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SECURITIES AND EXCHANGE COMMISSION
MANAGEMENT INVESTMENT COMPANIES
7337 E. Doubletree Ranch Rd., Scottsdale, AZ | 85258 | |
(Address of principal executive offices) | (Zip code) |
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n | ING SmallCap Value Multi-Manager Fund |
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CERTIFICATION | ||||||||
CERTIFICATION |
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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. | 8.9 | % | ||
Public Storage, Inc. | 7.3 | % | ||
Equity Residential | 7.0 | % | ||
Vornado Realty Trust | 6.0 | % | ||
Federal Realty Investment Trust | 4.8 | % | ||
Boston Properties, Inc. | 4.7 | % | ||
Health Care Real Estate Investment Trust, Inc. | 4.6 | % | ||
Nationwide Health Properties, Inc. | 3.6 | % | ||
HCP, Inc. | 3.5 | % | ||
Ventas, Inc. | 3.3 | % |
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as of November 30, 2008
(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, 2008
(as a percent of net assets)
ExxonMobil Corp. | 5.2 | % | ||
Chevron Corp. | 4.3 | % | ||
Pfizer, Inc. | 3.9 | % | ||
Johnson & Johnson | 2.8 | % | ||
PG&E Corp. | 2.6 | % | ||
Philip Morris International, Inc. | 2.4 | % | ||
Home Depot, Inc. | 2.4 | % | ||
JPMorgan Chase & Co. | 2.3 | % | ||
ConocoPhillips | 2.2 | % | ||
General Electric Co. | 2.1 | % |
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as of November 30, 2008
Oil & Gas | 12.4 | % | |||
Banks | 10.8 | % | |||
Pharmaceuticals | 6.8 | % | |||
Electric | 6.4 | % | |||
Healthcare — Products | 5.8 | % | |||
Telecommunications | 5.8 | % | |||
Retail | 5.1 | % | |||
Agriculture | 4.7 | % | |||
Computers | 4.5 | % | |||
Insurance | 4.3 | % | |||
Cosmetics/Personal Care | 3.3 | % | |||
Semiconductors | 3.1 | % | |||
Industries between 1.8% — 2.8%(1) | 13.2 | % | |||
Industries less than 1.8%(2) | 14.1 | % | |||
Other Assets and Liabilities — Net* | (0.3 | )% | |||
Net Assets | 100.0 | % |
* | Includes short-term investments related to ING Institutional Prime Money Market Fund — Class I. | ||
(1) | Includes six industries, which each represents 1.8% — 2.8% of net assets. | ||
(2) | Includes fourteen industries, which each represents less than 1.8% 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. |
ExxonMobil Corp. | 5.0 | % | |||
Procter & Gamble Co. | 3.3 | % | |||
Philip Morris International, Inc. | 2.7 | % | |||
Wells Fargo & Co. | 2.6 | % | |||
Qualcomm, Inc. | 2.6 | % | |||
JPMorgan Chase & Co. | 2.3 | % | |||
Exelon Corp. | 2.3 | % | |||
PG&E Corp. | 2.2 | % | |||
Pfizer, Inc. | 2.1 | % | |||
Johnson & Johnson | 2.1 | % |
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as of November 30, 2008
(as a percent of net assets)*
(1) | The Russell 1000® Growth Index is an unmanaged index that measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and forecasted growth. |
(2) | The Russell 1000® Index is an unmanaged, comprehensive large-cap index measuring the performance of the largest 1,000 U.S. incorporated companies. |
as of November 30, 2008
(as a percent of net assets)
Microsoft Corp. | 3.9 | % | ||
Oracle Corp. | 3.6 | % | ||
Lockheed Martin Corp. | 3.1 | % | ||
Abbott Laboratories | 2.8 | % | ||
Western Union Co. | 2.8 | % | ||
Raytheon Co. | 2.4 | % | ||
Cisco Systems, Inc. | 2.2 | % | ||
Hewlett-Packard Co. | 2.2 | % | ||
Nestle SA | 2.2 | % | ||
Qualcomm, Inc. | 2.2 | % |
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as of November 30, 2008
(as a percent of net assets)*
(1) | Effective August 13, 2008, Mr. Landesman replaced Richard Welsh as a portfolio manager to the Fund. |
(2) | 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. |
(3) | 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, 2008
(as a percent of net assets)
Activision Blizzard, Inc. | 2.6 | % | ||
Apollo Group, Inc. - Class A | 2.4 | % | ||
St. Jude Medical, Inc. | 2.3 | % | ||
Ecolab, Inc | 2.3 | % | ||
Fiserv, Inc. | 2.0 | % | ||
F5 Networks, Inc | 1.9 | % | ||
BMC Software | 1.9 | % | ||
Intuit, Inc | 1.9 | % | ||
TJX Cos., Inc. | 1.9 | % | ||
ITT Corp. | 1.9 | % |
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as of November 30, 2008
(as a percent of net assets)
(1) | Effective January 13, 2009, Mr. Aguilar is no longer a portfolio manager of the Fund. |
(2) | The Russell 1000® Growth Index is an unmanaged index that measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and forecasted growth. |
as of November 30, 2008
(as a percent of net assets)
Hewlett-Packard Co. | 4.7 | % | ||
Apple, Inc. | 4.3 | % | ||
Lockheed Martin Corp. | 4.1 | % | ||
Procter & Gamble Co. | 3.9 | % | ||
Wal-Mart Stores, Inc. | 3.3 | % | ||
TJX Cos., Inc. | 3.2 | % | ||
Colgate-Palmolive Co. | 3.1 | % | ||
Life Technologies Corp. | 3.0 | % | ||
Noble Corp. | 2.6 | % | ||
Xilinx, Inc. | 2.6 | % |
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as of November 30, 2008
(as a percent of net assets)
* | Mr. Hasso was added as a portfolio manager to the Fund effective October 1, 2008. |
(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 an unmanaged index that measures the performance of securities of small U.S. companies. |
as of November 30, 2008
(as a percent of net assets)
iShares Russell 2000 Growth Index Fund | 3.1 | % | ||
Micros Systems, Inc. | 1.2 | % | ||
Waste Connections, Inc. | 1.2 | % | ||
Haemonetics Corp. | 1.2 | % | ||
Varian, Inc. | 1.2 | % | ||
Meridian Bioscience, Inc. | 1.2 | % | ||
Watson Wyatt Worldwide, Inc. | 1.1 | % | ||
Solera Holdings, Inc. | 1.1 | % | ||
Bio-Rad Laboratories, Inc. | 1.1 | % | ||
Parametric Technology Corp. | 1.1 | % |
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as of November 30, 2008
(as a percent of net assets)*
(1) | The S&P 500 Financials Index is a capitalization-weighted index of all stocks designed to measure the performance of the financial sector of the S&P 500® Index. |
(2) | 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, 2008
(as a percent of net assets)
Wells Fargo & Co. | 8.6 | % | ||
JPMorgan Chase & Co. | 6.1 | % | ||
ACE Ltd. | 5.4 | % | ||
Travelers Cos., Inc. | 5.2 | % | ||
US Bancorp. | 5.0 | % | ||
Bank of America Corp. | 3.6 | % | ||
PNC Financial Services Group, Inc. | 3.6 | % | ||
Reinsurance Group of America, Inc. | 3.1 | % | ||
Willis Group Holdings Ltd. | 3.1 | % | ||
Citigroup, Inc. | 2.9 | % |
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as of November 30, 2008
(as a percent of net assets)
* | Effective January 13, 2009, Mr. Aguilar is no longer a portfolio manager of the Fund. |
(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 purposes of these discussions, “the fund” refers to each Sub-Adviser’s respectively managed portion of ING SmallCap Value Multi-Manager Fund. |
as of November 30, 2008
(as a percent of net assets)
WD-40 Co. | 3.6 | % | ||
Griffon Corp. | 2.7 | % | ||
Wausau Paper Corp. | 2.3 | % | ||
Aspen Insurance Holdings Ltd. | 2.2 | % | ||
World Fuel Services Corp. | 2.0 | % | ||
Marten Transport Ltd. | 2.0 | % | ||
Tower Group, Inc. | 1.9 | % | ||
Elizabeth Arden, Inc. | 1.8 | % | ||
Lincoln Electric Holdings, Inc. | 1.7 | % | ||
Stancorp Financial Group, Inc. | 1.7 | % |
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as of November 30, 2008
(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, 2008
(as a percent of net assets)
Newmont Mining Corp. | 5.7 | % | ||
Barrick Gold Corp. | 4.5 | % | ||
Lihir Gold Ltd. ADR | 3.3 | % | ||
Kinross Gold Corp. | 3.2 | % | ||
Allied Waste North America, Inc., 4.250%, due 04/15/34 | 2.8 | % | ||
Arch Coal, Inc. | 2.8 | % | ||
Tyson Foods, Inc. | 2.6 | % | ||
Omnicare, Inc., 3.250%, due 12/15/35 | 2.6 | % | ||
Albany International Corp., 2.250%, due 03/15/26 | 2.6 | % | ||
Whole Foods Market, Inc. | 2.3 | % |
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Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING Real Estate Fund | June 1, 2008 | November 30, 2008 | Ratio | November 30, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 519.00 | 1.35 | % | $ | 5.14 | ||||||||
Class B | 1,000.00 | 517.50 | 2.10 | 7.99 | ||||||||||||
Class C | 1,000.00 | 517.40 | 2.10 | 7.99 | ||||||||||||
Class I | 1,000.00 | 520.50 | 0.91 | 3.47 | ||||||||||||
Class O | 1,000.00 | 519.00 | 1.35 | 5.14 | ||||||||||||
Class Q | 1,000.00 | 519.70 | 1.16 | 4.42 | ||||||||||||
Class W | 1,000.00 | 520.00 | 0.91 | 3.47 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.30 | 1.35 | % | $ | 6.83 | ||||||||
Class B | 1,000.00 | 1,014.54 | 2.10 | 10.61 | ||||||||||||
Class C | 1,000.00 | 1,014.54 | 2.10 | 10.61 | ||||||||||||
Class I | 1,000.00 | 1,020.51 | 0.91 | 4.61 | ||||||||||||
Class O | 1,000.00 | 1,018.30 | 1.35 | 6.83 | ||||||||||||
Class Q | 1,000.00 | 1,019.25 | 1.16 | 5.87 | ||||||||||||
Class W | 1,000.00 | 1,020.51 | 0.91 | 4.61 |
* | 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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Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING Equity Dividend Fund | June 1, 2008 | November 30, 2008 | Ratio | November 30, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 719.20 | 1.25 | % | $ | 5.39 | ||||||||
Class B | 1,000.00 | 714.20 | 2.00 | 8.59 | ||||||||||||
Class C | 1,000.00 | 715.30 | 2.00 | 8.60 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.80 | 1.25 | % | $ | 6.33 | ||||||||
Class B | 1,000.00 | 1,015.04 | 2.00 | 10.10 | ||||||||||||
Class C | 1,000.00 | 1,015.04 | 2.00 | 10.10 | ||||||||||||
ING Fundamental Research Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 636.50 | 1.25 | % | $ | 5.13 | ||||||||
Class B | 1,000.00 | 633.70 | 2.00 | 8.19 | ||||||||||||
Class C | 1,000.00 | 634.10 | 2.00 | 8.19 | ||||||||||||
Class I | 1,000.00 | 637.40 | 0.79 | 3.24 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.80 | 1.25 | % | $ | 6.33 | ||||||||
Class B | 1,000.00 | 1,015.04 | 2.00 | 10.10 | ||||||||||||
Class C | 1,000.00 | 1,015.04 | 2.00 | 10.10 | ||||||||||||
Class I | 1,000.00 | 1,021.11 | 0.79 | 4.00 | ||||||||||||
ING LargeCap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 580.60 | 1.45 | % | $ | 5.75 | ||||||||
Class B | 1,000.00 | 578.70 | 2.10 | 8.31 | ||||||||||||
Class C | 1,000.00 | 578.70 | 2.10 | 8.31 | ||||||||||||
Class I | 1,000.00 | 582.10 | 0.95 | 3.77 | ||||||||||||
Class Q | 1,000.00 | 581.30 | 1.20 | 4.76 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.80 | 1.45 | % | $ | 7.33 | ||||||||
Class B | 1,000.00 | 1,014.54 | 2.10 | 10.61 | ||||||||||||
Class C | 1,000.00 | 1,014.54 | 2.10 | 10.61 | ||||||||||||
Class I | 1,000.00 | 1,020.31 | 0.95 | 4.81 | ||||||||||||
Class Q | 1,000.00 | 1,019.05 | 1.20 | 6.07 |
* | 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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Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING MidCap Opportunities Fund | June 1, 2008 | November 30, 2008 | Ratio | November 30, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 612.00 | 1.35 | % | $ | 5.46 | ||||||||
Class B | 1,000.00 | 610.00 | 2.10 | 8.48 | ||||||||||||
Class C | 1,000.00 | 609.70 | 2.10 | 8.47 | ||||||||||||
Class I | 1,000.00 | 613.10 | 0.92 | 3.72 | ||||||||||||
Class O(1) | 1,000.00 | 617.50 | 1.35 | 5.38 | ||||||||||||
Class Q | 1,000.00 | 612.30 | 1.17 | 4.73 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.30 | 1.35 | % | $ | 6.83 | ||||||||
Class B | 1,000.00 | 1,014.54 | 2.10 | 10.61 | ||||||||||||
Class C | 1,000.00 | 1,014.54 | 2.10 | 10.61 | ||||||||||||
Class I | 1,000.00 | 1,020.46 | 0.92 | 4.66 | ||||||||||||
Class O | 1,000.00 | 1,018.30 | 1.35 | 6.83 | ||||||||||||
Class Q | 1,000.00 | 1,019.20 | 1.17 | 5.92 | ||||||||||||
ING Opportunistic LargeCap Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 601.50 | 1.25 | % | $ | 5.02 | ||||||||
Class B | 1,000.00 | 599.20 | 2.00 | 8.02 | ||||||||||||
Class C | 1,000.00 | 599.40 | 2.00 | 8.02 | ||||||||||||
Class I | 1,000.00 | 602.80 | 0.83 | 3.33 | ||||||||||||
Class W | 1,000.00 | 601.70 | 0.83 | 3.33 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.80 | 1.25 | % | $ | 6.33 | ||||||||
Class B | 1,000.00 | 1,015.04 | 2.00 | 10.10 | ||||||||||||
Class C | 1,000.00 | 1,015.04 | 2.00 | 10.10 | ||||||||||||
Class I | 1,000.00 | 1,020.91 | 0.83 | 4.20 | ||||||||||||
Class W | 1,000.00 | 1,020.91 | 0.83 | 4.20 |
* | 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 June 4, 2008. Actual Fund Return expenses paid reflect the 180 day period ended November 30, 2008. |
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Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING SmallCap Opportunities Fund | June 1, 2008 | November 30, 2008 | Ratio | November 30, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 616.10 | 1.50 | % | $ | 6.08 | ||||||||
Class B | 1,000.00 | 613.80 | 2.25 | 9.10 | ||||||||||||
Class C | 1,000.00 | 613.90 | 2.25 | 9.10 | ||||||||||||
Class I | 1,000.00 | 617.70 | 1.06 | 4.30 | ||||||||||||
Class Q | 1,000.00 | 616.90 | 1.31 | 5.31 | ||||||||||||
Class W | 1,000.00 | 616.70 | 1.06 | 4.30 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.55 | 1.50 | % | $ | 7.59 | ||||||||
Class B | 1,000.00 | 1,013.79 | 2.25 | 11.36 | ||||||||||||
Class C | 1,000.00 | 1,013.79 | 2.25 | 11.36 | ||||||||||||
Class I | 1,000.00 | 1,019.75 | 1.06 | 5.37 | ||||||||||||
Class Q | 1,000.00 | 1,018.50 | 1.31 | 6.63 | ||||||||||||
Class W | 1,000.00 | 1,019.75 | 1.06 | 5.37 | ||||||||||||
ING Financial Services Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 619.70 | 1.39 | % | $ | 5.64 | ||||||||
Class B | 1,000.00 | 617.70 | 2.14 | 8.68 | ||||||||||||
Class C | 1,000.00 | 618.10 | 2.14 | 8.68 | ||||||||||||
Class O | 1,000.00 | 619.80 | 1.39 | 5.64 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.10 | 1.39 | % | $ | 7.03 | ||||||||
Class B | 1,000.00 | 1,014.34 | 2.14 | 10.81 | ||||||||||||
Class C | 1,000.00 | 1,014.34 | 2.14 | 10.81 | ||||||||||||
Class O | 1,000.00 | 1,018.10 | 1.39 | 7.03 |
* | 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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Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING SmallCap Value Multi-Manager Fund | June 1, 2008 | November 30, 2008 | Ratio | November 30, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 558.20 | 1.50 | % | $ | 5.86 | ||||||||
Class B | 1,000.00 | 556.50 | 2.25 | 8.78 | ||||||||||||
Class C | 1,000.00 | 556.00 | 2.25 | 8.78 | ||||||||||||
Class I | 1,000.00 | 560.60 | 1.00 | 3.91 | ||||||||||||
Class W | 1,000.00 | 559.10 | 1.00 | 3.91 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.55 | 1.50 | % | $ | 7.59 | ||||||||
Class B | 1,000.00 | 1,013.79 | 2.25 | 11.36 | ||||||||||||
Class C | 1,000.00 | 1,013.79 | 2.25 | 11.36 | ||||||||||||
Class I | 1,000.00 | 1,020.05 | 1.00 | 5.06 | ||||||||||||
Class W | 1,000.00 | 1,020.05 | 1.00 | 5.06 | ||||||||||||
ING Value Choice Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 579.60 | 1.40 | % | $ | 5.54 | ||||||||
Class B | 1,000.00 | 577.90 | 2.15 | 8.50 | ||||||||||||
Class C | 1,000.00 | 577.70 | 2.15 | 8.50 | ||||||||||||
Class I | 1,000.00 | 580.20 | 1.15 | 4.56 | ||||||||||||
Class O(1) | 1,000.00 | 585.00 | 1.40 | 5.47 | ||||||||||||
Class W | 1,000.00 | 581.00 | 1.15 | 4.56 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.05 | 1.40 | % | $ | 7.08 | ||||||||
Class B | 1,000.00 | 1,014.29 | 2.15 | 10.86 | ||||||||||||
Class C | 1,000.00 | 1,014.29 | 2.15 | 10.86 | ||||||||||||
Class I | 1,000.00 | 1,019.30 | 1.15 | 5.82 | ||||||||||||
Class O | 1,000.00 | 1,018.05 | 1.40 | 7.08 | ||||||||||||
Class W | 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 June 4, 2008. Actual Fund Return expenses paid reflect the 180 day period ended November 30, 2008. |
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ING | ING | ING | ING | |||||||||||||
Real | Equity | Fundamental | LargeCap | |||||||||||||
Estate | Dividend | Research | Growth | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in securities at value+* | $ | 356,229,290 | $ | 3,779,303 | $ | 15,251,423 | $ | 80,993,864 | ||||||||
Short-term investments** | — | — | — | 271,520 | ||||||||||||
Short-term investments in affiliates at amortized cost | 7,139,641 | 209,000 | 242,000 | 517,582 | ||||||||||||
Cash | — | 43,806 | 655 | 10,341 | ||||||||||||
Foreign currencies at value*** | — | — | 119 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 10,884,113 | 125,287 | 490,680 | 971,109 | ||||||||||||
Fund shares sold | 1,685,311 | 3,540 | 5,581 | 61,685 | ||||||||||||
Dividends and interest | 1,150,188 | 18,010 | 47,739 | 176,075 | ||||||||||||
Prepaid expenses | 49,841 | 36,656 | 28,266 | 28,517 | ||||||||||||
Reimbursement due from manager | — | 18,496 | 6,091 | 31,236 | ||||||||||||
Total assets | 377,138,384 | 4,234,098 | 16,072,554 | 83,061,929 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investment securities purchased | 13,571,249 | 169,879 | 768,508 | 712,462 | ||||||||||||
Payable for fund shares redeemed | 254,118 | — | 35,624 | 372,540 | ||||||||||||
Payable upon receipt of securities loaned | — | — | — | 310,283 | ||||||||||||
Payable to affiliates | 267,236 | 3,125 | 18,421 | 96,870 | ||||||||||||
Payable to custodian due to foreign currency overdraft**** | — | 43,290 | — | — | ||||||||||||
Payable for trustee fees | 6,399 | 303 | 1,096 | 6,438 | ||||||||||||
Other accrued expenses and liabilities | 217,182 | 13,372 | 50,966 | 116,254 | ||||||||||||
Total liabilities | 14,316,184 | 229,969 | 874,615 | 1,614,847 | ||||||||||||
NET ASSETS | $ | 362,822,200 | $ | 4,004,129 | $ | 15,197,939 | $ | 81,447,082 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||
Paid-in capital | $ | 611,018,323 | $ | 5,654,389 | $ | 61,417,341 | $ | 421,650,394 | ||||||||
Undistributed net investment income (distributions in excess of net investment income/accumulated net investment loss) | (2,335,828 | ) | 23,826 | 107,630 | (390,886 | ) | ||||||||||
Accumulated net realized loss on investments, foreign currency related transactions, and futures | (104,675,670 | ) | (895,995 | ) | (43,048,528 | ) | (314,417,814 | ) | ||||||||
Net unrealized depreciation on investments and foreign currency related transactions | (141,184,625 | ) | (778,091 | ) | (3,278,504 | ) | (25,394,612 | ) | ||||||||
NET ASSETS | $ | 362,822,200 | $ | 4,004,129 | $ | 15,197,939 | $ | 81,447,082 | ||||||||
+ Including securities loaned at value | $ | — | $ | — | $ | — | $ | 289,966 | ||||||||
* Cost of investments in securities | $ | 497,413,915 | $ | 4,557,089 | $ | 18,530,140 | $ | 106,349,133 | ||||||||
** Cost of short-term investments | $ | — | $ | — | $ | — | $ | 310,283 | ||||||||
*** Cost of foreign currencies | $ | — | $ | — | $ | 149 | $ | — | ||||||||
**** Cost of foreign currency overdraft | $ | — | $ | 42,985 | $ | — | $ | — |
19
Table of Contents
ING | ING | ING | ING | |||||||||||||
Real | Equity | Fundamental | LargeCap | |||||||||||||
Estate | Dividend | Research | Growth | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 59,893,117 | $ | 3,883,296 | $ | 7,871,116 | $ | 36,312,388 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||||
Shares outstanding | 7,855,891 | 568,602 | 1,189,492 | 2,802,809 | ||||||||||||
Net asset value and redemption price per share | $ | 7.62 | $ | 6.83 | $ | 6.62 | $ | 12.96 | ||||||||
Maximum offering price per share (5.75%)(1) | $ | 8.08 | $ | 7.25 | $ | 7.02 | $ | 13.75 | ||||||||
Class B: | ||||||||||||||||
Net assets | $ | 1,553,955 | $ | 61,886 | $ | 3,791,711 | $ | 17,495,045 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||||
Shares outstanding | 203,224 | 9,108 | 585,599 | 1,424,965 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 7.65 | $ | 6.79 | $ | 6.47 | $ | 12.28 | ||||||||
Maximum offering price per share | $ | 7.65 | $ | 6.79 | $ | 6.47 | $ | 12.28 | ||||||||
Class C: | ||||||||||||||||
Net assets | $ | 3,053,038 | $ | 58,947 | $ | 3,533,507 | $ | 16,203,978 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||||
Shares outstanding | 383,904 | 8,651 | 543,600 | 1,323,946 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 7.95 | $ | 6.81 | $ | 6.50 | $ | 12.24 | ||||||||
Maximum offering price per share | $ | 7.95 | $ | 6.81 | $ | 6.50 | $ | 12.24 | ||||||||
Class I: | ||||||||||||||||
Net assets | $ | 280,419,854 | n/a | $ | 1,605 | $ | 10,948,089 | |||||||||
Shares authorized | unlimited | n/a | unlimited | unlimited | ||||||||||||
Par value | $ | 0.01 | n/a | $ | 0.01 | $ | 0.01 | |||||||||
Shares outstanding | 34,542,575 | n/a | 243 | 804,390 | ||||||||||||
Net asset value and redemption price per share | $ | 8.12 | n/a | $ | 6.61 | $ | 13.61 | |||||||||
Maximum offering price per share | $ | 8.12 | n/a | $ | 6.61 | $ | 13.61 | |||||||||
Class O: | ||||||||||||||||
Net assets | $ | 17,307,784 | n/a | n/a | n/a | |||||||||||
Shares authorized | unlimited | n/a | n/a | n/a | ||||||||||||
Par value | $ | 0.01 | n/a | n/a | n/a | |||||||||||
Shares outstanding | 2,275,904 | n/a | n/a | n/a | ||||||||||||
Net asset value and redemption price per share | $ | 7.60 | n/a | n/a | n/a | |||||||||||
Maximum offering price per share | $ | 7.60 | n/a | n/a | n/a | |||||||||||
Class Q: | ||||||||||||||||
Net assets | $ | 418 | n/a | n/a | $ | 487,582 | ||||||||||
Shares authorized | unlimited | n/a | n/a | unlimited | ||||||||||||
Par value | $ | 0.01 | n/a | n/a | $ | 0.01 | ||||||||||
Shares outstanding | 55 | n/a | n/a | 36,386 | ||||||||||||
Net asset value and redemption price per share | $ | 7.64 | n/a | n/a | $ | 13.40 | ||||||||||
Maximum offering price per share | $ | 7.64 | n/a | n/a | $ | 13.40 | ||||||||||
Class W: | ||||||||||||||||
Net assets | $ | 594,034 | n/a | n/a | n/a | |||||||||||
Shares authorized | unlimited | n/a | n/a | n/a | ||||||||||||
Par value | $ | 0.01 | n/a | n/a | n/a | |||||||||||
Shares outstanding | 66,105 | n/a | n/a | n/a | ||||||||||||
Net asset value and redemption price per share | $ | 8.99 | n/a | n/a | n/a | |||||||||||
Maximum offering price per share | $ | 8.99 | n/a | n/a | n/a |
(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. |
20
Table of Contents
ING | ING | ING | ||||||||||
MidCap | Opportunistic | SmallCap | ||||||||||
Opportunities | LargeCap | Opportunities | ||||||||||
Fund | Fund | Fund | ||||||||||
ASSETS: | ||||||||||||
Investments in securities at value+* | $ | 154,125,253 | $ | 20,780,950 | $ | 100,976,095 | ||||||
Short-term investments** | 3,378,995 | — | 7,306,506 | |||||||||
Short-term investments in affiliates at amortized cost | 2,000,000 | 147,000 | 21,000 | |||||||||
Short-term investments at amortized cost | — | — | 3,038,000 | |||||||||
Cash | — | 274 | 878 | |||||||||
Foreign currencies at value*** | 133,972 | — | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 3,741,744 | 485,891 | 1,387,321 | |||||||||
Fund shares sold | 229,129 | 6,076 | 230,720 | |||||||||
Dividends and interest | 162,235 | 45,934 | 94,125 | |||||||||
Prepaid expenses | 34,035 | 35,059 | 29,425 | |||||||||
Reimbursement due from manager | 33,496 | 9,405 | 49,359 | |||||||||
Total assets | 163,838,859 | 21,510,589 | 113,133,429 | |||||||||
LIABILITIES: | ||||||||||||
Payable for investment securities purchased | 3,835,186 | 262,522 | 2,199,255 | |||||||||
Payable for fund shares redeemed | 324,352 | 55,320 | 182,052 | |||||||||
Payable upon receipt of securities loaned | 3,495,674 | — | 7,379,090 | |||||||||
Payable to affiliates | 176,711 | 20,672 | 116,836 | |||||||||
Payable to custodian due to bank overdraft | 821,869 | — | — | |||||||||
Payable for trustee fees | 8,457 | 2,462 | 5,591 | |||||||||
Other accrued expenses and liabilities | 297,115 | 76,828 | 143,632 | |||||||||
Total liabilities | 8,959,364 | 417,804 | 10,026,456 | |||||||||
NET ASSETS | $ | 154,879,495 | $ | 21,092,785 | $ | 103,106,973 | ||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||
Paid-in capital | $ | 302,171,804 | $ | 80,990,904 | $ | 370,969,626 | ||||||
Accumulated net investment loss | (923,047 | ) | (53,663 | ) | (484,456 | ) | ||||||
Accumulated net realized loss on investments | (99,564,229 | ) | (53,814,264 | ) | (227,718,778 | ) | ||||||
Net unrealized depreciation on investments and foreign currency related transactions | (46,805,033 | ) | (6,030,192 | ) | (39,659,419 | ) | ||||||
NET ASSETS | $ | 154,879,495 | $ | 21,092,785 | $ | 103,106,973 | ||||||
+ Including securities loaned at value | $ | 3,368,019 | $ | — | $ | 7,260,384 | ||||||
* Cost of investments in securities | $ | 200,814,181 | $ | 26,811,142 | $ | 140,562,930 | ||||||
** Cost of short-term investments | $ | 3,495,674 | $ | — | $ | 7,379,090 | ||||||
*** Cost of foreign currencies | $ | 133,398 | $ | — | $ | — |
21
Table of Contents
ING | ING | ING | ||||||||||
MidCap | Opportunistic | SmallCap | ||||||||||
Opportunities | LargeCap | Opportunities | ||||||||||
Fund | Fund | Fund | ||||||||||
Class A: | ||||||||||||
Net assets | $ | 83,160,953 | $ | 15,658,253 | $ | 75,572,717 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||
Shares outstanding | 8,164,321 | 2,483,140 | 3,600,178 | |||||||||
Net asset value and redemption price per share | $ | 10.19 | $ | 6.31 | $ | 20.99 | ||||||
Maximum offering price per share (5.75%)(1) | $ | 10.81 | $ | 6.69 | $ | 22.27 | ||||||
Class B: | ||||||||||||
Net assets | $ | 21,027,208 | $ | 2,255,170 | $ | 5,837,277 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||
Shares outstanding | 2,244,916 | 364,363 | 311,755 | |||||||||
Net asset value and redemption price per share(2) | $ | 9.37 | $ | 6.19 | $ | 18.72 | ||||||
Maximum offering price per share | $ | 9.37 | $ | 6.19 | $ | 18.72 | ||||||
Class C: | ||||||||||||
Net assets | $ | 41,135,461 | $ | 1,082,094 | $ | 16,436,416 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||
Shares outstanding | 4,418,142 | 176,048 | 879,781 | |||||||||
Net asset value and redemption price per share(2) | $ | 9.31 | $ | 6.15 | $ | 18.68 | ||||||
Maximum offering price per share | $ | 9.31 | $ | 6.15 | $ | 18.68 | ||||||
Class I: | ||||||||||||
Net assets | $ | 5,926,686 | $ | 2,096,700 | $ | 5,038,904 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||
Shares outstanding | 554,956 | 329,854 | 232,764 | |||||||||
Net asset value and redemption price per share | $ | 10.68 | $ | 6.36 | $ | 21.65 | ||||||
Maximum offering price per share | $ | 10.68 | $ | 6.36 | $ | 21.65 | ||||||
Class O: | ||||||||||||
Net assets | $ | 136,893 | n/a | n/a | ||||||||
Shares authorized | unlimited | n/a | n/a | |||||||||
Par value | $ | 0.01 | n/a | n/a | ||||||||
Shares outstanding | 13,454 | n/a | n/a | |||||||||
Net asset value and redemption price per share | $ | 10.17 | n/a | n/a | ||||||||
Maximum offering price per share | $ | 10.17 | n/a | n/a | ||||||||
Class Q: | ||||||||||||
Net assets | $ | 3,492,294 | n/a | $ | 66,879 | |||||||
Shares authorized | unlimited | n/a | unlimited | |||||||||
Par value | $ | 0.01 | n/a | $ | 0.01 | |||||||
Shares outstanding | 336,041 | n/a | 3,142 | |||||||||
Net asset value and redemption price per share | $ | 10.39 | n/a | $ | 21.29 | |||||||
Maximum offering price per share | $ | 10.39 | n/a | $ | 21.29 | |||||||
Class W: | ||||||||||||
Net assets | n/a | $ | 568 | $ | 154,780 | |||||||
Shares authorized | n/a | unlimited | unlimited | |||||||||
Par value | n/a | $ | 0.01 | $ | 0.01 | |||||||
Shares outstanding | n/a | 90 | 7,173 | |||||||||
Net asset value and redemption price per share | n/a | $ | 6.33 | $ | 21.58 | |||||||
Maximum offering price per share | n/a | $ | 6.33 | $ | 21.58 |
(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. |
22
Table of Contents
ING | ING | ING | ||||||||||
Financial | SmallCap Value | Value | ||||||||||
Services | Multi-Manager | Choice | ||||||||||
Fund | Fund | Fund | ||||||||||
ASSETS: | ||||||||||||
Investments in securities at value+* | $ | 113,062,594 | $ | 28,173,030 | $ | 213,836,163 | ||||||
Short-term investments** | — | 547,157 | 24,034,828 | |||||||||
Short-term investments in affiliates at amortized cost | 7,279,000 | 672,219 | — | |||||||||
Cash | — | 12,093 | — | |||||||||
Foreign currencies at value*** | 64,042 | — | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | — | 751,515 | 3,478,342 | |||||||||
Fund shares sold | 80,982 | 6,483 | 1,829,190 | |||||||||
Dividends and interest | 423,437 | 42,413 | 1,313,684 | |||||||||
Prepaid expenses | 27,995 | 20,018 | 39,048 | |||||||||
Reimbursement due from manager | — | 20,017 | 25,439 | |||||||||
Total assets | 120,938,050 | 30,244,945 | 244,556,694 | |||||||||
LIABILITIES: | ||||||||||||
Payable for investment securities purchased | — | 569,547 | — | |||||||||
Payable for fund shares redeemed | 182,198 | 118,253 | 800,421 | |||||||||
Payable upon receipt of securities loaned | — | 568,198 | 24,147,362 | |||||||||
Payable to affiliates | 111,585 | 33,826 | 253,257 | |||||||||
Payable to custodian due to bank overdraft | 276 | — | 99,586 | |||||||||
Payable for trustee fees | 8,191 | 1,039 | 2,543 | |||||||||
Other accrued expenses and liabilities | 152,877 | 90,470 | 214,038 | |||||||||
Total liabilities | 455,127 | 1,381,333 | 25,517,207 | |||||||||
NET ASSETS | $ | 120,482,923 | $ | 28,863,612 | $ | 219,039,487 | ||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||
Paid-in capital | $ | 202,522,248 | $ | 59,580,325 | $ | 400,606,567 | ||||||
Undistributed net investment income | 2,776,768 | 205,949 | 557,079 | |||||||||
Accumulated net realized loss on investments and foreign currency related transactions | (38,634,459 | ) | (12,238,234 | ) | (24,589,768 | ) | ||||||
Net unrealized depreciation on investments and foreign currency related transactions | (46,181,634 | ) | (18,684,428 | ) | (157,534,391 | ) | ||||||
NET ASSETS | $ | 120,482,923 | $ | 28,863,612 | $ | 219,039,487 | ||||||
+ Including securities loaned at value | $ | — | $ | 543,796 | $ | 22,597,495 | ||||||
* Cost of investments in securities | $ | 159,229,893 | $ | 46,836,417 | $ | 371,258,020 | ||||||
** Cost of short-term investments | $ | — | $ | 568,198 | $ | 24,147,362 | ||||||
*** Cost of foreign currencies | $ | 77,504 | $ | — | $ | — |
23
Table of Contents
ING | ING | ING | ||||||||||
Financial | SmallCap Value | Value | ||||||||||
Services | Multi-Manager | Choice | ||||||||||
Fund | Fund | Fund | ||||||||||
Class A: | ||||||||||||
Net assets | $ | 98,105,815 | $ | 21,200,129 | $ | 139,599,930 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||
Shares outstanding | 9,824,164 | 3,296,270 | 16,736,770 | |||||||||
Net asset value and redemption price per share | $ | 9.99 | $ | 6.43 | $ | 8.34 | ||||||
Maximum offering price per share (5.75%)(1) | $ | 10.60 | $ | 6.82 | $ | 8.85 | ||||||
Class B: | ||||||||||||
Net assets | $ | 6,753,919 | $ | 1,241,259 | $ | 20,216,216 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||
Shares outstanding | 686,713 | 197,156 | 2,448,299 | |||||||||
Net asset value and redemption price per share(2) | $ | 9.84 | $ | 6.30 | $ | 8.26 | ||||||
Maximum offering price per share | $ | 9.84 | $ | 6.30 | $ | 8.26 | ||||||
Class C: | ||||||||||||
Net assets | $ | 3,235,882 | $ | 3,971,150 | $ | 50,635,156 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||
Shares outstanding | 340,710 | 630,782 | 6,137,344 | |||||||||
Net asset value and redemption price per share(2) | $ | 9.50 | $ | 6.30 | $ | 8.25 | ||||||
Maximum offering price per share | $ | 9.50 | $ | 6.30 | $ | 8.25 | ||||||
Class I: | ||||||||||||
Net assets | n/a | $ | 2,430,634 | $ | 3,671,133 | |||||||
Shares authorized | n/a | unlimited | unlimited | |||||||||
Par value | n/a | $ | 0.01 | $ | 0.01 | |||||||
Shares outstanding | n/a | 375,206 | 436,353 | |||||||||
Net asset value and redemption price per share | n/a | $ | 6.48 | $ | 8.41 | |||||||
Maximum offering price per share | n/a | $ | 6.48 | $ | 8.41 | |||||||
Class O: | ||||||||||||
Net assets | $ | 12,387,307 | n/a | $ | 246,008 | |||||||
Shares authorized | unlimited | n/a | unlimited | |||||||||
Par value | $ | 0.01 | n/a | $ | 0.01 | |||||||
Shares outstanding | 1,249,756 | n/a | 29,552 | |||||||||
Net asset value and redemption price per share | $ | 9.91 | n/a | $ | 8.32 | |||||||
Maximum offering price per share | $ | 9.91 | n/a | $ | 8.32 | |||||||
Class W: | ||||||||||||
Net assets | n/a | $ | 20,440 | $ | 4,671,044 | |||||||
Shares authorized | n/a | unlimited | unlimited | |||||||||
Par value | n/a | $ | 0.01 | $ | 0.01 | |||||||
Shares outstanding | n/a | 3,024 | 518,079 | |||||||||
Net asset value and redemption price per share | n/a | $ | 6.76 | $ | 9.02 | |||||||
Maximum offering price per share | n/a | $ | 6.76 | $ | 9.02 |
(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 affected by applicable contingent deferred sales charges. |
24
Table of Contents
ING | ING | ING | ING | |||||||||||||
Real | Equity | Fundamental | LargeCap | |||||||||||||
Estate | Dividend | Research | Growth | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends, net of foreign taxes withheld*(1) | $ | 7,945,395 | $ | 93,265 | $ | 253,835 | $ | 594,981 | ||||||||
Interest | 53,506 | — | 535 | 15,576 | ||||||||||||
Securities lending income | — | — | — | 39,933 | ||||||||||||
Total investment income | 7,998,901 | 93,265 | 254,370 | 650,490 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment management fees | 1,765,038 | 14,105 | 79,203 | 465,745 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 113,026 | 5,378 | 14,546 | 95,845 | ||||||||||||
Class B | 13,305 | 113 | 29,776 | 148,478 | ||||||||||||
Class C | 16,708 | 76 | 25,176 | 118,809 | ||||||||||||
Class O | 36,356 | — | — | — | ||||||||||||
Class Q | 1 | — | — | 882 | ||||||||||||
Transfer agent fees: | ||||||||||||||||
Class A | 91,749 | 1,256 | 12,134 | 57,260 | ||||||||||||
Class B | 2,714 | 17 | 6,224 | 31,102 | ||||||||||||
Class C | 3,359 | 13 | 5,254 | 24,840 | ||||||||||||
Class I | 17,236 | — | — | 4,315 | ||||||||||||
Class O | 29,641 | — | — | — | ||||||||||||
Class Q | — | — | — | 200 | ||||||||||||
Class W | 274 | — | — | — | ||||||||||||
Administrative service fees | 252,146 | 2,170 | 11,315 | 62,099 | ||||||||||||
Shareholder reporting expense | 78,718 | 1,363 | 7,530 | 44,231 | ||||||||||||
Registration fees | 52,069 | 16,069 | 26,660 | 30,846 | ||||||||||||
Professional fees | 59,633 | 4,583 | 7,099 | 20,365 | ||||||||||||
Custody and accounting expense | 34,940 | 5,976 | 5,082 | 17,562 | ||||||||||||
Trustee fees | 7,725 | 217 | 452 | 4,662 | ||||||||||||
Offering expense | — | 75,159 | — | — | ||||||||||||
Miscellaneous expense | 12,257 | 1,901 | 4,310 | 7,354 | ||||||||||||
Interest expense | 220 | — | — | — | ||||||||||||
Total expenses | 2,587,115 | 128,396 | 234,761 | 1,134,595 | ||||||||||||
Net waived and reimbursed fees | (2,586 | ) | (101,109 | ) | (51,762 | ) | (99,358 | ) | ||||||||
Brokerage commission recapture | — | — | — | (1,431 | ) | |||||||||||
Net expenses | 2,584,529 | 27,287 | 182,999 | 1,033,806 | ||||||||||||
Net investment income (loss) | 5,414,372 | 65,978 | 71,371 | (383,316 | ) | |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS, AND FUTURES | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (97,788,234 | ) | (825,090 | ) | (4,390,828 | ) | (11,971,464 | ) | ||||||||
Foreign currency related transactions | — | 713 | 323 | 2,241 | ||||||||||||
Futures | — | — | (24,916 | ) | — | |||||||||||
Net realized loss on investments, foreign currency related transactions, and futures | (97,788,234 | ) | (824,377 | ) | (4,415,421 | ) | (11,969,223 | ) | ||||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||||||
Investments | (216,022,156 | ) | (647,514 | ) | (5,402,711 | ) | (52,139,488 | ) | ||||||||
Foreign currency related transactions | — | (301 | ) | 554 | 753 | |||||||||||
Net change in unrealized appreciation or depreciation on investments | (216,022,156 | ) | (647,815 | ) | (5,402,157 | ) | (52,138,735 | ) | ||||||||
Net realized and unrealized loss on investments, foreign currency related transactions, and futures | (313,810,390 | ) | (1,472,192 | ) | (9,817,578 | ) | (64,107,958 | ) | ||||||||
Decrease in net assets resulting from operations | $ | (308,396,018 | ) | $ | (1,406,214 | ) | $ | (9,746,207 | ) | $ | (64,491,274 | ) | ||||
* Foreign taxes withheld | $ | — | $ | 501 | $ | 1,821 | $ | 4,402 | ||||||||
(1) Dividends from affiliates | $ | 77,705 | $ | 1,373 | $ | 2,389 | $ | 15,121 |
25
Table of Contents
ING | ING | ING | ||||||||||
MidCap | Opportunistic | SmallCap | ||||||||||
Opportunities | LargeCap | Opportunities | ||||||||||
Fund | Fund | Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividends, net of foreign taxes withheld*(1) | $ | 791,296 | $ | 161,661 | $ | 460,622 | ||||||
Interest | 7,762 | 748 | 4,828 | |||||||||
Securities lending income | 92,944 | — | 128,121 | |||||||||
Total investment income | 892,002 | 162,409 | 593,571 | |||||||||
EXPENSES: | ||||||||||||
Investment management fees | 823,935 | 112,899 | 585,396 | |||||||||
Distribution and service fees: | ||||||||||||
Class A | 169,765 | 30,040 | 135,442 | |||||||||
Class B | 183,581 | 18,095 | 47,415 | |||||||||
Class C | 290,751 | 8,389 | 118,844 | |||||||||
Class O | 72 | — | — | |||||||||
Class Q | 5,943 | — | 135 | |||||||||
Transfer agent fees: | ||||||||||||
Class A | 119,058 | 26,176 | 108,524 | |||||||||
Class B | 38,608 | 3,969 | 11,436 | |||||||||
Class C | 61,236 | 1,832 | 28,631 | |||||||||
Class I | 1,302 | 710 | 1,598 | |||||||||
Class O | 91 | — | — | |||||||||
Class Q | 905 | — | 27 | |||||||||
Class W | — | — | 6 | |||||||||
Administrative service fees | 109,857 | 16,128 | 65,043 | |||||||||
Shareholder reporting expense | 28,680 | 7,052 | 13,917 | |||||||||
Registration fees | 41,185 | 36,141 | 38,968 | |||||||||
Professional fees | 33,645 | 12,419 | 21,132 | |||||||||
Custody and accounting expense | 20,568 | 4,224 | 15,788 | |||||||||
Trustee fees | 3,696 | 471 | 774 | |||||||||
Miscellaneous expense | 113,404 | 5,768 | 75,275 | |||||||||
Interest expense | 183 | — | 116 | |||||||||
Total expenses | 2,046,465 | 284,313 | 1,268,467 | |||||||||
Net waived and reimbursed fees | (231,735 | ) | (68,241 | ) | (185,146 | ) | ||||||
Net expenses | 1,814,730 | 216,072 | 1,083,321 | |||||||||
Net investment loss | (922,728 | ) | (53,663 | ) | (489,750 | ) | ||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS | ||||||||||||
Net realized loss on investments | (33,194,666 | ) | (6,933,052 | ) | (11,165,185 | ) | ||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||
Investments | (68,095,097 | ) | (8,693,376 | ) | (48,680,378 | ) | ||||||
Foreign currency related transactions | 923 | — | — | |||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (68,094,174 | ) | (8,693,376 | ) | (48,680,378 | ) | ||||||
Net realized and unrealized loss on investments, foreign currency related transactions | (101,288,840 | ) | (15,626,428 | ) | (59,845,563 | ) | ||||||
Decrease in net assets resulting from operations | $ | (102,211,568 | ) | $ | (15,680,091 | ) | $ | (60,335,313 | ) | |||
* Foreign taxes withheld | $ | — | $ | — | $ | 1,857 | ||||||
(1) Dividends from affiliates | $ | 44,850 | $ | 1,152 | $ | 36,417 |
26
Table of Contents
ING | ING | ING | ||||||||||
Financial | SmallCap Value | Value | ||||||||||
Services | Multi-Manager | Choice | ||||||||||
Fund | Fund | Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividends, net of foreign taxes withheld*(1) | $ | 2,842,775 | $ | 499,462 | $ | 2,092,834 | ||||||
Interest | 6,288 | 2,451 | 1,404,179 | |||||||||
Securities lending income | — | 21,719 | 209,208 | |||||||||
Total investment income | 2,849,063 | 523,632 | 3,706,221 | |||||||||
EXPENSES: | ||||||||||||
Investment management fees | 644,394 | 233,706 | 1,424,877 | |||||||||
Distribution and service fees: | ||||||||||||
Class A | 234,308 | 41,863 | 261,871 | |||||||||
Class B | 50,697 | 10,096 | 143,968 | |||||||||
Class C | 19,683 | 33,430 | 350,824 | |||||||||
Class O | 20,703 | — | 103 | |||||||||
Transfer agent fees: | ||||||||||||
Class A | 133,918 | 41,187 | 197,370 | |||||||||
Class B | 10,156 | 2,988 | 27,257 | |||||||||
Class C | 3,929 | 12,927 | 66,220 | |||||||||
Class I | — | 555 | 1,157 | |||||||||
Class O | 16,561 | — | 79 | |||||||||
Class W | — | 1 | 1,841 | |||||||||
Administrative service fees | — | 24,571 | 158,318 | |||||||||
Shareholder reporting expense | 53,166 | 22,764 | 47,120 | |||||||||
Registration fees | 29,186 | 32,379 | 47,707 | |||||||||
Professional fees | 23,640 | 10,878 | 48,012 | |||||||||
Custody and accounting expense | 16,014 | 11,484 | 18,610 | |||||||||
Trustee fees | 4,026 | 1,167 | 3,584 | |||||||||
Miscellaneous expense | 8,884 | 5,212 | 10,669 | |||||||||
Interest expense | — | — | 1,730 | |||||||||
Total expenses | 1,269,265 | 485,208 | 2,811,317 | |||||||||
Net waived and reimbursed fees | (70,971 | ) | (101,283 | ) | (234,169 | ) | ||||||
Brokerage commission recapture | — | (7,676 | ) | (17,535 | ) | |||||||
Net expenses | 1,198,294 | 376,249 | 2,559,613 | |||||||||
Net investment income | 1,650,769 | 147,383 | 1,146,608 | |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS: | ||||||||||||
Net realized loss on: | ||||||||||||
Investments | (39,822,532 | ) | (10,040,994 | ) | (14,738,803 | ) | ||||||
Foreign currency related transactions | (5,684 | ) | — | — | ||||||||
Net realized loss on investments and foreign currency related transactions | (39,828,216 | ) | (10,040,994 | ) | (14,738,803 | ) | ||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||
Investments | (38,286,234 | ) | (15,657,731 | ) | (156,766,422 | ) | ||||||
Foreign currency related transactions | (12,886 | ) | — | — | ||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (38,299,120 | ) | (15,657,731 | ) | (156,766,422 | ) | ||||||
Net realized and unrealized loss on investments and foreign currency related transactions | (78,127,336 | ) | (25,698,725 | ) | (171,505,225 | ) | ||||||
Decrease in net assets resulting from operations | $ | (76,476,567 | ) | $ | (25,551,342 | ) | $ | (170,358,617 | ) | |||
* Foreign taxes withheld | $ | — | $ | — | $ | 45,243 | ||||||
(1) Dividends from affiliates | $ | 121,398 | $ | 3,795 | $ | 53,285 |
27
Table of Contents
ING Real Estate Fund | ING Equity Dividend Fund | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | December 18, 2007(1) | |||||||||||||
November 30, | May 31, | November 30, | to May 31, | |||||||||||||
2008 | 2008 | 2008 | 2008 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 5,414,372 | $ | 4,392,165 | $ | 65,978 | $ | 54,987 | ||||||||
Net realized gain (loss) on investments and foreign currency related transactions | (97,788,234 | ) | 6,746,579 | (824,377 | ) | (72,542 | ) | |||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (216,022,156 | ) | (53,901,813 | ) | (647,815 | ) | (130,276 | ) | ||||||||
Decrease in net assets resulting from operations | (308,396,018 | ) | (42,763,069 | ) | (1,406,214 | ) | (147,831 | ) | ||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (1,380,843 | ) | (1,268,188 | ) | (61,861 | ) | (37,961 | ) | ||||||||
Class B | (29,929 | ) | (8,375 | ) | (142 | ) | (6 | ) | ||||||||
Class C | (35,888 | ) | (6,460 | ) | (96 | ) | (4 | ) | ||||||||
Class I | (6,226,212 | ) | (2,148,620 | ) | — | — | ||||||||||
Class O | (464,743 | ) | (422,975 | ) | — | — | ||||||||||
Class Q | (11 | ) | (10 | ) | — | — | ||||||||||
Class W | (4,894 | ) | (11 | ) | — | — | ||||||||||
Net realized gains: | ||||||||||||||||
Class A | — | (11,028,368 | ) | — | — | |||||||||||
Class B | — | (387,746 | ) | — | — | |||||||||||
Class C | — | (309,913 | ) | — | — | |||||||||||
Class I | — | (12,129,107 | ) | — | — | |||||||||||
Class O | — | (3,727,503 | ) | — | — | |||||||||||
Class Q | — | (89 | ) | — | — | |||||||||||
Class W | — | (4 | ) | — | — | |||||||||||
Return of capital: | ||||||||||||||||
Class A | — | (948,356 | ) | — | — | |||||||||||
Class B | — | (34,106 | ) | — | — | |||||||||||
Class C | — | (26,999 | ) | — | — | |||||||||||
Class I | — | (981,175 | ) | — | — | |||||||||||
Class O | — | (312,539 | ) | — | — | |||||||||||
Class Q | — | (7 | ) | — | — | |||||||||||
Class W | — | (3 | ) | — | — | |||||||||||
Total distributions | (8,142,520 | ) | (33,740,554 | ) | (62,099 | ) | (37,971 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 264,818,968 | 272,890,077 | 625,994 | 5,052,071 | ||||||||||||
Reinvestment of distributions | 4,541,093 | 32,537,849 | 2,300 | 67 | ||||||||||||
269,360,061 | 305,427,926 | 628,294 | 5,052,138 | |||||||||||||
Cost of shares redeemed | (75,012,821 | ) | (141,827,194 | ) | (22,188 | ) | — | |||||||||
Net increase in net assets resulting from capital share transactions | 194,347,240 | 163,600,732 | 606,106 | 5,052,138 | ||||||||||||
Net increase (decrease) in net assets | (122,191,298 | ) | 87,097,109 | (862,207 | ) | 4,866,336 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 485,013,498 | 397,916,389 | 4,866,336 | — | ||||||||||||
End of period | $ | 362,822,200 | $ | 485,013,498 | $ | 4,004,129 | $ | 4,866,336 | ||||||||
Undistributed net investment income (Distributions in excess of net investment income) at end of period | $ | (2,335,828 | ) | $ | 392,320 | $ | 23,826 | $ | 19,947 | |||||||
28
Table of Contents
ING Fundamental Research Fund | ING LargeCap Growth Fund | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
November 30, | May 31, | November 30, | May 31, | |||||||||||||
2008 | 2008 | 2008 | 2008 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 71,371 | $ | 39,498 | $ | (383,316 | ) | $ | (291,895 | ) | ||||||
Net realized gain (loss) on investments, foreign currency related transactions, and futures | (4,415,421 | ) | (175,128 | ) | (11,969,223 | ) | 32,218,410 | |||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (5,402,157 | ) | (2,436,544 | ) | (52,138,735 | ) | (23,366,854 | ) | ||||||||
Increase (decrease) in net assets resulting from operations | (9,746,207 | ) | (2,572,174 | ) | (64,491,274 | ) | 8,559,661 | |||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net realized gains: | ||||||||||||||||
Class A | — | (901,698 | ) | — | — | |||||||||||
Class B | — | (717,230 | ) | — | — | |||||||||||
Class C | — | (426,414 | ) | — | — | |||||||||||
Class I | — | (199 | ) | — | — | |||||||||||
Total distributions | — | (2,045,541 | ) | — | — | |||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 912,697 | 7,146,639 | 7,581,338 | 35,167,967 | ||||||||||||
Reinvestment of distributions | — | 1,141,782 | — | — | ||||||||||||
912,697 | 8,288,421 | 7,581,338 | 35,167,967 | |||||||||||||
Cost of shares redeemed | (4,350,065 | ) | (14,972,129 | ) | (24,049,979 | ) | (134,185,317 | ) | ||||||||
Net decrease in net assets resulting from capital share transactions | (3,437,368 | ) | (6,683,708 | ) | (16,468,641 | ) | (99,017,350 | ) | ||||||||
Net decrease in net assets | (13,183,575 | ) | (11,301,423 | ) | (80,959,915 | ) | (90,457,689 | ) | ||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 28,381,514 | 39,682,937 | 162,406,997 | 252,864,686 | ||||||||||||
End of period | $ | 15,197,939 | $ | 28,381,514 | $ | 81,447,082 | $ | 162,406,997 | ||||||||
Undistributed net investment income (accumulated net investment loss) at end of period | $ | 107,630 | $ | 36,259 | $ | (390,886 | ) | $ | (7,570 | ) | ||||||
29
Table of Contents
ING MidCap Opportunities Fund | ING Opportunistic LargeCap Fund | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
November 30, | May 31, | November 30, | May 31, | |||||||||||||
2008 | 2008 | 2008 | 2008 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment loss | $ | (922,728 | ) | $ | (2,924,365 | ) | $ | (53,663 | ) | $ | (34,504 | ) | ||||
Net realized gain (loss) on investments | (33,194,666 | ) | 43,213,696 | (6,933,052 | ) | (6,225,413 | ) | |||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (68,094,174 | ) | (21,807,453 | ) | (8,693,376 | ) | 1,109,844 | |||||||||
Increase (decrease) in net assets resulting from operations | (102,211,568 | ) | 18,481,878 | (15,680,091 | ) | (5,150,073 | ) | |||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net realized gains: | ||||||||||||||||
Class A | — | (15,982,698 | ) | — | (510,290 | ) | ||||||||||
Class B | — | (10,457,006 | ) | — | (28,870 | ) | ||||||||||
Class C | — | (11,129,601 | ) | — | (32,964 | ) | ||||||||||
Class I | — | (557,928 | ) | — | (1,470 | ) | ||||||||||
Class Q | — | (752,331 | ) | — | — | |||||||||||
Total distributions | — | (38,879,564 | ) | — | (573,594 | ) | ||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 27,336,771 | 53,624,086 | 1,393,754 | 7,078,917 | ||||||||||||
Proceeds from shares issued in merger (Note 12) | — | — | — | 41,597,287 | ||||||||||||
Reinvestment of distributions | — | 26,603,097 | — | 205,420 | ||||||||||||
27,336,771 | 80,227,183 | 1,393,754 | 48,881,624 | |||||||||||||
Cost of shares redeemed | (42,331,950 | ) | (81,547,350 | ) | (7,044,589 | ) | (7,845,711 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (14,995,179 | ) | (1,320,167 | ) | (5,650,835 | ) | 41,035,913 | |||||||||
Net increase (decrease) in net assets | (117,206,747 | ) | (21,717,853 | ) | (21,330,926 | ) | 35,312,246 | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 272,086,242 | 293,804,095 | 42,423,711 | 7,111,465 | ||||||||||||
End of period | $ | 154,879,495 | $ | 272,086,242 | $ | 21,092,785 | $ | 42,423,711 | ||||||||
Distribution in excess of net investment income/accumulated net investment loss at end of period | $ | (923,047 | ) | $ | (319 | ) | $ | (53,663 | ) | $ | — | |||||
30
Table of Contents
ING SmallCap Opportunities Fund | ING Financial Services Fund | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
November 30, | May 31, | November 30, | May 31, | |||||||||||||
2008 | 2008 | 2008 | 2008 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (489,750 | ) | $ | (881,462 | ) | $ | 1,650,769 | $ | 3,005,070 | ||||||
Net realized gain (loss) on investments and foreign currency related transactions | (11,165,185 | ) | 12,616,451 | (39,828,216 | ) | 9,638,933 | ||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (48,680,378 | ) | (14,643,535 | ) | (38,299,120 | ) | (81,493,167 | ) | ||||||||
Decrease in net assets resulting from operations | (60,335,313 | ) | (2,908,546 | ) | (76,476,567 | ) | (68,849,164 | ) | ||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | — | — | — | (2,641,732 | ) | |||||||||||
Class B | — | — | — | (20,607 | ) | |||||||||||
Class C | — | — | — | (18,775 | ) | |||||||||||
Class O | — | — | — | (273,548 | ) | |||||||||||
Net realized gains: | ||||||||||||||||
Class A | — | — | — | (26,847,652 | ) | |||||||||||
Class B | — | — | — | (2,795,175 | ) | |||||||||||
Class C | — | — | — | (264,449 | ) | |||||||||||
Class O | — | — | — | (2,662,103 | ) | |||||||||||
Total distributions | — | — | — | (35,524,041 | ) | |||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 56,607,976 | 21,343,392 | 16,854,815 | 38,550,668 | ||||||||||||
Reinvestment of distributions | — | — | — | 27,837,040 | ||||||||||||
56,607,976 | 21,343,392 | 16,854,815 | 66,387,708 | |||||||||||||
Cost of shares redeemed | (27,033,760 | ) | (37,509,105 | ) | (23,370,736 | ) | (70,959,948 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 29,574,216 | (16,165,713 | ) | (6,515,921 | ) | (4,572,240 | ) | |||||||||
Net decrease in net assets | (30,761,097 | ) | (19,074,259 | ) | (82,992,488 | ) | (108,945,445 | ) | ||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 133,868,070 | 152,942,329 | 203,475,411 | 312,420,856 | ||||||||||||
End of period | $ | 103,106,973 | $ | 133,868,070 | $ | 120,482,923 | $ | 203,475,411 | ||||||||
Undistributed net investment income (accumulated net investment loss) at end of period | $ | (484,456 | ) | $ | 5,294 | $ | 2,776,768 | $ | 1,125,999 | |||||||
31
Table of Contents
ING SmallCap Value Multi-Manager Fund | ING Value Choice Fund | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
November 30, | May 31, | November 30, | May 31, | |||||||||||||
2008 | 2008 | 2008 | 2008 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 147,383 | $ | 290,019 | $ | 1,146,608 | $ | 1,039,361 | ||||||||
Net realized gain (loss) on investments | (10,040,994 | ) | (2,169,621 | ) | (14,738,803 | ) | 30,628,524 | |||||||||
Net change in unrealized appreciation or depreciation on investments | (15,657,731 | ) | (14,949,352 | ) | (156,766,422 | ) | (36,339,113 | ) | ||||||||
Decrease in net assets resulting from operations | (25,551,342 | ) | (16,828,954 | ) | (170,358,617 | ) | (4,671,228 | ) | ||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | — | (179,240 | ) | (1,244,462 | ) | (696,287 | ) | |||||||||
Class I | — | (62,883 | ) | (22,410 | ) | (2,280 | ) | |||||||||
Class O | — | — | (542 | ) | — | |||||||||||
Class W | — | — | (41,826 | ) | — | |||||||||||
Net realized gains: | ||||||||||||||||
Class A | — | (2,122,299 | ) | (4,573,572 | ) | (12,593,571 | ) | |||||||||
Class B | — | (132,128 | ) | (597,971 | ) | (2,360,990 | ) | |||||||||
Class C | — | (550,241 | ) | (1,505,087 | ) | (4,955,456 | ) | |||||||||
Class I | — | (431,540 | ) | (63,246 | ) | (28,303 | ) | |||||||||
Class O | — | — | (1,617 | ) | — | |||||||||||
Class W | — | — | (117,401 | ) | — | |||||||||||
Total distributions | — | (3,478,331 | ) | (8,168,134 | ) | (20,636,887 | ) | |||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 3,248,810 | 23,026,801 | 100,893,192 | 136,131,952 | ||||||||||||
Proceeds from shares issued in merger (Note 12) | — | — | 27,448,473 | — | ||||||||||||
Reinvestment of distributions | — | 2,407,556 | 6,236,014 | 17,131,248 | ||||||||||||
3,248,810 | 25,434,357 | 134,577,679 | 153,263,200 | |||||||||||||
Cost of shares redeemed | (14,756,568 | ) | (42,185,665 | ) | (92,426,841 | ) | (123,051,055 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (11,507,758 | ) | (16,751,308 | ) | 42,150,838 | 30,212,145 | ||||||||||
Net increase (decrease) in net assets | (37,059,100 | ) | (37,058,593 | ) | (136,375,913 | ) | 4,904,030 | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 65,922,712 | 102,981,305 | 355,415,400 | 350,511,370 | ||||||||||||
End of period | $ | 28,863,612 | $ | 65,922,712 | $ | 219,039,487 | $ | 355,415,400 | ||||||||
Undistributed net investment income at end of period | $ | 205,949 | $ | 58,566 | $ | 557,079 | $ | 719,711 | ||||||||
32
Table of Contents
Class A | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.89 | 19.27 | 16.42 | 14.82 | 12.76 | 11.06 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.12 | 0.21 | * | 0.14 | * | 0.20 | † | 0.47 | * | 0.57 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (7.20 | ) | (2.61 | ) | 4.41 | 3.02 | 3.04 | 2.29 | |||||||||||||||||
Total from investment operations | $ | (7.08 | ) | (2.40 | ) | 4.55 | 3.22 | 3.51 | 2.86 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.19 | 0.19 | 0.16 | 0.49 | 0.50 | 0.65 | |||||||||||||||||||
