,997,000 | ) | 1,277,694 | (1,112,975 | ) | ||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (883,174 | ) | (1,829,910 | ) | (55,916 | ) | (137,419 | ) | ||||||||
Class B | (13,811 | ) | (30,459 | ) | (869 | ) | (1,001 | ) | ||||||||
Class C | (37,100 | ) | (76,685 | ) | (6,092 | ) | (9,275 | ) | ||||||||
Class I | (4,648,320 | ) | (10,659,997 | ) | — | — | ||||||||||
Class O | (263,385 | ) | (555,114 | ) | — | — | ||||||||||
Class Q(2) | (7 | ) | (15 | ) | — | — | ||||||||||
Class W | (21,898 | ) | (16,863 | ) | (33 | ) | — | |||||||||
Return of capital: | ||||||||||||||||
Class A | (589,402 | ) | (992,591 | ) | — | — | ||||||||||
Class B | (12,935 | ) | (29,100 | ) | — | — | ||||||||||
Class C | (36,354 | ) | (40,989 | ) | — | — | ||||||||||
Class I | (2,683,281 | ) | (3,488,651 | ) | — | — | ||||||||||
Class O | (175,674 | ) | (315,931 | ) | — | — | ||||||||||
Class Q(2) | (4 | ) | (7 | ) | — | — | ||||||||||
Class W | (8,990 | ) | (4,193 | ) | — | — | ||||||||||
Total distributions | (9,374,335 | ) | (18,040,505 | ) | (62,910 | ) | (147,695 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 57,254,416 | 420,998,209 | 446,481 | 3,122,961 | ||||||||||||
Reinvestment of distributions | 3,695,811 | 8,699,181 | 14,033 | 18,150 | ||||||||||||
60,950,227 | 429,697,390 | 460,514 | 3,141,111 | |||||||||||||
Cost of shares redeemed | (116,227,553 | ) | (203,742,681 | ) | (680,324 | ) | (134,228 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (55,277,326 | ) | 225,954,709 | (219,810 | ) | 3,006,883 | ||||||||||
Net increase (decrease) in net assets | 63,575,488 | (87,082,796 | ) | 994,974 | 1,746,213 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 397,930,702 | 485,013,498 | 6,612,549 | 4,866,336 | ||||||||||||
End of period | $ | 461,506,190 | $ | 397,930,702 | $ | 7,607,523 | $ | 6,612,549 | ||||||||
Undistributed net investment income (distributions in excess of net investment income) at end of period | $ | (768,078 | ) | $ | 347,632 | $ | 22,075 | $ | 17,795 | |||||||
(2) Effective November 23, 2009, Class Q shareholders of ING Real Estate Fund, ING Growth Opportunities Fund, ING MidCap Opportunities Fund, and ING SmallCap Opportunities Fund were converted to Class W shares of the Fund. |
20
Table of Contents
ING Growth | ||||||||||||||||
Opportunities Fund | ING MidCap Opportunities Fund | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Year Ended | Ended | Year Ended | |||||||||||||
November 30, | May 31, | November 30, | May 31, | |||||||||||||
2009 | 2009 | 2009 | 2009 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment loss | $ | (160,749 | ) | $ | (420,884 | ) | $ | (295,591 | ) | $ | (1,332,331 | ) | ||||
Net realized gain (loss) on investments and foreign currency related transactions | 8,596,351 | (38,848,453 | ) | 23,479,438 | (76,191,172 | ) | ||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | 5,899,471 | (19,313,524 | ) | 23,210,818 | (2,200,870 | ) | ||||||||||
Increase (decrease) in net assets resulting from operations | 14,335,073 | (58,582,861 | ) | 46,394,665 | (79,724,373 | ) | ||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net realized gains: | ||||||||||||||||
Class A | — | — | — | (965,207 | ) | |||||||||||
Class B | — | — | — | (240,600 | ) | |||||||||||
Class C | — | — | — | (508,748 | ) | |||||||||||
Class I | — | — | — | (64,970 | ) | |||||||||||
Class O | — | — | — | (1,916 | ) | |||||||||||
Class Q | — | — | — | (39,092 | ) | |||||||||||
�� | ||||||||||||||||
Total distributions | — | — | — | (1,820,533 | ) | |||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 2,901,426 | 12,846,669 | 19,604,530 | 43,107,993 | ||||||||||||
Proceeds from shares issued in merger (Note 13) | — | — | — | 49,015,412 | ||||||||||||
Reinvestment of distributions | — | — | — | 1,258,272 | ||||||||||||
2,901,426 | 12,846,669 | 19,604,530 | 93,381,677 | |||||||||||||
Redemption fee proceeds | — | — | — | 39,534 | ||||||||||||
Cost of shares redeemed | (19,352,008 | ) | (39,742,491 | ) | (24,833,453 | ) | (69,452,409 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (16,450,582 | ) | (26,895,822 | ) | (5,228,923 | ) | 23,968,802 | |||||||||
Net increase (decrease) in net assets | (2,115,509 | ) | (85,478,683 | ) | 41,165,742 | (57,576,104 | ) | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 76,928,314 | 162,406,997 | 214,510,138 | 272,086,242 | ||||||||||||
End of period | $ | 74,812,805 | $ | 76,928,314 | $ | 255,675,880 | $ | 214,510,138 | ||||||||
Accumulated net investment loss at end of period | $ | (162,292 | ) | $ | (1,543 | ) | $ | (295,591 | ) | $ | — | |||||
21
Table of Contents
ING Opportunistic | ING SmallCap | |||||||||||||||
LargeCap Fund | Opportunities Fund | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Year Ended | Ended | Year Ended | |||||||||||||
November 30, | May 31, | November 30, | May 31, | |||||||||||||
2009 | 2009 | 2009 | 2009 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 49,370 | $ | (36,543 | ) | $ | (408,796 | ) | $ | (853,807 | ) | |||||
Net realized gain (loss) on investments | 1,550,795 | (12,195,242 | ) | 4,880,793 | (37,977,175 | ) | ||||||||||
Net change in unrealized appreciation or depreciation on investments | 1,559,967 | (1,901,251 | ) | 10,547,700 | (13,404,870 | ) | ||||||||||
Increase (decrease) in net assets resulting from operations | 3,160,132 | (14,133,036 | ) | 15,019,697 | (52,235,852 | ) | ||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 1,325,202 | 2,581,968 | 4,933,203 | 68,259,684 | ||||||||||||
Cost of shares redeemed | (2,239,286 | ) | (12,718,565 | ) | (21,870,478 | ) | (53,101,352 | ) | ||||||||
Net decrease in net assets resulting from capital share transactions | (914,084 | ) | (10,136,597 | ) | (16,937,275 | ) | 15,158,332 | |||||||||
Net increase (decrease) in net assets | 2,246,048 | (24,269,633 | ) | (1,917,578 | ) | (37,077,520 | ) | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 18,154,078 | 42,423,711 | 96,790,550 | 133,868,070 | ||||||||||||
End of period | $ | 20,400,126 | $ | 18,154,078 | $ | 94,872,972 | $ | 96,790,550 | ||||||||
Undistributed net investment income (accumulated net investment loss) at end of period | $ | 49,370 | $ | — | $ | (408,796 | ) | $ | — | |||||||
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ING SmallCap Value | ||||||||||||||||
Multi-Manager Fund | ING Value Choice Fund | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Year Ended | Ended | Year Ended | |||||||||||||
November 30, | May 31, | November 30, | May 31, | |||||||||||||
2009 | 2009 | 2009 | 2009 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 15,374 | $ | 258,006 | $ | 1,406,437 | $ | 2,788,299 | ||||||||
Net realized loss on investments | (2,179,606 | ) | (21,321,721 | ) | (10,419,625 | ) | (54,671,475 | ) | ||||||||
Net change in unrealized appreciation or depreciation on investments | 6,993,223 | (2,517,373 | ) | 89,630,429 | (15,840,979 | ) | ||||||||||
Increase (decrease) in net assets resulting from operations | 4,828,991 | (23,581,088 | ) | 80,617,241 | (67,724,155 | ) | ||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | — | (239,646 | ) | — | (1,965,477 | ) | ||||||||||
Class I | — | (41,149 | ) | — | (52,639 | ) | ||||||||||
Class O | — | — | — | (2,855 | ) | |||||||||||
Class W | — | (376 | ) | — | (66,364 | ) | ||||||||||
Net realized gains: | ||||||||||||||||
Class A | — | — | — | (4,573,572 | ) | |||||||||||
Class B | — | — | — | (597,971 | ) | |||||||||||
Class C | — | — | — | (1,505,087 | ) | |||||||||||
Class I | — | — | — | (63,246 | ) | |||||||||||
Class O | — | — | — | (1,617 | ) | |||||||||||
Class W | — | — | — | (117,401 | ) | |||||||||||
Total distributions | — | (281,171 | ) | — | (8,946,229 | ) | ||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 1,888,358 | 6,263,934 | 157,697,282 | 213,703,475 | ||||||||||||
Proceeds from shares issued in merger (Note 13) | — | — | — | 27,448,473 | ||||||||||||
Reinvestment of distributions | — | 177,350 | — | 6,782,862 | ||||||||||||
1,888,358 | 6,441,284 | 157,697,282 | 247,934,810 | |||||||||||||
Redemption fee proceeds | — | — | — | 24,417 | ||||||||||||
Cost of shares redeemed | (12,430,298 | ) | (22,162,736 | ) | (106,796,536 | ) | (157,861,415 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (10,541,940 | ) | (15,721,452 | ) | 50,900,746 | 90,097,812 | ||||||||||
Net increase (decrease) in net assets | (5,712,949 | ) | (39,583,711 | ) | 131,517,987 | 13,427,428 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 26,339,001 | 65,922,712 | 368,842,828 | 355,415,400 | ||||||||||||
End of period | $ | 20,626,052 | $ | 26,339,001 | $ | 500,360,815 | $ | 368,842,828 | ||||||||
Undistributed net investment income at end of period | $ | 37,772 | $ | 22,398 | $ | 3,468,540 | $ | 2,062,103 | ||||||||
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Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment | Supplemental | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operations | Less distributions | Ratios to average net assets | Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | Net | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset | realized | Total | asset | Expenses | Expenses, net of | Expenses, net of | Net assets, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
value, | Net | and | from | From net | value, | before | fee waivers | all | Net investment | end | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | investment | unrealized | investment | investment | From net | From return of | Total | end of | Total | reductions/ | and/or recoupments, | reductions/ | income | of year or | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of year or period | income (loss) | gain (loss) | operations | income | realized gains | capital | distributions | Payment by affiliate | year or period | Return(1) | additions(2) | if any(2)(3) | additions(2)(3) | (loss)(2)(3) | period | Turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Real Estate Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 7 | .63 | 0 | .09 | 2 | .53 | 2 | .62 | 0 | .11 | — | 0 | .07 | 0 | .18 | — | 10 | .07 | 35 | .01 | 1 | .24 | 1 | .24† | 1 | .24† | 1 | .95† | 80,975 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 14 | .89 | 0 | .26• | (7 | .14) | (6 | .88) | 0 | .24 | — | 0 | .14 | 0 | .38 | — | 7 | .63 | (46 | .62) | 1 | .35 | 1 | .34† | 1 | .34† | 2 | .65† | 57,141 | 105 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 19 | .27 | 0 | .21• | (2 | .61) | (2 | .40) | 0 | .19 | 1 | .67 | 0 | .12 | 1 | .98 | — | 14 | .89 | (11 | .59) | 1 | .36 | 1 | .33 | 1 | .33 | 1 | .34 | 105,808 | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 16 | .42 | 0 | .14• | 4 | .41 | 4 | .55 | 0 | .16 | 1 | .54 | — | 1 | .70 | — | 19 | .27 | 28 | .13 | 1 | .22 | 1 | .22 | 1 | .20 | 0 | .74 | 165,377 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 14 | .82 | 0 | .20(a) | 3 | .02 | 3 | .22 | 0 | .49 | 1 | .13 | — | 1 | .62 | — | 16 | .42 | 22 | .63 | 1 | .20 | 1 | .20 | 1 | .16 | 1 | .36(a) | 102,853 | 51 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-05 | 12 | .76 | 0 | .47• | 3 | .04 | 3 | .51 | 0 | .50 | 0 | .95 | — | 1 | .45 | — | 14 | .82 | 28 | .51 | 1 | .15 | 1 | .23 | 1 | .15 | �� | 3 | .34 | 57,799 | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 7 | .65 | 0 | .05• | 2 | .55 | 2 | .60 | 0 | .08 | — | 0 | .07 | 0 | .15 | — | 10 | .10 | 34 | .54 | 1 | .99 | 1 | .99† | 1 | .99† | 1 | .17† | 1,549 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 14 | .93 | 0 | .17• | (7 | .16) | (6 | .99) | 0 | .15 | — | 0 | .14 | 0 | .29 | — | 7 | .65 | (47 | .07) | 2 | .10 | 2 | .09† | 2 | .09† | 1 | .75† | 1,374 | 105 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 19 | .32 | 0 | .09• | (2 | .63) | (2 | .54) | 0 | .06 | 1 | .67 | 0 | .12 | 1 | .85 | — | 14 | .93 | (12 | .35) | 2 | .11 | 2 | .08 | 2 | .08 | 0 | .59 | 3,285 | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 16 | .45 | (0 | .00)* | 4 | .43 | 4 | .43 | 0 | .02 | 1 | .54 | — | 1 | .56 | — | 19 | .32 | 27 | .24 | 1 | .97 | 1 | .97 | 1 | .95 | (0 | .00)* | 6,331 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 14 | .85 | 0 | .08(a) | 3 | .02 | 3 | .10 | 0 | .37 | 1 | .13 | — | 1 | .50 | — | 16 | .45 | 21 | .70 | 1 | .95 | 1 | .95 | 1 | .91 | 0 | .61(a) | 5,037 | 51 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-05 | 12 | .78 | 0 | .37• | 3 | .05 | 3 | .42 | 0 | .40 | 0 | .95 | — | 1 | .35 | — | 14 | .85 | 27 | .62 | 1 | .90 | 1 | .98 | 1 | .90 | 2 | .64 | 3,484 | 91 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 7 | .96 | 0 | .06 | 2 | .65 | 2 | .71 | 0 | .08 | — | 0 | .07 | 0 | .15 | — | 10 | .52 | 34 | .56 | 1 | .99 | 1 | .99† | 1 | .99† | 1 | .18† | 4,890 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 15 | .52 | 0 | .21• | (7 | .46) | (7 | .25) | 0 | .17 | — | 0 | .14 | 0 | .31 | — | 7 | .96 | (47 | .02) | 2 | .10 | 2 | .09† | 2 | .09† | 2 | .32† | 3,955 | 105 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 19 | .99 | 0 | .10• | (2 | .73) | (2 | .63) | 0 | .05 | 1 | .67 | 0 | .12 | 1 | .84 | — | 15 | .52 | (12 | .37) | 2 | .11 | 2 | .08 | 2 | .08 | 0 | .58 | 3,214 | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 16 | .98 | (0 | .01)• | 4 | .58 | 4 | .57 | 0 | .02 | 1 | .54 | — | 1 | .56 | — | 19 | .99 | 27 | .21 | 1 | .97 | 1 | .97 | 1 | .95 | (0 | .02) | 4,942 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 15 | .28 | 0 | .11(a) | 3 | .09 | 3 | .20 | 0 | .37 | 1 | .13 | — | 1 | .50 | — | 16 | .98 | 21 | .69 | 1 | .95 | 1 | .95 | 1 | .91 | 0 | .61(a) | 3,124 | 51 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-05 | 13 | .11 | 0 | .38• | 3 | .13 | 3 | .51 | 0 | .39 | 0 | .95 | — | 1 | .34 | — | 15 | .28 | 27 | .57 | 1 | .90 | 1 | .98 | 1 | .90 | 2 | .65 | 2,720 | 91 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 8 | .13 | 0 | .11 | 2 | .70 | 2 | .81 | 0 | .13 | — | 0 | .07 | 0 | .20 | — | 10 | .74 | 35 | .23 | 0 | .90 | 0 | .90† | 0 | .90† | 2 | .32† | 347,084 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 15 | .84 | 0 | .32• | (7 | .61) | (7 | .29) | 0 | .28 | — | 0 | .14 | 0 | .42 | — | 8 | .13 | (46 | .44) | 0 | .92 | 0 | .91† | 0 | .91† | 3 | .25† | 316,925 | 105 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 20 | .35 | 0 | .25• | (2 | .73) | (2 | .48) | 0 | .24 | 1 | .67 | 0 | .12 | 2 | .03 | — | 15 | .84 | (11 | .35) | 1 | .04 | 1 | .01 | 1 | .01 | 1 | .49 | 337,455 | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 17 | .25 | 0 | .21• | 4 | .64 | 4 | .85 | 0 | .21 | 1 | .54 | — | 1 | .75 | — | 20 | .35 | 28 | .55 | 0 | .90 | 0 | .90 | 0 | .87 | 1 | .07 | 168,125 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 15 | .49 | 0 | .28•(a) | 3 | .14 | 3 | .42 | 0 | .53 | 1 | .13 | — | 1 | .66 | — | 17 | .25 | 22 | .98 | 0 | .92 | 0 | .92 | 0 | .88 | 1 | .68(a) | 144,907 | 51 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-05 | 13 | .28 | 0 | .54• | 3 | .15 | 3 | .69 | 0 | .53 | 0 | .95 | — | 1 | .48 | — | 15 | .49 | 28 | .82 | 0 | .90 | 0 | .98 | 0 | .90 | 3 | .70 | 146,499 | 91 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class O | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 7 | .61 | 0 | .09 | 2 | .53 | 2 | .62 | 0 | .11 | — | 0 | .07 | 0 | .18 | — | 10 | .05 | 35 | .11 | 1 | .24 | 1 | .24† | 1 | .24† | 1 | .95† | 23,965 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 14 | .86 | 0 | .25 | (7 | .12) | (6 | .87) | 0 | .24 | — | 0 | .14 | 0 | .38 | — | 7 | .61 | (46 | .66) | 1 | .35 | 1 | .34† | 1 | .34† | 2 | .54† | 17,709 | 105 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 19 | .24 | 0 | .21• | (2 | .61) | (2 | .40) | 0 | .19 | 1 | .67 | 0 | .12 | 1 | .98 | — | 14 | .86 | (11 | .64) | 1 | .35 | 1 | .32 | 1 | .32 | 1 | .36 | 35,182 | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 16 | .40 | 0 | .14• | 4 | .41 | 4 | .55 | 0 | .17 | 1 | .54 | — | 1 | .71 | — | 19 | .24 | 28 | .15 | 1 | .22 | 1 | .22 | 1 | .20 | 0 | .73 | 53,140 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 14 | .81 | 0 | .21(a) | 3 | .00 | 3 | .21 | 0 | .49 | 1 | .13 | — | 1 | .62 | — | 16 | .40 | 22 | .60 | 1 | .16 | 1 | .16 | 1 | .13 | 1 | .36(a) | 28,720 | 51 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09-15-04(4)–05-31-05 | 13 | .52 | 0 | .39 | 2 | .23 | 2 | .62 | 0 | .38 | 0 | .95 | — | 1 | .33 | — | 14 | .81 | 20 | .12 | 1 | .15 | 1 | .23 | 1 | .15 | 3 | .32 | 12,305 | 91 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 9 | .03 | 0 | .12 | 3 | .01 | 3 | .13 | 0 | .13 | — | 0 | .07 | 0 | .20 | — | 11 | .96 | 35 | .26 | 0 | .92 | 0 | .92† | 0 | .92† | 2 | .28† | 3,043 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 17 | .52 | 0 | .38• | (8 | .45) | (8 | .07) | 0 | .28 | — | 0 | .14 | 0 | .42 | — | 9 | .03 | (46 | .47) | 0 | .92 | 0 | .91† | 0 | .91† | 3 | .97† | 826 | 105 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-17-07(4)–05-31-08 | 15 | .96 | 0 | .10• | 1 | .74 | 1 | .84 | 0 | .17 | 0 | .06 | 0 | .05 | 0 | .28 | — | 17 | .52 | 11 | .65 | 1 | .04 | 1 | .01 | 1 | .01 | 1 | .34 | 69 | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Equity Dividend Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 7 | .00 | 0 | .08 | 1 | .28 | 1 | .36 | 0 | .07 | — | — | 0 | .07 | — | 8 | .29 | 19 | .59 | 2 | .24 | 1 | .25† | 1 | .25† | 2 | .00† | 6,274 | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 9 | .63 | 0 | .21 | (2 | .62) | (2 | .41) | 0 | .22 | — | — | 0 | .22 | — | 7 | .00 | (25 | .15) | 4 | .09 | 1 | .25† | 1 | .25† | 3 | .08† | 5,580 | 108 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-18-07(4)–05-31-08 | 10 | .00 | 0 | .11 | (0 | .40) | (0 | .29) | 0 | .08 | — | — | 0 | .08 | — | 9 | .63 | (2 | .94) | 3 | .52 | 1 | .25† | 1 | .25† | 2 | .57† | 4,848 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 6 | .99 | 0 | .04 | 1 | .29 | 1 | .33 | 0 | .05 | — | — | 0 | .05 | — | 8 | .27 | 19 | .12 | 2 | .99 | 2 | .00† | 2 | .00† | 1 | .23† | 224 | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 9 | .61 | 0 | .16• | (2 | .60) | (2 | .44) | 0 | .18 | — | — | 0 | .18 | — | 6 | .99 | (25 | .54) | 4 | .84 | 2 | .00† | 2 | .00† | 2 | .47† | 98 | 108 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-20-08(4)–05-31-08 | 9 | .37 | 0 | .07 | 0 | .23 | 0 | .30 | 0 | .06 | — | — | 0 | .06 | — | 9 | .61 | 3 | .21 | 4 | .27 | 2 | .00† | 2 | .00† | 2 | .17† | 9 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 7 | .01 | 0 | .05 | 1 | .29 | 1 | .34 | 0 | .05 | — | — | 0 | .05 | — | 8 | .30 | 19 | .15 | 2 | .99 | 2 | .00† | 2 | .00† | 1 | .25† | 1,106 | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 9 | .62 | 0 | .14• | (2 | .57) | (2 | .43) | 0 | .18 | — | — | 0 | .18 | — | 7 | .01 | (25 | .33) | 4 | .84 | 2 | .00† | 2 | .00† | 2 | .20† | 935 | 108 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-19-08(4)–05-31-08 | 9 | .30 | 0 | .05• | 0 | .33 | 0 | .38 | 0 | .06 | — | — | 0 | .06 | — | 9 | .62 | 4 | .09 | 4 | .27 | 2 | .00† | 2 | .00† | 1 | .39† | 9 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-01-09(4)–11-30-09 | 7 | .50 | 0 | .07 | 1 | .16 | 1 | .23 | 0 | .08 | — | — | 0 | .08 | — | 8 | .65 | 16 | .60 | 1 | .99 | 1 | .00† | 1 | .00† | 2 | .21† | 3 | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
24
Table of Contents
Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment | Supplemental | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operations | Less distributions | Ratios to average net assets | Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | Net | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset | realized | Total | asset | Expenses | Expenses, net of | Expenses, net of | Net assets, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
value, | Net | and | from | From net | value, | before | fee waivers | all | Net investment | end | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | investment | unrealized | investment | investment | From net | From return of | Total | end of | Total | reductions/ | and/or recoupments, | reductions/ | income | of year or | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of year or period | income (loss) | gain (loss) | operations | income | realized gains | capital | distributions | Payment by affiliate | year or period | Return(1) | additions(2) | if any(2)(3) | additions(2)(3) | (loss)(2)(3) | period | Turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Growth Opportunities Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 14 | .08 | (0 | .02) | 2 | .98 | 2 | .96 | — | — | — | — | — | 17 | .04 | 21 | .02 | 1 | .82 | 1 | .35† | 1 | .35† | (0 | .20)† | 39,737 | 83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 22 | .32 | (0 | .04) | (8 | .20) | (8 | .24) | — | — | — | — | — | 14 | .08 | (36 | .92) | 1 | .74 | 1 | .43† | 1 | .42† | (0 | .20)† | 35,676 | 166 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 21 | .63 | 0 | .03 | 0 | .66 | 0 | .69 | — | — | — | — | — | 22 | .32 | 3 | .19 | 1 | .56 | 1 | .45 | 1 | .45 | 0 | .14 | 70,047 | 100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 18 | .64 | (0 | .11)• | 3 | .10 | 2 | .99 | — | — | — | — | — | 21 | .63 | 16 | .04 | 1 | .48 | 1 | .45 | 1 | .44 | (0 | .57) | 73,556 | 84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 17 | .88 | (0 | .10)• | 0 | .86 | 0 | .76 | — | — | — | — | — | 18 | .64 | 4 | .25 | 1 | .43 | 1 | .45 | 1 | .44 | (0 | .55) | 95,300 | 99 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-05 | 18 | .11 | (0 | .07) | 0 | .37 | 0 | .30 | 0 | .38 | — | 0 | .15 | 0 | .53 | — | 17 | .88 | 1 | .65 | 1 | .40 | 1 | .45 | 1 | .43 | (0 | .49) | 111,208 | 81 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 13 | .30 | (0 | .07) | 2 | .81 | 2 | .74 | — | — | — | — | — | 16 | .04 | 20 | .60 | 2 | .47 | 2 | .00† | 2 | .00† | (0 | .85)† | 13,884 | 83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 21 | .22 | (0 | .14)• | (7 | .78) | (7 | .92) | — | — | — | — | — | 13 | .30 | (37 | .32) | 2 | .37 | 2 | .08† | 2 | .07† | (0 | .91)† | 14,383 | 166 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 20 | .70 | (0 | .11)• | 0 | .63 | 0 | .52 | — | — | — | — | — | 21 | .22 | 2 | .51 | 2 | .21 | 2 | .10 | 2 | .10 | (0 | .52) | 41,957 | 100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 17 | .95 | (0 | .23)• | 2 | .98 | 2 | .75 | — | — | — | — | — | 20 | .70 | 15 | .32 | 2 | .13 | 2 | .10 | 2 | .09 | (1 | .22) | 64,120 | 84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 17 | .33 | (0 | .22)• | 0 | .84 | 0 | .62 | — | — | — | — | — | 17 | .95 | 3 | .58 | 2 | .08 | 2 | .10 | 2 | .09 | (1 | .20) | 83,019 | 99 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-05 | 17 | .57 | (0 | .24) | 0 | .41 | 0 | .17 | 0 | .26 | — | 0 | .15 | 0 | .41 | — | 17 | .33 | 0 | .97 | 2 | .05 | 2 | .10 | 2 | .08 | (1 | .13) | 106,162 | 81 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 13 | .26 | (0 | .07) | 2 | .80 | 2 | .73 | — | — | — | — | — | 15 | .99 | 20 | .59 | 2 | .47 | 2 | .00† | 2 | .00† | (0 | .85)† | 15,501 | 83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 21 | .15 | (0 | .14) | (7 | .75) | (7 | .89) | — | — | — | — | — | 13 | .26 | (37 | .30) | 2 | .39 | 2 | .08† | 2 | .07† | (0 | .85)† | 15,257 | 166 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 20 | .63 | (0 | .11) | 0 | .63 | 0 | .52 | — | — | — | — | — | 21 | .15 | 2 | .52 | 2 | .21 | 2 | .10 | 2 | .10 | (0 | .51) | 30,435 | 100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 17 | .90 | (0 | .22)• | 2 | .95 | 2 | .73 | — | — | — | — | — | 20 | .63 | 15 | .25 | 2 | .13 | 2 | .10 | 2 | .09 | (1 | .22) | 34,843 | 84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 17 | .27 | (0 | .22)• | 0 | .85 | 0 | .63 | — | — | — | — | — | 17 | .90 | 3 | .65 | 2 | .08 | 2 | .10 | 2 | .09 | (1 | .20) | 43,089 | 99 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-05 | 17 | .52 | (0 | .19) | 0 | .36 | 0 | .17 | 0 | .27 | — | 0 | .15 | 0 | .42 | — | 17 | .27 | 0 | .92 | 2 | .05 | 2 | .10 | 2 | .08 | (1 | .13) | 52,355 | 81 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 14 | .82 | 0 | .01 | 3 | .13 | 3 | .14 | — | — | — | — | — | 17 | .96 | 21 | .19 | 1 | .15 | 1 | .00† | 1 | .00† | 0 | .12† | 5,406 | 83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 23 | .38 | 0 | .05 | (8 | .61) | (8 | .56) | — | — | — | — | — | 14 | .82 | (36 | .61) | 1 | .19 | 0 | .98† | 0 | .97† | 0 | .29† | 11,349 | 166 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 22 | .56 | 0 | .02• | 0 | .80 | 0 | .82 | — | — | — | — | — | 23 | .38 | 3 | .63 | 1 | .10 | 0 | .99 | 0 | .99 | 0 | .07 | 19,048 | 100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 19 | .35 | (0 | .01) | 3 | .22 | 3 | .21 | — | — | — | — | — | 22 | .56 | 16 | .59 | 1 | .01 | 0 | .98 | 0 | .96 | (0 | .09) | 79,265 | 84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 18 | .47 | (0 | .01)• | 0 | .89 | 0 | .88 | — | — | — | — | — | 19 | .35 | 4 | .76 | 0 | .97 | 0 | .98 | 0 | .98 | (0 | .05) | 66,319 | 99 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-05 | 18 | .69 | 0 | .02 | 0 | .37 | 0 | .39 | 0 | .46 | — | 0 | .15 | 0 | .61 | — | 18 | .47 | 2 | .07 | 0 | .94 | 0 | .99 | 0 | .97 | (0 | .02) | 38,841 | 81 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-23-09(4)–11-30-09 | 17 | .90 | 0 | .01• | (0 | .27) | (0 | .26) | — | — | — | — | — | 17 | .64 | (1 | .45) | 1 | .15 | 1 | .00† | 1 | .00† | 1 | .66† | 284 | 83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING MidCap Opportunities Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 11 | .35 | (0 | .00)* | 2 | .49 | 2 | .49 | — | — | — | — | — | 13 | .84 | 21 | .94 | 1 | .73 | 1 | .35† | 1 | .35† | (0 | .07)† | 133,427 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 16 | .65 | (0 | .05)• | (5 | .13) | (5 | .18) | — | 0 | .12 | — | 0 | .12 | 0 | .00* | 11 | .35 | (31 | .05)(b) | 1 | .73 | 1 | .35† | 1 | .35† | (0 | .41)† | 112,412 | 201 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 17 | .88 | (0 | .11)• | 1 | .38 | 1 | .27 | — | 2 | .50 | — | 2 | .50 | — | 16 | .65 | 7 | .41 | 1 | .75 | 1 | .29† | 1 | .29† | (0 | .66)† | 133,765 | 187 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 15 | .18 | (0 | .11) | 2 | .90 | 2 | .79 | — | 0 | .09 | — | 0 | .09 | — | 17 | .88 | 18 | .49 | 1 | .84 | 1 | .25 | 1 | .25 | (0 | .66) | 117,178 | 167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 13 | .01 | (0 | .13)• | 2 | .30 | 2 | .17 | — | — | — | — | — | 15 | .18 | 16 | .68 | 1 | .82 | 1 | .39 | 1 | .39 | (0 | .90) | 122,820 | 103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-05 | 12 | .06 | (0 | .16) | 1 | .10 | 0 | .94 | — | — | — | — | 0 | .01 | 13 | .01 | 7 | .88(c) | 1 | .71 | 1 | .64 | 1 | .64 | (1 | .15) | 118,668 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 10 | .38 | (0 | .05)• | 2 | .29 | 2 | .24 | — | — | — | — | — | 12 | .62 | 21 | .58 | 2 | .48 | 2 | .10† | 2 | .10† | (0 | .86)† | 16,266 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 15 | .36 | (0 | .14)• | (4 | .72) | (4 | .86) | — | 0 | .12 | — | 0 | .12 | 0 | .00* | 10 | .38 | (31 | .58)(b) | 2 | .43 | 2 | .10† | 2 | .10† | (1 | .23)† | 17,546 | 201 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 16 | .79 | (0 | .23)• | 1 | .30 | 1 | .07 | — | 2 | .50 | — | 2 | .50 | — | 15 | .36 | 6 | .64 | 2 | .45 | 2 | .04† | 2 | .04† | (1 | .44)† | 53,959 | 187 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 14 | .37 | (0 | .21)• | 2 | .72 | 2 | .51 | — | 0 | .09 | — | 0 | .09 | — | 16 | .79 | 17 | .58 | 2 | .54 | 2 | .00 | 2 | .00 | (1 | .41) | 86,240 | 167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 12 | .41 | (0 | .23)• | 2 | .19 | 1 | .96 | — | — | — | — | — | 14 | .37 | 15 | .79 | 2 | .52 | 2 | .15 | 2 | .15 | (1 | .66) | 107,722 | 103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-05 | 11 | .59 | (0 | .27) | 1 | .08 | 0 | .81 | — | — | — | — | 0 | .01 | 12 | .41 | 7 | .08(c) | 2 | .41 | 2 | .37 | 2 | .37 | (1 | .87) | 139,100 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