Net realized gains from investments | $ | — | 1.67 | 1.54 | 1.13 | 0.95 | 0.51 | |||||||||||||||||||
Return of capital | $ | — | 0.12 | — | — | — | — | |||||||||||||||||||
Total distributions | $ | 0.19 | 1.98 | 1.70 | 1.62 | 1.45 | 1.16 | |||||||||||||||||||
Net asset value, end of period | $ | 7.62 | 14.89 | 19.27 | 16.42 | 14.82 | 12.76 | |||||||||||||||||||
Total Return(1) | % | (48.10 | ) | (11.59 | ) | 28.13 | 22.63 | 28.51 | 26.79 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 59,893 | 105,808 | 165,377 | 102,853 | 57,799 | 16,569 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(2) | % | 1.35 | 1.36 | 1.22 | 1.20 | 1.15 | 1.37 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2)(3) | % | 1.35 | †† | 1.33 | 1.22 | 1.20 | 1.23 | 1.31 | ||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 1.35 | †† | 1.33 | 1.20 | 1.16 | 1.15 | 1.27 | ||||||||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 1.79 | †† | 1.34 | 0.74 | 1.36 | † | 3.34 | 4.84 | |||||||||||||||||
Portfolio turnover rate | % | 46 | 91 | 57 | 51 | 91 | 132 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends, return of capital, and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year are not annualized. | |
(2) | Annualized for periods less than one year. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
† | Effective June 1, 2005, the 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, increase net realized and unrealized gain on investments per share by $0.25 and decrease the ratio of net investment income to average net assets from 2.91% to 1.36%. | |
†† | 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. |
33
Table of Contents
Class B | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.93 | 19.32 | 16.45 | 14.85 | 12.78 | 11.10 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 0.06 | ** | 0.09 | ** | (0.00 | )* | 0.08 | † | 0.37 | ** | 0.45 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (7.20 | ) | (2.63 | ) | 4.43 | 3.02 | 3.05 | 2.32 | |||||||||||||||||
Total from investment operations | $ | (7.14 | ) | (2.54 | ) | 4.43 | 3.10 | 3.42 | 2.77 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.14 | 0.06 | 0.02 | 0.37 | 0.40 | 0.58 | |||||||||||||||||||
Net realized gains from investments | $ | — | 1.67 | 1.54 | 1.13 | 0.95 | 0.51 | |||||||||||||||||||
Return of capital | $ | — | 0.12 | — | — | — | — | |||||||||||||||||||
Total distributions | $ | 0.14 | 1.85 | 1.56 | 1.50 | 1.35 | 1.09 | |||||||||||||||||||
Net asset value, end of period | $ | 7.65 | 14.93 | 19.32 | 16.45 | 14.85 | 12.78 | |||||||||||||||||||
Total Return(1) | % | (48.25 | ) | (12.35 | ) | 27.24 | 21.70 | 27.62 | 25.81 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 1,554 | 3,285 | 6,331 | 5,037 | 3,484 | 1,990 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(2) | % | 2.10 | 2.11 | 1.97 | 1.95 | 1.90 | 2.12 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2)(3) | % | 2.10 | †† | 2.08 | 1.97 | 1.95 | 1.98 | 2.06 | ||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 2.10 | †† | 2.08 | 1.95 | 1.91 | 1.90 | 2.02 | ||||||||||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 0.98 | †† | 0.59 | (0.00 | )* | 0.61 | † | 2.64 | 3.28 | ||||||||||||||||
Portfolio turnover rate | % | 46 | 91 | 57 | 51 | 91 | 132 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends, return of capital, and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year are not annualized. | |
(2) | Annualized for periods less than one year. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Amount is more than $(0.005) or (0.005)%. | |
** | Calculated using average number of shares outstanding throughout the period. | |
† | Effective June 1, 2005, the 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, increase net realized and unrealized gain on investments per share by $0.25 and decrease the ratio of net investment income to average net assets from 2.16% to 0.61%. | |
†† | 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. |
34
Table of Contents
Class C | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.52 | 19.99 | 16.98 | 15.28 | 13.11 | 11.37 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 0.07 | * | 0.10 | * | (0.01 | )* | 0.11 | † | 0.38 | * | 0.43 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (7.50 | ) | (2.73 | ) | 4.58 | 3.09 | 3.13 | 2.40 | |||||||||||||||||
Total from investment operations | $ | (7.43 | ) | (2.63 | ) | 4.57 | 3.20 | 3.51 | 2.83 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.14 | 0.05 | 0.02 | 0.37 | 0.39 | 0.58 | |||||||||||||||||||
Net realized gains from investments | $ | — | 1.67 | 1.54 | 1.13 | 0.95 | 0.51 | |||||||||||||||||||
Return of capital | $ | — | 0.12 | — | — | — | — | |||||||||||||||||||
Total distributions | $ | 0.14 | 1.84 | 1.56 | 1.50 | 1.34 | 1.09 | |||||||||||||||||||
Net asset value, end of period | $ | 7.95 | 15.52 | 19.99 | 16.98 | 15.28 | 13.11 | |||||||||||||||||||
Total Return(1) | % | (48.26 | ) | (12.37 | ) | 27.21 | 21.69 | 27.57 | 25.75 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 3,053 | 3,214 | 4,942 | 3,124 | 2,720 | 2,708 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(2) | % | 2.10 | 2.11 | 1.97 | 1.95 | 1.90 | 2.12 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2)(3) | % | 2.10 | †† | 2.08 | 1.97 | 1.95 | 1.98 | 2.06 | ||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 2.10 | †† | 2.08 | 1.95 | 1.91 | 1.90 | 2.02 | ||||||||||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 1.08 | †† | 0.58 | (0.02 | ) | 0.61 | † | 2.65 | 3.54 | ||||||||||||||||
Portfolio turnover rate | % | 46 | 91 | 57 | 51 | 91 | 132 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends, return of capital, and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year are not annualized. | |
(2) | Annualized for periods less than one year. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
† | Effective June 1, 2005, the 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 $0.26, increase net realized and unrealized gain on investments per share by $0.26 and decrease the ratio of net investment income to average net assets from 2.16% to 0.61%. | |
†† | 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. |
35
Table of Contents
Class I | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.84 | 20.35 | 17.25 | 15.49 | 13.28 | 11.45 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.15 | * | 0.25 | * | 0.21 | * | 0.28 | *† | 0.54 | * | 0.58 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (7.65 | ) | (2.73 | ) | 4.64 | 3.14 | 3.15 | 2.43 | |||||||||||||||||
Total from investment operations | $ | (7.50 | ) | (2.48 | ) | 4.85 | 3.42 | 3.69 | 3.01 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.22 | 0.24 | 0.21 | 0.53 | 0.53 | 0.67 | |||||||||||||||||||
Net realized gains from investments | $ | — | 1.67 | 1.54 | 1.13 | 0.95 | 0.51 | |||||||||||||||||||
Return of capital | $ | — | 0.12 | — | — | — | — | |||||||||||||||||||
Total distributions | $ | 0.22 | 2.03 | 1.75 | 1.66 | 1.48 | 1.18 | |||||||||||||||||||
Net asset value, end of period | $ | 8.12 | 15.84 | 20.35 | 17.25 | 15.49 | 13.28 | |||||||||||||||||||
Total Return(1) | % | (47.95 | ) | (11.35 | ) | 28.55 | 22.98 | 28.82 | 27.24 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 280,420 | 337,455 | 168,125 | 144,907 | 146,499 | 161,904 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(2) | % | 0.91 | 1.04 | 0.90 | 0.92 | 0.90 | 1.06 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2)(3) | % | 0.91 | †† | 1.01 | 0.90 | 0.92 | 0.98 | 0.96 | ||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 0.91 | †† | 1.01 | 0.87 | 0.88 | 0.90 | 0.96 | ||||||||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 2.28 | †† | 1.49 | 1.07 | 1.68 | † | 3.70 | 4.69 | |||||||||||||||||
Portfolio turnover rate | % | 46 | 91 | 57 | 51 | 91 | 132 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends, return of capital, and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year are not annualized. | |
(2) | Annualized for periods less than one year. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
† | Effective June 1, 2005, the 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 $0.26, increase net realized and unrealized gain on investments per share by $0.26 and decrease the ratio of net investment income to average net assets from 3.23% to 1.68%. | |
†† | 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. |
36
Table of Contents
Class O | ||||||||||||||||||||||
Six Months | September 15, | |||||||||||||||||||||
Ended | 2004(1) to | |||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.86 | 19.24 | 16.40 | 14.81 | 13.52 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.10 | 0.21 | * | 0.14 | * | 0.21 | † | 0.39 | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (7.16 | ) | (2.61 | ) | 4.41 | 3.00 | 2.23 | ||||||||||||||
Total from investment operations | $ | (7.06 | ) | (2.40 | ) | 4.55 | 3.21 | 2.62 | ||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | 0.20 | 0.19 | 0.17 | 0.49 | 0.38 | ||||||||||||||||
Net realized gains from investments | $ | — | 1.67 | 1.54 | 1.13 | 0.95 | ||||||||||||||||
Return of capital | $ | — | 0.12 | — | — | — | ||||||||||||||||
Total distributions | $ | 0.20 | 1.98 | 1.71 | 1.62 | 1.33 | ||||||||||||||||
Net asset value, end of period | $ | 7.60 | 14.86 | 19.24 | 16.40 | 14.81 | ||||||||||||||||
Total Return(2) | % | (48.10 | ) | (11.64 | ) | 28.15 | 22.60 | 20.12 | ||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 17,308 | 35,182 | 53,140 | 28,720 | 12,305 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 1.35 | 1.35 | 1.22 | 1.16 | 1.15 | ||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 1.35 | †† | 1.32 | 1.22 | 1.16 | 1.23 | |||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.35 | †† | 1.32 | 1.20 | 1.13 | 1.15 | |||||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.72 | †† | 1.36 | 0.73 | 1.36 | † | 3.32 | ||||||||||||||
Portfolio turnover rate | % | 46 | 91 | 57 | 51 | 91 | ||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends, return of capital, and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
† | Effective June 1, 2005, the 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, increase net realized and unrealized gain on investments per share by $0.25 and decrease the ratio of net investment income to average net assets from 2.91% to 1.36%. | |
†† | 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. |
37
Table of Contents
Class Q | Class W | |||||||||||||||||||||
Six Months | Year | December 20, | Six Months | December 17, | ||||||||||||||||||
Ended | Ended | 2006(1) to | Ended | 2007(1) to | ||||||||||||||||||
November 30, | May 31, | May 31, | November 30, | May 31, | ||||||||||||||||||
2008 | 2008 | 2007 | 2008 | 2008 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.92 | 19.28 | 18.84 | 17.52 | 15.96 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income (loss) | $ | 0.12 | 0.19 | * | (0.08 | ) | 0.18 | * | 0.10 | * | ||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (7.20 | ) | (2.57 | ) | 0.71 | (8.50 | ) | 1.74 | |||||||||||||
Total from investment operations | $ | (7.08 | ) | (2.38 | ) | 0.63 | (8.32 | ) | 1.84 | |||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | 0.20 | 0.19 | 0.14 | 0.21 | 0.17 | ||||||||||||||||
Net realized gains from investments | $ | — | 1.67 | 0.05 | — | 0.06 | ||||||||||||||||
Return of capital | $ | — | 0.12 | — | — | 0.05 | ||||||||||||||||
Total distributions | $ | 0.20 | 1.98 | 0.19 | 0.21 | 0.28 | ||||||||||||||||
Net asset value, end of period | $ | 7.64 | 14.92 | 19.28 | 8.99 | 17.52 | ||||||||||||||||
Total Return(2) | % | (48.03 | ) | (11.47 | ) | 3.35 | (48.00 | ) | 11.65 | |||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 0 | ** | 1 | 1 | 594 | 69 | |||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 1.16 | 1.35 | 1.45 | 0.91 | 1.04 | ||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 1.16 | † | 1.32 | 1.45 | 0.91 | † | 1.01 | ||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.16 | † | 1.32 | 1.43 | 0.91 | † | 1.01 | ||||||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.87 | † | 1.22 | (1.35 | ) | 2.81 | † | 1.34 | |||||||||||||
Portfolio turnover rate | % | 46 | 91 | 57 | 46 | 91 | ||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends, return of capital, and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $500. | |
† | 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. |
38
Table of Contents
Class A | Class B | Class C | ||||||||||||||||||||||||
Six Months | December 18, | Six Months | February 20, | Six Months | February 19, | |||||||||||||||||||||
Ended | 2007(1) to | Ended | 2008(1) to | Ended | 2008(1) to | |||||||||||||||||||||
November 30, | May 31, | November 30, | May 31, | November 30, | May 31, | |||||||||||||||||||||
2008 | 2008 | 2008 | 2008 | 2008 | 2008 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.63 | 10.00 | 9.61 | 9.37 | 9.62 | 9.30 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.12 | 0.11 | 0.11 | * | 0.07 | 0.09 | * | 0.05 | * | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (2.80 | ) | (0.40 | ) | (2.84 | ) | 0.23 | (2.81 | ) | 0.33 | |||||||||||||||
Total from investment operations | $ | (2.68 | ) | (0.29 | ) | (2.73 | ) | 0.30 | (2.72 | ) | 0.38 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.12 | 0.08 | 0.09 | 0.06 | 0.09 | 0.06 | |||||||||||||||||||
Total distributions | $ | 0.12 | 0.08 | 0.09 | 0.06 | 0.09 | 0.06 | |||||||||||||||||||
Net asset value, end of period | $ | 6.83 | 9.63 | 6.79 | 9.61 | 6.81 | 9.62 | |||||||||||||||||||
Total Return(2) | % | (28.08 | ) | (2.94 | ) | (28.58 | ) | 3.21 | (28.47 | ) | 4.09 | |||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 3,883 | 4,848 | 62 | 9 | 59 | 9 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver and brokerage commission recapture(3) | % | 5.91 | 3.52 | 6.66 | 4.27 | 6.66 | 4.27 | |||||||||||||||||||
Net expenses after expense waiver and prior to brokerage commission recapture(3)(4) | % | 1.25 | † | 1.25 | † | 2.00 | † | 2.00 | † | 2.00 | † | 2.00 | † | |||||||||||||
Net expenses after expense waiver and brokerage commission recapture(3)(4) | % | 1.25 | † | 1.25 | † | 2.00 | † | 2.00 | † | 2.00 | † | 2.00 | † | |||||||||||||
Net investment income after expense waiver and brokerage commission recapture(3)(4) | % | 3.04 | † | 2.57 | † | 2.88 | † | 2.17 | † | 2.43 | † | 1.39 | † | |||||||||||||
Portfolio turnover rate | % | 52 | 32 | 52 | 32 | 52 | 32 | |||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | 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. |
39
Table of Contents
Class A | ||||||||||||||||||
Six Months | December 28, | |||||||||||||||||
Ended | Year Ended | 2005(1) to | ||||||||||||||||
November 30, | May 31, | May 31, | ||||||||||||||||
2008 | 2008 | 2007 | 2006 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.40 | 11.78 | 10.16 | 10.00 | |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment income | $ | 0.04 | * | 0.06 | 0.06 | * | 0.01 | |||||||||||
Net realized and unrealized gain (loss) on investments | $ | (3.82 | ) | (0.76 | ) | 1.86 | 0.15 | |||||||||||
Total from investment operations | $ | (3.78 | ) | (0.70 | ) | 1.92 | 0.16 | |||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | — | — | 0.14 | — | |||||||||||||
Net realized gains on investments | $ | — | 0.68 | 0.16 | — | |||||||||||||
Total distributions | $ | — | 0.68 | 0.30 | — | |||||||||||||
Net asset value, end of period | $ | 6.62 | 10.40 | 11.78 | 10.16 | |||||||||||||
Total Return(2) | % | (36.35 | ) | (6.15 | ) | 19.12 | 1.60 | |||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 7,871 | 13,968 | 12,298 | 5,136 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 1.71 | 1.71 | 2.57 | 3.74 | |||||||||||||
Net expenses after expense waiver(3)(4) | % | 1.25 | † | 1.26 | † | 1.25 | 1.25 | |||||||||||
Net investment income after expense waiver(3)(4) | % | 1.00 | † | 0.54 | † | 0.56 | 0.32 | |||||||||||
Portfolio turnover rate | % | 76 | 131 | 413 | 54 | |||||||||||||
Class B | ||||||||||||||||||
Six Months | February 6, | |||||||||||||||||
Ended | Year Ended | 2006(1) to | ||||||||||||||||
November 30, | May 31, | May 31, | ||||||||||||||||
2008 | 2008 | 2007 | 2006 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.21 | 11.68 | 10.12 | 10.15 | |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment income (loss) | $ | 0.01 | * | (0.03 | ) | (0.07 | )* | (0.02 | )* | |||||||||
Net realized and unrealized gain (loss) on investments | $ | (3.75 | ) | (0.76 | ) | 1.91 | (0.01 | ) | ||||||||||
Total from investment operations | $ | (3.74 | ) | (0.79 | ) | 1.84 | (0.03 | ) | ||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | — | — | 0.12 | — | |||||||||||||
Net realized gains on investments | $ | — | 0.68 | 0.16 | — | |||||||||||||
Total distributions | $ | — | 0.68 | 0.28 | — | |||||||||||||
Net asset value, end of period | $ | 6.47 | 10.21 | 11.68 | 10.12 | |||||||||||||
Total Return(2) | % | (36.63 | ) | (7.00 | ) | 18.34 | (0.30 | ) | ||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 3,792 | 8,158 | 18,759 | 25 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 2.46 | 2.46 | 3.32 | 4.49 | |||||||||||||
Net expenses after expense waiver(3)(4) | % | 2.00 | † | 2.01 | † | 2.00 | 2.00 | |||||||||||
Net investment income (loss) after expense waiver(3)(4) | % | 0.24 | † | (0.18 | )† | (0.62 | ) | (0.42 | ) | |||||||||
Portfolio turnover rate | % | 76 | 131 | 413 | 54 | |||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | 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. |
40
Table of Contents
Class C | ||||||||||||||||||
Six Months | April 17, | |||||||||||||||||
Ended | Year Ended | 2006(1) to | ||||||||||||||||
November 30, | May 31, | May 31, | ||||||||||||||||
2008 | 2008 | 2007 | 2006 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.25 | 11.71 | 10.12 | 10.31 | |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment income (loss) | $ | 0.01 | (0.02 | ) | (0.07 | )* | (0.02 | )* | ||||||||||
Net realized and unrealized gain (loss) on investments | $ | (3.76 | ) | (0.76 | ) | 1.94 | (0.17 | ) | ||||||||||
Total from investment operations | $ | (3.75 | ) | (0.78 | ) | 1.87 | (0.19 | ) | ||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | — | — | 0.12 | — | |||||||||||||
Net realized gains on investments | $ | — | 0.68 | 0.16 | — | |||||||||||||
Total distributions | $ | — | 0.68 | 0.28 | — | |||||||||||||
Net asset value, end of period | $ | 6.50 | 10.25 | 11.71 | 10.12 | |||||||||||||
Total Return(2) | % | (36.59 | ) | (6.89 | ) | 18.60 | (1.84 | ) | ||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 3,534 | 6,253 | 8,622 | 77 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 2.46 | 2.46 | 3.32 | 4.49 | |||||||||||||
Net expenses after expense waiver(3)(4) | % | 2.00 | † | 2.01 | † | 2.00 | 2.00 | |||||||||||
Net investment income (loss) after expense waiver(3)(4) | % | 0.25 | † | (0.19 | )† | (0.60 | ) | (0.42 | ) | |||||||||
Portfolio turnover rate | % | 76 | 131 | 413 | 54 | |||||||||||||
Class I | ||||||||||||||
Six Months | Year | July 18, | ||||||||||||
Ended | Ended | 2006(1) to | ||||||||||||
November 30, | May 31, | May 31, | ||||||||||||
2008 | 2008 | 2007 | ||||||||||||
Per Share Operating Performance: | ||||||||||||||
Net asset value, beginning of period | $ | 10.37 | 11.71 | 9.77 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||
Net investment income (loss) | $ | 0.06 | 0.11 | (0.05 | )* | |||||||||
Net realized and unrealized gain (loss) on investments | $ | (3.82 | ) | (0.77 | ) | 2.33 | ||||||||
Total from investment operations | $ | (3.76 | ) | (0.66 | ) | 2.28 | ||||||||
Less distributions from: | ||||||||||||||
Net investment income | $ | — | — | 0.18 | ||||||||||
Net realized gains on investments | $ | — | 0.68 | 0.16 | ||||||||||
Total distributions | $ | — | 0.68 | 0.34 | ||||||||||
Net asset value, end of period | $ | 6.61 | 10.37 | 11.71 | ||||||||||
Total Return(2) | % | (36.26 | ) | (5.84 | ) | 23.56 | ||||||||
Ratios and Supplemental Data: | ||||||||||||||
Net assets, end of period (000’s) | $ | 2 | 2 | 3 | ||||||||||
Ratios to average net assets: | ||||||||||||||
Gross expenses prior to expense waiver(3) | % | 1.25 | 1.40 | 2.17 | ||||||||||
Net expenses after expense waiver(3)(4) | % | 0.79 | † | 0.95 | † | 0.83 | ||||||||
Net investment income (loss) after expense waiver(3)(4) | % | 1.45 | † | 0.86 | † | (0.49 | ) | |||||||
Portfolio turnover rate | % | 76 | 131 | 413 | ||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | 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. |
41
Table of Contents
Class A | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 22.32 | 21.63 | 18.64 | 17.88 | 18.11 | 14.33 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | (0.04 | ) | 0.03 | (0.11 | )* | (0.10 | )* | (0.07 | ) | (0.10 | ) | ||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (9.32 | ) | 0.66 | 3.10 | 0.86 | 0.37 | 3.88 | ||||||||||||||||||
Total from investment operations | $ | (9.36 | ) | 0.69 | 2.99 | 0.76 | 0.30 | 3.78 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | — | — | — | — | 0.38 | — | |||||||||||||||||||
Return of capital | $ | — | — | — | — | 0.15 | — | |||||||||||||||||||
Total distributions | $ | — | — | — | — | 0.53 | — | |||||||||||||||||||
Net asset value, end of period | $ | 12.96 | 22.32 | 21.63 | 18.64 | 17.88 | 18.11 | |||||||||||||||||||
Total Return(1) | % | (41.94 | ) | 3.19 | 16.04 | 4.25 | 1.65 | 26.38 | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 36,312 | 70,047 | 73,556 | 95,300 | 111,208 | 109,858 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(2) | % | 1.61 | 1.56 | 1.48 | 1.43 | 1.40 | 1.61 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2)(3) | % | 1.45 | † | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | ||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 1.45 | † | 1.45 | 1.44 | 1.44 | 1.43 | 1.42 | ||||||||||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | (0.40 | )† | 0.14 | (0.57 | ) | (0.55 | ) | (0.49 | ) | (0.82 | ) | ||||||||||||||
Portfolio turnover rate | % | 44 | 100 | 84 | 99 | 81 | 142 | |||||||||||||||||||
Class B | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 21.22 | 20.70 | 17.95 | 17.33 | 17.57 | 13.99 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment loss | $ | (0.09 | )* | (0.11 | )* | (0.23 | )* | (0.22 | )* | (0.24 | ) | (0.21 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (8.85 | ) | 0.63 | 2.98 | 0.84 | 0.41 | 3.79 | ||||||||||||||||||
Total from investment operations | $ | (8.94 | ) | 0.52 | 2.75 | 0.62 | 0.17 | 3.58 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | — | — | — | — | 0.26 | — | |||||||||||||||||||
Return of capital | $ | — | — | — | — | 0.15 | — | |||||||||||||||||||
Total distributions | $ | — | — | — | — | 0.41 | — | |||||||||||||||||||
Net asset value, end of period | $ | 12.28 | 21.22 | 20.70 | 17.95 | 17.33 | 17.57 | |||||||||||||||||||
Total Return(1) | % | (42.13 | ) | 2.51 | 15.32 | 3.58 | 0.97 | 25.59 | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 17,495 | 41,957 | 64,120 | 83,019 | 106,162 | 119,658 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(2) | % | 2.26 | 2.21 | 2.13 | 2.08 | 2.05 | 2.26 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2)(3) | % | 2.10 | † | 2.10 | 2.10 | 2.10 | 2.10 | 2.09 | ||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 2.10 | † | 2.10 | 2.09 | 2.09 | 2.08 | 2.07 | ||||||||||||||||||
Net investment loss after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | (1.07 | )† | (0.52 | ) | (1.22 | ) | (1.20 | ) | (1.13 | ) | (1.47 | ) | |||||||||||||
Portfolio turnover rate | % | 44 | 100 | 84 | 99 | 81 | 142 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and return of capital distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year are not annualized. | |
(2) | Annualized for periods less than one year. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | 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. |
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Table of Contents
Class C | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 21.15 | 20.63 | 17.90 | 17.27 | 17.52 | 13.95 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment loss | $ | (0.09 | ) | (0.11 | ) | (0.22 | )* | (0.22 | )* | (0.19 | ) | (0.22 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (8.82 | ) | 0.63 | 2.95 | 0.85 | 0.36 | 3.79 | ||||||||||||||||||
Total from investment operations | $ | (8.91 | ) | 0.52 | 2.73 | 0.63 | 0.17 | 3.57 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | — | — | — | — | 0.27 | — | |||||||||||||||||||
Return of capital | $ | — | — | — | — | 0.15 | — | |||||||||||||||||||
Total distributions | $ | — | — | — | — | 0.42 | — | |||||||||||||||||||
Net asset value, end of period | $ | 12.24 | 21.15 | 20.63 | 17.90 | 17.27 | 17.52 | |||||||||||||||||||
Total Return(1) | % | (42.13 | ) | 2.52 | 15.25 | 3.65 | 0.92 | 25.59 | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 16,204 | 30,435 | 34,843 | 43,089 | 52,355 | 53,976 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver and brokerage commission recapture(2) | % | 2.26 | 2.21 | 2.13 | 2.08 | 2.05 | 2.26 | |||||||||||||||||||
Net expenses after expense waiver and prior to brokerage commission recapture(2)(3) | % | 2.10 | † | 2.10 | 2.10 | 2.10 | 2.10 | 2.09 | ||||||||||||||||||
Net expenses after expense waiver and brokerage commission recapture(2)(3) | % | 2.10 | † | 2.10 | 2.09 | 2.09 | 2.08 | 2.07 | ||||||||||||||||||
Net investment loss after expense waiver and brokerage commission recapture(2)(3) | % | (1.05 | )† | (0.51 | ) | (1.22 | ) | (1.20 | ) | (1.13 | ) | (1.47 | ) | |||||||||||||
Portfolio turnover rate | % | 44 | 100 | 84 | 99 | 81 | 142 | |||||||||||||||||||
Class I | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 23.38 | 22.56 | 19.35 | 18.47 | 18.69 | 14.71 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 0.01 | 0.02 | * | (0.01 | ) | (0.01 | )* | 0.02 | (0.05 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (9.78 | ) | 0.80 | 3.22 | 0.89 | 0.37 | 4.03 | ||||||||||||||||||
Total from investment operations | $ | (9.77 | ) | 0.82 | 3.21 | 0.88 | 0.39 | 3.98 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | — | — | — | — | 0.46 | — | |||||||||||||||||||
Return of capital | $ | — | — | — | — | 0.15 | — | |||||||||||||||||||
Total distribution | $ | — | — | — | 0.61 | — | ||||||||||||||||||||
Net asset value, end of period | $ | 13.61 | 23.38 | 22.56 | 19.35 | 18.47 | 18.69 | |||||||||||||||||||
Total Return(1) | % | (41.79 | ) | 3.63 | 16.59 | 4.76 | 2.07 | 27.06 | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 10,948 | 19,048 | 79,265 | 66,319 | 38,841 | 36,504 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver and brokerage commission recapture(2) | % | 1.11 | 1.10 | 1.01 | 0.97 | 0.94 | 1.10 | |||||||||||||||||||
Net expenses after expense waiver and prior to brokerage commission recapture(2)(3) | % | 0.95 | † | 0.99 | 0.98 | 0.98 | 0.99 | 0.94 | ||||||||||||||||||
Net expenses after expense waiver and brokerage commission recapture(2)(3) | % | 0.95 | † | 0.99 | 0.96 | 0.98 | 0.97 | 0.91 | ||||||||||||||||||
Net investment income (loss) after expense waiver and brokerage commission recapture(2)(3) | % | 0.11 | † | 0.07 | (0.09 | ) | (0.05 | ) | (0.02 | ) | (0.31 | ) | ||||||||||||||
Portfolio turnover rate | % | 44 | 100 | 84 | 99 | 81 | 142 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and return of capital distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year are not annualized. | |
(2) | Annualized for periods less than one year. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | 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. |
43
Table of Contents
Class Q | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 23.05 | 22.30 | 19.17 | 18.35 | 18.58 | 14.66 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | (0.01 | ) | 0.09 | (0.07 | ) | (0.07 | )* | (0.06 | ) | (0.11 | ) | ||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (9.64 | ) | 0.66 | 3.20 | 0.89 | 0.40 | 4.03 | ||||||||||||||||||
Total from investment operations | $ | (9.65 | ) | 0.75 | 3.13 | 0.82 | 0.34 | 3.92 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | — | — | — | — | 0.42 | — | |||||||||||||||||||
Return of capital | $ | — | — | — | — | 0.15 | — | |||||||||||||||||||
Total distributions | $ | — | — | — | — | 0.57 | — | |||||||||||||||||||
Net asset value, end of period | $ | 13.40 | 23.05 | 22.30 | 19.17 | 18.35 | 18.58 | |||||||||||||||||||
Total Return(1) | % | (41.87 | ) | 3.36 | 16.33 | 4.47 | 1.81 | 26.74 | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 488 | 920 | 1,081 | 1,051 | 2,037 | 6,035 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver and brokerage commission recapture(2) | % | 1.36 | 1.35 | 1.26 | 1.22 | 1.19 | 1.32 | |||||||||||||||||||
Net expenses after expense waiver and prior to brokerage commission recapture(2)(3) | % | 1.20 | † | 1.24 | 1.23 | 1.24 | 1.24 | 1.17 | ||||||||||||||||||
Net expenses after expense waiver and brokerage commission recapture(2)(3) | % | 1.20 | † | 1.24 | 1.22 | 1.23 | 1.22 | 1.14 | ||||||||||||||||||
Net investment income (loss) after expense waiver and brokerage commission recapture(2)(3) | % | (0.14 | )† | 0.35 | (0.34 | ) | (0.36 | ) | (0.27 | ) | (0.53 | ) | ||||||||||||||
Portfolio turnover rate | % | 44 | 100 | 84 | 99 | 81 | 142 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and return of capital distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year are not annualized. | |
(2) | Annualized for periods less than one year. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | 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 expense ratio and net investment income ratio. |
44
Table of Contents
Class A | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.65 | 17.88 | 15.18 | 13.01 | 12.06 | 10.12 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment loss | $ | (0.04 | ) | (0.11 | )* | (0.11 | ) | (0.13 | )* | (0.16 | ) | (0.06 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (6.42 | ) | 1.38 | 2.90 | 2.30 | 1.10 | 2.00 | ||||||||||||||||||
Total from investment operations | $ | (6.46 | ) | 1.27 | 2.79 | 2.17 | 0.94 | 1.94 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net realized gains on investments | $ | — | 2.50 | 0.09 | — | — | — | |||||||||||||||||||
Total distributions | $ | — | 2.50 | 0.09 | — | — | — | |||||||||||||||||||
Payment by affiliate | $ | — | — | — | — | 0.01 | — | |||||||||||||||||||
Net asset value, end of period | $ | 10.19 | 16.65 | 17.88 | 15.18 | 13.01 | 12.06 | |||||||||||||||||||
Total Return(1) | % | (38.80 | ) | 7.41 | 18.49 | 16.68 | 7.88 | † | 19.17 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 83,161 | 133,765 | 117,178 | 122,820 | 118,668 | 133,363 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(2) | % | 1.58 | 1.75 | 1.84 | 1.82 | 1.71 | 1.70 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(2)(3)(4) | % | 1.35 | ** | 1.29 | ** | 1.25 | 1.39 | 1.64 | 1.59 | |||||||||||||||||
Net investment loss after expense waiver/recoupment(2)(3)(4) | % | (0.53 | )** | (0.66 | )** | (0.66 | ) | (0.90 | ) | (1.15 | ) | (1.06 | ) | |||||||||||||
Portfolio turnover rate | % | 87 | 187 | 167 | 103 | 50 | 115 | |||||||||||||||||||
Class B | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.36 | 16.79 | 14.37 | 12.41 | 11.59 | 9.80 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment loss | $ | (0.09 | )* | (0.23 | )* | (0.21 | )* | (0.23 | )* | (0.27 | ) | (0.06 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (5.90 | ) | 1.30 | 2.72 | 2.19 | 1.08 | 1.85 | ||||||||||||||||||
Total from investment operations | $ | (5.99 | ) | 1.07 | 2.51 | 1.96 | 0.81 | 1.79 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net realized gains on investments | $ | — | 2.50 | 0.09 | — | — | — | |||||||||||||||||||
Total distributions | $ | — | 2.50 | 0.09 | — | — | — | |||||||||||||||||||
Payment by affiliate | $ | — | — | — | — | 0.01 | — | |||||||||||||||||||
Net asset value, end of period | $ | 9.37 | 15.36 | 16.79 | 14.37 | 12.41 | 11.59 | |||||||||||||||||||
Total Return(1) | % | (39.00 | ) | 6.64 | 17.58 | 15.79 | 7.08 | † | 18.27 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 21,027 | 53,959 | 86,240 | 107,722 | 139,100 | 191,288 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(2) | % | 2.28 | 2.45 | 2.54 | 2.52 | 2.41 | 2.40 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(2)(3) | % | 2.10 | ** | 2.04 | ** | 2.00 | 2.15 | 2.37 | 2.29 | |||||||||||||||||
Net investment loss after expense waiver/recoupment(2)(3) | % | (1.31 | )** | (1.44 | )** | (1.41 | ) | (1.66 | ) | (1.87 | ) | (1.69 | ) | |||||||||||||
Portfolio turnover rate | % | 87 | 187 | 167 | 103 | 50 | 115 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year are not annualized. | |
(2) | Annualized for periods less than one year. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
(4) | ING Funds Distributor, LLC has contractually agreed to waive 0.05% of the Distribution Fee for Class A shares of MidCap Opportunities. | |
* | 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 loss ratio. | |
† | In 2005, the Sub-Adviser fully reimbursed the 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% and 7.00% for Class A and Class B, respectively. |
45
Table of Contents
Class C | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.27 | 16.71 | 14.30 | 12.35 | 11.53 | 9.75 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment loss | $ | (0.08 | ) | (0.23 | ) | (0.20 | )* | (0.23 | )* | (0.26 | ) | (0.12 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (5.88 | ) | 1.29 | 2.70 | 2.18 | 1.07 | 1.90 | ||||||||||||||||||
Total from investment operations | $ | (5.96 | ) | 1.06 | 2.50 | 1.95 | 0.81 | 1.78 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net realized gains on investments | $ | — | 2.50 | 0.09 | — | — | — | |||||||||||||||||||
Total distributions | $ | — | 2.50 | 0.09 | — | — | — | |||||||||||||||||||
Payment by affiliate | $ | — | — | — | — | 0.01 | — | |||||||||||||||||||
Net asset value, end of period | $ | 9.31 | 15.27 | 16.71 | 14.30 | 12.35 | 11.53 | |||||||||||||||||||
Total Return(1) | % | (39.03 | ) | 6.62 | 17.60 | 15.79 | 7.11 | † | 18.26 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 41,135 | 72,012 | 80,703 | 90,156 | 101,261 | 131,461 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver(2) | % | 2.28 | 2.45 | 2.54 | 2.52 | 2.41 | 2.40 | |||||||||||||||||||
Net expenses after expense waiver(2)(3) | % | 2.10 | ** | 2.04 | ** | 2.00 | 2.15 | 2.37 | 2.29 | |||||||||||||||||
Net investment loss after expense waiver(2)(3) | % | (1.29 | )** | (1.42 | )** | (1.41 | ) | (1.66 | ) | (1.88 | ) | (1.80 | ) | |||||||||||||
Portfolio turnover rate | % | 87 | 187 | 167 | 103 | 50 | 115 | |||||||||||||||||||
Class I | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 17.42 | 18.51 | 15.64 | 13.35 | 12.33 | 10.33 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment loss | $ | (0.01 | ) | (0.03 | ) | (0.03 | ) | (0.07 | ) | (0.09 | ) | (0.09 | )* | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (6.73 | ) | 1.44 | 2.99 | 2.36 | 1.10 | 2.09 | ||||||||||||||||||
Total from investment operations | $ | (6.74 | ) | 1.41 | 2.96 | 2.29 | 1.01 | 2.00 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net realized gains on investments | $ | — | 2.50 | 0.09 | — | — | — | |||||||||||||||||||
Total distributions | $ | — | 2.50 | 0.09 | — | — | — | |||||||||||||||||||
Payment by affiliate | $ | — | — | — | — | 0.01 | — | |||||||||||||||||||
Net asset value, end of period | $ | 10.68 | 17.42 | 18.51 | 15.64 | 13.35 | 12.33 | |||||||||||||||||||
Total Return(1) | % | (38.69 | ) | 7.94 | 19.03 | 17.15 | 8.27 | † | 19.36 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 5,927 | 6,608 | 4,253 | 3,376 | 3,000 | 2,614 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver(2) | % | 1.10 | 1.26 | 1.33 | 1.34 | 1.27 | 1.31 | |||||||||||||||||||
Net expenses after expense waiver(2)(3) | % | 0.92 | ** | 0.85 | ** | 0.79 | 0.97 | 1.22 | 1.17 | |||||||||||||||||
Net investment loss after expense waiver(2)(3) | % | (0.08 | )** | (0.21 | )** | (0.20 | ) | (0.48 | ) | (0.72 | ) | (0.81 | ) | |||||||||||||
Portfolio turnover rate | % | 87 | 187 | 167 | 103 | 50 | 115 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year are not annualized. | |
(2) | Annualized for periods less than one year. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | 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 loss ratio. | |
† | In 2005, the Sub-Adviser fully reimbursed the 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 7.03% and 8.19% for Class C and Class I, respectively. |
46
Table of Contents
Class O | ||||||
June 4, 2008(1) to | ||||||
November 30, 2008 | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 16.47 | ||||
Loss from investment operations: | ||||||
Net investment loss | $ | (0.02 | )* | |||
Net realized and unrealized loss on investments | $ | (6.28 | ) | |||
Total from investment operations | $ | (6.30 | ) | |||
Net asset value, end of period | $ | 10.17 | ||||
Total Return(2) | % | (38.25 | ) | |||
Ratios and Supplemental Data: | ||||||
Net assets, end of period (000’s) | $ | 137 | ||||
Ratios to average net assets: | ||||||
Gross expenses prior to expense waiver(3) | % | 1.53 | ||||
Net expenses after expense waiver(3)(4) | % | �� | 1.35 | ** | ||
Net investment loss after expense waiver(3)(4) | % | (0.39 | )** | |||
Portfolio turnover rate | % | 87 | ||||
Class Q | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.97 | 18.14 | 15.36 | 13.15 | 12.17 | 10.19 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment loss | $ | (0.02 | ) | (0.08 | ) | (0.07 | ) | (0.11 | ) | (0.13 | ) | (0.10 | )* | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (6.56 | ) | 1.41 | 2.94 | 2.32 | 1.10 | 2.08 | ||||||||||||||||||
Total from investment operations | $ | (6.58 | ) | 1.33 | 2.87 | 2.21 | 0.97 | 1.98 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net realized gains on investments | $ | — | 2.50 | 0.09 | — | — | — | |||||||||||||||||||
Total distributions | $ | — | 2.50 | 0.09 | — | — | — | |||||||||||||||||||
Payment by affiliate | $ | — | — | — | — | 0.01 | — | |||||||||||||||||||
Net asset value, end of period | $ | 10.39 | 16.97 | 18.14 | 15.36 | 13.15 | 12.17 | |||||||||||||||||||
Total Return(2) | % | (38.77 | ) | 7.65 | 18.79 | 16.81 | 8.05 | † | 19.43 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 3,492 | 5,743 | 5,429 | 4,805 | 4,753 | 4,898 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 1.35 | 1.51 | 1.58 | 1.60 | 1.52 | 1.56 | |||||||||||||||||||
Net expenses after expense waiver(3)(4) | % | 1.17 | ** | 1.10 | ** | 1.04 | 1.22 | 1.47 | 1.45 | |||||||||||||||||
Net investment loss after expense waiver(3)(4) | % | (0.35 | )** | (0.48 | )** | (0.45 | ) | (0.73 | ) | (0.98 | ) | (1.00 | ) | |||||||||||||
Portfolio turnover rate | % | 87 | 187 | 167 | 103 | 50 | 115 | |||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | 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 loss ratio. | |
† | In 2005, the Sub-Adviser fully reimbursed the 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 7.97% for Class Q. |
47
Table of Contents
Class A | ||||||||||||||||||
Six Months | December 28, | |||||||||||||||||
Ended | Year Ended | 2005(1) to | ||||||||||||||||
November 30, | May 31, | May 31, | ||||||||||||||||
2008 | 2008 | 2007 | 2006 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.49 | 12.16 | 10.02 | 10.00 | |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment income (loss) | $ | (0.01 | ) | (0.00 | )** | (0.01 | )* | 0.06 | ||||||||||
Net realized and unrealized gain (loss) on investments | $ | (4.17 | ) | (0.99 | ) | 2.22 | (0.04 | ) | ||||||||||
Total from investment operations | $ | (4.18 | ) | (0.99 | ) | 2.21 | 0.02 | |||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | — | — | 0.07 | — | |||||||||||||
Net realized gains on investments | $ | — | 0.68 | — | — | |||||||||||||
Total distributions | $ | — | 0.68 | 0.07 | — | |||||||||||||
Net asset value, end of period | $ | 6.31 | 10.49 | 12.16 | 10.02 | |||||||||||||
Total Return(2) | % | (39.85 | ) | (8.65 | ) | 22.11 | 0.20 | |||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 15,658 | 31,179 | 6,716 | 5,021 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 1.68 | 1.86 | 3.97 | 3.74 | |||||||||||||
Net expenses after expense waiver(3)(4) | % | 1.25 | † | 1.25 | 1.25 | 1.25 | ||||||||||||
Net investment income (loss) after expense waiver(3)(4) | % | (0.25 | )† | (0.02 | ) | (0.08 | ) | 1.32 | ||||||||||
Portfolio turnover rate | % | 96 | 367 | 240 | 51 | |||||||||||||
Class B | ||||||||||||||||||
Six Months | April 5, | |||||||||||||||||
Ended | Year Ended | 2006(1) to | ||||||||||||||||
November 30, | May 31, | May 31, | ||||||||||||||||
2008 | 2008 | 2007 | 2006 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.33 | 12.09 | 10.01 | 10.65 | |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment loss | $ | (0.05 | ) | (0.09 | )* | (0.08 | )* | (0.01 | ) | |||||||||
Net realized and unrealized gain (loss) on investments | $ | (4.09 | ) | (0.99 | ) | 2.21 | (0.63 | ) | ||||||||||
Total from investment operations | $ | (4.14 | ) | (1.08 | ) | 2.13 | (0.64 | ) | ||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | — | — | 0.05 | — | |||||||||||||
Net realized gains on investments | $ | — | 0.68 | — | — | |||||||||||||
Total distributions | $ | — | 0.68 | 0.05 | — | |||||||||||||
Net asset value, end of period | $ | 6.19 | 10.33 | 12.09 | 10.01 | |||||||||||||
Total Return(2) | % | (40.08 | ) | (9.47 | ) | 21.35 | (6.10 | ) | ||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 2,255 | 5,037 | 257 | 35 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 2.43 | 2.61 | 4.72 | 4.49 | |||||||||||||
Net expenses after expense waiver(3)(4) | % | 2.00 | † | 2.00 | 2.00 | 2.00 | ||||||||||||
Net investment loss after expense waiver(3)(4) | % | (1.01 | )† | (0.88 | ) | (0.70 | ) | (0.81 | ) | |||||||||
Portfolio turnover rate | % | 96 | 367 | 240 | 51 | |||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average shares outstanding throughout the period. | |
** | Amount is more than $(0.005). | |
† | 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. |
48
Table of Contents
Class C | ||||||||||||||||||
Six Months | April 27, | |||||||||||||||||
Ended | Year Ended | 2006(1) to | ||||||||||||||||
November 30, | May 31, | May 31, | ||||||||||||||||
2008 | 2008 | 2007 | 2006 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.26 | 12.00 | 10.01 | 10.48 | |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment loss | $ | (0.05 | ) | (0.08 | )* | (0.08 | )* | (0.01 | ) | |||||||||
Net realized and unrealized gain (loss) on investments | $ | (4.06 | ) | (0.98 | ) | 2.16 | (0.46 | ) | ||||||||||
Total from investment operations | $ | (4.11 | ) | (1.06 | ) | 2.08 | (0.47 | ) | ||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | — | — | 0.09 | — | |||||||||||||
Net realized gains on investments | $ | — | 0.68 | — | — | |||||||||||||
Total distributions | $ | — | 0.68 | 0.09 | — | |||||||||||||
Net asset value, end of period | $ | 6.15 | 10.26 | 12.00 | 10.01 | |||||||||||||
Total Return(2) | % | (40.06 | ) | (9.37 | ) | 20.89 | (4.58 | ) | ||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 1,082 | 2,192 | 112 | 10 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 2.43 | 2.61 | 4.72 | 4.54 | |||||||||||||
Net expenses after expense waiver(3)(4) | % | 2.00 | † | 2.00 | 2.00 | 2.00 | ||||||||||||
Net investment loss after expense waiver(3)(4) | % | (1.00 | )† | (0.74 | ) | (0.75 | ) | (0.74 | ) | |||||||||
Portfolio turnover rate | % | 96 | 367 | 240 | 51 | |||||||||||||
Class I | Class W | |||||||||||||||||||||
Six Months | December 20, | Six Months | December 17, | |||||||||||||||||||
Ended | Year Ended | 2006(1) to | Ended | 2007(1) to | ||||||||||||||||||
November 30, | May 31, | May 31, | November 30, | May 31, | ||||||||||||||||||
2008 | 2008 | 2007 | 2008 | 2008 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.55 | 12.20 | 10.99 | 10.52 | 11.32 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.01 | 0.01 | 0.02 | * | 0.01 | 0.00 | ** | ||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (4.20 | ) | (0.98 | ) | 1.19 | (4.20 | ) | (0.80 | ) | ||||||||||||
Total from investment operations | $ | (4.19 | ) | (0.97 | ) | 1.21 | (4.19 | ) | (0.80 | ) | ||||||||||||
Net realized gains on investments | $ | — | 0.68 | — | — | — | ||||||||||||||||
Total distributions | $ | — | 0.68 | — | — | — | ||||||||||||||||
Net asset value, end of period | $ | 6.36 | 10.55 | 12.20 | 6.33 | 10.52 | ||||||||||||||||
Total Return(2) | % | (39.72 | ) | (8.45 | ) | 11.01 | (39.83 | ) | (7.07 | ) | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 2,097 | 4,014 | 26 | 1 | 1 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 1.26 | 1.53 | 3.72 | 1.26 | 1.53 | ||||||||||||||||
Net expenses after expense waiver(3)(4) | % | 0.83 | † | 0.92 | 1.00 | 0.83 | † | 0.92 | ||||||||||||||
Net investment income after expense waiver(3)(4) | % | 0.18 | † | 0.16 | 0.43 | 0.20 | † | 0.06 | ||||||||||||||
Portfolio turnover rate | % | 96 | 367 | 240 | 96 | 367 | ||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average shares outstanding throughout the period. | |
** | Amount is less than $0.005. | |
† | 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. |
49
Table of Contents
Class A | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 34.07 | 34.67 | 29.23 | 24.37 | 22.53 | 18.16 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment loss | $ | (0.08 | )* | (0.13 | ) | (0.26 | )* | (0.31 | )* | (0.31 | )* | (0.37 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (13.00 | ) | (0.47 | ) | 5.70 | 5.17 | 2.15 | 4.74 | |||||||||||||||||
Total from investment operations | $ | (13.08 | ) | (0.60 | ) | 5.44 | 4.86 | 1.84 | 4.37 | |||||||||||||||||
Net asset value, end of period | $ | 20.99 | 34.07 | 34.67 | 29.23 | 24.37 | 22.53 | |||||||||||||||||||
Total Return(1) | % | (38.39 | ) | (1.73 | ) | 18.61 | 19.94 | 8.17 | 24.06 | † | ||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 75,573 | 84,888 | 88,436 | 89,328 | 93,821 | 105,890 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver(2) | % | 1.80 | 1.83 | 1.83 | 1.85 | 1.74 | 1.74 | |||||||||||||||||||
Net expenses after expense waiver(2)(3)(4) | % | 1.50 | ** | 1.50 | ** | 1.50 | 1.50 | 1.63 | 1.74 | |||||||||||||||||
Net investment loss after expense waiver(2)(3)(4) | % | (0.58 | )** | (0.40 | )** | (0.86 | ) | (1.13 | ) | (1.36 | ) | (1.52 | ) | |||||||||||||
Portfolio turnover rate | % | 87 | 112 | 78 | 87 | 62 | 60 | |||||||||||||||||||
Class B | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 30.50 | 31.27 | 26.57 | 22.32 | 20.78 | 16.87 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment loss | $ | (0.18 | )* | (0.33 | )* | (0.44 | )* | (0.47 | )* | (0.44 | )* | (0.50 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (11.60 | ) | (0.44 | ) | 5.14 | 4.72 | 1.98 | 4.41 | |||||||||||||||||
Total from investment operations | $ | (11.78 | ) | (0.77 | ) | 4.70 | 4.25 | 1.54 | 3.91 | |||||||||||||||||
Net asset value, end of period | $ | 18.72 | 30.50 | 31.27 | 26.57 | 22.32 | 20.78 | |||||||||||||||||||
Total Return(1) | % | (38.62 | ) | (2.46 | ) | 17.69 | 19.04 | 7.41 | 23.18 | † | ||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 5,837 | 12,750 | 25,219 | 30,678 | 43,929 | 77,751 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver(2) | % | 2.50 | 2.53 | 2.53 | 2.55 | 2.44 | 2.44 | |||||||||||||||||||
Net expenses after expense waiver(2)(4) | % | 2.25 | ** | 2.25 | ** | 2.25 | 2.25 | 2.35 | 2.44 | |||||||||||||||||
Net investment loss after expense waiver(2)(4) | % | (1.35 | )** | (1.10 | )** | �� | (1.61 | ) | (1.88 | ) | (2.10 | ) | (2.07 | ) | ||||||||||||
Portfolio turnover rate | % | 87 | 112 | 78 | 87 | 62 | 60 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year are not annualized. | |
(2) | Annualized for periods less than one year. | |
(3) | ING Funds Distributor, LLC has contractually agreed to waive 0.05% of the Distribution Fee for Class A shares of SmallCap Opportunities. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | 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 loss ratio. | |
† | In 2004, the Sub-Adviser fully reimbursed the Fund for a loss on an investment transaction, which otherwise would have had a 0.11% and 0.06% impact on Class A and Class B total returns, respectively. Excluding the reimbursements, the total returns would have been 23.95% and 23.12%, for Class A and Class B, respectively. |
50
Table of Contents
Class C | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 30.43 | 31.21 | 26.51 | 22.27 | 20.73 | 16.83 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment loss | $ | (0.18 | ) | (0.37 | ) | (0.44 | )* | (0.47 | )* | (0.44 | )* | (0.49 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (11.57 | ) | (0.41 | ) | 5.14 | 4.71 | 1.98 | 4.39 | |||||||||||||||||
Total from investment operations | $ | (11.75 | ) | (0.78 | ) | 4.70 | 4.24 | 1.54 | 3.90 | |||||||||||||||||
Net asset value, end of period | $ | 18.68 | 30.43 | 31.21 | 26.51 | 22.27 | 20.73 | |||||||||||||||||||
Total Return(1) | % | (38.61 | ) | (2.50 | ) | 17.73 | 19.04 | 7.43 | 23.17 | † | ||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 16,436 | 28,896 | 34,951 | 39,174 | 43,603 | 57,140 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver(2) | % | 2.50 | 2.53 | 2.53 | 2.55 | 2.44 | 2.44 | |||||||||||||||||||
Net expenses after expense waiver(2)(3) | % | 2.25 | †† | 2.25 | †† | 2.25 | 2.25 | 2.35 | 2.44 | |||||||||||||||||
Net investment loss after expense waiver(2)(3) | % | (1.34 | )†† | (1.14 | )†† | (1.61 | ) | (1.88 | ) | (2.09 | ) | (2.06 | ) | |||||||||||||
Portfolio turnover rate | % | 87 | 112 | 78 | 87 | 62 | 60 | |||||||||||||||||||
Class I | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 35.05 | 35.51 | 29.82 | 24.73 | 22.76 | 18.27 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | (0.02 | ) | 0.00 | ** | (0.13 | )* | (0.18 | )* | (0.21 | ) | (0.23 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (13.38 | ) | (0.46 | ) | 5.82 | 5.27 | 2.18 | 4.72 | |||||||||||||||||
Total from investment operations | $ | (13.40 | ) | (0.46 | ) | 5.69 | 5.09 | 1.97 | 4.49 | |||||||||||||||||
Net asset value, end of period | $ | 21.65 | 35.05 | 35.51 | 29.82 | 24.73 | 22.76 | |||||||||||||||||||
Total Return(1) | % | (38.23 | ) | (1.30 | ) | 19.08 | 20.58 | 8.66 | 24.58 | † | ||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 5,039 | 7,198 | 4,186 | 2,727 | 13,359 | 11,526 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver(2) | % | 1.31 | 1.34 | 1.34 | 1.34 | 1.28 | 1.31 | |||||||||||||||||||
Net expenses after expense waiver(2)(3) | % | 1.06 | †† | 1.06 | †† | 1.06 | 1.04 | 1.17 | 1.31 | |||||||||||||||||
Net investment income (loss) after expense waiver(2)(3) | % | (0.14 | )†† | 0.00 | ††** | (0.42 | ) | (0.65 | ) | (0.91 | ) | (1.37 | ) | |||||||||||||
Portfolio turnover rate | % | 87 | 112 | 78 | 87 | 62 | 60 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions 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) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005 or 0.005%. | |
† | In 2004, the Sub-Adviser fully reimbursed the Fund for a loss on an investment transaction, which otherwise would have had a 0.06% impact on Class C and Class I total returns. Excluding the reimbursements, the total returns would have been 23.11% and 24.52% for Class C and Class I, respectively. | |
†† | 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. |
51
Table of Contents
Class Q | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 34.51 | 35.05 | 29.50 | 24.54 | 22.64 | 18.22 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment loss | $ | (0.07 | ) | (0.07 | ) | (0.21 | )* | (0.26 | )* | (0.27 | )* | (0.29 | )* | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (13.15 | ) | (0.47 | ) | 5.76 | 5.22 | 2.17 | 4.71 | |||||||||||||||||
Total from investment operations | $ | (13.22 | ) | (0.54 | ) | 5.55 | 4.96 | 1.90 | 4.42 | |||||||||||||||||
Net asset value, end of period | $ | 21.29 | 34.51 | 35.05 | 29.50 | 24.54 | 22.64 | |||||||||||||||||||
Total Return(1) | % | (38.31 | ) | (1.54 | ) | 18.81 | 20.21 | 8.39 | 24.26 | † | ||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 67 | 135 | 150 | 186 | 243 | 463 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver(2) | % | 1.56 | 1.59 | 1.59 | 1.59 | 1.56 | 1.57 | |||||||||||||||||||
Net expenses after expense waiver(2)(3) | % | 1.31 | ** | 1.31 | ** | 1.31 | 1.30 | 1.45 | 1.57 | |||||||||||||||||
Net investment loss after expense waiver(2)(3) | % | (0.41 | )** | (0.21 | )** | (0.67 | ) | (0.93 | ) | (1.19 | ) | (1.36 | ) | |||||||||||||
Portfolio turnover rate | % | 87 | 112 | 78 | 87 | 62 | 60 | |||||||||||||||||||
Class W | ||||||||||
Six Months | December 17, | |||||||||
Ended | 2007(4) to | |||||||||
November 30, | May 31, | |||||||||
2008 | 2008 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value, beginning of period | $ | 34.99 | 33.51 | |||||||
Income (loss) from investment operations: | �� | |||||||||
Net investment loss | $ | (0.01 | )* | (0.06 | ) | |||||
Net realized and unrealized gain (loss) on investments | $ | (13.40 | ) | 1.54 | ||||||
Total from investment operations | $ | (13.41 | ) | 1.48 | ||||||
Net asset value, end of period | $ | 21.58 | 34.99 | |||||||
Total Return(1) | % | (38.33 | ) | 4.42 | ||||||
Ratios and Supplemental Data: | ||||||||||
Net assets, end of period (000’s) | $ | 155 | 1 | |||||||
Ratios to average net assets: | ||||||||||
Gross expenses prior to expense waiver(2) | % | 1.31 | 1.31 | |||||||
Net expenses after expense waiver(2)(3) | % | 1.06 | ** | 1.03 | ** | |||||
Net investment loss after expense waiver(2)(3) | % | (0.11 | )** | (0.42 | )** | |||||
Portfolio turnover rate | % | 87 | 112 | |||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year are not annualized. | |
(2) | Annualized for periods less than one year. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
(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 loss ratio. | |
† | In 2004, the Sub-Adviser fully reimbursed the Fund for a loss on an investment transaction, which otherwise would have had a 0.11% impact on Class Q total returns. Excluding the reimbursements, the total returns would have been 24.15%. |
52
Table of Contents
Class A | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.12 | 24.88 | 23.23 | 22.21 | 22.03 | 19.24 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.15 | 0.26 | * | 0.24 | 0.23 | 0.16 | 0.09 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (6.28 | ) | (5.88 | ) | 4.02 | 3.00 | 1.58 | 3.60 | |||||||||||||||||
Total from investment operations | $ | (6.13 | ) | (5.62 | ) | 4.26 | 3.23 | 1.74 | 3.69 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | — | 0.28 | 0.26 | 0.22 | 0.08 | 0.08 | |||||||||||||||||||
Net realized gains from investments | $ | — | 2.86 | 2.35 | 1.99 | 1.48 | 0.82 | |||||||||||||||||||
Total distributions | $ | — | 3.14 | 2.61 | 2.21 | 1.56 | 0.90 | |||||||||||||||||||
Net asset value, end of period | $ | 9.99 | 16.12 | 24.88 | 23.23 | 22.21 | 22.03 | |||||||||||||||||||
Total Return(1) | % | (38.03 | ) | (23.49 | ) | 18.80 | 14.71 | 7.97 | 19.57 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 98,106 | 166,165 | 254,699 | 215,382 | 182,802 | 193,392 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver(2) | % | 1.50 | 1.46 | 1.32 | 1.29 | 1.27 | 1.41 | |||||||||||||||||||
Net expenses after expense waiver(2)(3) | % | 1.39 | † | 1.36 | ** | 1.22 | 1.19 | 1.17 | 1.41 | |||||||||||||||||
Net investment income after expense waiver(2)(3) | % | 2.07 | † | 1.31 | ** | 0.99 | 0.99 | 0.69 | 0.40 | |||||||||||||||||
Portfolio turnover rate | % | 18 | 37 | 36 | 26 | 27 | 35 | |||||||||||||||||||
Class B | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
November 30, | Year Ended May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.93 | 24.51 | 22.86 | 21.87 | 21.79 | 19.12 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 0.09 | * | 0.10 | * | 0.05 | * | 0.05 | * | (0.01 | ) | (0.08 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (6.18 | ) | (5.80 | ) | 3.95 | 2.95 | 1.57 | 3.57 | |||||||||||||||||
Total from investment operations | $ | (6.09 | ) | (5.70 | ) | 4.00 | 3.00 | 1.56 | 3.49 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | — | 0.02 | — | 0.02 | — | — | |||||||||||||||||||
Net realized gains from investments | $ | — | 2.86 | 2.35 | 1.99 | 1.48 | 0.82 | |||||||||||||||||||
Total distributions | $ | — | 2.88 | 2.35 | 2.01 | 1.48 | 0.82 | |||||||||||||||||||
Net asset value, end of period | $ | 9.84 | 15.93 | 24.51 | 22.86 | 21.87 | 21.79 | |||||||||||||||||||
Total Return(1) | % | (38.23 | ) | (24.14 | ) | 17.89 | 13.81 | 7.21 | 18.60 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 6,754 | 13,940 | 33,007 | 63,738 | 106,874 | 127,364 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses before expense waiver(2) | % | 2.15 | 2.11 | 1.97 | 1.94 | 1.92 | 2.16 | |||||||||||||||||||
Net expenses after expense waiver(2) | % | 2.14 | † | 2.11 | ** | 1.97 | 1.94 | 1.92 | 2.16 | |||||||||||||||||
Net investment income (loss) after expense waiver(2) | % | 1.31 | † | 0.48 | ** | 0.20 | 0.21 | (0.06 | ) | (0.36 | ) | |||||||||||||||
Portfolio turnover rate | % | 18 | 37 | 36 | 26 | 27 | 35 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year are not annualized. | |
(2) | Annualized for periods less than one year. | |
(3) | ING Funds Distributor, LLC has contractually agreed to waive 0.10% of the Distribution Fee for Class A shares of Financial Services. | |
* | 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. | |
† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund has more than 0.005% impact on the expense ratio and the net investment income or loss ratio. |
53
Table of Contents
Class C | ||||||||||||||||||||||
Six Months | August 24, | |||||||||||||||||||||
Ended | 2004(1) to | |||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.37 | 23.96 | 22.53 | 21.78 | 21.78 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.08 | * | 0.16 | * | 0.06 | * | 0.08 | * | 0.09 | ||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (5.95 | ) | (5.68 | ) | 3.88 | 2.93 | 1.49 | ||||||||||||||
Total from investment operations | $ | (5.87 | ) | (5.52 | ) | 3.94 | 3.01 | 1.58 | ||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | — | 0.21 | 0.16 | 0.27 | 0.10 | ||||||||||||||||
Net realized gains from investments | $ | — | 2.86 | 2.35 | 1.99 | 1.48 | ||||||||||||||||
Total distributions | $ | — | 3.07 | 2.51 | 2.26 | 1.58 | ||||||||||||||||
Net asset value, end of period | $ | 9.50 | 15.37 | 23.96 | 22.53 | 21.78 | ||||||||||||||||
Total Return(2) | % | (38.19 | ) | (24.02 | ) | 17.90 | 13.97 | 7.29 | ||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 3,236 | 4,007 | 1,256 | 1,311 | 13 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses before expense waiver(3) | % | 2.15 | 2.11 | 1.97 | 1.94 | 1.92 | ||||||||||||||||
Net expenses after expense waiver(3) | % | 2.14 | † | 2.11 | ** | 1.97 | 1.94 | 1.92 | ||||||||||||||
Net investment income after expense waiver(3) | % | 1.32 | † | 0.90 | ** | 0.24 | 0.35 | 0.12 | ||||||||||||||
Portfolio turnover rate | % | 18 | 37 | 36 | 26 | 27 | ||||||||||||||||
Class O | ||||||||||||||||||||||
Six Months | September 15, | |||||||||||||||||||||
Ended | 2004(1) to | |||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.99 | 24.73 | 23.13 | 22.15 | 22.67 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.14 | * | 0.26 | * | 0.25 | * | 0.22 | 0.17 | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (6.22 | ) | (5.84 | ) | 3.98 | 3.00 | 0.92 | ||||||||||||||
Total from investment operations | $ | (6.08 | ) | (5.58 | ) | 4.23 | 3.22 | 1.09 | ||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | — | 0.30 | 0.28 | 0.25 | 0.13 | ||||||||||||||||
Net realized gains from investments | $ | — | 2.86 | 2.35 | 1.99 | 1.48 | ||||||||||||||||
Total distributions | $ | — | 3.16 | 2.63 | 2.24 | 1.61 | ||||||||||||||||
Net asset value, end of period | $ | 9.91 | 15.99 | 24.73 | 23.13 | 22.15 | ||||||||||||||||
Total Return(2) | % | (38.02 | ) | (23.51 | ) | 18.77 | 14.68 | 4.90 | ||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 12,387 | 19,364 | 23,459 | 9,659 | 3,658 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses before expense waiver(3) | % | 1.40 | 1.36 | 1.22 | 1.19 | 1.17 | ||||||||||||||||
Net expenses after expense waiver(3) | % | 1.39 | † | 1.36 | ** | 1.22 | 1.19 | 1.17 | ||||||||||||||
Net investment income after expense waiver(3) | % | 2.07 | † | 1.35 | ** | 1.03 | 1.03 | 0.80 | ||||||||||||||
Portfolio turnover rate | % | 18 | 37 | 36 | 26 | 27 | ||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total returns for periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
* | 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. | |
† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has more than a 0.005% impact on the expense ratio and net investment income ratio. |
54
Table of Contents
Class A | ||||||||||||||||||||||
Six Months | February 1, | |||||||||||||||||||||
Ended | 2005(1) to | |||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.52 | 14.36 | 12.48 | 9.57 | 10.00 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income (loss) | $ | 0.04 | 0.06 | 0.05 | ** | (0.00 | )* ** | (0.00 | )* | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (5.13 | ) | (2.35 | ) | 2.15 | 3.04 | (0.43 | ) | |||||||||||||
Total from investment operations | $ | (5.09 | ) | (2.29 | ) | 2.20 | 3.04 | (0.43 | ) | |||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | — | 0.05 | 0.02 | 0.05 | — | ||||||||||||||||
Net realized gains from investments | $ | — | 0.50 | 0.30 | 0.08 | — | ||||||||||||||||
Total distributions | $ | — | 0.55 | 0.32 | 0.13 | — | ||||||||||||||||
Net asset value, end of period | $ | 6.43 | 11.52 | 14.36 | 12.48 | 9.57 | ||||||||||||||||
Total Return(2) | % | (44.18 | ) | (16.05 | ) | 17.82 | 31.90 | (4.30 | ) | |||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 21,200 | 43,371 | 72,290 | 21,127 | 3,976 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver and brokerage commission recapture(3) | % | 1.91 | 1.93 | 1.65 | 2.14 | 4.73 | ||||||||||||||||
Net expenses after expense waiver and prior to brokerage commission recapture(3)(4) | % | 1.50 | † | 1.50 | 1.50 | 1.54 | 1.50 | |||||||||||||||
Net expenses after expense waiver and brokerage commission recapture(3)(4) | % | 1.47 | † | 1.49 | 1.47 | 1.50 | 1.50 | |||||||||||||||
Net investment income (loss) after expense waiver and brokerage commission recapture(3)(4) | % | 0.66 | † | 0.47 | 0.42 | (0.01 | ) | (0.18 | ) | |||||||||||||
Portfolio turnover rate | % | 31 | 67 | 28 | 36 | 14 | ||||||||||||||||
Class B | ||||||||||||||||||||||
Six Months | February 1, | |||||||||||||||||||||
Ended | 2005(1) to | |||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.32 | 14.18 | 12.41 | 9.55 | 10.00 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment loss | $ | (0.00 | )* | (0.04 | ) | (0.08 | )** | (0.08 | ) | (0.01 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments | $ | (5.02 | ) | (2.32 | ) | 2.15 | 3.02 | (0.44 | ) | |||||||||||||
Total from investment operations | $ | (5.02 | ) | (2.36 | ) | 2.07 | 2.94 | (0.45 | ) | |||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | — | — | — | (0.00 | )* | — | |||||||||||||||
Net realized gains from investments | $ | — | 0.50 | 0.30 | 0.08 | — | ||||||||||||||||
Total distributions | $ | — | 0.50 | 0.30 | 0.08 | — | ||||||||||||||||
Net asset value, end of period | $ | 6.30 | 11.32 | 14.18 | 12.41 | 9.55 | ||||||||||||||||
Total Return(2) | % | (44.35 | ) | (16.70 | ) | 16.86 | 30.91 | (4.50 | ) | |||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 1,241 | 2,643 | 4,497 | 2,187 | 591 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver and brokerage commission recapture(3) | % | 2.66 | 2.68 | 2.40 | 2.87 | 5.48 | ||||||||||||||||
Net expenses after expense waiver and prior to brokerage commission recapture(3)(4) | % | 2.25 | † | 2.25 | 2.25 | 2.29 | 2.25 | |||||||||||||||
Net expenses after expense waiver and brokerage commission recapture(3)(4) | % | 2.22 | † | 2.24 | 2.22 | 2.25 | 2.25 | |||||||||||||||
Net investment loss after expense waiver and brokerage commission recapture(3)(4) | % | (0.09 | )† | (0.28 | ) | (0.69 | ) | (0.75 | ) | (0.93 | ) | |||||||||||
Portfolio turnover rate | % | 31 | 67 | 28 | 36 | 14 | ||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Amount is more than $(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 ratio. |
55
Table of Contents
Class C | ||||||||||||||||||||||
Six Months | February 2, | |||||||||||||||||||||
Ended | 2005(1) to | |||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.33 | 14.19 | 12.42 | 9.56 | 10.05 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment loss | $ | (0.00 | )*,** | (0.04 | ) | (0.06 | )* | (0.08 | ) | (0.01 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments | $ | (5.03 | ) | (2.32 | ) | 2.13 | 3.03 | (0.48 | ) | |||||||||||||
Total from investment operations | $ | (5.03 | ) | (2.36 | ) | 2.07 | 2.95 | (0.49 | ) | |||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | — | — | — | 0.01 | — | ||||||||||||||||
Net realized gains from investments | $ | — | 0.50 | 0.30 | 0.08 | — | ||||||||||||||||
Total distributions | $ | — | 0.50 | 0.30 | 0.09 | — | ||||||||||||||||
Net asset value, end of period | $ | 6.30 | 11.33 | 14.19 | 12.42 | 9.56 | ||||||||||||||||
Total Return(2) | % | (44.40 | ) | (16.69 | ) | 16.85 | 30.97 | (4.88 | ) | |||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 3,971 | 9,044 | 16,264 | 6,803 | 1,517 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver and brokerage commission recapture(3) | % | 2.66 | 2.68 | 2.40 | 2.87 | 5.48 | ||||||||||||||||
Net expenses after expense waiver and prior to brokerage commission recapture(3)(4) | % | 2.25 | † | 2.25 | 2.25 | 2.29 | 2.25 | |||||||||||||||
Net expenses after expense waiver and brokerage commission recapture(3)(4) | % | 2.22 | † | 2.24 | 2.22 | 2.25 | 2.25 | |||||||||||||||
Net investment loss after expense waiver and brokerage commission recapture(3)(4) | % | (0.09 | )† | (0.28 | ) | (0.58 | ) | (0.75 | ) | (0.91 | ) | |||||||||||
Portfolio turnover rate | % | 31 | 67 | 28 | 36 | 14 | ||||||||||||||||
Class I | Class W | |||||||||||||||||||||||||
Six Months | June 9, | Six Months | December 17, | |||||||||||||||||||||||
Ended | Year Ended | 2005(1) to | Ended | 2007(1) to | ||||||||||||||||||||||
November 30, | May 31, | May 31, | November 30, | May 31, | ||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2008 | 2008 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.56 | 14.39 | 12.50 | 9.80 | 12.09 | 12.11 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.06 | * | 0.10 | * | 0.05 | 0.05 | * | 0.06 | * | 0.05 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (5.14 | ) | (2.35 | ) | 2.17 | 2.80 | (5.39 | ) | (0.07 | ) | |||||||||||||||
Total from investment operations | $ | (5.08 | ) | (2.25 | ) | 2.22 | 2.85 | (5.33 | ) | (0.02 | ) | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | — | 0.08 | 0.03 | 0.07 | — | — | |||||||||||||||||||
Net realized gains from investments | $ | — | 0.50 | 0.30 | 0.08 | — | — | |||||||||||||||||||
Total distributions | $ | — | 0.58 | 0.33 | 0.15 | — | — | |||||||||||||||||||
Net asset value, end of period | $ | 6.48 | 11.56 | 14.39 | 12.50 | 6.76 | 12.09 | |||||||||||||||||||
Total Return(2) | % | (43.94 | ) | (15.72 | ) | 18.00 | 29.26 | (44.09 | ) | (0.17 | ) | |||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 2,431 | 10,864 | 9,930 | 3,333 | 20 | 1 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver and brokerage commission recapture(3) | % | 1.41 | 1.58 | 1.34 | 1.75 | 1.41 | 1.53 | |||||||||||||||||||
Net expenses after expense waiver and prior to brokerage commission recapture(3)(4) | % | 1.00 | † | 1.15 | 1.19 | 1.15 | 1.00 | † | 1.10 | |||||||||||||||||
Net expenses after expense waiver and brokerage commission recapture(3)(4) | % | 0.97 | † | 1.14 | 1.16 | 1.11 | 0.97 | † | 1.09 | |||||||||||||||||
Net investment income after expense waiver and brokerage commission recapture(3)(4) | % | 1.15 | † | 0.81 | 0.40 | 0.42 | 1.37 | † | 0.96 | |||||||||||||||||
Portfolio turnover rate | % | 31 | 67 | 28 | 36 | 31 | 67 | |||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is more than $(0.005). | |
† | 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. |
56
Table of Contents
Class A | ||||||||||||||||||||||
Six Months | February 1, | |||||||||||||||||||||
Ended | 2005(1) to | |||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.78 | 16.01 | 13.43 | 9.97 | 10.00 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.05 | 0.08 | 0.13 | ** | 0.10 | ** | 0.00 | * | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (6.16 | ) | (0.30 | ) | 3.13 | 3.51 | (0.03 | ) | |||||||||||||
Total from investment operations | $ | (6.11 | ) | (0.22 | ) | 3.26 | 3.61 | (0.03 | ) | |||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | 0.07 | 0.05 | 0.09 | 0.04 | — | ||||||||||||||||
Net realized gains from investments | $ | 0.26 | 0.96 | 0.59 | 0.11 | — | ||||||||||||||||
Total distributions | $ | 0.33 | 1.01 | 0.68 | 0.15 | — | ||||||||||||||||
Net asset value, end of period | $ | 8.34 | 14.78 | 16.01 | 13.43 | 9.97 | ||||||||||||||||
Total Return(2) | % | (42.04 | ) | (1.32 | ) | 24.60 | 36.48 | (0.30 | ) | |||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 139,600 | 233,062 | 216,598 | 39,931 | 3,598 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver and brokerage commission recapture(3) | % | 1.55 | 1.65 | 1.59 | 1.86 | 4.95 | ||||||||||||||||
Net expenses after expense waiver and prior to brokerage commission recapture(3)(4) | % | 1.40 | † | 1.44 | 1.50 | 1.51 | 1.50 | |||||||||||||||
Net expenses after expense waiver and brokerage commission recapture(3)(4) | % | 1.39 | † | 1.43 | 1.49 | 1.50 | 1.50 | |||||||||||||||
Net investment income after expense waiver and brokerage commission recapture(3)(4) | % | 0.94 | † | 0.59 | 0.90 | 0.84 | 0.23 | |||||||||||||||
Portfolio turnover rate | % | 38 | 74 | 35 | 27 | 10 | ||||||||||||||||
Class B | ||||||||||||||||||||||
Six Months | February 1, | |||||||||||||||||||||
Ended | 2005(1) to | |||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.60 | 15.89 | 13.35 | 9.95 | 10.00 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income (loss) | $ | 0.01 | (0.03 | ) | 0.03 | ** | 0.00 | * ** | (0.01 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (6.09 | ) | (0.30 | ) | 3.10 | 3.52 | (0.04 | ) | |||||||||||||
Total from investment operations | $ | (6.08 | ) | (0.33 | ) | 3.13 | 3.52 | (0.05 | ) | |||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | — | — | — | 0.01 | — | ||||||||||||||||
Net realized gains from investments | $ | 0.26 | 0.96 | 0.59 | 0.11 | — | ||||||||||||||||
Total distributions | $ | 0.26 | 0.96 | 0.59 | 0.12 | — | ||||||||||||||||
Net asset value, end of period | $ | 8.26 | 14.60 | 15.89 | 13.35 | 9.95 | ||||||||||||||||
Total Return(2) | % | (42.21 | ) | (2.06 | ) | 23.69 | 35.54 | (0.50 | ) | |||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 20,216 | 35,145 | 45,163 | 6,538 | 1,107 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver and brokerage commission recapture(3) | % | 2.30 | 2.40 | 2.34 | 2.61 | 5.70 | ||||||||||||||||
Net expenses after expense waiver and prior to brokerage commission recapture(3)(4) | % | 2.15 | † | 2.19 | 2.25 | 2.26 | 2.25 | |||||||||||||||
Net expenses after expense waiver and brokerage commission recapture(3)(4) | % | 2.14 | † | 2.18 | 2.24 | 2.25 | 2.25 | |||||||||||||||
Net investment income (loss) after expense waiver and brokerage commission recapture(3)(4) | % | 0.20 | † | (0.19 | ) | 0.18 | 0.05 | (0.48 | ) | |||||||||||||
Portfolio turnover rate | % | 38 | 74 | 35 | 27 | 10 | ||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Amount is less than $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 ratio. |
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Class C | ||||||||||||||||||||||
Six Months | February 7, | |||||||||||||||||||||
Ended | 2005(1) to | |||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.59 | 15.88 | 13.34 | 9.94 | 9.94 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income (loss) | $ | 0.01 | (0.03 | ) | 0.02 | ** | 0.01 | ** | (0.00 | )* | ||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (6.09 | ) | (0.30 | ) | 3.11 | 3.51 | 0.00 | * | |||||||||||||
Total from investment operations | $ | (6.08 | ) | (0.33 | ) | 3.13 | 3.52 | 0.00 | * | |||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | — | — | — | 0.01 | — | ||||||||||||||||
Net realized gains from investments | $ | 0.26 | 0.96 | 0.59 | 0.11 | — | ||||||||||||||||
Total distributions | $ | 0.26 | 0.96 | 0.59 | 0.12 | — | ||||||||||||||||
Net asset value, end of period | $ | 8.25 | 14.59 | 15.88 | 13.34 | 9.94 | ||||||||||||||||
Total Return(2) | % | (42.23 | ) | (2.06 | ) | 23.71 | 35.62 | 0.00 | * | |||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 50,635 | 80,729 | 87,992 | 21,549 | 2,012 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver and brokerage commission recapture(3) | % | 2.30 | 2.40 | 2.34 | 2.61 | 5.70 | ||||||||||||||||
Net expenses after expense waiver and prior to brokerage commission recapture(3)(4) | % | 2.15 | † | 2.19 | 2.25 | 2.26 | 5.70 | |||||||||||||||
Net expenses after expense waiver and brokerage commission recapture(3)(4) | % | 2.14 | † | 2.18 | 2.24 | 2.25 | 2.25 | |||||||||||||||
Net investment income (loss) after expense waiver and brokerage commission recapture(3)(4) | % | 0.21 | † | (0.18 | ) | 0.15 | 0.05 | (0.42 | ) | |||||||||||||
Portfolio turnover rate | % | 38 | 74 | 35 | 27 | 10 | ||||||||||||||||
Class I | Class O | Class W | ||||||||||||||||||||||||||||
Six Months | September 15, | June 4 | Six Months | December 17, | ||||||||||||||||||||||||||
Ended | Year Ended | 2005(1) to | 2008(1) to | Ended | 2007(1) to | |||||||||||||||||||||||||
November 30, | May 31, | May 31, | November 30, | November 30, | May 31, | |||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2008 | 2008 | 2008 | ||||||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.91 | 16.12 | 13.43 | 11.18 | 14.63 | 15.94 | 15.70 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||
Net investment income | $ | 0.08 | 0.18 | ** | 0.30 | ** | 0.14 | ** | 0.10 | 0.06 | 0.07 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (6.23 | ) | (0.35 | ) | 3.02 | 2.28 | (6.06 | ) | (6.63 | ) | 0.17 | ||||||||||||||||||
Total from investment operations | $ | (6.15 | ) | (0.17 | ) | 3.32 | 2.42 | (5.96 | ) | (6.57 | ) | 0.24 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||||||
Net investment income | $ | 0.09 | 0.08 | 0.04 | 0.06 | 0.09 | 0.09 | — | ||||||||||||||||||||||
Net realized gains from investments | $ | 0.26 | 0.96 | 0.59 | 0.11 | 0.26 | 0.26 | — | ||||||||||||||||||||||
Total distributions | $ | 0.35 | 1.04 | 0.63 | 0.17 | 0.35 | 0.35 | — | ||||||||||||||||||||||
Net asset value, end of period | $ | 8.41 | 14.91 | 16.12 | 13.43 | 8.32 | 9.02 | 15.94 | ||||||||||||||||||||||
Total Return(2) | % | (41.98 | ) | (1.03 | ) | 24.99 | 21.87 | (41.50 | ) | (41.90 | ) | 1.53 | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 3,671 | 3,824 | 758 | 6 | 246 | 4,671 | 2,655 | ||||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||||||
Gross expenses prior to expense waiver and brokerage commission recapture(3) | % | 1.19 | 1.28 | 1.27 | 2.11 | 1.55 | 1.19 | 1.28 | ||||||||||||||||||||||
Net expenses after expense waiver and prior to brokerage commission recapture(3)(4) | % | 1.15 | † | 1.07 | 1.18 | 1.63 | 1.40 | † | 1.15 | † | 1.07 | |||||||||||||||||||
Net expenses after expense waiver and brokerage commission recapture(3)(4) | % | 1.14 | † | 1.06 | 1.17 | 1.61 | 1.39 | † | 1.14 | † | 1.06 | |||||||||||||||||||
Net investment income after expense waiver and brokerage commission recapture(3)(4) | % | 1.38 | † | 1.18 | 2.00 | 1.58 | 2.06 | † | 1.41 | † | 1.32 | |||||||||||||||||||
Portfolio turnover rate | % | 38 | 74 | 35 | 27 | 38 | 38 | 74 | ||||||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Amount is less than $0.005 or 0.005% or more than $(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 ratio. |
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NOTES TO FINANCIAL STATEMENTS as of November 30, 2008 (Unaudited) |
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 will be 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 are valued at prices obtained from independent services or from one or more dealers making markets in the securities and may be adjusted based on the Funds’ valuation procedures. 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. |
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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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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 | |
Fundamental Research | Real Estate | |
LargeCap Growth | Equity Dividend | |
MidCap Opportunities | ||
Opportunistic LargeCap | ||
SmallCap Opportunities | ||
Financial Services | ||
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 the funds 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 |
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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. Each 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. Each 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. There would be potential loss to a Fund in the event the Fund is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral. |
I. | Options Contracts. Each Fund, may purchase put and call options. Each Fund may write (sell) put options. Each Fund, except Financial Services may write covered call options. The Funds may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the premium received by the Funds upon the writing of a put or call option is included in the Statements of Assets and Liabilities as a liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Funds will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that the Funds give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Funds pay a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract. |
J. | Securities Lending. Each Fund has the option to temporarily loan securities representing up to 30% 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. |
K. | Organization Expenses and Offering Costs. Costs incurred with the organization of the Funds are expensed as incurred. Costs incurred with the offering of shares of the Funds are deferred and amortized over a period of twelve months. |
L. | 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 |
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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. |
M. | When-Issued and Delayed-Delivery Transactions. Each Fund may purchase or sell securities on a when-issued basis. Each Fund, except Financial Services, may enter into forward commitments. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The market value of such is identified in each Fund’s Portfolio of Investments. Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Funds are required to segregate liquid assets with the Funds’ custodian sufficient to cover the purchase price. |
N. | Mortgage Dollar Roll Transactions. In connection with a Fund’s ability to purchase or sell securities on a when-issued basis, certain Funds may engage in dollar roll transactions with respect to mortgage-backed securities issued by Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corp. In a dollar roll transaction, a Fund sells a mortgage-backed security to a financial institution, such as a bank or broker/dealer, and simultaneously agrees to repurchase a substantially similar (i.e., same type, coupon, and maturity) security from the institution on a delayed delivery basis at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories. The Funds account for dollar roll transactions as purchases and sales. |
O. | Swap Agreements. Certain funds may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). The swap agreement will specify the “notional” amount of the asset or non-asset reference to which the contract relates. Subsequent changes in market value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. A Fund may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported following each Fund’s Portfolio of Investments. |
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P. | 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. |
Non U.S. Government | ||||||||
Purchases | Sales | |||||||
Real Estate | $ | 434,451,978 | $ | 226,470,349 | ||||
Equity Dividend | 2,735,899 | 2,207,374 | ||||||
Fundamental Research | 17,160,987 | 20,514,925 | ||||||
LargeCap Growth | 54,347,741 | 70,649,347 | ||||||
MidCap Opportunities | 190,733,065 | 199,731,559 | ||||||
Opportunistic LargeCap | 31,364,500 | 37,078,205 | ||||||
SmallCap Opportunities | 141,524,888 | 111,180,527 | ||||||
Financial Services | 27,809,469 | 29,739,226 | ||||||
SmallCap Value Multi-Manager | 15,132,262 | 25,774,668 | ||||||
Value Choice | 160,275,647 | 115,066,813 |
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As a Percent of | ||
Average Net Assets | ||
Real Estate | 0.70% | |
Equity Dividend | 0.65% | |
Fundamental Research | 0.70% on first $500 million; 0.65% on next $500 million; and 0.60% in excess of $1 billion | |
LargeCap Growth | 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 | |
Financial Services | 1.00% on first $30 million; 0.75% on next $95 million; and 0.70% in excess of $125 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% |
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Fund | Amount | |||
Real Estate | $ | 2,586 | ||
Equity Dividend | 43 | |||
Fundamental Research | 82 | |||
LargeCap Growth | 495 | |||
MidCap Opportunities | 1,531 | |||
Opportunistic LargeCap | 37 | |||
SmallCap Opportunities | 1,199 | |||
Financial Services | 4,024 | |||
SmallCap Value Multi-Manager | 127 | |||
Value Choice | 1,891 |
Classes B | ||||||||||||||||
Class A | and C | Class O | Class Q | |||||||||||||
Real Estate | 0.25 | % | 1.00 | % | 0.25 | % | 0.25 | % | ||||||||
Equity Dividend | 0.25 | % | 1.00 | % | n/a | n/a | ||||||||||
Fundamental Research | 0.25 | % | 1.00 | % | n/a | n/a | ||||||||||
LargeCap Growth | 0.35 | % | 1.00 | % | n/a | 0.25 | % | |||||||||
MidCap Opportunities(1) | 0.30 | % | 1.00 | % | 0.25 | % | 0.25 | % | ||||||||
Opportunistic LargeCap | 0.25 | % | 1.00 | % | n/a | n/a | ||||||||||
SmallCap Opportunities(1) | 0.30 | % | 1.00 | % | n/a | 0.25 | % | |||||||||
Financial Services(1) | 0.35 | % | 1.00 | % | 0.25 | % | n/a | |||||||||
SmallCap Value Multi-Manager | 0.25 | % | 1.00 | % | n/a | n/a | ||||||||||
Value Choice(2) | 0.25 | % | 1.00 | % | 0.25 | % | n/a |
(1) | ING Funds Distributor, LLC has contractually agreed to waive 0.10% of the Distribution Fee for Class A shares of Financial Services through October 1, 2009. Effective January 1, 2008, ING Funds Distributor, LLC has also contractually agreed to waive 0.05% of the Distribution Fee for Class A shares of MidCap Opportunities and SmallCap Opportunities through December 31, 2008. |
(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, except for Class O shares which is through October 1, 2010. |
Class A | Class B | Class C | ||||||||||
Initial Sales Charges: | Shares | Shares | Shares | |||||||||
Real Estate | $ | 6,876 | N/A | N/A | ||||||||
Equity Dividend | 3,192 | N/A | N/A | |||||||||
Fundamental Research | 101 | N/A | N/A | |||||||||
LargeCap Growth | 3,785 | N/A | N/A | |||||||||
MidCap Opportunities | 6,437 | N/A | N/A | |||||||||
Opportunistic LargeCap | 1,753 | N/A | N/A | |||||||||
SmallCap Opportunities | 3,065 | N/A | N/A | |||||||||
Financial Services | 13,318 | N/A | N/A | |||||||||
SmallCap Value Multi-Manager | 1,156 | N/A | N/A | |||||||||
Value Choice | 41,998 | N/A | N/A |
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Contingent Deferred | Class A | Class B | Class C | |||||||||
Sales Charges: | Shares | Shares | Shares | |||||||||
Real Estate | $ | — | N/A | $ | 311 | |||||||
Equity Dividend | — | N/A | 10 | |||||||||
Fundamental Research | — | N/A | 9 | |||||||||
LargeCap Growth | 99 | N/A | 827 | |||||||||
MidCap Opportunities | 41 | N/A | 687 | |||||||||
Opportunistic LargeCap | 781 | N/A | 52 | |||||||||
SmallCap Opportunities | 1 | N/A | 93 | |||||||||
Financial Services | — | N/A | 1,902 | |||||||||
SmallCap Value Multi-Manager | 381 | N/A | 699 | |||||||||
Value Choice | 695 | N/A | 8,627 |
Accrued | ||||||||||||||||
Accrued | Shareholder | |||||||||||||||
Investment | Accrued | Service and | ||||||||||||||
Management | Administrative | Distribution | ||||||||||||||
Fund | Fees | Fees | Fees | Total | ||||||||||||
Real Estate | $ | 215,720 | $ | 30,916 | $ | 20,600 | $ | 267,236 | ||||||||
Equity Dividend | 1,971 | 314 | 840 | 3,125 | ||||||||||||
Fundamental Research | 9,194 | 1,318 | 7,909 | 18,421 | ||||||||||||
LargeCap Growth | 50,961 | 6,811 | 39,098 | 96,870 | ||||||||||||
MidCap Opportunities | 95,097 | 12,690 | 68,924 | 176,711 | ||||||||||||
Opportunistic LargeCap | 12,675 | 1,811 | 6,186 | 20,672 | ||||||||||||
SmallCap Opportunities | 74,793 | 8,321 | 33,722 | 116,836 | ||||||||||||
Financial Services | 80,381 | — | 31,204 | 111,585 | ||||||||||||
SmallCap Value Multi-Manager | 22,685 | 2,409 | 8,732 | 33,826 | ||||||||||||
Value Choice | 160,518 | 17,927 | 74,812 | 253,257 |
Subsidiary | Fund | Percentage | ||||
ING Life Insurance and Annuity Company | Real Estate | 11.67 | % | |||
Equity Dividend | 85.27 | % | ||||
Fundamental Research | 9.20 | % | ||||
Small Cap Value Multi-Manager | 16.44 | % | ||||
Opportunistic LargeCap | 11.93 | % | ||||
ING National Trust | Real Estate | 7.11 | % | |||
LargeCap Growth | 5.97 | % | ||||
Opportunistic LargeCap | 16.50 | % | ||||
Reliance Trust Company | LargeCap Growth | 6.32 | % |
Fund | Accrued Expenses | Amount | ||||||
Financial Services | Accrued Transfer Agent | $ | 33,569 | |||||
Accrued Printing | 46,568 |
Class | Class | Class | Class | Class | Class | Class | ||||||||||||||||||||||
A | B | C | I | O | Q | W | ||||||||||||||||||||||
Real Estate | 1.45% | 2.20% | 2.20% | 1.00% | 1.45% | 1.45% | 1.20% | |||||||||||||||||||||
Equity Dividend | 1.25% | 2.00% | 2.00% | n/a | n/a | n/a | n/a | |||||||||||||||||||||
Fundamental Research | 1.25% | 2.00% | 2.00% | 1.00% | n/a | n/a | n/a | |||||||||||||||||||||
LargeCap Growth | 1.45% | 2.10% | 2.10% | 1.10% | n/a | 1.35% | n/a | |||||||||||||||||||||
MidCap Opportunities(1) | 1.75% | 2.45% | 2.45% | 1.45% | 1.70% | (2) | 1.60% | n/a | ||||||||||||||||||||
Opportunistic LargeCap | 1.25% | 2.00% | 2.00% | 1.00% | n/a | n/a | 1.00% | |||||||||||||||||||||
SmallCap Value Multi-Manager | 1.50% | 2.25% | 2.25% | 1.25% | n/a | n/a | 1.25% | |||||||||||||||||||||
Value Choice | 1.40% | 2.15% | 2.15% | 1.15% | 1.40% | n/a | 1.15% |
(1) | Effective January 1, 2008, pursuant to a side agreement, ING Investments has lowered the expense limits for MidCap Opportunities through at least October 1, 2009. Effective December 17, 2007, pursuant to a side agreement, ING Investments has implemented expense limits for SmallCap Opportunities through at least October 1, 2009. The expense limits for these Funds are as follows: |
Class A | Class B | Class C | Class I | Class Q | 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 | % | 1.50 | % | 1.25 | % |
If, after October 1, 2009, 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. |
(2) | Effective May 30, 2008, pursuant to a side agreement, ING Investments has lowered the expense limit for Class O Shares of MidCap Opportunities to 1.35% through October 1, 2009. There is no guarantee that this side agreement will continue after that date. This side letter will only renew if ING Investments elects to renew it. |
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November 30, | ||||||||||||||||
2009 | 2010 | 2011 | Total | |||||||||||||
Real Estate | $ | — | $ | — | $ | 116,257 | $ | 116,257 | ||||||||
Equity Dividend | — | — | 149,602 | 149,602 | ||||||||||||
Fundamental Research | 169,946 | 132,234 | 141,208 | 443,388 | ||||||||||||
LargeCap Growth | — | 80,629 | 315,850 | 396,479 | ||||||||||||
Opportunistic LargeCap | 164,407 | 76,989 | 190,138 | 431,534 | ||||||||||||
SmallCap Value Multi-Manager | 63,738 | 199,734 | 304,667 | 568,139 | ||||||||||||
Value Choice | 66,178 | 271,792 | 270,721 | 608,691 |
Approximate | Approximate | |||||||||||
Average | Weighted | |||||||||||
Daily | Average | |||||||||||
Balance For | Interest Rate | |||||||||||
Days | Days | For Days | ||||||||||
Fund | Utilized | Utilized | Utilized | |||||||||
Real Estate | 5 | $ | 1,198,000 | 1.34 | % | |||||||
MidCap Opportunities | 2 | $ | 1,145,000 | 2.91 | % | |||||||
SmallCap Opportunities | 1 | $ | 3,630,000 | 1.17 | % | |||||||
Value Choice | 20 | $ | 2,391,500 | 1.32 | % |
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
November 30, | May 31, | November 30, | May 31, | November 30, | May 31, | |||||||||||||||||||
2008 | 2008 | 2008 | 2008 | 2008 | 2008 | |||||||||||||||||||
Real Estate (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 1,889,234 | 1,324,058 | 35,400 | 23,527 | 233,732 | 54,963 | ||||||||||||||||||
Reinvestment of distributions | 99,016 | 925,624 | 1,925 | 27,477 | 2,023 | 20,178 | ||||||||||||||||||
Shares redeemed | (1,240,671 | ) | (3,722,659 | ) | (54,154 | ) | (158,719 | ) | (58,915 | ) | (115,332 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | 747,579 | (1,472,977 | ) | (16,829 | ) | (107,715 | ) | 176,840 | (40,191 | ) | ||||||||||||||
Real Estate ($) | ||||||||||||||||||||||||
Shares sold | $ | 22,161,080 | $ | 19,932,978 | $ | 434,432 | $ | 356,943 | $ | 2,682,517 | $ | 869,764 | ||||||||||||
Reinvestment of distributions | 1,339,273 | 13,096,597 | 26,151 | 386,259 | 28,667 | 293,679 | ||||||||||||||||||
Shares redeemed | (13,558,621 | ) | (59,779,140 | ) | (639,668 | ) | (2,516,175 | ) | (693,177 | ) | (1,913,675 | ) | ||||||||||||
Net increase (decrease) | $ | 9,941,732 | $ | (26,749,565 | ) | $ | (179,085 | ) | $ | (1,772,973 | ) | $ | 2,018,007 | $ | (750,232 | ) | ||||||||
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Table of Contents
Class I | Class O | Class W | ||||||||||||||||||||||
Six Months | Six Months | Six Months | December 17, | |||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | 2007(1) to | |||||||||||||||||||
November 30, | May 31, | November 30, | May 31, | November 30, | May 31, | |||||||||||||||||||
2008 | 2008 | 2008 | 2008 | 2008 | 2008 | |||||||||||||||||||
Real Estate (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 17,852,444 | 15,380,319 | 252,447 | 660,305 | 68,142 | 3,965 | ||||||||||||||||||
Reinvestment of distributions | 189,937 | 963,629 | 30,303 | 302,259 | 304 | — | ||||||||||||||||||
Shares redeemed | (4,806,509 | ) | (3,299,165 | ) | (373,989 | ) | (1,356,876 | ) | (6,306 | ) | — | |||||||||||||
Net increase (decrease) in shares outstanding | 13,235,872 | 13,044,783 | (91,239 | ) | (394,312 | ) | 62,140 | 3,965 | ||||||||||||||||
Real Estate ($) | ||||||||||||||||||||||||
Shares sold | $ | 235,501,444 | $ | 241,311,987 | $ | 3,137,581 | $ | 10,348,167 | $ | 901,914 | $ | 70,238 | ||||||||||||
Reinvestment of distributions | 2,733,455 | 14,491,855 | 408,653 | 4,269,459 | 4,894 | — | ||||||||||||||||||
Shares redeemed | (55,511,745 | ) | (55,810,630 | ) | (4,550,142 | ) | (21,807,574 | ) | (59,468 | ) | — | |||||||||||||
Net increase (decrease) | $ | 182,723,154 | $ | 199,993,212 | $ | (1,003,908 | ) | $ | (7,189,948 | ) | $ | 847,340 | $ | 70,238 | ||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | December 18, | Six Months | February 20, | Six Months | February 19, | |||||||||||||||||||
Ended | 2007(1) to | Ended | 2008(1) to | Ended | 2008(1) to | |||||||||||||||||||
November 30, | May 31, | November 30, | May 31, | November 30, | May 31, | |||||||||||||||||||
2008 | 2008 | 2008 | 2008 | 2008 | 2008 | |||||||||||||||||||
Equity Dividend (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 67,216 | 503,657 | 8,140 | 950 | 8,366 | 927 | ||||||||||||||||||
Reinvestment of distributions | 244 | 7 | 17 | 1 | 11 | — | ||||||||||||||||||
Shares redeemed | (2,523 | ) | — | — | — | (653 | ) | — | ||||||||||||||||
Net increase in shares outstanding | 64,937 | 503,664 | 8,157 | 951 | 7,724 | 927 | ||||||||||||||||||
Equity Dividend ($) | ||||||||||||||||||||||||
Shares sold | $ | 512,294 | $ | 5,034,221 | $ | 58,526 | $ | 9,074 | $ | 55,174 | $ | 8,776 | ||||||||||||
Reinvestment of distributions | 2,062 | 61 | 142 | 6 | 96 | — | ||||||||||||||||||
Shares redeemed | (16,603 | ) | — | — | — | (5,585 | ) | — | ||||||||||||||||
Net increase | $ | 497,753 | $ | 5,034,282 | $ | 58,668 | $ | 9,080 | $ | 49,685 | $ | 8,776 | ||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
November 30, | May 31, | November 30, | May 31, | November 30, | May 31, | |||||||||||||||||||
2008 | 2008 | 2008 | 2008 | 2008 | 2008 | |||||||||||||||||||
Fundamental Research (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 85,751 | 563,869 | 20,218 | 27,222 | 2,425 | 43,121 | ||||||||||||||||||
Reinvestment of distributions | — | 39,512 | — | 46,079 | — | 21,385 | ||||||||||||||||||
Shares redeemed | (239,933 | ) | (303,317 | ) | (233,539 | ) | (880,070 | ) | (68,863 | ) | (190,486 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (154,182 | ) | 300,064 | (213,321 | ) | (806,769 | ) | (66,438 | ) | (125,980 | ) | |||||||||||||
Fundamental Research ($) | ||||||||||||||||||||||||
Shares sold | $ | 739,722 | $ | 6,369,326 | $ | 151,914 | $ | 290,199 | $ | 20,911 | $ | 486,814 | ||||||||||||
Reinvestment of distributions | — | 424,701 | — | 489,194 | — | 227,752 | ||||||||||||||||||
Shares redeemed | (1,787,298 | ) | (3,259,222 | ) | (2,003,891 | ) | (9,612,019 | ) | (558,868 | ) | (2,099,937 | ) | ||||||||||||
Net increase (decrease) | $ | (1,047,576 | ) | $ | 3,534,805 | $ | (1,851,977 | ) | $ | (8,832,626 | ) | $ | (537,957 | ) | $ | (1,385,371 | ) | |||||||
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Table of Contents
Class I | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | Year Ended | |||||||||||||||||||||||
November 30, | May 31, | |||||||||||||||||||||||
2008 | 2008 | |||||||||||||||||||||||
Fundamental Research (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 17 | 28 | ||||||||||||||||||||||
Reinvestment of distributions | — | 13 | ||||||||||||||||||||||
Shares redeemed | (1 | ) | (93 | ) | ||||||||||||||||||||
Net increase (decrease) in shares outstanding | 16 | (52 | ) | |||||||||||||||||||||
Fundamental Research ($) | ||||||||||||||||||||||||
Shares sold | $ | 150 | $ | 300 | ||||||||||||||||||||
Reinvestment of distributions | — | 135 | ||||||||||||||||||||||
Shares redeemed | (8 | ) | (951 | ) | ||||||||||||||||||||
Net increase (decrease) | $ | 142 | $ | (516 | ) | |||||||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
November 30, | May 31, | November 30, | May 31, | November 30, | May 31, | |||||||||||||||||||
2008 | 2008 | 2008 | 2008 | 2008 | 2008 | |||||||||||||||||||
LargeCap Growth (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 276,205 | 826,568 | 35,682 | 146,055 | 45,210 | 137,773 | ||||||||||||||||||
Shares redeemed | (612,360 | ) | (1,088,982 | ) | (588,344 | ) | (1,266,621 | ) | (160,226 | ) | (387,603 | ) | ||||||||||||
Net decrease in shares outstanding | (336,155 | ) | (262,414 | ) | (552,662 | ) | (1,120,566 | ) | (115,016 | ) | (249,830 | ) | ||||||||||||
LargeCap Growth ($) | ||||||||||||||||||||||||
Shares sold | $ | 5,064,560 | $ | 18,074,563 | $ | 591,120 | $ | 3,071,720 | $ | 687,382 | $ | 2,887,537 | ||||||||||||
Shares redeemed | (10,281,224 | ) | (23,415,848 | ) | (9,764,012 | ) | (26,211,332 | ) | (2,509,601 | ) | (8,000,822 | ) | ||||||||||||
Net decrease | $ | (5,216,664 | ) | $ | (5,341,285 | ) | $ | (9,172,892 | ) | $ | (23,139,612 | ) | $ | (1,822,219 | ) | $ | (5,113,285 | ) | ||||||
Class I | Class Q | |||||||||||||||||||||||
Six Months | Six Months | |||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||||
November 30, | May 31, | November 30, | May 31, | |||||||||||||||||||||
2008 | 2008 | 2008 | 2008 | |||||||||||||||||||||
LargeCap Growth (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 71,225 | 493,737 | 26 | 1,507 | ||||||||||||||||||||
Shares redeemed | (81,413 | ) | (3,192,463 | ) | (3,562 | ) | (10,066 | ) | ||||||||||||||||
Net decrease in shares outstanding | (10,188 | ) | (2,698,726 | ) | (3,536 | ) | (8,559 | ) | ||||||||||||||||
LargeCap Growth ($) | ||||||||||||||||||||||||
Shares sold | $ | 1,237,736 | $ | 11,100,383 | $ | 540 | $ | 33,764 | ||||||||||||||||
Shares redeemed | (1,423,671 | ) | (76,333,654 | ) | (71,471 | ) | (223,661 | ) | ||||||||||||||||
Net decrease | $ | (185,935 | ) | $ | (65,233,271 | ) | $ | (70,931 | ) | $ | (189,897 | ) | ||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Year | Six Months | |||||||||||||||||||||
Ended | Year Ended | Ended | Ended | Ended | Year Ended | |||||||||||||||||||
November 30, | May 31, | November 30, | May 31, | November 30, | May 31, | |||||||||||||||||||
2008 | 2008 | 2008 | 2008 | 2008 | 2008 | |||||||||||||||||||
MidCap Opportunities (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 1,608,314 | 2,410,277 | 81,641 | 237,278 | 74,877 | 436,698 | ||||||||||||||||||
Reinvestment of distributions | — | 707,955 | — | 552,640 | — | 366,133 | ||||||||||||||||||
Shares redeemed | (1,478,034 | ) | (1,638,051 | ) | (1,349,539 | ) | (2,412,088 | ) | (371,197 | ) | (917,602 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | 130,280 | 1,480,181 | (1,267,898 | ) | (1,622,170 | ) | (296,320 | ) | (114,771 | ) | ||||||||||||||
MidCap Opportunities ($) | ||||||||||||||||||||||||
Shares sold | $ | 22,331,320 | $ | 39,933,251 | $ | 1,023,138 | $ | 3,742,888 | $ | 927,143 | $ | 6,677,014 | ||||||||||||
Reinvestment of distributions | — | 11,509,446 | — | 8,322,752 | — | 5,481,005 | ||||||||||||||||||
Shares redeemed | (19,774,795 | ) | (27,763,598 | ) | (17,604,329 | ) | (37,877,571 | ) | (4,585,262 | ) | (14,414,596 | ) | ||||||||||||
Net increase (decrease) | $ | 2,556,525 | $ | 23,679,099 | $ | (16,581,191 | ) | $ | (25,811,931 | ) | $ | (3,658,119 | ) | $ | (2,256,577 | ) | ||||||||
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Table of Contents
Class I | Class O | Class Q | ||||||||||||||||||
Six Months | June 4, | Six Months | ||||||||||||||||||
Ended | Year Ended | 2008(1) to | Ended | Year Ended | ||||||||||||||||
November 30, | May 31, | November 30, | November 30, | May 31, | ||||||||||||||||
2008 | 2008 | 2008 | 2008 | 2008 | ||||||||||||||||
MidCap Opportunities (Number of Shares) | ||||||||||||||||||||
Shares sold | 197,832 | 190,845 | 16,642 | 203 | 5,828 | |||||||||||||||
Reinvestment of distributions | — | 32,858 | — | — | 44,201 | |||||||||||||||
Shares redeemed | (22,278 | ) | (74,019 | ) | (3,188 | ) | (2,541 | ) | (10,911 | ) | ||||||||||
Net increase (decrease) in shares outstanding | 175,554 | 149,684 | 13,454 | (2,338 | ) | 39,118 | ||||||||||||||
MidCap Opportunities ($) | ||||||||||||||||||||
Shares sold | $ | 2,837,093 | $ | 3,159,262 | $ | 214,934 | $ | 3,143 | $ | 111,671 | ||||||||||
Reinvestment of distributions | — | 557,923 | — | — | 731,971 | |||||||||||||||
Shares redeemed | (289,352 | ) | (1,308,683 | ) | (44,375 | ) | (33,837 | ) | (182,902 | ) | ||||||||||
Net increase (decrease) | $ | 2,547,741 | $ | 2,408,502 | $ | 170,559 | $ | (30,694 | ) | $ | 660,740 | |||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
November 30, | May 31, | November 30, | May 31, | November 30, | May 31, | |||||||||||||||||||
2008 | 2008 | 2008 | 2008 | 2008 | 2008 | |||||||||||||||||||
Opportunistic LargeCap (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 141,129 | 484,421 | 5,055 | 38,308 | 5,367 | 88,203 | ||||||||||||||||||
Proceeds from shares issued in merger | — | 2,453,102 | — | 522,532 | — | 172,834 | ||||||||||||||||||
Reinvestment of distributions | — | 13,187 | — | 2,287 | — | 2,395 | ||||||||||||||||||
Shares redeemed | (631,216 | ) | (529,652 | ) | (128,239 | ) | (96,840 | ) | (42,972 | ) | (59,140 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (490,087 | ) | 2,421,058 | (123,184 | ) | 466,287 | (37,605 | ) | 204,292 | |||||||||||||||
Opportunistic LargeCap ($) | ||||||||||||||||||||||||
Shares sold | $ | 1,221,773 | $ | 5,489,189 | $ | 40,341 | $ | 434,033 | $ | 48,086 | $ | 983,122 | ||||||||||||
Proceeds from shares issued in merger | — | 28,653,272 | — | 6,036,114 | — | 1,981,825 | ||||||||||||||||||
Reinvestment of distributions | — | 151,360 | — | 26,112 | — | 27,141 | ||||||||||||||||||
Shares redeemed | (5,014,867 | ) | (5,653,655 | ) | (1,089,861 | ) | (994,628 | ) | (339,774 | ) | (604,763 | ) | ||||||||||||
Net increase (decrease) | $ | (3,793,094 | ) | $ | 28,640,166 | $ | (1,049,520 | ) | $ | 5,501,631 | $ | (291,688 | ) | $ | 2,387,325 | |||||||||
Class I | Class W | |||||||||||||||||||||||
Six Months | Six Months | December 17, | ||||||||||||||||||||||
Ended | Year Ended | Ended | 2007(1) to | |||||||||||||||||||||
November 30, | May 31, | November 30, | May 31, | |||||||||||||||||||||
2008 | 2008 | 2008 | 2008 | |||||||||||||||||||||
Opportunistic LargeCap (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 10,714 | 15,951 | — | 90 | ||||||||||||||||||||
Proceeds from shares issued in merger | — | 419,968 | — | — | ||||||||||||||||||||
Reinvestment of distributions | — | 65 | — | — | ||||||||||||||||||||
Shares redeemed | (61,443 | ) | (57,562 | ) | — | — | ||||||||||||||||||
Net increase (decrease) in shares outstanding | (50,729 | ) | 378,422 | — | 90 | |||||||||||||||||||
Opportunistic LargeCap ($) | ||||||||||||||||||||||||
Shares sold | $ | 83,554 | $ | 171,558 | $ | — | $ | 1,015 | ||||||||||||||||
Proceeds from shares issued in merger | — | 4,926,076 | — | — | ||||||||||||||||||||
Reinvestment of distributions | — | 807 | — | — | ||||||||||||||||||||
Shares redeemed | (600,087 | ) | (592,665 | ) | — | — | ||||||||||||||||||
Net increase (decrease) | $ | (516,533 | ) | $ | 4,505,776 | $ | — | $ | 1,015 | |||||||||||||||
73
Table of Contents
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
November 30, | May 31, | November 30, | May 31, | November 30, | May 31, | |||||||||||||||||||
2008 | 2008 | 2008 | 2008 | 2008 | 2008 | |||||||||||||||||||
SmallCap Opportunities (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 1,946,610 | 519,714 | 12,429 | 20,142 | 19,492 | 15,127 | ||||||||||||||||||
Shares redeemed | (837,934 | ) | (579,329 | ) | (118,728 | ) | (408,452 | ) | (89,222 | ) | (185,640 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | 1,108,676 | (59,615 | ) | (106,299 | ) | (388,310 | ) | (69,730 | ) | (170,513 | ) | |||||||||||||
SmallCap Opportunities ($) | ||||||||||||||||||||||||
Shares sold | $ | 54,713,317 | $ | 16,687,051 | $ | 307,996 | $ | 606,668 | $ | 503,933 | $ | 458,090 | ||||||||||||
Shares redeemed | (21,617,073 | ) | (19,152,998 | ) | (3,058,327 | ) | (12,024,385 | ) | (2,178,577 | ) | (5,471,650 | ) | ||||||||||||
Net increase (decrease) | $ | 33,096,244 | $ | (2,465,947 | ) | $ | (2,750,331 | ) | $ | (11,417,717 | ) | $ | (1,674,644 | ) | $ | (5,013,560 | ) | |||||||
Class I | Class Q | Class W | ||||||||||||||||||||||
Six Months | Six Months | Six Months | December 17, | |||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | 2007(1) to | |||||||||||||||||||
November 30, | May 31, | November 30, | May 31, | November 30, | May 31, | |||||||||||||||||||
2008 | 2008 | 2008 | 2008 | 2008 | 2008 | |||||||||||||||||||
SmallCap Opportunities (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 32,969 | 112,639 | — | — | 7,172 | 31 | ||||||||||||||||||
Shares redeemed | (5,544 | ) | (25,182 | ) | (774 | ) | (365 | ) | (30 | ) | — | |||||||||||||
Net increase (decrease) in shares outstanding | 27,425 | 87,457 | (774 | ) | (365 | ) | 7,142 | 31 | ||||||||||||||||
SmallCap Opportunities ($) | ||||||||||||||||||||||||
Shares sold | $ | 921,930 | $ | 3,590,543 | $ | — | $ | — | $ | 160,800 | $ | 1,040 | ||||||||||||
Shares redeemed | (158,340 | ) | (848,138 | ) | (20,728 | ) | (11,934 | ) | (715 | ) | — | |||||||||||||
Net increase (decrease) | $ | 763,590 | $ | 2,742,405 | $ | (20,728 | ) | $ | (11,934 | ) | $ | 160,085 | $ | 1,040 | ||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
November 30, | May 31, | November 30, | May 31, | November 30, | May 31, | |||||||||||||||||||
2008 | 2008 | 2008 | 2008 | 2008 | 2008 | |||||||||||||||||||
Financial Services (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 770,977 | 1,082,742 | 68,638 | 137,142 | 131,986 | 224,303 | ||||||||||||||||||
Reinvestment of distributions | — | 1,289,937 | — | 134,927 | — | 14,965 | ||||||||||||||||||
Shares redeemed | (1,256,473 | ) | (2,302,051 | ) | (256,735 | ) | (744,112 | ) | (51,927 | ) | (31,059 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (485,496 | ) | 70,628 | (188,097 | ) | (472,043 | ) | 80,059 | 208,209 | |||||||||||||||
Financial Services ($) | ||||||||||||||||||||||||
Shares sold | $ | 10,392,928 | $ | 19,887,619 | $ | 924,870 | $ | 2,437,762 | $ | 1,729,520 | $ | 3,784,111 | ||||||||||||
Reinvestment of distributions | — | 22,421,065 | — | 2,328,473 | — | 248,718 | ||||||||||||||||||
Shares redeemed | (16,172,883 | ) | (44,893,658 | ) | (3,409,329 | ) | (14,570,566 | ) | (619,362 | ) | (560,170 | ) | ||||||||||||
Net increase (decrease) | $ | (5,779,955 | ) | $ | (2,584,974 | ) | $ | (2,484,459 | ) | $ | (9,804,331 | ) | $ | 1,110,158 | $ | 3,472,659 | ||||||||
74
Table of Contents
Class O | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | Year Ended | |||||||||||||||||||||||
November 30, | May 31, | |||||||||||||||||||||||
2008 | 2008 | |||||||||||||||||||||||
Financial Services (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 287,733 | 648,222 | ||||||||||||||||||||||
Reinvestment of distributions | — | 164,467 | ||||||||||||||||||||||
Shares redeemed | (248,649 | ) | (550,449 | ) | ||||||||||||||||||||
Net increase in shares outstanding | 39,084 | 262,240 | ||||||||||||||||||||||
Financial Services ($) | ||||||||||||||||||||||||
Shares sold | $ | 3,807,497 | $ | 12,441,176 | ||||||||||||||||||||
Reinvestment of distributions | — | 2,838,784 | ||||||||||||||||||||||
Shares redeemed | (3,169,162 | ) | (10,935,554 | ) | ||||||||||||||||||||
Net increase | $ | 638,335 | $ | 4,344,406 | ||||||||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
November 30, | May 31, | November 30, | May 31, | November 30, | May 31, | |||||||||||||||||||
2008 | 2008 | 2008 | 2008 | 2008 | 2008 | |||||||||||||||||||
SmallCap Value Multi-Manager (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 312,206 | 1,135,287 | 4,217 | 38,364 | 33,253 | 179,958 | ||||||||||||||||||
Reinvestment of distributions | — | 129,813 | — | 9,604 | — | 30,257 | ||||||||||||||||||
Shares redeemed | (781,845 | ) | (2,533,526 | ) | (40,618 | ) | (131,610 | ) | (200,608 | ) | (558,033 | ) | ||||||||||||
Net decrease in shares outstanding | (469,639 | ) | (1,268,426 | ) | (36,401 | ) | (83,642 | ) | (167,355 | ) | (347,818 | ) | ||||||||||||
SmallCap Value Multi-Manager ($) | ||||||||||||||||||||||||
Shares sold | $ | 2,882,334 | $ | 14,114,221 | $ | 37,090 | $ | 474,146 | $ | 272,657 | $ | 2,302,952 | ||||||||||||
Reinvestment of distributions | — | 1,526,603 | — | 111,309 | — | 351,289 | ||||||||||||||||||
Shares redeemed | (7,477,866 | ) | (30,707,238 | ) | (369,510 | ) | (1,580,551 | ) | (1,860,609 | ) | (6,497,270 | ) | ||||||||||||
Net decrease | $ | (4,595,532 | ) | $ | (15,066,414 | ) | $ | (332,420 | ) | $ | (995,096 | ) | $ | (1,587,952 | ) | $ | (3,843,029 | ) | ||||||
Class I | Class W | |||||||||||||||||||||||
Six Months | Six Months | December 17, | ||||||||||||||||||||||
Ended | Year Ended | Ended | 2007(1) to | |||||||||||||||||||||
November 30, | May 31, | November 30, | May 31, | |||||||||||||||||||||
2008 | 2008 | 2008 | 2008 | |||||||||||||||||||||
SmallCap Value Multi-Manager (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 3,584 | 502,119 | 3,023 | 84 | ||||||||||||||||||||
Reinvestment of distributions | — | 35,514 | — | — | ||||||||||||||||||||
Shares redeemed | (567,833 | ) | (288,083 | ) | (83 | ) | — | |||||||||||||||||
Net increase (decrease) in shares outstanding | (564,249 | ) | 249,550 | 2,940 | 84 | |||||||||||||||||||
SmallCap Value Multi-Manager ($) | ||||||||||||||||||||||||
Shares sold | $ | 30,658 | $ | 6,134,465 | $ | 26,071 | $ | 1,017 | ||||||||||||||||
Reinvestment of distributions | — | 418,355 | — | — | ||||||||||||||||||||