25
Table of Contents
Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment | Supplemental | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operations | Less distributions | Ratios to average net assets | Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | Net | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset | realized | Total | asset | Expenses | Expenses, net of | Expenses, net of | Net assets, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
value, | Net | and | from | From net | value, | before | fee waivers | all | Net investment | end | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | investment | unrealized | investment | investment | From net | From return of | Total | end of | Total | reductions/ | and/or recoupments, | reductions/ | income | of year or | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of year or period | income (loss) | gain (loss) | operations | income | realized gains | capital | distributions | Payment by affiliate | year or period | Return(1) | additions(2) | if any(2)(3) | additions(2)(3) | (loss)(2)(3) | period | Turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING MidCap Opportunities Fund (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 10 | .33 | (0 | .05) | 2 | .27 | 2 | .22 | — | — | — | — | — | 12 | .55 | 21 | .49 | 2 | .48 | 2 | .10† | 2 | .10† | (0 | .83)† | 50,310 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 15 | .27 | (0 | .14) | (4 | .68) | (4 | .82) | — | 0 | .12 | — | 0 | .12 | 0 | .00* | 10 | .33 | (31 | .50)(b) | 2 | .43 | 2 | .10† | 2 | .10† | (1 | .19)† | 43,922 | 201 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 16 | .71 | (0 | .23) | 1 | .29 | 1 | .06 | — | 2 | .50 | — | 2 | .50 | — | 15 | .27 | 6 | .62 | 2 | .45 | 2 | .04† | 2 | .04† | (1 | .42)† | 72,012 | 187 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 14 | .30 | (0 | .20)• | 2 | .70 | 2 | .50 | — | 0 | .09 | — | 0 | .09 | — | 16 | .71 | 17 | .60 | 2 | .54 | 2 | .00 | 2 | .00 | (1 | .41) | 80,703 | 167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 12 | .35 | (0 | .23)• | 2 | .18 | 1 | .95 | — | — | — | — | — | 14 | .30 | 15 | .79 | 2 | .52 | 2 | .15 | 2 | .15 | (1 | .66) | 90,156 | 103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-05 | 11 | .53 | (0 | .26) | 1 | .07 | 0 | .81 | — | — | — | — | 0 | .01 | 12 | .35 | 7 | .11(c) | 2 | .41 | 2 | .37 | 2 | .37 | (1 | .88) | 101,261 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 11 | .94 | 0 | .02 | 2 | .63 | 2 | .65 | — | — | — | — | — | 14 | .59 | 22 | .19 | 1 | .37 | 0 | .99† | 0 | .99† | 0 | .45† | 18,360 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 17 | .42 | 0 | .02• | (5 | .38) | (5 | .36) | — | 0 | .12 | — | 0 | .12 | 0 | .00* | 11 | .94 | (30 | .71)(b) | 1 | .18 | 0 | .85† | 0 | .85† | 0 | .13† | 8,475 | 201 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 18 | .51 | (0 | .03) | 1 | .44 | 1 | .41 | — | 2 | .50 | — | 2 | .50 | — | 17 | .42 | 7 | .94 | 1 | .26 | 0 | .85† | 0 | .85† | (0 | .21)† | 6,608 | 187 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 15 | .64 | (0 | .03) | 2 | .99 | 2 | .96 | — | 0 | .09 | — | 0 | .09 | — | 18 | .51 | 19 | .03 | 1 | .33 | 0 | .79 | 0 | .79 | (0 | .20) | 4,253 | 167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 13 | .35 | (0 | .07) | 2 | .36 | 2 | .29 | — | — | — | — | — | 15 | .64 | 17 | .15 | 1 | .34 | 0 | .97 | 0 | .97 | (0 | .48) | 3,376 | 103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-05 | 12 | .33 | (0 | .09) | 1 | .10 | 1 | .01 | — | — | — | — | 0 | .01 | 13 | .35 | 8 | .27(c) | 1 | .27 | 1 | .22 | 1 | .22 | (0 | .72) | 3,000 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class O | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 11 | .32 | (0 | .01) | 2 | .50 | 2 | .49 | — | — | — | — | — | 13 | .81 | 22 | .00 | 1 | .73 | 1 | .35† | 1 | .35† | (0 | .08)† | 32,555 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-04-08(4)–05-31-09 | 16 | .47 | 0 | .00* | (5 | .03) | (5 | .03) | — | 0 | .12 | — | 0 | .12 | 0 | .00* | 11 | .32 | (30 | .48)(b) | 1 | .68 | 1 | .35† | 1 | .35† | 0 | .03† | 28,177 | 201 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-01-09(4)–11-30-09 | 12 | .38 | 0 | .01 | 2 | .19 | 2 | .20 | — | — | — | — | — | 14 | .58 | 17 | .77 | 1 | .39 | 1 | .01† | 1 | .01† | 1 | .78† | 4,758 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Opportunistic LargeCap Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 6 | .93 | 0 | .02 | 1 | .22 | 1 | .24 | — | — | — | — | — | 8 | .17 | 17 | .89 | 2 | .10 | 1 | .25† | 1 | .25† | 0 | .55† | 14,935 | 97 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 10 | .49 | (0 | .01) | (3 | .55) | (3 | .56) | — | — | — | — | — | 6 | .93 | (33 | .94) | 1 | .72 | 1 | .25† | 1 | .25† | (0 | .06)† | 13,154 | 245 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 12 | .16 | (0 | .00)* | (0 | .99) | (0 | .99) | — | 0 | .68 | — | 0 | .68 | — | 10 | .49 | (8 | .65) | 1 | .86 | �� | 1 | .25 | 1 | .25 | (0 | .02) | 31,179 | 367 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 10 | .02 | (0 | .01)• | 2 | .22 | 2 | .21 | 0 | .07 | — | — | 0 | .07 | — | 12 | .16 | 22 | .11 | 3 | .97 | 1 | .25 | 1 | .25 | (0 | .08) | 6,716 | 240 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-28-05(4)–05-31-06 | 10 | .00 | 0 | .06 | (0 | .04) | 0 | .02 | — | — | — | — | — | 10 | .02 | 0 | .20 | 3 | .74 | 1 | .25 | 1 | .25 | 1 | .32 | 5,021 | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 6 | .78 | (0 | .01) | 1 | .19 | 1 | .18 | — | — | — | — | — | 7 | .96 | 17 | .40 | 2 | .85 | 2 | .00† | 2 | .00† | (0 | .20)† | 2,024 | 97 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 10 | .33 | (0 | .08) | (3 | .47) | (3 | .55) | — | — | — | — | — | 6 | .78 | (34 | .37) | 2 | .47 | 2 | .00† | 2 | .00† | (0 | .82)† | 1,979 | 245 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 12 | .09 | (0 | .09)• | (0 | .99) | (1 | .08) | — | 0 | .68 | — | 0 | .68 | — | 10 | .33 | (9 | .47) | 2 | .61 | 2 | .00 | 2 | .00 | (0 | .88) | 5,037 | 367 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 10 | .01 | (0 | .08)• | 2 | .21 | 2 | .13 | 0 | .05 | — | — | 0 | .05 | — | 12 | .09 | 21 | .35 | 4 | .72 | 2 | .00 | 2 | .00 | (0 | .70) | 257 | 240 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-05-06(4)–05-31-06 | 10 | .65 | (0 | .01) | (0 | .63) | (0 | .64) | — | — | — | — | — | 10 | .01 | (6 | .10) | 4 | .49 | 2 | .00 | 2 | .00 | (0 | .81) | 35 | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 6 | .73 | (0 | .01) | 1 | .18 | 1 | .17 | — | — | — | — | — | 7 | .90 | 17 | .38 | 2 | .85 | 2 | .00† | 2 | .00† | (0 | .18)† | 1,298 | 97 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 10 | .26 | (0 | .07) | (3 | .46) | (3 | .53) | — | — | — | — | — | 6 | .73 | (34 | .41) | 2 | .47 | 2 | .00† | 2 | .00† | (0 | .81)† | 1,079 | 245 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 12 | .00 | (0 | .08)• | (0 | .98) | (1 | .06) | — | 0 | .68 | — | 0 | .68 | — | 10 | .26 | (9 | .37) | 2 | .61 | 2 | .00 | 2 | .00 | (0 | .74) | 2,192 | 367 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 10 | .01 | (0 | .08)• | 2 | .16 | 2 | .08 | 0 | .09 | — | — | 0 | .09 | — | 12 | .00 | 20 | .89 | 4 | .72 | 2 | .00 | 2 | .00 | (0 | .75) | 112 | 240 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-27-06(4)–05-31-06 | 10 | .48 | (0 | .01) | (0 | .46) | (0 | .47) | — | — | — | — | — | 10 | .01 | (4 | .58) | 4 | .54 | 2 | .00 | 2 | .00 | (0 | .74) | 10 | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 7 | .00 | 0 | .05 | 1 | .24 | 1 | .29 | — | — | — | — | — | 8 | .29 | 18 | .43 | 1 | .33 | 0 | .48† | 0 | .48† | 1 | .32† | 2,142 | 97 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 10 | .55 | 0 | .03 | (3 | .58) | (3 | .55) | — | — | — | — | — | 7 | .00 | (33 | .65) | 1 | .28 | 0 | .81† | 0 | .81† | 0 | .38† | 1,941 | 245 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 12 | .20 | 0 | .01 | (0 | .98) | (0 | .97) | — | 0 | .68 | — | 0 | .68 | — | 10 | .55 | (8 | .45) | 1 | .53 | 0 | .92 | 0 | .92 | 0 | .16 | 4,014 | 367 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-20-06(4)–05-31-07 | 10 | .99 | 0 | .02• | 1 | .19 | 1 | .21 | — | — | — | — | — | 12 | .20 | 11 | .01 | 3 | .72 | 1 | .00 | 1 | .00 | 0 | .43 | 26 | 240 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 6 | .96 | 0 | .05 | 1 | .22 | 1 | .27 | — | — | — | — | — | 8 | .23 | 18 | .25 | 1 | .43 | 0 | .58† | 0 | .58† | 1 | .18† | 1 | 97 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 10 | .52 | 0 | .03 | (3 | .59) | (3 | .56) | — | — | — | — | — | 6 | .96 | (33 | .84) | 1 | .28 | 0 | .81† | 0 | .81† | 0 | .42† | 1 | 245 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-17-07(4)–05-31-08 | 11 | .32 | 0 | .00* | (0 | .80) | (0 | .80) | — | — | — | — | — | 10 | .52 | (7 | .07) | 1 | .53 | 0 | .92 | 0 | .92 | 0 | .06 | 1 | 367 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
26
Table of Contents
Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment | Supplemental | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operations | Less distributions | Ratios to average net assets | Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | Net | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset | realized | Total | asset | Expenses | Expenses, net of | Expenses, net of | Net assets, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
value, | Net | and | from | From net | value, | before | fee waivers | all | Net investment | end | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | investment | unrealized | investment | investment | From net | From return of | Total | end of | Total | reductions/ | and/or recoupments, | reductions/ | income | of year or | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of year or period | income (loss) | gain (loss) | operations | income | realized gains | capital | distributions | Payment by affiliate | year or period | Return(1) | additions(2) | if any(2)(3) | additions(2)(3) | (loss)(2)(3) | period | Turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING SmallCap Opportunities Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 22 | .81 | (0 | .09)• | 3 | .85 | 3 | .76 | — | — | — | — | — | 26 | .57 | 16 | .48 | 2 | .06 | 1 | .50† | 1 | .50† | (0 | .69)† | 65,910 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 34 | .07 | (0 | .16) | (11 | .10) | (11 | .26) | — | — | — | — | — | 22 | .81 | (33 | .05) | 1 | .96 | 1 | .50† | 1 | .50† | (0 | .60)† | 69,551 | 178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 34 | .67 | (0 | .13) | (0 | .47) | (0 | .60) | — | — | — | — | — | 34 | .07 | (1 | .73) | 1 | .83 | 1 | .50† | 1 | .50† | (0 | .40)† | 84,888 | 112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 29 | .23 | (0 | .26)• | 5 | .70 | 5 | .44 | — | — | — | — | — | 34 | .67 | 18 | .61 | 1 | .83 | 1 | .50 | 1 | .50 | (0 | .86) | 88,436 | 78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 24 | .37 | (0 | .31)• | 5 | .17 | 4 | .86 | — | — | — | — | — | 29 | .23 | 19 | .94 | 1 | .85 | 1 | .50 | 1 | .50 | (1 | .13) | 89,328 | 87 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-05 | 22 | .53 | (0 | .31)• | 2 | .15 | 1 | .84 | — | — | — | — | — | 24 | .37 | 8 | .17 | 1 | .74 | 1 | .63 | 1 | .63 | (1 | .36) | 93,821 | 62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 20 | .27 | (0 | .17)• | 3 | .41 | 3 | .24 | — | — | — | — | — | 23 | .51 | 15 | .98 | 2 | .81 | 2 | .25† | 2 | .25† | (1 | .45)† | 4,445 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 30 | .50 | (0 | .31)• | (9 | .92) | (10 | .23) | — | — | — | — | — | 20 | .27 | (33 | .54) | 2 | .66 | 2 | .25† | 2 | .25† | (1 | .38)† | 4,879 | 178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 31 | .27 | (0 | .33)• | (0 | .44) | (0 | .77) | — | — | — | — | — | 30 | .50 | (2 | .46) | 2 | .53 | 2 | .25† | 2 | .25† | (1 | .10)† | 12,750 | 112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 26 | .57 | (0 | .44)• | 5 | .14 | 4 | .70 | — | — | — | — | — | 31 | .27 | 17 | .69 | 2 | .53 | 2 | .25 | 2 | .25 | (1 | .61) | 25,219 | 78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 22 | .32 | (0 | .47)• | 4 | .72 | 4 | .25 | — | — | — | — | — | 26 | .57 | 19 | .04 | 2 | .55 | 2 | .25 | 2 | .25 | (1 | .88) | 30,678 | 87 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-05 | 20 | .78 | (0 | .44)• | 1 | .98 | 1 | .54 | — | — | — | — | — | 22 | .32 | 7 | .41 | 2 | .44 | 2 | .35 | 2 | .35 | (2 | .10) | 43,929 | 62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 20 | .22 | (0 | .16)• | 3 | .40 | 3 | .24 | — | — | — | — | — | 23 | .46 | 16 | .02 | 2 | .81 | 2 | .25† | 2 | .25† | (1 | .43)† | 18,156 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 30 | .43 | (0 | .33) | (9 | .88) | (10 | .21) | — | — | — | — | — | 20 | .22 | (33 | .55) | 2 | .66 | 2 | .25† | 2 | .25† | (1 | .35)† | 16,536 | 178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 31 | .21 | (0 | .37) | (0 | .41) | (0 | .78) | — | — | — | — | — | 30 | .43 | (2 | .50) | 2 | .53 | 2 | .25† | 2 | .25† | (1 | .14)† | 28,896 | 112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 26 | .51 | (0 | .44)• | 5 | .14 | 4 | .70 | — | — | — | — | — | 31 | .21 | 17 | .73 | 2 | .53 | 2 | .25 | 2 | .25 | (1 | .61) | 34,951 | 78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 22 | .27 | (0 | .47)• | 4 | .71 | 4 | .24 | — | — | — | — | — | 26 | .51 | 19 | .04 | 2 | .55 | 2 | .25 | 2 | .25 | (1 | .88) | 39,174 | 87 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-05 | 20 | .73 | (0 | .44)• | 1 | .98 | 1 | .54 | — | — | — | — | — | 22 | .27 | 7 | .43 | 2 | .44 | 2 | .35 | 2 | .35 | (2 | .09) | 43,603 | 62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 23 | .59 | (0 | .01) | 3 | .97 | 3 | .96 | — | — | — | — | — | 27 | .55 | 16 | .79 | 1 | .48 | 0 | .92† | 0 | .92† | (0 | .10)† | 5,797 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 35 | .05 | (0 | .03) | (11 | .43) | (11 | .46) | — | — | — | — | — | 23 | .59 | (32 | .70) | 1 | .42 | 1 | .01† | 1 | .01† | (0 | .10)† | 5,226 | 178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 35 | .51 | 0 | .00* | (0 | .46) | (0 | .46) | — | — | — | — | — | 35 | .05 | (1 | .30) | 1 | .34 | 1 | .06† | 1 | .06† | 0 | .00*,† | 7,198 | 112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 29 | .82 | (0 | .13)• | 5 | .82 | 5 | .69 | — | — | — | — | — | 35 | .51 | 19 | .08 | 1 | .34 | 1 | .06 | 1 | .06 | (0 | .42) | 4,186 | 78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 24 | .73 | (0 | .18)• | 5 | .27 | 5 | .09 | — | — | — | — | — | 29 | .82 | 20 | .58 | 1 | .34 | 1 | .04 | 1 | .04 | (0 | .65) | 2,727 | 87 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-05 | 22 | .76 | (0 | .21) | 2 | .18 | 1 | .97 | — | — | — | — | — | 24 | .73 | 8 | .66 | 1 | .28 | 1 | .17 | 1 | .17 | (0 | .91) | 13,359 | 62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 23 | .54 | (0 | .03)• | 3 | .97 | 3 | .94 | — | — | — | — | — | 27 | .48 | 16 | .74 | 1 | .55 | 0 | .99† | 0 | .99† | (0 | .21)† | 565 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 34 | .99 | 0 | .05• | (11 | .50) | (11 | .45) | — | — | — | — | — | 23 | .54 | (32 | .72) | 1 | .42 | 1 | .01† | 1 | .01† | 0 | .24† | 530 | 178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-17-07(4)–05-31-08 | 33 | .51 | (0 | .06) | 1 | .54 | 1 | .48 | — | — | — | — | — | 34 | .99 | 4 | .42 | 1 | .31 | 1 | .03† | 1 | .03† | (0 | .42)† | 1 | 112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING SmallCap Value Multi-Manager Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 6 | .91 | 0 | .02 | 1 | .31 | 1 | .33 | — | — | — | — | — | 8 | .24 | 19 | .25 | 1 | .93 | 1 | .50† | 1 | .49† | 0 | .22† | 15,752 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 11 | .52 | 0 | .06 | (4 | .60) | (4 | .54) | 0 | .07 | — | — | 0 | .07 | — | 6 | .91 | (39 | .35) | 1 | .93 | 1 | .50† | 1 | .46† | 0 | .77† | 20,313 | 64 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 14 | .36 | 0 | .06 | (2 | .35) | (2 | .29) | 0 | .05 | 0 | .50 | — | 0 | .55 | — | 11 | .52 | (16 | .05) | 1 | .93 | 1 | .50 | 1 | .49 | 0 | .47 | 43,371 | 67 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 12 | .48 | 0 | .05* | 2 | .15 | 2 | .20 | 0 | .02 | 0 | .30 | — | 0 | .32 | — | 14 | .36 | 17 | .82 | 1 | .65 | 1 | .50 | 1 | .47 | 0 | .42 | 72,290 | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 9 | .57 | (0 | .00)•,* | 3 | .04 | 3 | .04 | 0 | .05 | 0 | .08 | — | 0 | .13 | — | 12 | .48 | 31 | .90 | 2 | .14 | 1 | .54 | 1 | .50 | (0 | .01) | 21,127 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-01-05(4)–05-31-05 | 10 | .00 | (0 | .00)* | (0 | .43) | (0 | .43) | — | — | — | — | — | 9 | .57 | (4 | .30) | 4 | .73 | 1 | .50 | 1 | .50 | (0 | .18) | 3,976 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 6 | .81 | (0 | .02) | 1 | .30 | 1 | .28 | — | — | — | — | — | 8 | .09 | 18 | .80 | 2 | .68 | 2 | .25† | 2 | .24† | (0 | .53)† | 1,181 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 11 | .32 | 0 | .00* | (4 | .51) | (4 | .51) | — | — | — | — | — | 6 | .81 | (39 | .84) | 2 | .68 | 2 | .25† | 2 | .21† | 0 | .02† | 1,226 | 64 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 14 | .18 | (0 | .04) | (2 | .32) | (2 | .36) | — | 0 | .50 | — | 0 | .50 | — | 11 | .32 | (16 | .70) | 2 | .68 | 2 | .25 | 2 | .24 | (0 | .28) | 2,643 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 12 | .41 | (0 | .08)• | 2 | .15 | 2 | .07 | — | 0 | .30 | — | 0 | .30 | — | 14 | .18 | 16 | .86 | 2 | .40 | 2 | .25 | 2 | .22 | (0 | .69) | 4,497 | 28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 9 | .55 | (0 | .08) | 3 | .02 | 2 | .94 | 0 | .00* | 0 | .08 | — | 0 | .08 | — | 12 | .41 | 30 | .91 | 2 | .87 | 2 | .29 | 2 | .25 | (0 | .75) | 2,187 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-01-05(4)–05-31-05 | 10 | .00 | (0 | .01) | (0 | .44) | (0 | .45) | — | — | — | — | — | 9 | .55 | (4 | .50) | 5 | .48 | 2 | .25 | 2 | .25 | (0 | .93) | 591 | �� | 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
27
Table of Contents
Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment | Supplemental | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operations | Less distributions | Ratios to average net assets | Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | Net | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset | realized | Total | asset | Expenses | Expenses, net of | Expenses, net of | Net assets, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
value, | Net | and | from | From net | value, | before | fee waivers | all | Net investment | end | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | investment | unrealized | investment | investment | From net | From return of | Total | end of | Total | reductions/ | and/or recoupments, | reductions/ | income | of year or | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of year or period | income (loss) | gain (loss) | operations | income | realized gains | capital | distributions | Payment by affiliate | year or period | Return(1) | additions(2) | if any(2)(3) | additions(2)(3) | (loss)(2)(3) | period | Turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING SmallCap Value Multi-Manager Fund (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 6 | .82 | (0 | .02) | 1 | .30 | 1 | .28 | — | — | — | — | — | 8 | .10 | 18 | .77 | 2 | .68 | 2 | .25† | 2 | .24† | (0 | .53)† | 3,046 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 11 | .33 | 0 | .00•,* | (4 | .51) | (4 | .51) | — | — | — | — | — | 6 | .82 | (39 | .81) | 2 | .68 | 2 | .25† | 2 | .21† | 0 | .01† | 3,204 | 64 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 14 | .19 | (0 | .04) | (2 | .32) | (2 | .36) | — | 0 | .50 | — | 0 | .50 | — | 11 | .33 | (16 | .69) | 2 | .68 | 2 | .25 | 2 | .24 | (0 | .28) | 9,044 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 12 | .42 | (0 | .06)• | 2 | .13 | 2 | .07 | — | 0 | .30 | — | 0 | .30 | — | 14 | .19 | 16 | .85 | 2 | .40 | 2 | .25 | 2 | .22 | (0 | .58) | 16,264 | 28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 9 | .56 | (0 | .08) | 3 | .03 | 2 | .95 | 0 | .01 | 0 | .08 | — | 0 | .09 | — | 12 | .42 | 30 | .97 | 2 | .87 | 2 | .29 | 2 | .25 | (0 | .75) | 6,803 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-02-05(4)–05-31-05 | 10 | .05 | (0 | .01) | (0 | .48) | (0 | .49) | — | — | — | — | — | 9 | .56 | (4 | .88) | 5 | .48 | 2 | .25 | 2 | .25 | (0 | .91) | 1,517 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 6 | .94 | 0 | .03• | 1 | .32 | 1 | .35 | — | — | — | — | — | 8 | .29 | 19 | .45 | 1 | .45 | 1 | .02† | 1 | .01† | 0 | .70† | 614 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 11 | .56 | 0 | .11• | (4 | .62) | (4 | .51) | 0 | .11 | — | — | 0 | .11 | — | 6 | .94 | (38 | .92) | 1 | .45 | 1 | .02† | 0 | .98† | 1 | .24† | 1,570 | 64 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 14 | .39 | 0 | .10• | (2 | .35) | (2 | .25) | 0 | .08 | 0 | .50 | — | 0 | .58 | — | 11 | .56 | (15 | .72) | 1 | .58 | 1 | .15 | 1 | .14 | 0 | .81 | 10,864 | 67 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 12 | .50 | 0 | .05 | 2 | .17 | 2 | .22 | 0 | .03 | 0 | .30 | — | 0 | .33 | — | 14 | .39 | 18 | .00 | 1 | .34 | 1 | .19 | 1 | .16 | 0 | .40 | 9,930 | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-09-05(4)–05-31-06 | 9 | .80 | 0 | .05• | 2 | .80 | 2 | .85 | 0 | .07 | 0 | .08 | — | 0 | .15 | — | 12 | .50 | 29 | .26 | 1 | .75 | 1 | .15 | 1 | .11 | 0 | .42 | 3,333 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 7 | .14 | 0 | .02 | 1 | .37 | 1 | .39 | — | — | — | — | — | 8 | .53 | 19 | .47 | 1 | .50 | 1 | .07† | 1 | .06† | 0 | .41† | 34 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 12 | .09 | (0 | .05)• | (4 | .78) | (4 | .83) | 0 | .12 | — | — | 0 | .12 | — | 7 | .14 | (39 | .87) | 1 | .45 | 1 | .02† | 0 | .98† | (0 | .73)† | 26 | 64 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-17-07(4)–05-31-08 | 12 | .11 | 0 | .05 | (0 | .07) | (0 | .02) | — | — | — | — | — | 12 | .09 | (0 | .17) | 1 | .53 | 1 | .10 | 1 | .09 | 0 | .96 | 1 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Value Choice Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 11 | .81 | 0 | .05 | 2 | .46 | 2 | .51 | — | — | — | — | — | 14 | .32 | 21 | .25 | 1 | .57 | 1 | .40† | 1 | .39† | 0 | .82† | 327,382 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 14 | .78 | 0 | .12 | (2 | .72) | (2 | .60) | 0 | .11 | 0 | .26 | — | 0 | .37 | 0 | .00* | 11 | .81 | (17 | .53)(b) | 1 | .66 | 1 | .40† | 1 | .39† | 1 | .15† | 249,120 | 71 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 16 | .01 | 0 | .08 | (0 | .30) | (0 | .22) | 0 | .05 | 0 | .96 | — | 1 | .01 | — | 14 | .78 | (1 | .32) | 1 | .65 | 1 | .44 | 1 | .43 | 0 | .59 | 233,062 | 74 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 13 | .43 | 0 | .13• | 3 | .13 | 3 | .26 | 0 | .09 | 0 | .59 | — | 0 | .68 | — | 16 | .01 | 24 | .60 | 1 | .59 | 1 | .50 | 1 | .49 | 0 | .90 | 216,598 | 35 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 9 | .97 | 0 | .10• | 3 | .51 | 3 | .61 | 0 | .04 | 0 | .11 | — | 0 | .15 | — | 13 | .43 | 36 | .48 | 1 | .86 | 1 | .51 | 1 | .50 | 0 | .84 | 39,931 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-01-05(4)–05-31-05 | 10 | .00 | 0 | .00* | (0 | .03) | (0 | .03) | — | — | — | — | — | 9 | .97 | (0 | .30) | 4 | .95 | 1 | .50 | 1 | .50 | 0 | .23 | 3,598 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 11 | .70 | 0 | .00* | 2 | .44 | 2 | .44 | — | — | — | — | — | 14 | .14 | 20 | .85 | 2 | .32 | 2 | .15† | 2 | .13† | 0 | .06† | 30,451 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 14 | .60 | 0 | .04• | (2 | .68) | (2 | .64) | — | 0 | .26 | — | 0 | .26 | 0 | .00* | 11 | .70 | (18 | .14)(b) | 2 | .41 | 2 | .15† | 2 | .14† | 0 | .38† | 25,423 | 71 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 15 | .89 | (0 | .03) | (0 | .30) | (0 | .33) | — | 0 | .96 | — | 0 | .96 | — | 14 | .60 | (2 | .06) | 2 | .40 | 2 | .19 | 2 | .18 | (0 | .19) | 35,145 | 74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 13 | .35 | 0 | .03• | 3 | .10 | 3 | .13 | — | 0 | .59 | — | 0 | .59 | — | 15 | .89 | 23 | .69 | 2 | .34 | 2 | .25 | 2 | .24 | 0 | .18 | 45,163 | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 9 | .95 | 0 | .00•,* | 3 | .52 | 3 | .52 | 0 | .01 | 0 | .11 | — | 0 | .12 | — | 13 | .35 | 35 | .54 | 2 | .61 | 2 | .26 | 2 | .25 | 0 | .05 | 6,538 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-01-05(4)–05-31-05 | 10 | .00 | (0 | .01) | (0 | .04) | (0 | .05) | — | — | — | — | — | 9 | .95 | (0 | .50) | 5 | .70 | 2 | .25 | 2 | .25 | (0 | .48) | 1,107 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 11 | .69 | 0 | .01• | 2 | .43 | 2 | .44 | — | — | — | — | — | 14 | .13 | 20 | .87 | 2 | .32 | 2 | .15† | 2 | .13† | 0 | .09† | 96,547 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 14 | .59 | 0 | .04 | (2 | .68) | (2 | .64) | — | 0 | .26 | — | 0 | .26 | 0 | .00* | 11 | .69 | (18 | .15)(b) | 2 | .41 | 2 | .15† | 2 | .14† | 0 | .40† | 71,049 | 71 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 15 | .88 | (0 | .03) | (0 | .30) | (0 | .33) | — | 0 | .96 | — | 0 | .96 | — | 14 | .59 | (2 | .06) | 2 | .40 | 2 | .19 | 2 | .18 | (0 | .18) | 80,729 | 74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 13 | .34 | 0 | .02• | 3 | .11 | 3 | .13 | — | 0 | .59 | — | 0 | .59 | — | 15 | .88 | 23 | .71 | 2 | .34 | 2 | .25 | 2 | .24 | 0 | .15 | 87,992 | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 9 | .94 | 0 | .01• | 3 | .51 | 3 | .52 | 0 | .01 | 0 | .11 | — | 0 | .12 | — | 13 | .34 | 35 | .62 | 2 | .61 | 2 | .26 | 2 | .25 | 0 | .05 | 21,549 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-07-05(4)–05-31-05 | 9 | .94 | (0 | .00)•,* | 0 | .00* | 0 | .00* | — | — | — | — | — | 9 | .94 | 0 | .00* | 5 | .70 | 2 | .25 | 2 | .25 | (0 | .42) | 2,012 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 11 | .90 | 0 | .07• | 2 | .48 | 2 | .55 | — | — | — | — | — | 14 | .45 | 21 | .43 | 1 | .16 | 1 | .15† | 1 | .13† | 1 | .12† | 11,733 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 14 | .91 | 0 | .16 | (2 | .75) | (2 | .59) | 0 | .16 | 0 | .26 | — | 0 | .42 | 0 | .00* | 11 | .90 | (17 | .28)(b) | 1 | .23 | 1 | .15† | 1 | .14† | 1 | .54† | 6,113 | 71 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 16 | .12 | 0 | .18• | (0 | .35) | (0 | .17) | 0 | .08 | 0 | .96 | — | 1 | .04 | — | 14 | .91 | (1 | .03) | 1 | .28 | 1 | .07 | 1 | .06 | 1 | .18 | 3,824 | 74 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 13 | .43 | 0 | .30• | 3 | .02 | 3 | .32 | 0 | .04 | 0 | .59 | — | 0 | .63 | — | 16 | .12 | 24 | .99 | 1 | .27 | 1 | .18 | 1 | .17 | 2 | .00 | 758 | 35 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
09-15-05(4)–05-31-06 | 11 | .18 | 0 | .14• | 2 | .28 | 2 | .42 | 0 | .06 | 0 | .11 | — | 0 | .17 | — | 13 | .43 | 21 | .87 | 2 | .11 | 1 | .63 | 1 | .61 | 1 | .58 | 6 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class O | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 11 | .75 | 0 | .05• | 2 | .46 | 2 | .51 | — | — | — | — | — | 14 | .26 | 21 | .36 | 1 | .57 | 1 | .40† | 1 | .38† | 0 | .84† | 2,362 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-04-08(4)–05-31-09 | 14 | .63 | 0 | .14• | (2 | .61) | (2 | .47) | 0 | .15 | 0 | .26 | — | 0 | .41 | 0 | .00* | 11 | .75 | (16 | .78)(b) | 1 | .66 | 1 | .40† | 1 | .39† | 1 | .49† | 1,388 | 71 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 12 | .76 | 0 | .08• | 2 | .65 | 2 | .73 | — | — | — | — | — | 15 | .49 | 21 | .39 | 1 | .16 | 1 | .15† | 1 | .13† | 1 | .11† | 31,886 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 15 | .94 | 0 | .18• | (2 | .94) | (2 | .76) | 0 | .16 | 0 | .26 | — | 0 | .42 | 0 | .00* | 12 | .76 | (17 | .25)(b) | 1 | .23 | 1 | .15† | 1 | .14† | 1 | .58† | 15,750 | 71 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-17-07(4)–05-31-08 | 15 | .70 | 0 | .07 | 0 | .17 | 0 | .24 | — | — | — | — | — | 15 | .94 | 1 | .53 | 1 | .28 | 1 | .07 | 1 | .06 | 1 | .32 | 2,655 | 74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