Shares redeemed | (5,047,950 | ) | (3,400,606 | ) | (633 | ) | — | |||||||||||||||||
Net increase (decrease) | $ | (5,017,292 | ) | $ | 3,152,214 | $ | 25,438 | $ | 1,017 | |||||||||||||||
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Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
November 30, | May 31, | November 30, | May 31, | November 30, | May 31, | |||||||||||||||||||
2008 | 2008 | 2008 | 2008 | 2008 | 2008 | |||||||||||||||||||
Value Choice (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 5,568,502 | 7,071,032 | 239,706 | 284,568 | 1,005,393 | 1,315,720 | ||||||||||||||||||
Proceeds from shares issued in merger | 1,210,099 | — | 321,004 | — | 738,400 | — | ||||||||||||||||||
Reinvestment of distributions | 354,775 | 770,682 | 39,035 | 133,503 | 99,993 | 261,267 | ||||||||||||||||||
Shares redeemed | (6,168,278 | ) | (5,601,008 | ) | (558,344 | ) | (853,078 | ) | (1,240,769 | ) | (1,585,079 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | 965,098 | 2,240,706 | 41,401 | (435,007 | ) | 603,017 | (8,092 | ) | ||||||||||||||||
Value Choice ($) | ||||||||||||||||||||||||
Shares sold | $ | 70,205,441 | $ | 105,939,612 | $ | 3,043,772 | $ | 4,183,110 | $ | 12,598,758 | $ | 19,589,928 | ||||||||||||
Proceeds from shares issued in merger | 14,696,189 | — | 3,863,855 | — | 8,879,085 | — | ||||||||||||||||||
Reinvestment of distributions | 4,321,155 | 11,343,644 | 471,544 | 1,947,802 | 1,205,919 | 3,809,273 | ||||||||||||||||||
Shares redeemed | (64,374,415 | ) | (85,076,808 | ) | (6,376,494 | ) | (12,932,960 | ) | (13,262,533 | ) | (24,159,007 | ) | ||||||||||||
Net increase (decrease) | $ | 24,848,370 | $ | 32,206,448 | $ | 1,002,677 | $ | (6,802,048 | ) | $ | 9,421,229 | $ | (759,806 | ) | ||||||||||
Class I | Class O | Class W | ||||||||||||||||||||||
Six Months | June 4, | Six Months | December 17, | |||||||||||||||||||||
Ended | Year Ended | 2008(1) to | Ended | 2007(1) to | ||||||||||||||||||||
November 30, | May 31, | November 30, | November 30, | May 31, | ||||||||||||||||||||
2008 | 2008 | 2008 | 2008 | 2008 | ||||||||||||||||||||
Value Choice (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 560,195 | 239,167 | 33,455 | 561,376 | 191,425 | |||||||||||||||||||
Proceeds from shares issued in merger | 763 | — | — | — | — | |||||||||||||||||||
Reinvestment of distributions | 6,970 | 2,057 | — | 11,536 | — | |||||||||||||||||||
Shares redeemed | (387,995 | ) | (31,821 | ) | (3,903 | ) | (221,394 | ) | (24,864 | ) | ||||||||||||||
Net increase in shares outstanding | 179,933 | 209,403 | 29,552 | 351,518 | 166,561 | |||||||||||||||||||
Value Choice ($) | ||||||||||||||||||||||||
Shares sold | $ | 6,869,143 | $ | 3,421,125 | $ | 331,541 | $ | 7,844,537 | $ | 2,998,177 | ||||||||||||||
Proceeds from shares issued in merger | 9,344 | — | — | — | — | |||||||||||||||||||
Reinvestment of distributions | 85,589 | 30,529 | — | 151,807 | — | |||||||||||||||||||
Shares redeemed | (5,467,930 | ) | (493,950 | ) | (38,743 | ) | (2,906,726 | ) | (388,330 | ) | ||||||||||||||
Net increase | $ | 1,496,146 | $ | 2,957,704 | $ | 292,798 | $ | 5,089,618 | $ | 2,609,847 | ||||||||||||||
(1) | Commencement of operations |
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Value of | Cash | |||||||
Securities | Collateral | |||||||
Loaned | Received* | |||||||
LargeCap Growth | $ | 289,966 | $ | 310,283 | ||||
MidCap Opportunities | 3,368,019 | 3,495,674 | ||||||
SmallCap Opportunities | 7,260,384 | 7,379,090 | ||||||
SmallCap Value Multi-Manager | 543,796 | 568,198 | ||||||
Value Choice | 22,597,495 | 24,147,362 |
* | Cash collateral received was invested in the BICR Fund, the fair value of which is presented in the respective Funds’ Portfolios of Investments. |
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 | ||||||||||||||||
Value Choice | ING LargeCap Value Fund | $ | 27,448 | $ | 327,333 | $ | 33,592 | $ | 1,665 | 0.47 |
Acquired | Acquired Fund | |||||||||||||||||||||
Acquiring | Acquired | Total Net Assets of | Total Net Assets of | Capital Loss | Unrealized | Conversion | ||||||||||||||||
Fund | Fund | Acquired Fund (000s) | Acquiring Fund (000s) | Carryforwards (000s) | Appreciation (000s) | Ratio | ||||||||||||||||
Opportunistic LargeCap | ING Growth Fund | $ | 41,597 | $ | 10,033 | $ | 103,618 | $ | 955 | 1.38 |
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Six Months Ended November 30, 2008 | Year Ended May 31, 2008 | |||||||||||||||||||
Ordinary | Long-Term | Ordinary | Long-Term | Return | ||||||||||||||||
Income | Capital Gains | Income | Capital Gains | of Capital | ||||||||||||||||
Real Estate(1) | $ | 8,142,520 | $ | — | $ | 3,979,201 | $ | 27,582,730 | $ | 2,303,185 | ||||||||||
Equity Dividend | 62,099 | — | 37,971 | — | — | |||||||||||||||
Fundamental Research | — | — | 172,103 | 1,873,438 | — | |||||||||||||||
MidCap Opportunities | — | — | 7,085,091 | 31,794,473 | — | |||||||||||||||
Opportunistic LargeCap | — | — | 292,973 | 280,621 | — | |||||||||||||||
Financial Services | — | — | 4,521,625 | 31,002,416 | — | |||||||||||||||
SmallCap Value Multi-Manager | — | — | 1,637,019 | 1,841,312 | — | |||||||||||||||
Value Choice | 3,483,947 | 4,684,187 | 4,868,057 | 15,768,830 | — |
Undistributed | Post-October | Post-October | ||||||||||||||||||||||||||
Undistributed | Long Term | Unrealized | Capital | Currency | ||||||||||||||||||||||||
Ordinary | Capital | Appreciation/ | Losses | Losses | Capital Loss | Expiration | ||||||||||||||||||||||
Income | Gains | (Depreciation) | Deferred | Deferred | Carryforwards | Dates | ||||||||||||||||||||||
Real Estate(1) | $ | — | $ | — | $ | 46,092,242 | $ | (1,588,854 | ) | $ | — | $ | — | — | ||||||||||||||
Equity Dividend | 20,192 | — | (130,200 | ) | (71,618 | ) | (321 | ) | — | — | ||||||||||||||||||
Fundamental Research | 36,528 | — | 1,911,395 | (1,478,517 | ) | (269 | ) | $ | (6,039,277 | ) | 2009 | |||||||||||||||||
(24,371,998 | ) | 2010 | ||||||||||||||||||||||||||
(6,531,057 | ) | 2011 | ||||||||||||||||||||||||||
$ | (36,942,332 | ) | ||||||||||||||||||||||||||
LargeCap Growth | — | — | 25,475,130 | — | (7,570 | ) | $ | (45,269,843 | ) | 2009 | ||||||||||||||||||
(137,806,249 | ) | 2010 | ||||||||||||||||||||||||||
(117,098,211 | ) | 2011 | ||||||||||||||||||||||||||
(1,005,295 | ) | 2013 | ||||||||||||||||||||||||||
$ | (301,179,598 | ) | ||||||||||||||||||||||||||
MidCap Opportunities | — | 1,819,520 | 20,581,720 | — | (319 | ) | $ | (36,440,019 | ) | 2009 | ||||||||||||||||||
(21,217,297 | ) | 2010 | ||||||||||||||||||||||||||
(9,824,346 | ) | 2011 | ||||||||||||||||||||||||||
$ | (67,481,662 | )* | ||||||||||||||||||||||||||
Opportunistic LargeCap | — | — | 2,432,054 | (6,028,334 | ) | — | $ | (10,310,428 | ) | 2009 | ||||||||||||||||||
(30,311,320 | ) | 2010 | ||||||||||||||||||||||||||
$ | (40,621,748 | ) | ||||||||||||||||||||||||||
SmallCap Opportunities | — | — | 8,670,473 | — | — | $ | (48,878,313 | ) | 2010 | |||||||||||||||||||
(167,319,500 | ) | 2011 | ||||||||||||||||||||||||||
$ | (216,197,813 | )* | ||||||||||||||||||||||||||
Financial Services | 1,087,609 | 1,358,521 | (8,008,889 | ) | — | — | — | — | ||||||||||||||||||||
SmallCap Value Multi-Manager | 57,401 | — | (3,555,532 | ) | (871,006 | ) | — | $ | (796,234 | ) | 2016 | |||||||||||||||||
Value Choice | 2,884,120 | 4,674,773 | (2,804,282 | ) | — | — | $ | (3,832,801 | ) | 2014 | ||||||||||||||||||
(5,627,636 | ) | 2015 | ||||||||||||||||||||||||||
$ | (9,460,437 | )* | ||||||||||||||||||||||||||
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79
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PER SHARE AMOUNTS | ||||||||||||||||
Net Investment | Long-Term | Payable | Record | |||||||||||||
Income | Capital Gains | Date | Date | |||||||||||||
Real Estate | ||||||||||||||||
Class A | $ | 0.0951 | $ | — | January 5, 2009 | December 30, 2008 | ||||||||||
Class B | $ | 0.0768 | $ | — | January 5, 2009 | December 30, 2008 | ||||||||||
Class C | $ | 0.0861 | $ | — | January 5, 2009 | December 30, 2008 | ||||||||||
Class I | $ | 0.1055 | $ | — | January 5, 2009 | December 30, 2008 | ||||||||||
Class O | $ | 0.0865 | $ | — | January 5, 2009 | December 30, 2008 | ||||||||||
Class Q | $ | 0.1056 | $ | — | January 5, 2009 | December 30, 2008 | ||||||||||
Class W | $ | 0.1043 | $ | — | January 5, 2009 | December 30, 2008 | ||||||||||
Equity Dividend | ||||||||||||||||
Class A | $ | 0.0542 | $ | — | January 5, 2009 | December 30, 2008 | ||||||||||
Class B | $ | 0.0459 | $ | — | January 5, 2009 | December 30, 2008 | ||||||||||
Class C | $ | 0.0571 | $ | — | January 5, 2009 | December 30, 2008 | ||||||||||
Class I | $ | 0.0585 | $ | — | January 5, 2009 | December 30, 2008 | ||||||||||
Fundamental Research | ||||||||||||||||
Class A | $ | 0.0860 | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||
Class B | $ | — | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||
Class C | $ | 0.0206 | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||
Class I | $ | 0.1333 | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||
MidCap Opportunities | ||||||||||||||||
Class A | $ | — | $ | 0.1163 | December 18, 2008 | December 15, 2008 | ||||||||||
Class B | $ | — | $ | 0.1163 | December 18, 2008 | December 15, 2008 | ||||||||||
Class C | $ | — | $ | 0.1163 | December 18, 2008 | December 15, 2008 | ||||||||||
Class I | $ | — | $ | 0.1163 | December 18, 2008 | December 15, 2008 | ||||||||||
Class O | $ | — | $ | 0.1163 | December 18, 2008 | December 15, 2008 | ||||||||||
Class Q | $ | — | $ | 0.1163 | December 18, 2008 | December 15, 2008 | ||||||||||
Financial Services | ||||||||||||||||
Class A | $ | 0.2553 | $ | 0.1134 | December 18, 2008 | December 15, 2008 | ||||||||||
Class B | $ | 0.0993 | $ | 0.1134 | December 18, 2008 | December 15, 2008 | ||||||||||
Class C | $ | 0.2046 | $ | 0.1134 | December 18, 2008 | December 15, 2008 | ||||||||||
Class O | $ | 0.2618 | $ | 0.1134 | December 18, 2008 | December 15, 2008 | ||||||||||
SmallCap Value Multi-Manager | ||||||||||||||||
Class A | $ | 0.0733 | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||
Class B | $ | — | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||
Class C | $ | — | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||
Class I | $ | 0.1149 | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||
Class W | $ | 0.1244 | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||
Value Choice | ||||||||||||||||
Class A | $ | 0.0433 | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||
Class B | $ | — | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||
Class C | $ | — | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||
Class I | $ | 0.0683 | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||
Class O | $ | 0.0667 | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||
Class W | $ | 0.0656 | $ | — | December 18, 2008 | December 15, 2008 |
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• | ING has agreed with the ING Funds to indemnify and hold harmless the ING Funds from all damages resulting from wrongful conduct by ING or its employees or from ING’s internal investigation, any investigations conducted by any governmental or self-regulatory agencies, litigation or other formal proceedings, including any proceedings by the SEC. ING Investments reported to the Boards that the |
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indemnification commitments made by ING Funds related to mutual fund trading have been settled and restitution amounts prepared by an independent consultant have been paid to the affected ING Funds. The net aggregate settlement amounts received by the Funds on December 17, 2008 are as follows: |
MidCap Opportunities | $ | 39,534 | ||
Value Choice | $ | 24,417 |
• | ING updated its Code of Conduct for employees reinforcing its employees’ obligation to conduct personal trading activity consistent with the law, disclosed limits, and other requirements. |
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Shares | Value | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 98.2% | ||||||||||||||
Apartments: 18.8% | ||||||||||||||
173,100 | AvalonBay Communities, Inc. | $ | 10,501,977 | |||||||||||
215,500 | BRE Properties, Inc. | 6,327,080 | ||||||||||||
830,500 | Equity Residential | 25,272,115 | ||||||||||||
133,810 | Essex Property Trust, Inc. | 11,570,551 | ||||||||||||
127,200 | Home Properties, Inc. | 4,960,800 | ||||||||||||
620,900 | UDR, Inc. | 9,394,217 | ||||||||||||
68,026,740 | ||||||||||||||
Diversified: 10.9% | ||||||||||||||
342,800 | Digital Realty Trust, Inc. | 9,379,008 | ||||||||||||
439,200 | Liberty Property Trust | 8,397,504 | ||||||||||||
408,330 | Vornado Realty Trust | 21,825,239 | ||||||||||||
39,601,751 | ||||||||||||||
Health Care: 16.0% | ||||||||||||||
608,000 | HCP, Inc. | 12,567,360 | ||||||||||||
435,300 | Health Care Real Estate Investment Trust, Inc. | 16,541,400 | ||||||||||||
573,800 | Nationwide Health Properties, Inc. | 12,985,094 | ||||||||||||
296,600 | Omega Healthcare Investors, Inc. | 3,926,984 | ||||||||||||
522,625 | Ventas, Inc. | 12,009,923 | ||||||||||||
58,030,761 | ||||||||||||||
Hotels: 3.8% | ||||||||||||||
251,800 | Hospitality Properties Trust | 2,885,628 | ||||||||||||
1,309,548 | Host Hotels & Resorts, Inc. | 9,847,801 | ||||||||||||
115,940 | LaSalle Hotel Properties | 1,022,591 | ||||||||||||
18,200 | Strategic Hotel Capital, Inc. | 18,200 | ||||||||||||
13,774,220 | ||||||||||||||
Manufactured Homes: 1.0% | ||||||||||||||
101,000 | Equity Lifestyle Properties, Inc. | 3,494,600 | ||||||||||||
3,494,600 | ||||||||||||||
Office Property: 11.9% | ||||||||||||||
134,270 | Alexandria Real Estate Equities, Inc. | 5,945,476 | ||||||||||||
378,200 | BioMed Realty Trust, Inc. | 3,524,824 | ||||||||||||
321,200 | Boston Properties, Inc. | 17,152,080 | ||||||||||||
209,450 | Corporate Office Properties Trust SBI MD | 6,222,760 | ||||||||||||
269,600 | Douglas Emmett, Inc. | 2,749,920 | ||||||||||||
241,200 | Highwoods Properties, Inc. | 5,759,856 | ||||||||||||
102,000 | SL Green Realty Corp. | 1,933,920 | ||||||||||||
43,288,836 | ||||||||||||||
Regional Malls: 13.0% | ||||||||||||||
497,200 | Macerich Co. | 6,692,312 | ||||||||||||
681,900 | Simon Property Group, Inc. | 32,390,247 | ||||||||||||
342,100 | Taubman Centers, Inc. | 8,155,664 | ||||||||||||
47,238,223 | ||||||||||||||
Shopping Centers: 13.3% | ||||||||||||||
312,850 | Acadia Realty Trust | 4,373,643 | ||||||||||||
299,200 | Federal Realty Investment Trust | 17,305,728 | ||||||||||||
600,523 | Kimco Realty Corp. | 8,497,400 | ||||||||||||
154,000 | Kite Realty Group Trust | 602,140 | ||||||||||||
185,100 | Regency Centers Corp. | 6,591,411 | ||||||||||||
292,600 | Tanger Factory Outlet Centers, Inc. | 10,720,864 | ||||||||||||
48,091,186 | ||||||||||||||
Storage: 8.4% | ||||||||||||||
440,500 | Extra Space Storage, Inc. | 3,898,425 | ||||||||||||
381,502 | Public Storage, Inc. | 26,663,175 | ||||||||||||
30,561,600 | ||||||||||||||
Warehouse/Industrial: 1.1% | ||||||||||||||
124,125 | AMB Property Corp. | 2,137,433 | ||||||||||||
518,000 | Prologis | 1,983,940 | ||||||||||||
4,121,373 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $497,413,915) | 356,229,290 | |||||||||||||
SHORT-TERM INVESTMENTS: 2.0% | ||||||||||||||
Affiliated Mutual Fund: 2.0% | ||||||||||||||
7,139,641 | ING Institutional Prime Money Market Fund — Class I | 7,139,641 | ||||||||||||
Total Short-Term Investments (Cost $7,139,641) | 7,139,641 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $504,553,556)* | 100.2 | % | $ | 363,368,931 | ||||||||||
Other Assets and Liabilities - Net | (0.2 | ) | (546,731 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 362,822,200 | ||||||||||
* | Cost for federal income tax purposes is $573,703,975 | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 976,894 | ||
Gross Unrealized Depreciation | (211,311,938 | ) | ||
Net Unrealized Depreciation | $ | (210,335,044 | ) | |
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 363,368,931 | $ | — | ||||
Level 2 — Other Significant Observable Inputs | — | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 363,368,931 | $ | — | ||||
* | Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end. |
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Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 92.5% | ||||||||||||||
Aerospace/Defense: 0.8% | ||||||||||||||
700 | Boeing Co. | $ | 29,841 | |||||||||||
29,841 | ||||||||||||||
Agriculture: 5.3% | ||||||||||||||
4,600 | Altria Group, Inc. | 73,968 | ||||||||||||
1,500 | Archer-Daniels-Midland Co. | 41,070 | ||||||||||||
2,300 | Philip Morris International, Inc. | 96,968 | ||||||||||||
212,006 | ||||||||||||||
Auto Parts & Equipment: 1.1% | ||||||||||||||
2,300 | @@ | Autoliv, Inc. | 43,907 | |||||||||||
43,907 | ||||||||||||||
Banks: 12.4% | ||||||||||||||
2,000 | Associated Banc-Corp. | 43,460 | ||||||||||||
3,400 | Bank of America Corp. | 55,250 | ||||||||||||
1,500 | Comerica, Inc. | 33,825 | ||||||||||||
2,900 | JPMorgan Chase & Co. | 91,814 | ||||||||||||
1,500 | Morgan Stanley | 22,125 | ||||||||||||
900 | PNC Financial Services Group, Inc. | 47,493 | ||||||||||||
500 | SunTrust Bank | 15,865 | ||||||||||||
1,100 | @@ | Toronto Dominion Bank | 40,800 | |||||||||||
2,600 | US Bancorp. | 70,148 | ||||||||||||
2,600 | Wells Fargo & Co. | 75,114 | ||||||||||||
495,894 | ||||||||||||||
Beverages: 1.4% | ||||||||||||||
1,000 | PepsiCo, Inc. | 56,700 | ||||||||||||
56,700 | ||||||||||||||
Chemicals: 0.6% | ||||||||||||||
900 | EI Du Pont de Nemours & Co. | 22,554 | ||||||||||||
22,554 | ||||||||||||||
Commercial Services: 1.4% | ||||||||||||||
1,400 | Automatic Data Processing, Inc. | 57,484 | ||||||||||||
57,484 | ||||||||||||||
Computers: 0.9% | ||||||||||||||
8,700 | Seagate Technology, Inc. | 36,627 | ||||||||||||
36,627 | ||||||||||||||
Diversified Financial Services: 0.8% | ||||||||||||||
1,400 | NYSE Euronext | 33,334 | ||||||||||||
33,334 | ||||||||||||||
Electric: 4.7% | ||||||||||||||
2,400 | NSTAR | 85,200 | ||||||||||||
2,700 | PG&E Corp. | 102,708 | ||||||||||||
187,908 | ||||||||||||||
Environmental Control: 2.0% | ||||||||||||||
2,700 | Waste Management, Inc. | 78,840 | ||||||||||||
78,840 | ||||||||||||||
Food: 1.3% | ||||||||||||||
1,100 | Safeway, Inc. | 23,980 | ||||||||||||
2,200 | Supervalu, Inc. | 26,202 | ||||||||||||
50,182 | ||||||||||||||
Forest Products & Paper: 0.4% | ||||||||||||||
1,400 | International Paper Co. | 17,430 | ||||||||||||
17,430 | ||||||||||||||
Gas: 4.0% | ||||||||||||||
2,300 | Atmos Energy Corp. | 57,339 | ||||||||||||
4,300 | Centerpoint Energy, Inc. | 55,599 | ||||||||||||
1,400 | National Fuel Gas Co. | 45,542 | ||||||||||||
158,480 | ||||||||||||||
Healthcare — Products: 3.2% | ||||||||||||||
1,900 | Johnson & Johnson | 111,302 | ||||||||||||
600 | Medtronic, Inc. | 18,312 | ||||||||||||
129,614 | ||||||||||||||
Housewares: 0.9% | ||||||||||||||
2,700 | Newell Rubbermaid, Inc. | 36,072 | ||||||||||||
36,072 | ||||||||||||||
Insurance: 4.0% | ||||||||||||||
1,100 | @@ | ACE Ltd. | 57,475 | |||||||||||
800 | Arthur J. Gallagher & Co. | 19,840 | ||||||||||||
1,300 | Lincoln National Corp. | 17,849 | ||||||||||||
1,500 | Travelers Cos., Inc. | 65,475 | ||||||||||||
160,639 | ||||||||||||||
Iron/Steel: 1.0% | ||||||||||||||
1,100 | Nucor Corp. | 39,248 | ||||||||||||
39,248 | ||||||||||||||
Mining: 0.6% | ||||||||||||||
1,000 | Freeport-McMoRan Copper & Gold, Inc. | 23,990 | ||||||||||||
23,990 | ||||||||||||||
Miscellaneous Manufacturing: 2.1% | ||||||||||||||
5,000 | General Electric Co. | 85,850 | ||||||||||||
85,850 | ||||||||||||||
Oil & Gas: 15.7% | ||||||||||||||
2,200 | Chevron Corp. | 173,822 | ||||||||||||
1,700 | ConocoPhillips | 89,284 | ||||||||||||
800 | @@ | Encana Corp. | 37,448 | |||||||||||
2,600 | ExxonMobil Corp. | 208,390 | ||||||||||||
1,800 | Marathon Oil Corp. | 47,124 | ||||||||||||
5,700 | Patterson-UTI Energy, Inc. | 71,193 | ||||||||||||
627,261 | ||||||||||||||
Pharmaceuticals: 8.6% | ||||||||||||||
3,900 | Bristol-Myers Squibb Co. | 80,730 | ||||||||||||
2,000 | Merck & Co., Inc. | 53,440 | ||||||||||||
9,600 | Pfizer, Inc. | 157,728 | ||||||||||||
1,400 | Wyeth | 50,414 | ||||||||||||
342,312 | ||||||||||||||
Retail: 6.1% | ||||||||||||||
4,100 | Home Depot, Inc. | 94,751 | ||||||||||||
3,400 | Macy’s, Inc. | 25,228 | ||||||||||||
500 | McDonald’s Corp. | 29,375 | ||||||||||||
1,300 | TJX Cos., Inc. | 29,666 | ||||||||||||
2,700 | Walgreen Co. | 66,798 | ||||||||||||
245,818 | ||||||||||||||
Savings & Loans: 1.9% | ||||||||||||||
4,082 | People’s United Financial, Inc. | 77,844 | ||||||||||||
77,844 | ||||||||||||||
Semiconductors: 2.3% | ||||||||||||||
4,500 | Intel Corp. | 62,100 | ||||||||||||
1,700 | Intersil Corp. | 15,402 | ||||||||||||
1,000 | Texas Instruments, Inc. | 15,570 | ||||||||||||
93,072 | ||||||||||||||
84
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Shares | Value | |||||||||||||
Telecommunications: 7.6% | ||||||||||||||
2,700 | AT&T, Inc. | $ | 77,112 | |||||||||||
1,800 | CenturyTel, Inc. | 47,808 | ||||||||||||
1,600 | Embarq Corp. | 52,224 | ||||||||||||
2,300 | Verizon Communications, Inc. | 75,095 | ||||||||||||
5,836 | Windstream Corp. | 51,707 | ||||||||||||
303,946 | ||||||||||||||
Textiles: 1.4% | ||||||||||||||
2,400 | Cintas Corp. | 57,648 | ||||||||||||
57,648 | ||||||||||||||
Total Common Stock (Cost $4,435,320) | 3,704,501 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 1.9% | ||||||||||||||
Diversified: 0.3% | ||||||||||||||
700 | Liberty Property Trust | 13,384 | ||||||||||||
13,384 | ||||||||||||||
Mortgage: 1.3% | ||||||||||||||
8,400 | MFA Mortgage Investments, Inc. | 51,996 | ||||||||||||
51,996 | ||||||||||||||
Regional Malls: 0.3% | ||||||||||||||
700 | Macerich Co. | 9,422 | ||||||||||||
9,422 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $121,769) | 74,802 | |||||||||||||
Total Long-Term Investments (Cost $4,557,089) | 3,779,303 | |||||||||||||
SHORT-TERM INVESTMENTS: 5.2% | ||||||||||||||
Affiliated Mutual Fund: 5.2% | ||||||||||||||
209,000 | ING Institutional Prime Money Market Fund — Class I | 209,000 | ||||||||||||
Total Short-Term Investments (Cost $209,000) | 209,000 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $4,766,089)* | 99.6 | % | $ | 3,988,303 | ||||||||||
Other Assets and Liabilities - Net | 0.4 | 15,826 | ||||||||||||
Net Assets | 100.0 | % | $ | 4,004,129 | ||||||||||
@@ | Foreign Issuer | |
* | Cost for federal income tax purposes is $4,783,630. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 67,651 | ||
Gross Unrealized Depreciation | (862,978 | ) | ||
Net Unrealized Depreciation | $ | (795,327 | ) | |
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 3,988,303 | $ | — | ||||
Level 2 — Other Significant Observable Inputs | — | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 3,988,303 | $ | — | ||||
* | Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end. |
85
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Shares | Value | |||||||||||||
COMMON STOCK: 100.3% | ||||||||||||||
Aerospace/Defense: 1.0% | ||||||||||||||
2,000 | Lockheed Martin Corp. | $ | 154,220 | |||||||||||
154,220 | ||||||||||||||
Agriculture: 4.7% | ||||||||||||||
18,860 | Altria Group, Inc. | 303,269 | ||||||||||||
9,871 | Philip Morris International, Inc. | 416,161 | ||||||||||||
719,430 | ||||||||||||||
Apparel: 2.8% | ||||||||||||||
7,300 | @ | Coach, Inc. | 130,670 | |||||||||||
5,500 | Nike, Inc. | 292,875 | ||||||||||||
423,545 | ||||||||||||||
Banks: 10.8% | ||||||||||||||
20,700 | Citigroup, Inc. | 171,603 | ||||||||||||
3,500 | Comerica, Inc. | 78,925 | ||||||||||||
3,300 | Goldman Sachs Group, Inc. | 260,667 | ||||||||||||
11,200 | JPMorgan Chase & Co. | 354,592 | ||||||||||||
3,800 | PNC Financial Services Group, Inc. | 200,526 | ||||||||||||
7,100 | US Bancorp. | 191,558 | ||||||||||||
13,500 | Wells Fargo & Co. | 390,015 | ||||||||||||
1,647,886 | ||||||||||||||
Beverages: 1.9% | ||||||||||||||
5,200 | PepsiCo, Inc. | 294,840 | ||||||||||||
294,840 | ||||||||||||||
Biotechnology: 1.9% | ||||||||||||||
6,400 | @ | Gilead Sciences, Inc. | 286,656 | |||||||||||
286,656 | ||||||||||||||
Chemicals: 0.7% | ||||||||||||||
9,354 | Celanese Corp. | 108,039 | ||||||||||||
108,039 | ||||||||||||||
Computers: 4.5% | ||||||||||||||
2,600 | @ | Apple, Inc. | 240,942 | |||||||||||
6,500 | Hewlett-Packard Co. | 229,320 | ||||||||||||
2,700 | International Business Machines Corp. | 220,320 | ||||||||||||
12,700 | Seagate Technology, Inc. — Escrow | — | ||||||||||||
690,582 | ||||||||||||||
Cosmetics/Personal Care: 3.3% | ||||||||||||||
7,695 | Procter & Gamble Co. | 495,173 | ||||||||||||
495,173 | ||||||||||||||
Diversified Financial Services: 0.5% | ||||||||||||||
1,159 | @@ | Deutsche Boerse AG | 81,224 | |||||||||||
81,224 | ||||||||||||||
Electric: 6.4% | ||||||||||||||
6,200 | Exelon Corp. | 348,502 | ||||||||||||
8,000 | NSTAR | 284,000 | ||||||||||||
8,900 | PG&E Corp. | 338,556 | ||||||||||||
971,058 | ||||||||||||||
Electronics: 1.2% | ||||||||||||||
8,100 | Amphenol Corp. | 188,082 | ||||||||||||
188,082 | ||||||||||||||
Environmental Control: 1.3% | ||||||||||||||
6,700 | Waste Management, Inc. | 195,640 | ||||||||||||
195,640 | ||||||||||||||
Food: 0.8% | ||||||||||||||
3,800 | @@ | Cadbury PLC ADR | 129,162 | |||||||||||
129,162 | ||||||||||||||
Healthcare — Products: 5.8% | ||||||||||||||
4,280 | @@ | Covidien Ltd. | 157,718 | |||||||||||
5,440 | Johnson & Johnson | 318,675 | ||||||||||||
8,500 | @ | St. Jude Medical, Inc. | 238,255 | |||||||||||
4,600 | @ | Zimmer Holdings, Inc. | 171,672 | |||||||||||
886,320 | ||||||||||||||
Healthcare — Services: 1.6% | ||||||||||||||
6,800 | @ | WellPoint, Inc. | 242,080 | |||||||||||
242,080 | ||||||||||||||
Insurance: 4.3% | ||||||||||||||
5,427 | Reinsurance Group of America, Inc. | 220,336 | ||||||||||||
6,000 | Travelers Cos., Inc. | 261,900 | ||||||||||||
7,200 | @@ | Willis Group Holdings Ltd. | 166,104 | |||||||||||
648,340 | ||||||||||||||
Internet: 2.4% | ||||||||||||||
920 | @ | Google, Inc. — Class A | 269,523 | |||||||||||
8,000 | @ | Yahoo!, Inc. | 92,080 | |||||||||||
361,603 | ||||||||||||||
Iron/Steel: 0.7% | ||||||||||||||
4,200 | Cliffs Natural Resources, Inc. | 99,750 | ||||||||||||
99,750 | ||||||||||||||
Media: 1.6% | ||||||||||||||
10,250 | @ | Liberty Media Corp. — Entertainment | 121,668 | |||||||||||
12,600 | Time Warner, Inc. | 114,030 | ||||||||||||
235,698 | ||||||||||||||
Mining: 0.7% | ||||||||||||||
4,600 | Freeport-McMoRan Copper & Gold, Inc. | 110,354 | ||||||||||||
110,354 | ||||||||||||||
�� | ||||||||||||||
Miscellaneous Manufacturing: 1.8% | ||||||||||||||
15,660 | General Electric Co. | 268,882 | ||||||||||||
268,882 | ||||||||||||||
Oil & Gas: 12.4% | ||||||||||||||
2,600 | Apache Corp. | 200,980 | ||||||||||||
2,700 | Chevron Corp. | 213,327 | ||||||||||||
9,470 | ExxonMobil Corp. | 759,021 | ||||||||||||
8,400 | Marathon Oil Corp. | 219,912 | ||||||||||||
5,800 | @@ | Royal Dutch Shell PLC ADR — Class A | 310,010 | |||||||||||
4,700 | XTO Energy, Inc. | 179,728 | ||||||||||||
1,882,978 | ||||||||||||||
Oil & Gas Services: 2.4% | ||||||||||||||
10,900 | BJ Services Co. | 130,691 | ||||||||||||
4,700 | Schlumberger Ltd. | 238,478 | ||||||||||||
369,169 | ||||||||||||||
Packaging & Containers: 0.7% | ||||||||||||||
5,600 | @ | Owens-Illinois, Inc. | 113,232 | |||||||||||
113,232 | ||||||||||||||
Pharmaceuticals: 6.8% | ||||||||||||||
4,900 | Abbott Laboratories | 256,711 | ||||||||||||
19,500 | Pfizer, Inc. | 320,385 | ||||||||||||
5,800 | @@ | Teva Pharmaceutical Industries Ltd. ADR | 250,270 | |||||||||||
5,900 | Wyeth | 212,459 | ||||||||||||
1,039,825 | ||||||||||||||
Retail: 5.1% | ||||||||||||||
5,400 | Home Depot, Inc. | 124,794 | ||||||||||||
3,397 | @ | Kohl’s Corp. | 110,946 | |||||||||||
4,600 | McDonald’s Corp. | 270,250 |
86
Table of Contents
Shares | Value | |||||||||||||
Retail (continued) | ||||||||||||||
2,091 | Ross Stores, Inc. | $ | 55,412 | |||||||||||
3,700 | Wal-Mart Stores, Inc. | 206,756 | ||||||||||||
768,158 | ||||||||||||||
Semiconductors: 3.1% | ||||||||||||||
12,600 | Applied Materials, Inc. | 120,708 | ||||||||||||
16,700 | Intel Corp. | 230,460 | ||||||||||||
16,400 | @@ | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 117,260 | |||||||||||
468,428 | ||||||||||||||
Software: 1.5% | ||||||||||||||
10,960 | Microsoft Corp. | 221,611 | ||||||||||||
221,611 | ||||||||||||||
Telecommunications: 5.8% | ||||||||||||||
10,400 | AT&T, Inc. | 297,024 | ||||||||||||
11,590 | Qualcomm, Inc. | 389,076 | ||||||||||||
67,700 | Sprint Nextel Corp. | 188,883 | ||||||||||||
874,983 | ||||||||||||||
Toys/Games/Hobbies: 0.8% | ||||||||||||||
400 | @@ | Nintendo Co., Ltd. | 124,355 | |||||||||||
124,355 | ||||||||||||||
Transportation: 1.0% | ||||||||||||||
3,000 | Union Pacific Corp. | 150,120 | ||||||||||||
150,120 | ||||||||||||||
Total Common Stock (Cost $18,530,140) | 15,251,423 | |||||||||||||
SHORT-TERM INVESTMENTS: 1.6% | ||||||||||||||
Affiliated Mutual Fund: 1.6% | ||||||||||||||
242,000 | ING Institutional Prime Money Market Fund — Class I | 242,000 | ||||||||||||
Total Short-Term Investments (Cost $242,000) | 242,000 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $18,772,140)* | 101.9 | % | $ | 15,493,423 | ||||||||||
Other Assets and Liabilities - Net | (1.9 | ) | (295,484 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 15,197,939 | ||||||||||
@ | Non-income producing security | |
@@ | Foreign Issuer | |
ADR | American Depositary Receipt | |
* | Cost for federal income tax purposes is $19,529,431. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 500,855 | ||
Gross Unrealized Depreciation | (4,536,863 | ) | ||
Net Unrealized Depreciation | $ | (4,036,008 | ) | |
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 15,369,068 | $ | — | ||||
Level 2 — Other Significant Observable Inputs | 124,355 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 15,493,423 | $ | — | ||||
* | Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end. |
87
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Shares | Value | |||||||||||||
COMMON STOCK: 99.4% | ||||||||||||||
Advertising: 0.4% | ||||||||||||||
39,260 | @,@@, | Focus Media Holding Ltd. ADR | $ | 293,272 | ||||||||||
L | ||||||||||||||
�� | ||||||||||||||
293,272 | ||||||||||||||
Aerospace/Defense: 6.6% | ||||||||||||||
18,000 | General Dynamics Corp. | 930,060 | ||||||||||||
32,350 | Lockheed Martin Corp. | 2,494,509 | ||||||||||||
40,050 | Raytheon Co. | 1,954,440 | ||||||||||||
5,379,009 | ||||||||||||||
Apparel: 1.4% | ||||||||||||||
22,190 | Nike, Inc. | 1,181,618 | ||||||||||||
1,181,618 | ||||||||||||||
Banks: 3.4% | ||||||||||||||
18,850 | Goldman Sachs Group, Inc. | 1,488,962 | ||||||||||||
43,290 | Wells Fargo & Co. | 1,250,648 | ||||||||||||
2,739,610 | ||||||||||||||
Beverages: 0.9% | ||||||||||||||
12,800 | PepsiCo, Inc. | 725,760 | ||||||||||||
725,760 | ||||||||||||||
Biotechnology: 2.5% | ||||||||||||||
13,690 | @ | Genentech, Inc. | 1,048,654 | |||||||||||
15,020 | @ | Genzyme Corp. | 961,580 | |||||||||||
2,010,234 | ||||||||||||||
Chemicals: 2.0% | ||||||||||||||
15,410 | Monsanto Co. | 1,220,472 | ||||||||||||
7,600 | Sherwin-Williams Co. | 447,868 | ||||||||||||
1,668,340 | ||||||||||||||
Commercial Services: 9.3% | ||||||||||||||
21,130 | @ | Apollo Group, Inc. — Class A | 1,623,629 | |||||||||||
22,590 | Automatic Data Processing, Inc. | 927,545 | ||||||||||||
30,550 | McKesson Corp. | 1,067,417 | ||||||||||||
22,740 | Moody’s Corp. | 493,685 | ||||||||||||
22,170 | Visa, Inc. | 1,165,255 | ||||||||||||
171,180 | Western Union Co. | 2,271,559 | ||||||||||||
7,549,090 | ||||||||||||||
Computers: 7.2% | ||||||||||||||
42,200 | @@ | Accenture Ltd. | 1,307,356 | |||||||||||
8,830 | @ | Apple, Inc. | 818,276 | |||||||||||
50,640 | Hewlett-Packard Co. | 1,786,579 | ||||||||||||
14,300 | International Business Machines Corp. | 1,166,880 | ||||||||||||
19,480 | @,@@ | Research In Motion Ltd. | 827,316 | |||||||||||
5,906,407 | ||||||||||||||
Engineering & Construction: 2.4% | ||||||||||||||
49,130 | @@ | ABB Ltd. ADR | 635,251 | |||||||||||
23,400 | Fluor Corp. | 1,065,636 | ||||||||||||
10,420 | @,@@ | Foster Wheeler Ltd. | 231,949 | |||||||||||
1,932,836 | ||||||||||||||
Food: 3.0% | ||||||||||||||
49,133 | @@ | Nestle SA | 1,779,489 | |||||||||||
57,890 | Supervalu, Inc. | 689,470 | ||||||||||||
2,468,959 | ||||||||||||||
Healthcare — Products: 4.1% | ||||||||||||||
42,720 | @@ | Covidien Ltd. | 1,574,232 | |||||||||||
32,360 | Medtronic, Inc. | 987,627 | ||||||||||||
28,810 | @ | St. Jude Medical, Inc. | 807,544 | |||||||||||
3,369,403 | ||||||||||||||
Healthcare — Services: 1.1% | ||||||||||||||
44,550 | UnitedHealth Group, Inc. | 935,996 | ||||||||||||
935,996 | ||||||||||||||
Insurance: 4.2% | ||||||||||||||
25,110 | AON Corp. | 1,137,483 | ||||||||||||
54,620 | Marsh & McLennan Cos., Inc. | 1,392,810 | ||||||||||||
30,380 | Metlife, Inc. | 873,729 | ||||||||||||
3,404,022 | ||||||||||||||
Internet: 4.3% | ||||||||||||||
5,720 | @ | Google, Inc. — Class A | 1,675,731 | |||||||||||
38,110 | @ | McAfee, Inc. | 1,155,876 | |||||||||||
32,660 | @ | VeriSign, Inc. | 705,129 | |||||||||||
3,536,736 | ||||||||||||||
Machinery — Construction & Mining: 0.7% | ||||||||||||||
13,930 | Caterpillar, Inc. | 570,991 | ||||||||||||
570,991 | ||||||||||||||
Machinery — Diversified: 1.5% | ||||||||||||||
35,310 | Deere & Co. | 1,229,141 | ||||||||||||
1,229,141 | ||||||||||||||
Media: 1.0% | ||||||||||||||
50,390 | @ | Viacom — Class B | 802,209 | |||||||||||
802,209 | ||||||||||||||
Metal Fabricate/Hardware: 1.7% | ||||||||||||||
21,490 | Precision Castparts Corp. | 1,347,423 | ||||||||||||
1,347,423 | ||||||||||||||
Mining: 0.6% | ||||||||||||||
26,510 | @@ | Cameco Corp. | 456,767 | |||||||||||
456,767 | ||||||||||||||
Miscellaneous Manufacturing: 1.6% | ||||||||||||||
31,790 | Honeywell International, Inc. | 885,669 | ||||||||||||
7,600 | @@ | Siemens AG ADR | 453,720 | |||||||||||
1,339,389 | ||||||||||||||
Oil & Gas: 6.4% | ||||||||||||||
14,710 | EOG Resources, Inc. | 1,250,644 | ||||||||||||
14,120 | Hess Corp. | 763,045 | ||||||||||||
21,670 | Occidental Petroleum Corp. | 1,173,214 | ||||||||||||
18,430 | @@ | Petroleo Brasileiro SA ADR | 385,924 | |||||||||||
11,134 | @ | Transocean, Inc. | 744,642 | |||||||||||
21,560 | @ | Ultra Petroleum Corp. | 875,983 | |||||||||||
5,193,452 | ||||||||||||||
Oil & Gas Services: 2.5% | ||||||||||||||
63,150 | Halliburton Co. | 1,111,440 | ||||||||||||
17,809 | Schlumberger Ltd. | 903,629 | ||||||||||||
2,015,069 | ||||||||||||||
Pharmaceuticals: 6.4% | ||||||||||||||
43,660 | Abbott Laboratories | 2,287,347 | ||||||||||||
6,300 | Merck & Co., Inc. | 168,336 | ||||||||||||
34,930 | @@ | Teva Pharmaceutical Industries Ltd. ADR | 1,507,230 | |||||||||||
33,960 | Wyeth | 1,222,900 | ||||||||||||
5,185,813 | ||||||||||||||
Retail: 5.8% | ||||||||||||||
13,800 | @ | Kohl’s Corp. | 450,708 | |||||||||||
72,590 | Staples, Inc. | 1,260,162 | ||||||||||||
31,250 | Target Corp. | 1,055,000 | ||||||||||||
53,270 | TJX Cos., Inc. | 1,215,621 | ||||||||||||
12,790 | Wal-Mart Stores, Inc. | 714,705 | ||||||||||||
4,696,196 | ||||||||||||||
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Shares | Value | |||||||||||||
Semiconductors: 1.2% | ||||||||||||||
68,460 | Altera Corp. | $ | 1,007,047 | |||||||||||
1,007,047 | ||||||||||||||
Software: 10.0% | ||||||||||||||
41,110 | @ | BMC Software, Inc. | 1,026,106 | |||||||||||
818 | CA, Inc. | 13,775 | ||||||||||||
53,210 | @ | Electronic Arts, Inc. | 1,014,183 | |||||||||||
156,290 | Microsoft Corp. | 3,160,184 | ||||||||||||
181,010 | @ | Oracle Corp. | 2,912,451 | |||||||||||
8,126,699 | ||||||||||||||
Telecommunications: 5.6% | ||||||||||||||
108,910 | @ | Cisco Systems, Inc. | 1,801,371 | |||||||||||
69,610 | @ | MetroPCS Communications, Inc. | 1,019,090 | |||||||||||
268 | @,@@, | Nortel Networks Corp. | 153 | |||||||||||
L | ||||||||||||||
52,310 | Qualcomm, Inc. | 1,756,047 | ||||||||||||
4,576,661 | ||||||||||||||
Toys/Games/Hobbies: 1.3% | ||||||||||||||
3,350 | @@ | Nintendo Co., Ltd. | 1,041,474 | |||||||||||
1,041,474 | ||||||||||||||
Transportation: 0.3% | ||||||||||||||
6,150 | Norfolk Southern Corp. | 304,241 | ||||||||||||
304,241 | ||||||||||||||
Total Common Stock (Cost $106,349,133) | 80,993,864 | |||||||||||||
SHORT-TERM INVESTMENTS: 1.0% | ||||||||||||||
Affiliated Mutual Fund: 0.7% | ||||||||||||||
517,582 | ING Institutional Prime Money Market Fund — Class I | 517,582 | ||||||||||||
Total Mutual Fund (Cost $517,582) | 517,582 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Securities Lending CollateralCC: 0.3% | ||||||||||||||
$ | 310,283 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 271,520 | ||||||||||
Total Securities Lending Collateral (Cost $310,283) | 271,520 | |||||||||||||
Total Short-Term Investments (Cost $827,865) | 789,102 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $107,176,998)* | 100.4 | % | $ | 81,782,966 | ||||||||||
Other Assets and Liabilities - Net | (0.4 | ) | (335,884 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 81,447,082 | ||||||||||
@ | Non-income producing security | |
@@ | Foreign Issuer | |
ADR | American Depositary Receipt | |
cc | Securities purchased with cash collateral for securities loaned. | |
L | Loaned security, a portion or all of the security is on loan at November 30, 2008. | |
* | Cost for federal income tax purposes is $109,600,251. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 2,226,017 | ||
Gross Unrealized Depreciation | (30,043,302 | ) | ||
Net Unrealized Depreciation | $ | (27,817,285 | ) | |
The following table summarizes the inputs used as of November 30, 2008 in determining the Fund’s investments at fair value for purposes of SFAS 157: |
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 78,690,483 | $ | — | ||||
Level 2 — Other Significant Observable Inputs | 3,092,483 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 81,782,966 | $ | — | ||||
“Fair value” for purposes of SFAS 157 is different from “fair value” as used in the 1940 Act. The former generally implies market value, and can include market quotations as a source of value, and the latter refers to determinations of actual value in absence of available market quotations. |
* Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end. |
89
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Shares | Value | |||||||||||||
COMMON STOCK: 98.0% | ||||||||||||||
Aerospace/Defense: 1.8% | ||||||||||||||
20,590 | L-3 Communications Holdings, Inc. | $ | 1,383,030 | |||||||||||
80,340 | @ | Orbital Sciences Corp. | 1,381,848 | |||||||||||
2,764,878 | ||||||||||||||
Airlines: 0.9% | ||||||||||||||
152,370 | @ | Delta Airlines, Inc. | 1,342,380 | |||||||||||
1,342,380 | ||||||||||||||
Apparel: 1.2% | ||||||||||||||
65,740 | @ | Coach, Inc. | 1,176,746 | |||||||||||
37,326 | @,@@,L | Gildan Activewear, Inc. | 636,035 | |||||||||||
1,812,781 | ||||||||||||||
Banks: 1.7% | ||||||||||||||
58,170 | Northern Trust Corp. | 2,669,421 | ||||||||||||
2,669,421 | ||||||||||||||
Biotechnology: 3.1% | ||||||||||||||
11,159 | @ | Bio-Rad Laboratories, Inc. | 827,551 | |||||||||||
34,558 | @ | Gilead Sciences, Inc. | 1,547,853 | |||||||||||
27,075 | @ | Myriad Genetics, Inc. | 1,605,006 | |||||||||||
22,480 | @ | OSI Pharmaceuticals, Inc. | 836,256 | |||||||||||
4,816,666 | ||||||||||||||
Chemicals: 3.4% | ||||||||||||||
35,980 | Air Products & Chemicals, Inc. | 1,718,405 | ||||||||||||
91,710 | Ecolab, Inc. | 3,520,747 | ||||||||||||
5,239,152 | ||||||||||||||
Commercial Services: 6.0% | ||||||||||||||
48,440 | @ | Apollo Group, Inc. — Class A | 3,722,130 | |||||||||||
40,130 | @ | FTI Consulting, Inc. | 2,200,729 | |||||||||||
97,920 | @ | Quanta Services, Inc. | 1,592,179 | |||||||||||
42,930 | Watson Wyatt Worldwide, Inc. | 1,730,938 | ||||||||||||
9,245,976 | ||||||||||||||
Computers: 3.0% | ||||||||||||||
138,053 | @,@@,L | Logitech International | 1,801,592 | |||||||||||
41,230 | @ | Micros Systems, Inc. | 686,480 | |||||||||||
162,930 | @ | NetApp, Inc. | 2,199,555 | |||||||||||
4,687,627 | ||||||||||||||
Cosmetics/Personal Care: 1.0% | ||||||||||||||
21,870 | @,L | Chattem, Inc. | 1,587,106 | |||||||||||
1,587,106 | ||||||||||||||
Distribution/Wholesale: 0.9% | ||||||||||||||
134,987 | @ | LKQ Corp. | 1,406,565 | |||||||||||
1,406,565 | ||||||||||||||
Diversified Financial Services: 4.6% | ||||||||||||||
200,174 | Invesco Ltd. | 2,512,184 | ||||||||||||
68,130 | @@ | Lazard Ltd. | 2,129,744 | |||||||||||
68,440 | @ | Nasdaq Stock Market, Inc. | 1,471,460 | |||||||||||
69,750 | OptionsXpress Holdings, Inc. | 982,778 | ||||||||||||
7,096,166 | ||||||||||||||
Electric: 1.0% | ||||||||||||||
41,610 | NSTAR | 1,477,155 | ||||||||||||
1,477,155 | ||||||||||||||
Electronics: 2.2% | ||||||||||||||
59,751 | @ | Dolby Laboratories, Inc. | 1,781,775 | |||||||||||
53,170 | @ | Flir Systems, Inc. | 1,649,333 | |||||||||||
3,431,108 | ||||||||||||||
Environmental Control: 1.5% | ||||||||||||||
80,070 | Waste Management, Inc. | 2,338,044 | ||||||||||||
2,338,044 | ||||||||||||||
Food: 1.2% | ||||||||||||||
30,170 | @ | Ralcorp Holdings, Inc. | 1,887,435 | |||||||||||
1,887,435 | ||||||||||||||
Healthcare — Products: 6.3% | ||||||||||||||
72,610 | @@ | Covidien Ltd. | 2,675,679 | |||||||||||
50,120 | @ | Immucor, Inc. | 1,216,412 | |||||||||||
68,438 | @ | Masimo Corp. | 1,867,673 | |||||||||||
18,960 | Meridian Bioscience, Inc. | 451,817 | ||||||||||||
128,816 | @ | St. Jude Medical, Inc. | 3,610,712 | |||||||||||
9,822,293 | ||||||||||||||
Healthcare — Services: 1.4% | ||||||||||||||
30,800 | @ | Lincare Holdings, Inc. | 737,044 | |||||||||||
37,660 | Universal Health Services, Inc. | 1,399,069 | ||||||||||||
2,136,113 | ||||||||||||||
Insurance: 3.1% | ||||||||||||||
33,530 | @@ | ACE Ltd. | 1,751,943 | |||||||||||
46,320 | AON Corp. | 2,098,296 | ||||||||||||
16,720 | @ | ProAssurance Corp. | 912,745 | |||||||||||
4,762,984 | ||||||||||||||
Internet: 3.6% | ||||||||||||||
120,780 | @ | F5 Networks, Inc. | 3,007,422 | |||||||||||
83,130 | @ | McAfee, Inc. | 2,521,333 | |||||||||||
5,528,755 | ||||||||||||||
Iron/Steel: 0.5% | ||||||||||||||
34,476 | Cliffs Natural Resources, Inc. | 818,805 | ||||||||||||
818,805 | ||||||||||||||
Machinery — Diversified: 2.8% | ||||||||||||||
58,264 | Roper Industries, Inc. | 2,666,743 | ||||||||||||
44,810 | Wabtec Corp. | 1,729,218 | ||||||||||||
4,395,961 | ||||||||||||||
Miscellaneous Manufacturing: 2.3% | ||||||||||||||
20,351 | Dover Corp. | 607,070 | ||||||||||||
70,070 | ITT Corp. | 2,933,130 | ||||||||||||
3,540,200 | ||||||||||||||
Oil & Gas: 8.4% | ||||||||||||||
55,240 | Cimarex Energy Co. | 1,567,159 | ||||||||||||
49,810 | Hess Corp. | 2,691,732 | ||||||||||||
49,874 | Murphy Oil Corp. | 2,196,950 | ||||||||||||
145,450 | Patterson-UTI Energy, Inc. | 1,816,671 | ||||||||||||
75,410 | @ | Southwestern Energy Co. | 2,591,842 | |||||||||||
57,965 | XTO Energy, Inc. | 2,216,582 | ||||||||||||
13,080,936 | ||||||||||||||
Oil & Gas Services: 1.7% | ||||||||||||||
43,300 | @ | National Oilwell Varco, Inc. | 1,224,957 | |||||||||||
50,790 | Smith International, Inc. | 1,485,100 | ||||||||||||
2,710,057 | ||||||||||||||
Packaging & Containers: 2.7% | ||||||||||||||
56,500 | @ | Owens-Illinois, Inc. | 1,142,430 | |||||||||||
76,610 | @ | Pactiv Corp. | 1,914,484 | |||||||||||
23,710 | Silgan Holdings, Inc. | 1,072,640 | ||||||||||||
4,129,554 | ||||||||||||||
Pharmaceuticals: 1.7% | ||||||||||||||
78,070 | Perrigo Co. | 2,686,389 | ||||||||||||
2,686,389 | ||||||||||||||
90
Table of Contents
Shares | Value | |||||||||||||
Retail: 9.5% | ||||||||||||||
84,428 | Advance Auto Parts, Inc. | $ | 2,563,234 | |||||||||||
69,970 | Darden Restaurants, Inc. | 1,279,751 | ||||||||||||
106,205 | @ | GameStop Corp. | 2,320,579 | |||||||||||
103,330 | Ross Stores, Inc. | 2,738,245 | ||||||||||||
128,590 | TJX Cos., Inc. | 2,934,424 | ||||||||||||
156,660 | @ | Urban Outfitters, Inc. | 2,846,512 | |||||||||||
14,682,745 | ||||||||||||||
Savings & Loans: 1.0% | ||||||||||||||
78,290 | People’s United Financial, Inc. | 1,492,990 | ||||||||||||
1,492,990 | ||||||||||||||
Semiconductors: 5.4% | ||||||||||||||
114,140 | Altera Corp. | 1,678,999 | ||||||||||||
80,460 | Analog Devices, Inc. | 1,375,866 | ||||||||||||
120,820 | @ | Broadcom Corp. | 1,849,754 | |||||||||||
174,800 | National Semiconductor Corp. | 1,922,800 | ||||||||||||
185,250 | @ | ON Semiconductor Corp. | 540,930 | |||||||||||
104,629 | @,@@ | Verigy Ltd. | 963,633 | |||||||||||
8,331,982 | ||||||||||||||
Software: 11.3% | ||||||||||||||
347,300 | @ | Activision Blizzard, Inc. | 4,063,408 | |||||||||||
59,830 | @ | Ansys, Inc. | 1,726,694 | |||||||||||
118,790 | @ | BMC Software, Inc. | 2,964,998 | |||||||||||
35,200 | Dun & Bradstreet Corp. | 2,816,000 | ||||||||||||
89,630 | @ | Fiserv, Inc. | 3,059,968 | |||||||||||
133,100 | @ | Intuit, Inc. | 2,949,496 | |||||||||||
17,580,564 | ||||||||||||||
Telecommunications: 1.4% | ||||||||||||||
38,290 | Embarq Corp. | 1,249,786 | ||||||||||||
52,660 | @ | Juniper Networks, Inc. | 915,231 | |||||||||||
2,165,017 | ||||||||||||||
Transportation: 1.4% | ||||||||||||||
41,680 | CH Robinson Worldwide, Inc. | 2,129,014 | ||||||||||||
2,129,014 | ||||||||||||||
Total Common Stock (Cost $198,589,065) | 151,796,819 | |||||||||||||
EXCHANGE-TRADED FUNDS: 1.5% | ||||||||||||||
Exchange-Traded Funds: 1.5% | ||||||||||||||
76,770 | iShares Russell Midcap Growth Index Fund | 2,328,434 | ||||||||||||
Total Exchange-Traded Funds (Cost $2,225,116) | 2,328,434 | |||||||||||||
Total Long-Term Investments (Cost $200,814,181) | 154,125,253 | |||||||||||||
SHORT-TERM INVESTMENTS: 3.5% | ||||||||||||||
Affiliated Mutual Fund: 1.3% | ||||||||||||||
2,000,000 | ING Institutional Prime Money Market Fund — Class I | 2,000,000 | ||||||||||||
Total Mutual Fund (Cost $2,000,000) | 2,000,000 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Securities Lending CollateralCC: 2.2% | ||||||||||||||
$3,495,674 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 3,378,995 | |||||||||||
Total Securities Lending Collateral (Cost $3,495,674) | 3,378,995 | |||||||||||||
Total Short-Term Investments (Cost $5,495,674) | 5,378,995 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $206,309,855)* | 103.0 | % | $ | 159,504,248 | ||||||||||
Other Assets and Liabilities - Net | (3.0 | ) | (4,624,753 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 154,879,495 | ||||||||||
@ | Non-income producing security | |
@@ | Foreign Issuer | |
cc | Securities purchased with cash collateral for securities loaned. | |
L | Loaned security, a portion or all of the security is on loan at November 30, 2008. | |
* | Cost for federal income tax purposes is $209,010,476. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 945,852 | ||
Gross Unrealized Depreciation | (50,452,080 | ) | ||
Net Unrealized Depreciation | $ | (49,506,228 | ) | |
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 156,125,253 | $ | — | ||||
Level 2 — Other Significant Observable Inputs | 3,378,995 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 159,504,248 | $ | — | ||||
* | Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end. |
91
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 98.2% | ||||||||||||||
Aerospace/Defense: 6.2% | ||||||||||||||
11,150 | Lockheed Martin Corp. | $ | 859,777 | |||||||||||
9,300 | Raytheon Co. | 453,840 | ||||||||||||
1,313,617 | ||||||||||||||
Banks: 0.8% | ||||||||||||||
4,700 | Capital One Financial Corp. | 161,727 | ||||||||||||
161,727 | ||||||||||||||
Biotechnology: 3.0% | ||||||||||||||
24,099 | @ | Life Technologies Corp. | 628,994 | |||||||||||
628,994 | ||||||||||||||
Chemicals: 2.9% | ||||||||||||||
5,600 | Monsanto Co. | 443,520 | ||||||||||||
2,900 | Sherwin-Williams Co. | 170,897 | ||||||||||||
614,417 | ||||||||||||||
Commercial Services: 2.0% | ||||||||||||||
9,800 | @ | Alliance Data Systems Corp. | 424,438 | |||||||||||
424,438 | ||||||||||||||
Computers: 11.3% | ||||||||||||||
9,800 | @ | Apple, Inc. | 908,166 | |||||||||||
28,000 | Hewlett-Packard Co. | 987,840 | ||||||||||||
5,900 | International Business Machines Corp. | 481,440 | ||||||||||||
2,377,446 | ||||||||||||||
Cosmetics/Personal Care: 7.0% | ||||||||||||||
10,000 | Colgate-Palmolive Co. | 650,700 | ||||||||||||
12,748 | Procter & Gamble Co. | 820,334 | ||||||||||||
1,471,034 | ||||||||||||||
Diversified Financial Services: 0.5% | ||||||||||||||
4,900 | @ | Nasdaq Stock Market, Inc. | 105,350 | |||||||||||
105,350 | ||||||||||||||
Electrical Components & Equipment: 1.2% | ||||||||||||||
7,300 | Emerson Electric Co. | 261,997 | ||||||||||||
261,997 | ||||||||||||||
Electronics: 2.9% | ||||||||||||||
8,900 | @ | Dolby Laboratories, Inc. | 265,398 | |||||||||||
8,600 | @ | Waters Corp. | 354,578 | |||||||||||
619,976 | ||||||||||||||
Engineering & Construction: 2.6% | ||||||||||||||
11,900 | Fluor Corp. | 541,926 | ||||||||||||
541,926 | ||||||||||||||
Food: 2.1% | ||||||||||||||
11,400 | HJ Heinz Co. | 442,776 | ||||||||||||
442,776 | ||||||||||||||
Healthcare — Products: 4.0% | ||||||||||||||
2,300 | @@ | Alcon, Inc. | 183,517 | |||||||||||
8,500 | @ | St. Jude Medical, Inc. | 238,255 | |||||||||||
10,300 | @ | Varian Medical Systems, Inc. | 415,708 | |||||||||||
837,480 | ||||||||||||||
Household Products/Wares: 1.5% | ||||||||||||||
5,300 | Church & Dwight Co., Inc. | 315,032 | ||||||||||||
315,032 | ||||||||||||||
Insurance: 1.8% | ||||||||||||||
8,300 | Aflac, Inc. | 384,290 | ||||||||||||
384,290 | ||||||||||||||
Internet: 1.9% | ||||||||||||||
34,100 | @ | Symantec Corp. | 410,223 | |||||||||||
410,223 | ||||||||||||||
Machinery — Diversified: 1.2% | ||||||||||||||
4,900 | Flowserve Corp. | 246,617 | ||||||||||||
246,617 | ||||||||||||||
Media: 1.7% | ||||||||||||||
10,100 | Comcast Corp. — Class A | 175,134 | ||||||||||||
16,700 | @ | Dish Network Corp. | 185,036 | |||||||||||
360,170 | ||||||||||||||
Miscellaneous Manufacturing: 2.1% | ||||||||||||||
18,200 | Cooper Industries Ltd. | 439,348 | ||||||||||||
439,348 | ||||||||||||||
Oil & Gas: 6.5% | ||||||||||||||
4,550 | ExxonMobil Corp. | 364,683 | ||||||||||||
3,300 | Murphy Oil Corp. | 145,365 | ||||||||||||
20,500 | Noble Corp. | 549,195 | ||||||||||||
7,900 | Sunoco, Inc. | 313,946 | ||||||||||||
1,373,189 | ||||||||||||||
Oil & Gas Services: 1.6% | ||||||||||||||
11,800 | @ | National Oilwell Varco, Inc. | 333,822 | |||||||||||
333,822 | ||||||||||||||
Packaging & Containers: 1.3% | ||||||||||||||
16,600 | @ | Crown Holdings, Inc. | 266,430 | |||||||||||
266,430 | ||||||||||||||
Pharmaceuticals: 7.8% | ||||||||||||||
3,200 | @ | Cephalon, Inc. | 235,136 | |||||||||||
14,300 | Eli Lilly & Co. | 488,345 | ||||||||||||
9,100 | @ | Express Scripts, Inc. | 523,341 | |||||||||||
16,100 | @ | Forest Laboratories, Inc. | 389,298 | |||||||||||
1,636,120 | ||||||||||||||
Retail: 11.1% | ||||||||||||||
2,100 | @ | Autozone, Inc. | 229,362 | |||||||||||
32,100 | Gap, Inc. | 417,942 | ||||||||||||
16,900 | Limited Brands, Inc. | 157,339 | ||||||||||||
6,700 | Ross Stores, Inc. | 177,550 | ||||||||||||
29,400 | TJX Cos., Inc. | 670,908 | ||||||||||||
12,500 | Wal-Mart Stores, Inc. | 698,498 | ||||||||||||
2,351,599 | ||||||||||||||
Savings & Loans: 1.3% | ||||||||||||||
16,000 | Hudson City Bancorp., Inc. | 267,360 | ||||||||||||
267,360 | ||||||||||||||
Semiconductors: 5.0% | ||||||||||||||
33,900 | Altera Corp. | 498,669 | ||||||||||||
33,400 | Xilinx, Inc. | 546,424 | ||||||||||||
1,045,093 | ||||||||||||||
Software: 4.7% | ||||||||||||||
28,200 | CA, Inc. | 474,888 | ||||||||||||
9,700 | Microsoft Corp. | 196,134 | ||||||||||||
20,500 | @ | Oracle Corp. | 329,845 | |||||||||||
1,000,867 | ||||||||||||||
Telecommunications: 0.8% | ||||||||||||||
20,200 | Windstream Corp. | 178,972 | ||||||||||||
178,972 | ||||||||||||||
92
Table of Contents
Shares | Value | |||||||||||||
Toys/Games/Hobbies: 1.4% | ||||||||||||||
11,100 | Hasbro, Inc. | $ | 297,480 | |||||||||||
297,480 | ||||||||||||||
Total Common Stock (Cost $26,703,086) | 20,707,790 | |||||||||||||
EXCHANGE-TRADED FUNDS: 0.3% | ||||||||||||||
Exchange-Traded Funds: 0.3% | ||||||||||||||
2,000 | iShares Russell 1000 Growth Index Fund | 73,160 | ||||||||||||
Total Exchange-Traded Funds (Cost $108,056) | 73,160 | |||||||||||||
Total Long-Term Investments (Cost $26,811,142) | 20,780,950 | |||||||||||||
SHORT-TERM INVESTMENTS: 0.7% | ||||||||||||||
Affiliated Mutual Fund: 0.7% | ||||||||||||||
147,000 | ING Institutional Prime Money Market Fund — Class I | 147,000 | ||||||||||||
Total Short-Term Investments (Cost $147,000) | 147,000 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $26,958,142)* | 99.2 | % | $ | 20,927,950 | ||||||||||
Other Assets and Liabilities - Net | 0.8 | 164,835 | ||||||||||||
Net Assets | 100.0 | % | $ | 21,092,785 | ||||||||||
@ | Non-income producing security | |
@@ | Foreign Issuer | |
* | Cost for federal income tax purposes is $27,173,215. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 204,010 | ||
Gross Unrealized Depreciation | (6,449,275 | ) | ||
Net Unrealized Depreciation | $ | (6,245,265 | ) | |
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 20,927,950 | $ | — | ||||
Level 2 — Other Significant Observable Inputs | — | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 20,927,950 | $ | — | ||||
* | Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end. |
93
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Shares | Value | |||||||||||||
COMMON STOCK: 92.8% | ||||||||||||||
Advertising: 0.6% | ||||||||||||||
50,496 | @ | inVentiv Health, Inc. | $ | 607,467 | ||||||||||
607,467 | ||||||||||||||
Aerospace/Defense: 2.9% | ||||||||||||||
32,300 | Curtiss-Wright Corp. | 1,078,820 | ||||||||||||
29,361 | @ | Moog, Inc. | 944,837 | |||||||||||
23,500 | @ | Teledyne Technologies, Inc. | 954,570 | |||||||||||
2,978,227 | ||||||||||||||
Apparel: 1.3% | ||||||||||||||
12,600 | @ | Deckers Outdoor Corp. | 751,464 | |||||||||||
27,900 | @,@@, | Gildan Activewear, Inc. | 475,416 | |||||||||||
L | ||||||||||||||
5,247 | @ | Warnaco Group, Inc. | 93,921 | |||||||||||
1,320,801 | ||||||||||||||
Auto Parts & Equipment: 0.7% | ||||||||||||||
38,500 | @@ | Autoliv, Inc. | 734,965 | |||||||||||
734,965 | ||||||||||||||
Banks: 2.4% | ||||||||||||||
30,900 | Bank Mutual Corp. | 316,725 | ||||||||||||
16,445 | First Midwest Bancorp., Inc. | 302,752 | ||||||||||||
18,500 | PrivateBancorp, Inc. | 576,460 | ||||||||||||
23,670 | @ | Signature Bank | 705,366 | |||||||||||
10,300 | L | Westamerica Bancorp. | 547,548 | |||||||||||