28
Table of Contents
(1) | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges. Total return for periods less than one year is not annualized. | |
(2) | Annualized for periods less than one year. | |
(3) | Expense ratios reflect operating expenses of a Fund. Expenses before reductions do not reflect amounts reimbursed by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by an Investment Adviser and/or Distributor but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions. | |
(4) | Commencement of operations. | |
* | Amount is more than $(0.005) or (0.005)% or less than $0.005 or 0.005%. | |
• | Calculated using average number of shares outstanding throughout the period. | |
† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income or loss ratio. | |
(a) | Effective June 1, 2005, ING Real Estate Fund adopted a policy to reduce cost of investments for financial statement purposes by the distributions received in excess of income from Real Estate Investment Trusts. The effect of this change for the twelve months ended May 31, 2006 was to decrease the net investment income per share by $0.25, $0.25, $0.26, $0.26, and $0.25, increase net realized and unrealized gain on investments per share by $0.25, $0.25, $0.26, $0.26, and $0.25, and decrease the ratio of net investment income to average net assets from 2.91% to 1.36%, 2.16% to 0.61%, 2.16% to 0.61%, 3.23% to 1.68%, and 2.91% to 1.36%, for Class A, Class B, Class C, Class I, and Class O, respectively. | |
(b) | There was no impact on total return by the affiliate payment. | |
(c) | In 2005, the Sub-Adviser fully reimbursed ING MidCap Opportunities Fund for a loss on an investment transaction, which otherwise would have had a 0.08% impact on the Fund’s total return. Excluding the reimbursement, total return would have been 7.80%, 7.00%, 7.03%, 8.19%, and 7.97% for Class A, Class B, Class C, Class I, and Class Q, respectively. |
29
Table of Contents
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 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 acquired with more than 60 days to maturity are fair valued using matrix pricing methods determined by an independent pricing service which takes into consideration such factors as yields, maturities, liquidity, ratings and traded prices in similar or identical securities. Securities for which valuations are not readily available from an independent pricing service may be valued by brokers which use prices provided by market makers or estimates of fair market value obtained from yield data relating to investments or securities with similar characteristics. U.S. government obligations are valued by using market quotations or independent pricing services that use prices provided by market-makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics. |
30
Table of Contents
31
Table of Contents
B. | Security Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Premium amortization and discount accretion are determined by the effective yield method and included in interest income. |
C. | Foreign Currency Translation. The books and records of the Funds are maintained in U.S. dollars. |
(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. |
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Table of Contents
D. | Foreign Currency Transactions and Futures Contracts. Certain Funds may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of securities. The Funds either enter into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or use forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar. |
E. | Distributions to Shareholders. The Funds record distributions to their shareholders on the ex-dividend date. Each Fund pays dividends, if any, as follows: |
Annually | Quarterly | |
Growth Opportunities | Real Estate | |
MidCap Opportunities | Equity Dividend | |
Opportunistic LargeCap | ||
SmallCap Opportunities | ||
SmallCap Value Multi-Manager | ||
Value Choice |
F. | Federal Income Taxes. It is the policy of the Funds 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 their net investment income and any net realized capital gains to their shareholders. Therefore, no federal income tax provision is required. Management has considered the sustainability of each Fund’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. |
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. |
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Table of Contents
H. | Securities Lending. Each Fund has the option to temporarily loan securities representing up to 331/3% of its total 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. 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 a Fund. |
I. | Illiquid and Restricted Securities. Each Fund may not invest more than 15% of its net assets in illiquid securities. Illiquid securities are not readily marketable. Disposing of illiquid investments may involve time-consuming negotiation and legal expenses, and it may be difficult or impossible for the Funds to sell them promptly at an acceptable price. Each Fund also may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933 (“1933 Act”) or securities offered pursuant to Section 4(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and generally may not be publicly sold without registration under the 1933 Act. Certain restricted securities may be considered liquid pursuant to procedures adopted by the Board or may be deemed to be illiquid because they may not be readily marketable. Illiquid and restricted securities are valued using market quotations when readily available. In the absence of market quotations, the illiquid and restricted securities are valued based upon their fair value determined under procedures approved by the Board. |
J. | Indemnifications. In the normal course of business, IET may enter into contracts that provide certain indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote. |
Purchases | Sales | |||||||
Real Estate | $ | 111,465,946 | $ | 169,127,327 | ||||
Equity Dividend | 4,113,516 | 4,325,432 | ||||||
Growth Opportunities | 60,889,033 | 79,629,132 | ||||||
MidCap Opportunities | 155,296,070 | 160,639,147 | ||||||
Opportunistic LargeCap | 18,294,450 | 19,079,338 | ||||||
SmallCap Opportunities | 62,865,685 | 81,290,558 | ||||||
SmallCap Value Multi-Manager | 7,622,843 | 17,842,759 | ||||||
Value Choice | 190,311,344 | 128,146,985 |
As a Percent of | ||
Average Daily Net Assets | ||
Real Estate | 0.70% | |
Equity Dividend | 0.65% | |
Growth Opportunities | 0.75% on first $500 million; 0.675% on next $500 million; and 0.65% in excess of $1 billion | |
MidCap Opportunities | 0.75% | |
Opportunistic LargeCap | 0.70% on first $500 million; 0.65% on next $500 million; and 0.60% in excess of $1 billion | |
SmallCap Opportunities | 0.90% on first $250 million; 0.80% on next $250 million; and 0.75% in excess of $500 million | |
SmallCap Value Multi-Manager | 1.00% of the Fund’s average daily net assets managed by NWQ and Kayne; and 0.75% of the Fund’s average daily net assets managed by ING IM. | |
Value Choice | 0.90% |
34
Table of Contents
Fund | Amount | |||
Real Estate | $ | 2,354 | ||
Equity Dividend | 12 | |||
Growth Opportunities | 254 | |||
MidCap Opportunities | 1,251 | |||
Opportunistic LargeCap | 71 | |||
SmallCap Opportunities | 599 | |||
SmallCap Value Multi-Manager | 254 | |||
Value Choice | 16,339 |
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Classes B | ||||||||||||
Class A | and C | Class O | ||||||||||
Real Estate | 0.25 | % | 1.00 | % | 0.25 | % | ||||||
Equity Dividend | 0.25 | % | 1.00 | % | n/a | |||||||
Growth Opportunities(1) | 0.35 | % | 1.00 | % | n/a | |||||||
MidCap Opportunities | 0.25 | % | 1.00 | % | 0.25 | % | ||||||
Opportunistic LargeCap | 0.25 | % | 1.00 | % | n/a | |||||||
SmallCap Opportunities | 0.25 | % | 1.00 | % | n/a | |||||||
SmallCap Value Multi-Manager | 0.25 | % | 1.00 | % | n/a | |||||||
Value Choice(2) | 0.25 | % | 1.00 | % | 0.25 | % |
(1) | Effective January 26, 2009, ING Funds Distributor, LLC has contractually agreed to waive up to 0.25% of the distribution and/or service fees payable to it for Class A, Class B and Class C shares of Growth Opportunities through October 1, 2010. |
(2) | ING Funds Distributor, LLC has contractually agreed to waive up to 0.25% of the distribution and/or service fees for Class A, Class B, Class C and Class O shares of Value Choice through October 1, 2011. |
Class A | Class B | Class C | ||||||||||
Initial Sales Charges: | Shares | Shares | Shares | |||||||||
Real Estate | $ | 8,510 | N/A | N/A | ||||||||
Equity Dividend | 970 | N/A | N/A | |||||||||
Growth Opportunities | 1,027 | N/A | N/A | |||||||||
MidCap Opportunities | 6,359 | N/A | N/A | |||||||||
Opportunistic LargeCap | 1,240 | N/A | N/A | |||||||||
SmallCap Opportunities | 1,684 | N/A | N/A | |||||||||
SmallCap Value Multi-Manager | 484 | N/A | N/A | |||||||||
Value Choice | 59,907 | N/A | N/A |
Contingent Deferred | Class A | Class B | Class C | |||||||||
Sales Charges: | Shares | Shares | Shares | |||||||||
Real Estate | $ | 540 | N/A | $ | 231 | |||||||
Equity Dividend | — | N/A | 100 | |||||||||
Growth Opportunities | 497 | N/A | 647 | |||||||||
MidCap Opportunities | — | N/A | 1,427 | |||||||||
Opportunistic LargeCap | — | N/A | 6 | |||||||||
SmallCap Opportunities | — | N/A | 439 | |||||||||
SmallCap Value Multi-Manager | 1,736 | N/A | 20 | |||||||||
Value Choice | 300 | N/A | 2,696 |
Accrued | ||||||||||||||||
Accrued | Shareholder | |||||||||||||||
Investment | Accrued | Service and | ||||||||||||||
Management | Administrative | Distribution | ||||||||||||||
Fund | Fees | Fees | Fees | Total | ||||||||||||
Real Estate | $ | 259,645 | $ | 37,138 | $ | 26,300 | $ | 323,083 | ||||||||
Equity Dividend | 4,060 | 625 | 2,368 | 7,053 | ||||||||||||
Growth Opportunities | 46,287 | 6,177 | — | 52,464 | ||||||||||||
MidCap Opportunities | 157,951 | 21,088 | 90,005 | 269,044 | ||||||||||||
Opportunistic LargeCap | 11,659 | 1,668 | 5,735 | 19,062 | ||||||||||||
SmallCap Opportunities | 71,608 | 7,965 | 32,796 | 112,369 | ||||||||||||
SmallCap Value Multi-Manager | 16,809 | 1,748 | 6,899 | 25,456 | ||||||||||||
Value Choice | 363,939 | 39,820 | 162,594 | 566,353 |
Subsidiary | Fund | Percentage | ||||
ING Life Insurance and Annuity Company | Real Estate | 11.20 | % | |||
Equity Dividend | 54.50 | % | ||||
Opportunistic LargeCap | 5.89 | % | ||||
Small Cap Value Multi-Manager | 23.47 | % | ||||
ING National Trust | Real Estate | 8.38 | % | |||
Opportunistic LargeCap | 16.41 | % | ||||
Reliance Trust Company | Growth Opportunities | 6.58 | % | |||
SmallCap Opportunities | 5.26 | % |
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Table of Contents
Fund | Accrued Expenses | Amount | ||||
Equity Dividend | Shareholder Reporting | $ | 5,044 | |||
MidCap Opportunities | Transfer Agent | 331,389 | ||||
Opportunistic LargeCap | Transfer Agent | 37,137 | ||||
Postage | 15,754 | |||||
SmallCap Value Multi-Manager | Postage | 38,852 |
Class | Class | Class | Class | Class | Class | |||||||||||||||||||
A | B | C | I | O | W | |||||||||||||||||||
Real Estate | 1.45% | 2.20% | 2.20% | 1.00% | 1.45% | 1.20% | ||||||||||||||||||
Equity Dividend | 1.25% | 2.00% | 2.00% | n/a | n/a | 1.00% | ||||||||||||||||||
Growth Opportunities(1) | 1.40% | 2.05% | 2.05% | 1.05% | n/a | 1.05% | ||||||||||||||||||
MidCap Opportunities(2) | 1.75% | 2.45% | 2.45% | 1.45% | 1.70% | 1.50% | ||||||||||||||||||
Opportunistic LargeCap | 1.25% | 2.00% | 2.00% | 1.00% | n/a | 1.00% | ||||||||||||||||||
SmallCap Value Multi-Manager | 1.50% | 2.25% | 2.25% | 1.25% | n/a | 1.25% | ||||||||||||||||||
Value Choice | 1.40% | 2.15% | 2.15% | 1.15% | 1.40% | 1.15% |
(1) | Effective January 26, 2009, ING Investments has further reduced the expense limits through at least January 27, 2010. |
Class A | Class B | Class C | Class I | Class W | ||||||||||||||||
Growth Opportunities | 1.35 | % | 2.00 | % | 2.00 | % | 1.00 | % | 1.00 | % |
After January 27, 2010, the expense limits for Growth Opportunities will revert to the limits listed in the table above. |
(2) | Effective October 1, 2009, pursuant to a side agreement, ING Investments has lowered the expense limits for MidCap Opportunities through at least October 1, 2010. Effective December 17, 2007, pursuant to a side agreement, ING Investments has implemented expense limits for SmallCap Opportunities through at least October 1, 2010. The expense limits for these Funds are as follows: |
Class A | Class B | Class C | Class I | Class O | Class W | |||||||||||||||||||
MidCap Opportunities | 1.35 | % | 2.10 | % | 2.10 | % | 1.10 | % | 1.35 | % | n/a | |||||||||||||
SmallCap Opportunities | 1.50 | % | 2.25 | % | 2.25 | % | 1.25 | % | n/a | 1.25 | % |
If, after October 1, 2010, ING Investments elects not to renew the side agreement, the expense limits for MidCap Opportunities will revert to the limits listed in the table above. For SmallCap Opportunities, the Fund will no longer have an expense limitation. There is no guarantee that these side agreements will continue after that date. The side agreements will only renew if ING Investments elects to renew them. Any fees waived pursuant to the side agreements shall not be eligible for recoupment. |
November 30, | ||||||||||||||||
2010 | 2011 | 2012 | Total | |||||||||||||
Real Estate | $ | — | $ | 116,257 | $ | — | $ | 116,257 | ||||||||
Equity Dividend | — | 149,602 | 72,779 | 222,381 | ||||||||||||
Growth Opportunities | 80,629 | 315,850 | 173,855 | 570,334 | ||||||||||||
Opportunistic LargeCap | 76,989 | 190,137 | 130,744 | 397,870 | ||||||||||||
SmallCap Value Multi-Manager | 199,734 | 304,667 | 116,875 | 621,276 | ||||||||||||
Value Choice | 271,792 | 270,721 | 177,644 | 720,157 |
Approximate | Approximate | |||||||||||
Average | Weighted | |||||||||||
Daily | Average | |||||||||||
Balance For | Interest Rate | |||||||||||
Days | Days | For Days | ||||||||||
Fund | Utilized | Utilized | Utilized | |||||||||
Real Estate | 1 | $ | 4,310,000 | 0.71 | % | |||||||
Growth Opportunities | 2 | 3,795,000 | 1.42 | % | ||||||||
SmallCap Opportunities | 5 | 1,302,000 | 1.40 | % | ||||||||
SmallCap Value Multi-Manager | 1 | 1,200,000 | 1.37 | % |
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Proceeds | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | Proceeds | increase | Proceeds | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
shares | from | Reinvestment | (decrease) | from shares | Proceeds | Reinvestment | Redemption | Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||
issued in | shares | of | Shares | Shares | in shares | issued in | from shares | of | fee | Shares | Shares | increase | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares sold | merger | converted | distributions | redeemed | converted | outstanding | Shares sold | merger | converted | distributions | proceeds | redeemed | converted | (decrease) | ||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | # | # | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||||||||||||||||
Real Estate Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 1,267,329 | — | — | 157,866 | (874,341 | ) | — | 550,854 | 11,085,982 | — | — | 1,285,014 | — | (7,779,709 | ) | — | 4,591,287 | |||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 3,128,767 | — | — | 284,932 | (3,028,207 | ) | — | 385,492 | 30,877,139 | — | — | 2,640,336 | — | (25,995,978 | ) | — | 7,521,497 | |||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 2,905 | — | — | 2,955 | (32,029 | ) | — | (26,169 | ) | 26,650 | — | — | 23,971 | — | (284,779 | ) | — | (234,158 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 43,049 | — | — | 5,619 | (89,247 | ) | — | (40,579 | ) | 487,120 | — | — | 51,934 | — | (873,519 | ) | — | (334,465 | ) | |||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 86,354 | — | — | 5,585 | (124,030 | ) | — | (32,091 | ) | 808,098 | — | — | 47,500 | — | (1,138,066 | ) | — | (282,468 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 509,569 | — | — | 8,729 | (228,390 | ) | — | 289,908 | 4,859,122 | — | — | 78,201 | — | (1,888,170 | ) | — | 3,049,153 | |||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 4,662,331 | — | — | 270,429 | (11,611,841 | ) | — | (6,679,081 | ) | 41,052,983 | — | — | 2,308,227 | — | (104,873,065 | ) | — | (61,511,855 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 36,744,820 | — | — | 561,360 | (19,611,292 | ) | — | 17,694,888 | 378,154,131 | — | — | 5,468,101 | — | (168,373,040 | ) | — | 215,249,192 | |||||||||||||||||||||||||||||||||||||||||||
Class Q(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | — | — | — | — | (1 | ) | (53 | ) | (54 | ) | — | — | — | — | — | (10 | ) | (532 | ) | (542 | ) | |||||||||||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | — | — | — | — | (1 | ) | — | (1 | ) | — | — | — | — | — | (5 | ) | — | (5 | ) | |||||||||||||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 255,650 | — | — | 2,466 | (199,565 | ) | — | 58,551 | 2,195,649 | — | — | 19,977 | — | (1,777,769 | ) | — | 437,857 | |||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 560,345 | — | — | 34,751 | (636,311 | ) | — | (41,215 | ) | 5,284,378 | — | — | 441,091 | — | (6,338,285 | ) | — | (612,816 | ) | |||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 198,369 | — | 45 | 1,175 | (36,665 | ) | — | 162,924 | 2,085,054 | — | 532 | 11,122 | — | (374,155 | ) | — | 1,722,553 | |||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 118,652 | — | — | 2,065 | (33,186 | ) | — | 87,531 | 1,336,319 | — | — | 19,518 | — | (273,684 | ) | — | 1,082,153 | |||||||||||||||||||||||||||||||||||||||||||
ING Equity Dividend Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 33,898 | — | — | 1,478 | (75,597 | ) | — | (40,221 | ) | 254,522 | — | — | 10,703 | — | (584,146 | ) | — | (318,921 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 304,171 | — | — | 2,318 | (13,205 | ) | — | 293,284 | 2,105,925 | — | — | 15,460 | — | (88,876 | ) | — | 2,032,509 | |||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 13,722 | — | — | 119 | (739 | ) | — | 13,102 | 100,906 | — | — | 869 | — | (4,858 | ) | — | 96,917 | |||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 13,729 | — | — | 149 | (830 | ) | — | 13,048 | 95,600 | — | — | 1,001 | — | (5,846 | ) | — | 90,755 | |||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 11,254 | — | — | 340 | (11,601 | ) | — | (7 | ) | 88,060 | — | — | 2,461 | — | (91,320 | ) | — | (799 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 137,717 | — | — | 256 | (5,609 | ) | — | 132,364 | 921,436 | — | — | 1,689 | — | (39,506 | ) | — | 883,619 | |||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-01-09(1)-11-30-09 | 400 | — | — | — | — | — | 400 | 2,993 | — | — | — | — | — | — | 2,993 | |||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
ING Growth Opportunities Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 136,606 | — | — | — | (337,794 | ) | — | (201,188 | ) | 2,109,869 | — | — | — | — | (5,335,244 | ) | — | (3,225,375 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 489,323 | — | — | — | (1,095,041 | ) | — | (605,718 | ) | 7,840,379 | — | — | — | — | (16,464,110 | ) | — | (8,623,731 | ) | |||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 10,252 | — | — | — | (225,893 | ) | — | (215,641 | ) | 151,655 | — | — | — | — | (3,300,863 | ) | — | (3,149,208 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 53,833 | — | — | — | (949,942 | ) | — | (896,109 | ) | 813,646 | — | — | — | — | (14,154,282 | ) | — | (13,340,636 | ) | |||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 12,990 | — | — | — | (194,015 | ) | — | (181,025 | ) | 197,136 | — | — | — | — | (2,851,987 | ) | — | (2,654,851 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 82,246 | — | — | — | (370,696 | ) | — | (288,450 | ) | 1,138,161 | — | — | — | — | (5,034,766 | ) | — | (3,896,605 | ) | |||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 27,349 | — | — | — | (491,961 | ) | — | (464,612 | ) | 442,766 | — | — | — | — | (7,831,295 | ) | — | (7,388,529 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 205,671 | — | — | — | (254,556 | ) | — | (48,885 | ) | 3,053,595 | — | — | — | — | (3,772,435 | ) | — | (718,840 | ) | |||||||||||||||||||||||||||||||||||||||||
Class Q(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | — | — | — | — | (2,025 | ) | (16,107 | ) | (18,132 | ) | — | — | — | — | — | (32,619 | ) | (285,005 | ) | (317,624 | ) | |||||||||||||||||||||||||||||||||||||||
05-31-09 | 50 | — | — | — | (21,840 | ) | — | (21,790 | ) | 888 | — | — | — | — | (316,898 | ) | — | (316,010 | ) |
38
Table of Contents
Proceeds | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | Proceeds | increase | Proceeds | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
shares | from | Reinvestment | (decrease) | from shares | Proceeds | Reinvestment | Redemption | Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||
issued in | shares | of | Shares | Shares | in shares | issued in | from shares | of | fee | Shares | Shares | increase | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares sold | merger | converted | distributions | redeemed | converted | outstanding | Shares sold | merger | converted | distributions | proceeds | redeemed | converted | (decrease) | ||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | # | # | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||||||||||||||||
ING Growth Opportunities Fund (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-23-09(1)-11-30-09 | — | — | 16,107 | — | — | — | 16,107 | — | — | 285,005 | — | — | — | — | 26,800,390 | |||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
ING MidCap Opportunities Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 643,210 | — | — | — | (908,257 | ) | — | (265,047 | ) | 8,059,718 | — | — | — | — | (11,405,591 | ) | — | (3,345,873 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 2,818,879 | 1,577,015 | — | 68,892 | (2,595,485 | ) | — | 1,869,301 | 34,487,652 | 16,173,283 | — | 700,917 | 21,233 | (30,710,868 | ) | — | 20,672,217 | |||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 43,046 | — | — | — | (443,637 | ) | — | (400,591 | ) | 498,656 | — | — | — | — | (5,037,452 | ) | — | (4,538,796 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 151,433 | 237,360 | — | 21,680 | (2,233,259 | ) | — | (1,822,786 | ) | 1,670,843 | 2,232,181 | — | 202,707 | 5,374 | (25,693,578 | ) | — | (21,582,473 | ) | |||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 50,857 | — | — | — | (294,486 | ) | — | (243,629 | ) | 579,567 | — | — | — | — | (3,409,000 | ) | — | (2,829,433 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 177,189 | 188,148 | — | 27,043 | (852,973 | ) | — | (460,593 | ) | 1,868,518 | 1,743,123 | — | 251,495 | 10,509 | (8,845,696 | ) | — | (4,972,051 | ) | |||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 696,147 | — | — | — | (147,435 | ) | — | 548,712 | 9,293,973 | — | — | — | — | (2,026,140 | ) | — | 7,267,833 | |||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 291,755 | 245,180 | — | 6,078 | (212,462 | ) | — | 330,551 | 3,816,393 | 2,644,967 | — | 64,970 | 1,499 | (2,324,747 | ) | — | 4,203,082 | |||||||||||||||||||||||||||||||||||||||||||
Class Q(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 166 | — | — | — | (6,829 | ) | (336,161 | ) | (342,824 | ) | 2,190 | — | — | — | — | (91,399 | ) | (4,789,292 | ) | (4,787,102 | ) | |||||||||||||||||||||||||||||||||||||||
05-31-09 | 6,581 | — | — | 3,671 | (5,807 | ) | — | 4,445 | 68,249 | — | — | 38,183 | 887 | (67,868 | ) | — | 39,451 | |||||||||||||||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 93,067 | — | — | — | (224,049 | ) | — | (130,982 | ) | 1,167,438 | — | — | — | — | (2,858,333 | ) | — | (1,690,895 | ) | |||||||||||||||||||||||||||||||||||||||||
06-04-08(1)-05-31-09 | 114,400 | 2,554,172 | — | — | (180,421 | ) | — | 2,488,151 | 1,196,338 | 26,221,858 | — | — | 32 | (1,809,652 | ) | — | 25,608,576 | |||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-01-09(1)-11-30-09 | 242 | — | 326,382 | — | (372 | ) | — | 326,252 | 2,988 | — | 4,789,292 | — | — | (5,538 | ) | — | 4,786,742 | |||||||||||||||||||||||||||||||||||||||||||
11-30-09 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
ING Opportunistic LargeCap Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 144,855 | — | — | — | (214,602 | ) | — | (69,747 | ) | 1,111,797 | — | — | — | — | (1,637,059 | ) | (1,637,059 | ) | (525,262 | ) | ||||||||||||||||||||||||||||||||||||||||
05-31-09 | 260,513 | — | — | — | (1,335,837 | ) | — | (1,075,324 | ) | 1,970,767 | — | — | — | — | (9,382,842 | ) | (9,382,842 | ) | (7,412,075 | ) | ||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 4,520 | — | — | — | (42,209 | ) | — | (37,689 | ) | 33,470 | — | — | — | — | (311,539 | ) | (311,539 | ) | (278,069 | ) | ||||||||||||||||||||||||||||||||||||||||
05-31-09 | 18,828 | — | — | — | (214,372 | ) | — | (195,544 | ) | 125,559 | — | — | — | — | (1,608,972 | ) | (1,608,972 | ) | (1,483,413 | ) | ||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 18,272 | — | — | — | (14,377 | ) | — | 3,895 | 142,624 | — | — | — | — | (108,152 | ) | (108,152 | ) | 34,472 | ||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 21,148 | — | — | — | (74,355 | ) | — | (53,207 | ) | 143,117 | — | — | — | — | (534,680 | ) | (534,680 | ) | (391,563 | ) | ||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 5,077 | — | — | — | (23,723 | ) | — | (18,646 | ) | 37,311 | — | — | — | — | (182,526 | ) | (182,526 | ) | (145,215 | ) | ||||||||||||||||||||||||||||||||||||||||
05-31-09 | 52,021 | — | — | — | (155,493 | ) | — | (103,472 | ) | 342,525 | — | — | — | — | (1,192,071 | ) | (1,192,071 | ) | (849,546 | ) | ||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | — | — | — | — | (2 | ) | — | (2 | ) | — | — | — | — | — | (10 | ) | (10 | ) | (10 | ) | ||||||||||||||||||||||||||||||||||||||||
05-31-09 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
ING SmallCap Opportunities Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 149,745 | — | — | — | (717,710 | ) | — | (567,965 | ) | 3,755,026 | — | — | — | — | (18,036,547 | ) | — | (14,281,521 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 2,431,381 | — | — | — | (1,874,012 | ) | — | 557,369 | 64,525,849 | — | — | — | — | (43,515,819 | ) | — | 21,010,030 | |||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 6,686 | — | — | — | (58,419 | ) | — | (51,733 | ) | 151,252 | — | — | — | — | (1,319,535 | ) | — | (1,168,283 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 24,727 | — | — | — | (202,017 | ) | — | (177,290 | ) | 527,491 | — | — | — | — | (4,578,163 | ) | — | (4,050,672 | ) | |||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 7,088 | — | — | — | (50,961 | ) | — | (43,873 | ) | 161,385 | — | — | — | — | (1,181,910 | ) | — | (1,020,525 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 32,238 | — | — | — | (164,090 | ) | — | (131,852 | ) | 740,654 | — | — | — | — | (3,499,426 | ) | — | (2,758,772 | ) |
39
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Proceeds | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | Proceeds | increase | Proceeds | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
shares | from | Reinvestment | (decrease) | from shares | Proceeds | Reinvestment | Redemption | Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||
issued in | shares | of | Shares | Shares | in shares | issued in | from shares | of | fee | Shares | Shares | increase | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares sold | merger | converted | distributions | redeemed | converted | outstanding | Shares sold | merger | converted | distributions | proceeds | redeemed | converted | (decrease) | ||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | # | # | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||||||||||||||||
ING Opportunistic LargeCap Fund (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 25,772 | — | — | — | (36,895 | ) | — | (11,123 | ) | 665,220 | — | — | — | — | (981,590 | ) | — | (316,370 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 82,459 | — | — | — | (66,264 | ) | — | 16,195 | 1,949,424 | — | — | — | — | (1,463,223 | ) | — | 486,201 | |||||||||||||||||||||||||||||||||||||||||||
Class Q(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | — | — | — | — | (440 | ) | (2,560 | ) | (3,000 | ) | — | — | — | — | — | (12,455 | ) | (69,851 | ) | (82,306 | ) | |||||||||||||||||||||||||||||||||||||||
05-31-09 | — | — | — | — | (916 | ) | — | — | — | — | — | — | — | (23,368 | ) | — | (23,368 | ) | ||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 7,785 | — | 2,517 | — | (12,259 | ) | — | (1,957 | ) | 200,320 | — | 69,851 | — | — | (338,441 | ) | — | (68,270 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 23,433 | — | — | — | (956 | ) | — | 22,477 | 516,266 | — | — | — | — | (21,353 | ) | — | 494,913 | |||||||||||||||||||||||||||||||||||||||||||
ING SmallCap Value Multi-Manager Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 224,616 | — | — | — | (1,251,848 | ) | — | (1,027,232 | ) | 1,767,711 | — | — | — | — | (10,103,903 | ) | — | (8,336,192 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 755,458 | — | — | 24,640 | (1,606,821 | ) | — | (826,723 | ) | 5,592,885 | — | — | 162,621 | — | (12,617,545 | ) | — | (6,862,039 | ) | |||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 2,072 | — | — | — | (36,093 | ) | — | (34,021 | ) | 15,596 | — | — | — | — | (277,639 | ) | — | (262,043 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 11,528 | — | — | — | (65,091 | ) | — | (53,563 | ) | 81,427 | — | — | — | — | (515,211 | ) | — | (433,784 | ) | |||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 5,863 | — | — | — | (99,622 | ) | — | (93,759 | ) | 42,801 | — | — | — | — | (773,559 | ) | — | (730,758 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 64,624 | — | — | — | (392,786 | ) | — | (328,162 | ) | 467,785 | — | — | — | — | (2,999,375 | ) | — | (2,531,590 | ) | |||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 7,422 | — | — | — | (159,535 | ) | — | (152,113 | ) | 54,426 | — | — | — | — | (1,269,801 | ) | — | (1,215,375 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 13,033 | — | — | 2,171 | (728,480 | ) | — | (713,276 | ) | 91,860 | — | — | 14,353 | — | (6,029,972 | ) | — | (5,923,759 | ) | |||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 893 | — | — | — | (619 | ) | — | 274 | 7,824 | — | — | — | — | (5,396 | ) | — | 2,428 | |||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 3,619 | — | — | 55 | (83 | ) | — | 3,591 | 29,977 | — | — | 376 | — | (633 | ) | — | 29,720 | |||||||||||||||||||||||||||||||||||||||||||
ING Value Choice Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 8,896,405 | — | — | — | (7,126,033 | ) | — | 1,770,372 | 116,367,608 | — | — | — | — | (90,634,400 | ) | — | 25,733,208 | |||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 14,834,819 | 1,210,099 | — | 409,933 | (11,139,668 | ) | — | 5,315,183 | 157,058,048 | 14,696,189 | — | 4,823,126 | 15,723 | (110,507,928 | ) | — | 66,085,158 | |||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 229,819 | — | — | — | (247,874 | ) | — | (18,055 | ) | 2,908,138 | — | — | — | — | (3,206,933 | ) | — | (298,795 | ) | |||||||||||||||||||||||||||||||||||||||||
05-31-09 | 334,030 | 321,004 | — | 39,035 | (929,028 | ) | — | (234,959 | ) | 3,981,608 | 3,863,855 | — | 471,544 | 2,245 | (9,793,576 | ) | — | (1,474,324 | ) | |||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 1,447,994 | — | — | — | (688,357 | ) | — | 759,637 | 18,690,109 | — | — | — | — | (8,883,923 | ) | — | 9,806,186 | |||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 2,119,044 | 738,400 | — | 99,993 | (2,416,572 | ) | — | 540,865 | 23,452,851 | 8,879,085 | — | 1,205,919 | 5,665 | (23,935,365 | ) | — | 9,608,155 | |||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 440,719 | — | — | — | (142,237 | ) | — | 298,482 | 5,908,293 | — | — | — | — | (1,951,179 | ) | — | 3,957,114 | |||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 833,915 | 763 | — | 10,264 | (587,618 | ) | — | 257,324 | 9,544,886 | 9,344 | — | 115,766 | 246 | (7,393,961 | ) | — | 2,276,281 | |||||||||||||||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 92,273 | — | — | — | (44,710 | ) | — | 47,563 | 1,182,505 | — | — | — | — | (568,978 | ) | — | 613,527 | |||||||||||||||||||||||||||||||||||||||||||
06-04-08(1)-05-31-09 | 143,921 | — | — | — | (25,811 | ) | — | 118,110 | 1,396,271 | — | — | — | 24 | (251,124 | ) | — | 1,145,171 | |||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 932,498 | — | — | — | (108,604 | ) | — | 823,894 | 12,640,629 | — | — | — | — | (1,551,123 | ) | — | 11,089,506 | |||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 1,606,306 | — | — | 13,032 | (551,410 | ) | — | 1,067,928 | 18,269,811 | — | — | 166,507 | 514 | (5,979,461 | ) | — | 12,457,371 |
(1) | Commencement of operations. |
(2) | Effective November 23, 2009, Class Q Shareholders of ING Real Estate Fund, ING Growth Opportunities Fund, ING MidCap Opportunities Fund, and ING SmallCap Opportunities Fund were converted to Class W shares of the Fund. |
40
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Principal | Initial | Percent | ||||||||||||||||||||
Amount/ | Acquisition | of Net | ||||||||||||||||||||
Fund | Security | Shares | Date | Cost | Value | Assets | ||||||||||||||||
Value Choice | LTX Credence, 3.500%, due 05/15/11 | 3,701,000 | 05/31/09 | 882,799 | 1,924,520 | 0.4 | % |
Value of | Cash | |||||||
Securities | Collateral | |||||||
Loaned | Received* | |||||||
Growth Opportunities | $ | 683,596 | $ | 663,831 | ||||
MidCap Opportunities | 2,842,234 | 2,781,320 | ||||||
SmallCap Opportunities | 3,541,418 | 3,621,013 | ||||||
SmallCap Value Multi-Manager | 105,359 | 113,207 | ||||||
Value Choice | 11,518,790 | 12,315,005 |
* | Cash collateral received was invested in the BICR Fund, the fair value of which is presented in the respective Funds’ Portfolios of Investments. |
41
Table of Contents
Acquired Fund | ||||||||||||||||||||||
Acquired | Unrealized | |||||||||||||||||||||
Acquiring | Acquired | Total Net Assets of | Total Net Assets of | Capital Loss | Appreciation | Conversion | ||||||||||||||||
Fund | Fund | Acquired Fund (000s) | Acquiring Fund (000s) | Carryforwards (000s) | (000s) | Ratio | ||||||||||||||||
MidCap Opportunities | ING Global Science and Technology Fund | $ | 49,015 | $ | 154,274 | $ | (30,103 | ) | $ | 2,324 | 0.33 |
Six Months Ended | ||||||||||||||||
November 30, 2009 | Year Ended May 31, 2009 | |||||||||||||||
Ordinary | Ordinary | Long-Term | Return | |||||||||||||
Income | Income | Capital Gains | of Capital | |||||||||||||
Real Estate(1) | $ | 9,374,335 | $ | 10,046,596 | $ | — | $ | 4,871,462 | ||||||||
Equity Dividend | 62,910 | 147,695 | — | — | ||||||||||||
MidCap Opportunities | — | — | 1,820,533 | — | ||||||||||||
SmallCap Value Multi-Manager | — | 281,171 | — | — | ||||||||||||
Value Choice | — | 4,074,037 | 4,674,773 | — |
(1) | Amounts and composition of dividends and distributions presented herein are based on the Fund’s tax year-ends of December 31, 2008 and 2007. |
Post-October | Post-October | |||||||||||||||||||||||
Undistributed | Unrealized | Currency | Capital | |||||||||||||||||||||
Ordinary | Appreciation/ | Losses | Losses | Capital Loss | Expiration | |||||||||||||||||||
Income | (Depreciation) | Deferred | Deferred | Carryforwards | Dates | |||||||||||||||||||
Real Estate(1) | $ | — | $ | (162,545,387 | ) | $ | — | $ | (25,953,443 | ) | $ | (5,631,494 | ) | 2016 | ||||||||||
Equity Dividend | 17,795 | (42,981 | ) | — | (782,911 | ) | (71,618 | ) | 2016 | |||||||||||||||
(562,902 | ) | 2017 | ||||||||||||||||||||||
$ | (634,520 | ) | ||||||||||||||||||||||
Growth Opportunities | — | 4,699,126 | (1,543 | ) | (30,412,665 | ) | (137,806,249 | ) | 2010 | |||||||||||||||
(117,098,211 | ) | 2011 | ||||||||||||||||||||||
(1,005,295 | ) | 2013 | ||||||||||||||||||||||
(6,977,204 | ) | 2017 | ||||||||||||||||||||||
$ | (262,886,959 | ) | ||||||||||||||||||||||
42
Table of Contents
Post-October | Post-October | |||||||||||||||||||||||
Undistributed | Unrealized | Currency | Capital | |||||||||||||||||||||
Ordinary | Appreciation/ | Losses | Losses | Capital Loss | Expiration | |||||||||||||||||||
Income | (Depreciation) | Deferred | Deferred | Carryforwards | Dates | |||||||||||||||||||
MidCap Opportunities | $ | — | $ | 17,946,334 | $ | — | $ | (2,905,146 | ) | $ | (45,790,638 | ) | 2010 | |||||||||||
(2,696,455 | ) | (9,824,346 | ) | 2011 | ||||||||||||||||||||
(903,833 | ) | — | 2012 | |||||||||||||||||||||
(12,578,444 | ) | — | 2016 | |||||||||||||||||||||
— | (21,819,540 | ) | 2017 | |||||||||||||||||||||
(51,799,889 | ) | — | 2018 | |||||||||||||||||||||
$ | (70,883,767 | )* | $ | (77,434,524 | )* | |||||||||||||||||||
Opportunistic LargeCap | — | 429,730 | — | (7,898,773 | ) | (30,311,320 | ) | 2010 | ||||||||||||||||
(10,223,807 | ) | 2017 | ||||||||||||||||||||||
$ | (40,535,127 | ) | ||||||||||||||||||||||
SmallCap Opportunities | — | (11,956,785 | ) | — | (27,834,892 | ) | (48,878,313 | ) | 2010 | |||||||||||||||
(167,319,500 | ) | 2011 | ||||||||||||||||||||||
(2,868,318 | ) | 2017 | ||||||||||||||||||||||
$ | (219,066,131 | )* | ||||||||||||||||||||||
SmallCap Value Multi-Manager | 16,582 | (5,958,324 | ) | — | (15,477,585 | ) | (796,234 | ) | 2016 | |||||||||||||||
(6,812,069 | ) | 2017 | ||||||||||||||||||||||
$ | (7,608,303 | ) | ||||||||||||||||||||||
Value Choice | 2,062,103 | (20,775,294 | ) | — | — | (3,832,801 | ) | 2014 | ||||||||||||||||
— | (5,627,636 | ) | 2015 | |||||||||||||||||||||
(9,794,706 | ) | — | 2016 | |||||||||||||||||||||
— | (13,869,709 | ) | 2017 | |||||||||||||||||||||
(37,469,957 | ) | — | 2018 | |||||||||||||||||||||
$ | (47,264,663 | )* | $ | (23,330,146 | )* | |||||||||||||||||||
(1) | As of the Fund’s tax year ended December 31, 2008. |
* | Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code. Amounts and years of expiration may be adjusted to reflect future gain/loss activity to comply with the limitation rules. |
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Table of Contents
MidCap Opportunities | $ | 39,534 | ||
Value Choice | $ | 24,417 |
PER SHARE AMOUNTS | ||||||||||
Net Investment | Payable | Record | ||||||||
Income | Date | Date | ||||||||
Real Estate | ||||||||||
Class A | $ | 0.0871 | January 4, 2010 | December 30, 2009 | ||||||
Class B | $ | 0.0779 | January 4, 2010 | December 30, 2009 | ||||||
Class C | $ | 0.0778 | January 4, 2010 | December 30, 2009 | ||||||
Class I | $ | 0.0909 | January 4, 2010 | December 30, 2009 | ||||||
Class O | $ | 0.0871 | January 4, 2010 | December 30, 2009 | ||||||
Class W | $ | 0.0900 | January 4, 2010 | December 30, 2009 | ||||||
Equity Dividend | ||||||||||
Class A | $ | 0.0465 | January 4, 2010 | December 30, 2009 | ||||||
Class B | $ | 0.0328 | January 4, 2010 | December 30, 2009 | ||||||
Class C | $ | 0.0310 | January 4, 2010 | December 30, 2009 | ||||||
Class I | $ | 0.0505 | January 4, 2010 | December 30, 2009 | ||||||
Class W | $ | 0.0418 | January 4, 2010 | December 30, 2009 | ||||||
Opportunistic LargeCap | ||||||||||
Class A | $ | 0.0282 | December 16, 2009 | December 14, 2009 | ||||||
Class B | $ | — | December 16, 2009 | December 14, 2009 | ||||||
Class C | $ | — | December 16, 2009 | December 14, 2009 | ||||||
Class I | $ | 0.0696 | December 16, 2009 | December 14, 2009 | ||||||
Class W | $ | 0.0729 | December 16, 2009 | December 14, 2009 | ||||||
Class A | $ | 0.0014 | January 4, 2010 | December 30, 2009 | ||||||
Class B | $ | 0.0014 | January 4, 2010 | December 30, 2009 | ||||||
Class C | $ | 0.0014 | January 4, 2010 | December 30, 2009 | ||||||
Class I | $ | 0.0014 | January 4, 2010 | December 30, 2009 | ||||||
Class W | $ | 0.0014 | January 4, 2010 | December 30, 2009 |
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Table of Contents
PER SHARE AMOUNTS | ||||||||||
Net Investment | Payable | Record | ||||||||
Income | Date | Date | ||||||||
SmallCap Value Multi-Manager | ||||||||||
Class A | $ | 0.0141 | December 16, 2009 | December 14, 2009 | ||||||
Class B | $ | — | December 16, 2009 | December 14, 2009 | ||||||
Class C | $ | — | December 16, 2009 | December 14, 2009 | ||||||
Class I | $ | 0.0425 | December 16, 2009 | December 14, 2009 | ||||||
Class W | $ | — | December 16, 2009 | December 14, 2009 | ||||||
Value Choice | ||||||||||
Class A | $ | 0.1282 | December 16, 2009 | December 14, 2009 | ||||||
Class B | $ | 0.0354 | December 16, 2009 | December 14, 2009 | ||||||
Class C | $ | 0.0504 | December 16, 2009 | December 14, 2009 | ||||||
Class I | $ | 0.1581 | December 16, 2009 | December 14, 2009 | ||||||
Class O | $ | 0.1380 | December 16, 2009 | December 14, 2009 | ||||||
Class W | $ | 0.1561 | December 16, 2009 | December 14, 2009 |
45
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 0.6% | ||||||||||||||
Lodging: 0.6% | ||||||||||||||
90,800 | @ | Hyatt Hotels Corp. | $ | 2,610,500 | ||||||||||
Total Common Stock (Cost $2,270,000) | 2,610,500 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 98.1% | ||||||||||||||
Apartments: 13.7% | ||||||||||||||
445,800 | Apartment Investment & Management Co. | 6,022,758 | ||||||||||||
210,969 | AvalonBay Communities, Inc. | 15,240,401 | ||||||||||||
232,800 | BRE Properties, Inc. | 7,293,624 | ||||||||||||
235,900 | Camden Property Trust | 9,141,125 | ||||||||||||
424,300 | Equity Residential | 13,666,703 | ||||||||||||
22,710 | Essex Property Trust, Inc. | 1,811,123 | ||||||||||||
679,804 | UDR, Inc. | 10,176,666 | ||||||||||||
63,352,400 | ||||||||||||||
Diversified: 14.5% | ||||||||||||||
219,500 | Colonial Properties Trust | 2,372,795 | ||||||||||||
251,300 | Digital Realty Trust, Inc. | 12,228,258 | ||||||||||||
761,200 | Duke Realty Corp. | 8,533,052 | ||||||||||||
483,000 | Liberty Property Trust | 14,316,120 | ||||||||||||
453,015 | Vornado Realty Trust | 29,654,362 | ||||||||||||
67,104,587 | ||||||||||||||
Health Care: 13.8% | ||||||||||||||
516,800 | HCP, Inc. | 16,175,840 | ||||||||||||
105,500 | Health Care Real Estate Investment Trust, Inc. | 4,700,025 | ||||||||||||
438,600 | Nationwide Health Properties, Inc. | 14,916,786 | ||||||||||||
475,800 | Omega Healthcare Investors, Inc. | 8,607,222 | ||||||||||||
448,925 | Ventas, Inc. | 19,272,349 | ||||||||||||
63,672,222 | ||||||||||||||
Hotels: 5.8% | ||||||||||||||
494,400 | Hospitality Properties Trust | 9,596,304 | ||||||||||||
1,632,448 | Host Hotels & Resorts, Inc. | 17,173,353 | ||||||||||||
26,769,657 | ||||||||||||||
Manufactured Homes: 1.9% | ||||||||||||||
184,200 | Equity Lifestyle Properties, Inc. | 8,843,442 | ||||||||||||
8,843,442 | ||||||||||||||
Office Property: 11.9% | ||||||||||||||
171,570 | Alexandria Real Estate Equities, Inc. | 9,671,401 | ||||||||||||
263,600 | Boston Properties, Inc. | 17,655,928 | ||||||||||||
627,700 | Brandywine Realty Trust | 6,164,014 | ||||||||||||
26,550 | Corporate Office Properties Trust SBI MD | 907,745 | ||||||||||||
386,000 | Highwoods Properties, Inc. | 11,815,460 | ||||||||||||
196,600 | SL Green Realty Corp. | 8,732,972 | ||||||||||||
54,947,520 | ||||||||||||||
Regional Malls: 15.9% | ||||||||||||||
589,500 | CBL & Associates Properties, Inc. | 5,458,770 | ||||||||||||
426,641 | Macerich Co. | 12,696,836 | ||||||||||||
697,000 | S | Simon Property Group, Inc. | 50,644,020 | |||||||||||
125,800 | Taubman Centers, Inc. | 4,322,488 | ||||||||||||
73,122,114 | ||||||||||||||
Shopping Centers: 9.4% | ||||||||||||||
263,492 | Acadia Realty Trust | 4,287,015 | ||||||||||||
267,000 | Developers Diversified Realty Corp. | 2,702,040 | ||||||||||||
197,200 | Federal Realty Investment Trust | 12,683,904 | ||||||||||||
481,023 | Kimco Realty Corp. | 5,926,203 | ||||||||||||
175,800 | Regency Centers Corp. | 5,884,026 | ||||||||||||
152,400 | Tanger Factory Outlet Centers, Inc. | 5,981,700 | ||||||||||||
310,900 | Weingarten Realty Investors | 6,034,569 | ||||||||||||
43,499,457 | ||||||||||||||
Storage: 5.1% | ||||||||||||||
303,500 | Extra Space Storage, Inc. | 3,335,465 | ||||||||||||
202,402 | Public Storage, Inc. | 16,107,151 | ||||||||||||
602,478 | U-Store-It Trust | 3,922,132 | ||||||||||||
23,364,748 | ||||||||||||||
Warehouse/Industrial: 6.1% | ||||||||||||||
511,125 | AMB Property Corp. | 12,036,994 | ||||||||||||
1,223,600 | Prologis | 16,004,688 | ||||||||||||
28,041,682 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $312,797,602) | 452,717,829 | |||||||||||||
Total Long-Term Investments (Cost $315,067,602) | 455,328,329 | |||||||||||||
SHORT-TERM INVESTMENTS: 1.1% | ||||||||||||||
Affiliated Mutual Fund: 1.1% | ||||||||||||||
5,140,453 | ING Institutional Prime Money Market Fund — Class I | 5,140,453 | ||||||||||||
Total Short-Term Investments (Cost $5,140,453) | 5,140,453 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $320,208,055)* | 99.8 | % | $ | 460,468,782 | ||||||||||
Other Assets and Liabilities - Net | 0.2 | 1,037,408 | ||||||||||||
Net Assets | 100.0 | % | $ | 461,506,190 | ||||||||||
@ | Non-income producing security | |
S | All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities. | |
* | Cost for federal income tax purposes is $460,452,986. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 140,401,347 | ||
Gross Unrealized Depreciation | (140,385,551 | ) | ||
Net Unrealized Appreciation | $ | 15,796 | ||
Quoted Prices | Significant | |||||||||||||||
in Active Markets | Other | Significant | ||||||||||||||
for Identical | Observable | Unobservable | Fair Value | |||||||||||||
Investments | Inputs | Inputs | at | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | 11/30/2009 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at value | ||||||||||||||||
Common Stock* | $ | 2,610,500 | $ | — | $ | — | $ | 2,610,500 | ||||||||
Real Estate Investment Trusts | 452,717,829 | — | — | 452,717,829 | ||||||||||||
Short-Term Investments | 5,140,453 | — | — | 5,140,453 | ||||||||||||
Total Investments, at value | $ | 460,468,782 | $ | — | $ | — | $ | 460,468,782 | ||||||||
^ | 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. |
46
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 96.4% | ||||||||||||||
Agriculture: 4.0% | ||||||||||||||
4,900 | Altria Group, Inc. | $ | 92,169 | |||||||||||
2,900 | Archer-Daniels-Midland Co. | 89,349 | ||||||||||||
2,900 | Universal Corp. | 124,439 | ||||||||||||
305,957 | ||||||||||||||
Banks: 12.5% | ||||||||||||||
13,100 | Bank of America Corp. | 207,635 | ||||||||||||
1,400 | Bank of Hawaii Corp. | 63,980 | ||||||||||||
3,000 | BB&T Corp. | 74,700 | ||||||||||||
1,400 | Cullen/Frost Bankers, Inc. | 67,228 | ||||||||||||
500 | Goldman Sachs Group, Inc. | 84,830 | ||||||||||||
5,700 | JPMorgan Chase & Co. | 242,193 | ||||||||||||
800 | @@ | Toronto Dominion Bank | 50,377 | |||||||||||
5,800 | Wells Fargo & Co. | 162,632 | ||||||||||||
953,575 | ||||||||||||||
Coal: 1.4% | ||||||||||||||
5,200 | Arch Coal, Inc. | 108,472 | ||||||||||||
108,472 | ||||||||||||||
Commercial Services: 1.5% | ||||||||||||||
6,700 | Total System Services, Inc. | 115,776 | ||||||||||||
115,776 | ||||||||||||||
Diversified Financial Services: 4.3% | ||||||||||||||
2,700 | @ | AllianceBernstein Holding LP | 68,310 | |||||||||||
3,300 | Ameriprise Financial, Inc. | 125,796 | ||||||||||||
4,200 | Blackstone Group LP | 58,128 | ||||||||||||
2,932 | NYSE Euronext | 74,121 | ||||||||||||
326,355 | ||||||||||||||
Electric: 3.8% | ||||||||||||||
2,900 | Exelon Corp. | 139,722 | ||||||||||||
4,400 | NSTAR | 145,772 | ||||||||||||
285,494 | ||||||||||||||
Entertainment: 1.6% | ||||||||||||||
8,800 | Regal Entertainment Group | 120,560 | ||||||||||||
120,560 | ||||||||||||||
Food: 2.5% | ||||||||||||||
4,900 | Safeway, Inc. | 110,250 | ||||||||||||
6,000 | Supervalu, Inc. | 82,980 | ||||||||||||
193,230 | ||||||||||||||
Forest Products & Paper: 1.0% | ||||||||||||||
6,500 | Glatfelter | 72,280 | ||||||||||||
72,280 | ||||||||||||||
Gas: 1.2% | ||||||||||||||
2,100 | Energen Corp. | 91,350 | ||||||||||||
91,350 | ||||||||||||||
Health Care — Products: 1.3% | ||||||||||||||
2,400 | Medtronic, Inc. | 101,856 | ||||||||||||
101,856 | ||||||||||||||
Household Products/Wares: 1.4% | ||||||||||||||
2,800 | Avery Dennison Corp. | 105,168 | ||||||||||||
105,168 | ||||||||||||||
Insurance: 5.0% | ||||||||||||||
3,000 | @@ | Axis Capital Holdings Ltd. | 83,970 | |||||||||||
2,500 | Principal Financial Group, Inc. | 63,475 | ||||||||||||
2,700 | Travelers Cos., Inc. | 141,453 | ||||||||||||
5,100 | @@ | XL Capital Ltd. | 93,381 | |||||||||||
382,279 | ||||||||||||||
Iron/Steel: 1.8% | ||||||||||||||
3,200 | Nucor Corp. | 135,712 | ||||||||||||
135,712 | ||||||||||||||
Media: 2.3% | ||||||||||||||
6,900 | CBS Corp. — Class B | 88,389 | ||||||||||||
16,600 | @@ | Yellow Pages Income Fund | 82,261 | |||||||||||
170,650 | ||||||||||||||
Metal Fabricate/Hardware: 1.1% | ||||||||||||||
7,300 | Worthington Industries | 85,483 | ||||||||||||
85,483 | ||||||||||||||
Miscellaneous Manufacturing: 9.7% | ||||||||||||||
1,000 | 3M Co. | 77,440 | ||||||||||||
2,900 | @ | Cooper Industries PLC | 123,801 | |||||||||||
3,400 | Dover Corp. | 138,992 | ||||||||||||
16,700 | General Electric Co. | 267,534 | ||||||||||||
3,600 | @@ | Tyco International Ltd. | 129,132 | |||||||||||
736,899 | ||||||||||||||
Oil & Gas: 16.5% | ||||||||||||||
2,100 | Chevron Corp. | 163,884 | ||||||||||||
3,700 | ConocoPhillips | 191,549 | ||||||||||||
2,900 | @@ | EnCana Corp. | 156,252 | |||||||||||
4,900 | ExxonMobil Corp. | 367,843 | ||||||||||||
3,800 | Marathon Oil Corp. | 123,956 | ||||||||||||
7,600 | Patterson-UTI Energy, Inc. | 116,964 | ||||||||||||
7,614 | @@ | Talisman Energy, Inc. | 132,940 | |||||||||||
1,253,388 | ||||||||||||||
Packaging & Containers: 1.5% | ||||||||||||||
4,100 | Sonoco Products Co. | 115,538 | ||||||||||||
115,538 | ||||||||||||||
Pharmaceuticals: 6.6% | ||||||||||||||
4,500 | Cardinal Health, Inc. | 145,035 | ||||||||||||
19,500 | Pfizer, Inc. | 354,316 | ||||||||||||
499,351 | ||||||||||||||
Retail: 3.9% | ||||||||||||||
7,600 | Brinker International, Inc. | 104,880 | ||||||||||||
7,100 | Home Depot, Inc. | 194,256 | ||||||||||||
299,136 | ||||||||||||||
Semiconductors: 1.6% | ||||||||||||||
4,900 | Texas Instruments, Inc. | 123,921 | ||||||||||||
123,921 | ||||||||||||||
Software: 1.4% | ||||||||||||||
3,600 | Microsoft Corp. | 105,876 | ||||||||||||
105,876 | ||||||||||||||
Telecommunications: 6.9% | ||||||||||||||
3,133 | CenturyTel, Inc. | 111,503 | ||||||||||||
2,200 | Harris Corp. | 96,580 | ||||||||||||
6,700 | Verizon Communications, Inc. | 210,782 | ||||||||||||
10,700 | Windstream Corp. | 106,144 | ||||||||||||
525,009 | ||||||||||||||
Transportation: 1.6% | ||||||||||||||
2,700 | Tidewater, Inc. | 121,365 | ||||||||||||
121,365 | ||||||||||||||
Total Common Stock (Cost $6,390,567) | 7,334,680 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 2.8% | ||||||||||||||
Diversified: 1.1% | ||||||||||||||
2,500 | Entertainment Properties Trust | 78,975 | ||||||||||||
78,975 | ||||||||||||||
47
Table of Contents
Shares | Value | |||||||||||||
Mortgage: 0.6% | ||||||||||||||
6,200 | MFA Mortgage Investments, Inc. | $ | 46,934 | |||||||||||
46,934 | ||||||||||||||
Shopping Centers: 1.1% | ||||||||||||||
4,300 | Weingarten Realty Investors | 83,463 | ||||||||||||
83,463 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $186,150) | 209,372 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $6,576,717)* | 99.2 | % | $ | 7,544,052 | ||||||||||
Other Assets and Liabilities - Net | 0.8 | 63,471 | ||||||||||||
Net Assets | 100.0 | % | $ | 7,607,523 | ||||||||||
@ | Non-income producing security | |
@@ | Foreign Issuer | |
* | Cost for federal income tax purposes is $6,742,034. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 1,061,284 | ||
Gross Unrealized Depreciation | (259,266 | ) | ||
Net Unrealized Appreciation | $ | 802,018 | ||
Quoted Prices | Significant | |||||||||||||||
in Active Markets | Other | Significant | ||||||||||||||
for Identical | Observable | Unobservable | Fair Value | |||||||||||||
Investments | Inputs | Inputs | at | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | 11/30/2009 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at value | ||||||||||||||||
Common Stock* | $ | 7,334,680 | $ | — | $ | — | $ | 7,334,680 | ||||||||
Real Estate Investment Trusts | 209,372 | — | — | 209,372 | ||||||||||||
Total Investments, at value | $ | 7,544,052 | $ | — | $ | — | $ | 7,544,052 | ||||||||
^ | 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. |
48
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 97.0% | ||||||||||||||
Agriculture: 3.1% | ||||||||||||||
48,687 | Philip Morris International, Inc. | $ | 2,341,358 | |||||||||||
2,341,358 | ||||||||||||||
Apparel: 1.8% | ||||||||||||||
38,780 | Coach, Inc. | 1,347,605 | ||||||||||||
1,347,605 | ||||||||||||||
Banks: 2.2% | ||||||||||||||
5,540 | Goldman Sachs Group, Inc. | 939,916 | ||||||||||||
16,494 | JPMorgan Chase & Co. | 700,830 | ||||||||||||
1,640,746 | ||||||||||||||
Beverages: 1.7% | ||||||||||||||
65,500 | Coca-Cola Enterprises, Inc. | 1,287,075 | ||||||||||||
1,287,075 | ||||||||||||||
Biotechnology: 2.5% | ||||||||||||||
20,320 | @ | Amgen, Inc. | 1,145,032 | |||||||||||
10,800 | @ | Millipore Corp. | 735,480 | |||||||||||
1,880,512 | ||||||||||||||
Chemicals: 1.6% | ||||||||||||||
25,580 | Airgas, Inc. | 1,183,075 | ||||||||||||
1,183,075 | ||||||||||||||
Commercial Services: 0.7% | ||||||||||||||
9,550 | @ | Emergency Medical Services Corp. | 460,788 | |||||||||||
3,026 | @ | Euronet Worldwide, Inc. | 64,272 | |||||||||||
525,060 | ||||||||||||||
Computers: 10.6% | ||||||||||||||
17,454 | @ | Apple, Inc. | 3,489,229 | |||||||||||
34,800 | @ | Cognizant Technology Solutions Corp. | 1,528,764 | |||||||||||
50,200 | @ | EMC Corp. | 844,866 | |||||||||||
36,560 | @ | Micros Systems, Inc. | 1,025,874 | |||||||||||
32,651 | @ | NetApp, Inc. | 1,006,304 | |||||||||||
7,895,037 | ||||||||||||||
Diversified Financial Services: 2.3% | ||||||||||||||
21,889 | American Express Co. | 915,617 | ||||||||||||
56,083 | Blackstone Group LP | 776,189 | ||||||||||||
1,691,806 | ||||||||||||||
Electronics: 3.3% | ||||||||||||||
26,007 | @ | Thermo Electron Corp. | 1,228,311 | |||||||||||
20,910 | @ | Waters Corp. | 1,229,090 | |||||||||||
2,457,401 | ||||||||||||||
Food: 1.1% | ||||||||||||||
13,594 | JM Smucker Co. | 803,134 | ||||||||||||
803,134 | ||||||||||||||
Health Care — Products: 1.2% | ||||||||||||||
19,200 | @ | Hospira, Inc. | 901,440 | |||||||||||
901,440 | ||||||||||||||
Health Care — Services: 3.6% | ||||||||||||||
70,481 | @ | Healthsouth Corp. | 1,236,237 | |||||||||||
26,400 | UnitedHealth Group, Inc. | 756,888 | ||||||||||||
12,300 | Universal Health Services, Inc. | 687,447 | ||||||||||||
2,680,572 | ||||||||||||||
Insurance: 0.9% | ||||||||||||||
26,294 | Principal Financial Group, Inc. | 667,605 | ||||||||||||
667,605 | ||||||||||||||
Internet: 6.9% | ||||||||||||||
51,229 | @ | eBay, Inc. | 1,253,574 | |||||||||||
5,037 | @ | Google, Inc. — Class A | 2,936,571 | |||||||||||
4,600 | @ | Priceline.com, Inc. | 984,952 | |||||||||||
5,175,097 | ||||||||||||||
Iron/Steel: 0.7% | ||||||||||||||