2,448,851 | ||||||||||||||
Biotechnology: 4.0% | ||||||||||||||
23,300 | @ | Alexion Pharmaceuticals, Inc. | 784,278 | |||||||||||
13,400 | @ | AMAG Pharmaceuticals, Inc. | 451,312 | |||||||||||
15,505 | @ | Bio-Rad Laboratories, Inc. | 1,149,851 | |||||||||||
52,292 | @ | Human Genome Sciences, Inc. | 90,465 | |||||||||||
6,500 | @ | Myriad Genetics, Inc. | 385,320 | |||||||||||
21,407 | @ | Nanosphere, Inc. | 107,035 | |||||||||||
8,900 | @ | OSI Pharmaceuticals, Inc. | 331,080 | |||||||||||
91,092 | @ | RTI Biologics, Inc. | 247,770 | |||||||||||
8,600 | @ | United Therapeutics Corp. | 471,538 | |||||||||||
81,700 | @ | Vical, Inc. | 90,687 | |||||||||||
4,109,336 | ||||||||||||||
Building Materials: 1.0% | ||||||||||||||
23,000 | Simpson Manufacturing Co., Inc. | 598,000 | ||||||||||||
14,900 | L | Texas Industries, Inc. | 459,814 | |||||||||||
1,057,814 | ||||||||||||||
Chemicals: 1.7% | ||||||||||||||
37,100 | Albemarle Corp. | 754,243 | ||||||||||||
12,400 | Minerals Technologies, Inc. | 582,180 | ||||||||||||
58,200 | @ | Solutia, Inc. | 395,760 | |||||||||||
1,732,183 | ||||||||||||||
Commercial Services: 5.2% | ||||||||||||||
36,289 | Arbitron, Inc. | 509,135 | ||||||||||||
22,900 | @,L | Bankrate, Inc. | 629,063 | |||||||||||
14,400 | @ | Capella Education Co. | 861,984 | |||||||||||
78,866 | Diamond Management & Technology Consultants, Inc. | 350,165 | ||||||||||||
14,400 | @ | FTI Consulting, Inc. | 789,696 | |||||||||||
56,800 | @ | Geo Group, Inc. | 1,096,240 | |||||||||||
28,603 | Watson Wyatt Worldwide, Inc. | 1,153,273 | ||||||||||||
5,389,556 | ||||||||||||||
Computers: 5.4% | ||||||||||||||
24,300 | @ | CACI International, Inc. | 1,079,163 | |||||||||||
15,300 | @ | Data Domain, Inc. | 248,625 | |||||||||||
105,040 | @ | Mentor Graphics Corp. | 712,171 | |||||||||||
76,600 | @ | Micros Systems, Inc. | 1,275,392 | |||||||||||
76,100 | @,@@ | Ness Technologies, Inc. | 358,431 | |||||||||||
73,300 | @ | Riverbed Technolgoy, Inc. | 688,287 | |||||||||||
52,800 | @ | SYKES Enterprises, Inc. | 979,440 | |||||||||||
75,783 | @,@@ | Xyratex Ltd. | 208,403 | |||||||||||
5,549,912 | ||||||||||||||
Cosmetics/Personal Care: 1.0% | ||||||||||||||
14,200 | @,L | Chattem, Inc. | 1,030,494 | |||||||||||
1,030,494 | ||||||||||||||
Distribution/Wholesale: 1.5% | ||||||||||||||
67,900 | @ | LKQ Corp. | 707,518 | |||||||||||
19,200 | Owens & Minor, Inc. | 797,376 | ||||||||||||
1,504,894 | ||||||||||||||
Diversified Financial Services: 2.1% | ||||||||||||||
25,500 | @ | Duff & Phelps Corp. | 293,250 | |||||||||||
22,900 | @ | Interactive Brokers Group, Inc. | 417,696 | |||||||||||
16,200 | @@ | Lazard Ltd. | 506,412 | |||||||||||
50,500 | OptionsXpress Holdings, Inc. | 711,545 | ||||||||||||
7,065 | @ | Piper Jaffray Cos. | 267,693 | |||||||||||
2,196,596 | ||||||||||||||
Electric: 1.1% | ||||||||||||||
32,900 | Black Hills Corp. | 849,149 | ||||||||||||
6,600 | ITC Holdings Corp. | 277,200 | ||||||||||||
1,126,349 | ||||||||||||||
�� | ||||||||||||||
Electrical Components & Equipment: 0.9% | ||||||||||||||
13,400 | @,L | Energy Conversion Devices, Inc. | 374,932 | |||||||||||
21,918 | @ | Greatbatch, Inc. | 553,868 | |||||||||||
928,800 | ||||||||||||||
Electronics: 4.6% | ||||||||||||||
13,000 | @ | Dionex Corp. | 666,770 | |||||||||||
35,400 | @ | Faro Technologies, Inc. | 509,406 | |||||||||||
31,100 | @ | Flir Systems, Inc. | 964,722 | |||||||||||
20,800 | Keithley Instruments, Inc. | 46,384 | ||||||||||||
47,400 | @ | Plexus Corp. | 790,632 | |||||||||||
28,000 | @ | Thomas & Betts Corp. | 531,720 | |||||||||||
32,474 | @ | Varian, Inc. | 1,188,548 | |||||||||||
4,698,182 | ||||||||||||||
Engineering & Construction: 0.5% | ||||||||||||||
35,200 | @ | EMCOR Group, Inc. | 555,104 | |||||||||||
555,104 | ||||||||||||||
Environmental Control: 1.7% | ||||||||||||||
7,196 | @ | Clean Harbors, Inc. | 454,283 | |||||||||||
44,655 | @ | Waste Connections, Inc. | 1,260,611 | |||||||||||
1,714,894 | ||||||||||||||
Food: 1.5% | ||||||||||||||
19,300 | Corn Products International, Inc. | 528,820 | ||||||||||||
26,700 | Flowers Foods, Inc. | 715,026 | ||||||||||||
59,800 | @ | Smart Balance, Inc. | 349,830 | |||||||||||
1,593,676 | ||||||||||||||
Gas: 0.4% | ||||||||||||||
15,300 | Southwest Gas Corp. | 396,270 | ||||||||||||
396,270 | ||||||||||||||
Hand/Machine Tools: 0.6% | ||||||||||||||
19,400 | L | Franklin Electric Co., Inc. | 572,688 | |||||||||||
572,688 | ||||||||||||||
Healthcare — Products: 5.7% | ||||||||||||||
21,833 | @ | Haemonetics Corp. | 1,248,629 | |||||||||||
36,500 | @ | Immucor, Inc. | 885,855 | |||||||||||
49,776 | Meridian Bioscience, Inc. | 1,186,162 | ||||||||||||
44,120 | @ | Micrus Endovascular Corp. | 467,672 |
94
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Shares | Value | |||||||||||||
Healthcare — Products (continued) | ||||||||||||||
5,200 | @ | NuVasive, Inc. | $ | 179,140 | ||||||||||
37,952 | @,@@ | Orthofix International NV | 454,285 | |||||||||||
45,900 | @,@@, | Qiagen NV | 740,367 | |||||||||||
L | ||||||||||||||
26,900 | @,L | SonoSite, Inc. | 486,621 | |||||||||||
88,871 | @ | Spectranetics Corp. | 250,616 | |||||||||||
5,899,347 | ||||||||||||||
Healthcare — Services: 3.1% | ||||||||||||||
14,241 | @,L | Amedisys, Inc. | 553,832 | |||||||||||
15,700 | @ | Magellan Health Services, Inc. | 515,745 | |||||||||||
46,700 | @ | Nighthawk Radiology Holdings, Inc. | 135,430 | |||||||||||
35,150 | @ | Psychiatric Solutions, Inc. | 889,295 | |||||||||||
23,459 | Universal Health Services, Inc. | 871,502 | ||||||||||||
28,329 | @,L | Virtual Radiologic Corp. | 205,385 | |||||||||||
3,171,189 | ||||||||||||||
Insurance: 1.3% | ||||||||||||||
13,616 | @,@@ | Argo Group International Holdings Ltd. | 430,810 | |||||||||||
16,650 | @@ | Aspen Insurance Holdings Ltd. | 306,860 | |||||||||||
18,400 | @@ | Platinum Underwriters Holdings Ltd. | 565,432 | |||||||||||
1,303,102 | ||||||||||||||
Internet: 1.3% | ||||||||||||||
17,600 | @ | F5 Networks, Inc. | 438,240 | |||||||||||
66,600 | @ | Interwoven, Inc. | 866,466 | |||||||||||
1,304,706 | ||||||||||||||
Iron/Steel: 0.1% | ||||||||||||||
29,600 | @@ | Gerdau AmeriSteel Corp. | 128,168 | |||||||||||
128,168 | ||||||||||||||
Leisure Time: 1.0% | ||||||||||||||
43,900 | @ | WMS Industries, Inc. | 1,082,135 | |||||||||||
1,082,135 | ||||||||||||||
Machinery — Diversified: 1.6% | ||||||||||||||
9,400 | Cognex Corp. | 128,122 | ||||||||||||
17,600 | Nordson Corp. | 571,120 | ||||||||||||
25,204 | Wabtec Corp. | 972,622 | ||||||||||||
1,671,864 | ||||||||||||||
Metal Fabricate/Hardware: 0.3% | ||||||||||||||
10,700 | Kaydon Corp. | 330,095 | ||||||||||||
330,095 | ||||||||||||||
Miscellaneous Manufacturing: 3.6% | ||||||||||||||
40,900 | Actuant Corp. | 733,746 | ||||||||||||
19,300 | Acuity Brands, Inc. | 520,328 | ||||||||||||
15,600 | Aptargroup, Inc. | 521,664 | ||||||||||||
48,843 | Barnes Group, Inc. | 654,008 | ||||||||||||
35,750 | @ | EnPro Industries, Inc. | 667,453 | |||||||||||
75,100 | @ | Hexcel Corp. | 563,250 | |||||||||||
3,660,449 | ||||||||||||||
Oil & Gas: 4.2% | ||||||||||||||
26,700 | @ | Bill Barrett Corp. | 597,279 | |||||||||||
41,100 | @ | Carrizo Oil & Gas, Inc. | 850,770 | |||||||||||
70,200 | @ | EXCO Resources, Inc. | 538,434 | |||||||||||
27,600 | Holly Corp. | 502,044 | ||||||||||||
61,600 | @,L | McMoRan Exploration Co. | 693,000 | |||||||||||
47,874 | @ | Parallel Petroleum Corp. | 150,803 | |||||||||||
15,500 | Penn Virginia Corp. | 465,465 | ||||||||||||
69,900 | @ | Petroquest Energy, Inc. | 489,999 | |||||||||||
4,287,794 | ||||||||||||||
Oil & Gas Services: 2.9% | ||||||||||||||
34,900 | @ | Allis-Chalmers Energy, Inc. | 220,219 | |||||||||||
12,800 | Core Laboratories NV | 852,608 | ||||||||||||
31,000 | @ | Dril-Quip, Inc. | 610,080 | |||||||||||
74,900 | @ | Key Energy Services, Inc. | 355,775 | |||||||||||
11,600 | @ | SEACOR Holdings, Inc. | 767,108 | |||||||||||
26,700 | @,@@ | Willbros Group, Inc | 220,809 | |||||||||||
3,026,599 | ||||||||||||||
Packaging & Containers: 0.9% | ||||||||||||||
35,900 | Bemis Co. | 970,018 | ||||||||||||
970,018 | ||||||||||||||
Pharmaceuticals: 3.7% | ||||||||||||||
143,253 | @,L | Akorn, Inc. | 234,935 | |||||||||||
15,900 | @ | BioMarin Pharmaceuticals, Inc. | 270,777 | |||||||||||
49,568 | @ | KV Pharmaceutical Co. | 227,021 | |||||||||||
66,200 | @,L | Mylan Laboratories | 622,942 | |||||||||||
31,100 | Omnicare, Inc. | 749,821 | ||||||||||||
27,200 | @ | Onyx Pharmaceuticals, Inc. | 764,320 | |||||||||||
27,400 | Perrigo Co. | 942,834 | ||||||||||||
3,812,650 | ||||||||||||||
Retail: 3.8% | ||||||||||||||
19,500 | @ | Aeropostale, Inc. | 294,840 | |||||||||||
9,982 | Cash America International, Inc. | 269,614 | ||||||||||||
38,120 | @ | Gymboree Corp. | 958,718 | |||||||||||
49,700 | @,L | Jo-Ann Stores, Inc. | 689,836 | |||||||||||
18,733 | @,L | Panera Bread Co. | 832,495 | |||||||||||
46,700 | @,L | PF Chang’s China Bistro, Inc. | 874,691 | |||||||||||
3,920,194 | ||||||||||||||
Semiconductors: 5.0% | ||||||||||||||
152,000 | @ | Entegris, Inc. | 211,280 | |||||||||||
46,538 | @,L | Formfactor, Inc. | 629,659 | |||||||||||
124,000 | @ | Integrated Device Technology, Inc. | 641,080 | |||||||||||
87,600 | Micrel, Inc. | 648,240 | ||||||||||||
42,900 | @ | MKS Instruments, Inc. | 613,899 | |||||||||||
41,900 | @ | Monolithic Power Systems, Inc. | 400,983 | |||||||||||
104,500 | @ | ON Semiconductor Corp. | 305,140 | |||||||||||
88,900 | @ | Semtech Corp. | 1,006,348 | |||||||||||
78,801 | @,@@ | Verigy Ltd. | 725,757 | |||||||||||
5,182,386 | ||||||||||||||
Software: 7.1% | ||||||||||||||
34,455 | @ | Ansys, Inc. | 994,371 | |||||||||||
72,700 | Blackbaud, Inc. | 908,750 | ||||||||||||
39,600 | @ | Commvault Systems, Inc. | 405,900 | |||||||||||
18,800 | @ | Concur Technologies, Inc. | 516,060 | |||||||||||
98,055 | @ | Double-Take Software, Inc. | 773,654 | |||||||||||
70,700 | @ | Informatica Corp. | 981,316 | |||||||||||
98,400 | @ | Parametric Technology Corp. | 1,137,504 | |||||||||||
58,900 | @ | Solera Holdings, Inc. | 1,152,673 | |||||||||||
20,300 | @ | Sybase, Inc. | 500,192 | |||||||||||
7,370,420 | ||||||||||||||
Telecommunications: 3.0% | ||||||||||||||
95,000 | Alaska Communications Systems Group, Inc. | 921,500 | ||||||||||||
39,800 | @ | CommScope, Inc. | 449,342 | |||||||||||
3,100 | @ | Comtech Telecommunications | 147,033 | |||||||||||
57,800 | @ | Polycom, Inc. | 1,088,374 | |||||||||||
30,600 | @ | SBA Communications Corp. | 483,174 | |||||||||||
3,089,423 | ||||||||||||||
Toys/Games/Hobbies: 0.8% | ||||||||||||||
29,684 | @ | Marvel Entertainment, Inc. | 874,194 | |||||||||||
874,194 | ||||||||||||||
95
Table of Contents
Shares | Value | |||||||||||||
Transportation: 2.3% | ||||||||||||||
27,600 | @ | Genesee & Wyoming, Inc. | $ | 838,488 | ||||||||||
23,433 | @ | HUB Group, Inc. | 625,661 | |||||||||||
55,200 | Knight Transportation, Inc. | 869,952 | ||||||||||||
2,334,101 | ||||||||||||||
Total Common Stock (Cost $134,858,864) | 95,665,893 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 2.0% | ||||||||||||||
Apartments: 0.6% | ||||||||||||||
15,800 | Home Properties, Inc. | 616,200 | ||||||||||||
616,200 | ||||||||||||||
Diversified: 0.9% | ||||||||||||||
14,800 | Digital Realty Trust, Inc. | 404,928 | ||||||||||||
20,500 | Washington Real Estate Investment Trust | 542,635 | ||||||||||||
947,563 | ||||||||||||||
Shopping Centers: 0.5% | ||||||||||||||
14,200 | L | Tanger Factory Outlet Centers, Inc. | 520,288 | |||||||||||
520,288 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $2,535,544) | 2,084,051 | |||||||||||||
EXCHANGE-TRADED FUNDS: 3.1% | ||||||||||||||
Exchange-Traded Funds: 3.1% | ||||||||||||||
65,934 | iShares Russell 2000 Growth Index Fund | 3,226,151 | ||||||||||||
Total Exchange-Traded Funds (Cost $3,168,522) | 3,226,151 | |||||||||||||
Total Long-Term Investments (Cost $140,562,930) | 100,976,095 | |||||||||||||
SHORT-TERM INVESTMENTS: 10.1% | ||||||||||||||
Affiliated Mutual Fund: 0.0% | ||||||||||||||
21,000 | ING Institutional Prime Money Market Fund — Class I | 21,000 | ||||||||||||
Total Mutual Fund (Cost $21,000) | 21,000 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Repurchase Agreement: 3.0% | ||||||||||||||
$ | 3,038,000 | Morgan Stanley Repurchase Agreement dated 11/28/08, 0.200%, due 12/01/08, $3,038,051 to be received upon repurchase (Collateralized by $4,200,000 Federal Home Loan Bank, 4.700%, Market Value plus accrued interest $4,277,999, due 02/26/15) | $ | 3,038,000 | ||||||||||
Total Repurchase Agreement (Cost $3,038,000) | 3,038,000 | |||||||||||||
Securities Lending CollateralCC: 7.1% | ||||||||||||||
7,379,090 | Bank of New York Mellon Corp. Institutional Cash Reserves | 7,306,506 | ||||||||||||
Total Securities Lending Collateral (Cost $7,379,090) | 7,306,506 | |||||||||||||
Total Short-Term Investments (Cost $10,438,090) | 10,365,506 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $151,001,020)* | 108.0 | % | $ | 111,341,601 | ||||||||||
Other Assets and Liabilities - Net | (8.0 | ) | (8,234,628 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 103,106,973 | ||||||||||
@ | Non-income producing security | |
@@ | Foreign Issuer | |
cc | Securities purchased with cash collateral for securities loaned. | |
L | Loaned security, a portion or all of the security is on loan at November 30, 2008. | |
* | Cost for federal income tax purposes is $156,435,142. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 1,628,398 | ||
Gross Unrealized Depreciation | (46,721,939 | ) | ||
Net Unrealized Depreciation | $ | (45,093,541 | ) | |
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 100,997,095 | $ | — | ||||
Level 2 — Other Significant Observable Inputs | 10,344,506 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 111,341,601 | $ | — | ||||
* | Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end. |
96
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 89.7% | ||||||||||||||
Banks: 50.6% | ||||||||||||||
98,600 | Associated Banc-Corp. | $ | 2,142,578 | |||||||||||
269,907 | Bank of America Corp. | 4,385,989 | ||||||||||||
112,735 | Bank of New York Mellon Corp. | 3,405,724 | ||||||||||||
67,400 | BB&T Corp. | 2,019,978 | ||||||||||||
426,600 | Citigroup, Inc. | 3,536,514 | ||||||||||||
120,800 | Comerica, Inc. | 2,724,040 | ||||||||||||
48,400 | Cullen/Frost Bankers, Inc. | 2,623,764 | ||||||||||||
43,573 | Goldman Sachs Group, Inc. | 3,441,831 | ||||||||||||
232,298 | JPMorgan Chase & Co. | 7,354,555 | ||||||||||||
81,200 | PNC Financial Services Group, Inc. | 4,284,924 | ||||||||||||
86,400 | Prosperity Bancshares, Inc. | 2,852,064 | ||||||||||||
80,100 | State Street Corp. | 3,373,011 | ||||||||||||
75,000 | SunTrust Bank | 2,379,750 | ||||||||||||
223,619 | US Bancorp. | 6,033,241 | ||||||||||||
360,390 | Wells Fargo & Co. | 10,411,667 | ||||||||||||
60,969,630 | ||||||||||||||
Commercial Services: 2.0% | ||||||||||||||
46,945 | Visa, Inc. | 2,467,429 | ||||||||||||
2,467,429 | ||||||||||||||
Diversified Financial Services: 5.8% | ||||||||||||||
26,593 | @@ | Deutsche Boerse AG | 1,863,662 | |||||||||||
112,258 | Invesco Ltd. | 1,408,838 | ||||||||||||
58,091 | NYSE Euronext | 1,383,147 | ||||||||||||
171,400 | @ | TD Ameritrade Holding Corp. | 2,279,620 | |||||||||||
6,935,267 | ||||||||||||||
Insurance: 26.7% | ||||||||||||||
124,445 | @@ | ACE Ltd. | 6,502,251 | |||||||||||
126,700 | @@ | Aspen Insurance Holdings Ltd. | 2,335,081 | |||||||||||
95,100 | Assurant, Inc. | 2,070,327 | ||||||||||||
78,436 | Hartford Financial Services Group, Inc. | 662,784 | ||||||||||||
88,115 | Lincoln National Corp. | 1,209,819 | ||||||||||||
104,152 | Metlife, Inc. | 2,995,412 | ||||||||||||
44,188 | Prudential Financial, Inc. | 958,880 | ||||||||||||
92,437 | Reinsurance Group of America, Inc. | 3,752,942 | ||||||||||||
49,400 | Stancorp Financial Group, Inc. | 1,645,514 | ||||||||||||
144,205 | Travelers Cos., Inc. | 6,294,548 | ||||||||||||
160,600 | @@ | Willis Group Holdings Ltd. | 3,705,042 | |||||||||||
32,132,600 | ||||||||||||||
Savings & Loans: 2.2% | ||||||||||||||
141,585 | People’s United Financial, Inc. | 2,700,026 | ||||||||||||
2,700,026 | ||||||||||||||
Software: 2.4% | ||||||||||||||
83,200 | @ | Fiserv, Inc. | 2,840,448 | |||||||||||
2,840,448 | ||||||||||||||
Total Common Stock (Cost $148,277,573) | 108,045,400 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 4.1% | ||||||||||||||
Apartments: 1.4% | ||||||||||||||
43,000 | Home Properties, Inc. | 1,677,000 | ||||||||||||
1,677,000 | ||||||||||||||
Diversified: 1.8% | ||||||||||||||
38,500 | Digital Realty Trust, Inc. | 1,053,360 | ||||||||||||
62,100 | Liberty Property Trust | 1,187,352 | ||||||||||||
2,240,712 | ||||||||||||||
Office Property: 0.6% | ||||||||||||||
68,600 | Douglas Emmett, Inc. | 699,720 | ||||||||||||
699,720 | ||||||||||||||
Regional Malls: 0.3% | ||||||||||||||
29,700 | Macerich Co. | 399,762 | ||||||||||||
399,762 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $10,952,320) | 5,017,194 | |||||||||||||
Total Long-Term Investments (Cost $159,229,893) | 113,062,594 | |||||||||||||
SHORT-TERM INVESTMENTS: 6.1% | ||||||||||||||
Affiliated Mutual Fund: 6.1% | ||||||||||||||
7,279,000 | ING Institutional Prime Money Market Fund — Class I | 7,279,000 | ||||||||||||
Total Short-Term Investments (Cost $7,279,000) | 7,279,000 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $166,508,893)* | 99.9 | % | $ | 120,341,594 | ||||||||||
Other Assets and Liabilities - Net | 0.1 | 141,329 | ||||||||||||
Net Assets | 100.0 | % | $ | 120,482,923 | ||||||||||
@ | Non-income producing security | |
@@ | Foreign Issuer | |
* | Cost for federal income tax purposes is $167,391,443. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 5,731,992 | ||
Gross Unrealized Depreciation | (52,781,841 | ) | ||
Net Unrealized Depreciation | $ | (47,049,849 | ) | |
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 120,341,594 | $ | — | ||||
Level 2 — Other Significant Observable Inputs | — | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 120,341,594 | $ | — | ||||
* | Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end. |
97
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 94.8% | ||||||||||||||
Aerospace/Defense: 0.2% | ||||||||||||||
930 | @ | Esterline Technologies Corp. | $ | 34,326 | ||||||||||
480 | @ | Moog, Inc. | 15,446 | |||||||||||
49,772 | ||||||||||||||
Agriculture: 0.0% | ||||||||||||||
480 | Universal Corp. | 15,346 | ||||||||||||
15,346 | ||||||||||||||
Airlines: 0.4% | ||||||||||||||
2,800 | @ | Alaska Air Group, Inc. | 64,260 | |||||||||||
1,750 | @ | JetBlue Airways Corp. | 9,170 | |||||||||||
2,340 | Skywest, Inc. | 35,568 | ||||||||||||
108,998 | ||||||||||||||
Apparel: 0.6% | ||||||||||||||
9,800 | Cherokee, Inc. | 157,682 | ||||||||||||
4,400 | @ | Quiksilver, Inc. | 6,160 | |||||||||||
1,510 | @ | Skechers USA, Inc. | 18,180 | |||||||||||
182,022 | ||||||||||||||
Auto Manufacturers: 0.1% | ||||||||||||||
5,460 | Wabash National Corp. | 26,918 | ||||||||||||
26,918 | ||||||||||||||
Auto Parts & Equipment: 0.3% | ||||||||||||||
2,090 | Cooper Tire & Rubber Co. | 10,011 | ||||||||||||
2,200 | @ | Lear Corp. | 5,214 | |||||||||||
3,950 | Spartan Motors, Inc. | 11,771 | ||||||||||||
4,150 | Superior Industries International | 50,755 | ||||||||||||
77,751 | ||||||||||||||
Banks: 3.9% | ||||||||||||||
1,400 | Ameris Bancorp. | 13,384 | ||||||||||||
1,310 | @@ | Banco Latinoamericano de Exportaciones SA | 16,598 | |||||||||||
20,410 | Cathay General Bancorp. | 418,813 | ||||||||||||
1,780 | Central Pacific Financial Corp. | 22,784 | ||||||||||||
3,800 | Colonial BancGroup, Inc. | 9,538 | ||||||||||||
3,060 | Columbia Banking System, Inc. | 30,753 | ||||||||||||
730 | FirstMerit Corp. | 16,060 | ||||||||||||
300 | Hancock Holding Co. | 12,933 | ||||||||||||
4,250 | Hanmi Financial Corp. | 9,988 | ||||||||||||
1,900 | Heritage Commerce Corp. | 23,617 | ||||||||||||
700 | International Bancshares Corp. | 16,450 | ||||||||||||
830 | MB Financial Corp. | 21,655 | ||||||||||||
900 | Old National Bancorp. | 15,462 | ||||||||||||
1,860 | PacWest Bancorp | 49,476 | ||||||||||||
1,610 | Prosperity Bancshares, Inc. | 53,146 | ||||||||||||
1,090 | Renasant Corp. | 21,092 | ||||||||||||
3,850 | South Financial Group, Inc. | 16,632 | ||||||||||||
2,190 | Southwest Bancorp., Inc. | 31,295 | ||||||||||||
6,780 | Sterling Financial Corp. | 36,070 | ||||||||||||
2,500 | @ | Sun Bancorp, Inc. | 19,600 | |||||||||||
4,140 | Susquehanna Bancshares, Inc. | 63,259 | ||||||||||||
300 | @ | SVB Financial Group | 12,015 | |||||||||||
1,030 | Trustmark Corp. | 20,559 | ||||||||||||
5,030 | UCBH Holdings, Inc. | 23,339 | ||||||||||||
400 | UMB Financial Corp. | 19,124 | ||||||||||||
3,840 | Umpqua Holdings Corp. | 50,842 | ||||||||||||
930 | WesBanco, Inc. | 24,022 | ||||||||||||
2,000 | Whitney Holding Corp. | 35,060 | ||||||||||||
1,610 | Yadkin Valley Financial Corp. | 24,279 | ||||||||||||
1,127,845 | ||||||||||||||
Building Materials: 2.0% | ||||||||||||||
1,210 | Apogee Enterprises, Inc. | 9,438 | ||||||||||||
36,825 | Gibraltar Industries, Inc. | 475,043 | ||||||||||||
1,150 | @ | Interline Brands, Inc. | 10,626 | |||||||||||
2,540 | @ | NCI Building Systems, Inc. | 38,659 | |||||||||||
1,810 | Quanex Building Products Corp. | 16,761 | ||||||||||||
780 | Universal Forest Products, Inc. | 16,403 | ||||||||||||
566,930 | ||||||||||||||
Chemicals: 1.2% | ||||||||||||||
83 | Ashland, Inc. | 793 | ||||||||||||
8,200 | Balchem Corp. | 213,446 | ||||||||||||
13,300 | Ferro Corp. | 85,519 | ||||||||||||
680 | Olin Corp. | 11,138 | ||||||||||||
3,020 | @ | PolyOne Corp. | 8,547 | |||||||||||
580 | @ | Rockwood Holdings, Inc. | 5,185 | |||||||||||
680 | Sensient Technologies Corp. | 16,347 | ||||||||||||
2,100 | Spartech Corp. | 12,180 | ||||||||||||
353,155 | ||||||||||||||
Commercial Services: 4.9% | ||||||||||||||
25,395 | ABM Industries, Inc. | 428,414 | ||||||||||||
1,510 | @ | Albany Molecular Research, Inc. | 14,330 | |||||||||||
2,090 | @ | Cross Country Healthcare, Inc. | 18,204 | |||||||||||
1,310 | @ | First Advantage Corp. | 16,467 | |||||||||||
3,020 | Kelly Services, Inc. | 35,183 | ||||||||||||
7,300 | Landauer, Inc. | 419,166 | ||||||||||||
22,600 | McGrath Rentcorp | 406,348 | ||||||||||||
6,870 | @ | MPS Group, Inc. | 45,479 | |||||||||||
2,340 | @ | PHH Corp. | 17,831 | |||||||||||
850 | @ | Rent-A-Center, Inc. | 13,949 | |||||||||||
4,250 | @ | Spherion Corp. | 9,563 | |||||||||||
1,424,934 | ||||||||||||||
Computers: 3.9% | ||||||||||||||
101,800 | @ | Brocade Communications Systems, Inc. | 327,796 | |||||||||||
9,960 | @ | Ciber, Inc. | 42,728 | |||||||||||
7,730 | Computer Services, Inc. | 171,993 | ||||||||||||
2,820 | Imation Corp. | 37,450 | ||||||||||||
2,860 | @ | Insight Enterprises, Inc. | 11,640 | |||||||||||
1,610 | @ | Mentor Graphics Corp. | 10,916 | |||||||||||
3,320 | @,@@ | Ness Technologies, Inc. | 15,637 | |||||||||||
1,400 | @ | Perot Systems Corp. | 17,472 | |||||||||||
244,300 | @ | Quantum Corp. | 29,316 | |||||||||||
1,910 | @ | Rackable Systems, Inc. | 7,621 | |||||||||||
2,290 | @ | Radisys Corp. | 13,740 | |||||||||||
190 | @ | SI International, Inc. | 5,803 | |||||||||||
17,600 | Syntel, Inc. | 422,752 | ||||||||||||
1,114,864 | ||||||||||||||
Cosmetics/Personal Care: 3.3% | ||||||||||||||
5,800 | @ | Chattem, Inc. | 420,906 | |||||||||||
37,700 | @ | Elizabeth Arden, Inc. | 531,570 | |||||||||||
952,476 | ||||||||||||||
Distribution/Wholesale: 1.9% | ||||||||||||||
9,131 | @ | Fossil, Inc. | 138,791 | |||||||||||
10,200 | Owens & Minor, Inc. | 423,606 | ||||||||||||
562,397 | ||||||||||||||
Diversified Financial Services: 1.1% | ||||||||||||||
11,600 | Financial Federal Corp. | 222,952 | ||||||||||||
1,310 | @ | Knight Capital Group, Inc. | 21,681 | |||||||||||
5,827 | @ | LaBranche & Co., Inc. | 28,552 | |||||||||||
4,600 | @ | Ocwen Financial Corp. | 37,490 | |||||||||||
310,675 | ||||||||||||||
Electric: 1.3% | ||||||||||||||
1,210 | Black Hills Corp. | 31,230 | ||||||||||||
3,220 | Cleco Corp. | 75,895 | ||||||||||||
1,210 | @ | El Paso Electric Co. | 21,804 | |||||||||||
730 | Idacorp, Inc. | 22,192 | ||||||||||||
980 | NorthWestern Corp. | 20,247 | ||||||||||||
3,980 | PNM Resources, Inc. | 41,591 |
98
Table of Contents
Shares | Value | |||||||||||||
Electric (continued) | ||||||||||||||
4,180 | Portland General Electric Co. | $ | 76,536 | |||||||||||
4,390 | Westar Energy, Inc. | 88,810 | ||||||||||||
378,305 | ||||||||||||||
Electrical Components & Equipment: 2.3% | ||||||||||||||
22,600 | Belden CDT, Inc. | 393,692 | ||||||||||||
1,130 | Encore Wire Corp. | 19,165 | ||||||||||||
15,250 | @ | General Cable Corp. | 251,778 | |||||||||||
9,460 | @ | Power-One, Inc. | 11,825 | |||||||||||
676,460 | ||||||||||||||
Electronics: 1.1% | ||||||||||||||
5,890 | @ | Benchmark Electronics, Inc. | 74,685 | |||||||||||
480 | Brady Corp. | 9,912 | ||||||||||||
48,700 | Keithley Instruments, Inc. | 108,601 | ||||||||||||
6,440 | @ | Newport Corp. | 37,416 | |||||||||||
2,440 | @ | TTM Technologies, Inc. | 12,468 | |||||||||||
2,820 | Watts Water Technologies, Inc. | 63,450 | ||||||||||||
306,532 | ||||||||||||||
Energy — Alternate Sources: 0.1% | ||||||||||||||
6,440 | @ | Headwaters, Inc. | 36,579 | |||||||||||
36,579 | ||||||||||||||
Engineering & Construction: 0.0% | ||||||||||||||
960 | @ | EMCOR Group, Inc. | 15,139 | |||||||||||
15,139 | ||||||||||||||
Food: 1.6% | ||||||||||||||
5,040 | @ | Chiquita Brands International, Inc. | 56,196 | |||||||||||
3,220 | @,@@ | Fresh Del Monte Produce, Inc. | 81,273 | |||||||||||
1,310 | Imperial Sugar Co. | 18,379 | ||||||||||||
480 | @ | Ralcorp Holdings, Inc. | 30,029 | |||||||||||
580 | Ruddick Corp. | 15,869 | ||||||||||||
31,298 | @ | Smithfield Foods, Inc. | 213,139 | |||||||||||
1,410 | @ | TreeHouse Foods, Inc. | 33,544 | |||||||||||
1,410 | @ | Winn-Dixie Stores, Inc. | 21,080 | |||||||||||
469,509 | ||||||||||||||
Forest Products & Paper: 4.8% | ||||||||||||||
60,130 | @ | Buckeye Technologies, Inc. | 271,186 | |||||||||||
99,500 | @,@@ | Domtar Corp. | 139,300 | |||||||||||
2,190 | Glatfelter | 20,849 | ||||||||||||
2,640 | @ | KapStone Paper and Packaging Corp. | 11,695 | |||||||||||
44,000 | @@ | Sappi Ltd. ADR | 235,840 | |||||||||||
1,410 | Schweitzer-Mauduit International, Inc. | 26,000 | ||||||||||||
64,950 | Wausau Paper Corp. | 668,336 | ||||||||||||
1,373,206 | ||||||||||||||
Gas: 0.7% | ||||||||||||||
870 | Atmos Energy Corp. | 21,689 | ||||||||||||
580 | New Jersey Resources Corp. | 23,293 | ||||||||||||
400 | Nicor, Inc. | 16,312 | ||||||||||||
300 | Northwest Natural Gas Co. | 14,985 | ||||||||||||
780 | Piedmont Natural Gas Co. | 26,208 | ||||||||||||
860 | Southwest Gas Corp. | 22,274 | ||||||||||||
2,190 | WGL Holdings, Inc. | 79,059 | ||||||||||||
203,820 | ||||||||||||||
Hand/Machine Tools: 2.9% | ||||||||||||||
17,800 | Kennametal, Inc. | 332,860 | ||||||||||||
10,940 | Lincoln Electric Holdings, Inc. | 499,849 | ||||||||||||
480 | Regal-Beloit Corp. | 16,147 | ||||||||||||
848,856 | ||||||||||||||
Healthcare — Products: 0.3% | ||||||||||||||
2,340 | @ | Cardiac Science Corp. | 15,280 | |||||||||||
6,430 | Young Innovations, Inc. | 73,945 | ||||||||||||
89,225 | ||||||||||||||
Healthcare — Services: 1.3% | ||||||||||||||
1,030 | @ | AMERIGROUP Corp. | 25,297 | |||||||||||
1,030 | @ | Healthsouth Corp. | 10,135 | |||||||||||
1,250 | @ | Kindred Healthcare, Inc. | 13,413 | |||||||||||
580 | @ | Magellan Health Services, Inc. | 19,053 | |||||||||||
1,030 | @ | Medcath Corp. | 7,601 | |||||||||||
3,220 | @ | RehabCare Group, Inc. | 46,851 | |||||||||||
4,150 | @ | Res-Care, Inc. | 54,158 | |||||||||||
17,700 | @ | Skilled Healthcare Group, Inc. | 191,514 | |||||||||||
368,022 | ||||||||||||||
Home Builders: 0.3% | ||||||||||||||
3,400 | @ | Beazer Homes USA, Inc. | 6,154 | |||||||||||
2,340 | M/I Homes, Inc. | 24,664 | ||||||||||||
1,130 | @ | Meritage Homes Corp. | 14,012 | |||||||||||
1,610 | Ryland Group, Inc. | 27,322 | ||||||||||||
4,300 | @ | Standard-Pacific Corp. | 8,299 | |||||||||||
80,451 | ||||||||||||||
Home Furnishings: 1.7% | ||||||||||||||
4,220 | Furniture Brands International, Inc. | 13,757 | ||||||||||||
37,300 | Hooker Furniture Corp. | 248,791 | ||||||||||||
3,600 | Kimball International, Inc. | 24,084 | ||||||||||||
29,600 | Tempur-Pedic International, Inc. | 206,904 | ||||||||||||
493,536 | ||||||||||||||
Household Products/Wares: 4.1% | ||||||||||||||
5,820 | American Greetings Corp. | 67,046 | ||||||||||||
3,320 | @ | Helen of Troy Ltd. | 51,991 | |||||||||||
2,290 | @ | Prestige Brands Holdings, Inc. | 17,908 | |||||||||||
36,700 | WD-40 Co. | 1,049,620 | ||||||||||||
1,186,565 | ||||||||||||||
Insurance: 9.7% | ||||||||||||||
2,380 | American Equity Investment Life Holding Co. | 14,804 | ||||||||||||
1,910 | @ | American Safety Insurance Holdings Ltd. | 17,056 | |||||||||||
35,016 | @@ | Aspen Insurance Holdings Ltd. | 645,345 | |||||||||||
13,150 | Assurant, Inc. | 286,276 | ||||||||||||
1,610 | Flagstone Reinsurance Holdings Ltd. | 16,551 | ||||||||||||
4,500 | Horace Mann Educators Corp. | 38,340 | ||||||||||||
2,520 | @@ | IPC Holdings Ltd. | 70,560 | |||||||||||
1,710 | @@ | Max Re Capital Ltd. | 19,768 | |||||||||||
4,420 | Meadowbrook Insurance Group, Inc. | 24,796 | ||||||||||||
1,210 | @@ | Montpelier Re Holdings Ltd. | 16,662 | |||||||||||
1,490 | Odyssey Re Holdings Corp. | 67,035 | ||||||||||||
10,400 | Phoenix Cos., Inc. | 29,640 | ||||||||||||
2,440 | @@ | Platinum Underwriters Holdings Ltd. | 74,981 | |||||||||||
36,100 | @ | PMA Capital Corp. | 182,305 | |||||||||||
3,850 | Presidential Life Corp. | 41,426 | ||||||||||||
400 | @ | ProAssurance Corp. | 21,836 | |||||||||||
2,540 | @ | SeaBright Insurance Holdings, Inc. | 26,822 | |||||||||||
700 | Selective Insurance Group | 16,072 | ||||||||||||
14,700 | Stancorp Financial Group, Inc. | 489,657 | ||||||||||||
24,350 | Tower Group, Inc. | 555,424 | ||||||||||||
3,310 | @,@@ | United America Indemnity Ltd. | 42,699 | |||||||||||
3,020 | Validus Holdings Ltd. | 70,185 | ||||||||||||
224 | @@ | Willis Group Holdings Ltd. | 5,168 | |||||||||||
500 | Zenith National Insurance Corp. | 16,495 | ||||||||||||
2,789,903 | ||||||||||||||
99
Table of Contents
Shares | Value | |||||||||||||
Internet: 0.7% | ||||||||||||||
4,740 | @ | Avocent Corp. | $ | 89,159 | ||||||||||
3,125 | @ | Moduslink Global Solutions, Inc. | 13,875 | |||||||||||
3,400 | @ | Orbitz Worldwide, Inc. | 8,262 | |||||||||||
1,710 | @ | Perficient, Inc. | 5,216 | |||||||||||
8,020 | @ | RealNetworks, Inc. | 30,476 | |||||||||||
2,920 | @ | SonicWALL, Inc. | 11,446 | |||||||||||
2,820 | @ | TIBCO Software, Inc. | 13,649 | |||||||||||
2,090 | @ | Vignette Corp. | 18,183 | |||||||||||
190,266 | ||||||||||||||
Investment Companies: 1.5% | ||||||||||||||
6,002 | Apollo Investment Corp. | 50,957 | ||||||||||||
55,393 | Ares Capital Corp. | 275,857 | ||||||||||||
5,860 | Hercules Technology Growth Capital, Inc. | 37,797 | ||||||||||||
2,010 | Kohlberg Capital Corp. | 8,241 | ||||||||||||
3,000 | PennantPark Investment Corp. | 8,850 | ||||||||||||
3,160 | Prospect Capital Corp. | 39,879 | ||||||||||||
421,581 | ||||||||||||||
Leisure Time: 0.1% | ||||||||||||||
8,300 | Brunswick Corp. | 22,493 | ||||||||||||
22,493 | ||||||||||||||
Machinery — Diversified: 3.5% | ||||||||||||||
1,130 | Alamo Group, Inc. | 14,227 | ||||||||||||
24,700 | Albany International Corp. | 379,886 | ||||||||||||
2,820 | Briggs & Stratton Corp. | 39,706 | ||||||||||||
17,290 | @ | Kadant, Inc. | 259,004 | |||||||||||
300 | Nacco Industries, Inc. | 10,950 | ||||||||||||
37,550 | Sauer-Danfoss, Inc. | 303,780 | ||||||||||||
930 | @ | Tecumseh Products Co. | 10,993 | |||||||||||
1,018,546 | ||||||||||||||
Media: 0.2% | ||||||||||||||
3,020 | Belo Corp. | 5,829 | ||||||||||||
1,910 | @ | Cox Radio, Inc. | 11,078 | |||||||||||
2,920 | EW Scripps Co. | 8,556 | ||||||||||||
1,360 | Scholastic Corp. | 20,767 | ||||||||||||
46,230 | ||||||||||||||
Metal Fabricate/Hardware: 1.0% | ||||||||||||||
1,660 | AM Castle & Co. | 15,073 | ||||||||||||
1,610 | Mueller Industries, Inc. | 37,513 | ||||||||||||
5,310 | Mueller Water Products, Inc. | 32,710 | ||||||||||||
8,100 | @ | RBC Bearings, Inc. | 184,032 | |||||||||||
1,840 | Worthington Industries | 24,435 | ||||||||||||
293,763 | ||||||||||||||
Mining: 0.4% | ||||||||||||||
8,100 | @,L | Century Aluminum Co. | 66,015 | |||||||||||
8,430 | @ | Coeur d’Alene Mines Corp. | 5,732 | |||||||||||
400 | Royal Gold, Inc. | 16,000 | ||||||||||||
4,640 | @ | USEC, Inc. | 17,864 | |||||||||||
105,611 | ||||||||||||||
Miscellaneous Manufacturing: 7.3% | ||||||||||||||
10,950 | Acuity Brands, Inc. | 295,212 | ||||||||||||
480 | AO Smith Corp. | 15,715 | ||||||||||||
14,250 | Clarcor, Inc. | 457,568 | ||||||||||||
97,377 | @ | Griffon Corp. | 778,999 | |||||||||||
1,410 | @ | Lydall, Inc. | 7,445 | |||||||||||
11,000 | Matthews International Corp. — Class A | 449,130 | ||||||||||||
2,340 | Movado Group, Inc. | 31,590 | ||||||||||||
4,150 | Tredegar Corp. | 65,238 | ||||||||||||
2,100,897 | ||||||||||||||
Oil & Gas: 4.6% | ||||||||||||||
30,100 | @ | Approach Resources, Inc. | 261,569 | |||||||||||
16,900 | @ | Bill Barrett Corp. | 378,053 | |||||||||||
480 | @ | Bronco Drilling Co., Inc. | 3,062 | |||||||||||
48,100 | @ | Cano Petroleum, Inc. | 27,898 | |||||||||||
34,100 | @ | Denbury Resources, Inc. | 324,973 | |||||||||||
2,090 | @ | Harvest Natural Resources, Inc. | 13,439 | |||||||||||
2,090 | @ | Parker Drilling Co. | 6,395 | |||||||||||
3,320 | @ | Rosetta Resources, Inc. | 25,000 | |||||||||||
1,310 | @ | Stone Energy Corp. | 21,772 | |||||||||||
1,710 | @ | Swift Energy Co. | 36,543 | |||||||||||
73,150 | @ | Warren Resources, Inc. | 243,590 | |||||||||||
1,342,294 | ||||||||||||||
Oil & Gas Services: 1.8% | ||||||||||||||
84,700 | @@, L | Acergy SA ADR | 484,484 | |||||||||||
1,310 | @ | Allis-Chalmers Energy, Inc. | 8,266 | |||||||||||
300 | @ | SEACOR Holdings, Inc. | 19,839 | |||||||||||
2,010 | @ | Trico Marine Services, Inc. | 7,678 | |||||||||||
520,267 | ||||||||||||||
Packaging & Containers: 1.1% | ||||||||||||||
11,100 | Packaging Corp. of America | 165,723 | ||||||||||||
47,550 | Temple-Inland, Inc. | 150,258 | ||||||||||||
315,981 | ||||||||||||||
Pharmaceuticals: 1.6% | ||||||||||||||
480 | @ | Alpharma, Inc. | 17,328 | |||||||||||
1,900 | Medicis Pharmaceutical Corp. | 23,237 | ||||||||||||
2,640 | @ | Salix Pharmaceuticals Ltd. | 21,384 | |||||||||||
35,200 | @ | Sepracor, Inc. | 413,952 | |||||||||||
475,901 | ||||||||||||||
Pipelines: 0.2% | ||||||||||||||
13,300 | Crosstex Energy, Inc. | 55,195 | ||||||||||||
55,195 | ||||||||||||||
Retail: 4.4% | ||||||||||||||
5,560 | Asbury Automotive Group, Inc. | 27,967 | ||||||||||||
17,100 | Bob Evans Farms, Inc. | 286,767 | ||||||||||||
7,530 | Casey’s General Stores, Inc. | 223,265 | ||||||||||||
3,120 | @ | Chico’s FAS, Inc. | 7,956 | |||||||||||
2,190 | Haverty Furniture Cos., Inc. | 18,593 | ||||||||||||
830 | @ | Jo-Ann Stores, Inc. | 11,520 | |||||||||||
3,220 | O’Charleys, Inc. | 6,826 | ||||||||||||
2,050 | Regis Corp. | 22,530 | ||||||||||||
3,620 | @ | Rush Enterprises, Inc. — Class A | 31,784 | |||||||||||
1,510 | @ | Shoe Carnival, Inc. | 14,164 | |||||||||||
2,010 | Sonic Automotive, Inc. | 6,472 | ||||||||||||
5,420 | Stage Stores, Inc. | 31,328 | ||||||||||||
15,900 | World Fuel Services Corp. | 577,171 | ||||||||||||
1,266,343 | ||||||||||||||
Savings & Loans: 1.0% | ||||||||||||||
3,420 | Abington Bancorp, Inc. | 35,226 | ||||||||||||
900 | BankFinancial Corp. | 9,837 | ||||||||||||
1,310 | Berkshire Hills Bancorp., Inc. | 37,990 | ||||||||||||
1,680 | ESSA Bancorp, Inc. | 22,630 | ||||||||||||
1,410 | First Niagara Financial Group, Inc. | 21,869 | ||||||||||||
2,010 | First Place Financial Corp. | 8,663 | ||||||||||||
2,460 | NewAlliance Bancshares, Inc. | 33,899 | ||||||||||||
4,280 | Provident Financial Services, Inc. | 64,157 | ||||||||||||
3,120 | United Financial Bancorp, Inc. | 41,122 | ||||||||||||
275,393 | ||||||||||||||
Semiconductors: 3.6% | ||||||||||||||
4,752 | @ | Actel Corp. | 44,004 | |||||||||||
1,810 | @ | Axcelis Technologies, Inc. | 1,068 | |||||||||||
4,730 | @ | Brooks Automation, Inc. | 18,258 | |||||||||||
13,700 | @ | Cypress Semiconductor Corp. | 51,101 | |||||||||||
4,206 | @ | DSP Group, Inc. | 24,058 | |||||||||||
8,310 | @ | Entegris, Inc. | 11,551 | |||||||||||
2,600 | @ | Exar Corp. | 17,524 | |||||||||||
116,800 | @,@@ | GSI Group Inc. | 124,976 | |||||||||||
98,600 | @ | Mattson Technology, Inc. | 177,480 | |||||||||||
4,250 | @ | MKS Instruments, Inc. | 60,818 |
100
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Shares | Value | |||||||||||||
Semiconductors (continued) | ||||||||||||||
1,510 | @ | Omnivision Technologies, Inc. | $ | 9,060 | ||||||||||
2,800 | @ | Rudolph Technologies, Inc. | 9,240 | |||||||||||
30,730 | @ | Standard Microsystems Corp. | 468,325 | |||||||||||
3,850 | @ | Zoran Corp. | 28,952 | |||||||||||
1,046,415 | ||||||||||||||
Software: 0.8% | ||||||||||||||
18,800 | @ | American Reprographics Co. | 147,204 | |||||||||||
940 | @ | Avid Technology, Inc. | 11,769 | |||||||||||
3,220 | @ | JDA Software Group, Inc. | 42,440 | |||||||||||
2,220 | @ | SYNNEX Corp. | 23,221 | |||||||||||
224,634 | ||||||||||||||
Telecommunications: 1.2% | ||||||||||||||
1,270 | @ | Anaren, Inc. | 13,627 | |||||||||||
300 | @ | Anixter International, Inc. | 8,220 | |||||||||||
930 | Atlantic Tele-Network, Inc. | 21,334 | ||||||||||||
2,250 | Black Box Corp. | 55,080 | ||||||||||||
16,250 | @ | CommScope, Inc. | 183,463 | |||||||||||
1,910 | @ | Foundry Networks, Inc. | 29,586 | |||||||||||
2,190 | @ | Harris Stratex Networks, Inc. | 10,928 | |||||||||||
9,260 | @ | RF Micro Devices, Inc. | 12,316 | |||||||||||
1,963 | @ | USA Mobility, Inc. | 21,397 | |||||||||||
355,951 | ||||||||||||||
Textiles: 0.2% | ||||||||||||||
2,200 | G&K Services, Inc. | 51,480 | ||||||||||||
51,480 | ||||||||||||||
Toys/Games/Hobbies: 0.2% | ||||||||||||||
1,810 | @ | Jakks Pacific, Inc. | 32,399 | |||||||||||
1,730 | @ | RC2 Corp. | 18,390 | |||||||||||
50,789 | ||||||||||||||
Transportation: 3.5% | ||||||||||||||
950 | Arkansas Best Corp. | 25,223 | ||||||||||||
13,030 | Landstar System, Inc. | 418,784 | ||||||||||||
30,375 | @ | Marten Transport Ltd. | 572,569 | |||||||||||
2,010 | @ | YRC Worldwide, Inc. | 8,000 | |||||||||||
1,024,576 | ||||||||||||||
Total Common Stock (Cost $45,116,417) | 27,394,797 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 2.4% | ||||||||||||||
Apartments: 0.0% | ||||||||||||||
600 | American Campus Communities, Inc. | 13,434 | ||||||||||||
13,434 | ||||||||||||||
Diversified: 1.0% | ||||||||||||||
2,310 | Colonial Properties Trust | 13,098 | ||||||||||||
10,870 | Entertainment Properties Trust | 266,641 | ||||||||||||
1,410 | Lexington Corporate Properties Trust | 6,839 | ||||||||||||
286,578 | ||||||||||||||
Health Care: 0.2% | ||||||||||||||
680 | Healthcare Realty Trust, Inc. | 13,042 | ||||||||||||
6,330 | Medical Properties Trust, Inc. | 39,436 | ||||||||||||
1,030 | Senior Housing Properties Trust | 14,348 | ||||||||||||
66,826 | ||||||||||||||
Hotels: 0.4% | ||||||||||||||
11,800 | Ashford Hospitality Trust, Inc. | 18,408 | ||||||||||||
2,080 | DiamondRock Hospitality Co. | 7,738 | ||||||||||||
6,233 | FelCor Lodging Trust, Inc. | 10,534 | ||||||||||||
6,340 | Hersha Hospitality Trust | 22,317 | ||||||||||||
3,310 | LaSalle Hotel Properties | 29,194 | ||||||||||||
4,250 | Sunstone Hotel Investors, Inc. | 20,273 | ||||||||||||
108,464 | ||||||||||||||
Mortgage: 0.2% | ||||||||||||||
7,170 | Anthracite Capital, Inc. | 21,653 | ||||||||||||
9,760 | Northstar Realty Finance Corp. | 33,184 | ||||||||||||
54,837 | ||||||||||||||
Office Property: 0.2% | ||||||||||||||
3,100 | BioMed Realty Trust, Inc. | 28,892 | ||||||||||||
480 | Corporate Office Properties Trust SBI MD | 14,261 | ||||||||||||
300 | Parkway Properties, Inc. | 4,101 | ||||||||||||
47,254 | ||||||||||||||
Single Tenant: 0.2% | ||||||||||||||
3,360 | National Retail Properties, Inc. | 45,058 | ||||||||||||
970 | Realty Income Corp. | 19,584 | ||||||||||||
64,642 | ||||||||||||||
Storage: 0.1% | ||||||||||||||
1,710 | Extra Space Storage, Inc. | 15,134 | ||||||||||||
900 | U-Store-It Trust | 4,950 | ||||||||||||
20,084 | ||||||||||||||
Warehouse/Industrial: 0.1% | ||||||||||||||
3,320 | DCT Industrial Trust, Inc. | 14,874 | ||||||||||||
800 | First Industrial Realty Trust, Inc. | 6,920 | ||||||||||||
21,794 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $1,632,266) | 683,913 | |||||||||||||
EXCHANGE-TRADED FUNDS: 0.3% | ||||||||||||||
Exchange-Traded Funds: 0.3% | ||||||||||||||
2,000 | iShares Russell 2000 Value Index Fund | 94,320 | ||||||||||||
Total Exchange-Traded Funds (Cost $87,734) | 94,320 | |||||||||||||
Total Long-Term Investments (Cost $46,836,417) | 28,173,030 | |||||||||||||
SHORT-TERM INVESTMENTS: 4.2% | ||||||||||||||
Affiliated Mutual Fund: 2.3% | ||||||||||||||
672,220 | ING Institutional Prime Money Market Fund — Class I | 672,219 | ||||||||||||
Total Mutual Fund (Cost $672,219) | 672,219 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Securities Lending CollateralCC: 1.9% | ||||||||||||||
$ | 568,198 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 547,157 | ||||||||||
Total Securities Lending Collateral (Cost $568,198) | 547,157 | |||||||||||||
Total Short-Term Investments (Cost $1,240,417) | 1,219,376 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $48,076,834)* | 101.8 | % | $ | 29,392,406 | ||||||||||
Other Assets and Liabilities - Net | (1.8 | ) | (528,794 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 28,863,612 | ||||||||||
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@ | Non-income producing security | |
@@ | Foreign Issuer | |
ADR | American Depositary Receipt | |
cc | Securities purchased with cash collateral for securities loaned. | |
L | Loaned security, a portion or all of the security is on loan at November 30, 2008. | |
* | Cost for federal income tax purposes is $48,575,760. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 361,330 | ||
Gross Unrealized Depreciation | (19,544,684 | ) | ||
Net Unrealized Depreciation | $ | (19,183,354 | ) | |
The following table summarizes the inputs used as of November 30, 2008 in determining the Fund’s investments at fair value for purposes of SFAS 157: |
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 28,845,249 | $ | — | ||||
Level 2 — Other Significant Observable Inputs | 547,157 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 29,392,406 | $ | — | ||||
“Fair value” for purposes of SFAS 157 is different from “fair value” as used in the 1940 Act. The former generally implies market value, and can include market quotations as a source of value, and the latter refers to determinations of actual value in absence of available market quotations. |
* Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end. |
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Shares | Value | |||||||||||||
COMMON STOCK: 78.7% | ||||||||||||||
Agriculture: 0.8% | ||||||||||||||
261,337 | @@,L | Cresud SACIF y A ADR | $ | 1,662,103 | ||||||||||
1,662,103 | ||||||||||||||
Auto Manufacturers: 1.8% | ||||||||||||||
882,300 | @@,L | Tata Motors Ltd. ADR | 4,014,465 | |||||||||||
4,014,465 | ||||||||||||||
Auto Parts & Equipment: 0.8% | ||||||||||||||
59,300 | @@ | Magna International, Inc. | 1,666,923 | |||||||||||
1,666,923 | ||||||||||||||
Banks: 2.4% | ||||||||||||||
5,000 | @@ | ICICI Bank Ltd. ADR | 71,200 | |||||||||||
417,100 | @@ | Sumitomo Trust & Banking Co., Ltd. ADR | 1,864,437 | |||||||||||
255,710 | @,@@ | UBS AG | 3,257,745 | |||||||||||
5,193,382 | ||||||||||||||
Biotechnology: 1.0% | ||||||||||||||
37,700 | @ | Amgen, Inc. | 2,093,858 | |||||||||||
2,093,858 | ||||||||||||||
Chemicals: 0.8% | ||||||||||||||
56,100 | Mosaic Co. | 1,702,635 | ||||||||||||
1,702,635 | ||||||||||||||
Coal: 4.2% | ||||||||||||||
396,770 | Arch Coal, Inc. | 6,102,323 | ||||||||||||
67,100 | Consol Energy, Inc. | 1,943,887 | ||||||||||||
50,500 | Peabody Energy Corp. | 1,183,215 | ||||||||||||
9,229,425 | ||||||||||||||
Distribution/Wholesale: 2.1% | ||||||||||||||
169,900 | @ | Ingram Micro, Inc. | 1,829,823 | |||||||||||
159,005 | @ | Tech Data Corp. | 2,773,047 | |||||||||||
4,602,870 | ||||||||||||||
Electric: 6.7% | ||||||||||||||
34,920 | Ameren Corp. | 1,242,454 | ||||||||||||
267,200 | @@,L | Centrais Eletricas Brasileiras SA ADR — Class B | 2,816,929 | |||||||||||
69,200 | Idacorp, Inc. | 2,103,680 | ||||||||||||
448,800 | @@ | Korea Electric Power Corp. ADR | 4,173,840 | |||||||||||
162,000 | L | Mirant Corp. | — | |||||||||||
421,000 | PNM Resources, Inc. | 4,399,450 | ||||||||||||
14,736,353 | ||||||||||||||
Engineering & Construction: 1.2% | ||||||||||||||
137,900 | @ | Shaw Group, Inc. | 2,537,360 | |||||||||||
2,537,360 | ||||||||||||||
Environmental Control: 2.0% | ||||||||||||||
406,846 | @ | Allied Waste Industries, Inc. | 4,369,526 | |||||||||||
4,369,526 | ||||||||||||||
Food: 6.4% | ||||||||||||||
494,600 | @ | Smithfield Foods, Inc. | 3,368,226 | |||||||||||
860,200 | Tyson Foods, Inc. | 5,771,942 | ||||||||||||
472,200 | L | Whole Foods Market, Inc. | 4,995,876 | |||||||||||
14,136,044 | ||||||||||||||
Forest Products & Paper: 0.8% | ||||||||||||||
267,400 | @,@@, | AbitibiBowater, Inc. | 184,506 | |||||||||||
L | ||||||||||||||
1,119,200 | @,@@ | Domtar Corp. | 1,566,880 | |||||||||||
1,751,386 | ||||||||||||||
Healthcare — Services: 2.4% | ||||||||||||||
341,000 | @ | Health Net, Inc. | 3,072,410 | |||||||||||
71,100 | @ | Humana, Inc. | 2,149,353 | |||||||||||
5,221,763 | ||||||||||||||
Home Builders: 0.6% | ||||||||||||||
154,300 | @@ | Sekisui House Ltd. ADR | 1,235,943 | |||||||||||
1,235,943 | ||||||||||||||
Insurance: 0.5% | ||||||||||||||
75,900 | CNA Financial Corp. | 1,044,384 | ||||||||||||
1,044,384 | ||||||||||||||
Internet: 1.9% | ||||||||||||||
321,500 | @ | eBay, Inc. | 4,221,295 | |||||||||||
4,221,295 | ||||||||||||||
Machinery — Diversified: 1.3% | ||||||||||||||
119,800 | @ | AGCO Corp. | 2,949,476 | |||||||||||
2,949,476 | ||||||||||||||
Media: 2.1% | ||||||||||||||
116,000 | Scholastic Corp. | 1,771,320 | ||||||||||||
172,185 | @ | Viacom — Class B | 2,741,185 | |||||||||||
4,512,505 | ||||||||||||||
Mining: 21.7% | ||||||||||||||
128,000 | @@,L | Alumina Ltd. ADR | 430,080 | |||||||||||
733,600 | @,@@, | Apex Silver Mines Ltd. | 594,216 | |||||||||||
L | ||||||||||||||
671,667 | @,@@ | Banro Corp. | 523,900 | |||||||||||
337,900 | @@ | Barrick Gold Corp. | 9,954,534 | |||||||||||
49,200 | @@ | Cameco Corp. | 847,716 | |||||||||||
1,254,500 | @,@@, | Crystallex International Corp. | 188,175 | |||||||||||
L | ||||||||||||||
316,000 | @,@@ | Gammon Gold, Inc. | 957,480 | |||||||||||
557,000 | @@ | Gold Fields Ltd. ADR | 4,578,540 | |||||||||||
318,200 | @ | Gold Reserve, Inc. | 105,006 | |||||||||||
398,925 | @,@@ | Ivanhoe Mines Ltd. | 941,463 | |||||||||||
472,700 | @@,L | Kinross Gold Corp. | 6,972,325 | |||||||||||
480,263 | @,@@, | Lihir Gold Ltd. ADR | 7,285,589 | |||||||||||
L | ||||||||||||||
369,700 | Newmont Mining Corp. | 12,440,405 | ||||||||||||
172,500 | @,@@, | Novagold Resources, Inc. | 98,325 | |||||||||||
L | ||||||||||||||
4,555,397 | @,@@ | Orezone Resources, Inc. | 683,310 | |||||||||||
8,700 | @,@@, | Silver Standard Resources, Inc. | 89,175 | |||||||||||
L | ||||||||||||||
225,800 | @,L | USEC, Inc. | 869,330 | |||||||||||
47,559,569 | ||||||||||||||
Miscellaneous Manufacturing: 0.0% | ||||||||||||||
239,300 | @ | Geovic Mining Corp. | 122,043 | |||||||||||
122,043 | ||||||||||||||
Oil & Gas: 5.8% | ||||||||||||||
40,100 | Chevron Corp. | 3,168,301 | ||||||||||||
48,000 | ConocoPhillips | 2,520,960 | ||||||||||||
70,500 | @@ | Nexen, Inc. | 1,363,470 | |||||||||||
41,400 | @@ | Petro-Canada | 1,037,070 | |||||||||||
96,900 | Pioneer Natural Resources Co. | 1,945,752 | ||||||||||||
59,000 | @@ | Suncor Energy, Inc. | 1,264,960 | |||||||||||
86,400 | Tesoro Petroleum Corp. | 794,016 | ||||||||||||
159,100 | @ | Warren Resources, Inc. | 529,803 | |||||||||||
12,624,332 | ||||||||||||||
Oil & Gas Services: 2.0% | ||||||||||||||
273,500 | L | BJ Services Co. | 3,279,265 | |||||||||||
38,800 | @@,L | Technip SA ADR | 1,188,832 | |||||||||||
4,468,097 | ||||||||||||||
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Shares | Value | |||||||||||||
Pharmaceuticals: 2.3% | ||||||||||||||
187,090 | Pfizer, Inc. | $ | 3,073,889 | |||||||||||
56,200 | Wyeth | 2,023,762 | ||||||||||||
5,097,651 | ||||||||||||||
Retail: 0.2% | ||||||||||||||
183,700 | @ | Office Depot, Inc. | 361,889 | |||||||||||
361,889 | ||||||||||||||
Savings & Loans: 0.0% | ||||||||||||||
139,179 | Washington Mutual, Inc. | 6,820 | ||||||||||||
6,820 | ||||||||||||||
Semiconductors: 0.1% | ||||||||||||||
454,600 | @ | Axcelis Technologies, Inc. | 268,214 | |||||||||||
268,214 | ||||||||||||||
Software: 0.8% | ||||||||||||||
366 | CA, Inc. | 6,163 | ||||||||||||
86,850 | Microsoft Corp. | 1,756,107 | ||||||||||||
1,762,270 | ||||||||||||||
Telecommunications: 6.0% | ||||||||||||||
62,300 | @@,L | KT Corp. ADR | 706,482 | |||||||||||
180,300 | @@ | Nippon Telegraph & Telephone Corp. ADR | 3,957,585 | |||||||||||
742,300 | Sprint Nextel Corp. | 2,071,017 | ||||||||||||
166,700 | @@ | TELUS Corp. | 4,794,292 | |||||||||||
6,900 | @@,L | Tim Participacoes SA ADR | 118,680 | |||||||||||
103,000 | @@,L | Turkcell Iletisim Hizmet AS ADR | 1,419,340 | |||||||||||
7,725 | @,@@, | Vivo Participacoes SA ADR | 95,867 | |||||||||||
L | ||||||||||||||
13,163,263 | ||||||||||||||
Total Common Stock (Cost $300,939,598) | 172,315,844 | |||||||||||||
PREFERRED STOCK: 1.8% | ||||||||||||||
Telecommunications: 1.8% | ||||||||||||||
14,500 | P | Lucent Technologies Capital Trust I | 3,923,990 | |||||||||||
Total Preferred Stock (Cost $12,789,375) | 3,923,990 | |||||||||||||
WARRANTS: 0.0% | ||||||||||||||
Mining: 0.0% | ||||||||||||||
193,380 | Banro Corp. | 135,366 | ||||||||||||
Total Warrants (Cost $-) | 135,366 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
CORPORATE BONDS/NOTES: 17.1% | ||||||||||||||
Airlines: 1.5% | ||||||||||||||
$ | 4,504,000 | C | JetBlue Airways Corp., 3.750%, due 03/15/35 | $ | 3,361,110 | |||||||||
3,361,110 | ||||||||||||||
Environmental Control: 2.8% | ||||||||||||||
6,936,000 | C,L | Allied Waste North America, Inc., 4.250%, due 04/15/34 | 6,216,390 | |||||||||||
6,216,390 | ||||||||||||||
Machinery — Diversified: 2.6% | ||||||||||||||
9,744,000 | +,C | Albany International Corp., 2.250%(step rate 3.250%), due 03/15/26 | 5,614,980 | |||||||||||
5,614,980 | ||||||||||||||
Mining: 2.8% | ||||||||||||||
379,000 | @@,C | Apex Silver Mines Ltd., 2.875%, due 03/15/24 | 31,268 | |||||||||||
7,944,000 | C | Coeur d’Alene Mines Corp., 1.250%, due 01/15/24 | 2,869,770 | |||||||||||
1,817,000 | @@,C | Gold Reserve, Inc., 5.500%, due 06/15/22 | 542,829 | |||||||||||
7,831,000 | USEC, Inc., 3.000%, due 10/01/14 | 2,750,639 | ||||||||||||
6,194,506 | ||||||||||||||
Miscellaneous Manufacturing: 1.9% | ||||||||||||||
2,184,000 | C | Griffon Corp., 4.000%, due 07/18/23 | 1,788,150 | |||||||||||
4,572,000 | C | Trinity Industries, Inc., 3.875%, due 06/01/36 | 2,280,285 | |||||||||||
4,068,435 | ||||||||||||||
Pharmaceuticals: 2.6% | ||||||||||||||
10,947,000 | C | Omnicare, Inc., 3.250%, due 12/15/35 | 5,760,859 | |||||||||||
5,760,859 | ||||||||||||||
Semiconductors: 1.3% | ||||||||||||||
4,935,000 | Credence Systems Corp., 3.500%, due 05/15/10 | 2,553,863 | ||||||||||||
1,700,000 | @@ | Qimonda Finance, LLC, 6.750%, due 03/22/13 | 199,750 | |||||||||||
2,753,613 | ||||||||||||||
Telecommunications: 1.6% | ||||||||||||||
6,248,000 | NII Holdings, Inc., 3.125%, due 06/15/12 | 3,491,070 | ||||||||||||
3,491,070 | ||||||||||||||
Total Corporate Bonds/Notes (Cost $57,529,047) | 37,460,963 | |||||||||||||
Total Long-Term Investments (Cost $371,258,020) | 213,836,163 | |||||||||||||
SHORT-TERM INVESTMENTS: 11.0% | ||||||||||||||
Securities Lending CollateralCC: 11.0% | ||||||||||||||
24,147,362 | Bank of New York Mellon Corp. Institutional Cash Reserves | 24,034,828 | ||||||||||||
Total Short-Term Investments (Cost $24,147,362) | 24,034,828 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $395,405,382)* | 108.6 | % | $ | 237,870,991 | ||||||||||
Other Assets and Liabilities - Net | (8.6 | ) | (18,831,504 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 219,039,487 | ||||||||||
@ | Non-income producing security | |
@@ | Foreign Issuer | |
ADR | American Depositary Receipt | |
+ | Step-up basis bonds. Interest rates shown reflect current and next coupon rates. | |
C | Bond may be called prior to maturity date. | |
P | Preferred Stock may be called prior to convertible date. | |
cc | Securities purchased with cash collateral for securities loaned. | |
L | Loaned security, a portion or all of the security is on loan at November 30, 2008. | |
* | Cost for federal income tax purposes is $396,748,280. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 1,417,023 | ||
Gross Unrealized Depreciation | (160,294,312 | ) | ||
Net Unrealized Depreciation | $ | (158,877,289 | ) | |
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The following table summarizes the inputs used as of November 30, 2008 in determining the Fund’s investments at fair value for purposes of SFAS 157: |
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 168,015,369 | $ | — | ||||
Level 2 — Other Significant Observable Inputs | 69,855,622 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 237,870,991 | $ | — | ||||
“Fair value” for purposes of SFAS 157 is different from “fair value” as used in the 1940 Act. The former generally implies market value, and can include market quotations as a source of value, and the latter refers to determinations of actual value in absence of available market quotations. |
* Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end. |
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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. |
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n | ING Principal Protection Fund VIII | ||
n | ING Principal Protection Fund IX | ||
n | ING Principal Protection Fund X | ||
n | ING Principal Protection Fund XI | ||
n | ING Principal Protection Fund XII |
for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds’ investment objectives, risks, charges, expenses and other information. This information should be read
carefully.