12,680 | Cliffs Natural Resources, Inc. | 558,681 | ||||||||||||
558,681 | ||||||||||||||
Leisure Time: 1.2% | ||||||||||||||
23,147 | @ | WMS Industries, Inc. | 899,955 | |||||||||||
899,955 | ||||||||||||||
Lodging: 0.9% | ||||||||||||||
45,572 | @,L | Las Vegas Sands Corp. | 698,163 | |||||||||||
698,163 | ||||||||||||||
Machinery — Construction & Mining: 1.2% | ||||||||||||||
16,800 | Joy Global, Inc. | 899,472 | ||||||||||||
899,472 | ||||||||||||||
Machinery — Diversified: 1.3% | ||||||||||||||
19,344 | Roper Industries, Inc. | 1,006,662 | ||||||||||||
1,006,662 | ||||||||||||||
Media: 2.6% | ||||||||||||||
59,448 | CBS Corp. — Class B | 761,529 | ||||||||||||
38,180 | @ | DIRECTV | 1,207,633 | |||||||||||
1,969,162 | ||||||||||||||
Miscellaneous Manufacturing: 6.4% | ||||||||||||||
19,334 | Danaher Corp. | 1,371,167 | ||||||||||||
21,786 | Donaldson Co., Inc. | 925,905 | ||||||||||||
19,567 | Dover Corp. | 799,899 | ||||||||||||
24,800 | @@ | Ingersoll-Rand PLC | 877,176 | |||||||||||
22,061 | @@ | Tyco International Ltd. | 791,328 | |||||||||||
4,765,475 | ||||||||||||||
Oil & Gas: 1.1% | ||||||||||||||
8,400 | Apache Corp. | 800,351 | ||||||||||||
800,351 | ||||||||||||||
Oil & Gas Services: 2.6% | ||||||||||||||
15,630 | National Oilwell Varco, Inc. | 672,403 | ||||||||||||
20,241 | Schlumberger Ltd. | 1,293,197 | ||||||||||||
1,965,600 | ||||||||||||||
Pharmaceuticals: 8.9% | ||||||||||||||
26,412 | @ | Forest Laboratories, Inc. | 809,792 | |||||||||||
25,746 | @@ | Herbalife Ltd. | 1,079,787 | |||||||||||
18,390 | McKesson Corp. | 1,140,548 | ||||||||||||
16,660 | @ | Medco Health Solutions, Inc. | 1,052,246 | |||||||||||
69,091 | Pfizer, Inc. | 1,255,383 | ||||||||||||
16,737 | @@ | Teva Pharmaceutical Industries Ltd. ADR | 883,546 | |||||||||||
12,460 | @ | Valeant Pharmaceuticals International | 407,317 | |||||||||||
6,628,619 | ||||||||||||||
Retail: 6.9% | ||||||||||||||
25,159 | @ | Bed Bath & Beyond, Inc. | 939,940 | |||||||||||
20,900 | Guess ?, Inc. | 774,345 | ||||||||||||
26,726 | @ | Gymboree Corp. | 1,066,902 | |||||||||||
43,566 | Wal-Mart Stores, Inc. | 2,376,525 | ||||||||||||
5,157,712 | ||||||||||||||
49
Table of Contents
Shares | Value | |||||||||||||
Semiconductors: 3.9% | ||||||||||||||
33,850 | @ | Broadcom Corp. | $ | 988,420 | ||||||||||
56,240 | National Semiconductor Corp. | 821,104 | ||||||||||||
62,800 | @ | QLogic Corp. | 1,126,632 | |||||||||||
2,936,156 | ||||||||||||||
Software: 8.6% | ||||||||||||||
18,840 | @ | Ansys, Inc. | 733,630 | |||||||||||
21,180 | @ | BMC Software, Inc. | 820,301 | |||||||||||
129,018 | Microsoft Corp. | 3,794,419 | ||||||||||||
50,473 | Oracle Corp. | 1,114,444 | ||||||||||||
6,462,794 | ||||||||||||||
Telecommunications: 7.2% | ||||||||||||||
115,390 | @ | Cisco Systems, Inc. | 2,700,125 | |||||||||||
33,310 | Qualcomm, Inc. | 1,498,950 | ||||||||||||
36,490 | @ | SBA Communications Corp. | 1,169,140 | |||||||||||
5,368,215 | ||||||||||||||
Total Common Stock (Cost $59,225,652) | 72,594,540 | |||||||||||||
SHORT-TERM INVESTMENTS: 1.8% | ||||||||||||||
Affiliated Mutual Fund: 1.0% | ||||||||||||||
721,000 | ING Institutional Prime Money Market Fund — Class I | 721,000 | ||||||||||||
Total Mutual Fund (Cost $721,000) | 721,000 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Securities Lending CollateralCC: 0.8% | ||||||||||||||
$ | 470,013 | Bank of New York Mellon Corp. Institutional Cash Reserves, Series A(1) | $ | 470,013 | ||||||||||
193,818 | Bank of New York Mellon Corp. Institutional Cash Reserves, Series B(1)(2) | 155,055 | ||||||||||||
Total Securities Lending Collateral (Cost $663,831) | 625,068 | |||||||||||||
Total Short-Term Investments (Cost $1,384,831) | 1,346,068 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $60,610,483)* | 98.8 | % | $ | 73,940,608 | ||||||||||
Other Assets and Liabilities - Net | 1.2 | 872,197 | ||||||||||||
Net Assets | 100.0 | % | $ | 74,812,805 | ||||||||||
@ | Non-income producing security | |
@@ | Foreign Issuer | |
ADR | American Depositary Receipt | |
cc | Securities purchased with cash collateral for securities loaned. | |
(1) | Collateral received from brokers for securities lending was invested in these short-term investments. | |
(2) | On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) | |
to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being marked to market daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending. | ||
L | Loaned security, a portion or all of the security is on loan at November 30, 2009. | |
* | Cost for federal income tax purposes is $61,966,130. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 13,849,342 | ||
Gross Unrealized Depreciation | (1,874,864 | ) | ||
Net Unrealized Appreciation | $ | 11,974,478 | ||
Quoted Prices | Significant | |||||||||||||||
in Active Markets | Other | Significant | ||||||||||||||
for Identical | Observable | Unobservable | Fair Value | |||||||||||||
Investments | Inputs | Inputs | at | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | 11/30/2009 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at value | ||||||||||||||||
Common Stock* | $ | 72,594,540 | $ | — | $ | — | $ | 72,594,540 | ||||||||
Short-Term Investments | 1,191,013 | — | 155,055 | 1,346,068 | ||||||||||||
Total Investments, at value | $ | 73,785,553 | $ | — | $ | 155,055 | $ | 73,940,608 | ||||||||
^ | 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. |
Total | ||||||||||||||||||||||||||||||||||||||||||||
Beginning | Accrued | Total | Unrealized | Transfers | Transfers | Ending | ||||||||||||||||||||||||||||||||||||||
Balance | Discounts/ | Realized | Appreciation/ | Into | Out of | Balance | ||||||||||||||||||||||||||||||||||||||
at 5/31/2009 | Purchases | Issuances | Settlements | Sales | (Premiums) | Gain/(Loss) | (Depreciation) | Level 3 | Level 3 | at 11/30/2009 | ||||||||||||||||||||||||||||||||||
Asset Table | ||||||||||||||||||||||||||||||||||||||||||||
Investments, at value | ||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 155,055 | $ | — | $ | 155,055 | ||||||||||||||||||||||
Total Investments, at value | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 155,055 | $ | — | $ | 155,055 | ||||||||||||||||||||||
50
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 98.9% | ||||||||||||||
Aerospace/Defense: 0.5% | ||||||||||||||
32,140 | @ | TransDigm Group, Inc. | $ | 1,393,269 | ||||||||||
1,393,269 | ||||||||||||||
Apparel: 2.2% | ||||||||||||||
162,670 | Coach, Inc. | 5,652,783 | ||||||||||||
5,652,783 | ||||||||||||||
Banks: 1.0% | ||||||||||||||
67,028 | @ | SVB Financial Group | 2,537,680 | |||||||||||
2,537,680 | ||||||||||||||
Beverages: 1.8% | ||||||||||||||
234,420 | Coca-Cola Enterprises, Inc. | 4,606,353 | ||||||||||||
4,606,353 | ||||||||||||||
Biotechnology: 1.3% | ||||||||||||||
46,900 | @ | Millipore Corp. | 3,193,890 | |||||||||||
3,193,890 | ||||||||||||||
Chemicals: 2.9% | ||||||||||||||
78,540 | Airgas, Inc. | 3,632,475 | ||||||||||||
84,370 | Ecolab, Inc. | 3,789,057 | ||||||||||||
7,421,532 | ||||||||||||||
Coal: 1.6% | ||||||||||||||
74,340 | @ | Alpha Natural Resources, Inc. | 2,750,580 | |||||||||||
58,610 | Arch Coal, Inc. | 1,222,605 | ||||||||||||
3,973,185 | ||||||||||||||
Commercial Services: 2.9% | ||||||||||||||
42,835 | @,L | Alliance Data Systems Corp. | 2,612,507 | |||||||||||
32,180 | @ | Emergency Medical Services Corp. | 1,552,685 | |||||||||||
10,344 | @ | Euronet Worldwide, Inc. | 219,707 | |||||||||||
27,900 | @ | FTI Consulting, Inc. | 1,290,654 | |||||||||||
36,240 | Global Payments, Inc. | 1,857,662 | ||||||||||||
7,533,215 | ||||||||||||||
Computers: 6.9% | ||||||||||||||
138,510 | @ | Cognizant Technology Solutions Corp. | 6,084,744 | |||||||||||
157,550 | @ | Micros Systems, Inc. | 4,420,853 | |||||||||||
188,220 | @ | NetApp, Inc. | 5,800,936 | |||||||||||
63,600 | @ | Riverbed Technolgoy, Inc. | 1,294,896 | |||||||||||
17,601,429 | ||||||||||||||
Distribution/Wholesale: 0.9% | ||||||||||||||
44,338 | Watsco, Inc. | 2,223,994 | ||||||||||||
2,223,994 | ||||||||||||||
Diversified Financial Services: 5.5% | ||||||||||||||
223,400 | Blackstone Group LP | 3,091,856 | ||||||||||||
202,930 | @ | Invesco Ltd. | 4,515,193 | |||||||||||
81,750 | @@ | Lazard Ltd. | 3,168,630 | |||||||||||
168,930 | @ | TD Ameritrade Holding Corp. | 3,317,785 | |||||||||||
14,093,464 | ||||||||||||||
Electric: 1.4% | ||||||||||||||
274,200 | @ | AES Corp. | 3,493,308 | |||||||||||
3,493,308 | ||||||||||||||
Electronics: 6.2% | ||||||||||||||
142,190 | @ | Agilent Technologies, Inc. | 4,112,135 | |||||||||||
68,980 | Amphenol Corp. | 2,841,976 | ||||||||||||
68,320 | Brady Corp. | 2,027,738 | ||||||||||||
32,225 | @,@@ | Mettler Toledo International, Inc. | 3,205,743 | |||||||||||
61,730 | @ | Waters Corp. | 3,628,489 | |||||||||||
15,816,081 | ||||||||||||||
Entertainment: 1.3% | ||||||||||||||
245,950 | Regal Entertainment Group | 3,369,515 | ||||||||||||
3,369,515 | ||||||||||||||
Environmental Control: 1.9% | ||||||||||||||
41,160 | @ | Stericycle, Inc. | 2,252,687 | |||||||||||
81,950 | @ | Waste Connections, Inc. | 2,659,278 | |||||||||||
4,911,965 | ||||||||||||||
Food: 1.0% | ||||||||||||||
44,501 | JM Smucker Co. | 2,629,119 | ||||||||||||
2,629,119 | ||||||||||||||
Health Care — Products: 2.9% | ||||||||||||||
13,554 | CR Bard, Inc. | 1,114,274 | ||||||||||||
91,290 | @ | Hospira, Inc. | 4,286,066 | |||||||||||
6,940 | @ | Intuitive Surgical, Inc. | 1,946,948 | |||||||||||
7,347,288 | ||||||||||||||
Health Care — Services: 3.7% | ||||||||||||||
213,470 | @ | Healthsouth Corp. | 3,744,264 | |||||||||||
25,840 | @ | Laboratory Corp. of America Holdings | 1,885,286 | |||||||||||
440,840 | @ | Tenet Healthcare Corp. | 2,005,822 | |||||||||||
32,040 | Universal Health Services, Inc. | 1,790,716 | ||||||||||||
9,426,088 | ||||||||||||||
Household Products/Wares: 1.4% | ||||||||||||||
61,370 | Church & Dwight Co., Inc. | 3,623,285 | ||||||||||||
3,623,285 | ||||||||||||||
Insurance: 1.2% | ||||||||||||||
121,250 | Principal Financial Group, Inc. | 3,078,538 | ||||||||||||
3,078,538 | ||||||||||||||
Internet: 3.5% | ||||||||||||||
83,710 | @ | F5 Networks, Inc. | 3,936,881 | |||||||||||
22,960 | @ | Priceline.com, Inc. | 4,916,195 | |||||||||||
8,853,076 | ||||||||||||||
Iron/Steel: 0.7% | ||||||||||||||
41,950 | Cliffs Natural Resources, Inc. | 1,848,317 | ||||||||||||
1,848,317 | ||||||||||||||
Leisure Time: 1.3% | ||||||||||||||
84,275 | @ | WMS Industries, Inc. | 3,276,612 | |||||||||||
3,276,612 | ||||||||||||||
Lodging: 1.0% | ||||||||||||||
174,810 | @,L | Las Vegas Sands Corp. | 2,678,089 | |||||||||||
2,678,089 | ||||||||||||||
Machinery — Construction & Mining: 1.0% | ||||||||||||||
47,470 | Joy Global, Inc. | 2,541,544 | ||||||||||||
2,541,544 | ||||||||||||||
Machinery — Diversified: 2.5% | ||||||||||||||
66,023 | Gardner Denver, Inc. | 2,471,241 | ||||||||||||
74,384 | Roper Industries, Inc. | 3,870,943 | ||||||||||||
6,342,184 | ||||||||||||||
Media: 4.1% | ||||||||||||||
203,070 | CBS Corp. — Class B | 2,601,327 | ||||||||||||
85,707 | @ | DIRECTV | 2,710,912 |
51
Table of Contents
Shares | Value | |||||||||||||
Media (continued) | ||||||||||||||
33,079 | @ | Liberty Media Corp. — Starz | $ | 1,582,830 | ||||||||||
122,528 | McGraw-Hill Cos., Inc. | 3,670,939 | ||||||||||||
10,566,008 | ||||||||||||||
Metal Fabricate/Hardware: 1.0% | ||||||||||||||
107,457 | Timken Co. | 2,650,964 | ||||||||||||
2,650,964 | ||||||||||||||
Miscellaneous Manufacturing: 4.6% | ||||||||||||||
96,400 | Donaldson Co., Inc. | 4,097,000 | ||||||||||||
96,710 | Dover Corp. | 3,953,505 | ||||||||||||
103,870 | @@ | Ingersoll-Rand PLC | 3,673,882 | |||||||||||
11,724,387 | ||||||||||||||
Oil & Gas: 2.3% | ||||||||||||||
39,424 | Murphy Oil Corp. | 2,223,119 | ||||||||||||
207,300 | @@ | Talisman Energy, Inc. | 3,619,458 | |||||||||||
5,842,577 | ||||||||||||||
Oil & Gas Services: 1.1% | ||||||||||||||
66,300 | National Oilwell Varco, Inc. | 2,852,226 | ||||||||||||
2,852,226 | ||||||||||||||
Pharmaceuticals: 5.5% | ||||||||||||||
89,280 | @ | Forest Laboratories, Inc. | 2,737,325 | |||||||||||
98,910 | @@ | Herbalife Ltd. | 4,148,285 | |||||||||||
45,550 | McKesson Corp. | 2,825,011 | ||||||||||||
42,220 | @ | Valeant Pharmaceuticals International | 1,380,172 | |||||||||||
78,002 | @ | Watson Pharmaceuticals, Inc. | 2,893,094 | |||||||||||
13,983,887 | ||||||||||||||
Retail: 7.7% | ||||||||||||||
119,650 | @ | Bed Bath & Beyond, Inc. | 4,470,124 | |||||||||||
98,270 | Guess ?, Inc. | 3,640,904 | ||||||||||||
93,870 | @ | Gymboree Corp. | 3,747,290 | |||||||||||
46,300 | @ | J Crew Group, Inc. | 1,981,177 | |||||||||||
68,280 | Ross Stores, Inc. | 3,002,954 | ||||||||||||
76,340 | TJX Cos., Inc. | 2,929,929 | ||||||||||||
19,772,378 | ||||||||||||||
Semiconductors: 6.4% | ||||||||||||||
78,830 | @ | Broadcom Corp. | 2,301,836 | |||||||||||
182,650 | @,@@ | Marvell Technology Group Ltd. | 2,816,463 | |||||||||||
244,700 | National Semiconductor Corp. | 3,572,620 | ||||||||||||
424,180 | @ | ON Semiconductor Corp. | 3,291,637 | |||||||||||
242,350 | @ | QLogic Corp. | 4,347,759 | |||||||||||
16,330,315 | ||||||||||||||
Software: 6.1% | ||||||||||||||
64,990 | @ | Ansys, Inc. | 2,530,711 | |||||||||||
131,420 | @ | BMC Software, Inc. | 5,089,897 | |||||||||||
39,340 | @,@@ | Check Point Software Technologies | 1,242,751 | |||||||||||
105,830 | @ | Intuit, Inc. | 3,091,294 | |||||||||||
35,650 | Pegasystems, Inc. | 1,024,225 | ||||||||||||
66,790 | @ | Sybase, Inc. | 2,687,630 | |||||||||||
15,666,508 | ||||||||||||||
Telecommunications: 1.6% | ||||||||||||||
124,740 | @ | SBA Communications Corp. | 3,996,670 | |||||||||||
3,996,670 | ||||||||||||||
Total Common Stock (Cost $208,085,249) | 252,851,723 | |||||||||||||
SHORT-TERM INVESTMENTS: 2.1% | ||||||||||||||
Affiliated Mutual Fund: 1.1% | ||||||||||||||
2,799,000 | ING Institutional Prime Money Market Fund — Class I | 2,799,000 | ||||||||||||
Total Mutual Fund (Cost $2,799,000) | 2,799,000 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Securities Lending CollateralCC: 1.0% | ||||||||||||||
$ | 2,062,059 | Bank of New York Mellon Corp. Institutional Cash Reserves, Series A(1) | $ | 2,062,059 | ||||||||||
719,261 | Bank of New York Mellon Corp. Institutional Cash Reserves, Series B(1)(2) | 575,409 | ||||||||||||
Total Securities Lending Collateral (Cost $2,781,320) | 2,637,468 | |||||||||||||
Total Short-Term Investments (Cost $5,580,320) | 5,436,468 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $213,665,569)* | 101.0 | % | $ | 258,288,191 | ||||||||||
Other Assets and Liabilities - Net | (1.0 | ) | (2,612,311 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 255,675,880 | ||||||||||
@ | Non-income producing security | |
@@ | Foreign Issuer | |
cc | Securities purchased with cash collateral for securities loaned. | |
(1) | Collateral received from brokers for securities lending was invested in these short-term investments. | |
(2) | On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being marked to market daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending. | |
L | Loaned security, a portion or all of the security is on loan at November 30, 2009. | |
* | Cost for federal income tax purposes is $216,505,385. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 46,907,998 | ||
Gross Unrealized Depreciation | (5,125,192 | ) | ||
Net Unrealized Appreciation | $ | 41,782,806 | ||
52
Table of Contents
�� | ||||||||||||||||
Quoted Prices | Significant | |||||||||||||||
in Active Markets | Other | Significant | ||||||||||||||
for Identical | Observable | Unobservable | Fair Value | |||||||||||||
Investments | Inputs | Inputs | at | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | 11/30/2009 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at value | ||||||||||||||||
Common Stock* | $ | 252,851,723 | $ | — | $ | — | $ | 252,851,723 | ||||||||
Short-Term Investments | 4,861,059 | — | 575,409 | 5,436,468 | ||||||||||||
Total Investments, at value | $ | 257,712,782 | $ | — | $ | 575,409 | $ | 258,288,191 | ||||||||
^ | 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. |
Total | ||||||||||||||||||||||||||||||||||||||||||||
Beginning | Accrued | Total | Unrealized | Transfers | Transfers | Ending | ||||||||||||||||||||||||||||||||||||||
Balance | Discounts/ | Realized | Appreciation/ | Into | Out of | Balance | ||||||||||||||||||||||||||||||||||||||
at 5/31/2009 | Purchases | Issuances | Settlements | Sales | (Premiums) | Gain/(Loss) | (Depreciation) | Level 3 | Level 3 | at 11/30/2009 | ||||||||||||||||||||||||||||||||||
Asset Table | ||||||||||||||||||||||||||||||||||||||||||||
Investments, at value | ||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 575,409 | $ | — | $ | 575,409 | ||||||||||||||||||||||
Total Investments, at value | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 575,409 | $ | — | $ | 575,409 | ||||||||||||||||||||||
53
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 97.0% | ||||||||||||||
Aerospace/Defense: 3.0% | ||||||||||||||
1,950 | Lockheed Martin Corp. | $ | 150,599 | |||||||||||
4,400 | Raytheon Co. | 226,732 | ||||||||||||
3,400 | United Technologies Corp. | 228,616 | ||||||||||||
605,947 | ||||||||||||||
Agriculture: 3.3% | ||||||||||||||
10,800 | Archer-Daniels-Midland Co. | 332,748 | ||||||||||||
6,900 | Reynolds American, Inc. | 344,724 | ||||||||||||
677,472 | ||||||||||||||
Banks: 4.9% | ||||||||||||||
7,200 | Capital One Financial Corp. | 276,192 | ||||||||||||
4,100 | State Street Corp. | 169,330 | ||||||||||||
19,500 | Wells Fargo & Co. | 546,780 | ||||||||||||
992,302 | ||||||||||||||
Beverages: 1.3% | ||||||||||||||
6,000 | Molson Coors Brewing Co. | 271,260 | ||||||||||||
271,260 | ||||||||||||||
Biotechnology: 2.0% | ||||||||||||||
7,100 | @ | Amgen, Inc. | 400,085 | |||||||||||
400,085 | ||||||||||||||
Computers: 8.4% | ||||||||||||||
5,700 | @ | Computer Sciences Corp. | 315,267 | |||||||||||
16,700 | @ | Dell, Inc. | 235,804 | |||||||||||
27,500 | @ | EMC Corp. | 462,825 | |||||||||||
5,600 | International Business Machines Corp. | 707,560 | ||||||||||||
1,721,456 | ||||||||||||||
Cosmetics/Personal Care: 3.4% | ||||||||||||||
11,100 | Procter & Gamble Co. | 692,085 | ||||||||||||
692,085 | ||||||||||||||
Diversified Financial Services: 3.9% | ||||||||||||||
9,600 | American Express Co. | 401,568 | ||||||||||||
1,700 | Blackrock, Inc. | 386,036 | ||||||||||||
787,604 | ||||||||||||||
Electric: 3.1% | ||||||||||||||
8,500 | DTE Energy Co. | 340,935 | ||||||||||||
12,200 | @ | NRG Energy, Inc. | 292,068 | |||||||||||
633,003 | ||||||||||||||
Electronics: 2.2% | ||||||||||||||
3,500 | @@ | Garmin Ltd. | 104,580 | |||||||||||
7,100 | @ | Thermo Electron Corp. | 335,333 | |||||||||||
439,913 | ||||||||||||||
Food: 1.0% | ||||||||||||||
17,500 | Sara Lee Corp. | 212,450 | ||||||||||||
212,450 | ||||||||||||||
Forest Products & Paper: 0.8% | ||||||||||||||
6,500 | International Paper Co. | 165,425 | ||||||||||||
165,425 | ||||||||||||||
Health Care — Services: 1.3% | ||||||||||||||
9,300 | UnitedHealth Group, Inc. | 266,631 | ||||||||||||
266,631 | ||||||||||||||
Household Products/Wares: 1.7% | ||||||||||||||
5,100 | Kimberly-Clark Corp. | 336,447 | ||||||||||||
336,447 | ||||||||||||||
Insurance: 4.4% | ||||||||||||||
7,100 | Chubb Corp. | 355,994 | ||||||||||||
6,300 | Travelers Cos., Inc. | 330,057 | ||||||||||||
11,300 | UnumProvident Corp. | 215,152 | ||||||||||||
901,203 | ||||||||||||||
Internet: 1.3% | ||||||||||||||
10,900 | @ | eBay, Inc. | 266,723 | |||||||||||
266,723 | ||||||||||||||
Media: 1.8% | ||||||||||||||
25,400 | Comcast Corp. — Class A | 372,618 | ||||||||||||
372,618 | ||||||||||||||
Miscellaneous Manufacturing: 5.4% | ||||||||||||||
7,400 | @ | Cooper Industries PLC | 315,906 | |||||||||||
36,600 | General Electric Co. | 586,332 | ||||||||||||
3,900 | ITT Corp. | 201,708 | ||||||||||||
1,103,946 | ||||||||||||||
Office/Business Equipment: 1.0% | ||||||||||||||
9,100 | Pitney Bowes, Inc. | 209,664 | ||||||||||||
209,664 | ||||||||||||||
Oil & Gas: 5.2% | ||||||||||||||
6,200 | @@ | EnCana Corp. | 334,056 | |||||||||||
4,650 | ExxonMobil Corp. | 349,076 | ||||||||||||
8,800 | XTO Energy, Inc. | 373,472 | ||||||||||||
1,056,604 | ||||||||||||||
Oil & Gas Services: 2.0% | ||||||||||||||
9,400 | National Oilwell Varco, Inc. | 404,388 | ||||||||||||
404,388 | ||||||||||||||
Packaging & Containers: 2.3% | ||||||||||||||
7,000 | @ | Crown Holdings, Inc. | 176,190 | |||||||||||
11,800 | @ | Pactiv Corp. | 287,330 | |||||||||||
463,520 | ||||||||||||||
Pharmaceuticals: 11.4% | ||||||||||||||
12,200 | AmerisourceBergen Corp. | 301,218 | ||||||||||||
6,400 | Cardinal Health, Inc. | 206,272 | ||||||||||||
4,400 | McKesson Corp. | 272,888 | ||||||||||||
5,600 | @ | Medco Health Solutions, Inc. | 353,696 | |||||||||||
16,800 | @ | Mylan Laboratories | 300,216 | |||||||||||
36,200 | Pfizer, Inc. | 657,754 | ||||||||||||
6,300 | @ | Watson Pharmaceuticals, Inc. | 233,667 | |||||||||||
2,325,711 | ||||||||||||||
Pipelines: 1.8% | ||||||||||||||
18,800 | Williams Cos., Inc. | 373,932 | ||||||||||||
373,932 | ||||||||||||||
Retail: 4.5% | ||||||||||||||
11,200 | Gap, Inc. | 239,904 | ||||||||||||
11,200 | Home Depot, Inc. | 306,432 | ||||||||||||
4,300 | Ross Stores, Inc. | 189,114 | ||||||||||||
4,000 | Target Corp. | 186,240 | ||||||||||||
921,690 | ||||||||||||||
Savings & Loans: 1.3% | ||||||||||||||
19,400 | Hudson City Bancorp., Inc. | 257,826 | ||||||||||||
257,826 | ||||||||||||||
Semiconductors: 3.4% | ||||||||||||||
20,900 | @,@@ | Marvell Technology Group Ltd. | 322,278 | |||||||||||
15,000 | Texas Instruments, Inc. | 379,350 | ||||||||||||
701,628 | ||||||||||||||
54
Table of Contents
Shares | Value | |||||||||||||
Software: 6.2% | ||||||||||||||
10,600 | CA, Inc. | $ | 234,260 | |||||||||||
21,700 | Microsoft Corp. | 638,197 | ||||||||||||
18,200 | Oracle Corp. | 401,856 | ||||||||||||
1,274,313 | ||||||||||||||
Telecommunications: 4.7% | ||||||||||||||
10,700 | @,@@ | Amdocs Ltd. | 282,801 | |||||||||||
25,000 | AT&T, Inc. | 673,499 | ||||||||||||
956,300 | ||||||||||||||
Total Common Stock (Cost $17,504,795) | 19,792,146 | |||||||||||||
EXCHANGE-TRADED FUNDS: 1.8% | ||||||||||||||
Exchange-Traded Funds: 1.8% | ||||||||||||||
3,300 | SPDR Trust Series 1 | 362,604 | ||||||||||||
Total Exchange-Traded Funds (Cost $328,055) | 362,604 | |||||||||||||
Total Long-Term Investments (Cost $17,832,850) | 20,154,750 | |||||||||||||
SHORT-TERM INVESTMENTS: 1.5% | ||||||||||||||
Affiliated Mutual Fund: 1.5% | ||||||||||||||
299,000 | ING Institutional Prime Money Market Fund — Class I | 299,000 | ||||||||||||
Total Short-Term Investments (Cost $299,000) | 299,000 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $18,131,850)* | 100.3 | % | $ | 20,453,750 | ||||||||||
Other Assets and Liabilities - Net | (0.3 | ) | (53,624 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 20,400,126 | ||||||||||
@ | Non-income producing security | |
@@ | Foreign Issuer | |
* | Cost for federal income tax purposes is $18,209,536. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 2,461,766 | ||
Gross Unrealized Depreciation | (217,552 | ) | ||
Net Unrealized Appreciation | $ | 2,244,214 | ||
Quoted Prices | Significant | |||||||||||||||
in Active Markets | Other | Significant | ||||||||||||||
for Identical | Observable | Unobservable | Fair Value | |||||||||||||
Investments | Inputs | Inputs | at | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | 11/30/2009 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at value | ||||||||||||||||
Common Stock* | $ | 19,792,146 | $ | — | $ | — | $ | 19,792,146 | ||||||||
Exchange-Traded Funds | 362,604 | — | — | 362,604 | ||||||||||||
Short-Term Investments | 299,000 | — | — | 299,000 | ||||||||||||
Total Investments, at value | $ | 20,453,750 | $ | — | $ | — | $ | 20,453,750 | ||||||||
^ | 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. |
55
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 95.8% | ||||||||||||||
Aerospace/Defense: 1.8% | ||||||||||||||
27,254 | @ | Moog, Inc. | $ | 719,778 | ||||||||||
12,600 | @ | Teledyne Technologies, Inc. | 422,352 | |||||||||||
12,100 | Triumph Group, Inc. | 580,679 | ||||||||||||
1,722,809 | ||||||||||||||
Airlines: 0.6% | ||||||||||||||
14,700 | @,L | Allegiant Travel Co. | 606,081 | |||||||||||
606,081 | ||||||||||||||
Apparel: 0.6% | ||||||||||||||
28,245 | @ | Carter’s, Inc. | 614,329 | |||||||||||
614,329 | ||||||||||||||
Auto Parts & Equipment: 0.7% | ||||||||||||||
37,111 | Cooper Tire & Rubber Co. | 665,029 | ||||||||||||
665,029 | ||||||||||||||
Banks: 1.8% | ||||||||||||||
67,293 | Old National Bancorp. | 783,291 | ||||||||||||
24,500 | @ | SVB Financial Group | 927,570 | |||||||||||
1,710,861 | ||||||||||||||
Biotechnology: 3.9% | ||||||||||||||
19,900 | @ | Acorda Therapeutics, Inc. | 479,192 | |||||||||||
8,900 | @ | AMAG Pharmaceuticals, Inc. | 332,771 | |||||||||||
2,209 | @ | Bio-Rad Laboratories, Inc. | 213,588 | |||||||||||
7,600 | @ | Dendreon Corp. | 207,784 | |||||||||||
36,677 | @ | Human Genome Sciences, Inc. | 1,020,354 | |||||||||||
29,400 | @ | InterMune, Inc. | 315,756 | |||||||||||
26,200 | @ | Medicines Co. | 205,408 | |||||||||||
29,100 | @ | Momenta Pharmaceuticals, Inc. | 289,545 | |||||||||||
23,000 | @ | Regeneron Pharmaceuticals, Inc. | 422,050 | |||||||||||
77,422 | @ | Vical, Inc. | 221,427 | |||||||||||
3,707,875 | ||||||||||||||
Building Materials: 0.6% | ||||||||||||||
22,200 | Simpson Manufacturing Co., Inc. | 551,892 | ||||||||||||
551,892 | ||||||||||||||
Chemicals: 1.3% | ||||||||||||||
18,900 | Albemarle Corp. | 637,875 | ||||||||||||
10,600 | Minerals Technologies, Inc. | 560,104 | ||||||||||||
1,197,979 | ||||||||||||||
Commercial Services: 7.3% | ||||||||||||||
22,689 | Arbitron, Inc. | 488,494 | ||||||||||||
12,381 | @ | Capella Education Co. | 882,518 | |||||||||||
33,600 | @ | Coinstar, Inc. | 900,144 | |||||||||||
28,890 | Diamond Management & Technology Consultants, Inc. | 188,074 | ||||||||||||
23,100 | Equifax, Inc. | 661,815 | ||||||||||||
16,100 | @ | Euronet Worldwide, Inc. | 341,964 | |||||||||||
13,900 | @ | FTI Consulting, Inc. | 643,014 | |||||||||||
34,200 | @ | Geo Group, Inc. | 679,896 | |||||||||||
31,100 | Monro Muffler, Inc. | 932,378 | ||||||||||||
13,107 | @,@@ | Steiner Leisure Ltd. | 518,382 | |||||||||||
16,933 | Watson Wyatt Worldwide, Inc. | 700,010 | ||||||||||||
6,936,689 | ||||||||||||||
Computers: 4.5% | ||||||||||||||
20,900 | @ | CACI International, Inc. | 970,178 | |||||||||||
76,599 | @ | Mentor Graphics Corp. | 564,535 | |||||||||||
28,800 | @ | Micros Systems, Inc. | 808,128 | |||||||||||
67,749 | @ | Netezza Corp. | 686,975 | |||||||||||
40,400 | @ | Riverbed Technolgoy, Inc. | 822,544 | |||||||||||
19,000 | @ | SYKES Enterprises, Inc. | 466,450 | |||||||||||
4,318,810 | ||||||||||||||
Cosmetics/Personal Care: 0.8% | ||||||||||||||
12,300 | @ | Chattem, Inc. | 809,832 | |||||||||||
809,832 | ||||||||||||||
Distribution/Wholesale: 3.9% | ||||||||||||||
15,986 | @ | Fossil, Inc. | 493,168 | |||||||||||
41,100 | @ | LKQ Corp. | 716,373 | |||||||||||
20,800 | Owens & Minor, Inc. | 806,832 | ||||||||||||
33,400 | Pool Corp. | 603,204 | ||||||||||||
21,300 | Watsco, Inc. | 1,068,408 | ||||||||||||
3,687,985 | ||||||||||||||
Diversified Financial Services: 2.7% | ||||||||||||||
30,000 | @ | Artio Global Investors, Inc. | 687,000 | |||||||||||
51,109 | OptionsXpress Holdings, Inc. | 781,968 | ||||||||||||
20,500 | @ | Stifel Financial Corp. | 1,101,260 | |||||||||||
2,570,228 | ||||||||||||||
Electric: 0.8% | ||||||||||||||
12,300 | Black Hills Corp. | 289,911 | ||||||||||||
15,200 | Unisource Energy Corp. | 453,264 | ||||||||||||
743,175 | ||||||||||||||
Electronics: 1.3% | ||||||||||||||