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2 | ||||
4 | ||||
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9 | ||||
11 | ||||
13 | ||||
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CEO
ING Funds
December 19, 2008
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PPF VIII(4) | (6.63 | )% | ||
PPF IX | (7.00 | )% | ||
PPF X | (7.12 | )% | ||
PPF XI | (4.64 | )% | ||
PPF XII | (2.96 | )% | ||
S&P500 Index(2) | (35.20 | )% | ||
Barclays Capital 1-3 Gov Index(3) | 3.62 | % |
(1) | Effective January 13, 2009, Omar Aguilar and James B. Kauffmann are no longer portfolio managers of the Funds. Michael Hyman and Christine Hurtsellers have been added as portfolio managers. | |
(2) | 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. | |
(3) | The Barclays Capital 1-3 Govt 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. | |
(4) | Effective December 23, 2008, PPF VIII changed its name from ING Principal Protection Fund VIII to ING Index Plus Large Cap Equity Fund VIII. |
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INVESTMENT STRATEGY AND PRINCIPAL RISKS OF PRINCIPAL PROTECTION FUNDS
• | During the Guarantee Period, the PPFs’ 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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SHAREHOLDER EXPENSE EXAMPLES (Unaudited)
Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING Principal Protection Fund VIII | June 1, 2008 | November 30, 2008 | Ratio | November 30, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 933.70 | 1.49 | % | $ | 7.22 | ||||||||
Class B | 1,000.00 | 931.70 | 2.24 | 10.85 | ||||||||||||
Class C | 1,000.00 | 931.10 | 2.24 | 10.84 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.60 | 1.49 | % | $ | 7.54 | ||||||||
Class B | 1,000.00 | 1,013.84 | 2.24 | 11.31 | ||||||||||||
Class C | 1,000.00 | 1,013.84 | 2.24 | 11.31 |
* | 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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SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)
Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
June 1, 2008 | November 30, 2008 | Ratio | November 30, 2008* | |||||||||||||
ING Principal Protection Fund IX Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 930.00 | 1.57 | % | $ | 7.60 | ||||||||
Class B | 1,000.00 | 926.70 | 2.32 | 11.21 | ||||||||||||
Class C | 1,000.00 | 926.30 | 2.32 | 11.20 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.20 | 1.57 | % | $ | 7.94 | ||||||||
Class B | 1,000.00 | 1,013.44 | 2.32 | 11.71 | ||||||||||||
Class C | 1,000.00 | 1,013.44 | 2.32 | 11.71 | ||||||||||||
ING Principal Protection Fund X | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 928.80 | 1.61 | % | $ | 7.78 | ||||||||
Class B | 1,000.00 | 925.40 | 2.36 | 11.39 | ||||||||||||
Class C | 1,000.00 | 924.90 | 2.36 | 11.39 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.00 | 1.61 | % | $ | 8.14 | ||||||||
Class B | 1,000.00 | 1,013.24 | 2.36 | 11.91 | ||||||||||||
Class C | 1,000.00 | 1,013.24 | 2.36 | 11.91 | ||||||||||||
ING Principal Protection Fund XI | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 953.60 | 1.70 | % | $ | 8.33 | ||||||||
Class B | 1,000.00 | 949.20 | 2.45 | 11.97 | ||||||||||||
Class C | 1,000.00 | 949.30 | 2.45 | 11.97 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,016.55 | 1.70 | % | $ | 8.59 | ||||||||
Class B | 1,000.00 | 1,012.78 | 2.45 | 12.36 | ||||||||||||
Class C | 1,000.00 | 1,012.78 | 2.45 | 12.36 | ||||||||||||
ING Principal Protection Fund XII | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 970.40 | 1.75 | % | $ | 8.64 | ||||||||
Class B | 1,000.00 | 967.20 | 2.50 | 12.33 | ||||||||||||
Class C | 1,000.00 | 966.40 | 2.50 | 12.32 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,016.29 | 1.75 | % | $ | 8.85 | ||||||||
Class B | 1,000.00 | 1,012.53 | 2.50 | 12.61 | ||||||||||||
Class C | 1,000.00 | 1,012.53 | 2.50 | 12.61 |
* | 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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STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2008 (Unaudited)
ING | ING | ING | ||||||||||
Principal | Principal | Principal | ||||||||||
Protection | Protection | Protection | ||||||||||
Fund VIII | Fund IX | Fund X | ||||||||||
ASSETS: | ||||||||||||
Investments in securities at value* | $ | 33,824,509 | $ | 34,098,134 | $ | 25,952,483 | ||||||
Short-term investments in affiliates at amortized cost | 4,797,000 | 635,000 | 477,000 | |||||||||
Cash | 1,213 | 2,807 | 2,611 | |||||||||
Dividends and interest receivable | 11,968 | 6,493 | 5,332 | |||||||||
Prepaid expenses | 268 | 210 | 161 | |||||||||
Total assets | 38,634,958 | 34,742,644 | 26,437,587 | |||||||||
LIABILITIES: | ||||||||||||
Payable for fund shares redeemed | 529,914 | 9,540 | 45,389 | |||||||||
Payable to affiliates | 51,671 | 45,402 | 34,100 | |||||||||
Payable for trustee fees | 2,175 | 8,675 | 1,781 | |||||||||
Other accrued expenses and liabilities | 56,656 | 63,826 | 38,418 | |||||||||
Total liabilities | 640,416 | 127,443 | 119,688 | |||||||||
NET ASSETS | $ | 37,994,542 | $ | 34,615,201 | $ | 26,317,899 | ||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||
Paid-in capital | $ | 42,452,727 | $ | 38,537,352 | $ | 29,572,487 | ||||||
Undistributed net investment income | 399,359 | 307,936 | 193 | |||||||||
Accumulated net realized loss on investments | (4,238,507 | ) | (3,957,221 | ) | (3,202,602 | ) | ||||||
Net unrealized depreciation on investments | (619,037 | ) | (272,866 | ) | (52,179 | ) | ||||||
NET ASSETS | $ | 37,994,542 | $ | 34,615,201 | $ | 26,317,899 | ||||||
* Cost of investments in securities | $ | 34,443,546 | $ | 34,371,000 | $ | 26,004,662 | ||||||
Class A: | ||||||||||||
Net assets | $ | 3,936,488 | $ | 3,295,580 | $ | 3,328,208 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||
Shares outstanding | 436,253 | 370,325 | 380,870 | |||||||||
Net asset value and redemption price per share | $ | 9.02 | $ | 8.90 | $ | 8.74 | ||||||
Maximum offering price per share (3.00%)(1) | $ | 9.30 | $ | 9.18 | $ | 9.01 | ||||||
Class B: | ||||||||||||
Net assets | $ | 31,044,466 | $ | 28,460,481 | $ | 20,599,342 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||
Shares outstanding | 3,450,340 | 3,215,132 | 2,373,855 | |||||||||
Net asset value and redemption price per share(2) | $ | 9.00 | $ | 8.85 | $ | 8.68 | ||||||
Maximum offering price per share | $ | 9.00 | $ | 8.85 | $ | 8.68 | ||||||
Class C: | ||||||||||||
Net assets | $ | 3,013,588 | $ | 2,859,140 | $ | 2,390,349 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||
Shares outstanding | 332,460 | 320,410 | 273,405 | |||||||||
Net asset value and redemption price per share(2) | $ | 9.06 | $ | 8.92 | $ | 8.74 | ||||||
Maximum offering price per share | $ | 9.06 | $ | 8.92 | $ | 8.74 |
(1) | Maximum offering price is computed at 100/97.00 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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STATEMENTS OF ASSETS AND LIABILITIES as of November 30, 2008 (Unaudited)
ING | ING | |||||||
Principal | Principal | |||||||
Protection | Protection | |||||||
Fund XI | Fund XII | |||||||
ASSETS: | ||||||||
Investments in securities at value* | $ | 19,179,625 | $ | 9,532,971 | ||||
Short-term investments in affiliates at amortized cost | 279,000 | 155,000 | ||||||
Cash | 1,322 | 1,521 | ||||||
Dividends and interest receivable | 3,453 | 1,159 | ||||||
Prepaid expenses | 114 | 57 | ||||||
Reimbursement due from manager | — | 471 | ||||||
Total assets | 19,463,514 | 9,691,179 | ||||||
LIABILITIES: | ||||||||
Payable for fund shares redeemed | 9,958 | 1,276 | ||||||
Payable to affiliates | 37,752 | 12,523 | ||||||
Payable for trustee fees | 2,278 | 504 | ||||||
Other accrued expenses and liabilities | 45,853 | 28,976 | ||||||
Total liabilities | 95,841 | 43,279 | ||||||
NET ASSETS | $ | 19,367,673 | $ | 9,647,900 | ||||
NET ASSETS WERE COMPRISED OF: | ||||||||
Paid-in capital | $ | 20,873,275 | $ | 10,160,246 | ||||
Undistributed net investment income | 120,417 | 66,699 | ||||||
Accumulated net realized loss on investments | (1,505,382 | ) | (680,993 | ) | ||||
Net unrealized appreciation or depreciation on investments | (120,637 | ) | 101,948 | |||||
NET ASSETS | $ | 19,367,673 | $ | 9,647,900 | ||||
* Cost of investments in securities | $ | 19,300,262 | $ | 9,431,023 | ||||
Class A: | ||||||||
Net assets | $ | 2,959,862 | $ | 1,040,485 | ||||
Shares authorized | unlimited | unlimited | ||||||
Par value | $ | 0.01 | $ | 0.01 | ||||
Shares outstanding | 320,355 | 109,306 | ||||||
Net asset value and redemption price per share | $ | 9.24 | $ | 9.52 | ||||
Maximum offering price per share (3.00%)(1) | $ | 9.53 | $ | 9.81 | ||||
Class B: | ||||||||
Net assets | $ | 13,513,331 | $ | 7,053,076 | ||||
Shares authorized | unlimited | unlimited | ||||||
Par value | $ | 0.01 | $ | 0.01 | ||||
Shares outstanding | 1,474,681 | 746,400 | ||||||
Net asset value and redemption price per share(2) | $ | 9.16 | $ | 9.45 | ||||
Maximum offering price per share | $ | 9.16 | $ | 9.45 | ||||
Class C: | ||||||||
Net assets | $ | 2,894,480 | $ | 1,554,339 | ||||
Shares authorized | unlimited | unlimited | ||||||
Par value | $ | 0.01 | $ | 0.01 | ||||
Shares outstanding | 315,604 | 163,893 | ||||||
Net asset value and redemption price per share(2) | $ | 9.17 | $ | 9.48 | ||||
Maximum offering price per share | $ | 9.17 | $ | 9.48 |
(1) | Maximum offering price is computed at 100/97.00 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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STATEMENTS OF OPERATIONS for the Six Months Ended November 30, 2008 (Unaudited)
ING | ING | ING | ||||||||||
Principal | Principal | Principal | ||||||||||
Protection | Protection | Protection | ||||||||||
Fund VIII | Fund IX | Fund X | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividends, net of foreign taxes withheld(1) | $ | 97,157 | $ | 84,422 | $ | 68,642 | ||||||
Interest | 615,922 | 504,793 | 218,208 | |||||||||
Total investment income | 713,079 | 589,215 | 286,850 | |||||||||
EXPENSES: | ||||||||||||
Investment management fees | 135,502 | 111,934 | 86,329 | |||||||||
Distribution and service fees: | ||||||||||||
Class A | 5,779 | 4,333 | 4,555 | |||||||||
Class B | 189,432 | 154,747 | 113,034 | |||||||||
Class C | 16,869 | 15,949 | 13,028 | |||||||||
Transfer agent fees: | ||||||||||||
Class A | 1,857 | 1,907 | 1,403 | |||||||||
Class B | 15,221 | 18,415 | 8,714 | |||||||||
Class C | 1,356 | 1,755 | 1,003 | |||||||||
Administrative service fees | 22,941 | 18,803 | 14,428 | |||||||||
Shareholder reporting expense | 2,365 | 6,218 | 5,282 | |||||||||
Professional fees | 10,943 | 7,244 | 8,111 | |||||||||
Custody and accounting expense | 16,046 | 16,867 | 19,518 | |||||||||
Trustee fees | 615 | 183 | 732 | |||||||||
Insurance expense | 75,708 | 62,049 | 47,612 | |||||||||
Miscellaneous expense | 2,135 | 3,071 | 2,442 | |||||||||
Total expenses | 496,769 | 423,475 | 326,191 | |||||||||
Net waived and reimbursed fees | (252 | ) | (67 | ) | (43 | ) | ||||||
Net expenses | 496,517 | 423,408 | 326,148 | |||||||||
Net investment income (loss) | 216,562 | 165,807 | (39,298 | ) | ||||||||
REALIZED AND UNREALIZED LOSS ON INVESTMENTS: | ||||||||||||
Net realized loss on investments | (3,158,485 | ) | (2,860,337 | ) | (2,148,906 | ) | ||||||
Net change in unrealized appreciation or depreciation on investments | (357,776 | ) | (171,434 | ) | (87,816 | ) | ||||||
Net realized and unrealized loss on investments | (3,516,261 | ) | (3,031,771 | ) | (2,236,722 | ) | ||||||
Decrease in net assets resulting from operations | $ | (3,299,699 | ) | $ | (2,865,964 | ) | $ | (2,276,020 | ) | |||
(1) Dividends from affiliates | $ | 6,782 | $ | 1,942 | $ | 1,266 |
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STATEMENTS OF OPERATIONS for the Six Months Ended November 30, 2008 (Unaudited)
ING | ING | |||||||
Principal | Principal | |||||||
Protection | Protection | |||||||
Fund XI | Fund XII | |||||||
INVESTMENT INCOME: | ||||||||
Dividends, net of foreign taxes withheld(1) | $ | 37,879 | $ | 15,025 | ||||
Interest | 267,209 | 138,550 | ||||||
Total investment income | 305,088 | 153,575 | ||||||
EXPENSES: | ||||||||
Investment management fees | 61,337 | 29,729 | ||||||
Distribution and service fees: | ||||||||
Class A | 4,041 | 1,350 | ||||||
Class B | 73,421 | 37,820 | ||||||
Class C | 15,055 | 8,063 | ||||||
Transfer agent fees: | ||||||||
Class A | 1,859 | 526 | ||||||
Class B | 8,444 | 3,685 | ||||||
Class C | 1,731 | 785 | ||||||
Administrative service fees | 10,464 | 5,128 | ||||||
Shareholder reporting expense | 3,387 | 2,424 | ||||||
Professional fees | 10,527 | 6,243 | ||||||
Custody and accounting expense | 15,513 | 12,474 | ||||||
Trustee fees | 549 | 183 | ||||||
Insurance expense | 34,531 | 16,924 | ||||||
Miscellaneous expense | 2,922 | 2,290 | ||||||
Total expenses | 243,781 | 127,624 | ||||||
Net waived and reimbursed fees | (30 | ) | (3,313 | ) | ||||
Net expenses | 243,751 | 124,311 | ||||||
Net investment income | 61,337 | 29,264 | ||||||
REALIZED AND UNREALIZED LOSS ON INVESTMENTS: | ||||||||
Net realized loss on investments | (868,437 | ) | (376,006 | ) | ||||
Net change in unrealized appreciation or depreciation on investments | (267,122 | ) | (2,260 | ) | ||||
Net realized and unrealized loss on investments | (1,135,559 | ) | (378,266 | ) | ||||
Decrease in net assets resulting from operations | $ | (1,074,222 | ) | $ | (349,002 | ) | ||
(1) Dividends from affiliates | $ | 855 | $ | 593 |
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STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
ING Principal Protection Fund VIII | ING Principal Protection Fund IX | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
November 30, | May 31, | November 30, | May 31, | |||||||||||||
2008 | 2008 | 2008 | 2008 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 216,562 | $ | 467,707 | $ | 165,807 | $ | 363,902 | ||||||||
Net realized gain (loss) on investments | (3,158,485 | ) | 1,415,614 | (2,860,337 | ) | 1,129,992 | ||||||||||
Net change in unrealized appreciation or depreciation on investments | (357,776 | ) | (3,422,868 | ) | (171,434 | ) | (2,895,427 | ) | ||||||||
Decrease in net assets resulting from operations | (3,299,699 | ) | (1,539,547 | ) | (2,865,964 | ) | (1,401,533 | ) | ||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | — | (94,303 | ) | — | (64,327 | ) | ||||||||||
Class B | — | (349,597 | ) | — | (272,553 | ) | ||||||||||
Class C | — | (39,233 | ) | — | (29,209 | ) | ||||||||||
Net realized gains: | ||||||||||||||||
Class A | — | (382,209 | ) | — | (320,836 | ) | ||||||||||
Class B | — | (3,005,739 | ) | — | (2,868,054 | ) | ||||||||||
Class C | — | (356,913 | ) | — | (327,022 | ) | ||||||||||
Total distributions | — | (4,227,994 | ) | — | (3,882,001 | ) | ||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Reinvestment of distributions | — | 3,498,575 | — | 3,404,920 | ||||||||||||
Cost of shares redeemed | (9,787,974 | ) | (13,794,338 | ) | (3,126,400 | ) | (8,444,884 | ) | ||||||||
Net decrease in net assets resulting from capital share transactions | (9,787,974 | ) | (10,295,763 | ) | (3,126,400 | ) | (5,039,964 | ) | ||||||||
Net decrease in net assets | (13,087,673 | ) | (16,063,304 | ) | (5,992,364 | ) | (10,323,498 | ) | ||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 51,082,215 | 67,145,519 | 40,607,565 | 50,931,063 | ||||||||||||
End of period | $ | 37,994,542 | $ | 51,082,215 | $ | 34,615,201 | $ | 40,607,565 | ||||||||
Undistributed net investment income at end of period | $ | 399,359 | $ | 182,797 | $ | 307,936 | $ | 142,129 | ||||||||
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STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
ING Principal Protection Fund X | ING Principal Protection Fund XI | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
November 30, | May 31, | November 30, | May 31, | |||||||||||||
2008 | 2008 | 2008 | 2008 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (39,298 | ) | $ | 287,659 | $ | 61,337 | $ | 176,678 | |||||||
Net realized gain (loss) on investments | (2,148,906 | ) | 1,366,047 | (868,437 | ) | 425,137 | ||||||||||
Net change in unrealized appreciation or depreciation on investments | (87,816 | ) | (2,790,997 | ) | (267,122 | ) | (1,210,497 | ) | ||||||||
Decrease in net assets resulting from operations | (2,276,020 | ) | (1,137,291 | ) | (1,074,222 | ) | (608,682 | ) | ||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | — | (90,313 | ) | — | (54,823 | ) | ||||||||||
Class B | — | (305,094 | ) | — | (110,278 | ) | ||||||||||
Class C | — | (31,230 | ) | — | (24,821 | ) | ||||||||||
Net realized gains: | ||||||||||||||||
Class A | — | (391,674 | ) | — | (259,767 | ) | ||||||||||
Class B | — | (2,213,021 | ) | — | (1,193,351 | ) | ||||||||||
Class C | — | (283,399 | ) | — | (239,797 | ) | ||||||||||
Total distributions | — | (3,314,731 | ) | — | (1,882,837 | ) | ||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Reinvestment of distributions | — | 2,835,951 | — | 1,551,162 | ||||||||||||
Cost of shares redeemed | (2,901,502 | ) | (8,775,565 | ) | (1,788,855 | ) | (4,527,796 | ) | ||||||||
Net decrease in net assets resulting from capital share transactions | (2,901,502 | ) | (5,939,614 | ) | (1,788,855 | ) | (2,976,634 | ) | ||||||||
Net decrease in net assets | (5,177,522 | ) | (10,391,636 | ) | (2,863,077 | ) | (5,468,153 | ) | ||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 31,495,421 | 41,887,057 | 22,230,750 | 27,698,903 | ||||||||||||
End of period | $ | 26,317,899 | $ | 31,495,421 | $ | 19,367,673 | $ | 22,230,750 | ||||||||
Undistributed net investment income at end of period | $ | 193 | $ | 39,491 | $ | 120,417 | $ | 59,080 | ||||||||
16
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
ING Principal Protection Fund XII | ||||||||
Six Months Ended | Year Ended | |||||||
November 30, | May 31, | |||||||
2008 | 2008 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income | $ | 29,264 | $ | 91,432 | ||||
Net realized gain (loss) on investments | (376,006 | ) | 209,265 | |||||
Net change in unrealized appreciation or depreciation on investments | (2,260 | ) | (562,479 | ) | ||||
Decrease in net assets resulting from operations | (349,002 | ) | (261,782 | ) | ||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Net investment income: | ||||||||
Class A | — | (20,629 | ) | |||||
Class B | — | (59,347 | ) | |||||
Class C | — | (12,175 | ) | |||||
Net realized gains: | ||||||||
Class A | — | (69,939 | ) | |||||
Class B | — | (450,846 | ) | |||||
Class C | — | (90,613 | ) | |||||
Total distributions | — | (703,549 | ) | |||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||
Reinvestment of distributions | — | 587,272 | ||||||
Cost of shares redeemed | (948,185 | ) | (2,243,059 | ) | ||||
Net decrease in net assets resulting from capital share transactions | (948,185 | ) | (1,655,787 | ) | ||||
Net decrease in net assets | (1,297,187 | ) | (2,621,118 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 10,945,087 | 13,566,205 | ||||||
End of period | $ | 9,647,900 | $ | 10,945,087 | ||||
Undistributed net investment income at end of period | $ | 66,699 | $ | 37,435 | ||||
17
Table of Contents
Class A | ||||||||||||||||||||||||||||
Six Months | October 1, | |||||||||||||||||||||||||||
Ended | 2003 (1) to | |||||||||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.66 | 10.68 | 9.84 | 9.94 | 9.95 | 10.00 | |||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||
Net investment income | $ | 0.08 | * | 0.16 | 0.16 | * | 0.17 | 0.18 | 0.06 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (0.72 | ) | (0.34 | ) | 0.87 | (0.07 | ) | 0.11 | (0.10 | ) | |||||||||||||||||
Total from investment operations | $ | (0.64 | ) | (0.18 | ) | 1.03 | 0.10 | 0.29 | (0.04 | ) | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||||
Net investment income | $ | — | 0.17 | 0.18 | 0.20 | 0.18 | 0.01 | |||||||||||||||||||||
Net realized gains on investments | $ | — | 0.67 | 0.01 | — | 0.12 | — | |||||||||||||||||||||
Total distributions | $ | — | 0.84 | 0.19 | 0.20 | 0.30 | 0.01 | |||||||||||||||||||||
Net asset value, end of period | $ | 9.02 | 9.66 | 10.68 | 9.84 | 9.94 | 9.95 | |||||||||||||||||||||
Total Return (2) | % | (6.63 | ) | (1.76 | ) | 10.61 | 0.97 | 2.99 | (0.45 | )†† | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 3,936 | 4,977 | 6,799 | 9,965 | 16,375 | 22,336 | |||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 1.49 | 1.51 | 1.51 | 1.48 | 1.44 | 1.54 | |||||||||||||||||||||
Net expenses after expense waiver(3)(4) | % | 1.49 | ** | 1.51 | ** | 1.51 | ** | 1.48 | 1.44 | 1.51 | ||||||||||||||||||
Net investment income after expense waiver(3)(4) | % | 1.62 | ** | 1.47 | ** | 1.55 | ** | 1.62 | 1.68 | 0.96 | ||||||||||||||||||
Portfolio turnover rate | % | 10 | 76 | 53 | 57 | 77 | 42 | |||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||
Six Months | October 1, | |||||||||||||||||||||||||||
Ended | 2003(1) to | |||||||||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.66 | 10.68 | 9.83 | 9.93 | 9.91 | 10.00 | |||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||
Net investment income | $ | 0.04 | * | 0.08 | 0.09 | 0.10 | 0.10 | 0.02 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (0.70 | ) | (0.35 | ) | 0.87 | (0.09 | ) | 0.13 | (0.10 | ) | |||||||||||||||||
Total from investment operations | $ | (0.66 | ) | (0.27 | ) | 0.96 | 0.01 | 0.23 | (0.08 | ) | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||||
Net investment income | $ | — | 0.08 | 0.10 | 0.11 | 0.09 | 0.01 | |||||||||||||||||||||
Net realized gains on investments | $ | — | 0.67 | 0.01 | — | 0.12 | — | |||||||||||||||||||||
Total distributions | $ | — | 0.75 | 0.11 | 0.11 | 0.21 | 0.01 | |||||||||||||||||||||
Net asset value, end of period | $ | 9.00 | 9.66 | 10.68 | 9.83 | 9.93 | 9.91 | |||||||||||||||||||||
Total Return(2) | % | (6.83 | ) | (2.61 | ) | 9.86 | 0.13 | 2.34 | (0.85 | )†† | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 31,044 | 41,821 | 53,549 | 64,586 | 87,326 | 105,448 | |||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 2.24 | 2.26 | 2.26 | 2.23 | 2.19 | 2.29 | |||||||||||||||||||||
Net expenses after expense waiver(3)(4) | % | 2.24 | ** | 2.26 | ** | 2.26 | ** | 2.23 | 2.19 | 2.12 | † | |||||||||||||||||
Net investment income after expense waiver(3)(4) | % | 0.87 | ** | 0.72 | ** | 0.79 | ** | 0.87 | 0.93 | 0.39 | † | |||||||||||||||||
Portfolio turnover rate | % | 10 | 76 | 53 | 57 | 77 | 42 | |||||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total returns for periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses), subject to possible reimbursement to the Investment Adviser within three years of being incurred. | |
* | 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. | |
† | ING Funds Distributor, LLC voluntarily waived 0.75% of distribution fees on Class B from October 1, 2003 through December 23, 2003. | |
†† | Represents performance beginning on the first day of the Guarantee Period (December 23, 2003). Total return from commencement of offering of shares was (0.45)% and (0.85)% for Class A and B, respectively. |
18
Table of Contents
Class C | ||||||||||||||||||||||||||||
Six Months | October 1, | |||||||||||||||||||||||||||
Ended | 2003(1) to | |||||||||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.73 | 10.75 | 9.87 | 9.93 | 9.91 | 10.00 | |||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||
Net investment income | $ | 0.04 | * | 0.09 | 0.08 | * | 0.09 | * | 0.10 | 0.02 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (0.71 | ) | (0.37 | ) | 0.88 | (0.07 | ) | 0.12 | (0.10 | ) | |||||||||||||||||
Total from investment operations | $ | (0.67 | ) | (0.28 | ) | 0.96 | 0.02 | 0.22 | (0.08 | ) | ||||||||||||||||||
Less distributions from: | �� | |||||||||||||||||||||||||||
Net investment income | $ | — | 0.07 | 0.07 | 0.08 | 0.08 | 0.01 | |||||||||||||||||||||
Net realized gains on investments | $ | — | 0.67 | 0.01 | — | 0.12 | — | |||||||||||||||||||||
Total distributions | $ | — | 0.74 | 0.08 | 0.08 | 0.20 | 0.01 | |||||||||||||||||||||
Net asset value, end of period | $ | 9.06 | 9.73 | 10.75 | 9.87 | 9.93 | 9.91 | |||||||||||||||||||||
Total Return(2) | % | (6.89 | ) | (2.63 | ) | 9.82 | 0.18 | 2.29 | (0.85 | )†† | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 3,014 | 4,284 | 6,798 | 9,345 | 19,883 | 33,289 | |||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 2.24 | 2.26 | 2.26 | 2.23 | 2.19 | 2.29 | |||||||||||||||||||||
Net expenses after expense waiver(3)(4) | % | 2.24 | ** | 2.26 | ** | 2.26 | ** | 2.23 | 2.19 | 2.12 | † | |||||||||||||||||
Net investment income after expense waiver(3)(4) | % | 0.87 | ** | 0.72 | ** | 0.79 | ** | 0.87 | 0.92 | 0.39 | † | |||||||||||||||||
Portfolio turnover rate | % | 10 | 76 | 53 | 57 | 77 | 42 | |||||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total returns for periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses), subject to possible reimbursement to the Investment Adviser within three years of being incurred. | |
* | 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. | |
† | ING Funds Distributor, LLC voluntarily waived 0.75% of distribution fees on Class C from October 1, 2003 through December 23, 2003. | |
†† | Represents performance beginning on the first day of the Guarantee Period (December 23, 2003). Total return from commencement of offering of shares was (0.85)% for Class C. |
19
Table of Contents
Class A | ||||||||||||||||||||||||||||
Six Months | February 2, | |||||||||||||||||||||||||||
Ended | 2004(1) to | |||||||||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.57 | 10.76 | 9.95 | 10.08 | 9.92 | 10.00 | |||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||
Net investment income | $ | 0.07 | 0.16 | 0.16 | * | 0.18 | * | 0.18 | 0.02 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (0.74 | ) | (0.38 | ) | 0.97 | (0.05 | ) | 0.16 | (0.10 | ) | |||||||||||||||||
Total from investment operations | $ | (0.67 | ) | (0.22 | ) | 1.13 | 0.13 | 0.34 | (0.08 | ) | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||||
Net investment income | $ | — | 0.17 | 0.21 | 0.19 | 0.15 | — | |||||||||||||||||||||
Net realized gains on investments | $ | — | 0.80 | 0.11 | 0.07 | 0.03 | — | |||||||||||||||||||||
Total distributions | $ | — | 0.97 | 0.32 | 0.26 | 0.18 | — | |||||||||||||||||||||
Net asset value, end of period | $ | 8.90 | 9.57 | 10.76 | 9.95 | 10.08 | 9.92 | |||||||||||||||||||||
Total Return(2) | % | (7.00 | ) | (2.18 | ) | 11.48 | 1.25 | 3.43 | (0.80 | )† | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 3,296 | 3,639 | 4,694 | 6,311 | 10,035 | 20,081 | |||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 1.57 | 1.56 | 1.56 | 1.51 | 1.62 | 1.56 | |||||||||||||||||||||
Net expenses after expense waiver(3)(4) | % | 1.57 | ** | 1.56 | ** | 1.56 | ** | 1.51 | 1.68 | 1.30 | ||||||||||||||||||
Net investment income after expense waiver(3)(4) | % | 1.57 | ** | 1.47 | ** | 1.57 | ** | 1.81 | 1.56 | 0.77 | ||||||||||||||||||
Portfolio turnover rate | % | 10 | 104 | 57 | 76 | 67 | 4 | |||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||
Six Months | February 2, | |||||||||||||||||||||||||||
Ended | 2004(1) to | |||||||||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.55 | 10.74 | 9.93 | 10.06 | 9.91 | 10.00 | |||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||
Net investment income | $ | 0.04 | 0.08 | 0.10 | 0.12 | 0.09 | 0.01 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (0.74 | ) | (0.39 | ) | 0.94 | (0.07 | ) | 0.17 | (0.10 | ) | |||||||||||||||||
Total from investment operations | $ | (0.70 | ) | (0.31 | ) | 1.04 | 0.05 | 0.26 | (0.09 | ) | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||||
Net investment income | $ | — | 0.08 | 0.12 | 0.11 | 0.08 | — | |||||||||||||||||||||
Net realized gains on investments | $ | — | 0.80 | 0.11 | 0.07 | 0.03 | — | |||||||||||||||||||||
Total distributions | $ | — | 0.88 | 0.23 | 0.18 | 0.11 | — | |||||||||||||||||||||
Net asset value, end of period | $ | 8.85 | 9.55 | 10.74 | 9.93 | 10.06 | 9.91 | |||||||||||||||||||||
Total Return(2) | % | (7.33 | ) | (3.00 | ) | 10.65 | 0.51 | 2.68 | (0.90 | )† | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 28,460 | 33,494 | 41,294 | 47,196 | 58,077 | 66,636 | |||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 2.32 | 2.31 | 2.31 | 2.26 | 2.37 | 2.36 | |||||||||||||||||||||
Net expenses after expense waiver(3)(4) | % | 2.32 | ** | 2.31 | ** | 2.31 | ** | 2.26 | 2.43 | 1.74 | †† | |||||||||||||||||
Net investment income after expense waiver(3)(4) | % | 0.81 | ** | 0.72 | ** | 0.82 | ** | 1.06 | 0.82 | 0.37 | †† | |||||||||||||||||
Portfolio turnover rate | % | 10 | 104 | 57 | 76 | 67 | 4 | |||||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total returns for periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses), subject to possible reimbursement to the Investment Adviser within three years of being incurred. | |
* | 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. | |
† | Represents performance beginning on the first day of the Guarantee Period (April 22, 2004). Total return from commencement of offering of shares was (0.50)% and (0.60)% for Class A and B, respectively. | |
†† | ING Fund Distributor, LLC voluntarily waived 0.75% of distribution fees on Class B from February 2, 2004 through April 22, 2004. |
20
Table of Contents
Class C | ||||||||||||||||||||||||||||
Six Months | February 2, | |||||||||||||||||||||||||||
Ended | 2004(1) to | |||||||||||||||||||||||||||
November 30, | Year Ended May 31, | May 31 | ||||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.63 | 10.81 | 9.97 | 10.06 | 9.91 | 10.00 | |||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||
Net investment income | $ | 0.04 | 0.09 | 0.08 | * | 0.11 | * | 0.09 | 0.01 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (0.75 | ) | (0.39 | ) | 0.96 | (0.05 | ) | 0.17 | (0.10 | ) | |||||||||||||||||
Total from investment operations | $ | (0.71 | ) | (0.30 | ) | 1.04 | 0.06 | 0.26 | (0.09 | ) | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||||
Net investment income | $ | — | 0.08 | 0.09 | 0.08 | 0.08 | — | |||||||||||||||||||||
Net realized gains on investments | $ | — | 0.80 | 0.11 | 0.07 | 0.03 | — | |||||||||||||||||||||
Total distributions | $ | — | 0.88 | 0.20 | 0.15 | 0.11 | — | |||||||||||||||||||||
Net asset value, end of period | $ | 8.92 | 9.63 | 10.81 | 9.97 | 10.06 | 9.91 | |||||||||||||||||||||
Total Return(2) | % | (7.37 | ) | (2.93 | ) | 10.59 | 0.64 | 2.64 | (0.90 | )† | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 2,859 | 3,474 | 4,943 | 6,673 | 15,054 | 21,753 | |||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 2.32 | 2.31 | 2.31 | 2.26 | 2.37 | 2.36 | |||||||||||||||||||||
Net expenses after expense waiver(3)(4) | % | 2.32 | ** | 2.31 | ** | 2.31 | ** | 2.26 | 2.43 | 1.74 | †† | |||||||||||||||||
Net investment income after expense waiver(3)(4) | % | 0.82 | ** | 0.72 | ** | 0.82 | ** | 1.06 | 0.81 | 0.37 | †† | |||||||||||||||||
Portfolio turnover rate | % | 10 | 104 | 57 | 76 | 67 | 4 | |||||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total returns for periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses), subject to possible reimbursement to the Investment Adviser within three years of being incurred. | |
* | 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. | |
† | Represents performance beginning on the first day of the Guarantee Period (April 22, 2004). Total return from commencement of offering of shares was (0.60)% for Class C. | |
†† | ING Fund Distributor, LLC voluntarily waived 0.75% of distribution fees on Class C from February 2, 2004 through April 22, 2004. |
21
Table of Contents
Class A | ||||||||||||||||||||||||||||
Six Months | May 3, | |||||||||||||||||||||||||||
Ended | 2004(1) to | |||||||||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.41 | 10.72 | 9.89 | 10.25 | 10.00 | 10.00 | |||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||
Net investment income | $ | 0.02 | 0.15 | * | 0.17 | * | 0.17 | 0.10 | 0.00 | ** | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (0.69 | ) | (0.40 | ) | 0.98 | (0.09 | ) | 0.26 | 0.00 | ** | |||||||||||||||||
Total from investment operations | $ | (0.67 | ) | (0.25 | ) | 1.15 | 0.08 | 0.36 | 0.00 | ** | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||||
Net investment income | $ | — | 0.20 | 0.19 | 0.15 | 0.07 | — | |||||||||||||||||||||
Net realized gains on investments | $ | — | 0.86 | 0.13 | 0.29 | 0.04 | — | |||||||||||||||||||||
Total distributions | $ | — | 1.06 | 0.32 | 0.44 | 0.11 | — | |||||||||||||||||||||
Net asset value, end of period | $ | 8.74 | 9.41 | 10.72 | 9.89 | 10.25 | 10.00 | |||||||||||||||||||||
Total Return(2) | % | (7.12 | ) | (2.45 | ) | 11.84 | 0.72 | 3.62 | †† | — | † | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 3,328 | 4,005 | 6,536 | 8,986 | 14,204 | 5,047 | |||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 1.61 | 1.59 | 1.54 | 1.51 | 1.68 | 2.27 | |||||||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 1.61 | *** | 1.59 | *** | 1.54 | *** | 1.51 | 1.69 | 0.93 | ||||||||||||||||||
Net investment income (loss) after expense waiver/recoupment(3)(4) | % | 0.38 | *** | 1.46 | *** | 1.69 | *** | 1.54 | 1.08 | (0.01 | ) | |||||||||||||||||
Portfolio turnover rate | % | 26 | 133 | 106 | 57 | 78 | — | |||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||
Six Months | May 3, | |||||||||||||||||||||||||||
Ended | 2004(1) to | |||||||||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.38 | 10.69 | 9.86 | 10.22 | 10.00 | 10.00 | |||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||
Net investment income (loss) | $ | (0.02 | ) | 0.08 | 0.11 | 0.09 | 0.04 | 0.00 | ** | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (0.68 | ) | (0.41 | ) | 0.97 | (0.09 | ) | 0.26 | 0.00 | ** | |||||||||||||||||
Total from investment operations | $ | (0.70 | ) | (0.33 | ) | 1.08 | 0.00 | 0.30 | 0.00 | ** | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||||
Net investment income | $ | — | 0.12 | 0.12 | 0.07 | 0.04 | — | |||||||||||||||||||||
Net realized gains on investments | $ | — | 0.86 | 0.13 | 0.29 | 0.04 | — | |||||||||||||||||||||
Total distributions | $ | — | 0.98 | 0.25 | 0.36 | 0.08 | — | |||||||||||||||||||||
Net asset value, end of period | $ | 8.68 | 9.38 | 10.69 | 9.86 | 10.22 | 10.00 | |||||||||||||||||||||
Total Return(2) | % | (7.46 | ) | (3.22 | ) | 11.06 | (0.08 | ) | 3.00 | †† | — | † | ||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 20,599 | 24,584 | 30,438 | 34,312 | 42,237 | 12,477 | |||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 2.36 | 2.34 | 2.29 | 2.26 | 2.43 | 3.02 | |||||||||||||||||||||
Net expenses after expense waiver(3)(4) | % | 2.36 | *** | 2.34 | *** | 2.29 | *** | 2.26 | 2.32 | 1.68 | ||||||||||||||||||
Net investment income (loss) after expense waiver(3)(4) | % | (0.37 | )*** | 0.69 | *** | 0.95 | *** | 0.79 | 0.43 | (0.75 | ) | |||||||||||||||||
Portfolio turnover rate | % | 26 | 133 | 106 | 57 | 78 | — | |||||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total returns for periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses), subject to possible reimbursement to the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005. | |
*** | 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. | |
† | As of May 31, 2004, the Fund was in its Offering Period. Total return calculation will begin on the commencement date of the Guarantee Period (August 17, 2004). Total return from commencement of offering of shares was 0.00% for Class A and B. | |
†† | Represents performance beginning on the first day of the Guarantee Period (August 17, 2004). Total return for the year ended May 31, 2005 was 3.62% and 3.00% for Class A and B, respectively. |
22
Table of Contents
Class C | ||||||||||||||||||||||||||||
Six Months | May 3, | |||||||||||||||||||||||||||
Ended | 2004(1) to | |||||||||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.45 | 10.74 | 9.89 | 10.22 | 10.00 | 10.00 | |||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||
Net investment income (loss) | $ | (0.02 | ) | 0.07 | * | 0.10 | * | 0.08 | * | 0.04 | 0.00 | ** | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (0.69 | ) | (0.40 | ) | 0.99 | (0.08 | ) | 0.26 | 0.00 | ** | |||||||||||||||||
Total from investment operations | $ | (0.71 | ) | (0.33 | ) | 1.09 | 0.00 | 0.30 | 0.00 | ** | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||||
Net investment income | $ | — | 0.10 | 0.11 | 0.04 | 0.04 | — | |||||||||||||||||||||
Net realized gains on investments | $ | — | 0.86 | 0.13 | 0.29 | 0.04 | — | |||||||||||||||||||||
Total distributions | $ | — | 0.96 | 0.24 | 0.33 | 0.08 | — | |||||||||||||||||||||
Net asset value, end of period | $ | 8.74 | 9.45 | 10.74 | 9.89 | 10.22 | 10.00 | |||||||||||||||||||||
Total Return(2) | % | (7.51 | ) | (3.24 | ) | 11.10 | (0.07 | ) | 3.02 | †† | — | † | ||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 2,390 | 2,907 | 4,913 | 6,456 | 12,256 | 1,825 | |||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 2.36 | 2.34 | 2.29 | 2.26 | 2.43 | 3.02 | |||||||||||||||||||||
Net expenses after expense waiver(3)(4) | % | 2.36 | *** | 2.34 | *** | 2.29 | *** | 2.26 | 2.32 | 1.68 | ||||||||||||||||||
Net investment income (loss) after expense waiver (3)(4) | % | (0.37 | )*** | 0.71 | *** | 0.94 | *** | 0.79 | 0.43 | (0.77 | ) | |||||||||||||||||
Portfolio turnover rate | % | 26 | 1.33 | 106 | 57 | 78 | — | |||||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total returns for periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses), subject to possible reimbursement to the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005. | |
*** | 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. | |
† | As of May 31, 2004, the Fund was in its Offering Period. Total return calculation will begin on the commencement date of the Guarantee Period (August 17, 2004). Total return from commencement of offering of shares was 0.00% for Class C. | |
†† | Represents performance beginning on the first day of the Guarantee Period (August 17, 2004). Total return for the year ended May 31, 2005 was 3.02% for Class C. |
23
Table of Contents
Class A | ||||||||||||||||||||||||
Six Months | August 16, | |||||||||||||||||||||||
Ended | 2004(1) to | |||||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.69 | 10.75 | 9.88 | 9.99 | 10.00 | ||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | $ | 0.06 | 0.15 | 0.16 | * | 0.18 | 0.08 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (0.51 | ) | (0.34 | ) | 0.95 | (0.12 | ) | (0.04 | ) | ||||||||||||||
Total from investment operations | $ | (0.45 | ) | (0.19 | ) | 1.11 | 0.06 | 0.04 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | $ | — | 0.15 | 0.20 | 0.16 | 0.05 | ||||||||||||||||||
Net realized gains on investments | $ | — | 0.72 | 0.04 | 0.01 | — | ||||||||||||||||||
Total distributions | $ | — | 0.87 | 0.24 | 0.17 | 0.05 | ||||||||||||||||||
Net asset value, end of period | $ | 9.24 | 9.69 | 10.75 | 9.88 | 9.99 | ||||||||||||||||||
Total Return(2) | % | (4.64 | ) | (1.86 | ) | 11.33 | 0.62 | (0.09 | )† | |||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 2,960 | 3,347 | 4,436 | 6,783 | 8,999 | ||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Expenses(3)(4) | % | 1.70 | ** | 1.62 | ** | 1.59 | ** | 1.59 | 1.75 | |||||||||||||||
Net investment income(3)(4) | % | 1.22 | ** | 1.34 | ** | 1.56 | ** | 1.66 | 1.19 | |||||||||||||||
Portfolio turnover rate | % | 25 | 110 | 64 | 29 | 28 | ||||||||||||||||||
Class B | ||||||||||||||||||||||||
Six Months | August 16, | |||||||||||||||||||||||
Ended | 2004(1) to | |||||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.65 | 10.69 | 9.84 | 9.96 | 10.00 | ||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | $ | 0.02 | * | 0.07 | 0.08 | * | 0.10 | 0.03 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (0.51 | ) | (0.32 | ) | 0.94 | (0.13 | ) | (0.04 | ) | ||||||||||||||
Total from investment operations | $ | (0.49 | ) | (0.25 | ) | 1.02 | (0.03 | ) | (0.01 | ) | ||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | $ | — | 0.07 | 0.13 | 0.08 | 0.03 | ||||||||||||||||||
Net realized gains on investments | $ | — | 0.72 | 0.04 | 0.01 | — | ||||||||||||||||||
Total distributions | $ | — | 0.79 | 0.17 | 0.09 | 0.03 | ||||||||||||||||||
Net asset value, end of period | $ | 9.16 | 9.65 | 10.69 | 9.84 | 9.96 | ||||||||||||||||||
Total Return(2) | % | (5.08 | ) | (2.49 | ) | 10.40 | (0.27 | ) | (0.36 | )† | ||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 13,513 | 15,731 | 19,606 | 22,907 | 28,380 | ||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||
Expenses(3)(4) | % | 2.45 | ** | 2.37 | ** | 2.34 | ** | 2.34 | 2.50 | |||||||||||||||
Net investment income(3)(4) | % | 0.47 | ** | 0.59 | ** | 0.80 | ** | 0.91 | 0.43 | |||||||||||||||
Portfolio turnover rate | % | 25 | 110 | 64 | 29 | 28 | ||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total returns for periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses), subject to possible reimbursement to the Investment Adviser within three years of being incurred. | |
* | 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. | |
† | Represents performance beginning on the first day of the Guarantee Period (November 18, 2004). Total return from commencement of offering of shares was 0.27% and (0.11)% for Class A and B, respectively. |
24
Table of Contents
Class C | ||||||||||||||||||||||
Six Months | August 16, | |||||||||||||||||||||
Ended | 2004(1) to | |||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.66 | 10.71 | 9.85 | 9.96 | 10.00 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.02 | 0.06 | 0.08 | * | 0.11 | 0.03 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (0.51 | ) | (0.31 | ) | 0.94 | (0.13 | ) | (0.04 | ) | ||||||||||||
Total from investment operations | $ | (0.49 | ) | (0.25 | ) | 1.02 | (0.02 | ) | (0.01 | ) | ||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | — | 0.08 | 0.12 | 0.08 | 0.03 | ||||||||||||||||
Net realized gains on investments | $ | — | 0.72 | 0.04 | 0.01 | — | ||||||||||||||||
Total distributions | $ | — | 0.80 | 0.16 | 0.09 | 0.03 | ||||||||||||||||
Net asset value, end of period | $ | 9.17 | 9.66 | 10.71 | 9.85 | 9.96 | ||||||||||||||||
Total Return(2) | % | (5.07 | ) | (2.51 | ) | 10.40 | (0.20 | ) | (0.36 | )† | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 2,894 | 3,153 | 3,658 | 4,737 | 7,143 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Expenses(3)(4) | % | 2.45 | ** | 2.37 | ** | 2.34 | ** | 2.34 | 2.50 | |||||||||||||
Net investment income(3)(4) | % | 0.47 | ** | 0.59 | ** | 0.80 | ** | 0.91 | 0.46 | |||||||||||||
Portfolio turnover rate | % | 25 | 110 | 64 | 29 | 28 | ||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total returns for periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses), subject to possible reimbursement to the Investment Adviser within three years of being incurred. | |
* | 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. | |
† | Represents performance beginning on the first day of the Guarantee Period (November 18, 2004). Total return from commencement of offering of shares was (0.08)% for Class C. |
25
Table of Contents
Class A | ||||||||||||||||||||||
Six Months | November 15, | |||||||||||||||||||||
Ended | 2004(1) to | |||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.81 | 10.62 | 9.78 | 10.01 | 10.00 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.06 | 0.14 | 0.17 | * | 0.16 | * | 0.05 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (0.35 | ) | (0.29 | ) | 0.87 | (0.21 | ) | (0.04 | ) | ||||||||||||
Total from investment operations | $ | (0.29 | ) | (0.15 | ) | 1.04 | (0.05 | ) | 0.01 | |||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | — | 0.15 | 0.20 | 0.18 | — | ||||||||||||||||
Net realized gains on investments | $ | — | 0.51 | — | — | — | ||||||||||||||||
Total distributions | $ | — | 0.66 | 0.20 | 0.18 | — | ||||||||||||||||
Net asset value, end of period | $ | 9.52 | 9.81 | 10.62 | 9.78 | 10.01 | ||||||||||||||||
Total Return(2) | % | (2.96 | ) | (1.44 | ) | 10.66 | (0.51 | ) | 0.00 | † | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 1,040 | 1,114 | 1,472 | 3,051 | 4,734 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 1.82 | 1.89 | 1.71 | 1.92 | 1.68 | ||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 1.75 | ** | 1.75 | ** | 1.75 | ** | 1.75 | 1.68 | |||||||||||||
Net investment income after expense waiver/recoupment(3)(4) | % | 1.24 | ** | 1.41 | ** | 1.67 | ** | 1.63 | 1.26 | |||||||||||||
Portfolio turnover rate | % | 50 | 119 | 44 | 97 | 14 | ||||||||||||||||
Class B | ||||||||||||||||||||||
Six Months | November 15, | |||||||||||||||||||||
Ended | 2004(1) to | |||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.77 | 10.57 | 9.75 | 9.97 | 10.00 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.02 | * | 0.07 | 0.10 | 0.09 | 0.02 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (0.34 | ) | (0.29 | ) | 0.84 | (0.20 | ) | (0.05 | ) | ||||||||||||
Total from investment operations | $ | (0.32 | ) | (0.22 | ) | 0.94 | (0.11 | ) | (0.03 | ) | ||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | — | 0.07 | 0.12 | 0.11 | — | ||||||||||||||||
Net realized gains on investments | $ | — | 0.51 | — | — | — | ||||||||||||||||
Total distributions | $ | — | 0.58 | 0.12 | 0.11 | — | ||||||||||||||||
Net asset value, end of period | $ | 9.45 | 9.77 | 10.57 | 9.75 | 9.97 | ||||||||||||||||
Total Return(2) | % | (3.28 | ) | (2.16 | ) | 9.72 | (1.11 | ) | (0.30 | )† | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 7,053 | 8,131 | 10,098 | 10,748 | 12,974 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 2.57 | 2.64 | 2.46 | 2.67 | 2.43 | ||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 2.50 | ** | 2.50 | ** | 2.50 | ** | 2.50 | 2.43 | |||||||||||||
Net investment income after expense waiver/recoupment(3)(4) | % | 0.49 | ** | 0.65 | ** | 0.90 | ** | 0.89 | 0.49 | |||||||||||||
Portfolio turnover rate | % | 50 | 119 | 44 | 97 | 14 | ||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total returns for periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses), subject to possible reimbursement to the Investment Adviser within three years of being incurred. | |
* | Calculated using the 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. | |
† | 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% and (0.30)% for Class A and B, respectively. |
26
Table of Contents
Class C | ||||||||||||||||||||||
Six Months | November 15, | |||||||||||||||||||||
Ended | 2004(1) to | |||||||||||||||||||||
November 30, | Year Ended May 31, | May 31, | ||||||||||||||||||||
2008 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.81 | 10.62 | 9.75 | 9.97 | 10.00 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.02 | * | 0.07 | 0.09 | * | 0.09 | * | 0.02 | |||||||||||||
Net realized and unrealized gain (loss) on investments | $ | (0.35 | ) | (0.30 | ) | 0.87 | (0.20 | ) | (0.05 | ) | ||||||||||||
Total from investment operations | $ | (0.33 | ) | (0.23 | ) | 0.96 | (0.11 | ) | (0.03 | ) | ||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | — | 0.07 | 0.09 | 0.11 | — | ||||||||||||||||
Net realized gains on investments | $ | — | 0.51 | — | — | — | ||||||||||||||||
Total distributions | $ | — | 0.58 | 0.09 | 0.11 | — | ||||||||||||||||
Net asset value, end of period | $ | 9.48 | 9.81 | 10.62 | 9.75 | 9.97 | ||||||||||||||||
Total Return(2) | % | (3.36 | ) | (2.23 | ) | 9.87 | (1.16 | ) | (0.30 | )† | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 1,554 | 1,700 | 1,996 | 2,775 | 5,327 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 2.57 | 2.64 | 2.46 | 2.67 | 2.43 | ||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 2.50 | ** | 2.50 | ** | 2.50 | ** | 2.50 | 2.43 | |||||||||||||
Net investment income after expense waiver/recoupment(3)(4) | % | 0.49 | ** | 0.65 | ** | 0.91 | ** | 0.89 | 0.52 | |||||||||||||
Portfolio turnover rate | % | 50 | 119 | 44 | 97 | 14 | ||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total returns for periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage, extraordinary, and acquired fund fees and expenses), subject to possible reimbursement to the Investment Adviser within three years of being incurred. | |
* | Calculated using the 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. | |
† | Represents performance beginning on the first day of the Guarantee period (February 16, 2005). Total return from commencement of offering of shares was (0.30)% for Class C. |
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NOTES TO FINANCIAL STATEMENTS as of November 30, 2008 (Unaudited)
Commencement | ||||||
of Index Plus | ||||||
Offering Period | Guarantee Period | LargeCap Equity | ||||
PPF VIII | 10/01/03 — 12/15/03* | 12/23/03 — 12/22/08 | 12/23/08 | |||
PPF IX | 02/02/04 — 04/15/04* | 04/22/04 — 04/21/09 | 04/22/09 | |||
PPF X | 05/03/04 — 08/09/04* | 08/17/04 — 08/14/09 | 08/15/09 | |||
PPF XI | 08/16/04 — 11/11/04* | 11/18/04 — 11/18/09 | 11/19/09 | |||
PPF XII | 11/15/04 — 02/09/05* | 02/16/05 — 02/16/10 | 02/17/10 |
* | 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. |
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 will be 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 are valued at prices obtained from independent services or from one or more dealers making markets in the securities and may be adjusted based on the Funds’ valuation procedures. 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. | |
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 Funds’ Board of Trustees |
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NOTES TO FINANCIAL STATEMENTS as of November 30, 2008 (Unaudited) (continued)
POLICIES (continued)
(“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 a 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 the supervision of the Board, in accordance with methods that are specifically authorized by the Board. The valuation techniques applied in any specific instance are likely to 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 Funds 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 a Fund determines its NAV or if the foreign exchange closes prior to the time a 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 a Fund’s NAV may not take place contemporaneously with the determination of the prices of securities held by a Fund in foreign securities markets. Further, the value of a Fund’s assets may be significantly affected by foreign trading on days when a shareholder cannot purchase or redeem shares of a Fund. In calculating a 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 a Fund closes but before the time that a 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 a Fund determines its NAV. In such a case, a 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 a 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 a 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 a 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, a 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 a Fund to determine that the closing prices for one or more securities do not represent readily available reliable market value quotations at a time a 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 a 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. | ||
Effective for fiscal years beginning after November 15, 2007, Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or |
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NOTES TO FINANCIAL STATEMENTS as of November 30, 2008 (Unaudited) (continued)
POLICIES (continued)
liability of the Funds is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1”, inputs other than quoted prices for an asset that are observable are classified as “Level 2” and unobservable inputs, including the sub-adviser’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3”. The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Funds’ investments under these levels of classification is included following the Portfolios of Investments. | ||
Effective for fiscal years and interim periods ending after November 15, 2008, the FASB issued FASB Staff Position (“FSP”) No. FAS 133-1 and FASB Interpretation Number (“FIN”) 45-4, “Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161.” The amendments to FAS 133 require enhanced disclosure regarding credit derivatives sold, including (1) the nature and terms of the credit derivative, reasons for entering into the credit derivative, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative, (2) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative, (3) the fair value of the credit derivative, and (4) the nature of any recourse provisions and assets held either as collateral or by third parties. The amendments to FIN 45 require additional disclosures about the current status of the payment/performance risk of a guarantee. All changes to accounting policies have been made in accordance with the FSP and incorporated 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 Funds. Premium amortization and discount accretion are determined by the effective yield method. | ||
C. | Foreign Currency Translation. The books and records of the Funds 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 Funds do 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 Statements 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 a 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. |
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NOTES TO FINANCIAL STATEMENTS as of November 30, 2008 (Unaudited) (continued)
POLICIES (continued)
companies and U.S. government securities. The foregoing risks are even greater with respect to securing of issuers in emerging markets. | ||
D. | Foreign Currency Transactions and Futures Contracts. The 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. For the six months ended November 30, 2008, the Funds did not enter into foreign currency exchange transactions. | |
Each Fund may enter into futures contracts involving foreign currency, interest rates, securities and security indices. A futures contract obligates the seller of the contract to deliver and the purchaser of the contract to take delivery of the type of foreign currency, financial instrument or security called for in the contract at a specified future time for a specified price. Upon entering into such a contract, a Fund is required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is traded. Pursuant to the contract, a Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margins and are recorded as unrealized gains or losses by a Fund. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. | ||
E. | Distributions to Shareholders. The Funds record distributions to their shareholders on the ex-dividend date. Each Fund pays dividends and capital gains, if any, annually. The Funds 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. | |
F. | Federal Income Taxes. It is the policy of the Funds 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 Funds’ 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. | |
G. | Guarantee Fees. Each PPF’s Guarantee is backed by an unconditional, irrevocable guarantee from MBIA Insurance Corporation (“MBIA”), a monoline financial guarantor. Each PPF 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 PPF, the insurance policy to support the PPF’s Payment Undertaking. The insurance policy is unconditional and irrevocable and will remain in place through the Guarantee Maturity Date for a PPF. 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. | ||
H. | 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 |
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NOTES TO FINANCIAL STATEMENTS as of November 30, 2008 (Unaudited) (continued)
and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | ||
I. | Repurchase Agreements. Each 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. Each 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, a 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. | |
J. | Illiquid and Restricted Securities. Each PPF may not invest more than 15% of their 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 securities are valued based upon their fair value determined under procedures approved by the Board. | |
K. | Indemnifications. In the normal course of business, the Funds 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 | |||||||
PPF VIII | $ | 4,503,354 | $ | 13,480,430 | ||||
PPF IX | 3,569,540 | 12,212,635 | ||||||
PPF X | 7,448,428 | 15,876,026 | ||||||
PPF XI | 1,344,301 | 5,554,302 | ||||||
PPF XII | 1,722,470 | 3,638,501 |
Purchases | Sales | |||||||
PPF IX | $ | — | $ | 1,558,945 | ||||
PPF XI | 3,927,906 | 1,962,545 | ||||||
PPF XII | 3,406,755 | 2,962,453 |
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NOTES TO FINANCIAL STATEMENTS as of November 30, 2008 (Unaudited) (continued)
Amount | ||||
Waived | ||||
PPF VIII | $ | 252 | ||
PPF IX | 67 | |||
PPF X | 43 | |||
PPF XI | 30 | |||
PPF XII | 20 |
Class A | Class B | Class C | ||||||||||
PPF VIII | 0.25 | % | 1.00 | % | 1.00 | % | ||||||
PPF IX | 0.25 | % | 1.00 | % | 1.00 | % | ||||||
PPF X | 0.25 | % | 1.00 | % | 1.00 | % | ||||||
PPF XI | 0.25 | % | 1.00 | % | 1.00 | % | ||||||
PPF XII | 0.25 | % | 1.00 | % | 1.00 | % |
Accrued | ||||||||||||||||||||
Accrued | Shareholder | |||||||||||||||||||
Investment | Accrued | Service and | ||||||||||||||||||
Management | Administrative | Distribution | Accrued | |||||||||||||||||
Fund | Fees | Fees | Fees | Recoupment | Total | |||||||||||||||
PPF VII | $ | 18,244 | $ | 3,272 | $ | 30,155 | $ | — | $ | 51,671 | ||||||||||
PPF IX | 16,014 | 2,856 | 26,532 | — | 45,402 | |||||||||||||||
PPF X | 12,238 | 2,178 | 19,684 | — | 34,100 | |||||||||||||||
PPF XI | 8,998 | 1,606 | 14,231 | 12,917 | 37,752 | |||||||||||||||
PPF XII | 4,419 | 795 | 7,309 | — | 12,523 |
Fund | Accrued Expenses | Amount | ||||
Principal Protection IX | Custody | $ | 10,901 | |||
Transfer Agent | 15,812 | |||||
Accrued MBIA Fee | 9,425 | |||||
Printing | 8,030 | |||||
Principal Protection X | Custody | 12,008 | ||||
Transfer Agent | 6,027 | |||||
Accrued MBIA Fee | 7,187 |
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NOTES TO FINANCIAL STATEMENTS as of November 30, 2008 (Unaudited) (continued)
Fund | Accrued Expenses | Amount | ||||
Principal Protection XI | Custody | 7,467 | ||||
Transfer Agent | 15,219 | |||||
Accrued MBIA Fee | 5,299 | |||||
Printing | 4,908 | |||||
Principal Protection XII | Custody | 6,550 | ||||
Transfer Agent | 5,419 | |||||
Accrued MBIA Fee | 2,623 | |||||
Audit | 6,155 | |||||
Miscellaneous | 2,999 | |||||
Postage | 2,518 | |||||
Printing | 2,375 |
Class A | Class B | Class C | ||||||||||
PPF VIII | 1.75 | % | 2.50 | % | 2.50 | % | ||||||
PPF IX | 1.75 | % | 2.50 | % | 2.50 | % | ||||||
PPF X | 1.75 | % | 2.50 | % | 2.50 | % | ||||||
PPF XI | 1.75 | % | 2.50 | % | 2.50 | % | ||||||
PPF XII | 1.75 | % | 2.50 | % | 2.50 | % |
November 30, | ||||||||||||||||
2009 | 2010 | 2011 | Total | |||||||||||||
Principal Protection XII | $ | 13,229 | $ | 5,393 | $ | 15,670 | $ | 34,292 |
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Year | Six Months | Year | Six Months | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
November 30, | May 31, | November 30, | May 31, | November 30, | May 31, | |||||||||||||||||||
2008 | 2008 | 2008 | 2008 | 2008 | 2008 | |||||||||||||||||||
Principal Protection Fund VIII (Number of Shares) | ||||||||||||||||||||||||
Reinvestment of distributions | — | 36,284 | — | 293,375 | — | 27,653 | ||||||||||||||||||
Shares redeemed | (79,237 | ) | (157,406 | ) | (877,487 | ) | (980,582 | ) | (107,645 | ) | (220,056 | ) | ||||||||||||
Net decrease in shares outstanding | (79,237 | ) | (121,122 | ) | (877,487 | ) | (687,207 | ) | (107,645 | ) | (192,403 | ) | ||||||||||||
Principal Protection Fund VIII ($) | ||||||||||||||||||||||||
Reinvestment of distributions | $ | — | $ | 353,769 | $ | — | $ | 2,872,145 | $ | — | $ | 272,661 | ||||||||||||
Shares redeemed | (727,114 | ) | (1,578,056 | ) | (8,035,421 | ) | (9,979,902 | ) | (1,025,439 | ) | (2,236,380 | ) | ||||||||||||
Net decrease | $ | (727,114 | ) | $ | (1,224,287 | ) | $ | (8,035,421 | ) | $ | (7,107,757 | ) | $ | (1,025,439 | ) | $ | (1,963,719 | ) | ||||||
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NOTES TO FINANCIAL STATEMENTS as of November 30, 2008 (Unaudited) (continued)
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Year | Six Months | Year | Six Months | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
November 30, | May 31, | November 30, | May 31, | November 30, | May 31, | |||||||||||||||||||
2008 | 2008 | 2008 | 2008 | 2008 | 2008 | |||||||||||||||||||
Principal Protection Fund IX (Number of Shares) | ||||||||||||||||||||||||
Reinvestment of distributions | — | 36,902 | — | 290,392 | — | 23,611 | ||||||||||||||||||
Shares redeemed | (10,050 | ) | (92,743 | ) | (290,792 | ) | (630,331 | ) | (40,359 | ) | (120,032 | ) | ||||||||||||
Net decrease in shares outstanding | (10,050 | ) | (55,841 | ) | (290,792 | ) | (339,939 | ) | (40,359 | ) | (96,421 | ) | ||||||||||||
Principal Protection Fund IX ($) | ||||||||||||||||||||||||
Reinvestment of distributions | $ | — | $ | 357,208 | $ | — | $ | 2,816,797 | $ | — | $ | 230,915 | ||||||||||||
Shares redeemed | (92,109 | ) | (924,628 | ) | (2,661,939 | ) | (6,314,546 | ) | (372,352 | ) | (1,205,710 | ) | ||||||||||||
Net decrease | $ | (92,109 | ) | $ | (567,420 | ) | $ | (2,661,939 | ) | $ | (3,497,749 | ) | $ | (372,352 | ) | $ | (974,795 | ) | ||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Principal Protection Fund X (Number of Shares) | ||||||||||||||||||||||||
Reinvestment of distributions | — | 45,820 | — | 229,485 | — | 21,495 | ||||||||||||||||||
Shares redeemed | (44,620 | ) | (229,820 | ) | (246,180 | ) | (456,809 | ) | (34,046 | ) | (171,586 | ) | ||||||||||||
Net decrease in shares outstanding | (44,620 | ) | (184,000 | ) | (246,180 | ) | (227,324 | ) | (34,046 | ) | (150,091 | ) | ||||||||||||
Principal Protection Fund X ($) | ||||||||||||||||||||||||
Reinvestment of distributions | $ | — | $ | 437,579 | $ | — | $ | 2,191,586 | $ | — | $ | 206,786 | ||||||||||||
Shares redeemed | (401,244 | ) | (2,367,993 | ) | (2,191,537 | ) | (4,628,230 | ) | (308,721 | ) | (1,779,342 | ) | ||||||||||||
Net decrease | $ | (401,244 | ) | $ | (1,930,414 | ) | $ | (2,191,537 | ) | $ | (2,436,644 | ) | $ | (308,721 | ) | $ | (1,572,556 | ) | ||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Principal Protection Fund XI (Number of Shares) | ||||||||||||||||||||||||
Reinvestment of distributions | — | 29,104 | — | 115,079 | — | 13,733 | ||||||||||||||||||
Shares redeemed | (25,078 | ) | (96,470 | ) | (156,165 | ) | (318,706 | ) | (10,935 | ) | (28,855 | ) | ||||||||||||
Net decrease in shares outstanding | (25,078 | ) | (67,366 | ) | (156,165 | ) | (203,627 | ) | (10,935 | ) | (15,122 | ) | ||||||||||||
Principal Protection Fund XI ($) | ||||||||||||||||||||||||
Reinvestment of distributions | $ | — | $ | 286,096 | $ | — | $ | 1,130,072 | $ | — | $ | 134,994 | ||||||||||||
Shares redeemed | (230,954 | ) | (984,640 | ) | (1,455,768 | ) | (3,257,909 | ) | (102,133 | ) | (285,247 | ) | ||||||||||||
Net decrease | $ | (230,954 | ) | $ | (698,544 | ) | $ | (1,455,768 | ) | $ | (2,127,837 | ) | $ | (102,133 | ) | $ | (150,253 | ) | ||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Principal Protection Fund XII (Number of Shares) | ||||||||||||||||||||||||
Reinvestment of distributions | — | 7,951 | — | 47,260 | — | 3,797 | ||||||||||||||||||
Shares redeemed | (4,226 | ) | (33,062 | ) | (85,558 | ) | (170,259 | ) | (9,404 | ) | (18,524 | ) | ||||||||||||
Net decrease in shares outstanding | (4,226 | ) | (25,111 | ) | (85,558 | ) | (122,999 | ) | (9,404 | ) | (14,727 | ) | ||||||||||||
Principal Protection Fund XII ($) | ||||||||||||||||||||||||
Reinvestment of distributions | $ | — | $ | 79,111 | $ | — | $ | 470,233 | $ | — | $ | 37,928 | ||||||||||||
Shares redeemed | (40,550 | ) | (325,729 | ) | (817,118 | ) | (1,726,343 | ) | (90,517 | ) | (190,987 | ) | ||||||||||||
Net decrease | $ | (40,550 | ) | $ | (246,618 | ) | $ | (817,118 | ) | $ | (1,256,110 | ) | $ | (90,517 | ) | $ | (153,059 | ) | ||||||
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NOTES TO FINANCIAL STATEMENTS as of November 30, 2008 (Unaudited) (continued)
Year Ended May 31, 2008 | ||||||||
Ordinary | Long-Term | |||||||
Income | Capital Gains | |||||||
PPF VIII | $ | 1,403,206 | $ | 2,824,787 | ||||
PPF IX | 1,049,401 | 2,832,600 | ||||||
PPF X | 1,236,428 | 2,078,303 | ||||||
PPF XI | 530,901 | 1,351,936 | ||||||
PPF XII | 176,912 | 526,637 |
Post-October | ||||||||||||||||
Undistributed | Undistributed | Unrealized | Capital | |||||||||||||
Ordinary | Long-Term | Appreciation/ | Losses | |||||||||||||
Income | Capital Gains | (Depreciation) | Deferred | |||||||||||||
PPF VIII | $ | 182,797 | $ | — | $ | (1,020,160 | ) | $ | (321,123 | ) | ||||||
PPF IX | 142,865 | — | (1,080,501 | ) | (117,816 | ) | ||||||||||
PPF X | 39,491 | — | (894,514 | ) | (123,545 | ) | ||||||||||
PPF XI | 59,080 | — | (452,646 | ) | (37,814 | ) | ||||||||||
PPF XII | 68,976 | 22,586 | (254,906 | ) | — |
36
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NOTES TO FINANCIAL STATEMENTS as of November 30, 2008 (Unaudited) (continued)
Per Share Amounts | ||||||||||||||||||||
Net Investment | Short-Term | Long-Term | ||||||||||||||||||
Income | Capital Gains | Capital Gains | Payable Date | Record Date | ||||||||||||||||
PPF VIII | ||||||||||||||||||||
Class A | $ | 0.2071 | $ | — | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||||
Class B | $ | 0.1016 | $ | — | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||||
Class C | $ | 0.1043 | $ | — | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||||
PPF IX | ||||||||||||||||||||
Class A | $ | 0.1555 | $ | — | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||||
Class B | $ | 0.0779 | $ | — | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||||
Class C | $ | 0.0694 | $ | — | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||||
Class A | $ | 0.0063 | $ | — | $ | — | January 5, 2009 | December 30, 2008 | ||||||||||||
Class B | $ | 0.0048 | $ | — | $ | — | January 5, 2009 | December 30, 2008 | ||||||||||||
Class C | $ | 0.0049 | $ | — | $ | — | January 5, 2009 | December 30, 2008 | ||||||||||||
PPF X | ||||||||||||||||||||
Class A | $ | 0.0792 | $ | — | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||||
Class B | $ | 0.0044 | $ | — | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||||
Class C | $ | 0.0022 | $ | — | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||||
PPF XI | ||||||||||||||||||||
Class A | $ | 0.1283 | $ | — | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||||
Class B | $ | 0.0487 | $ | — | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||||
Class C | $ | 0.0556 | $ | — | $ | — | December 18, 2008 | December 15, 2008 | ||||||||||||
Class A | $ | 0.0059 | $ | — | $ | — | January 5, 2009 | December 30, 2008 | ||||||||||||
Class B | $ | 0.0053 | $ | — | $ | — | January 5, 2009 | December 30, 2008 | ||||||||||||
Class C | $ | 0.0051 | $ | — | $ | — | January 5, 2009 | December 30, 2008 | ||||||||||||
PPF XII | ||||||||||||||||||||
Class A | $ | 0.1438 | $ | 0.0320 | $ | 0.0232 | December 18, 2008 | December 15, 2008 | ||||||||||||
Class B | $ | 0.0601 | $ | 0.0320 | $ | 0.0232 | December 18, 2008 | December 15, 2008 | ||||||||||||
Class C | $ | 0.0683 | $ | 0.0320 | $ | 0.0232 | December 18, 2008 | December 15, 2008 |
37
Table of Contents
NOTES TO FINANCIAL STATEMENTS as of November 30, 2008 (Unaudited) (continued)
• | ING has agreed with the ING Funds to indemnify and hold harmless the ING Funds from all damages resulting from wrongful conduct by ING or its employees or from ING’s internal investigation, any investigations conducted by any governmental or self-regulatory agencies, litigation or other formal proceedings, including any proceedings by the SEC. ING Investments reported to the Boards that the indemnification commitments made by ING Funds related to mutual fund trading have been settled and restitution amounts prepared by an independent consultant have been paid to the affected ING Funds. | ||
• | ING updated its Code of Conduct for employees reinforcing its employees’ obligation to conduct personal trading activity consistent with the law, disclosed limits, and other requirements. |
38
Table of Contents
Shares | Value | |||||||||
COMMON STOCK: 5.8% | ||||||||||
Advertising: 0.0% | ||||||||||
600 | @ | Interpublic Group of Cos., Inc. | $ | 2,454 | ||||||
200 | Omnicom Group | 5,658 | ||||||||
8,112 | ||||||||||
Aerospace/Defense: 0.2% | ||||||||||
200 | Boeing Co. | 8,526 | ||||||||
110 | General Dynamics Corp. | 5,684 | ||||||||
90 | Goodrich Corp. | 3,029 | ||||||||
70 | L-3 Communications Holdings, Inc. | 4,702 | ||||||||
90 | Lockheed Martin Corp. | 6,940 | ||||||||
187 | Northrop Grumman Corp. | 7,658 | ||||||||
200 | Raytheon Co. | 9,760 | ||||||||
210 | United Technologies Corp. | 10,191 | ||||||||
56,490 | ||||||||||
Agriculture: 0.1% | ||||||||||
580 | Altria Group, Inc. | 9,326 | ||||||||
290 | Archer-Daniels-Midland Co. | 7,940 | ||||||||
50 | Lorillard, Inc. | 3,022 | ||||||||
560 | Philip Morris International, Inc. | 23,610 | ||||||||
100 | Reynolds American, Inc. | 4,108 | ||||||||
10 | UST, Inc. | 688 | ||||||||
48,694 | ||||||||||
Airlines: 0.0% | ||||||||||
280 | Southwest Airlines Co. | 2,422 | ||||||||
2,422 | ||||||||||
Apparel: 0.0% | ||||||||||
200 | @ | Coach, Inc. | 3,580 | |||||||
110 | Nike, Inc. | 5,858 | ||||||||
50 | Polo Ralph Lauren Corp. | 2,160 | ||||||||
50 | VF Corp. | 2,615 | ||||||||
14,213 | ||||||||||
Auto Manufacturers: 0.0% | ||||||||||
315 | @ | Ford Motor Co. | 847 | |||||||
847 | ||||||||||
Auto Parts & Equipment: 0.0% | ||||||||||
300 | Johnson Controls, Inc. | 5,298 | ||||||||
5,298 | ||||||||||
Banks: 0.5% | ||||||||||
1,277 | Bank of America Corp. | 20,751 | ||||||||
380 | Bank of New York Mellon Corp. | 11,480 | ||||||||
370 | BB&T Corp. | 11,089 | ||||||||
169 | Capital One Financial Corp. | 5,815 | ||||||||
1,430 | Citigroup, Inc. | 11,855 | ||||||||
140 | Fifth Third Bancorp. | 1,338 | ||||||||
80 | Goldman Sachs Group, Inc. | 6,319 | ||||||||
280 | Huntington Bancshares, Inc. | 2,240 | ||||||||
1,004 | JPMorgan Chase & Co. | 31,787 | ||||||||
20 | M&T Bank Corp. | 1,285 | ||||||||
280 | Morgan Stanley | 4,130 | ||||||||
370 | National City Corp. | 744 | ||||||||
120 | Northern Trust Corp. | 5,507 | ||||||||
70 | PNC Financial Services Group, Inc. | 3,694 | ||||||||
381 | Regions Financial Corp. | 3,882 | ||||||||
180 | State Street Corp. | 7,580 | ||||||||
130 | SunTrust Bank | 4,125 | ||||||||
650 | US Bancorp. | 17,537 | ||||||||
389 | Wachovia Corp. | 2,186 | ||||||||
1,090 | Wells Fargo & Co. | 31,490 | ||||||||
10 | Zions Bancorp. | 319 | ||||||||
185,153 | ||||||||||
Beverages: 0.2% | ||||||||||
20 | Brown-Forman Corp. | 878 | ||||||||
600 | Coca-Cola Co. | 28,122 | ||||||||
90 | Coca-Cola Enterprises, Inc. | 826 | ||||||||
180 | @ | Constellation Brands, Inc. | 2,297 | |||||||
60 | @ | Dr Pepper Snapple Group, Inc. | 968 | |||||||
50 | Molson Coors Brewing Co. | 2,224 | ||||||||
190 | Pepsi Bottling Group, Inc. | 3,437 | ||||||||
290 | PepsiCo, Inc. | 16,443 | ||||||||
55,195 | ||||||||||
Biotechnology: 0.1% | ||||||||||
320 | @ | Amgen, Inc. | 17,773 | |||||||
100 | @ | Biogen Idec, Inc. | 4,231 | |||||||
120 | @ | Celgene Corp. | 6,252 | |||||||
40 | @ | Genzyme Corp. | 2,561 | |||||||
260 | @ | Gilead Sciences, Inc. | 11,645 | |||||||
22 | @ | Life Technologies Corp. | 578 | |||||||
43,040 | ||||||||||
Chemicals: 0.1% | ||||||||||
50 | Air Products & Chemicals, Inc. | 2,388 | ||||||||
2 | Ashland, Inc. | 19 | ||||||||
20 | CF Industries Holdings, Inc. | 1,053 | ||||||||
270 | Dow Chemical Co. | 5,009 | ||||||||
230 | EI Du Pont de Nemours & Co. | 5,764 | ||||||||
70 | International Flavors & Fragrances, Inc. | 2,138 | ||||||||
150 | Monsanto Co. | 11,880 | ||||||||
110 | PPG Industries, Inc. | 4,831 | ||||||||
50 | Praxair, Inc. | 2,953 | ||||||||
40 | Rohm & Haas Co. | 2,736 | ||||||||
60 | Sherwin-Williams Co. | 3,536 | ||||||||
50 | Sigma-Aldrich Corp. | 2,156 | ||||||||
44,463 | ||||||||||
Coal: 0.0% | ||||||||||
20 | Massey Energy Co. | 312 | ||||||||
90 | Peabody Energy Corp. | 2,109 | ||||||||
2,421 | ||||||||||
Commercial Services: 0.1% | ||||||||||
40 | @ | Apollo Group, Inc. — Class A | 3,074 | |||||||
70 | Automatic Data Processing, Inc. | 2,874 | ||||||||
180 | H&R Block, Inc. | 3,443 | ||||||||
10 | Mastercard, Inc. | 1,453 | ||||||||
50 | Moody’s Corp. | 1,086 | ||||||||
50 | Paychex, Inc. | 1,413 | ||||||||
90 | Robert Half International, Inc. | 1,880 | ||||||||
210 | RR Donnelley & Sons Co. | 2,680 | ||||||||
267 | Western Union Co. | 3,543 | ||||||||
21,446 | ||||||||||
Computers: 0.3% | ||||||||||
80 | @ | Affiliated Computer Services, Inc. | 3,236 | |||||||
260 | @ | Apple, Inc. | 24,094 | |||||||
40 | @ | Computer Sciences Corp. | 1,114 | |||||||
690 | @ | Dell, Inc. | 7,707 | |||||||
650 | @ | EMC Corp. | 6,871 | |||||||
760 | Hewlett-Packard Co. | 26,813 | ||||||||
410 | International Business Machines Corp. | 33,456 |
39
Table of Contents
Shares | Value | |||||||||
Computers: (continued) | ||||||||||
90 | @ | Lexmark International, Inc. | $ | 2,356 | ||||||
90 | @ | NetApp, Inc. | 1,215 | |||||||
7 | @ | Sun Microsystems, Inc. | 22 | |||||||
140 | @ | Teradata Corp. | 1,880 | |||||||
108,764 | ||||||||||
Cosmetics/Personal Care: 0.2% | ||||||||||
40 | Avon Products, Inc. | 844 | ||||||||
60 | Colgate-Palmolive Co. | 3,904 | ||||||||
30 | Estee Lauder Cos., Inc. | 837 | ||||||||
859 | Procter & Gamble Co. | 55,277 | ||||||||
60,862 | ||||||||||
Distribution/Wholesale: 0.0% | ||||||||||
120 | Genuine Parts Co. | 4,698 | ||||||||
4,698 | ||||||||||
Diversified Financial Services: 0.1% | ||||||||||
280 | American Express Co. | 6,527 | ||||||||
146 | Ameriprise Financial, Inc. | 2,695 | ||||||||
380 | Charles Schwab Corp. | 6,965 | ||||||||
30 | CME Group, Inc. | 6,359 | ||||||||
200 | Discover Financial Services | 2,046 | ||||||||
30 | Federated Investors, Inc. | 596 | ||||||||
20 | @ | IntercontinentalExchange, Inc. | 1,472 | |||||||
80 | Invesco Ltd. | 1,004 | ||||||||
80 | Janus Capital Group, Inc. | 652 | ||||||||
300 | Merrill Lynch & Co., Inc. | 3,966 | ||||||||
50 | @ | Nasdaq Stock Market, Inc. | 1,075 | |||||||
70 | NYSE Euronext | 1,667 | ||||||||
140 | @ | SLM Corp. | 1,289 | |||||||
36,313 | ||||||||||
Electric: 0.2% | ||||||||||
460 | @ | AES Corp. | 3,537 | |||||||
250 | American Electric Power Co., Inc. | 7,823 | ||||||||
130 | CMS Energy Corp. | 1,321 | ||||||||
280 | Dominion Resources, Inc. | 10,310 | ||||||||
230 | DTE Energy Co. | 8,554 | ||||||||
220 | Duke Energy Corp. | 3,423 | ||||||||
250 | Edison International | 8,350 | ||||||||
60 | Entergy Corp. | 5,106 | ||||||||
80 | Exelon Corp. | 4,497 | ||||||||
110 | FirstEnergy Corp. | 6,444 | ||||||||
70 | FPL Group, Inc. | 3,413 | ||||||||
70 | PG&E Corp. | 2,663 | ||||||||
190 | Public Service Enterprise Group, Inc. | 5,871 | ||||||||
70 | Southern Co. | 2,542 | ||||||||
73,854 | ||||||||||
Electrical Components & Equipment: 0.0% | ||||||||||
200 | Emerson Electric Co. | 7,178 | ||||||||
7,178 | ||||||||||
Electronics: 0.0% | ||||||||||
120 | @ | Agilent Technologies, Inc. | 2,260 | |||||||
50 | Amphenol Corp. | 1,161 | ||||||||
140 | Jabil Circuit, Inc. | 921 | ||||||||
160 | @ | Thermo Electron Corp. | 5,709 | |||||||
160 | @@ | Tyco Electronics Ltd. | 2,637 | |||||||
70 | @ | Waters Corp. | 2,886 | |||||||
15,574 | ||||||||||
Engineering & Construction: 0.0% | ||||||||||
100 | Fluor Corp. | 4,554 | ||||||||
30 | @ | Jacobs Engineering Group, Inc. | 1,343 | |||||||
5,897 | ||||||||||
Environmental Control: 0.0% | ||||||||||
100 | @ | Allied Waste Industries, Inc. | 1,074 | |||||||
20 | Waste Management, Inc. | 584 | ||||||||
1,658 | ||||||||||
Food: 0.1% | ||||||||||
220 | ConAgra Foods, Inc. | 3,245 | ||||||||
40 | HJ Heinz Co. | 1,554 | ||||||||
40 | JM Smucker Co. | 1,815 | ||||||||
70 | Kellogg Co. | 3,040 | ||||||||
340 | Kraft Foods, Inc. | 9,251 | ||||||||
150 | Kroger Co. | 4,149 | ||||||||
40 | McCormick & Co., Inc. | 1,191 | ||||||||
170 | Safeway, Inc. | 3,706 | ||||||||
550 | Sara Lee Corp. | 5,049 | ||||||||
80 | Supervalu, Inc. | 953 | ||||||||
90 | Sysco Corp. | 2,111 | ||||||||
50 | Whole Foods Market, Inc. | 529 | ||||||||
36,593 | ||||||||||
Forest Products & Paper: 0.0% | ||||||||||
180 | International Paper Co. | 2,241 | ||||||||
2,241 | ||||||||||
Gas: 0.0% | ||||||||||
330 | Centerpoint Energy, Inc. | 4,267 | ||||||||
120 | Sempra Energy | 5,600 | ||||||||
9,867 | ||||||||||
Hand/Machine Tools: 0.0% | ||||||||||
70 | Black & Decker Corp. | 2,971 | ||||||||
70 | Snap-On, Inc. | 2,524 | ||||||||
110 | Stanley Works | 3,497 | ||||||||
8,992 | ||||||||||
Healthcare — Products: 0.2% | ||||||||||
220 | Baxter International, Inc. | 11,638 | ||||||||
70 | Becton Dickinson & Co. | 4,447 | ||||||||
320 | @ | Boston Scientific Corp. | 1,974 | |||||||
30 | Cardinal Health, Inc. | 976 | ||||||||
100 | @@ | Covidien Ltd. | 3,685 | |||||||
40 | CR Bard, Inc. | 3,281 | ||||||||
10 | @ | Intuitive Surgical, Inc. | 1,325 | |||||||
730 | Johnson & Johnson | 42,763 | ||||||||
330 | Medtronic, Inc. | 10,072 | ||||||||
20 | @ | Patterson Cos., Inc. | 376 | |||||||
110 | @ | St. Jude Medical, Inc. | 3,083 | |||||||
50 | Stryker Corp. | 1,946 | ||||||||
70 | @ | Varian Medical Systems, Inc. | 2,825 | |||||||
50 | @ | Zimmer Holdings, Inc. | 1,866 | |||||||
90,257 | ||||||||||
Healthcare — Services: 0.1% | ||||||||||
190 | Aetna, Inc. | 4,146 | ||||||||
180 | Cigna Corp. | 2,180 | ||||||||
50 | @ | DaVita, Inc. | 2,513 | |||||||
50 | @ | Humana, Inc. | 1,512 | |||||||
80 | @ | Laboratory Corp. of America Holdings | 5,069 | |||||||
70 | Quest Diagnostics | 3,260 |
40
Table of Contents
Shares | Value | |||||||||||
Healthcare — Services: (continued) | ||||||||||||
320 | UnitedHealth Group, Inc. | $ | 6,723 | |||||||||
150 | @ | WellPoint, Inc. | 5,340 | |||||||||
30,743 | ||||||||||||
Holding Companies — Diversified: 0.0% | ||||||||||||
20 | Leucadia National Corp. | 391 | ||||||||||
391 | ||||||||||||
Home Builders: 0.0% | ||||||||||||
70 | Lennar Corp. | 498 | ||||||||||
110 | Pulte Homes, Inc. | 1,172 | ||||||||||
1,670 | ||||||||||||
Home Furnishings: 0.0% | ||||||||||||
20 | Harman International Industries, Inc. | 301 | ||||||||||
301 | ||||||||||||
Household Products/Wares: 0.1% | ||||||||||||
70 | Avery Dennison Corp. | 2,177 | ||||||||||
40 | Clorox Co. | 2,366 | ||||||||||
60 | Fortune Brands, Inc. | 2,268 | ||||||||||
160 | Kimberly-Clark Corp. | 9,246 | ||||||||||
16,057 | ||||||||||||
Insurance: 0.2% | ||||||||||||
200 | Aflac, Inc. | 9,260 | ||||||||||
40 | Allstate Corp. | 1,018 | ||||||||||
290 | American International Group, Inc. | 583 | ||||||||||
100 | AON Corp. | 4,530 | ||||||||||
60 | Assurant, Inc. | 1,306 | ||||||||||
170 | Chubb Corp. | 8,731 | ||||||||||
60 | Cincinnati Financial Corp. | 1,754 | ||||||||||
80 | Lincoln National Corp. | 1,098 | ||||||||||
82 | Loews Corp. | 2,246 | ||||||||||
50 | Marsh & McLennan Cos., Inc. | 1,275 | ||||||||||
270 | Metlife, Inc. | 7,765 | ||||||||||
50 | Progressive Corp. | 751 | ||||||||||
160 | Prudential Financial, Inc. | 3,472 | ||||||||||
120 | Torchmark Corp. | 4,338 | ||||||||||
200 | Travelers Cos., Inc. | 8,730 | ||||||||||
230 | UnumProvident Corp. | 3,427 | ||||||||||
60,284 | ||||||||||||
Internet: 0.1% | ||||||||||||
50 | @ | Akamai Technologies, Inc. | 614 | |||||||||
90 | @ | Amazon.com, Inc. | 3,843 | |||||||||
420 | @ | eBay, Inc. | 5,515 | |||||||||
20 | @ | Expedia, Inc. | 168 | |||||||||
70 | @ | Google, Inc. — Class A | 20,507 | |||||||||
257 | @ | Symantec Corp. | 3,092 | |||||||||
370 | @ | Yahoo!, Inc. | 4,259 | |||||||||
37,998 | ||||||||||||
Investment Companies: 0.0% | ||||||||||||
240 | American Capital Ltd. | 1,018 | ||||||||||
1,018 | ||||||||||||
Iron/Steel: 0.0% | ||||||||||||
20 | AK Steel Holding Corp. | 158 | ||||||||||
10 | Allegheny Technologies, Inc. | 230 | ||||||||||
100 | Nucor Corp. | 3,568 | ||||||||||
70 | United States Steel Corp. | 2,128 | ||||||||||
6,084 | ||||||||||||
Leisure Time: 0.0% | ||||||||||||
50 | Carnival Corp. | 1,050 | ||||||||||
1,050 | ||||||||||||
Machinery — Construction & Mining: 0.0% | ||||||||||||
240 | Caterpillar, Inc. | 9,838 | ||||||||||
9,838 | ||||||||||||
Machinery — Diversified: 0.0% | ||||||||||||
80 | Cummins, Inc. | 2,046 | ||||||||||
180 | Deere & Co. | 6,266 | ||||||||||
50 | Flowserve Corp. | 2,517 | ||||||||||
60 | Manitowoc Co., Inc. | 473 | ||||||||||
60 | Rockwell Automation, Inc. | 1,869 | ||||||||||
13,171 | ||||||||||||
Media: 0.1% | ||||||||||||
905 | Comcast Corp. — Class A | 15,693 | ||||||||||
290 | @ | DIRECTV Group, Inc. | 6,383 | |||||||||
590 | News Corp. — Class A | 4,661 | ||||||||||
1,180 | Time Warner, Inc. | 10,679 | ||||||||||
140 | @ | Viacom — Class B | 2,229 | |||||||||
500 | Walt Disney Co. | 11,260 | ||||||||||
50,905 | ||||||||||||
Metal Fabricate/Hardware: 0.0% | ||||||||||||
70 | Precision Castparts Corp. | 4,389 | ||||||||||
4,389 | ||||||||||||
Mining: 0.0% | ||||||||||||
10 | Alcoa, Inc. | 108 | ||||||||||
138 | Freeport-McMoRan Copper & Gold, Inc. | 3,311 | ||||||||||
50 | Newmont Mining Corp. | 1,683 | ||||||||||
5,102 | ||||||||||||
Miscellaneous Manufacturing: 0.3% | ||||||||||||
200 | 3M Co. | 13,386 | ||||||||||
100 | Cooper Industries Ltd. | 2,414 | ||||||||||
180 | Dover Corp. | 5,369 | ||||||||||
70 | Eaton Corp. | 3,244 | ||||||||||
2,860 | General Electric Co. | 49,106 | ||||||||||
360 | Honeywell International, Inc. | 10,030 | ||||||||||
70 | Illinois Tool Works, Inc. | 2,388 | ||||||||||
70 | ITT Corp. | 2,930 | ||||||||||
100 | Leggett & Platt, Inc. | 1,460 | ||||||||||
130 | Parker Hannifin Corp. | 5,340 | ||||||||||
150 | Textron, Inc. | 2,285 | ||||||||||
60 | @@ | Tyco International Ltd. | 1,254 | |||||||||
99,206 | ||||||||||||
Office/Business Equipment: 0.0% | ||||||||||||
290 | Pitney Bowes, Inc. | 7,166 | ||||||||||
280 | Xerox Corp. | 1,957 | ||||||||||
9,123 | ||||||||||||
Oil & Gas: 0.8% | ||||||||||||
160 | Anadarko Petroleum Corp. | 6,568 | ||||||||||
110 | Apache Corp. | 8,503 | ||||||||||
20 | Chesapeake Energy Corp. | 344 | ||||||||||
671 | Chevron Corp. | 53,016 | ||||||||||
504 | ConocoPhillips | 26,470 | ||||||||||
80 | Devon Energy Corp. | 5,787 | ||||||||||
70 | ENSCO International, Inc. | 2,269 | ||||||||||
60 | EOG Resources, Inc. | 5,101 |
41
Table of Contents
Shares | Value | |||||||||||
Oil & Gas: (continued) | ||||||||||||
1,530 | ExxonMobil Corp. | $ | 122,630 | |||||||||
90 | Hess Corp. | 4,864 | ||||||||||
180 | Marathon Oil Corp. | 4,712 | ||||||||||
90 | Murphy Oil Corp. | 3,965 | ||||||||||
120 | @, @@ | Nabors Industries Ltd. | 1,740 | |||||||||
110 | Noble Corp. | 2,947 | ||||||||||
30 | Noble Energy, Inc. | 1,568 | ||||||||||
270 | Occidental Petroleum Corp. | 14,618 | ||||||||||
60 | Questar Corp. | 1,931 | ||||||||||
90 | @ | Southwestern Energy Co. | 3,093 | |||||||||
60 | Sunoco, Inc. | 2,384 | ||||||||||
130 | Tesoro Petroleum Corp. | 1,195 | ||||||||||
84 | @ | Transocean, Inc. | 5,618 | |||||||||
250 | Valero Energy Corp. | 4,588 | ||||||||||
52 | XTO Energy, Inc. | 1,988 | ||||||||||
285,899 | ||||||||||||
Oil & Gas Services: 0.1% | ||||||||||||
110 | Baker Hughes, Inc. | 3,831 | ||||||||||
70 | BJ Services Co. | 839 | ||||||||||
180 | @ | Cameron International Corp. | 3,798 | |||||||||
140 | Halliburton Co. | 2,464 | ||||||||||
170 | @ | National Oilwell Varco, Inc. | 4,809 | |||||||||
360 | Schlumberger Ltd. | 18,266 | ||||||||||
70 | Smith International, Inc. | 2,047 | ||||||||||
50 | @ | Weatherford International Ltd. | 639 | |||||||||
36,693 | ||||||||||||
Packaging & Containers: 0.0% | ||||||||||||
70 | Ball Corp. | 2,552 | ||||||||||
10 | Bemis Co. | 270 | ||||||||||
20 | Sealed Air Corp. | 317 | ||||||||||
3,139 | ||||||||||||
Pharmaceuticals: 0.4% | ||||||||||||
430 | Abbott Laboratories | 22,528 | ||||||||||
50 | Allergan, Inc. | 1,884 | ||||||||||
30 | @ | Barr Pharmaceuticals, Inc. | 1,962 | |||||||||
530 | Bristol-Myers Squibb Co. | 10,971 | ||||||||||
370 | Eli Lilly & Co. | 12,636 | ||||||||||
90 | @ | Express Scripts, Inc. | 5,176 | |||||||||
180 | @ | Forest Laboratories, Inc. | 4,352 | |||||||||
158 | @ | King Pharmaceuticals, Inc. | 1,518 | |||||||||
130 | @ | Medco Health Solutions, Inc. | 5,460 | |||||||||
580 | Merck & Co., Inc. | 15,498 | ||||||||||
90 | @ | Mylan Laboratories | 847 | |||||||||
1,880 | Pfizer, Inc. | 30,888 | ||||||||||
500 | Schering-Plough Corp. | 8,405 | ||||||||||
90 | @ | Watson Pharmaceuticals, Inc. | 2,138 | |||||||||
440 | Wyeth | 15,844 | ||||||||||
140,107 | ||||||||||||
Pipelines: 0.0% | ||||||||||||
230 | El Paso Corp. | 1,700 | ||||||||||
190 | Spectra Energy Corp. | 3,089 | ||||||||||
40 | Williams Cos., Inc. | 649 | ||||||||||
5,438 | ||||||||||||
Retail: 0.4% | ||||||||||||
40 | @ | Autozone, Inc. | 4,369 | |||||||||
70 | Best Buy Co., Inc. | 1,450 | ||||||||||
90 | @ | Big Lots, Inc. | 1,577 | |||||||||
90 | Costco Wholesale Corp. | 4,632 | ||||||||||
406 | CVS Caremark Corp. | 11,746 | ||||||||||
10 | Darden Restaurants, Inc. | 183 | ||||||||||
110 | Family Dollar Stores, Inc. | 3,056 | ||||||||||
70 | @ | GameStop Corp. | 1,530 | |||||||||
290 | Gap, Inc. | 3,776 | ||||||||||
310 | Home Depot, Inc. | 7,164 | ||||||||||
30 | JC Penney Co., Inc. | 570 | ||||||||||
20 | @ | Kohl’s Corp. | 653 | |||||||||
230 | Limited Brands, Inc. | 2,141 | ||||||||||
430 | Lowe’s Cos., Inc. | 8,884 | ||||||||||
90 | Macy’s, Inc. | 668 | ||||||||||
360 | McDonald’s Corp. | 21,150 | ||||||||||
90 | RadioShack Corp. | 887 | ||||||||||
230 | Staples, Inc. | 3,993 | ||||||||||
200 | @ | Starbucks Corp. | 1,786 | |||||||||
170 | Target Corp. | 5,739 | ||||||||||
290 | TJX Cos., Inc. | 6,618 | ||||||||||
270 | Walgreen Co. | 6,680 | ||||||||||
690 | Wal-Mart Stores, Inc. | 38,557 | ||||||||||
80 | Yum! Brands, Inc. | 2,155 | ||||||||||
139,964 | ||||||||||||
Savings & Loans: 0.0% | ||||||||||||
550 | Hudson City Bancorp., Inc. | 9,191 | ||||||||||
9,191 | ||||||||||||
Semiconductors: 0.1% | ||||||||||||
80 | Altera Corp. | 1,177 | ||||||||||
50 | Analog Devices, Inc. | 855 | ||||||||||
400 | Applied Materials, Inc. | 3,832 | ||||||||||
120 | @ | Broadcom Corp. | 1,837 | |||||||||
1,630 | Intel Corp. | 22,494 | ||||||||||
30 | KLA-Tencor Corp. | 564 | ||||||||||
310 | @ | LSI Logic Corp. | 831 | |||||||||
60 | @ | MEMC Electronic Materials, Inc. | 901 | |||||||||
210 | National Semiconductor Corp. | 2,310 | ||||||||||
80 | @ | Nvidia Corp. | 598 | |||||||||
140 | @ | QLogic Corp. | 1,487 | |||||||||
400 | Texas Instruments, Inc. | 6,228 | ||||||||||
90 | Xilinx, Inc. | 1,472 | ||||||||||
44,586 | ||||||||||||
Software: 0.2% | ||||||||||||
100 | @ | Adobe Systems, Inc. | 2,316 | |||||||||
90 | @ | Autodesk, Inc. | 1,493 | |||||||||
100 | @ | BMC Software, Inc. | 2,496 | |||||||||
290 | CA, Inc. | 4,884 | ||||||||||
60 | @ | Compuware Corp. | 381 | |||||||||
50 | @ | Electronic Arts, Inc. | 953 | |||||||||
180 | Fidelity National Information Services, Inc. | 3,092 | ||||||||||
70 | @ | Fiserv, Inc. | 2,390 | |||||||||
260 | IMS Health, Inc. | 3,419 | ||||||||||
2,210 | Microsoft Corp. | 44,686 | ||||||||||
1,230 | @ | Oracle Corp. | 19,791 | |||||||||
85,901 | ||||||||||||
Telecommunications: 0.4% | ||||||||||||
1,545 | AT&T, Inc. | 44,125 | ||||||||||
40 | CenturyTel, Inc. | 1,062 | ||||||||||
1,670 | @ | Cisco Systems, Inc. | 27,622 | |||||||||
480 | Corning, Inc. | 4,325 | ||||||||||
71 | Embarq Corp. | 2,317 | ||||||||||
60 | Harris Corp. | 2,093 | ||||||||||
170 | @ | JDS Uniphase Corp. | 462 |
42
Table of Contents
Shares | Value | |||||||||||
Telecommunications: (Continued) | ||||||||||||
90 | @ | Juniper Networks, Inc. | $ | 1,564 | ||||||||
230 | Motorola, Inc. | 991 | ||||||||||
390 | Qualcomm, Inc. | 13,092 | ||||||||||
470 | Qwest Communications International, Inc. | 1,504 | ||||||||||
675 | Sprint Nextel Corp. | 1,883 | ||||||||||
780 | Verizon Communications, Inc. | 25,467 | ||||||||||
500 | Windstream Corp. | 4,430 | ||||||||||
130,937 | ||||||||||||
Toys/Games/Hobbies: 0.0% | ||||||||||||
180 | Hasbro, Inc. | 4,824 | ||||||||||
4,824 | ||||||||||||
Transportation: 0.1% | ||||||||||||
70 | Burlington Northern Santa Fe Corp. | 5,363 | ||||||||||
40 | CH Robinson Worldwide, Inc. | 2,043 | ||||||||||
60 | CSX Corp. | 2,234 | ||||||||||
50 | Expeditors International Washington, Inc. | 1,672 | ||||||||||
70 | FedEx Corp. | 4,946 | ||||||||||
50 | Norfolk Southern Corp. | 2,474 | ||||||||||
40 | Ryder System, Inc. | 1,436 | ||||||||||
60 | Union Pacific Corp. | 3,002 | ||||||||||
200 | United Parcel Service, Inc. — Class B | 11,520 | ||||||||||
34,690 | ||||||||||||
Total Common Stock (Cost $2,873,093) | 2,219,241 | |||||||||||
REAL ESTATE INVESTMENT TRUSTS: 0.1% | ||||||||||||
Apartments: 0.1% | ||||||||||||
120 | Apartment Investment & Management Co. | 1,376 | ||||||||||
30 | AvalonBay Communities, Inc. | 1,820 | ||||||||||
170 | Equity Residential | 5,173 | ||||||||||
8,369 | ||||||||||||
Diversified: 0.0% | ||||||||||||
30 | Vornado Realty Trust | 1,604 | ||||||||||
1,604 | ||||||||||||
Health Care: 0.0% | ||||||||||||
200 | HCP, Inc. | 4,134 | ||||||||||
4,134 | ||||||||||||
Hotels: 0.0% | ||||||||||||
370 | Host Hotels & Resorts, Inc. | 2,782 | ||||||||||
2,782 | ||||||||||||
Regional Malls: 0.0% | ||||||||||||
80 | Simon Property Group, Inc. | 3,800 | ||||||||||
3,800 | ||||||||||||
Shopping Centers: 0.0% | ||||||||||||
50 | Developers Diversified Realty Corp. | 240 | ||||||||||
240 | ||||||||||||
Storage: 0.0% | ||||||||||||
90 | Public Storage, Inc. | 6,290 | ||||||||||
6,290 | ||||||||||||
Total Real Estate Investment Trusts (Cost $35,767) | 27,219 | |||||||||||
Principal | ||||||||||||
Amount | Value | |||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 83.1% | ||||||||||||
Federal Home Loan Mortgage Corporation: 83.1% | ||||||||||||
$ | 31,600,000 | Z | 1.160%, due 12/22/08 | $ | 31,578,049 | |||||||
Total U.S. Government Agency Obligations (Cost $31,534,686) | 31,578,049 | |||||||||||
Total Long-Term Investments (Cost $34,443,546) | 33,824,509 | |||||||||||
Shares | Value | |||||||||||||||||
SHORT-TERM INVESTMENTS: 12.7% | ||||||||||||||||||
Affiliated Mutual Fund: 12.7% | ||||||||||||||||||
4,797,000 | ING Institutional Prime Money Market Fund — Class I | $ | 4,797,000 | |||||||||||||||
Total Short-Term Investments (Cost $4,797,000) | 4,797,000 | |||||||||||||||||
Total Investments in Securities (Cost $39,240,546)* | 101.7 | % | $ | 38,621,509 | ||||||||||||||
Other Assets and Liabilities — Net | (1.7 | ) | (626,967 | ) | ||||||||||||||
Net Assets | 100.0 | % | $ | 37,994,542 |
@ | Non-income producing security | |
@@ | Foreign Issuer | |
Z | Indicates Zero Coupon Bond; rate shown reflects current effective yield. | |
* | Cost for federal income tax purposes is $39,900,534. |
Net unrealized depreciation consists of: | |||||
Gross Unrealized Appreciation | $ | 59,903 | |||
Gross Unrealized Depreciation | (1,338,928 | ) | |||
Net Unrealized Depreciation | $ | (1,279,025 | ) | ||
Investments in | Other Financial | ||||||||
Securities | Instruments* | ||||||||
Level 1 — Quoted Prices | $ | 7,043,460 | $ | — | |||||
Level 2 — Other Significant Observable Inputs | 31,578,049 | — | |||||||
Level 3 — Significant Unobservable Inputs | — | — | |||||||
Total | $ | 38,621,509 | $ | — | |||||
* | Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end. |
43
Table of Contents
Shares | Value | |||||||||||
COMMON STOCK: 5.2% | ||||||||||||
Advertising: 0.0% | ||||||||||||
480 | @ | Interpublic Group of Cos., Inc. | $ | 1,963 | ||||||||
160 | Omnicom Group | 4,526 | ||||||||||
6,489 | ||||||||||||
Aerospace/Defense: 0.1% | ||||||||||||
160 | Boeing Co. | 6,821 | ||||||||||
90 | General Dynamics Corp. | 4,650 | ||||||||||
70 | Goodrich Corp. | 2,356 | ||||||||||
60 | L-3 Communications Holdings, Inc. | 4,030 | ||||||||||
70 | Lockheed Martin Corp. | 5,398 | ||||||||||
145 | Northrop Grumman Corp. | 5,938 | ||||||||||
160 | Raytheon Co. | 7,808 | ||||||||||
170 | United Technologies Corp. | 8,250 | ||||||||||
45,251 | ||||||||||||
Agriculture: 0.1% | ||||||||||||
460 | Altria Group, Inc. | 7,397 | ||||||||||
230 | Archer-Daniels-Midland Co. | 6,297 | ||||||||||
40 | Lorillard, Inc. | 2,417 | ||||||||||
450 | Philip Morris International, Inc. | 18,972 | ||||||||||
80 | Reynolds American, Inc. | 3,286 | ||||||||||
38,369 | ||||||||||||
Airlines: 0.0% | ||||||||||||
220 | Southwest Airlines Co. | 1,903 | ||||||||||
1,903 | ||||||||||||
Apparel: 0.1% | ||||||||||||
160 | @ | Coach, Inc. | 2,864 | |||||||||
90 | Nike, Inc. | 4,793 | ||||||||||
40 | Polo Ralph Lauren Corp. | 1,728 | ||||||||||
40 | VF Corp. | 2,092 | ||||||||||
11,477 | ||||||||||||
Auto Manufacturers: 0.0% | ||||||||||||
254 | @ | Ford Motor Co. | 683 | |||||||||
683 | ||||||||||||
Auto Parts & Equipment: 0.0% | ||||||||||||
240 | Johnson Controls, Inc. | 4,238 | ||||||||||
4,238 | ||||||||||||
Banks: 0.4% | ||||||||||||
1,025 | Bank of America Corp. | 16,656 | ||||||||||
300 | Bank of New York Mellon Corp. | 9,063 | ||||||||||
290 | BB&T Corp. | 8,691 | ||||||||||
132 | Capital One Financial Corp. | 4,542 | ||||||||||
1,150 | Citigroup, Inc. | 9,534 | ||||||||||
110 | Fifth Third Bancorp. | 1,052 | ||||||||||
70 | Goldman Sachs Group, Inc. | 5,529 | ||||||||||
220 | Huntington Bancshares, Inc. | 1,760 | ||||||||||
802 | JPMorgan Chase & Co. | 25,391 | ||||||||||
10 | M&T Bank Corp. | 643 | ||||||||||
230 | Morgan Stanley | 3,393 | ||||||||||
300 | National City Corp. | 603 | ||||||||||
90 | Northern Trust Corp. | 4,130 | ||||||||||
60 | PNC Financial Services Group, Inc. | 3,166 | ||||||||||
308 | Regions Financial Corp. | 3,139 | ||||||||||
150 | State Street Corp. | 6,317 | ||||||||||
100 | SunTrust Bank | 3,173 | ||||||||||
520 | US Bancorp. | 14,030 | ||||||||||
313 | Wachovia Corp. | 1,759 | ||||||||||
880 | Wells Fargo & Co. | 25,423 | ||||||||||
10 | Zions Bancorp. | 319 | ||||||||||
148,313 | ||||||||||||
Beverages: 0.1% | ||||||||||||
17 | Brown-Forman Corp. | 746 | ||||||||||
480 | Coca-Cola Co. | 22,498 | ||||||||||
70 | Coca-Cola Enterprises, Inc. | 643 | ||||||||||
140 | @ | Constellation Brands, Inc. | 1,786 | |||||||||
50 | @ | Dr Pepper Snapple Group, Inc. | 807 | |||||||||
40 | Molson Coors Brewing Co. | 1,779 | ||||||||||
160 | Pepsi Bottling Group, Inc. | 2,894 | ||||||||||
240 | PepsiCo, Inc. | 13,608 | ||||||||||
44,761 | ||||||||||||
Biotechnology: 0.1% | ||||||||||||
260 | @ | Amgen, Inc. | 14,440 | |||||||||
80 | @ | Biogen Idec, Inc. | 3,385 | |||||||||
90 | @ | Celgene Corp. | 4,689 | |||||||||
30 | @ | Genzyme Corp. | 1,921 | |||||||||
210 | @ | Gilead Sciences, Inc. | 9,406 | |||||||||
62 | @ | Life Technologies Corp. | 1,618 | |||||||||
35,459 | ||||||||||||
Chemicals: 0.1% | ||||||||||||
40 | Air Products & Chemicals, Inc. | 1,910 | ||||||||||
3 | Ashland, Inc. | 27 | ||||||||||
10 | CF Industries Holdings, Inc. | 526 | ||||||||||
220 | Dow Chemical Co. | 4,081 | ||||||||||
180 | EI Du Pont de Nemours & Co. | 4,511 | ||||||||||
60 | International Flavors & Fragrances, Inc. | 1,832 | ||||||||||
120 | Monsanto Co. | 9,504 | ||||||||||
90 | PPG Industries, Inc. | 3,953 | ||||||||||
40 | Praxair, Inc. | 2,362 | ||||||||||
30 | Rohm & Haas Co. | 2,052 | ||||||||||
50 | Sherwin-Williams Co. | 2,947 | ||||||||||
40 | Sigma-Aldrich Corp. | 1,724 | ||||||||||
35,429 | ||||||||||||
Coal: 0.0% | ||||||||||||
10 | Massey Energy Co. | 156 | ||||||||||
70 | Peabody Energy Corp. | 1,640 | ||||||||||
1,796 | ||||||||||||
Commercial Services: 0.1% | ||||||||||||
40 | @ | Apollo Group, Inc. — Class A | 3,074 | |||||||||
60 | Automatic Data Processing, Inc. | 2,464 | ||||||||||
150 | H&R Block, Inc. | 2,870 | ||||||||||
10 | Mastercard, Inc. | 1,453 | ||||||||||
40 | Moody’s Corp. | 868 | ||||||||||
40 | Paychex, Inc. | 1,130 | ||||||||||
70 | Robert Half International, Inc. | 1,462 | ||||||||||
170 | RR Donnelley & Sons Co. | 2,169 | ||||||||||
210 | Western Union Co. | 2,787 | ||||||||||
18,277 | ||||||||||||
Computers: 0.3% | ||||||||||||
70 | @ | Affiliated Computer Services, Inc. | 2,832 | |||||||||
210 | @ | Apple, Inc. | 19,461 | |||||||||
30 | @ | Computer Sciences Corp. | 836 | |||||||||
560 | @ | Dell, Inc. | 6,255 | |||||||||
520 | @ | EMC Corp. | 5,496 | |||||||||
610 | Hewlett-Packard Co. | 21,521 |
44
Table of Contents
Shares | Value | |||||||||||
Computers: (continued) | ||||||||||||
330 | International Business Machines Corp. | $ | 26,928 | |||||||||
70 | @ | Lexmark International, Inc. | 1,833 | |||||||||
70 | @ | NetApp, Inc. | 945 | |||||||||
110 | @ | Teradata Corp. | 1,477 | |||||||||
87,584 | ||||||||||||
Cosmetics/Personal Care: 0.2% | ||||||||||||
40 | Avon Products, Inc. | 844 | ||||||||||
50 | Colgate-Palmolive Co. | 3,254 | ||||||||||
30 | Estee Lauder Cos., Inc. | 837 | ||||||||||
683 | Procter & Gamble Co. | 43,951 | ||||||||||
48,886 | ||||||||||||
Distribution/Wholesale: 0.0% | ||||||||||||
100 | Genuine Parts Co. | 3,915 | ||||||||||
3,915 | ||||||||||||
Diversified Financial Services: 0.1% | ||||||||||||
220 | American Express Co. | 5,128 | ||||||||||
120 | Ameriprise Financial, Inc. | 2,215 | ||||||||||
300 | Charles Schwab Corp. | 5,499 | ||||||||||
20 | CME Group, Inc. | 4,239 | ||||||||||
165 | Discover Financial Services | 1,688 | ||||||||||
20 | Federated Investors, Inc. | 397 | ||||||||||
20 | @ | IntercontinentalExchange, Inc. | 1,472 | |||||||||
70 | Invesco Ltd. | 879 | ||||||||||
70 | Janus Capital Group, Inc. | 571 | ||||||||||
240 | Merrill Lynch & Co., Inc. | 3,173 | ||||||||||
40 | @ | Nasdaq Stock Market, Inc. | 860 | |||||||||
60 | NYSE Euronext | 1,429 | ||||||||||
110 | @ | SLM Corp. | 1,013 | |||||||||
28,563 | ||||||||||||
Electric: 0.2% | ||||||||||||
370 | @ | AES Corp. | 2,845 | |||||||||
200 | American Electric Power Co., Inc. | 6,258 | ||||||||||
100 | CMS Energy Corp. | 1,016 | ||||||||||
220 | Dominion Resources, Inc. | 8,100 | ||||||||||
190 | DTE Energy Co. | 7,066 | ||||||||||
170 | Duke Energy Corp. | 2,645 | ||||||||||
200 | Edison International | 6,680 | ||||||||||
50 | Entergy Corp. | 4,255 | ||||||||||
70 | Exelon Corp. | 3,935 | ||||||||||
80 | FirstEnergy Corp. | 4,686 | ||||||||||
60 | FPL Group, Inc. | 2,926 | ||||||||||
60 | PG&E Corp. | 2,282 | ||||||||||
150 | Public Service Enterprise Group, Inc. | 4,635 | ||||||||||
60 | Southern Co. | 2,179 | ||||||||||
59,508 | ||||||||||||
Electrical Components & Equipment: 0.0% | ||||||||||||
160 | Emerson Electric Co. | 5,742 | ||||||||||
5,742 | ||||||||||||
Electronics: 0.1% | ||||||||||||
100 | @ | Agilent Technologies, Inc. | 1,883 | |||||||||
40 | Amphenol Corp. | 929 | ||||||||||
110 | Jabil Circuit, Inc. | 724 | ||||||||||
120 | @ | Thermo Electron Corp. | 4,282 | |||||||||
125 | @@ | Tyco Electronics Ltd. | 2,060 | |||||||||
60 | @ | Waters Corp. | 2,474 | |||||||||
12,352 | ||||||||||||
Engineering & Construction: 0.0% | ||||||||||||
80 | Fluor Corp. | $ | 3,643 | |||||||||
30 | @ | Jacobs Engineering Group, Inc. | 1,343 | |||||||||
4,986 | ||||||||||||
Environmental Control: 0.0% | ||||||||||||
80 | @ | Allied Waste Industries, Inc. | 859 | |||||||||
20 | Waste Management, Inc. | 584 | ||||||||||
1,443 | ||||||||||||
Food: 0.1% | ||||||||||||
180 | ConAgra Foods, Inc. | 2,655 | ||||||||||
30 | HJ Heinz Co. | 1,165 | ||||||||||
30 | JM Smucker Co. | 1,361 | ||||||||||
60 | Kellogg Co. | 2,606 | ||||||||||
275 | Kraft Foods, Inc. | 7,483 | ||||||||||
120 | Kroger Co. | 3,319 | ||||||||||
30 | McCormick & Co., Inc. | 893 | ||||||||||
140 | Safeway, Inc. | 3,052 | ||||||||||
440 | Sara Lee Corp. | 4,039 | ||||||||||
60 | Supervalu, Inc. | 715 | ||||||||||
70 | Sysco Corp. | 1,642 | ||||||||||
40 | Whole Foods Market, Inc. | 423 | ||||||||||
29,353 | ||||||||||||
Forest Products & Paper: 0.0% | ||||||||||||
150 | International Paper Co. | 1,868 | ||||||||||
1,868 | ||||||||||||
Gas: 0.0% | ||||||||||||
260 | Centerpoint Energy, Inc. | 3,362 | ||||||||||
90 | Sempra Energy | 4,200 | ||||||||||
7,562 | ||||||||||||
Hand/Machine Tools: 0.0% | ||||||||||||
60 | Black & Decker Corp. | 2,546 | ||||||||||
50 | Snap-On, Inc. | 1,803 | ||||||||||
90 | Stanley Works | 2,861 | ||||||||||
7,210 | ||||||||||||
Healthcare — Products: 0.2% | ||||||||||||
180 | Baxter International, Inc. | 9,522 | ||||||||||
60 | Becton Dickinson & Co. | 3,812 | ||||||||||
260 | @ | Boston Scientific Corp. | 1,604 | |||||||||
30 | Cardinal Health, Inc. | 976 | ||||||||||
85 | @@ | Covidien Ltd. | 3,132 | |||||||||
30 | CR Bard, Inc. | 2,461 | ||||||||||
10 | @ | Intuitive Surgical, Inc. | 1,325 | |||||||||
580 | Johnson & Johnson | 33,976 | ||||||||||
270 | Medtronic, Inc. | 8,240 | ||||||||||
20 | @ | Patterson Cos., Inc. | 376 | |||||||||
90 | @ | St. Jude Medical, Inc. | 2,523 | |||||||||
40 | Stryker Corp. | 1,557 | ||||||||||
60 | @ | Varian Medical Systems, Inc. | 2,422 | |||||||||
40 | @ | Zimmer Holdings, Inc. | 1,493 | |||||||||
73,419 | ||||||||||||
Healthcare — Services: 0.1% | ||||||||||||
150 | Aetna, Inc. | 3,273 | ||||||||||
140 | Cigna Corp. | 1,695 | ||||||||||
40 | @ | DaVita, Inc. | 2,010 | |||||||||
40 | @ | Humana, Inc. | 1,209 | |||||||||
60 | @ | Laboratory Corp. of America Holdings | 3,802 | |||||||||
60 | Quest Diagnostics | 2,794 |
45
Table of Contents
Shares | Value | |||||||||||
Healthcare — Services: (continued) | ||||||||||||
260 | UnitedHealth Group, Inc. | $ | 5,463 | |||||||||
120 | @ | WellPoint, Inc. | 4,272 | |||||||||
24,518 | ||||||||||||
Holding Companies — Diversified: 0.0% | ||||||||||||
20 | Leucadia National Corp. | 391 | ||||||||||
391 | ||||||||||||
Home Builders: 0.0% | ||||||||||||
60 | Lennar Corp. | 427 | ||||||||||
90 | Pulte Homes, Inc. | 959 | ||||||||||
1,386 | ||||||||||||
Home Furnishings: 0.0% | ||||||||||||
10 | Harman International Industries, Inc. | 151 | ||||||||||
151 | ||||||||||||
Household Products/Wares: 0.1% | ||||||||||||
60 | Avery Dennison Corp. | 1,866 | ||||||||||
30 | Clorox Co. | 1,775 | ||||||||||
50 | Fortune Brands, Inc. | 1,890 | ||||||||||
130 | Kimberly-Clark Corp. | 7,513 | ||||||||||
13,044 | ||||||||||||
Insurance: 0.2% | ||||||||||||
160 | Aflac, Inc. | 7,408 | ||||||||||
30 | Allstate Corp. | 763 | ||||||||||
240 | American International Group, Inc. | 482 | ||||||||||
80 | AON Corp. | 3,624 | ||||||||||
50 | Assurant, Inc. | 1,089 | ||||||||||
140 | Chubb Corp. | 7,190 | ||||||||||
50 | Cincinnati Financial Corp. | 1,462 | ||||||||||
70 | Lincoln National Corp. | 961 | ||||||||||
72 | Loews Corp. | 1,972 | ||||||||||
40 | Marsh & McLennan Cos., Inc. | 1,020 | ||||||||||
210 | Metlife, Inc. | 6,040 | ||||||||||
40 | Progressive Corp. | 601 | ||||||||||
120 | Prudential Financial, Inc. | 2,604 | ||||||||||
100 | Torchmark Corp. | 3,615 | ||||||||||
160 | Travelers Cos., Inc. | 6,984 | ||||||||||
180 | UnumProvident Corp. | 2,682 | ||||||||||
48,497 | ||||||||||||
Internet: 0.1% | ||||||||||||
40 | @ | Akamai Technologies, Inc. | 491 | |||||||||
80 | @ | Amazon.com, Inc. | 3,416 | |||||||||
340 | @ | eBay, Inc. | 4,464 | |||||||||
20 | @ | Expedia, Inc. | 168 | |||||||||
50 | @ | Google, Inc. — Class A | 14,648 | |||||||||
207 | @ | Symantec Corp. | 2,490 | |||||||||
300 | @ | Yahoo!, Inc. | 3,453 | |||||||||
29,130 | ||||||||||||
Investment Companies: 0.0% | ||||||||||||
190 | American Capital Ltd. | 806 | ||||||||||
806 | ||||||||||||
Iron/Steel: 0.0% | ||||||||||||
20 | AK Steel Holding Corp. | 158 | ||||||||||
10 | Allegheny Technologies, Inc. | 230 | ||||||||||
80 | Nucor Corp. | 2,854 | ||||||||||
60 | United States Steel Corp. | 1,824 | ||||||||||
5,066 | ||||||||||||
Leisure Time: 0.0% | ||||||||||||
40 | Carnival Corp. | $ | 840 | |||||||||
840 | ||||||||||||
Machinery — Construction & Mining: 0.0 % | ||||||||||||
190 | Caterpillar, Inc. | 7,788 | ||||||||||
7,788 | ||||||||||||
Machinery — Diversified: 0.0% | ||||||||||||
60 | Cummins, Inc. | 1,535 | ||||||||||
140 | Deere & Co. | 4,873 | ||||||||||
40 | Flowserve Corp. | 2,013 | ||||||||||
50 | Manitowoc Co., Inc. | 394 | ||||||||||
50 | Rockwell Automation, Inc. | 1,558 | ||||||||||
10,373 | ||||||||||||
Media: 0.1% | ||||||||||||
730 | Comcast Corp. — Class A | 12,658 | ||||||||||
230 | @ | DIRECTV Group, Inc. | 5,062 | |||||||||
470 | News Corp. — Class A | 3,713 | ||||||||||
950 | Time Warner, Inc. | 8,598 | ||||||||||
110 | @ | Viacom — Class B | 1,751 | |||||||||
410 | Walt Disney Co. | 9,233 | ||||||||||
41,015 | ||||||||||||
Metal Fabricate/Hardware: 0.0% | ||||||||||||
60 | Precision Castparts Corp. | 3,762 | ||||||||||
3,762 | ||||||||||||
Mining: 0.0% | ||||||||||||
10 | Alcoa, Inc. | 108 | ||||||||||
114 | Freeport-McMoRan Copper & Gold, Inc. | 2,735 | ||||||||||
40 | Newmont Mining Corp. | 1,346 | ||||||||||
4,189 | ||||||||||||
Miscellaneous Manufacturing: 0.2% | ||||||||||||
160 | 3M Co. | 10,709 | ||||||||||
80 | Cooper Industries Ltd. | 1,931 | ||||||||||
150 | Dover Corp. | 4,475 | ||||||||||
60 | Eaton Corp. | 2,780 | ||||||||||
2,300 | General Electric Co. | 39,491 | ||||||||||
290 | Honeywell International, Inc. | 8,079 | ||||||||||
60 | Illinois Tool Works, Inc. | 2,047 | ||||||||||
60 | ITT Corp. | 2,512 | ||||||||||
80 | Leggett & Platt, Inc. | 1,168 | ||||||||||
100 | Parker Hannifin Corp. | 4,108 | ||||||||||
120 | Textron, Inc. | 1,828 | ||||||||||
55 | @@ | Tyco International Ltd. | 1,150 | |||||||||
80,278 | ||||||||||||
Office/Business Equipment: 0.0% | ||||||||||||
230 | Pitney Bowes, Inc. | 5,683 | ||||||||||
220 | Xerox Corp. | 1,538 | ||||||||||
7,221 | ||||||||||||
Oil & Gas: 0.7% | ||||||||||||
130 | Anadarko Petroleum Corp. | 5,337 | ||||||||||
90 | Apache Corp. | 6,957 | ||||||||||
10 | Chesapeake Energy Corp. | 172 | ||||||||||
544 | Chevron Corp. | 42,981 | ||||||||||
399 | ConocoPhillips | 20,955 | ||||||||||
70 | Devon Energy Corp. | 5,064 | ||||||||||
60 | ENSCO International, Inc. | 1,945 | ||||||||||
50 | EOG Resources, Inc. | 4,251 |
46
Table of Contents
PORTFOLIO OF INVESTMENTS
Shares | Value | |||||||||
Oil & Gas: (continued) | ||||||||||
1,230 | ExxonMobil Corp. | $ | 98,585 | |||||||
70 | Hess Corp. | 3,783 | ||||||||
150 | Marathon Oil Corp. | 3,927 | ||||||||
70 | Murphy Oil Corp. | 3,084 | ||||||||
100 | @, @@ | Nabors Industries Ltd. | 1,450 | |||||||
90 | Noble Corp. | 2,411 | ||||||||
30 | Noble Energy, Inc. | 1,568 | ||||||||
220 | Occidental Petroleum Corp. | 11,911 | ||||||||
50 | Questar Corp. | 1,610 | ||||||||
70 | @ | Southwestern Energy Co. | 2,406 | |||||||
50 | Sunoco, Inc. | 1,987 | ||||||||
110 | Tesoro Petroleum Corp. | 1,011 | ||||||||
69 | @ | Transocean, Inc. | 4,615 | |||||||
200 | Valero Energy Corp. | 3,670 | ||||||||
50 | XTO Energy, Inc. | 1,912 | ||||||||
231,592 | ||||||||||
Oil & Gas Services: 0.1% | ||||||||||
90 | Baker Hughes, Inc. | 3,135 | ||||||||
60 | BJ Services Co. | 719 | ||||||||
150 | @ | Cameron International Corp. | 3,165 | |||||||
110 | Halliburton Co. | 1,936 | ||||||||
140 | @ | National Oilwell Varco, Inc. | 3,961 | |||||||
290 | Schlumberger Ltd. | 14,715 | ||||||||
60 | Smith International, Inc. | 1,754 | ||||||||
40 | @ | Weatherford International Ltd. | 511 | |||||||
29,896 | ||||||||||
Packaging & Containers: 0.0% | ||||||||||
60 | Ball Corp. | 2,187 | ||||||||
10 | Bemis Co. | 270 | ||||||||
20 | Sealed Air Corp. | 317 | ||||||||
2,774 | ||||||||||
Pharmaceuticals: 0.3% | ||||||||||
350 | Abbott Laboratories | 18,337 | ||||||||
40 | Allergan, Inc. | 1,507 | ||||||||
30 | @ | Barr Pharmaceuticals, Inc. | 1,962 | |||||||
430 | Bristol-Myers Squibb Co. | 8,901 | ||||||||
300 | Eli Lilly & Co. | 10,245 | ||||||||
70 | @ | Express Scripts, Inc. | 4,026 | |||||||
150 | @ | Forest Laboratories, Inc. | 3,627 | |||||||
134 | @ | King Pharmaceuticals, Inc. | 1,288 | |||||||
110 | @ | Medco Health Solutions, Inc. | 4,620 | |||||||
470 | Merck & Co., Inc. | 12,558 | ||||||||
70 | @ | Mylan Laboratories | 659 | |||||||
1,510 | Pfizer, Inc. | 24,809 | ||||||||
410 | Schering-Plough Corp. | 6,892 | ||||||||
70 | @ | Watson Pharmaceuticals, Inc. | 1,663 | |||||||
350 | Wyeth | 12,604 | ||||||||
113,698 | ||||||||||
Pipelines: 0.0% | ||||||||||
190 | El Paso Corp. | 1,404 | ||||||||
150 | Spectra Energy Corp. | 2,439 | ||||||||
30 | Williams Cos., Inc. | 487 | ||||||||
4,330 | ||||||||||
Retail: 0.3% | ||||||||||
30 | @ | Autozone, Inc. | 3,277 | |||||||
60 | Best Buy Co., Inc. | 1,243 | ||||||||
70 | @ | Big Lots, Inc. | 1,226 | |||||||
70 | Costco Wholesale Corp. | 3,603 | ||||||||
326 | CVS Caremark Corp. | 9,431 | ||||||||
10 | Darden Restaurants, Inc. | 183 | ||||||||
80 | Family Dollar Stores, Inc. | 2,222 | ||||||||
60 | @ | GameStop Corp. | 1,311 | |||||||
240 | Gap, Inc. | 3,125 | ||||||||
250 | Home Depot, Inc. | 5,778 | ||||||||
20 | JC Penney Co., Inc. | 380 | ||||||||
20 | @ | Kohl’s Corp. | 653 | |||||||
190 | Limited Brands, Inc. | 1,769 | ||||||||
350 | Lowe’s Cos., Inc. | 7,231 | ||||||||
70 | Macy’s, Inc. | 519 | ||||||||
290 | McDonald’s Corp. | 17,038 | ||||||||
70 | RadioShack Corp. | 690 | ||||||||
190 | Staples, Inc. | 3,298 | ||||||||
160 | @ | Starbucks Corp. | 1,429 | |||||||
130 | Target Corp. | 4,389 | ||||||||
230 | TJX Cos., Inc. | 5,249 | ||||||||
210 | Walgreen Co. | 5,195 | ||||||||
560 | Wal-Mart Stores, Inc. | 31,293 | ||||||||
70 | Yum! Brands, Inc. | 1,886 | ||||||||
112,418 | ||||||||||
Savings & Loans: 0.0% | ||||||||||
440 | Hudson City Bancorp., Inc. | 7,352 | ||||||||
7,352 | ||||||||||
Semiconductors: 0.1% | ||||||||||
60 | Altera Corp. | 883 | ||||||||
40 | Analog Devices, Inc. | 684 | ||||||||
320 | Applied Materials, Inc. | 3,066 | ||||||||
100 | @ | Broadcom Corp. | 1,531 | |||||||
1,310 | Intel Corp. | 18,078 | ||||||||
20 | KLA-Tencor Corp. | 376 | ||||||||
250 | @ | LSI Logic Corp. | 670 | |||||||
50 | @ | MEMC Electronic Materials, Inc. | 751 | |||||||
170 | National Semiconductor Corp. | 1,870 | ||||||||
70 | @ | Nvidia Corp. | 523 | |||||||
110 | @ | QLogic Corp. | 1,168 | |||||||
320 | Texas Instruments, Inc. | 4,982 | ||||||||
70 | Xilinx, Inc. | 1,145 | ||||||||
35,727 | ||||||||||
Software: 0.2% | ||||||||||
80 | @ | Adobe Systems, Inc. | 1,853 | |||||||
70 | @ | Autodesk, Inc. | 1,161 | |||||||
80 | @ | BMC Software, Inc. | 1,997 | |||||||
230 | CA, Inc. | 3,873 | ||||||||
50 | @ | Compuware Corp. | 318 | |||||||
40 | @ | Electronic Arts, Inc. | 762 | |||||||
150 | Fidelity National Information Services, Inc. | 2,577 | ||||||||
60 | @ | Fiserv, Inc. | 2,048 | |||||||
210 | IMS Health, Inc. | 2,762 | ||||||||
1,780 | Microsoft Corp. | 35,992 | ||||||||
990 | @ | Oracle Corp. | 15,929 | |||||||
69,272 | ||||||||||
Telecommunications: 0.3% | ||||||||||
1,232 | AT&T, Inc. | 35,186 | ||||||||
30 | CenturyTel, Inc. | 797 | ||||||||
1,340 | @ | Cisco Systems, Inc. | 22,164 | |||||||
380 | Corning, Inc. | 3,424 | ||||||||
65 | Embarq Corp. | 2,122 | ||||||||
50 | Harris Corp. | 1,744 |
47
Table of Contents
PORTFOLIO OF INVESTMENTS
Shares | Value | |||||||||||
Telecommunications: (continued) | ||||||||||||
140 | @ | JDS Uniphase Corp. | $ | 381 | ||||||||
70 | @ | Juniper Networks, Inc. | 1,217 | |||||||||
190 | Motorola, Inc. | 819 | ||||||||||
310 | Qualcomm, Inc. | 10,407 | ||||||||||
380 | Qwest Communications International, Inc. | 1,216 | ||||||||||
539 | Sprint Nextel Corp. | 1,504 | ||||||||||
630 | Verizon Communications, Inc. | 20,570 | ||||||||||
410 | Windstream Corp. | 3,633 | ||||||||||
105,184 | ||||||||||||
Toys/Games/Hobbies: 0.0% | ||||||||||||
140 | Hasbro, Inc. | 3,752 | ||||||||||
3,752 | ||||||||||||
Transportation: 0.1% | ||||||||||||
60 | Burlington Northern Santa Fe Corp. | 4,597 | ||||||||||
30 | CH Robinson Worldwide, Inc. | 1,532 | ||||||||||
50 | CSX Corp. | 1,862 | ||||||||||
40 | Expeditors International Washington, Inc. | 1,337 | ||||||||||
60 | FedEx Corp. | 4,239 | ||||||||||
40 | Norfolk Southern Corp. | 1,979 | ||||||||||
30 | Ryder System, Inc. | 1,077 | ||||||||||
50 | Union Pacific Corp. | 2,502 | ||||||||||
160 | United Parcel Service, Inc. — Class B | 9,216 | ||||||||||
28,341 | ||||||||||||
Total Common Stock (Cost $2,315,986) | 1,787,627 | |||||||||||
REAL ESTATE INVESTMENT TRUSTS: 0.0% | ||||||||||||
Apartments: 0.0% | ||||||||||||
100 | Apartment Investment & Management Co. | 1,147 | ||||||||||
30 | AvalonBay Communities, Inc. | 1,820 | ||||||||||
130 | Equity Residential | 3,956 | ||||||||||
6,923 | ||||||||||||
Diversified: 0.0% | ||||||||||||
20 | Vornado Realty Trust | 1,069 | ||||||||||
1,069 | ||||||||||||
Health Care: 0.0% | ||||||||||||
160 | HCP, Inc. | 3,307 | ||||||||||
3,307 | ||||||||||||
Hotels: 0.0% | ||||||||||||
300 | Host Hotels & Resorts, Inc. | 2,256 | ||||||||||