23,193 | @ | Flir Systems, Inc. | 665,639 | |||||||||||
25,300 | Woodward Governor Co. | 588,478 | ||||||||||||
1,254,117 | ||||||||||||||
Entertainment: 1.8% | ||||||||||||||
32,900 | @ | Bally Technologies, Inc. | 1,366,337 | |||||||||||
28,000 | Cinemark Holdings, Inc. | 354,200 | ||||||||||||
1,720,537 | ||||||||||||||
Environmental Control: 1.5% | ||||||||||||||
13,896 | @ | Clean Harbors, Inc. | 743,714 | |||||||||||
22,211 | @ | Waste Connections, Inc. | 720,747 | |||||||||||
1,464,461 | ||||||||||||||
Food: 1.3% | ||||||||||||||
22,200 | Diamond Foods, Inc. | 685,536 | ||||||||||||
26,100 | Flowers Foods, Inc. | 597,429 | ||||||||||||
1,282,965 | ||||||||||||||
Health Care — Products: 6.4% | ||||||||||||||
13,500 | @ | Gen-Probe, Inc. | 562,815 | |||||||||||
6,757 | @ | Greatbatch, Inc. | 124,261 | |||||||||||
22,433 | @ | Haemonetics Corp. | 1,197,474 | |||||||||||
21,700 | @ | Hanger Orthopedic Group, Inc. | 289,478 | |||||||||||
33,800 | @ | Luminex Corp. | 463,060 | |||||||||||
19,100 | @ | Masimo Corp. | 503,476 | |||||||||||
35,964 | Meridian Bioscience, Inc. | 744,814 | ||||||||||||
25,100 | @ | Merit Medical Systems, Inc. | 413,648 | |||||||||||
27,457 | @ | Micrus Endovascular Corp. | 361,060 | |||||||||||
13,229 | @ | SonoSite, Inc. | 298,843 | |||||||||||
33,600 | Steris Corp. | 1,085,616 | ||||||||||||
6,044,545 | ||||||||||||||
Health Care — Services: 4.3% | ||||||||||||||
34,600 | @ | AMERIGROUP Corp. | 820,366 | |||||||||||
29,400 | @ | Centene Corp. | 553,308 | |||||||||||
74,744 | @ | Healthsouth Corp. | 1,311,008 | |||||||||||
36,550 | @ | Psychiatric Solutions, Inc. | 809,948 | |||||||||||
10,159 | Universal Health Services, Inc. | 567,787 | ||||||||||||
4,062,417 | ||||||||||||||
Insurance: 1.0% | ||||||||||||||
38,100 | Tower Group, Inc. | 940,308 | ||||||||||||
940,308 | ||||||||||||||
56
Table of Contents
Shares | Value | |||||||||||||
Internet: 2.2% | ||||||||||||||
31,100 | @ | Constant Contact, Inc. | $ | 555,446 | ||||||||||
35,451 | @ | Sourcefire, Inc. | 695,903 | |||||||||||
86,400 | @ | Valueclick, Inc. | 814,752 | |||||||||||
2,066,101 | ||||||||||||||
Iron/Steel: 0.2% | ||||||||||||||
27,200 | @,@@, L | Gerdau AmeriSteel Corp. | 223,040 | |||||||||||
223,040 | ||||||||||||||
Leisure Time: 0.4% | ||||||||||||||
8,500 | Polaris Industries, Inc. | 370,855 | ||||||||||||
370,855 | ||||||||||||||
Machinery — Diversified: 1.0% | ||||||||||||||
15,300 | Gorman-Rupp Co. | 380,970 | ||||||||||||
10,543 | Nordson Corp. | 565,210 | ||||||||||||
946,180 | ||||||||||||||
Miscellaneous Manufacturing: 2.5% | ||||||||||||||
42,300 | Actuant Corp. | 690,759 | ||||||||||||
18,100 | Acuity Brands, Inc. | 584,268 | ||||||||||||
20,650 | @,L | EnPro Industries, Inc. | 473,711 | |||||||||||
56,500 | @ | Hexcel Corp. | 596,075 | |||||||||||
2,344,813 | ||||||||||||||
Oil & Gas: 2.7% | ||||||||||||||
16,400 | @ | Bill Barrett Corp. | 468,220 | |||||||||||
35,100 | @ | Carrizo Oil & Gas, Inc. | 738,855 | |||||||||||
25,800 | Holly Corp. | 656,610 | ||||||||||||
80,700 | @ | McMoRan Exploration Co. | 585,882 | |||||||||||
7,400 | Penn Virginia Corp. | 134,088 | ||||||||||||
2,583,655 | ||||||||||||||
Oil & Gas Services: 1.9% | ||||||||||||||
6,600 | @ | Core Laboratories NV | 701,250 | |||||||||||
19,600 | @ | Dril-Quip, Inc. | 1,058,596 | |||||||||||
1,759,846 | ||||||||||||||
Packaging & Containers: 1.0% | ||||||||||||||
16,900 | Silgan Holdings, Inc. | 905,333 | ||||||||||||
905,333 | ||||||||||||||
Pharmaceuticals: 3.9% | ||||||||||||||
27,600 | @ | Alkermes, Inc. | 247,848 | |||||||||||
47,300 | @,L | Allos Therapeutics, Inc. | 306,031 | |||||||||||
8,300 | @ | Auxilium Pharmaceuticals, Inc. | 289,421 | |||||||||||
15,700 | @ | BioMarin Pharmaceuticals, Inc. | 259,207 | |||||||||||
24,400 | @ | Cypress Bioscience, Inc. | 129,320 | |||||||||||
51,660 | @ | Nektar Therapeutics | 449,959 | |||||||||||
15,211 | Omnicare, Inc. | 352,591 | ||||||||||||
26,400 | @ | Onyx Pharmaceuticals, Inc. | 755,304 | |||||||||||
25,900 | @ | Savient Pharmaceuticals, Inc. | 347,837 | |||||||||||
42,800 | @,L | Vivus, Inc. | 347,536 | |||||||||||
11,700 | @ | Xenoport, Inc. | 192,699 | |||||||||||
3,677,753 | ||||||||||||||
Retail: 8.4% | ||||||||||||||
65,300 | @ | California Pizza Kitchen, Inc. | 820,168 | |||||||||||
32,200 | Casey’s General Stores, Inc. | 984,998 | ||||||||||||
42,249 | @ | Ezcorp, Inc. | 624,018 | |||||||||||
26,900 | @ | Gymboree Corp. | 1,073,848 | |||||||||||
46,900 | @ | Hibbett Sporting Goods, Inc. | 886,879 | |||||||||||
52,000 | @ | Jack in the Box, Inc. | 970,840 | |||||||||||
25,209 | @ | Jo-Ann Stores, Inc. | 840,972 | |||||||||||
18,996 | @ | Lumber Liquidators, Inc. | 448,686 | |||||||||||
26,200 | @,L | PF Chang’s China Bistro, Inc. | 854,644 | |||||||||||
3,400 | @ | Rue21, Inc. | 84,014 | |||||||||||
120,931 | @ | Wet Seal, Inc. | 351,909 | |||||||||||
7,940,976 | ||||||||||||||
Semiconductors: 6.4% | ||||||||||||||
94,700 | @ | Emulex Corp. | 922,378 | |||||||||||
39,700 | @ | Entegris, Inc. | 165,549 | |||||||||||
34,938 | @ | Formfactor, Inc. | 592,199 | |||||||||||
109,700 | @ | Integrated Device Technology, Inc. | 620,902 | |||||||||||
54,700 | Micrel, Inc. | 391,105 | ||||||||||||
30,800 | @ | MKS Instruments, Inc. | 466,620 | |||||||||||
32,600 | @ | Monolithic Power Systems, Inc. | 700,900 | |||||||||||
60,900 | @ | ON Semiconductor Corp. | 472,584 | |||||||||||
61,900 | @ | Semtech Corp. | 991,638 | |||||||||||
68,701 | @,@@ | Verigy Ltd. | 714,490 | |||||||||||
6,038,365 | ||||||||||||||
Software: 9.9% | ||||||||||||||
17,355 | @ | Ansys, Inc. | 675,804 | |||||||||||
34,500 | Blackbaud, Inc. | 767,970 | ||||||||||||
15,500 | @ | Blackboard, Inc. | 646,815 | |||||||||||
35,000 | @ | Double-Take Software, Inc. | 308,000 | |||||||||||
65,000 | @ | EPIQ Systems, Inc. | 841,750 | |||||||||||
50,200 | @ | Informatica Corp. | 1,126,990 | |||||||||||
42,400 | @ | MedAssets, Inc. | 989,616 | |||||||||||
23,200 | Pegasystems, Inc. | 666,536 | ||||||||||||
35,400 | @,L | Rosetta Stone, Inc. | 624,102 | |||||||||||
40,564 | Solera Holdings, Inc. | 1,418,117 | ||||||||||||
23,900 | @ | Sybase, Inc. | 961,736 | |||||||||||
70,700 | @ | THQ, Inc. | 346,430 | |||||||||||
9,373,866 | ||||||||||||||
Telecommunications: 4.9% | ||||||||||||||
32,200 | Adtran, Inc. | 680,386 | ||||||||||||
51,500 | Alaska Communications Systems Group, Inc. | 376,465 | ||||||||||||
18,600 | Black Box Corp. | 524,334 | ||||||||||||
28,000 | @ | Comtech Telecommunications | 804,720 | |||||||||||
15,100 | NTELOS Holdings Corp. | 253,831 | ||||||||||||
40,400 | @ | Polycom, Inc. | 871,024 | |||||||||||
23,800 | @ | SBA Communications Corp. | 762,552 | |||||||||||
26,000 | @ | Tekelec | 369,720 | |||||||||||
4,643,032 | ||||||||||||||
Transportation: 1.5% | ||||||||||||||
24,200 | @ | Genesee & Wyoming, Inc. | 753,104 | |||||||||||
37,200 | Knight Transportation, Inc. | 632,772 | ||||||||||||
1,385,876 | ||||||||||||||
Total Common Stock (Cost $84,955,546) | 90,872,615 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 2.0% | ||||||||||||||
Apartments: 0.5% | ||||||||||||||
10,000 | Mid-America Apartment Communities, Inc. | 465,100 | ||||||||||||
465,100 | ||||||||||||||
Diversified: 0.7% | ||||||||||||||
14,200 | Digital Realty Trust, Inc. | 690,972 | ||||||||||||
690,972 | ||||||||||||||
Shopping Centers: 0.8% | ||||||||||||||
19,900 | Tanger Factory Outlet Centers, Inc. | 781,075 | ||||||||||||
781,075 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $1,620,465) | 1,937,147 | |||||||||||||
57
Table of Contents
Shares | Value | |||||||||||||
EXCHANGE-TRADED FUNDS: 1.1% | ||||||||||||||
Exchange-Traded Funds: 1.1% | ||||||||||||||
16,703 | L | iShares Russell 2000 Growth Index Fund | $ | 1,053,124 | ||||||||||
Total Exchange-Traded Funds (Cost $1,050,502) | 1,053,124 | |||||||||||||
Total Long-Term Investments (Cost $87,626,513) | 93,862,886 | |||||||||||||
SHORT-TERM INVESTMENTS: 5.1% | ||||||||||||||
Affiliated Mutual Fund: 1.4% | ||||||||||||||
1,275,000 | ING Institutional Prime Money Market Fund — Class I | 1,275,000 | ||||||||||||
Total Mutual Fund (Cost $1,275,000) | 1,275,000 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Securities Lending CollateralCC: 3.7% | ||||||||||||||
$ | 3,258,093 | Bank of New York Mellon Corp. Institutional Cash Reserves, Series A(1) | $ | 3,258,093 | ||||||||||
362,920 | Bank of New York Mellon Corp. Institutional Cash Reserves, Series B(1)(2) | 290,336 | ||||||||||||
Total Securities Lending Collateral (Cost $3,621,013) | 3,548,429 | |||||||||||||
Total Short-Term Investments (Cost $4,896,013) | 4,823,429 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $92,522,526)* | 104.0 | % | $ | 98,686,315 | ||||||||||
Other Assets and Liabilities - Net | (4.0 | ) | (3,813,343 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 94,872,972 | ||||||||||
@ | Non-income producing security | |
@@ | Foreign Issuer | |
cc | Securities purchased with cash collateral for securities loaned. | |
(1) | Collateral received from brokers for securities lending was invested in these short-term investments. | |
(2) | On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being marked to market daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending. | |
L | Loaned security, a portion or all of the security is on loan at November 30, 2009. | |
* | Cost for federal income tax purposes is $98,504,360. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 10,717,177 | ||
Gross Unrealized Depreciation | (10,535,222 | ) | ||
Net Unrealized Appreciation | $ | 181,955 | ||
Quoted Prices | Significant | |||||||||||||||
in Active Markets | Other | Significant | ||||||||||||||
for Identical | Observable | Unobservable | Fair Value | |||||||||||||
Investments | Inputs | Inputs | at | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | 11/30/2009 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at value | ||||||||||||||||
Common Stock* | $ | 90,872,615 | $ | — | $ | — | $ | 90,872,615 | ||||||||
Real Estate Investment Trusts | 1,937,147 | — | — | 1,937,147 | ||||||||||||
Exchange-Traded Funds | 1,053,124 | — | — | 1,053,124 | ||||||||||||
Short-Term Investments | 4,533,093 | — | 290,336 | 4,823,429 | ||||||||||||
Total Investments, at value | $ | 98,395,979 | $ | — | $ | 290,336 | $ | 98,686,315 | ||||||||
^ | 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. |
Total | ||||||||||||||||||||||||||||||||||||||||||||
Beginning | Accrued | Total | Unrealized | Transfers | Transfers | Ending | ||||||||||||||||||||||||||||||||||||||
Balance | Discounts/ | Realized | Appreciation/ | Into | Out of | Balance | ||||||||||||||||||||||||||||||||||||||
at 5/31/2009 | Purchases | Issuances | Settlements | Sales | (Premiums) | Gain/(Loss) | (Depreciation) | Level 3 | Level 3 | at 11/30/2009 | ||||||||||||||||||||||||||||||||||
Asset Table | ||||||||||||||||||||||||||||||||||||||||||||
Investments, at value | ||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 290,336 | $ | — | $ | 290,336 | ||||||||||||||||||||||
Total Investments, at value | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 290,336 | $ | — | $ | 290,336 | ||||||||||||||||||||||
58
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 94.7% | ||||||||||||||
Aerospace/Defense: 0.2% | ||||||||||||||
220 | Cubic Corp. | $ | 7,660 | |||||||||||
230 | Curtiss-Wright Corp. | 6,546 | ||||||||||||
390 | @ | Esterline Technologies Corp. | 15,752 | |||||||||||
280 | @ | Moog, Inc. | 7,395 | |||||||||||
37,353 | ||||||||||||||
Agriculture: 0.1% | ||||||||||||||
290 | Andersons, Inc. | 7,578 | ||||||||||||
280 | L | Universal Corp. | 12,015 | |||||||||||
19,593 | ||||||||||||||
Airlines: 0.1% | ||||||||||||||
370 | @ | Alaska Air Group, Inc. | 11,063 | |||||||||||
1,180 | @ | JetBlue Airways Corp. | 6,502 | |||||||||||
890 | Skywest, Inc. | 13,092 | ||||||||||||
30,657 | ||||||||||||||
Apparel: 0.1% | ||||||||||||||
540 | @ | Skechers USA, Inc. | 11,923 | |||||||||||
11,923 | ||||||||||||||
Auto Parts & Equipment: 0.9% | ||||||||||||||
1,100 | Cooper Tire & Rubber Co. | 19,712 | ||||||||||||
980 | Superior Industries International | 14,034 | ||||||||||||
6,350 | WABCO Holdings, Inc. | 150,051 | ||||||||||||
183,797 | ||||||||||||||
Banks: 6.5% | ||||||||||||||
925 | Ameris Bancorp. | 6,114 | ||||||||||||
560 | @@ | Banco Latinoamericano de Exportaciones SA | 7,818 | |||||||||||
2,790 | Boston Private Financial Holdings, Inc. | 13,085 | ||||||||||||
6,000 | Cass Information Systems, Inc. | 168,960 | ||||||||||||
720 | Cathay General Bancorp. | 5,623 | ||||||||||||
1,340 | L | Central Pacific Financial Corp. | 1,085 | |||||||||||
920 | Columbia Banking System, Inc. | 13,496 | ||||||||||||
520 | First Bancorp. | 6,765 | ||||||||||||
550 | FirstMerit Corp. | 11,523 | ||||||||||||
870 | FNB Corp. | 5,664 | ||||||||||||
360 | Glacier Bancorp., Inc. | 4,709 | ||||||||||||
500 | International Bancshares Corp. | 8,385 | ||||||||||||
360 | Lakeland Financial Corp. | 6,134 | ||||||||||||
570 | MB Financial Corp. | 10,631 | ||||||||||||
1,060 | National Penn Bancshares, Inc. | 5,851 | ||||||||||||
480 | Old National Bancorp. | 5,587 | ||||||||||||
11,600 | PacWest Bancorp | 213,440 | ||||||||||||
12,400 | PrivateBancorp, Inc. | 122,636 | ||||||||||||
730 | Prosperity Bancshares, Inc. | 29,076 | ||||||||||||
540 | Renasant Corp. | 7,684 | ||||||||||||
550 | L | Sierra Bancorp. | 4,092 | |||||||||||
940 | Southwest Bancorp., Inc. | 6,298 | ||||||||||||
960 | Sterling Bancshares, Inc. | 4,819 | ||||||||||||
2,900 | L | Sterling Financial Corp. | 1,740 | |||||||||||
3,400 | Suffolk Bancorp | 91,562 | ||||||||||||
1,700 | Susquehanna Bancshares, Inc. | 9,758 | ||||||||||||
370 | @ | SVB Financial Group | 14,008 | |||||||||||
17,250 | @ | Texas Capital Bancshares, Inc. | 250,470 | |||||||||||
140 | Tompkins Financial Corp. | 5,586 | ||||||||||||
460 | Trustmark Corp. | 8,814 | ||||||||||||
3,120 | L | UCBH Holdings, Inc. | 112 | |||||||||||
190 | UMB Financial Corp. | 7,467 | ||||||||||||
1,410 | Umpqua Holdings Corp. | 16,582 | ||||||||||||
370 | Union Bankshares Corp. | 4,366 | ||||||||||||
280 | United Bankshares, Inc. | 4,788 | ||||||||||||
360 | WesBanco, Inc. | 4,648 | ||||||||||||
56,250 | @ | Western Alliance Bancorp. | 223,313 | |||||||||||
950 | Whitney Holding Corp. | 7,648 | ||||||||||||
510 | Wintrust Financial Corp. | 13,245 | ||||||||||||
1,333,582 | ||||||||||||||
Building Materials: 0.4% | ||||||||||||||
560 | Apogee Enterprises, Inc. | 7,666 | ||||||||||||
490 | Comfort Systems USA, Inc. | 5,581 | ||||||||||||
1,425 | Gibraltar Industries, Inc. | 21,347 | ||||||||||||
510 | @ | Interline Brands, Inc. | 8,578 | |||||||||||
870 | Quanex Building Products Corp. | 14,103 | ||||||||||||
290 | Simpson Manufacturing Co., Inc. | 7,209 | ||||||||||||
320 | Universal Forest Products, Inc. | 11,501 | ||||||||||||
75,985 | ||||||||||||||
Chemicals: 1.3% | ||||||||||||||
6,400 | Balchem Corp. | 204,032 | ||||||||||||
300 | HB Fuller Co. | 6,108 | ||||||||||||
390 | Olin Corp. | 6,540 | ||||||||||||
890 | @ | OM Group, Inc. | 27,261 | |||||||||||
2,750 | @ | PolyOne Corp. | 19,745 | |||||||||||
250 | Sensient Technologies Corp. | 6,335 | ||||||||||||
270,021 | ||||||||||||||
Commercial Services: 5.2% | ||||||||||||||
19,795 | ABM Industries, Inc. | 364,822 | ||||||||||||
490 | @ | Albany Molecular Research, Inc. | 4,111 | |||||||||||
940 | @ | Cross Country Healthcare, Inc. | 7,999 | |||||||||||
1,270 | Kelly Services, Inc. | 13,322 | ||||||||||||
5,050 | Landauer, Inc. | 287,244 | ||||||||||||
15,500 | McGrath Rentcorp | 320,385 | ||||||||||||
270 | Monro Muffler, Inc. | 8,095 | ||||||||||||
2,210 | @ | MPS Group, Inc. | 30,167 | |||||||||||
980 | @ | PHH Corp. | 13,544 | |||||||||||
350 | @ | Rent-A-Center, Inc. | 6,192 | |||||||||||
1,260 | @ | Spherion Corp. | 6,590 | |||||||||||
180 | Watson Wyatt Worldwide, Inc. | 7,441 | ||||||||||||
1,069,912 | ||||||||||||||
Computers: 4.3% | ||||||||||||||
28,250 | @ | Brocade Communications Systems, Inc. | 200,293 | |||||||||||
170 | @ | CACI International, Inc. | 7,891 | |||||||||||
2,730 | @ | Ciber, Inc. | 8,654 | |||||||||||
7,130 | Computer Services, Inc. | 258,391 | ||||||||||||
920 | Imation Corp. | 8,068 | ||||||||||||
1,630 | @ | Insight Enterprises, Inc. | 16,545 | |||||||||||
980 | @ | Mentor Graphics Corp. | 7,223 | |||||||||||
1,420 | @,@@ | Ness Technologies, Inc. | 7,185 | |||||||||||
940 | @ | Radisys Corp. | 8,770 | |||||||||||
960 | @ | Silicon Graphics International Corp. | 5,808 | |||||||||||
9,300 | Syntel, Inc. | 351,819 | ||||||||||||
880,647 | ||||||||||||||
Cosmetics/Personal Care: 4.0% | ||||||||||||||
4,850 | @ | Chattem, Inc. | 319,324 | |||||||||||
33,750 | @ | Elizabeth Arden, Inc. | 497,813 | |||||||||||
817,137 | ||||||||||||||
Distribution/Wholesale: 1.7% | ||||||||||||||
8,800 | Owens & Minor, Inc. | 341,352 | ||||||||||||
341,352 | ||||||||||||||
Diversified Financial Services: 2.9% | ||||||||||||||
180 | @ | Altisource Portfolio Solutions SA | 2,905 | |||||||||||
12,600 | Federated Investors, Inc. | 324,828 | ||||||||||||
8,100 | Financial Federal Corp. | 219,510 | ||||||||||||
310 | @ | KBW, Inc. | 7,623 | |||||||||||
560 | @ | Knight Capital Group, Inc. | 8,198 | |||||||||||
3,497 | @ | LaBranche & Co., Inc. | 9,267 | |||||||||||
570 | MarketAxess Holdings, Inc. | 7,097 | ||||||||||||
440 | @ | Ocwen Financial Corp. | 4,101 | |||||||||||
220 | @ | Stifel Financial Corp. | 11,818 | |||||||||||
595,347 | ||||||||||||||
59
Table of Contents
Shares | Value | |||||||||||||
Electric: 0.8% | ||||||||||||||
240 | Allete, Inc. | $ | 8,026 | |||||||||||
310 | Avista Corp. | 6,451 | ||||||||||||
960 | Black Hills Corp. | 22,627 | ||||||||||||
180 | CH Energy Group, Inc. | 7,268 | ||||||||||||
960 | Cleco Corp. | 24,499 | ||||||||||||
520 | @ | El Paso Electric Co. | 10,296 | |||||||||||
250 | Idacorp, Inc. | 7,393 | ||||||||||||
320 | NorthWestern Corp. | 8,253 | ||||||||||||
300 | Otter Tail Corp. | 6,909 | ||||||||||||
1,370 | PNM Resources, Inc. | 15,262 | ||||||||||||
1,210 | Portland General Electric Co. | 23,728 | ||||||||||||
280 | Unisource Energy Corp. | 8,350 | ||||||||||||
960 | Westar Energy, Inc. | 19,766 | ||||||||||||
168,828 | ||||||||||||||
Electrical Components & Equipment: 0.9% | ||||||||||||||
8,550 | Belden CDT, Inc. | 189,126 | ||||||||||||
360 | Encore Wire Corp. | 7,164 | ||||||||||||
196,290 | ||||||||||||||
Electronics: 1.7% | ||||||||||||||
1,080 | @ | Benchmark Electronics, Inc. | 19,472 | |||||||||||
330 | Brady Corp. | 9,794 | ||||||||||||
740 | @ | Checkpoint Systems, Inc. | 10,493 | |||||||||||
540 | @ | Cogent, Inc. | 4,606 | |||||||||||
9,850 | @ | Coherent, Inc. | 250,387 | |||||||||||
280 | @ | Cymer, Inc. | 9,363 | |||||||||||
1,420 | @ | Electro Scientific Industries, Inc. | 13,817 | |||||||||||
1,650 | @ | Newport Corp. | 12,062 | |||||||||||
990 | @ | TTM Technologies, Inc. | 10,266 | |||||||||||
560 | Watts Water Technologies, Inc. | 17,164 | ||||||||||||
357,424 | ||||||||||||||
Engineering & Construction: 0.1% | ||||||||||||||
330 | @ | EMCOR Group, Inc. | 7,854 | |||||||||||
180 | Granite Construction, Inc. | 5,395 | ||||||||||||
280 | @ | Insituform Technologies, Inc. | 5,796 | |||||||||||
150 | @ | Michael Baker Corp. | 5,708 | |||||||||||
24,753 | ||||||||||||||
Food: 0.9% | ||||||||||||||
1,080 | @,L | Chiquita Brands International, Inc. | 18,349 | |||||||||||
560 | @,@@ | Fresh Del Monte Produce, Inc. | 12,169 | |||||||||||
560 | Imperial Sugar Co. | 8,456 | ||||||||||||
300 | @ | Ralcorp Holdings, Inc. | 17,376 | |||||||||||
290 | Ruddick Corp. | 7,720 | ||||||||||||
3,240 | @ | TreeHouse Foods, Inc. | 112,979 | |||||||||||
270 | @ | United Natural Foods, Inc. | 6,807 | |||||||||||
510 | @ | Winn-Dixie Stores, Inc. | 5,498 | |||||||||||
189,354 | ||||||||||||||
Forest Products & Paper: 2.5% | ||||||||||||||
15,260 | @ | Buckeye Technologies, Inc. | 147,717 | |||||||||||
940 | Glatfelter | 10,453 | ||||||||||||
530 | Schweitzer-Mauduit International, Inc. | 32,627 | ||||||||||||
32,450 | Wausau Paper Corp. | 329,368 | ||||||||||||
520,165 | ||||||||||||||
Gas: 0.3% | ||||||||||||||
370 | Atmos Energy Corp. | 10,134 | ||||||||||||
180 | Laclede Group, Inc. | 5,636 | ||||||||||||
150 | New Jersey Resources Corp. | 5,285 | ||||||||||||
200 | Nicor, Inc. | 7,832 | ||||||||||||
160 | Northwest Natural Gas Co. | 6,861 | ||||||||||||
310 | Piedmont Natural Gas Co. | 7,347 | ||||||||||||
200 | South Jersey Industries, Inc. | 7,212 | ||||||||||||
360 | Southwest Gas Corp. | 9,436 | ||||||||||||
260 | WGL Holdings, Inc. | 8,185 | ||||||||||||
67,928 | ||||||||||||||
Hand/Machine Tools: 3.0% | ||||||||||||||
11,790 | Lincoln Electric Holdings, Inc. | 605,770 | ||||||||||||
210 | Regal-Beloit Corp. | 9,967 | ||||||||||||
615,737 | ||||||||||||||
Health Care — Products: 0.5% | ||||||||||||||
4,530 | Young Innovations, Inc. | 109,807 | ||||||||||||
109,807 | ||||||||||||||
Health Care — Services: 1.2% | ||||||||||||||
440 | @ | AMERIGROUP Corp. | 10,432 | |||||||||||
340 | @ | Centene Corp. | 6,399 | |||||||||||
450 | @ | Kindred Healthcare, Inc. | 6,687 | |||||||||||
300 | @ | Magellan Health Services, Inc. | 11,031 | |||||||||||
500 | @ | Medcath Corp. | 3,670 | |||||||||||
360 | @ | RehabCare Group, Inc. | 10,141 | |||||||||||
940 | @ | Res-Care, Inc. | 12,060 | |||||||||||
27,600 | @ | Skilled Healthcare Group, Inc. | 187,404 | |||||||||||
307 | @ | Triple-S Management Corp. | 4,930 | |||||||||||
252,754 | ||||||||||||||
Home Builders: 0.1% | ||||||||||||||
550 | @ | M/I Homes, Inc. | 6,028 | |||||||||||
480 | @ | Meritage Homes Corp. | 8,558 | |||||||||||
500 | Ryland Group, Inc. | 9,155 | ||||||||||||
320 | Skyline Corp. | 5,270 | ||||||||||||
29,011 | ||||||||||||||
Home Furnishings: 2.3% | ||||||||||||||
11,900 | Hooker Furniture Corp. | 145,180 | ||||||||||||
1,050 | Kimball International, Inc. | 8,558 | ||||||||||||
14,900 | @ | Tempur-Pedic International, Inc. | 321,095 | |||||||||||
474,833 | ||||||||||||||
Household Products/Wares: 1.7% | ||||||||||||||
1,090 | American Greetings Corp. | 22,563 | ||||||||||||
530 | @ | Central Garden & Pet Co. | 4,373 | |||||||||||
690 | @ | Helen of Troy Ltd. | 14,180 | |||||||||||
940 | @ | Prestige Brands Holdings, Inc. | 6,552 | |||||||||||
9,500 | WD-40 Co. | 305,425 | ||||||||||||
353,093 | ||||||||||||||
Insurance: 9.5% | ||||||||||||||
1,180 | American Equity Investment Life Holding Co. | 8,638 | ||||||||||||
510 | @ | American Safety Insurance Holdings Ltd. | 7,665 | |||||||||||
240 | @,@@ | Argo Group International Holdings Ltd. | 7,001 | |||||||||||
14,586 | @@ | Aspen Insurance Holdings Ltd. | 377,923 | |||||||||||
15,050 | First Mercury Financial Corp. | 195,048 | ||||||||||||
570 | @ | Flagstone Reinsurance Holdings Ltd. | 6,162 | |||||||||||
4,800 | Hanover Insurance Group, Inc. | 199,824 | ||||||||||||
1,710 | Horace Mann Educators Corp. | 20,554 | ||||||||||||
260 | Kansas City Life Insurance Co. | 6,994 | ||||||||||||
580 | @@ | Max Re Capital Ltd. | 12,638 | |||||||||||
3,660 | @,L | MGIC Investment Corp. | 14,640 | |||||||||||
410 | @@ | Montpelier Re Holdings Ltd. | 6,863 | |||||||||||
160 | National Western Life Insurance Co. | 27,302 | ||||||||||||
160 | @ | Navigators Group, Inc. | 7,458 | |||||||||||
880 | @@ | Platinum Underwriters Holdings Ltd. | 31,055 | |||||||||||
22,706 | @ | PMA Capital Corp. | 144,637 | |||||||||||
1,650 | Presidential Life Corp. | 16,814 | ||||||||||||
160 | @ | ProAssurance Corp. | 8,520 | |||||||||||
4,700 | RLI Corp. | 237,021 | ||||||||||||
520 | @ | SeaBright Insurance Holdings, Inc. | 5,720 | |||||||||||
430 | Selective Insurance Group | 6,708 | ||||||||||||
8,150 | Stancorp Financial Group, Inc. | 302,447 | ||||||||||||
10,320 | Tower Group, Inc. | 254,698 | ||||||||||||
2,773 | @,@@ | United America Indemnity Ltd. | 19,078 |
60
Table of Contents
Shares | Value | |||||||||||||
Insurance (continued) | ||||||||||||||
300 | United Fire & Casualty Co. | $ | 5,172 | |||||||||||
1,690 | @ | Universal American Financial Corp. | 17,508 | |||||||||||
300 | Zenith National Insurance Corp. | 8,577 | ||||||||||||
1,956,665 | ||||||||||||||
Internet: 0.4% | ||||||||||||||
900 | @ | Avocent Corp. | 22,482 | |||||||||||
1,670 | @ | Internap Network Services Corp. | 6,212 | |||||||||||
1,665 | @ | Moduslink Global Solutions, Inc. | 13,453 | |||||||||||
1,030 | @ | Perficient, Inc. | 8,631 | |||||||||||
2,800 | @ | RealNetworks, Inc. | 9,156 | |||||||||||
1,170 | @ | SonicWALL, Inc. | 9,114 | |||||||||||
1,070 | @ | TIBCO Software, Inc. | 9,202 | |||||||||||
78,250 | ||||||||||||||
Investment Companies: 2.3% | ||||||||||||||
2,552 | Apollo Investment Corp. | 24,550 | ||||||||||||
37,193 | Ares Capital Corp. | 432,173 | ||||||||||||
1,657 | Hercules Technology Growth Capital, Inc. | 16,321 | ||||||||||||
473,044 | ||||||||||||||
Leisure Time: 0.1% | ||||||||||||||
1,590 | Brunswick Corp. | 15,964 | ||||||||||||
15,964 | ||||||||||||||
Machinery — Diversified: 4.8% | ||||||||||||||
15,550 | Albany International Corp. | 281,144 | ||||||||||||
350 | Applied Industrial Technologies, Inc. | 7,263 | ||||||||||||
940 | Briggs & Stratton Corp. | 17,728 | ||||||||||||
7,400 | Graco, Inc. | 208,458 | ||||||||||||
930 | @ | Kadant, Inc. | 13,411 | |||||||||||
3,300 | @ | Middleby Corp. | 148,005 | |||||||||||
290 | Nacco Industries, Inc. | 14,654 | ||||||||||||
5,550 | Roper Industries, Inc. | 288,822 | ||||||||||||
920 | @ | Tecumseh Products Co. | 10,506 | |||||||||||
989,991 | ||||||||||||||
Media: 0.1% | ||||||||||||||
920 | Scholastic Corp. | 23,193 | ||||||||||||
23,193 | ||||||||||||||
Metal Fabricate/Hardware: 2.4% | ||||||||||||||
710 | AM Castle & Co. | 9,301 | ||||||||||||
14,750 | CIRCOR International, Inc. | 356,065 | ||||||||||||
200 | Kaydon Corp. | 7,112 | ||||||||||||
560 | Mueller Industries, Inc. | 13,166 | ||||||||||||
2,260 | Mueller Water Products, Inc. | 11,390 | ||||||||||||
4,150 | @ | RBC Bearings, Inc. | 96,114 | |||||||||||
493,148 | ||||||||||||||
Mining: 3.7% | ||||||||||||||
537 | @ | Coeur d’Alene Mines Corp. | 12,249 | |||||||||||
180 | Compass Minerals International, Inc. | 11,716 | ||||||||||||
8,190 | Royal Gold, Inc. | 440,786 | ||||||||||||
23,850 | @,@@ | Thompson Creek Metals Co., Inc. | 285,723 | |||||||||||
1,280 | @ | USEC, Inc. | 4,685 | |||||||||||
755,159 | ||||||||||||||
Miscellaneous Manufacturing: 5.3% | ||||||||||||||
230 | AO Smith Corp. | 9,642 | ||||||||||||
280 | @ | Ceradyne, Inc. | 4,735 | |||||||||||
10,080 | Clarcor, Inc. | 321,250 | ||||||||||||
1,670 | L | Eastman Kodak Co. | 6,764 | |||||||||||
40,707 | @ | Griffon Corp. | 423,353 | |||||||||||
9,000 | Matthews International Corp. — Class A | 311,760 | ||||||||||||
950 | Movado Group, Inc. | 9,776 | ||||||||||||
540 | Tredegar Corp. | 7,781 | ||||||||||||
1,095,061 | ||||||||||||||
Oil & Gas: 4.5% | ||||||||||||||
21,120 | @ | Approach Resources, Inc. | 147,840 | |||||||||||
9,690 | @ | Bill Barrett Corp. | 276,650 | |||||||||||
1,140 | @ | Bronco Drilling Co., Inc. | 6,008 | |||||||||||
1,300 | @ | Harvest Natural Resources, Inc. | 7,735 | |||||||||||
2,630 | @ | Parker Drilling Co. | 13,150 | |||||||||||
17,600 | @ | Petroquest Energy, Inc. | 99,088 | |||||||||||
1,420 | @ | Rosetta Resources, Inc. | 22,365 | |||||||||||
10,000 | St. Mary Land & Exploration Co. | 323,800 | ||||||||||||
760 | @ | Swift Energy Co. | 16,317 | |||||||||||
2,200 | @,L | Western Refining, Inc. | 10,230 | |||||||||||
923,183 | ||||||||||||||
Oil & Gas Services: 3.0% | ||||||||||||||
18,100 | @@ | Acergy SA ADR | 265,889 | |||||||||||
5,850 | CARBO Ceramics, Inc. | 347,022 | ||||||||||||
160 | @ | SEACOR Holdings, Inc. | 12,256 | |||||||||||
625,167 | ||||||||||||||
Packaging & Containers: 1.6% | ||||||||||||||
8,100 | Packaging Corp. of America | 161,352 | ||||||||||||
8,900 | Temple-Inland, Inc. | 160,111 | ||||||||||||
321,463 | ||||||||||||||
Pharmaceuticals: 0.3% | ||||||||||||||
390 | Medicis Pharmaceutical Corp. | 9,200 | ||||||||||||
890 | @ | Nektar Therapeutics | 7,752 | |||||||||||
370 | @ | Par Pharmaceutical Cos., Inc. | 8,776 | |||||||||||
350 | @ | PharMerica Corp. | 5,268 | |||||||||||
990 | @ | Salix Pharmaceuticals Ltd. | 22,572 | |||||||||||
310 | @,L | Valeant Pharmaceuticals International | 10,134 | |||||||||||
63,702 | ||||||||||||||
Retail: 5.7% | ||||||||||||||
1,421 | @ | Asbury Automotive Group, Inc. | 15,148 | |||||||||||
9,450 | Bob Evans Farms, Inc. | 238,707 | ||||||||||||
1,630 | Brown Shoe Co., Inc. | 16,724 | ||||||||||||
470 | @,L | Cabela’s, Inc. | 5,668 | |||||||||||
11,180 | Casey’s General Stores, Inc. | 341,996 | ||||||||||||
1,270 | @ | Chico’s FAS, Inc. | 17,869 | |||||||||||
210 | @ | Childrens Place Retail Stores, Inc. | 6,703 | |||||||||||
450 | @ | Collective Brands, Inc. | 8,703 | |||||||||||
2,310 | Dillard’s, Inc. | 39,247 | ||||||||||||
350 | @ | Genesco, Inc. | 9,149 | |||||||||||
760 | Haverty Furniture Cos., Inc. | 9,082 | ||||||||||||
720 | @ | HOT Topic, Inc. | 4,133 | |||||||||||
330 | @ | Jo-Ann Stores, Inc. | 11,009 | |||||||||||
380 | Men’s Wearhouse, Inc. | 7,752 | ||||||||||||
1,010 | Regis Corp. | 15,817 | ||||||||||||
960 | @ | Rush Enterprises, Inc. — Class A | 10,339 | |||||||||||
940 | Stage Stores, Inc. | 11,365 | ||||||||||||
1,550 | @ | Tuesday Morning Corp. | 3,503 | |||||||||||
7,600 | World Fuel Services Corp. | 404,168 | ||||||||||||
1,177,082 | ||||||||||||||
Savings & Loans: 0.3% | ||||||||||||||
1,420 | Abington Bancorp, Inc. | 9,699 | ||||||||||||
570 | BankFinancial Corp. | 5,352 | ||||||||||||
560 | Berkshire Hills Bancorp., Inc. | 10,562 | ||||||||||||
520 | ESSA Bancorp, Inc. | 6,583 | ||||||||||||
530 | First Niagara Financial Group, Inc. | 6,991 | ||||||||||||
1,010 | NewAlliance Bancshares, Inc. | 11,898 | ||||||||||||
1,400 | Provident Financial Services, Inc. | 14,812 | ||||||||||||
540 | United Financial Bancorp, Inc. | 6,934 | ||||||||||||
72,831 | ||||||||||||||
61
Table of Contents
Shares | Value | |||||||||||||
Semiconductors: 3.6% | ||||||||||||||
33,550 | @ | Actel Corp. | $ | 391,193 | ||||||||||
1,446 | @ | DSP Group, Inc. | 9,095 | |||||||||||
6,010 | @ | Entegris, Inc. | 25,062 | |||||||||||
950 | @ | Exar Corp. | 6,669 | |||||||||||
960 | @ | MKS Instruments, Inc. | 14,544 | |||||||||||
890 | @ | Omnivision Technologies, Inc. | 12,424 | |||||||||||
710 | @ | PMC — Sierra, Inc. | 5,630 | |||||||||||
530 | @ | Rovi Corp. | 15,799 | |||||||||||
13,130 | @ | Standard Microsystems Corp. | 252,621 | |||||||||||
1,640 | @ | Triquint Semiconductor, Inc. | 8,922 | |||||||||||
890 | @ | Zoran Corp. | 8,135 | |||||||||||
750,094 | ||||||||||||||
Software: 0.2% | ||||||||||||||
550 | @ | Avid Technology, Inc. | 6,545 | |||||||||||
530 | @ | JDA Software Group, Inc. | 12,444 | |||||||||||
530 | @ | Quest Software, Inc. | 8,920 | |||||||||||
420 | @ | SYNNEX Corp. | 11,890 | |||||||||||
39,799 | ||||||||||||||
Telecommunications: 0.5% | ||||||||||||||
2,710 | @ | 3Com Corp. | 19,973 | |||||||||||
1,570 | @ | Adaptec, Inc. | 4,914 | |||||||||||
180 | @ | Anixter International, Inc. | 7,780 | |||||||||||
280 | Applied Signal Technology, Inc. | 5,536 | ||||||||||||
500 | @ | Arris Group, Inc. | 4,995 | |||||||||||
430 | Atlantic Tele-Network, Inc. | 20,154 | ||||||||||||
540 | Black Box Corp. | 15,223 | ||||||||||||
980 | @ | Harris Stratex Networks, Inc. | 6,154 | |||||||||||
340 | @ | Polycom, Inc. | 7,330 | |||||||||||
540 | @ | SureWest Communications | 4,703 | |||||||||||
1,520 | @ | Sycamore Networks, Inc. | 4,302 | |||||||||||
101,064 | ||||||||||||||
Textiles: 0.1% | ||||||||||||||
910 | G&K Services, Inc. | 20,111 | ||||||||||||
20,111 | ||||||||||||||
Toys/Games/Hobbies: 0.0% | ||||||||||||||
500 | @ | Jakks Pacific, Inc. | 6,030 | |||||||||||
6,030 | ||||||||||||||
Transportation: 2.5% | ||||||||||||||
450 | Arkansas Best Corp. | 11,079 | ||||||||||||
8,130 | Landstar System, Inc. | 303,412 | ||||||||||||
11,025 | @ | Marten Transport Ltd. | 185,882 | |||||||||||
290 | @@,L | Nordic American Tanker Shipping | 9,271 | |||||||||||
509,644 | ||||||||||||||
Water: 0.1% | ||||||||||||||
200 | @ | Pico Holdings, Inc. | 5,988 | |||||||||||
300 | SJW Corp. | 6,435 | ||||||||||||
12,423 | ||||||||||||||
Total Common Stock (Cost $18,218,289) | 19,530,351 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 3.1% | ||||||||||||||
Apartments: 0.1% | ||||||||||||||
300 | American Campus Communities, Inc. | 8,085 | ||||||||||||
210 | Home Properties, Inc. | 9,435 | ||||||||||||
17,520 | ||||||||||||||
Diversified: 1.9% | ||||||||||||||
1,020 | Colonial Properties Trust | 11,026 | ||||||||||||
520 | DuPont Fabros Technology, Inc. | 8,336 | ||||||||||||
11,160 | Entertainment Properties Trust | 352,544 | ||||||||||||
310 | Washington Real Estate Investment Trust | 8,091 | ||||||||||||
379,997 | ||||||||||||||
Health Care: 0.3% | ||||||||||||||
280 | Healthcare Realty Trust, Inc. | 6,185 | ||||||||||||
2,680 | Medical Properties Trust, Inc. | 25,942 | ||||||||||||
340 | Omega Healthcare Investors, Inc. | 6,151 | ||||||||||||
480 | Senior Housing Properties Trust | 9,970 | ||||||||||||
220 | Universal Health Realty Income Trust | 6,750 | ||||||||||||
54,998 | ||||||||||||||
Hotels: 0.1% | ||||||||||||||
4,190 | Ashford Hospitality Trust, Inc. | 17,472 | ||||||||||||
1,030 | DiamondRock Hospitality Co. | 8,281 | ||||||||||||
25,753 | ||||||||||||||
Mortgage: 0.2% | ||||||||||||||
490 | Anworth Mortgage Asset Corp. | 3,528 | ||||||||||||
350 | Capstead Mortgage Corp. | 4,998 | ||||||||||||
260 | Hatteras Financial Corp. | 7,956 | ||||||||||||
1,370 | MFA Mortgage Investments, Inc. | 10,371 | ||||||||||||
3,975 | Northstar Realty Finance Corp. | 13,475 | ||||||||||||
430 | Redwood Trust, Inc. | 6,179 | ||||||||||||
46,507 | ||||||||||||||
Office Property: 0.2% | ||||||||||||||
1,690 | BioMed Realty Trust, Inc. | 23,136 | ||||||||||||
280 | Corporate Office Properties Trust SBI MD | 9,573 | ||||||||||||
420 | Franklin Street Properties Corp. | 4,742 | ||||||||||||
300 | Highwoods Properties, Inc. | 9,183 | ||||||||||||
46,634 | ||||||||||||||
Single Tenant: 0.2% | ||||||||||||||
1,190 | National Retail Properties, Inc. | 23,848 | ||||||||||||
490 | L | Realty Income Corp. | 12,392 | |||||||||||
36,240 | ||||||||||||||
Storage: 0.1% | ||||||||||||||
860 | Extra Space Storage, Inc. | 9,451 | ||||||||||||
2,910 | U-Store-It Trust | 18,944 | ||||||||||||
28,395 | ||||||||||||||
Warehouse/Industrial: 0.0% | ||||||||||||||
1,420 | DCT Industrial Trust, Inc. | 6,745 | ||||||||||||
6,745 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $485,890) | 642,789 | |||||||||||||
EXCHANGE-TRADED FUNDS: 0.2% | ||||||||||||||
Exchange-Traded Funds: 0.2% | ||||||||||||||
800 | iShares Russell 2000 Value Index Fund | 43,408 | ||||||||||||
Total Exchange-Traded Funds (Cost $42,174) | 43,408 | |||||||||||||
Total Long-Term Investments (Cost $18,746,353) | 20,216,548 | |||||||||||||
SHORT-TERM INVESTMENTS: 2.4% | ||||||||||||||
Affiliated Mutual Fund: 1.9% | ||||||||||||||
393,856 | ING Institutional Prime Money Market Fund — Class I | 393,856 | ||||||||||||
Total Mutual Fund (Cost $393,856) | 393,856 | |||||||||||||
62
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Securities Lending CollateralCC: 0.5% | ||||||||||||||
$ | 8,000 | Bank of New York Mellon Corp. Institutional Cash Reserves, Series A(1) | $ | 8,000 | ||||||||||
105,207 | Bank of New York Mellon Corp. Institutional Cash Reserves, Series B(1)(2) | 84,165 | ||||||||||||
Total Securities Lending Collateral (Cost $113,207) | 92,165 | |||||||||||||
Total Short-Term Investments (Cost $507,063) | 486,021 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $19,253,416)* | 100.4 | % | $ | 20,702,569 | ||||||||||
Other Assets and Liabilities - Net | (0.4 | ) | (76,517 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 20,626,052 | ||||||||||
@ | Non-income producing security | |
@@ | Foreign Issuer | |
ADR | American Depositary Receipt | |
cc | Securities purchased with cash collateral for securities loaned. | |
(1) | Collateral received from brokers for securities lending was invested in these short-term investments. | |
(2) | On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being marked to market daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending. | |
L | Loaned security, a portion or all of the security is on loan at November 30, 2009. | |
* | Cost for federal income tax purposes is $19,643,409. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 3,136,727 | ||
Gross Unrealized Depreciation | (2,077,567 | ) | ||
Net Unrealized Appreciation | $ | 1,059,160 | ||
Quoted Prices | Significant | |||||||||||||||
in Active Markets | Other | Significant | ||||||||||||||
for Identical | Observable | Unobservable | Fair Value | |||||||||||||
Investments | Inputs | Inputs | at | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | 11/30/2009 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at value | ||||||||||||||||
Common Stock* | $ | 19,530,351 | $ | — | $ | — | $ | 19,530,351 | ||||||||
Real Estate Investment Trusts | 642,789 | — | — | 642,789 | ||||||||||||
Exchange-Traded Funds | 43,408 | — | — | 43,408 | ||||||||||||
Short-Term Investments | 401,856 | — | 84,165 | 486,021 | ||||||||||||
Total Investments, at value | $ | 20,618,404 | $ | — | $ | 84,165 | $ | 20,702,569 | ||||||||
^ | 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. |
Total | ||||||||||||||||||||||||||||||||||||||||||||
Beginning | Accrued | Total | Unrealized | Transfers | Transfers | Ending | ||||||||||||||||||||||||||||||||||||||
Balance | Discounts/ | Realized | Appreciation/ | Into | Out of | Balance | ||||||||||||||||||||||||||||||||||||||
at 5/31/2009 | Purchases | Issuances | Settlements | Sales | (Premiums) | Gain/(Loss) | (Depreciation) | Level 3 | Level 3 | at 11/30/2009 | ||||||||||||||||||||||||||||||||||
Asset Table | ||||||||||||||||||||||||||||||||||||||||||||
Investments, at value | ||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 84,165 | $ | — | $ | 84,165 | ||||||||||||||||||||||
Total Investments, at value | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 84,165 | $ | — | $ | 84,165 | ||||||||||||||||||||||
63
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 74.6% | ||||||||||||||
Agriculture: 0.5% | ||||||||||||||
184,778 | @@,L | Cresud SACIF y A ADR | $ | 2,588,740 | ||||||||||
2,588,740 | ||||||||||||||
Auto Parts & Equipment: 1.5% | ||||||||||||||
150,839 | @,@@ | Magna International, Inc. | 7,297,591 | |||||||||||
7,297,591 | ||||||||||||||
Banks: 1.7% | ||||||||||||||
60,345 | @@ | ICICI Bank Ltd. ADR | 2,244,834 | |||||||||||
874,000 | @@,L | Sumitomo Trust & Banking Co. Ltd. ADR | 4,605,980 | |||||||||||
119,000 | @,@@ | UBS AG — Reg | 1,867,110 | |||||||||||
8,717,924 | ||||||||||||||
Biotechnology: 0.3% | ||||||||||||||
30,370 | @ | Amgen, Inc. | 1,711,350 | |||||||||||
1,711,350 | ||||||||||||||
Chemicals: 0.4% | ||||||||||||||
32,776 | Mosaic Co. | 1,784,653 | ||||||||||||
1,784,653 | ||||||||||||||
Coal: 3.4% | ||||||||||||||
376,575 | Arch Coal, Inc. | 7,855,355 | ||||||||||||
45,675 | Consol Energy, Inc. | 2,097,396 | ||||||||||||
156,942 | Peabody Energy Corp. | 6,977,641 | ||||||||||||
16,930,392 | ||||||||||||||
Cosmetics/Personal Care: 0.7% | ||||||||||||||
15,100 | @@ | Kao Corp. ADR | 3,665,223 | |||||||||||
3,665,223 | ||||||||||||||
Distribution/Wholesale: 1.9% | ||||||||||||||
312,448 | @ | Ingram Micro, Inc. | 5,308,492 | |||||||||||
104,840 | @ | Tech Data Corp. | 4,414,812 | |||||||||||
9,723,304 | ||||||||||||||
Electric: 5.6% | ||||||||||||||
547,000 | Ameren Corp. | 14,216,530 | ||||||||||||
416,500 | @@,L | Centrais Eletricas Brasileiras SA ADR — Class B | 6,297,480 | |||||||||||
527,560 | @,@@ | Korea Electric Power Corp. ADR | 7,238,123 | |||||||||||
162,000 | @,L | Mirant Corp. | — | |||||||||||
27,752,133 | ||||||||||||||
Engineering & Construction: 0.7% | ||||||||||||||
124,729 | @ | Shaw Group, Inc. | 3,558,518 | |||||||||||
3,558,518 | ||||||||||||||
Food: 5.8% | ||||||||||||||
422,386 | Kroger Co. | 9,605,058 | ||||||||||||
343,000 | @ | Smithfield Foods, Inc. | 5,309,640 | |||||||||||
1,030,200 | Tyson Foods, Inc. | 12,383,004 | ||||||||||||
71,313 | @ | Whole Foods Market, Inc. | 1,829,178 | |||||||||||
29,126,880 | ||||||||||||||
Forest Products & Paper: 1.0% | ||||||||||||||
86,625 | @,@@ | Domtar Corp. | 4,887,383 | |||||||||||
4,887,383 | ||||||||||||||
Health Care — Products: 0.7% | ||||||||||||||
61,235 | @ | Zimmer Holdings, Inc. | 3,623,275 | |||||||||||
3,623,275 | ||||||||||||||
Health Care — Services: 2.9% | ||||||||||||||
337,000 | Aetna, Inc. | 9,810,070 | ||||||||||||
109,200 | @ | Humana, Inc. | 4,532,892 | |||||||||||
14,342,962 | ||||||||||||||
Home Builders: 0.4% | ||||||||||||||
203,154 | @@ | Sekisui House Ltd. ADR | 1,770,528 | |||||||||||
1,770,528 | ||||||||||||||
Insurance: 1.5% | ||||||||||||||
139,115 | @ | CNA Financial Corp. | 3,164,866 | |||||||||||
199,010 | Marsh & McLennan Cos., Inc. | 4,487,676 | ||||||||||||
7,652,542 | ||||||||||||||
Internet: 1.6% | ||||||||||||||
324,936 | @ | eBay, Inc. | 7,951,184 | |||||||||||
7,951,184 | ||||||||||||||
Machinery — Diversified: 1.4% | ||||||||||||||
198,559 | @ | AGCO Corp. | 6,018,323 | |||||||||||
75,525 | Alamo Group, Inc. | 1,123,057 | ||||||||||||
7,141,380 | ||||||||||||||
Media: 0.4% | ||||||||||||||
88,500 | Scholastic Corp. | 2,231,085 | ||||||||||||
2,231,085 | ||||||||||||||
Mining: 19.8% | ||||||||||||||
373,175 | @@,L | Alumina Ltd. ADR | 2,089,780 | |||||||||||
413,000 | @@ | Barrick Gold Corp. | 17,630,970 | |||||||||||
185,887 | @@ | Cameco Corp. | 5,353,546 | |||||||||||
633,800 | @@ | Gold Fields Ltd. ADR | 9,367,564 | |||||||||||
180,500 | @,@@ | Ivanhoe Mines Ltd. | 2,138,925 | |||||||||||
891,700 | @,@@ | Kinross Gold Corp. | 17,851,830 | |||||||||||
545,000 | @@,L | Lihir Gold Ltd. ADR | 17,886,900 | |||||||||||
329,569 | Newmont Mining Corp. | 17,678,081 | ||||||||||||
1,153,624 | @,@@, L | Novagold Resources, Inc. | 6,448,758 | |||||||||||
122,000 | @,@@, L | Silver Standard Resources, Inc. | 2,636,420 | |||||||||||
99,082,774 | ||||||||||||||
Miscellaneous Manufacturing: 0.0% | ||||||||||||||
239,300 | @ | Geovic Mining Corp. | 124,675 | |||||||||||
124,675 | ||||||||||||||
Oil & Gas: 5.4% | ||||||||||||||
53,257 | Chevron Corp. | 4,156,176 | ||||||||||||
135,876 | ConocoPhillips | 7,034,301 | ||||||||||||
118,059 | @@ | Petrobras Energia SA ADR | 1,978,669 | |||||||||||
59,700 | Pioneer Natural Resources Co. | 2,468,595 | ||||||||||||
866,000 | Tesoro Corp. | 11,067,480 | ||||||||||||
168,108 | @ | Warren Resources, Inc. | 401,778 | |||||||||||
27,106,999 | ||||||||||||||
Oil & Gas Services: 1.4% | ||||||||||||||
375,000 | BJ Services Co. | 7,042,500 | ||||||||||||
7,042,500 | ||||||||||||||
Pharmaceuticals: 3.2% | ||||||||||||||
179,577 | Omnicare, Inc. | 4,162,595 | ||||||||||||
470,675 | Pfizer, Inc. | 8,552,165 | ||||||||||||
147,708 | @@ | Takeda Pharmaceutical Co. Ltd ADR | 3,039,831 | |||||||||||
15,754,591 | ||||||||||||||
Retail: 3.9% | ||||||||||||||
113,150 | @@ | Seven & I Holdings Co. Ltd ADR | 5,011,414 | |||||||||||
267,000 | Wal-Mart Stores, Inc. | 14,564,850 | ||||||||||||
19,576,264 | ||||||||||||||
Software: 1.9% | ||||||||||||||
321,200 | Microsoft Corp. | 9,446,492 | ||||||||||||
9,446,492 | ||||||||||||||
64
Table of Contents
Shares | Value | |||||||||||||
Telecommunications: 5.6% | ||||||||||||||
116,100 | @@ | KT Corp. ADR | $ | 1,928,421 | ||||||||||
595,000 | @@ | Nippon Telegraph & Telephone Corp. ADR | 12,780,600 | |||||||||||
280,750 | @@ | TELUS Corp. | 8,599,373 | |||||||||||
92,547 | @@ | Tim Participacoes SA ADR | 2,498,769 | |||||||||||
134,700 | @@ | Turkcell Iletisim Hizmet AS ADR | 2,068,992 | |||||||||||
27,876,155 | ||||||||||||||
Transportation: 1.0% | ||||||||||||||
77,400 | Union Pacific Corp. | 4,896,324 | ||||||||||||
4,896,324 | ||||||||||||||
Total Common Stock (Cost $304,843,943) | 373,363,821 | |||||||||||||
PREFERRED STOCK: 3.8% | ||||||||||||||
Telecommunications: 2.5% | ||||||||||||||
16,875 | P | Lucent Technologies Capital Trust I | 12,403,125 | |||||||||||
12,403,125 | ||||||||||||||
Transportation: 1.3% | ||||||||||||||
6,553 | Kansas City Southern | 6,815,120 | ||||||||||||
6,815,120 | ||||||||||||||
Total Preferred Stock (Cost $17,561,645) | 19,218,245 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
CORPORATE BONDS/NOTES: 13.1% | ||||||||||||||
Airlines: 1.6% | ||||||||||||||
$ | 4,504,000 | JetBlue Airways Corp., 3.750%, due 03/15/35 | $ | 4,475,850 | ||||||||||
2,538,000 | JetBlue Airways Corp., 6.750%, due 10/15/39 | 3,489,750 | ||||||||||||
7,965,600 | ||||||||||||||
Biotechnology: 1.9% | ||||||||||||||
9,600,000 | Amgen, Inc., 0.125%, due 02/01/11 | 9,504,000 | ||||||||||||
9,504,000 | ||||||||||||||
Environmental Control: 0.2% | ||||||||||||||
1,000,000 | Allied Waste North America, Inc., 4.250%, due 04/15/34 | 1,000,000 | ||||||||||||
1,000,000 | ||||||||||||||
Food: 2.0% | ||||||||||||||
9,853,000 | Smithfield Foods, Inc., 4.000%, due 06/30/13 | 9,803,735 | ||||||||||||
9,803,735 | ||||||||||||||
Mining: 1.1% | ||||||||||||||
379,000 | ± | Apex Silver Escrow, 0.000%, due 01/00/00 | — | |||||||||||
1,817,000 | @@ | Gold Reserve, Inc., 5.500%, due 06/15/22 | 997,079 | |||||||||||
7,831,000 | USEC, Inc., 3.000%, due 10/01/14 | 4,786,699 | ||||||||||||
5,783,778 | ||||||||||||||
Miscellaneous Manufacturing: 0.6% | ||||||||||||||
2,820,000 | Griffon Corp., 4.000%, due 07/18/23 | 2,816,475 | ||||||||||||
2,816,475 | ||||||||||||||
Oil & Gas: 2.7% | ||||||||||||||
4,873,000 | Goodrich Petroleum Corp., 3.250%, due 12/01/26 | 4,452,704 | ||||||||||||
8,990,000 | @@ | Transocean, Inc., 1.625%, due 12/15/37 | 8,900,100 | |||||||||||
13,352,804 | ||||||||||||||
Pharmaceuticals: 1.3% | ||||||||||||||
8,134,000 | Omnicare, Inc., 3.250%, due 12/15/35 | 6,568,205 | ||||||||||||
6,568,205 | ||||||||||||||
Semiconductors: 0.4% | ||||||||||||||
3,701,000 | I | LTX Credence, 3.500%, due 05/15/11 | 1,924,520 | |||||||||||
1,924,520 | ||||||||||||||
Telecommunications: 1.3% | ||||||||||||||
7,328,000 | NII Holdings, Inc., 3.125%, due 06/15/12 | 6,659,320 | ||||||||||||
6,659,320 | ||||||||||||||
Total Corporate Bonds/Notes (Cost $62,420,898) | 65,378,437 | |||||||||||||
Total Long-Term Investments (Cost $384,826,488) | 457,960,503 | |||||||||||||
Shares | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 11.7% | ||||||||||||||
Affiliated Mutual Fund: 9.3% | ||||||||||||||
46,367,914 | ING Institutional Prime Money Market Fund — Class I | $ | 46,367,914 | |||||||||||
Total Mutual Fund (Cost $46,367,914) | 46,367,914 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Securities Lending CollateralCC: 2.4% | ||||||||||||||
$ | 11,752,335 | Bank of New York Mellon Corp. Institutional Cash Reserves, Series A(1) | $ | 11,752,335 | ||||||||||
562,670 | Bank of New York Mellon Corp. Institutional Cash Reserves, Series B(1)(2) | 450,136 | ||||||||||||
Total Securities Lending Collateral (Cost $12,315,005) | 12,202,471 | |||||||||||||
Total Short-Term Investments (Cost $58,682,919) | 58,570,385 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $443,509,407)* | 103.2 | % | $ | 516,530,888 | ||||||||||
Other Assets and Liabilities - Net | (3.2 | ) | (16,170,073 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 500,360,815 | ||||||||||
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@ | Non-income producing security | |
@@ | Foreign Issuer | |
ADR | American Depositary Receipt | |
P | Preferred Stock may be called prior to convertible date. | |
cc | Securities purchased with cash collateral for securities loaned. | |
(1) | Collateral received from brokers for securities lending was invested in these short-term investments. | |
(2) | On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) | |
to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being marked to market daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending. | ||
I | Illiquid security | |
L | Loaned security, a portion or all of the security is on loan at November 30, 2009. | |
± | Defaulted security | |
* | Cost for federal income tax purposes is $446,819,709. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 81,411,907 | ||
Gross Unrealized Depreciation | (11,700,729 | ) | ||
Net Unrealized Appreciation | $ | 69,711,178 | ||
Quoted Prices | Significant | |||||||||||||||
in Active Markets | Other | Significant | ||||||||||||||
for Identical | Observable | Unobservable | Fair Value | |||||||||||||
Investments | Inputs | Inputs | at | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | 11/30/2009 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at value | ||||||||||||||||
Common Stock* | $ | 373,363,821 | $ | — | $ | — | $ | 373,363,821 | ||||||||
Preferred Stock | — | 19,218,245 | — | 19,218,245 | ||||||||||||
Corporate Bonds/Notes | — | 63,453,917 | 1,924,520 | 65,378,437 | ||||||||||||
Short-Term Investments | 58,120,249 | — | 450,136 | 58,570,385 | ||||||||||||
Total Investments, at value | $ | 431,484,070 | $ | 82,672,162 | $ | 2,374,656 | $ | 516,530,888 | ||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||
Beginning | Accrued | Total | Unrealized | Transfers | Transfers | Ending | ||||||||||||||||||||||||||||||||||||||
Balance at | Discounts/ | Realized | Appreciation/ | Into | Out of | Balance at | ||||||||||||||||||||||||||||||||||||||
5/31/2009 | Purchases | Issuances | Settlements | Sales | (Premiums) | Gain/(Loss) | (Depreciation) | Level 3 | Level 3 | 11/30/2009 | ||||||||||||||||||||||||||||||||||
Asset Table | ||||||||||||||||||||||||||||||||||||||||||||
Investments, at value | ||||||||||||||||||||||||||||||||||||||||||||
Corporate Bonds/Notes | $ | — | $ | 555,188 | $ | — | $ | — | $ | (300 | ) | $ | 327,649 | $ | 262 | $ | 1,041,721 | $ | — | $ | — | $ | 1,924,520 | |||||||||||||||||||||
Short-Term Investments | — | — | — | — | — | — | — | — | 450,136 | — | 450,136 | |||||||||||||||||||||||||||||||||
Total Investments, at value | $ | — | $ | 555,188 | $ | — | $ | — | $ | (300 | ) | $ | 327,649 | $ | 262 | $ | 1,041,721 | $ | 450,136 | $ | — | $ | 2,374,656 | |||||||||||||||||||||
^ | 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. |
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* | 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. |
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E-Delivery Sign-up – details inside |
M U T U A L F U N D S |
Table of Contents
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4 | ||||
6 | ||||
9 | ||||
10 | ||||
11 | ||||
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14 | ||||
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Go Paperless with E-Delivery! | ||||
Sign up now for on-line prospectuses, fund reports, and proxy statements. In less than five minutes, you can help reduce paper mail and lower fund costs. | ||||
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Table of Contents
Shaun Mathews
President and Chief Executive Officer
ING Funds
December 9, 2009
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PPF XII | 0.43 | % | ||
S&P 500® Index(1) | 20.50 | % | ||
Barclays Capital 1-3 Gov Index(2) | 1.52 | % |
(1) | 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. |
(2) | The Barclays Capital 1-3 Gov Index is an unmanaged index comprised of all publicly issued, non-convertible domestic debt of the U.S. Government, or any agency thereof, or any quasi-federal corporation. The index also includes corporate debt guaranteed by the U.S. Government. |
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• | During the Guarantee Period, the Fund’s assets will be allocated between the: |
• | Equity Component, consisting primarily of common stocks included in the S&P 500® Index and futures contracts on the S&P 500® Index; and the | ||
• | Fixed Component, consisting primarily of short- to intermediate-duration U.S. government securities. |
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Actual Fund Return | Hypothetical (5% return before expenses) | |||||||||||||||||||||||||||||||
Beginning | Ending | Expenses Paid | Beginning | Ending | Expenses Paid | |||||||||||||||||||||||||||
Account | Account | During the | Account | Account | During the | |||||||||||||||||||||||||||
Value | Value | Annualized | Period Ended | Value | Value | Annualized | Period Ended | |||||||||||||||||||||||||
June 1, | November 30, | Expense | November 30, | June 1, | November 30, | Expense | November 30, | |||||||||||||||||||||||||
2009 | 2009 | Ratio | 2009* | 2009 | 2009 | Ratio | 2009* | |||||||||||||||||||||||||
ING Principal Protection Fund XII | ||||||||||||||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,004.30 | 1.75 | % | $ | 8.79 | $ | 1,000.00 | $ | 1,016.29 | 1.75 | % | $ | 8.85 | ||||||||||||||||
Class B | 1,000.00 | 1,001.10 | 2.50 | 12.54 | 1,000.00 | 1,012.53 | 2.50 | 12.61 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,000.00 | 2.50 | 12.53 | 1,000.00 | 1,012.53 | 2.50 | 12.61 |
* | Expenses are equal to the Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 183/365 to reflect the most recent fiscal half-year. |
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ASSETS: | ||||
Investments in securities at value* | $ | 7,927,164 | ||
Short-term investments in affiliated underlying funds** | 81,000 | |||
Cash | 352 | |||
Dividends and interest receivables | 104 | |||
Prepaid expenses | 145 | |||
Reimbursement due from manager | 1,104 | |||
Total assets | 8,009,869 | |||
LIABILITIES: | ||||
Payable for fund shares redeemed | 49,048 | |||
Payable to affiliates | 10,428 | |||
Payable for trustee fees | 711 | |||
Other accrued expenses and liabilities | 26,693 | |||
Total liabilities | 86,880 | |||
NET ASSETS | $ | 7,922,989 | ||
NET ASSETS WERE COMPRISED OF: | ||||
Paid-in capital | $ | 8,589,308 | ||
Undistributed net investment income | 48,142 | |||
Accumulated net realized loss on investments | (833,562 | ) | ||
Net unrealized appreciation on investments | 119,101 | |||
NET ASSETS | $ | 7,922,989 | ||
* Cost of investments in securities | $ | 7,808,063 | ||
** Cost of short-term investments in affiliated underlying funds | $ | 81,000 | ||
Class A: | ||||
Net assets | $ | 780,066 | ||
Shares authorized | unlimited | |||
Par value | $ | 0.01 | ||
Shares outstanding | 83,334 | |||
Net asset value and redemption price per share | $ | 9.36 | ||
Maximum offering price per share (5.75%)(1) | $ | 9.93 | ||
Class B: | ||||
Net assets | $ | 5,646,812 | ||
Shares authorized | unlimited | |||
Par value | $ | 0.01 | ||
Shares outstanding | 606,854 | |||
Net asset value and redemption price per share(2) | $ | 9.31 | ||
Maximum offering price per share | $ | 9.31 | ||
Class C: | ||||
Net assets | $ | 1,496,111 | ||
Shares authorized | unlimited | |||
Par value | $ | 0.01 | ||
Shares outstanding | 160,397 | |||
Net asset value and redemption price per share(2) | $ | 9.33 | ||
Maximum offering price per share | $ | 9.33 |
(1) | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
(2) | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
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INVESTMENT INCOME: | ||||
Dividends(1) | $ | 3,953 | ||
Interest | 122,871 | |||
Total investment income | 126,824 | |||
EXPENSES: | ||||
Investment management fees | 22,927 | |||
Distribution and service fees: | ||||
Class A | 1,016 | |||
Class B | 30,028 | |||
Class C | 7,593 | |||
Transfer agent fees: | ||||
Class A | 495 | |||
Class B | 3,650 | |||
Class C | 924 | |||
Administrative service fees | 4,168 | |||
Shareholder reporting expense | 4,070 | |||
Professional fees | 16,118 | |||
Custody and accounting expense | 5,692 | |||
Trustee fees | 325 | |||
Guarantee fees (Note 2) | 13,756 | |||
Miscellaneous expense | 2,844 | |||
Total expenses | 113,606 | |||
Net waived and reimbursed fees | (12,331 | ) | ||
Net expenses | 101,275 | |||
Net investment income | 25,549 | |||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||
Net realized gain on investments | 9,299 | |||
Net change in unrealized appreciation or depreciation on investments | (29,602 | ) | ||
Net realized and unrealized loss on investments | (20,303 | ) | ||
Increase in net assets resulting from operations | $ | 5,246 | ||
(1) Dividends from affiliates | $ | 258 |
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Six Months | ||||||||
Ended | Year Ended | |||||||
November 30, | May 31, | |||||||
2009 | 2009 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income | $ | 25,549 | $ | 58,991 | ||||
Net realized gain (loss) on investments | 9,299 | (483,886 | ) | |||||
Net change in unrealized appreciation or depreciation on investments | (29,602 | ) | 44,495 | |||||
Increase (decrease) in net assets resulting from operations | 5,246 | (380,400 | ) | |||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Net investment income: | ||||||||
Class A | — | (15,718 | ) | |||||
Class B | — | (44,738 | ) | |||||
Class C | — | (11,194 | ) | |||||
Net realized gains: | ||||||||
Class A | — | (6,034 | ) | |||||
Class B | — | (41,090 | ) | |||||
Class C | — | (9,047 | ) | |||||
Total distributions | — | (127,821 | ) | |||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||
Reinvestment of distributions | — | 104,842 | ||||||
Cost of shares redeemed | (803,287 | ) | (1,820,678 | ) | ||||
Net decrease in net assets resulting from capital share transactions | (803,287 | ) | (1,715,836 | ) | ||||
Net decrease in net assets | (798,041 | ) | (2,224,057 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 8,721,030 | 10,945,087 | ||||||
End of period | $ | 7,922,989 | $ | 8,721,030 | ||||
Undistributed net investment income at end of period | $ | 48,142 | $ | 22,593 | ||||
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Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment | Supplemental | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operations | Less distributions from | Ratios to average net assets | data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | Net | Net | Expenses net of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset | realized | Total | asset | Expenses | fee waivers | Expenses | Net assets, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
value, | Net | and | from | Net | value, | before | and/or | net of all | Net investment | end | Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | investment | unrealized | investment | investment | Net | Return of | Total | end of | Total | reductions/ | recoupments, | reductions/ | income | of year or | turnover | |||||||||||||||||||||||||||||||||||||||||||||||||
of year or period | income (loss) | gain (loss) | operations | income | realized gains | capital | distributions | year or period | Return(1) | additions(2) | if any(2)(3) | additions(2)(3) | (loss)(2)(3) | period | rate | |||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) | ||||||||||||||||||||||||||||||||||||||||||||||||
ING Principal Protection Fund XII | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 9.32 | 0.06 | (0.02 | ) | 0.04 | — | — | — | — | 9.36 | 0.43 | 2.05 | 1.75 | † | 1.75 | † | 1.29 | † | 780 | — | ||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 9.81 | 0.12 | (0.41 | ) | (0.29 | ) | 0.14 | 0.06 | — | 0.20 | 9.32 | (2.98 | ) | 1.87 | 1.75 | † | 1.75 | † | 1.28 | † | 822 | 56 | ||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 10.62 | 0.14 | (0.29 | ) | (0.15 | ) | 0.15 | 0.51 | — | 0.66 | 9.81 | (1.44 | ) | 1.89 | 1.75 | † | 1.75 | † | 1.41 | † | 1,114 | 119 | ||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 9.78 | 0.17 | • | 0.87 | 1.04 | 0.20 | — | — | 0.20 | 10.62 | 10.66 | 1.71 | 1.75 | † | 1.75 | † | 1.67 | † | 1,472 | 44 | ||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 10.01 | 0.16 | • | (0.21 | ) | (0.05 | ) | 0.18 | — | — | 0.18 | 9.78 | (0.51 | ) | 1.92 | 1.75 | 1.75 | 1.63 | 3,051 | 97 | ||||||||||||||||||||||||||||||||||||||||||||
11-15-04(4)–05-31-05 | 10.00 | 0.05 | (0.04 | ) | 0.01 | — | — | — | — | 10.01 | 0.00 | (a) | 1.68 | 1.68 | 1.68 | 1.26 | 4,734 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 9.30 | 0.03 | (0.02 | ) | 0.01 | — | — | — | — | 9.31 | 0.11 | 2.80 | 2.50 | † | 2.50 | † | 0.54 | † | 5,647 | — | ||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 9.77 | 0.05 | • | (0.40 | ) | (0.35 | ) | 0.06 | 0.06 | — | 0.12 | 9.30 | (3.64 | ) | 2.62 | 2.50 | † | 2.50 | † | 0.53 | † | 6,375 | 56 | |||||||||||||||||||||||||||||||||||||||||
05-31-08 | 10.57 | 0.07 | (0.29 | ) | (0.22 | ) | 0.07 | 0.51 | — | 0.58 | 9.77 | (2.16 | ) | 2.64 | 2.50 | † | 2.50 | † | 0.65 | † | 8,131 | 119 | ||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 9.75 | 0.10 | 0.84 | 0.94 | 0.12 | — | — | 0.12 | 10.57 | 9.72 | 2.46 | 2.50 | † | 2.50 | † | 0.90 | † | 10,098 | 44 | |||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 9.97 | 0.09 | (0.20 | ) | (0.11 | ) | 0.11 | — | — | 0.11 | 9.75 | (1.11 | ) | 2.67 | 2.50 | 2.50 | 0.89 | 10,748 | 97 | |||||||||||||||||||||||||||||||||||||||||||||
11-15-04(4)–05-31-05 | 10.00 | 0.02 | (0.05 | ) | (0.03 | ) | — | — | — | — | 9.97 | (0.30 | )(a) | 2.43 | 2.43 | 2.43 | 0.49 | 12,974 | 14 | |||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-30-09 | 9.33 | 0.03 | (0.03 | ) | — | — | — | — | — | 9.33 | — | 2.80 | 2.50 | † | 2.50 | † | 0.54 | † | 1,496 | — | ||||||||||||||||||||||||||||||||||||||||||||
05-31-09 | 9.81 | 0.05 | (0.40 | ) | (0.35 | ) | 0.07 | 0.06 | — | 0.13 | 9.33 | (3.64 | ) | 2.62 | 2.50 | † | 2.50 | † | 0.53 | † | 1,524 | 56 | ||||||||||||||||||||||||||||||||||||||||||
05-31-08 | 10.62 | 0.07 | (0.30 | ) | (0.23 | ) | 0.07 | 0.51 | — | 0.58 | 9.81 | (2.23 | ) | 2.64 | 2.50 | † | 2.50 | † | 0.65 | † | 1,700 | 119 | ||||||||||||||||||||||||||||||||||||||||||
05-31-07 | 9.75 | 0.09 | • | 0.87 | 0.96 | 0.09 | — | — | 0.09 | 10.62 | 9.87 | 2.46 | 2.50 | † | 2.50 | † | 0.91 | † | 1,996 | 44 | ||||||||||||||||||||||||||||||||||||||||||||
05-31-06 | 9.97 | 0.09 | • | (0.20 | ) | (0.11 | ) | 0.11 | — | — | 0.11 | 9.75 | (1.16 | ) | 2.67 | 2.50 | 2.50 | 0.89 | 2,775 | 97 | ||||||||||||||||||||||||||||||||||||||||||||
11-15-04(4)–05-31-05 | 10.00 | 0.02 | (0.05 | ) | (0.03 | ) | — | — | — | — | 9.97 | (0.30 | )(a) | 2.43 | 2.43 | 2.43 | 0.52 | 5,327 | 14 | |||||||||||||||||||||||||||||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions, if any, at net asset value and excluding the deduction of sales charges. Total returns for periods less than one year are not annualized. | |
(2) | Annualized for periods less than one year. | |
(3) | Expense ratios reflect operating expenses of a Fund. Expenses before reductions do not reflect amounts reimbursed by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by an Investment Adviser and/or Distributor but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions. | |
(4) | Commencement of operations. | |
• | Calculated using average number of shares outstanding throughout the period. | |
† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income ratio. | |
(a) | For Principal Protection Fund XII represents performance beginning on the first day of the Guarantee Period (February 16, 2005). Total Return from commencement of offering of shares was 0.10%, (0.30)% and (0.30)% for Class A, Class B and Class C, respectively. |
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Offering Period | Guarantee Period | |
11/15/04 — 02/09/05* | 02/16/05 — 02/16/10** |
* | A Quiet Period between the Offering Period and the Guarantee Period where new deposits are not accepted and the assets will remain invested in short term instruments. | |
** | Please see Note 12 for information regarding the liquidation of the Fund at the end of the Guarantee period. |
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 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 acquired with more than 60 days to maturity are fair valued using matrix pricing methods determined by an independent pricing service which takes into consideration such factors as yields, maturities, liquidity, ratings and traded prices in similar or identical securities. Securities for which valuations are not readily available from an independent pricing service may be valued by brokers which use prices provided by market makers or estimates of fair market value obtained from yield data relating to investments or securities with similar characteristics. U.S. government obligations are valued by using market quotations or independent pricing services that use prices provided by market-makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics. | |
Investments in open-end mutual funds are valued at net asset value. 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 defined by the 1940 Act, and 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 defined by the 1940 Act, and as determined in good faith by or under |
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the supervision of the Board, in accordance with methods that are specifically authorized by the Board. All such fair valuations are made in accordance with valuation procedures of the Fund (the “Valuation Procedures”) which have been approved by the Board. The valuation techniques applied in any specific instance are set forth in the Valuation Procedures and may vary from case to case. With respect to a restricted security, for example, consideration is generally given to the cost of the investment, the market value of any unrestricted securities of the same class at the time of valuation, the potential expiration of restrictions on the security, the existence of any registration rights, the costs to the Fund related to registration of the security, as well as factors relevant to the issuer itself. Consideration may also be given to the price and extent of any public trading in similar securities of the issuer or comparable companies’ securities. | ||
The value of a foreign security traded on an exchange outside the United States is generally based on the price of a foreign security on the principal foreign exchange where it trades as of the time the Fund determines its NAV or if the foreign exchange closes prior to the time the Fund determines its NAV, the most recent closing price of the foreign security on its principal exchange. Trading in certain non-U.S. securities may not take place on all days on which the New York Stock Exchange (“NYSE”) is open. Further, trading takes place in various foreign markets on days on which the NYSE is not open. Consequently, the calculation of the Fund’s NAV may not take place contemporaneously with the determination of the prices of securities held by the Fund in foreign securities markets. Further, the value of the Fund’s assets may be significantly affected by foreign trading on days when a shareholder cannot purchase or redeem shares of the Fund. In calculating the Fund’s NAV, foreign securities denominated in foreign currency are converted to U.S. dollar equivalents. | ||
If an event occurs after the time at which the market for foreign securities held by the Fund closes but before the time that the Fund’s NAV is calculated, such event may cause the closing price on the foreign exchange to not represent a readily available reliable market value quotation for such securities at the time the Fund determines its NAV. In such a case, the Fund will use the fair value of such securities as determined under the Fund’s valuation procedures. Events after the close of trading on a foreign market that could require the Fund to fair value some or all of its foreign securities include, among others, securities trading in the U.S. and other markets, corporate announcements, natural and other disasters, and political and other events. Among other elements of analysis in the determination of a security’s fair value, the Board has authorized the use of one or more independent research services to assist with such determinations. An independent research service may use statistical analyses and quantitative 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 valuation 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 a 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 from the date of acquisition are valued at amortized cost which approximates market value. | ||
Fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement data. Each investment asset or liability of the Fund is assigned a level at measurement date based on the |
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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. Securities valued at amortized cost are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Fund’s investments under these levels of classification is included following the Portfolio of Investments. | ||
For the six months ended November 30, 2009, there have been no significant changes to the fair valuation methodologies. | ||
On April 9, 2009, the Financial Accounting Standards Board (“FASB”) issued additional guidance related to fair value measurements entitled, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly. This guidance requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosure are to be expanded for each major category of equity and debt securities. There was no change to the financial position of the Funds and the results of their operations due to the adoption of this guidance and all disclosures have been made for the current period as part of the Notes to Financial Statements and Portfolio of Investments. | ||
B. | Security Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Fund. Premium amortization and discount accretion are determined by the effective yield method. | |
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 exchange 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 tax reclaims 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 fiscal year 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. The |
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foregoing risks are even greater with respect to securing of issuers in emerging markets. | ||
D. | Distributions to Shareholders. The Fund records distributions to its shareholders on the ex-dividend date. The Fund pays dividends and capital gains, if any, annually. The Fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles for investment companies. | |
E. | Federal Income Taxes. It is the policy of the Fund to comply with the requirements of the subchapter M of the Internal Revenue code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of their net investment income and any net realized capital gains to their shareholders. Therefore, no federal income tax or provision is required. Management has considered the sustainability of the Fund’s tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions will be made until any capital loss carryforwards have been fully utilized or expired. | |
F. | Guarantee Fees. The Guarantee is backed by an unconditional, irrevocable guarantee from MBIA Insurance Corporation (“MBIA”), a monoline financial guarantor. The Fund pays MBIA a guarantee fee of 0.33% of its average daily net assets during the guarantee period. | |
MBIA, 113 King Street, Armonk, New York 10504 serves as the financial guarantor to the PPF’s pursuant to a written agreement with ING Investments, ING Investment Management Co. and the Trust. Pursuant to the terms of the Financial Guaranty Agreement, MBIA will issue to the Trust, for the benefit of the shareholders of the Fund, the insurance policy to support the Fund’s Payment Undertaking. The insurance policy is unconditional and irrevocable and will remain in place through the Guarantee Maturity Date for the Fund. MBIA and its subsidiaries provide financial guarantees to municipalities and other bond issuers. MBIA also guarantees structured asset-backed and mortgage-backed transactions, selected corporate bonds and obligations of high-quality financial institutions. | ||
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. | Repurchase Agreements. The Fund may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. The Fund will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by the Fund. The underlying collateral is valued daily on a mark-to-market basis to assure that the value, including accrued interest is at least equal to the repurchase price. If the seller defaults, the Fund might incur a loss or delay in the realization of proceeds if the value of the security collateralizing the repurchase agreement declines, and it might incur disposition costs in liquidating the collateral. | |
I. | Illiquid and Restricted Securities. The Fund may not invest more than 15% of its net assets in illiquid securities, Illiquid securities are not readily marketable. Disposing of illiquid investments may involve time-consuming negotiation and legal expenses, and it may be difficult or impossible for the Fund to sell them promptly at an acceptable price. The Fund also may invest in restricted securities, which include those sold under Rule 144A of the Securities Act of 1933 (“1933 Act”) or securities offered pursuant to Section 4(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and |
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generally may not be publicly sold without registration under the 1933 Act. Certain restricted securities may be considered liquid pursuant to procedures adopted by the Board or may be deemed to be illiquid because they may not be readily marketable. Illiquid and restricted securities are valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined under procedures approved by the Board. | ||
J. | Indemnifications. In the normal course of business, the Fund may enter into contracts that provide certain indemnifications. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote. |
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Class A | Class B | Class C | |||||||
0.25 | % | 1.00 | % | 1.00 | % |
Accrued | |||||||||||||
Accrued | Shareholder | ||||||||||||
Investment | Accrued | Service and | |||||||||||
Management | Administrative | Distribution | |||||||||||
Fees | Fees | Fees | Total | ||||||||||
$ | 3,606 | $ | 664 | $ | 6,158 | $ | 10,428 |
Accrued Expenses | Amount | |||
Custody | $ | 6,570 | ||
Professional | 9,330 |
Class A | Class B | Class C | |||||||
1.75 | % | 2.50 | % | 2.50 | % |
2010 | 2011 | 2012 | Total | |||||
$5,393 | $15,669 | $20,165 | $41,227 |
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Net increase | ||||||||||||||||||||||||||||||||
Reinvestment | (decrease) in | Reinvestment | ||||||||||||||||||||||||||||||
Shares | of | Shares | shares | Shares | of | Shares | Net increase | |||||||||||||||||||||||||
sold | distributions | redeemed | outstanding | sold | distributions | redeemed | (decrease) | |||||||||||||||||||||||||
Year or period ended | # | # | # | # | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||
Principal Protection XII | ||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
11-30-09 | — | — | (4,791 | ) | (4,791 | ) | — | — | (44,919 | ) | (44,919 | ) | ||||||||||||||||||||
05-31-09 | — | 1,933 | (27,340 | ) | (25,407 | ) | — | 18,120 | (255,256 | ) | (237,136 | ) | ||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||
11-30-09 | — | — | (78,455 | ) | (78,455 | ) | — | — | (730,118 | ) | (730,118 | ) | ||||||||||||||||||||
05-31-09 | — | 8,466 | (155,115 | ) | (146,649 | ) | — | 79,411 | (1,463,400 | ) | (1,383,989 | ) | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
11-30-09 | — | — | (3,021 | ) | (3,021 | ) | — | — | (28,250 | ) | (28,250 | ) | ||||||||||||||||||||
05-31-09 | — | 777 | (10,656 | ) | (9,879 | ) | — | 7,311 | (102,022 | ) | (94,711 | ) |
Year Ended May 31, 2009 | ||||||
Ordinary | Long-Term | |||||
Income | Capital Gains | |||||
$ | 705,235 | $ | 22,586 |
Post-October | |||||||||||||||||
Undistributed | Unrealized | Capital | |||||||||||||||
Ordinary | Appreciation/ | Losses | Capital Loss | Expiration | |||||||||||||
Income | (Depreciation) | Deferred | Carryforwards | Dates | |||||||||||||
$ | 22,593 | $ | 143,680 | $ | (235,369 | ) | $ | (602,469 | ) | 2017 |
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Per Share | ||||||||
Amounts | ||||||||
Net | ||||||||
Investment | Payable | Record | ||||||
Income | Date | Date | ||||||
Class A | $ | 0.1257 | December 16, 2009 | December 14, 2009 | ||||
Class B | $ | 0.0478 | December 16, 2009 | December 14, 2009 | ||||
Class C | $ | 0.0583 | December 16, 2009 | December 14, 2009 |
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Shares | Value | |||||||||||
EXCHANGE-TRADED FUNDS: 5.0% | ||||||||||||
Exchange-Traded Funds: 5.0% | ||||||||||||
3,600 | SPDR Trust Series 1 | $ | 395,568 | |||||||||
Total Exchange-Traded Funds | ||||||||||||
(Cost $295,885) | 395,568 | |||||||||||
Principal | ||||||||||||
Amount | Value | |||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 33.5% | ||||||||||||
Federal National Mortgage Association##: 33.5% | ||||||||||||
$2,651,000 | ^, Z | 0.570%, due 01/15/10 | $ | 2,649,085 | ||||||||
Total U.S. Government Agency Obligations | ||||||||||||
(Cost $2,639,108) | 2,649,085 | |||||||||||
U.S. TREASURY OBLIGATIONS: 61.6% | ||||||||||||
U.S. Treasury STRIP PRINCIPAL: 61.6% | ||||||||||||
4,883,000 | Z | 0.050%, due 02/15/10 | 4,882,511 | |||||||||
Total U.S. Treasury Obligations | ||||||||||||
(Cost $4,873,070) | 4,882,511 | |||||||||||
Total Long-Term Investments | ||||||||||||
(Cost $7,808,063) | 7,927,164 | |||||||||||
Shares | Value | |||||||||||
SHORT-TERM INVESTMENTS: 1.0% | ||||||||||||
Affiliated Mutual Fund: 1.0% | ||||||||||||
81,000 | ING Institutional Prime Money Market Fund - Class I | $ | 81,000 | |||||||||
Total Short-Term Investments | ||||||||||||
(Cost $81,000) | 81,000 | |||||||||||
Total Investments in Securities | ||||||||||||
(Cost $7,889,063)* | 101.1 | % | $ | 8,008,164 | ||||||||
Other Assets and | ||||||||||||
Liabilities - Net | (1.1 | ) | (85,175 | ) | ||||||||
Net Assets | 100.0 | % | $ | 7,922,989 | ||||||||
STRIP | Separate Trading of Registered Interest and Principal of Securities | |
## | On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship and the U.S. Treasury guaranteed the debt issued by those organizations. | |
^ | Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security. | |
Z | Indicates Zero Coupon Bond; rate shown reflects current effective yield. | |
* | Cost for federal income tax purposes is $7,893,962. |
Net unrealized appreciation consists of: | ||||
Gross Unrealized Appreciation | $ | 114,361 | ||
Gross Unrealized Depreciation | (159 | ) | ||
Net Unrealized Appreciation | $ | 114,202 | ||
Quoted Prices | Significant | |||||||||||||||
in Active Markets | Other | Significant | ||||||||||||||
for Identical | Observable | Unobservable | Fair Value | |||||||||||||
Investments | Inputs | Inputs | at | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | 11/30/2009 | |||||||||||||
Asset Table | ||||||||||||||||
Investments, at value | ||||||||||||||||
Exchange-Traded Funds | $ | 395,568 | $ | — | $ | — | $ | 395,568 | ||||||||
U.S. Government Agency Obligations | — | 2,649,085 | — | 2,649,085 | ||||||||||||
U.S. Treasury Obligations | — | 4,882,511 | — | 4,882,511 | ||||||||||||
Short-Term Investments | 81,000 | — | — | 81,000 | ||||||||||||
Total Investments, at value | $ | 476,568 | $ | 7,531,596 | $ | — | $ | 8,008,164 | ||||||||
^ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
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ING Growth and Income Fund
ING Real Estate Fund
ING Strategic Allocation Growth Fund
ING Strategic Allocation Moderate 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
ING Index Plus MidCap Fund
ING Index Plus SmallCap Fund
ING Value Choice Fund
ING High Yield Bond Fund
ING Intermediate Bond Fund
ING Global Natural Resources Fund
ING Global Real Estate Fund
ING Global Value Choice 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
ING Global Target Payment Fund
ING Money Market Fund
* | An investment in a fund is not insured or guaranteed by 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. |
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7337 East Doubletree Ranch Road
Scottsdale, Arizona 85258
7337 East Doubletree Ranch Road
Scottsdale, Arizona 85258
7337 East Doubletree Ranch Road
Scottsdale, Arizona 85258
301 Bellevue Parkway
Wilmington, Delaware 19809
One Wall Street,
New York, New York 10286
1775 I Street, N.W.
Washington, D.C. 20006
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Item 2. Code of Ethics.
Not required for semi-annual filing.
Item 3. Audit Committee Financial Expert.
Not required for semi-annual filing.
Item 4. Principal Accountant Fees and Services.
Not required for semi-annual filing.
Item 5. Audit Committee Of Listed Registrants.
Not required for semi-annual filing.
Item 6. Schedule of Investments.
Schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-end Management Investment Companies.
Not required for Semi-annual filing.
Item 8. Purchases of Equity Securities by Closed-end Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 9. Submission of Matters to a Vote of Security Holders.
The Board has a Nominating Committee (“Committee”) for the purpose of considering and presenting to the Board candidates it proposes for nomination to fill Trustee vacancies on the Board. The Committee currently consists of four Trustees of the Board, none of whom are considered “interested persons” of the Trust within the meaning of Section 2(a)(19) of the Investment Company Act of 1940. The Committee has adopted a written charter that sets forth the policies and procedures of the Committee. The Committee will accept referrals for potential candidates from Board members, Fund shareholders, legal counsel to the disinterested Trustees or such other sources as the Committee deems appropriate. Shareholders can submit recommendations in writing to the attention of the Chairperson of the Committee at an address to be maintained by Fund management for this purpose. In order for the Committee to consider a potential candidate, the Committee initially must receive at least the following information regarding such person: (1) name; (2) date of birth; (3) education; (4) business, professional or other relevant experience and areas of expertise; (5) current business, professional or other relevant experience and areas of expertise; (6) current business and home addresses and contact information; (7) other board positions or prior experience; and (8) any knowledge and experience relating to investment companies and investment company governance.
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Item 10. Controls and Procedures.
(a) | Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR. | |||
(b) | There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 11. Exhibits.
(a)(1) | The Code of Ethics is not required for the semi-annual filing. | |||
(a)(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT. | |||
(a)(3) | Not required for semi-annual filing. | |||
(b) | The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT. |
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(Registrant): ING Equity Trust | ||||
By | /s/ Shaun P. Mathews | |||
Shaun P. Mathews | ||||
President and Chief Executive Officer |
By | /s/ Shaun P. Mathews | |||
Shaun P. Mathews | ||||
President and Chief Executive Officer |
By | /s/ Todd Modic | |||
Todd Modic | ||||
Senior Vice President and Chief Financial Officer |