2,256 | ||||||||||||
Regional Malls: 0.0% | ||||||||||||
70 | Simon Property Group, Inc. | 3,325 | ||||||||||
3,325 | ||||||||||||
Shopping Centers: 0.0% | ||||||||||||
40 | Developers Diversified Realty Corp. | 192 | ||||||||||
192 | ||||||||||||
Storage: 0.0% | ||||||||||||
70 | Public Storage, Inc. | 4,892 | ||||||||||
4,892 | ||||||||||||
Total Real Estate Investment Trusts (Cost $30,200) | 21,964 | |||||||||||
Principal | ||||||||||||
Amount | Value | |||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 67.9% | ||||||||||||
Federal Home Loan Mortgage Corporation: 67.9% | ||||||||||||
$ | 23,600,000 | Z | 1.190%, due 04/21/09 | $ | 23,491,637 | |||||||
Total U.S. Government Agency Obligations (Cost $23,250,339) | 23,491,637 | |||||||||||
U.S. TREASURY OBLIGATIONS: 25.4% | ||||||||||||
U.S. Treasury STRIP COUPON: 25.4% | ||||||||||||
8,799,000 | Z | 0.110%, due 02/15/09 | 8,796,906 | |||||||||
Total U.S. Treasury Obligations (Cost $8,774,475) | 8,796,906 | |||||||||||
Total Long-Term Investments (Cost $34,371,000) | 34,098,134 | |||||||||||
Shares | Value | |||||||||||
SHORT-TERM INVESTMENTS: 1.8% | ||||||||||||
Affiliated Mutual Fund: 1.8% | ||||||||||||
635,000 | ING Institutional Prime Money Market Fund — Class I | $ | 635,000 | |||||||||
Total Short-Term Investments (Cost $635,000) | 635,000 | |||||||||||
Total Investments in Securities (Cost $35,006,000)* | 100.3 | % | $ | 34,733,134 | ||||||||
Other Assets and Liabilities - Net | (0.3 | ) | (117,933 | ) | ||||||||
Net Assets | 100.0 | % | $ | 34,615,201 | ||||||||
@ | Non-income producing security | |
@@ | Foreign Issuer | |
STRIP | Separate Trading of Registered Interest and Principal of Securities | |
Z | Indicates Zero Coupon Bond; rate shown reflects current effective yield. | |
* | Cost for federal income tax purposes is $35,502,172. |
Net unrealized depreciation consists of: | ||||
Gross Unrealized Appreciation | $ | 273,787 | ||
Gross Unrealized Depreciation | (1,042,825 | ) | ||
Net Unrealized Depreciation | $ | (769,038 | ) | |
48
Table of Contents
PORTFOLIO OF INVESTMENTS
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 2,444,591 | $ | — | ||||
Level 2 — Other Significant Observable Inputs | 32,288,543 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 34,733,134 | $ | — | ||||
* | Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end. |
49
Table of Contents
Shares | Value | |||||||||||
COMMON STOCK: 5.7% | ||||||||||||
Advertising: 0.0% | ||||||||||||
410 | @ | Interpublic Group of Cos., Inc. | $ | 1,677 | ||||||||
134 | Omnicom Group | 3,791 | ||||||||||
5,468 | ||||||||||||
Aerospace/Defense: 0.2% | ||||||||||||
135 | Boeing Co. | 5,755 | ||||||||||
68 | General Dynamics Corp. | 3,514 | ||||||||||
60 | Goodrich Corp. | 2,019 | ||||||||||
50 | L-3 Communications Holdings, Inc. | 3,359 | ||||||||||
59 | Lockheed Martin Corp. | 4,549 | ||||||||||
127 | Northrop Grumman Corp. | 5,201 | ||||||||||
140 | Raytheon Co. | 6,832 | ||||||||||
138 | United Technologies Corp. | 6,697 | ||||||||||
37,926 | ||||||||||||
Agriculture: 0.1% | ||||||||||||
386 | Altria Group, Inc. | 6,207 | ||||||||||
195 | Archer-Daniels-Midland Co. | 5,339 | ||||||||||
30 | Lorillard, Inc. | 1,813 | ||||||||||
376 | Philip Morris International, Inc. | 15,852 | ||||||||||
64 | Reynolds American, Inc. | 2,629 | ||||||||||
31,840 | ||||||||||||
Airlines: 0.0% | ||||||||||||
190 | Southwest Airlines Co. | 1,644 | ||||||||||
1,644 | ||||||||||||
Apparel: 0.0% | ||||||||||||
140 | @ | Coach, Inc. | 2,506 | |||||||||
76 | Nike, Inc. | 4,047 | ||||||||||
30 | Polo Ralph Lauren Corp. | 1,296 | ||||||||||
30 | VF Corp. | 1,569 | ||||||||||
9,418 | ||||||||||||
Auto Manufacturers: 0.0% | ||||||||||||
213 | @ | Ford Motor Co. | 573 | |||||||||
573 | ||||||||||||
Auto Parts & Equipment: 0.0% | ||||||||||||
200 | Johnson Controls, Inc. | 3,532 | ||||||||||
3,532 | ||||||||||||
Banks: 0.5% | ||||||||||||
861 | Bank of America Corp. | 13,991 | ||||||||||
250 | Bank of New York Mellon Corp. | 7,553 | ||||||||||
250 | BB&T Corp. | 7,493 | ||||||||||
116 | Capital One Financial Corp. | 3,992 | ||||||||||
960 | Citigroup, Inc. | 7,958 | ||||||||||
90 | Fifth Third Bancorp. | 860 | ||||||||||
60 | Goldman Sachs Group, Inc. | 4,739 | ||||||||||
190 | Huntington Bancshares, Inc. | 1,520 | ||||||||||
680 | JPMorgan Chase & Co. | 21,529 | ||||||||||
10 | M&T Bank Corp. | 643 | ||||||||||
190 | Morgan Stanley | 2,803 | ||||||||||
250 | National City Corp. | 503 | ||||||||||
80 | Northern Trust Corp. | 3,671 | ||||||||||
50 | PNC Financial Services Group, Inc. | 2,639 | ||||||||||
258 | Regions Financial Corp. | 2,629 | ||||||||||
122 | State Street Corp. | 5,137 | ||||||||||
90 | SunTrust Bank | 2,856 | ||||||||||
440 | US Bancorp. | 11,871 | ||||||||||
268 | Wachovia Corp. | 1,506 | ||||||||||
736 | Wells Fargo & Co. | 21,263 | ||||||||||
10 | Zions Bancorp. | 319 | ||||||||||
125,475 | ||||||||||||
Beverages: 0.2% | ||||||||||||
15 | Brown-Forman Corp. | 658 | ||||||||||
402 | Coca-Cola Co. | 18,842 | ||||||||||
60 | Coca-Cola Enterprises, Inc. | 551 | ||||||||||
120 | @ | Constellation Brands, Inc. | 1,531 | |||||||||
40 | @ | Dr Pepper Snapple Group, Inc. | 646 | |||||||||
30 | Molson Coors Brewing Co. | 1,334 | ||||||||||
129 | Pepsi Bottling Group, Inc. | 2,334 | ||||||||||
195 | PepsiCo, Inc. | 11,057 | ||||||||||
36,953 | ||||||||||||
Biotechnology: 0.1% | ||||||||||||
217 | @ | Amgen, Inc. | 12,052 | |||||||||
60 | @ | Biogen Idec, Inc. | 2,539 | |||||||||
80 | @ | Celgene Corp. | 4,168 | |||||||||
30 | @ | Genzyme Corp. | 1,921 | |||||||||
178 | @ | Gilead Sciences, Inc. | 7,973 | |||||||||
44 | @ | Life Technologies Corp. | 1,155 | |||||||||
29,808 | ||||||||||||
Chemicals: 0.1% | ||||||||||||
40 | Air Products & Chemicals, Inc. | 1,910 | ||||||||||
1 | Ashland, Inc. | 10 | ||||||||||
10 | CF Industries Holdings, Inc. | 526 | ||||||||||
188 | Dow Chemical Co. | 3,487 | ||||||||||
150 | EI Du Pont de Nemours & Co. | 3,759 | ||||||||||
50 | International Flavors & Fragrances, Inc. | 1,527 | ||||||||||
98 | Monsanto Co. | 7,762 | ||||||||||
75 | PPG Industries, Inc. | 3,294 | ||||||||||
30 | Praxair, Inc. | 1,772 | ||||||||||
20 | Rohm & Haas Co. | 1,368 | ||||||||||
40 | Sherwin-Williams Co. | 2,357 | ||||||||||
30 | Sigma-Aldrich Corp. | 1,293 | ||||||||||
29,065 | ||||||||||||
Coal: 0.0% | ||||||||||||
10 | Massey Energy Co. | 156 | ||||||||||
60 | Peabody Energy Corp. | 1,406 | ||||||||||
1,562 | ||||||||||||
Commercial Services: 0.1% | ||||||||||||
30 | @ | Apollo Group, Inc. — Class A | 2,305 | |||||||||
50 | Automatic Data Processing, Inc. | 2,053 | ||||||||||
120 | H&R Block, Inc. | 2,296 | ||||||||||
10 | Mastercard, Inc. | 1,453 | ||||||||||
34 | Moody’s Corp. | 738 | ||||||||||
30 | Paychex, Inc. | 848 | ||||||||||
60 | Robert Half International, Inc. | 1,253 | ||||||||||
140 | RR Donnelley & Sons Co. | 1,786 | ||||||||||
179 | Western Union Co. | 2,375 | ||||||||||
15,107 | ||||||||||||
Computers: 0.3% | ||||||||||||
60 | @ | Affiliated Computer Services, Inc. | 2,427 | |||||||||
170 | @ | Apple, Inc. | 15,754 | |||||||||
29 | @ | Computer Sciences Corp. | 808 | |||||||||
466 | @ | Dell, Inc. | 5,205 | |||||||||
440 | @ | EMC Corp. | 4,651 | |||||||||
509 | Hewlett-Packard Co. | 17,958 |
50
Table of Contents
Shares | Value | |||||||||||
Computers: (continued) | ||||||||||||
278 | International Business Machines Corp. | $ | 22,685 | |||||||||
63 | @ | Lexmark International, Inc. | 1,649 | |||||||||
60 | @ | NetApp, Inc. | 810 | |||||||||
90 | @ | Teradata Corp. | 1,209 | |||||||||
73,156 | ||||||||||||
Cosmetics/Personal Care: 0.2% | ||||||||||||
30 | Avon Products, Inc. | 633 | ||||||||||
35 | Colgate-Palmolive Co. | 2,277 | ||||||||||
20 | Estee Lauder Cos., Inc. | 558 | ||||||||||
577 | Procter & Gamble Co. | 37,130 | ||||||||||
40,598 | ||||||||||||
Distribution/Wholesale: 0.0% | ||||||||||||
80 | Genuine Parts Co. | 3,132 | ||||||||||
3,132 | ||||||||||||
Diversified Financial Services: 0.1% | ||||||||||||
186 | American Express Co. | 4,336 | ||||||||||
93 | Ameriprise Financial, Inc. | 1,717 | ||||||||||
250 | Charles Schwab Corp. | 4,583 | ||||||||||
20 | CME Group, Inc. | 4,239 | ||||||||||
135 | Discover Financial Services | 1,381 | ||||||||||
20 | Federated Investors, Inc. | 397 | ||||||||||
20 | @ | IntercontinentalExchange, Inc. | 1,472 | |||||||||
60 | Invesco Ltd. | 753 | ||||||||||
60 | Janus Capital Group, Inc. | 489 | ||||||||||
203 | Merrill Lynch & Co., Inc. | 2,684 | ||||||||||
30 | @ | Nasdaq Stock Market, Inc. | 645 | |||||||||
50 | NYSE Euronext | 1,191 | ||||||||||
95 | @ | SLM Corp. | 875 | |||||||||
24,762 | ||||||||||||
Electric: 0.2% | ||||||||||||
310 | @ | AES Corp. | 2,384 | |||||||||
170 | American Electric Power Co., Inc. | 5,319 | ||||||||||
90 | CMS Energy Corp. | 914 | ||||||||||
190 | Dominion Resources, Inc. | 6,996 | ||||||||||
160 | DTE Energy Co. | 5,950 | ||||||||||
150 | Duke Energy Corp. | 2,334 | ||||||||||
170 | Edison International | 5,678 | ||||||||||
40 | Entergy Corp. | 3,404 | ||||||||||
60 | Exelon Corp. | 3,373 | ||||||||||
70 | FirstEnergy Corp. | 4,101 | ||||||||||
50 | FPL Group, Inc. | 2,438 | ||||||||||
50 | PG&E Corp. | 1,902 | ||||||||||
130 | Public Service Enterprise Group, Inc. | 4,017 | ||||||||||
50 | Southern Co. | 1,816 | ||||||||||
50,626 | ||||||||||||
Electrical Components & Equipment: 0.0% | ||||||||||||
138 | Emerson Electric Co. | 4,953 | ||||||||||
4,953 | ||||||||||||
Electronics: 0.1% | ||||||||||||
82 | @ | Agilent Technologies, Inc. | 1,544 | |||||||||
30 | Amphenol Corp. | 697 | ||||||||||
90 | Jabil Circuit, Inc. | 592 | ||||||||||
103 | @ | Thermo Electron Corp. | 3,675 | |||||||||
105 | @@ | Tyco Electronics Ltd. | 1,730 | |||||||||
50 | @ | Waters Corp. | 2,062 | |||||||||
10,300 | ||||||||||||
Engineering & Construction: 0.0% | ||||||||||||
60 | Fluor Corp. | 2,732 | ||||||||||
20 | @ | Jacobs Engineering Group, Inc. | 895 | |||||||||
3,627 | ||||||||||||
Environmental Control: 0.0% | ||||||||||||
70 | @ | Allied Waste Industries, Inc. | 752 | |||||||||
20 | Waste Management, Inc. | 584 | ||||||||||
1,336 | ||||||||||||
Food: 0.1% | ||||||||||||
150 | ConAgra Foods, Inc. | 2,213 | ||||||||||
22 | HJ Heinz Co. | 854 | ||||||||||
30 | JM Smucker Co. | 1,361 | ||||||||||
50 | Kellogg Co. | 2,172 | ||||||||||
226 | Kraft Foods, Inc. | 6,149 | ||||||||||
95 | Kroger Co. | 2,628 | ||||||||||
20 | McCormick & Co., Inc. | 595 | ||||||||||
120 | Safeway, Inc. | 2,616 | ||||||||||
370 | Sara Lee Corp. | 3,397 | ||||||||||
50 | Supervalu, Inc. | 596 | ||||||||||
60 | Sysco Corp. | 1,407 | ||||||||||
40 | Whole Foods Market, Inc. | 423 | ||||||||||
24,411 | ||||||||||||
Forest Products & Paper: 0.0% | ||||||||||||
120 | International Paper Co. | 1,494 | ||||||||||
1,494 | ||||||||||||
Gas: 0.0% | ||||||||||||
220 | Centerpoint Energy, Inc. | 2,845 | ||||||||||
80 | Sempra Energy | 3,734 | ||||||||||
6,579 | ||||||||||||
Hand/Machine Tools: 0.0% | ||||||||||||
48 | Black & Decker Corp. | 2,037 | ||||||||||
48 | Snap-On, Inc. | 1,730 | ||||||||||
75 | Stanley Works | 2,384 | ||||||||||
6,151 | ||||||||||||
Healthcare — Products: 0.2% | ||||||||||||
149 | Baxter International, Inc. | 7,882 | ||||||||||
50 | Becton Dickinson & Co. | 3,177 | ||||||||||
220 | @ | Boston Scientific Corp. | 1,357 | |||||||||
28 | Cardinal Health, Inc. | 911 | ||||||||||
65 | @@ | Covidien Ltd. | 2,395 | |||||||||
20 | CR Bard, Inc. | 1,641 | ||||||||||
10 | @ | Intuitive Surgical, Inc. | 1,325 | |||||||||
492 | Johnson & Johnson | 28,821 | ||||||||||
220 | Medtronic, Inc. | 6,714 | ||||||||||
10 | @ | Patterson Cos., Inc. | 188 | |||||||||
70 | @ | St. Jude Medical, Inc. | 1,962 | |||||||||
30 | Stryker Corp. | 1,168 | ||||||||||
50 | @ | Varian Medical Systems, Inc. | 2,018 | |||||||||
30 | @ | Zimmer Holdings, Inc. | 1,120 | |||||||||
60,679 | ||||||||||||
Healthcare — Services: 0.1% | ||||||||||||
128 | Aetna, Inc. | 2,793 | ||||||||||
114 | Cigna Corp. | 1,381 | ||||||||||
40 | @ | DaVita, Inc. | 2,010 | |||||||||
32 | @ | Humana, Inc. | 967 | |||||||||
50 | @ | Laboratory Corp. of America Holdings | 3,168 | |||||||||
50 | Quest Diagnostics | 2,329 |
51
Table of Contents
ING Principal protection fund X
as of November 30, 2008 (Unaudited) (continued)
Shares | Value | |||||||||
Healthcare — Services: (continued) | ||||||||||
218 | UnitedHealth Group, Inc. | $ | 4,580 | |||||||
98 | @ | WellPoint, Inc. | 3,489 | |||||||
20,717 | ||||||||||
Holding Companies — Diversified: 0.0% | ||||||||||
10 | Leucadia National Corp. | 196 | ||||||||
196 | ||||||||||
Home Builders: 0.0% | ||||||||||
50 | Lennar Corp. | 356 | ||||||||
80 | Pulte Homes, Inc. | 852 | ||||||||
1,208 | ||||||||||
Home Furnishings: 0.0% | ||||||||||
10 | Harman International Industries, Inc. | 151 | ||||||||
151 | ||||||||||
Household Products/Wares: 0.1% | ||||||||||
50 | Avery Dennison Corp. | 1,555 | ||||||||
30 | Clorox Co. | 1,775 | ||||||||
40 | Fortune Brands, Inc. | 1,512 | ||||||||
107 | Kimberly-Clark Corp. | 6,184 | ||||||||
11,026 | ||||||||||
Insurance: 0.2% | ||||||||||
136 | Aflac, Inc. | 6,297 | ||||||||
24 | Allstate Corp. | 611 | ||||||||
199 | American International Group, Inc. | 400 | ||||||||
70 | AON Corp. | 3,171 | ||||||||
40 | Assurant, Inc. | 871 | ||||||||
122 | Chubb Corp. | 6,266 | ||||||||
40 | Cincinnati Financial Corp. | 1,170 | ||||||||
60 | Lincoln National Corp. | 824 | ||||||||
62 | Loews Corp. | 1,698 | ||||||||
30 | Marsh & McLennan Cos., Inc. | 765 | ||||||||
181 | Metlife, Inc. | 5,206 | ||||||||
38 | Progressive Corp. | 571 | ||||||||
103 | Prudential Financial, Inc. | 2,235 | ||||||||
77 | Torchmark Corp. | 2,784 | ||||||||
130 | Travelers Cos., Inc. | 5,675 | ||||||||
160 | UnumProvident Corp. | 2,384 | ||||||||
40,928 | ||||||||||
Internet: 0.1% | ||||||||||
30 | @ | Akamai Technologies, Inc. | 368 | |||||||
60 | @ | Amazon.com, Inc. | 2,562 | |||||||
286 | @ | eBay, Inc. | 3,755 | |||||||
20 | @ | Expedia, Inc. | 168 | |||||||
50 | @ | Google, Inc. — Class A | 14,648 | |||||||
179 | @ | Symantec Corp. | 2,153 | |||||||
250 | @ | Yahoo!, Inc. | 2,878 | |||||||
26,532 | ||||||||||
Investment Companies: 0.0% | ||||||||||
160 | American Capital Ltd. | 678 | ||||||||
678 | ||||||||||
Iron/Steel: 0.0% | ||||||||||
20 | AK Steel Holding Corp. | 158 | ||||||||
10 | Allegheny Technologies, Inc. | 230 | ||||||||
72 | Nucor Corp. | 2,569 | ||||||||
43 | United States Steel Corp. | 1,307 | ||||||||
4,264 | ||||||||||
Leisure Time: 0.0% | ||||||||||
30 | Carnival Corp. | 630 | ||||||||
630 | ||||||||||
Machinery — Construction & Mining: 0.0% | ||||||||||
160 | Caterpillar, Inc. | 6,558 | ||||||||
6,558 | ||||||||||
Machinery — Diversified: 0.0% | ||||||||||
54 | Cummins, Inc. | 1,381 | ||||||||
120 | Deere & Co. | 4,177 | ||||||||
40 | Flowserve Corp. | 2,013 | ||||||||
40 | Manitowoc Co., Inc. | 315 | ||||||||
40 | Rockwell Automation, Inc. | 1,246 | ||||||||
9,132 | ||||||||||
Media: 0.1% | ||||||||||
610 | Comcast Corp. — Class A | 10,577 | ||||||||
190 | @ | DIRECTV Group, Inc. | 4,182 | |||||||
390 | News Corp. — Class A | 3,081 | ||||||||
800 | Time Warner, Inc. | 7,240 | ||||||||
100 | @ | Viacom — Class B | 1,592 | |||||||
340 | Walt Disney Co. | 7,657 | ||||||||
34,329 | ||||||||||
Metal Fabricate/Hardware: 0.0% | ||||||||||
50 | Precision Castparts Corp. | 3,135 | ||||||||
3,135 | ||||||||||
Mining: 0.0% | ||||||||||
94 | Freeport-McMoRan Copper & Gold, Inc. | 2,255 | ||||||||
30 | Newmont Mining Corp. | 1,010 | ||||||||
3,265 | ||||||||||
Miscellaneous Manufacturing: 0.3% | ||||||||||
130 | 3M Co. | 8,701 | ||||||||
70 | Cooper Industries Ltd. | 1,690 | ||||||||
120 | Dover Corp. | 3,580 | ||||||||
46 | Eaton Corp. | 2,132 | ||||||||
1,925 | General Electric Co. | 33,052 | ||||||||
239 | Honeywell International, Inc. | 6,659 | ||||||||
50 | Illinois Tool Works, Inc. | 1,706 | ||||||||
50 | ITT Corp. | 2,093 | ||||||||
70 | Leggett & Platt, Inc. | 1,022 | ||||||||
87 | Parker Hannifin Corp. | 3,574 | ||||||||
100 | Textron, Inc. | 1,523 | ||||||||
45 | @@ | Tyco International Ltd. | 941 | |||||||
66,673 | ||||||||||
Office/Business Equipment: 0.0% | ||||||||||
190 | Pitney Bowes, Inc. | 4,695 | ||||||||
190 | Xerox Corp. | 1,328 | ||||||||
6,023 | ||||||||||
Oil & Gas: 0.7% | ||||||||||
104 | Anadarko Petroleum Corp. | 4,269 | ||||||||
80 | Apache Corp. | 6,184 | ||||||||
10 | Chesapeake Energy Corp. | 172 | ||||||||
447 | Chevron Corp. | 35,317 | ||||||||
341 | ConocoPhillips | 17,909 | ||||||||
54 | Devon Energy Corp. | 3,906 | ||||||||
50 | ENSCO International, Inc. | 1,621 | ||||||||
40 | EOG Resources, Inc. | 3,401 | ||||||||
1,037 | ExxonMobil Corp. | 83,116 |
52
Table of Contents
ING Principal protection fund X
as of November 30, 2008 (Unaudited)
Shares | Value | |||||||||
Oil & Gas: (continued) | ||||||||||
60 | Hess Corp. | $ | 3,242 | |||||||
122 | Marathon Oil Corp. | 3,194 | ||||||||
60 | Murphy Oil Corp. | 2,643 | ||||||||
80 | @, @@ | Nabors Industries Ltd. | 1,160 | |||||||
70 | Noble Corp. | 1,875 | ||||||||
20 | Noble Energy, Inc. | 1,046 | ||||||||
180 | Occidental Petroleum Corp. | 9,745 | ||||||||
40 | Questar Corp. | 1,288 | ||||||||
60 | @ | Southwestern Energy Co. | 2,062 | |||||||
40 | Sunoco, Inc. | 1,590 | ||||||||
90 | Tesoro Petroleum Corp. | 827 | ||||||||
59 | @ | Transocean, Inc. | 3,946 | |||||||
168 | Valero Energy Corp. | 3,083 | ||||||||
40 | XTO Energy, Inc. | 1,530 | ||||||||
193,126 | ||||||||||
Oil & Gas Services: 0.1% | ||||||||||
70 | Baker Hughes, Inc. | 2,438 | ||||||||
50 | BJ Services Co. | 600 | ||||||||
120 | @ | Cameron International Corp. | 2,532 | |||||||
90 | Halliburton Co. | 1,584 | ||||||||
120 | @ | National Oilwell Varco, Inc. | 3,395 | |||||||
240 | Schlumberger Ltd. | 12,178 | ||||||||
50 | Smith International, Inc. | 1,462 | ||||||||
30 | @ | Weatherford International Ltd. | 383 | |||||||
24,572 | ||||||||||
Packaging & Containers: 0.0% | ||||||||||
50 | Ball Corp. | 1,823 | ||||||||
10 | Bemis Co. | 270 | ||||||||
20 | Sealed Air Corp. | 317 | ||||||||
2,410 | ||||||||||
Pharmaceuticals: 0.4% | ||||||||||
290 | Abbott Laboratories | 15,193 | ||||||||
30 | Allergan, Inc. | 1,130 | ||||||||
20 | @ | Barr Pharmaceuticals, Inc. | 1,308 | |||||||
360 | Bristol-Myers Squibb Co. | 7,452 | ||||||||
250 | Eli Lilly & Co. | 8,538 | ||||||||
60 | @ | Express Scripts, Inc. | 3,451 | |||||||
120 | @ | Forest Laboratories, Inc. | 2,902 | |||||||
111 | @ | King Pharmaceuticals, Inc. | 1,067 | |||||||
90 | @ | Medco Health Solutions, Inc. | 3,780 | |||||||
389 | Merck & Co., Inc. | 10,394 | ||||||||
60 | @ | Mylan Laboratories | 565 | |||||||
1,266 | Pfizer, Inc. | 20,800 | ||||||||
340 | Schering-Plough Corp. | 5,715 | ||||||||
60 | @ | Watson Pharmaceuticals, Inc. | 1,425 | |||||||
294 | Wyeth | 10,587 | ||||||||
94,307 | ||||||||||
Pipelines: 0.0% | ||||||||||
160 | El Paso Corp. | 1,182 | ||||||||
130 | Spectra Energy Corp. | 2,114 | ||||||||
29 | Williams Cos., Inc. | 470 | ||||||||
3,766 | ||||||||||
Retail: 0.4% | ||||||||||
30 | @ | Autozone, Inc. | 3,277 | |||||||
49 | Best Buy Co., Inc. | 1,015 | ||||||||
60 | @ | Big Lots, Inc. | 1,051 | |||||||
56 | Costco Wholesale Corp. | 2,882 | ||||||||
277 | CVS Caremark Corp. | 8,014 | ||||||||
1 | Darden Restaurants, Inc. | 18 | ||||||||
70 | Family Dollar Stores, Inc. | 1,945 | ||||||||
50 | @ | GameStop Corp. | 1,093 | |||||||
198 | Gap, Inc. | 2,578 | ||||||||
212 | Home Depot, Inc. | 4,899 | ||||||||
20 | JC Penney Co., Inc. | 380 | ||||||||
10 | @ | Kohl’s Corp. | 327 | |||||||
160 | Limited Brands, Inc. | 1,490 | ||||||||
292 | Lowe’s Cos., Inc. | 6,033 | ||||||||
60 | Macy’s, Inc. | 445 | ||||||||
242 | McDonald’s Corp. | 14,218 | ||||||||
60 | RadioShack Corp. | 591 | ||||||||
157 | Staples, Inc. | 2,726 | ||||||||
140 | @ | Starbucks Corp. | 1,250 | |||||||
111 | Target Corp. | 3,747 | ||||||||
190 | TJX Cos., Inc. | 4,336 | ||||||||
180 | Walgreen Co. | 4,453 | ||||||||
470 | Wal-Mart Stores, Inc. | 26,264 | ||||||||
52 | Yum! Brands, Inc. | 1,401 | ||||||||
94,433 | ||||||||||
Savings & Loans: 0.0% | ||||||||||
370 | Hudson City Bancorp., Inc. | 6,183 | ||||||||
6,183 | ||||||||||
Semiconductors: 0.1% | ||||||||||
50 | Altera Corp. | 736 | ||||||||
30 | Analog Devices, Inc. | 513 | ||||||||
272 | Applied Materials, Inc. | 2,606 | ||||||||
80 | @ | Broadcom Corp. | 1,225 | |||||||
1,101 | Intel Corp. | 15,194 | ||||||||
20 | KLA-Tencor Corp. | 376 | ||||||||
210 | @ | LSI Logic Corp. | 563 | |||||||
40 | @ | MEMC Electronic Materials, Inc. | 601 | |||||||
147 | National Semiconductor Corp. | 1,617 | ||||||||
50 | @ | Nvidia Corp. | 374 | |||||||
90 | @ | QLogic Corp. | 956 | |||||||
270 | Texas Instruments, Inc. | 4,204 | ||||||||
60 | Xilinx, Inc. | 982 | ||||||||
29,947 | ||||||||||
Software: 0.2% | ||||||||||
64 | @ | Adobe Systems, Inc. | 1,482 | |||||||
62 | @ | Autodesk, Inc. | 1,029 | |||||||
74 | @ | BMC Software, Inc. | 1,847 | |||||||
191 | CA, Inc. | 3,216 | ||||||||
40 | @ | Compuware Corp. | 254 | |||||||
30 | @ | Electronic Arts, Inc. | 572 | |||||||
120 | Fidelity National Information Services, Inc. | 2,062 | ||||||||
50 | @ | Fiserv, Inc. | 1,707 | |||||||
170 | IMS Health, Inc. | 2,236 | ||||||||
1,487 | Microsoft Corp. | 30,067 | ||||||||
826 | @ | Oracle Corp. | 13,290 | |||||||
57,762 | ||||||||||
Telecommunications: 0.3% | ||||||||||
1,037 | AT&T, Inc. | 29,617 | ||||||||
30 | CenturyTel, Inc. | 797 | ||||||||
1,121 | @ | Cisco Systems, Inc. | 18,541 | |||||||
326 | Corning, Inc. | 2,937 | ||||||||
52 | Embarq Corp. | 1,697 | ||||||||
40 | Harris Corp. | 1,395 | ||||||||
120 | @ | JDS Uniphase Corp. | 326 | |||||||
60 | @ | Juniper Networks, Inc. | 1,043 |
53
Table of Contents
ING Principal Protection Fund X
as of November 30, 2008 (Unaudited) (continued)
Shares | Value | |||||||||||
Telecommunications: (continued) | ||||||||||||
160 | Motorola, Inc. | $ | 690 | |||||||||
264 | Qualcomm, Inc. | 8,862 | ||||||||||
320 | Qwest Communications International, Inc. | 1,024 | ||||||||||
450 | Sprint Nextel Corp. | 1,256 | ||||||||||
525 | Verizon Communications, Inc. | 17,141 | ||||||||||
340 | Windstream Corp. | 3,012 | ||||||||||
88,338 | ||||||||||||
Toys/Games/Hobbies: 0.0% | ||||||||||||
120 | Hasbro, Inc. | 3,216 | ||||||||||
3,216 | ||||||||||||
Transportation: 0.1% | ||||||||||||
50 | Burlington Northern Santa Fe Corp. | 3,831 | ||||||||||
20 | CH Robinson Worldwide, Inc. | 1,022 | ||||||||||
40 | CSX Corp. | 1,490 | ||||||||||
30 | Expeditors International Washington, Inc. | 1,003 | ||||||||||
45 | FedEx Corp. | 3,179 | ||||||||||
35 | Norfolk Southern Corp. | 1,731 | ||||||||||
30 | Ryder System, Inc. | 1,077 | ||||||||||
40 | Union Pacific Corp. | 2,002 | ||||||||||
130 | United Parcel Service, Inc. — Class B | 7,488 | ||||||||||
22,823 | ||||||||||||
Total Common Stock (Cost $1,969,903) | 1,496,503 | |||||||||||
REAL ESTATE INVESTMENT TRUSTS: 0.1% | ||||||||||||
Apartments: 0.1% | ||||||||||||
80 | Apartment Investment & Management Co. | 918 | ||||||||||
20 | AvalonBay Communities, Inc. | 1,213 | ||||||||||
110 | Equity Residential | 3,347 | ||||||||||
5,478 | ||||||||||||
Diversified: 0.0% | ||||||||||||
20 | Vornado Realty Trust | 1,069 | ||||||||||
1,069 | ||||||||||||
Health Care: 0.0% | ||||||||||||
140 | HCP, Inc. | 2,894 | ||||||||||
2,894 | ||||||||||||
Hotels: 0.0% | ||||||||||||
250 | Host Hotels & Resorts, Inc. | 1,880 | ||||||||||
1,880 | ||||||||||||
Regional Malls: 0.0% | ||||||||||||
60 | Simon Property Group, Inc. | 2,850 | ||||||||||
2,850 | ||||||||||||
Shopping Centers: 0.0% | ||||||||||||
30 | Developers Diversified Realty Corp. | 144 | ||||||||||
144 | ||||||||||||
Storage: 0.0% | ||||||||||||
60 | Public Storage, Inc. | 4,193 | ||||||||||
4,193 | ||||||||||||
Total Real Estate Investment Trusts | ||||||||||||
(Cost $24,961) | 18,508 | |||||||||||
Principal | ||||||||||||
Amount | Value | |||||||||||
U.S. TREASURY OBLIGATIONS: 92.8% | ||||||||||||
U.S. Treasury STRIP PRINCIPAL: 92.8% | ||||||||||||
$ | 24,572,000 | 0.000%, due 08/15/09 | $ | 24,437,472 | ||||||||
Total U.S. Treasury Obligations | ||||||||||||
(Cost $24,009,798) | 24,437,472 | |||||||||||
Total Long-Term Investments | ||||||||||||
(Cost $26,004,662) | 25,952,483 | |||||||||||
Shares | Value | |||||||||||
SHORT-TERM INVESTMENTS: 1.8% | ||||||||||||
Affiliated Mutual Fund: 1.8% | ||||||||||||
477,000 | ING Institutional Prime Money Market Fund — Class I | $ | 477,000 | |||||||||
Total Short-Term Investments | ||||||||||||
(Cost $477,000) | 477,000 | |||||||||||
Total Investments in Securities | ||||||||||||
(Cost $26,481,662)* | 100.4 | % | $ | 26,429,483 | ||||||||
Other Assets and Liabilities — Net | (0.4 | ) | (111,584 | ) | ||||||||
Net Assets | 100.0 | % | $ | 26,317,899 | ||||||||
@ | Non-income producing security | |
@@ | Foreign Issuer | |
STRIP Separate Trading of Registered Interest and Principal of Securities | ||
* | Cost for federal income tax purposes is $26,954,850. |
Net unrealized depreciation consists of: | ||||
Gross Unrealized Appreciation | $ | 436,448 | ||
Gross Unrealized Depreciation | (961,815 | ) | ||
Net Unrealized Depreciation | $ | (525,367 | ) | |
Investments in | Other Financial | ||||||||
Securities | Instruments* | ||||||||
Level 1 — Quoted Prices | $ | 1,992,011 | $ | — | |||||
Level 2 — Other Significant Observable Inputs | 24,437,472 | — | |||||||
Level 3 — Significant Unobservable Inputs | — | — | |||||||
Total | $ | 26,429,483 | $ | — | |||||
* | Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end. |
54
Table of Contents
Shares | Value | |||||||||||
COMMON STOCK: 5.0% | ||||||||||||
Advertising: 0.0% | ||||||||||||
260 | @ | Interpublic Group of Cos., Inc. | $ | 1,063 | ||||||||
84 | Omnicom Group | 2,376 | ||||||||||
3,439 | ||||||||||||
Aerospace/Defense: 0.1% | ||||||||||||
89 | Boeing Co. | 3,794 | ||||||||||
44 | General Dynamics Corp. | 2,273 | ||||||||||
40 | Goodrich Corp. | 1,346 | ||||||||||
30 | L-3 Communications Holdings, Inc. | 2,015 | ||||||||||
36 | Lockheed Martin Corp. | 2,776 | ||||||||||
84 | Northrop Grumman Corp. | 3,440 | ||||||||||
90 | Raytheon Co. | 4,392 | ||||||||||
88 | United Technologies Corp. | 4,271 | ||||||||||
24,307 | ||||||||||||
Agriculture: 0.1% | ||||||||||||
249 | Altria Group, Inc. | 4,004 | ||||||||||
122 | Archer-Daniels-Midland Co. | 3,340 | ||||||||||
20 | Lorillard, Inc. | 1,209 | ||||||||||
239 | Philip Morris International, Inc. | 10,076 | ||||||||||
46 | Reynolds American, Inc. | 1,890 | ||||||||||
20,519 | ||||||||||||
Airlines: 0.0% | ||||||||||||
120 | Southwest Airlines Co. | 1,038 | ||||||||||
1,038 | ||||||||||||
Apparel: 0.0% | ||||||||||||
86 | @ | Coach, Inc. | 1,539 | |||||||||
46 | Nike, Inc. | 2,450 | ||||||||||
20 | Polo Ralph Lauren Corp. | 864 | ||||||||||
20 | VF Corp. | 1,046 | ||||||||||
5,899 | ||||||||||||
Auto Manufacturers: 0.0% | ||||||||||||
136 | @ | Ford Motor Co. | 366 | |||||||||
366 | ||||||||||||
Auto Parts & Equipment: 0.0% | ||||||||||||
126 | Johnson Controls, Inc. | 2,225 | ||||||||||
2,225 | ||||||||||||
Banks: 0.4% | ||||||||||||
551 | Bank of America Corp. | 8,954 | ||||||||||
160 | Bank of New York Mellon Corp. | 4,834 | ||||||||||
160 | BB&T Corp. | 4,795 | ||||||||||
70 | Capital One Financial Corp. | 2,409 | ||||||||||
624 | Citigroup, Inc. | 5,173 | ||||||||||
60 | Fifth Third Bancorp. | 574 | ||||||||||
33 | Goldman Sachs Group, Inc. | 2,607 | ||||||||||
120 | Huntington Bancshares, Inc. | 960 | ||||||||||
437 | JPMorgan Chase & Co. | 13,835 | ||||||||||
10 | M&T Bank Corp. | 643 | ||||||||||
125 | Morgan Stanley | 1,844 | ||||||||||
160 | National City Corp. | 322 | ||||||||||
50 | Northern Trust Corp. | 2,295 | ||||||||||
30 | PNC Financial Services Group, Inc. | 1,583 | ||||||||||
164 | Regions Financial Corp. | 1,671 | ||||||||||
75 | State Street Corp. | 3,158 | ||||||||||
60 | SunTrust Bank | 1,904 | ||||||||||
280 | US Bancorp. | 7,554 | ||||||||||
168 | Wachovia Corp. | 944 | ||||||||||
468 | Wells Fargo & Co. | 13,521 | ||||||||||
79,580 | ||||||||||||
Beverages: 0.1% | ||||||||||||
12 | Brown-Forman Corp. | 527 | ||||||||||
263 | Coca-Cola Co. | 12,327 | ||||||||||
40 | Coca-Cola Enterprises, Inc. | 367 | ||||||||||
80 | @ | Constellation Brands, Inc. | 1,021 | |||||||||
20 | @ | Dr Pepper Snapple Group, Inc. | 323 | |||||||||
20 | Molson Coors Brewing Co. | 889 | ||||||||||
84 | Pepsi Bottling Group, Inc. | 1,520 | ||||||||||
132 | PepsiCo, Inc. | 7,484 | ||||||||||
24,458 | ||||||||||||
Biotechnology: 0.1% | ||||||||||||
144 | @ | Amgen, Inc. | 7,998 | |||||||||
40 | @ | Biogen Idec, Inc. | 1,692 | |||||||||
50 | @ | Celgene Corp. | 2,605 | |||||||||
20 | @ | Genzyme Corp. | 1,280 | |||||||||
112 | @ | Gilead Sciences, Inc. | 5,016 | |||||||||
13 | @ | Life Technologies Corp. | 347 | |||||||||
18,938 | ||||||||||||
Chemicals: 0.1% | ||||||||||||
20 | Air Products & Chemicals, Inc. | 955 | ||||||||||
1 | Ashland, Inc. | 9 | ||||||||||
10 | CF Industries Holdings, Inc. | 526 | ||||||||||
123 | Dow Chemical Co. | 2,282 | ||||||||||
100 | EI Du Pont de Nemours & Co. | 2,506 | ||||||||||
30 | International Flavors & Fragrances, Inc. | 916 | ||||||||||
64 | Monsanto Co. | 5,069 | ||||||||||
52 | PPG Industries, Inc. | 2,284 | ||||||||||
20 | Praxair, Inc. | 1,181 | ||||||||||
20 | Rohm & Haas Co. | 1,368 | ||||||||||
30 | Sherwin-Williams Co. | 1,768 | ||||||||||
20 | Sigma-Aldrich Corp. | 862 | ||||||||||
19,726 | ||||||||||||
Coal: 0.0% | ||||||||||||
10 | Massey Energy Co. | 156 | ||||||||||
40 | Peabody Energy Corp. | 937 | ||||||||||
1,093 | ||||||||||||
Commercial Services: 0.1% | ||||||||||||
20 | @ | Apollo Group, Inc. — Class A | 1,537 | |||||||||
30 | Automatic Data Processing, Inc. | 1,232 | ||||||||||
80 | H&R Block, Inc. | 1,530 | ||||||||||
10 | Mastercard, Inc. | 1,453 | ||||||||||
22 | Moody’s Corp. | 478 | ||||||||||
20 | Paychex, Inc. | 565 | ||||||||||
40 | Robert Half International, Inc. | 836 | ||||||||||
90 | RR Donnelley & Sons Co. | 1,148 | ||||||||||
113 | Western Union Co. | 1,500 | ||||||||||
10,279 | ||||||||||||
Computers: 0.3% | ||||||||||||
40 | @ | Affiliated Computer Services, Inc. | 1,618 | |||||||||
110 | @ | Apple, Inc. | 10,194 | |||||||||
14 | @ | Computer Sciences Corp. | 390 | |||||||||
301 | @ | Dell, Inc. | 3,362 | |||||||||
281 | @ | EMC Corp. | 2,970 | |||||||||
330 | Hewlett-Packard Co. | 11,642 | ||||||||||
177 | International Business Machines Corp. | 14,443 | ||||||||||
39 | @ | Lexmark International, Inc. | 1,021 | |||||||||
40 | @ | NetApp, Inc. | 540 | |||||||||
60 | @ | Teradata Corp. | 806 | |||||||||
46,986 | ||||||||||||
55
Table of Contents
ING Principal Protection Fund XI
as of November 30, 2008 (Unaudited) (continued)
Shares | Value | |||||||||||||||
Cosmetics/Personal Care: 0.1% | ||||||||||||||||
20 | Avon Products, Inc. | $ | 422 | |||||||||||||
19 | Colgate-Palmolive Co. | 1,236 | ||||||||||||||
10 | Estee Lauder Cos., Inc. | 279 | ||||||||||||||
365 | Procter & Gamble Co. | 23,488 | ||||||||||||||
25,425 | ||||||||||||||||
Distribution/Wholesale: 0.0% | ||||||||||||||||
50 | Genuine Parts Co. | 1,958 | ||||||||||||||
1,958 | ||||||||||||||||
Diversified Financial Services: 0.1% | ||||||||||||||||
125 | American Express Co. | 2,914 | ||||||||||||||
67 | Ameriprise Financial, Inc. | 1,237 | ||||||||||||||
160 | Charles Schwab Corp. | 2,933 | ||||||||||||||
10 | CME Group, Inc. | 2,120 | ||||||||||||||
92 | Discover Financial Services | 941 | ||||||||||||||
10 | Federated Investors, Inc. | 199 | ||||||||||||||
10 | @ | IntercontinentalExchange, Inc. | 736 | |||||||||||||
40 | Invesco Ltd. | 502 | ||||||||||||||
40 | Janus Capital Group, Inc. | 326 | ||||||||||||||
131 | Merrill Lynch & Co., Inc. | 1,732 | ||||||||||||||
20 | @ | Nasdaq Stock Market, Inc. | 430 | |||||||||||||
30 | NYSE Euronext | 714 | ||||||||||||||
61 | @ | SLM Corp. | 562 | |||||||||||||
15,346 | ||||||||||||||||
Electric: 0.2% | ||||||||||||||||
200 | @ | AES Corp. | 1,538 | |||||||||||||
110 | American Electric Power Co., Inc. | 3,442 | ||||||||||||||
60 | CMS Energy Corp. | 610 | ||||||||||||||
120 | Dominion Resources, Inc. | 4,418 | ||||||||||||||
100 | DTE Energy Co. | 3,719 | ||||||||||||||
90 | Duke Energy Corp. | 1,400 | ||||||||||||||
110 | Edison International | 3,674 | ||||||||||||||
30 | Entergy Corp. | 2,553 | ||||||||||||||
40 | Exelon Corp. | 2,248 | ||||||||||||||
50 | FirstEnergy Corp. | 2,929 | ||||||||||||||
30 | FPL Group, Inc. | 1,463 | ||||||||||||||
30 | PG&E Corp. | 1,141 | ||||||||||||||
84 | Public Service Enterprise Group, Inc. | 2,596 | ||||||||||||||
30 | Southern Co. | 1,090 | ||||||||||||||
32,821 | ||||||||||||||||
Electrical Components & Equipment: 0.0% | ||||||||||||||||
84 | Emerson Electric Co. | 3,015 | ||||||||||||||
3,015 | ||||||||||||||||
Electronics: 0.1% | ||||||||||||||||
56 | @ | Agilent Technologies, Inc. | 1,054 | |||||||||||||
20 | Amphenol Corp. | 464 | ||||||||||||||
60 | Jabil Circuit, Inc. | 395 | ||||||||||||||
71 | @ | Thermo Electron Corp. | 2,533 | |||||||||||||
70 | @@ | Tyco Electronics Ltd. | 1,154 | |||||||||||||
34 | @ | Waters Corp. | 1,402 | |||||||||||||
7,002 | ||||||||||||||||
Engineering & Construction: 0.0% | ||||||||||||||||
40 | Fluor Corp. | 1,822 | ||||||||||||||
10 | @ | Jacobs Engineering Group, Inc. | 448 | |||||||||||||
2,270 | ||||||||||||||||
Environmental Control: 0.0% | ||||||||||||||||
40 | @ | Allied Waste Industries, Inc. | 430 | |||||||||||||
10 | Waste Management, Inc. | 292 | ||||||||||||||
722 | ||||||||||||||||
Food: 0.1% | ||||||||||||||||
100 | ConAgra foods, Inc. | 1,475 | ||||||||||||||
20 | HJ Heinz Co. | 777 | ||||||||||||||
20 | JM Smucker Co. | 907 | ||||||||||||||
30 | Kellogg Co. | 1,303 | ||||||||||||||
147 | Kraft Foods, Inc. | 4,000 | ||||||||||||||
68 | Kroger Co. | 1,881 | ||||||||||||||
20 | McCormick & Co., Inc. | 595 | ||||||||||||||
80 | Safeway, Inc. | 1,744 | ||||||||||||||
240 | Sara Lee Corp. | 2,203 | ||||||||||||||
40 | Supervalu, Inc. | 476 | ||||||||||||||
40 | Sysco Corp. | 938 | ||||||||||||||
20 | Whole Foods Market, Inc. | 212 | ||||||||||||||
16,511 | ||||||||||||||||
Forest Products & Paper: 0.0% | ||||||||||||||||
80 | International Paper Co. | 996 | ||||||||||||||
996 | ||||||||||||||||
Gas: 0.0% | ||||||||||||||||
140 | Centerpoint Energy, Inc. | 1,810 | ||||||||||||||
50 | Sempra Energy | 2,334 | ||||||||||||||
4,144 | ||||||||||||||||
Hand/Machine Tools: 0.0% | ||||||||||||||||
32 | Black & Decker Corp. | 1,358 | ||||||||||||||
32 | Snap-On, Inc. | 1,154 | ||||||||||||||
49 | Stanley Works | 1,558 | ||||||||||||||
4,070 | ||||||||||||||||
Healthcare — Products: 0.2% | ||||||||||||||||
92 | Baxter International, Inc. | 4,867 | ||||||||||||||
30 | Becton Dickinson & Co. | 1,906 | ||||||||||||||
140 | @ | Boston Scientific Corp. | 864 | |||||||||||||
13 | Cardinal Health, Inc. | 423 | ||||||||||||||
40 | @@ | Covidien Ltd. | 1,474 | |||||||||||||
20 | CR Bard, Inc. | 1,641 | ||||||||||||||
317 | Johnson & Johnson | 18,570 | ||||||||||||||
150 | Medtronic, Inc. | 4,578 | ||||||||||||||
10 | @ | Patterson Cos., Inc. | 188 | |||||||||||||
50 | @ | St. Jude Medical, Inc. | 1,402 | |||||||||||||
20 | Stryker Corp. | 778 | ||||||||||||||
30 | @ | Varian Medical Systems, Inc. | 1,211 | |||||||||||||
20 | @ | Zimmer Holdings, Inc. | 746 | |||||||||||||
38,648 | ||||||||||||||||
Healthcare — Services: 0.1% | ||||||||||||||||
84 | Aetna, Inc. | 1,833 | ||||||||||||||
72 | Cigna Corp. | 872 | ||||||||||||||
20 | @ | DaVita, Inc. | 1,005 | |||||||||||||
18 | @ | Humana, Inc. | 544 | |||||||||||||
31 | @ | Laboratory Corp. of America Holdings | 1,964 | |||||||||||||
30 | Quest Diagnostics | 1,397 | ||||||||||||||
136 | UnitedHealth Group, Inc. | 2,857 | ||||||||||||||
66 | @ | WellPoint, Inc. | 2,350 | |||||||||||||
12,822 | ||||||||||||||||
Holding Companies — Diversified: 0.0% | ||||||||||||||||
10 | Leucadia National Corp. | 196 | ||||||||||||||
196 | ||||||||||||||||
Home Builders: 0.0% | ||||||||||||||||
30 | Lennar Corp. | 213 | ||||||||||||||
50 | Pulte Homes, Inc. | 533 | ||||||||||||||
746 | ||||||||||||||||
56
Table of Contents
ING Principal Protection Fund XI
as of November 30, 2008 (Unaudited) (continued)
Shares | Value | |||||||||
Home Furnishings: 0.0% | ||||||||||
10 | Harman International Industries, Inc. | $ | 151 | |||||||
151 | ||||||||||
Household Products/Wares: 0.1% | ||||||||||
30 | Avery Dennison Corp. | 933 | ||||||||
20 | Clorox Co. | 1,183 | ||||||||
30 | Fortune Brands, Inc. | 1,134 | ||||||||
64 | Kimberly-Clark Corp. | 3,699 | ||||||||
6,949 | ||||||||||
Insurance: 0.2% | ||||||||||
87 | Aflac, Inc. | 4,028 | ||||||||
13 | Allstate Corp. | 331 | ||||||||
132 | American International Group, Inc. | 265 | ||||||||
50 | AON Corp. | 2,265 | ||||||||
20 | Assurant, Inc. | 435 | ||||||||
80 | Chubb Corp. | 4,109 | ||||||||
20 | Cincinnati Financial Corp. | 585 | ||||||||
40 | �� | Lincoln National Corp. | 549 | |||||||
35 | Loews Corp. | 959 | ||||||||
20 | Marsh & McLennan Cos., Inc. | 510 | ||||||||
116 | Metlife, Inc. | 3,336 | ||||||||
22 | Progressive Corp. | 330 | ||||||||
63 | Prudential Financial, Inc. | 1,367 | ||||||||
52 | Torchmark Corp. | 1,880 | ||||||||
90 | Travelers Cos., Inc. | 3,929 | ||||||||
100 | UnumProvident Corp. | 1,490 | ||||||||
26,368 | ||||||||||
Internet: 0.1% | ||||||||||
20 | @ | Akamai Technologies, Inc. | 245 | |||||||
40 | @ | Amazon.com, Inc. | 1,708 | |||||||
186 | @ | eBay, Inc. | 2,442 | |||||||
10 | @ | Expedia, Inc. | 84 | |||||||
30 | @ | Google, Inc. - - Class A | 8,789 | |||||||
116 | @ | Symantec Corp. | 1,395 | |||||||
160 | @ | Yahoo!, Inc. | 1,842 | |||||||
16,505 | ||||||||||
Investment Companies: 0.0% | ||||||||||
100 | American Capital Ltd. | 424 | ||||||||
424 | ||||||||||
Iron/Steel: 0.0% | ||||||||||
10 | AK Steel Holding Corp. | 79 | ||||||||
10 | Allegheny Technologies, Inc. | 230 | ||||||||
50 | Nucor Corp. | 1,784 | ||||||||
26 | United States Steel Corp. | 790 | ||||||||
2,883 | ||||||||||
Leisure Time: 0.0% | ||||||||||
20 | Carnival Corp. | 420 | ||||||||
420 | ||||||||||
Machinery — Construction & Mining: 0.0% | ||||||||||
100 | Caterpillar, Inc. | 4,099 | ||||||||
4,099 | ||||||||||
Machinery — Diversified: 0.0% | ||||||||||
36 | Cummins, Inc. | 921 | ||||||||
80 | Deere & Co. | 2,785 | ||||||||
20 | Flowserve Corp. | 1,007 | ||||||||
30 | Manitowoc Co., Inc. | 236 | ||||||||
30 | Rockwell Automation, Inc. | 935 | ||||||||
5,884 | ||||||||||
Media: 0.1% | ||||||||||
395 | Comcast Corp. — Class A | 6,849 | ||||||||
120 | @ | DIRECTV Group, Inc. | 2,641 | |||||||
260 | News Corp. — Class A | 2,054 | ||||||||
510 | Time Warner, Inc. | 4,616 | ||||||||
60 | @ | Viacom — Class B | 955 | |||||||
219 | Walt Disney Co. | 4,932 | ||||||||
22,047 | ||||||||||
Metal Fabricate/Hardware: 0.0% | ||||||||||
30 | Precision Castparts Corp. | 1,881 | ||||||||
1,881 | ||||||||||
Mining: 0.0% | ||||||||||
57 | Freeport-McMoRan Copper & Gold, Inc. | 1,367 | ||||||||
20 | Newmont Mining Corp. | 673 | ||||||||
2,040 | ||||||||||
Miscellaneous Manufacturing: 0.2% | ||||||||||
87 | 3M Co. | 5,823 | ||||||||
40 | Cooper Industries Ltd. | 966 | ||||||||
80 | Dover Corp. | 2,386 | ||||||||
29 | Eaton Corp. | 1,344 | ||||||||
1,243 | General Electric Co. | 21,342 | ||||||||
156 | Honeywell International, Inc. | 4,346 | ||||||||
30 | Illinois Tool Works, Inc. | 1,024 | ||||||||
30 | ITT Corp. | 1,256 | ||||||||
40 | Leggett & Platt, Inc. | 584 | ||||||||
59 | Parker Hannifin Corp. | 2,424 | ||||||||
60 | Textron, Inc. | 914 | ||||||||
30 | @@ | Tyco International Ltd. | 627 | |||||||
43,036 | ||||||||||
Office/Business Equipment: 0.0% | ||||||||||
120 | Pitney Bowes, Inc. | 2,965 | ||||||||
120 | Xerox Corp. | 839 | ||||||||
3,804 | ||||||||||
Oil & Gas: 0.7% | ||||||||||
70 | Anadarko Petroleum Corp. | 2,874 | ||||||||
50 | Apache Corp. | 3,865 | ||||||||
10 | Chesapeake Energy Corp. | 172 | ||||||||
287 | Chevron Corp. | 22,676 | ||||||||
219 | ConocoPhillips | 11,502 | ||||||||
37 | Devon Energy Corp. | 2,677 | ||||||||
30 | ENSCO International, Inc. | 972 | ||||||||
20 | EOG Resources, Inc. | 1,700 | ||||||||
668 | ExxonMobil Corp. | 53,540 | ||||||||
40 | Hess Corp. | 2,162 | ||||||||
84 | Marathon Oil Corp. | 2,199 | ||||||||
40 | Murphy Oil Corp. | 1,762 | ||||||||
50 | @,@@ | Nabors Industries Ltd. | 725 | |||||||
50 | Noble Corp. | 1,340 | ||||||||
10 | Noble Energy, Inc. | 523 | ||||||||
116 | Occidental Petroleum Corp. | 6,280 | ||||||||
30 | Questar Corp. | 966 | ||||||||
40 | @ | Southwestern Energy Co. | 1,375 | |||||||
20 | Sunoco, Inc. | 795 | ||||||||
60 | Tesoro Petroleum Corp. | 551 | ||||||||
39 | @ | Transocean, Inc. | 2,608 | |||||||
112 | Valero Energy Corp. | 2,055 | ||||||||
25 | XTO Energy, Inc. | 956 | ||||||||
124,275 | ||||||||||
57
Table of Contents
ING Principal Protection Fund XI
as of November 30, 2008 (Unaudited) (continued)
Shares | Value | |||||||||
Oil & Gas Services: 0.1% | ||||||||||
50 | Baker Hughes, Inc. | $ | 1,742 | |||||||
30 | BJ Services Co. | 360 | ||||||||
80 | @ | Cameron International Corp. | 1,688 | |||||||
60 | Halliburton Co. | 1,056 | ||||||||
80 | @ | National Oilwell Varco, Inc. | 2,263 | |||||||
150 | Schlumberger Ltd. | 7,611 | ||||||||
30 | Smith International, Inc. | 877 | ||||||||
20 | @ | Weatherford International Ltd. | 255 | |||||||
15,852 | ||||||||||
Packaging & Containers: 0.0% | ||||||||||
30 | Ball Corp. | 1,094 | ||||||||
10 | Bemis Co. | 270 | ||||||||
10 | Sealed Air Corp. | 158 | ||||||||
1,522 | ||||||||||
Pharmaceuticals: 0.3% | ||||||||||
190 | Abbott Laboratories | 9,954 | ||||||||
20 | Allergan, Inc. | 754 | ||||||||
10 | @ | Barr Pharmaceuticals, Inc. | 654 | |||||||
230 | Bristol-Myers Squibb Co. | 4,761 | ||||||||
160 | Eli Lilly & Co. | 5,464 | ||||||||
40 | @ | Express Scripts, Inc. | 2,300 | |||||||
80 | @ | Forest Laboratories, Inc. | 1,934 | |||||||
68 | @ | King Pharmaceuticals, Inc. | 653 | |||||||
60 | @ | Medco Health Solutions, Inc. | 2,520 | |||||||
254 | Merck & Co., Inc. | 6,787 | ||||||||
40 | @ | Mylan Laboratories | 376 | |||||||
814 | Pfizer, Inc. | 13,374 | ||||||||
220 | Schering-Plough Corp. | 3,698 | ||||||||
40 | @ | Watson Pharmaceuticals, Inc. | 950 | |||||||
194 | Wyeth | 6,986 | ||||||||
61,165 | ||||||||||
Pipelines: 0.0% | ||||||||||
100 | El Paso Corp. | 739 | ||||||||
80 | Spectra Energy Corp. | 1,301 | ||||||||
17 | Williams Cos., Inc. | 276 | ||||||||
2,316 | ||||||||||
Retail: 0.3% | ||||||||||
20 | @ | Autozone, Inc. | 2,184 | |||||||
29 | Best Buy Co., Inc. | 601 | ||||||||
40 | @ | Big Lots, Inc. | 701 | |||||||
34 | Costco Wholesale Corp. | 1,750 | ||||||||
176 | CVS Caremark Corp. | 5,092 | ||||||||
2 | Darden Restaurants, Inc. | 37 | ||||||||
50 | Family Dollar Stores, Inc. | 1,389 | ||||||||
30 | @ | GameStop Corp. | 656 | |||||||
132 | Gap, Inc. | 1,719 | ||||||||
133 | Home Depot, Inc. | 3,074 | ||||||||
10 | JC Penney Co., Inc. | 190 | ||||||||
10 | @ | Kohl’s Corp. | 327 | |||||||
100 | Limited Brands, Inc. | 931 | ||||||||
186 | Lowe’s Cos., Inc. | 3,843 | ||||||||
40 | Macy’s, Inc. | 297 | ||||||||
152 | McDonald’s Corp. | 8,930 | ||||||||
40 | RadioShack Corp. | 394 | ||||||||
101 | Staples, Inc. | 1,753 | ||||||||
90 | @ | Starbucks Corp. | 804 | |||||||
75 | Target Corp. | 2,532 | ||||||||
125 | TJX Cos., Inc. | 2,853 | ||||||||
120 | Walgreen Co. | 2,969 | ||||||||
301 | Wal-Mart Stores, Inc. | 16,820 | ||||||||
34 | Yum! Brands, Inc. | 916 | ||||||||
60,762 | ||||||||||
Savings & Loans: 0.0% | ||||||||||
240 | Hudson City Bancorp., Inc. | 4,010 | ||||||||
4,010 | ||||||||||
Semiconductors: 0.1% | ||||||||||
30 | Altera Corp. | 441 | ||||||||
20 | Analog Devices, Inc. | 342 | ||||||||
176 | Applied Materials, Inc. | 1,686 | ||||||||
50 | @ | Broadcom Corp. | 766 | |||||||
712 | Intel Corp. | 9,826 | ||||||||
10 | KLA-Tencor Corp. | 188 | ||||||||
130 | @ | LSI Logic Corp. | 348 | |||||||
30 | @ | MEMC Electronic Materials, Inc. | 451 | |||||||
90 | National Semiconductor Corp. | 990 | ||||||||
30 | @ | Nvidia Corp. | 224 | |||||||
60 | @ | QLogic Corp. | 637 | |||||||
170 | Texas Instruments, Inc. | 2,647 | ||||||||
40 | Xilinx, Inc. | 654 | ||||||||
19,200 | ||||||||||
Software: 0.2% | ||||||||||
40 | @ | Adobe Systems, Inc. | 926 | |||||||
40 | @ | Autodesk, Inc. | 664 | |||||||
43 | @ | BMC Software, Inc. | 1,073 | |||||||
126 | CA, Inc. | 2,122 | ||||||||
30 | @ | Compuware Corp. | 191 | |||||||
20 | @ | Electronic Arts, Inc. | 381 | |||||||
80 | Fidelity National Information Services, Inc. | 1,374 | ||||||||
30 | @ | Fiserv, Inc. | 1,024 | |||||||
110 | IMS Health, Inc. | 1,447 | ||||||||
960 | Microsoft Corp. | 19,411 | ||||||||
537 | @ | Oracle Corp. | 8,640 | |||||||
37,253 | ||||||||||
Telecommunications: 0.3% | ||||||||||
671 | AT&T, Inc. | 19,164 | ||||||||
21 | CenturyTel, Inc. | 558 | ||||||||
727 | @ | Cisco Systems, Inc. | 12,025 | |||||||
205 | Corning, Inc. | 1,847 | ||||||||
34 | Embarq Corp. | 1,110 | ||||||||
30 | Harris Corp. | 1,046 | ||||||||
70 | @ | JDS Uniphase Corp. | 190 | |||||||
40 | @ | Juniper Networks, Inc. | 695 | |||||||
100 | Motorola, Inc. | 431 | ||||||||
170 | Qualcomm, Inc. | 5,707 | ||||||||
210 | Qwest Communications International, Inc. | 672 | ||||||||
294 | Sprint Nextel Corp. | 820 | ||||||||
342 | Verizon Communications, Inc. | 11,166 | ||||||||
220 | Windstream Corp. | 1,949 | ||||||||
57,380 | ||||||||||
Toys/Games/Hobbies: 0.0% | ||||||||||
80 | Hasbro, Inc. | 2,144 | ||||||||
2,144 | ||||||||||
Transportation: 0.1% | ||||||||||
30 | Burlington Northern Santa Fe Corp. | 2,298 | ||||||||
20 | CH Robinson Worldwide, Inc. | 1,022 |
58
Table of Contents
ING Principal Protection Fund XI
as of November 30, 2008 (Unaudited) (continued)
Shares | Value | |||||||||
Transportation: (continued) | ||||||||||
28 | CSX Corp. | $ | 1,043 | |||||||
20 | Expeditors International Washington, Inc. | 669 | ||||||||
37 | FedEx Corp. | 2,614 | ||||||||
20 | Norfolk Southern Corp. | 989 | ||||||||
20 | Ryder System, Inc. | 718 | ||||||||
30 | Union Pacific Corp. | 1,501 | ||||||||
90 | United Parcel Service, Inc. - Class B | 5,184 | ||||||||
16,038 | ||||||||||
Total Common Stock (Cost $1,329,316) | 963,953 | |||||||||
REAL ESTATE INVESTMENT TRUSTS: 0.1% | ||||||||||
Apartments: 0.1% | ||||||||||
50 | Apartment Investment & Management Co. | 574 | ||||||||
10 | AvalonBay Communities, Inc. | 607 | ||||||||
70 | Equity Residential | 2,130 | ||||||||
3,311 | ||||||||||
Diversified: 0.0% | ||||||||||
10 | Vornado Realty Trust | 535 | ||||||||
535 | ||||||||||
Health Care: 0.0% | ||||||||||
90 | HCP, Inc. | 1,860 | ||||||||
1,860 | ||||||||||
Hotels: 0.0% | ||||||||||
160 | Host Hotels & Resorts, Inc. | 1,203 | ||||||||
1,203 | ||||||||||
Regional Malls: 0.0% | ||||||||||
40 | Simon Property Group, Inc. | 1,900 | ||||||||
1,900 | ||||||||||
Shopping Centers: 0.0% | ||||||||||
20 | Developers Diversified Realty Corp. | 96 | ||||||||
96 | ||||||||||
Storage: 0.0% | ||||||||||
40 | Public Storage, Inc. | 2,796 | ||||||||
2,796 | ||||||||||
Total Real Estate Investment Trusts (Cost $15,752) | 11,701 | |||||||||
Principal | ||||||||||
Amount | Value | |||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 62.4% | ||||||||||
Federal National Mortgage Association: 62.4% | ||||||||||
$ | 12,250,000 | ^ ^, Z | 1.580%, due 09/15/09 | $ | 12,096,913 | |||||
Total U.S. Government Agency Obligations (Cost $11,916,312) | 12,096,913 | |||||||||
U.S. TREASURY OBLIGATIONS: 31.5% | ||||||||||
U.S. Treasury STRIP COUPON: 31.5% | ||||||||||
6,142,000 | Z | 0.600%, due 11/15/09 | 6,107,058 | |||||||
Total U.S. Treasury Obligations (Cost $6,038,882) | 6,107,058 | |||||||||
Total Long-Term Investments (Cost $19,300,262) | 19,179,625 | |||||||||
Shares | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 1.5% | ||||||||||||||
Affiliated Mutual Fund: 1.5% | ||||||||||||||
279,000 | ING Institutional Prime Money Market Fund - Class I | $ | 279,000 | |||||||||||
Total Short-Term Investments (Cost $279,000) | 279,000 | |||||||||||||
Total Investments in Securities (Cost $19,579,262)* | 100.5 | % | $ | 19,458,625 | ||||||||||
Other Assets and Liabilities - Net | (0.5 | ) | (90,952 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 19,367,673 | ||||||||||
@ | Non-income producing security | |
@@ | Foreign Issuer | |
STRIP | Separate Trading of Registered Interest and Principal of Securities | |
^^ | Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security. | |
Z | Indicates Zero Coupon Bond; rate shown reflects current effective yield. | |
* | Cost for federal income tax purposes is $19,754,021. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 78,267 | ||
Gross Unrealized Depreciation | (373,663 | ) | ||
Net Unrealized Depreciation | $ | (295,396 | ) | |
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 1,254,654 | $ | — | ||||
Level 2 — Other Significant Observable Inputs | 18,203,971 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 19,458,625 | $ | — | ||||
* | Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end. |
59
Table of Contents
ING Principal Protection Fund XII
as of November 30, 2008 (Unaudited)
Shares | Value | |||||||||
COMMON STOCK: 3.3% | ||||||||||
Advertising: 0.0% | ||||||||||
80 | @ | Interpublic Group of Cos., Inc. | $ | 327 | ||||||
30 | Omnicom Group | 849 | ||||||||
1,176 | ||||||||||
Aerospace/Defense: 0.1% | ||||||||||
29 | Boeing Co. | 1,236 | ||||||||
12 | General Dynamics Corp. | 620 | ||||||||
10 | Goodrich Corp. | 337 | ||||||||
10 | L-3 Communications Holdings, Inc. | 672 | ||||||||
9 | Lockheed Martin Corp. | 694 | ||||||||
25 | Northrop Grumman Corp. | 1,024 | ||||||||
30 | Raytheon Co. | 1,464 | ||||||||
30 | United Technologies Corp. | 1,456 | ||||||||
7,503 | ||||||||||
Agriculture: 0.1% | ||||||||||
81 | Altria Group, Inc. | 1,302 | ||||||||
38 | Archer-Daniels-Midland Co. | 1,040 | ||||||||
10 | Lorillard, Inc. | 604 | ||||||||
81 | Philip Morris International, Inc. | 3,415 | ||||||||
12 | Reynolds American, Inc. | 493 | ||||||||
6,854 | ||||||||||
Airlines: 0.0% | ||||||||||
40 | Southwest Airlines Co. | 346 | ||||||||
346 | ||||||||||
Apparel: 0.0% | ||||||||||
30 | @ | Coach, Inc. | 537 | |||||||
16 | Nike, Inc. | 852 | ||||||||
10 | Polo Ralph Lauren Corp. | 432 | ||||||||
10 | VF Corp. | 523 | ||||||||
2,344 | ||||||||||
Auto Manufacturers: 0.0% | ||||||||||
42 | @ | Ford Motor Co. | 113 | |||||||
113 | ||||||||||
Auto Parts & Equipment: 0.0% | ||||||||||
44 | Johnson Controls, Inc. | 777 | ||||||||
777 | ||||||||||
Banks: 0.3% | ||||||||||
177 | Bank of America Corp. | 2,876 | ||||||||
50 | Bank of New York Mellon Corp. | 1,511 | ||||||||
50 | BB&T Corp. | 1,499 | ||||||||
24 | Capital One Financial Corp. | 826 | ||||||||
198 | Citigroup, Inc. | 1,641 | ||||||||
20 | Fifth Third Bancorp. | 191 | ||||||||
17 | Goldman Sachs Group, Inc. | 1,343 | ||||||||
40 | Huntington Bancshares, Inc. | 320 | ||||||||
133 | JPMorgan Chase & Co. | 4,211 | ||||||||
34 | Morgan Stanley | 502 | ||||||||
50 | National City Corp. | 101 | ||||||||
20 | Northern Trust Corp. | 918 | ||||||||
10 | PNC Financial Services Group, Inc. | 528 | ||||||||
48 | Regions Financial Corp. | 489 | ||||||||
21 | State Street Corp. | 884 | ||||||||
20 | SunTrust Bank | 635 | ||||||||
90 | US Bancorp. | 2,428 | ||||||||
58 | Wachovia Corp. | 326 | ||||||||
154 | Wells Fargo & Co. | 4,449 | ||||||||
20 | Zions Bancorp. | 638 | ||||||||
26,316 | ||||||||||
Beverages: 0.1% | ||||||||||
82 | Coca-Cola Co. | 3,843 | ||||||||
10 | Coca-Cola Enterprises, Inc. | 92 | ||||||||
20 | @ | Constellation Brands, Inc. | 255 | |||||||
10 | @ | Dr Pepper Snapple Group, Inc. | 161 | |||||||
10 | Molson Coors Brewing Co. | 445 | ||||||||
25 | Pepsi Bottling Group, Inc. | 452 | ||||||||
44 | PepsiCo, Inc. | 2,495 | ||||||||
7,743 | ||||||||||
Biotechnology: 0.1% | ||||||||||
40 | @ | Amgen, Inc. | 2,222 | |||||||
10 | @ | Biogen Idec, Inc. | 423 | |||||||
20 | @ | Celgene Corp. | 1,042 | |||||||
5 | @ | Genzyme Corp. | 320 | |||||||
36 | @ | Gilead Sciences, Inc. | 1,612 | |||||||
13 | @ | Life Technologies Corp. | 347 | |||||||
5,966 | ||||||||||
Chemicals: 0.1% | ||||||||||
10 | Air Products & Chemicals, Inc. | 478 | ||||||||
37 | Dow Chemical Co. | 686 | ||||||||
30 | EI Du Pont de Nemours & Co. | 752 | ||||||||
10 | International Flavors & Fragrances, Inc. | 305 | ||||||||
22 | Monsanto Co. | 1,742 | ||||||||
14 | PPG Industries, Inc. | 615 | ||||||||
10 | Praxair, Inc. | 591 | ||||||||
10 | Rohm & Haas Co. | 684 | ||||||||
10 | Sherwin-Williams Co. | 589 | ||||||||
10 | Sigma-Aldrich Corp. | 431 | ||||||||
6,873 | ||||||||||
Coal: 0.0% | ||||||||||
10 | Peabody Energy Corp. | 234 | ||||||||
234 | ||||||||||
Commercial Services: 0.0% | ||||||||||
10 | @ | Apollo Group, Inc. — Class A | 768 | |||||||
10 | Automatic Data Processing, Inc. | 411 | ||||||||
30 | H&R Block, Inc. | 574 | ||||||||
4 | Moody’s Corp. | 87 | ||||||||
10 | Paychex, Inc. | 283 | ||||||||
10 | Robert Half International, Inc. | 209 | ||||||||
30 | RR Donnelley & Sons Co. | 383 | ||||||||
31 | Western Union Co. | 411 | ||||||||
3,126 | ||||||||||
Computers: 0.2% | ||||||||||
10 | @ | Affiliated Computer Services, Inc. | 405 | |||||||
40 | @ | Apple, Inc. | 3,707 | |||||||
20 | @ | Cognizant Technology Solutions Corp. | 384 | |||||||
10 | @ | Computer Sciences Corp. | 279 | |||||||
95 | @ | Dell, Inc. | 1,061 | |||||||
85 | @ | EMC Corp. | 898 | |||||||
106 | Hewlett-Packard Co. | 3,740 | ||||||||
57 | International Business Machines Corp. | 4,651 | ||||||||
16 | @ | Lexmark International, Inc. | 419 | |||||||
10 | @ | NetApp, Inc. | 135 | |||||||
2 | @ | Sun Microsystems, Inc. | 6 | |||||||
20 | @ | Teradata Corp. | 269 | |||||||
15,954 | ||||||||||
Cosmetics/Personal Care: 0.1% | ||||||||||
10 | Avon Products, Inc. | 211 | ||||||||
10 | Colgate-Palmolive Co. | 651 | ||||||||
115 | Procter & Gamble Co. | 7,400 | ||||||||
8,262 | ||||||||||
60
Table of Contents
ING Principal Protection Fund XII
as of November 30, 2008 (Unaudited) (continued)
Shares | Value | |||||||||
Distribution/Wholesale: 0.0% | ||||||||||
20 | Genuine Parts Co. | $ | 783 | |||||||
783 | ||||||||||
Diversified Financial Services: 0.0% | ||||||||||
40 | American Express Co. | 932 | ||||||||
24 | Ameriprise Financial, Inc. | 443 | ||||||||
54 | Charles Schwab Corp. | 990 | ||||||||
27 | Discover Financial Services | 276 | ||||||||
10 | Invesco Ltd. | 126 | ||||||||
10 | Janus Capital Group, Inc. | 82 | ||||||||
45 | Merrill Lynch & Co., Inc. | 595 | ||||||||
10 | @ | Nasdaq Stock Market, Inc. | 215 | |||||||
10 | NYSE Euronext | 238 | ||||||||
20 | @ | SLM Corp. | 184 | |||||||
4,081 | ||||||||||
Electric: 0.1% | ||||||||||
60 | @ | AES Corp. | 461 | |||||||
30 | American Electric Power Co., Inc. | 939 | ||||||||
20 | CMS Energy Corp. | 203 | ||||||||
40 | Dominion Resources, Inc. | 1,473 | ||||||||
30 | DTE Energy Co. | 1,116 | ||||||||
30 | Duke Energy Corp. | 467 | ||||||||
30 | Edison International | 1,002 | ||||||||
10 | Entergy Corp. | 851 | ||||||||
10 | Exelon Corp. | 562 | ||||||||
20 | FirstEnergy Corp. | 1,172 | ||||||||
10 | FPL Group, Inc. | 488 | ||||||||
40 | Pepco Holdings, Inc. | 720 | ||||||||
10 | PG&E Corp. | 380 | ||||||||
28 | Public Service Enterprise Group, Inc. | 865 | ||||||||
10 | Southern Co. | 363 | ||||||||
20 | Xcel Energy, Inc. | 376 | ||||||||
11,438 | ||||||||||
Electrical Components & Equipment: 0.0% | ||||||||||
26 | Emerson Electric Co. | 933 | ||||||||
933 | ||||||||||
Electronics: 0.0% | ||||||||||
18 | @ | Agilent Technologies, Inc. | 339 | |||||||
10 | Amphenol Corp. | 232 | ||||||||
20 | Jabil Circuit, Inc. | 132 | ||||||||
23 | @ | Thermo Electron Corp. | 821 | |||||||
25 | @@ | Tyco Electronics Ltd. | 412 | |||||||
10 | @ | Waters Corp. | 412 | |||||||
2,348 | ||||||||||
Engineering & Construction: 0.0% | ||||||||||
10 | Fluor Corp. | 455 | ||||||||
455 | ||||||||||
Environmental Control: 0.0% | ||||||||||
10 | @ | Allied Waste Industries, Inc. | 107 | |||||||
107 | ||||||||||
Food: 0.1% | ||||||||||
30 | ConAgra Foods, Inc. | 443 | ||||||||
10 | HJ Heinz Co. | 388 | ||||||||
10 | JM Smucker Co. | 454 | ||||||||
10 | Kellogg Co. | 434 | ||||||||
44 | Kraft Foods, Inc. | 1,197 | ||||||||
22 | Kroger Co. | 609 | ||||||||
10 | McCormick & Co., Inc. | 298 | ||||||||
20 | Safeway, Inc. | 436 | ||||||||
80 | Sara Lee Corp. | 734 | ||||||||
10 | Supervalu, Inc. | 119 | ||||||||
10 | Sysco Corp. | 235 | ||||||||
10 | Whole Foods Market, Inc. | 106 | ||||||||
5,453 | ||||||||||
Forest Products & Paper: 0.0% | ||||||||||
30 | International Paper Co. | 374 | ||||||||
374 | ||||||||||
Gas: 0.0% | ||||||||||
50 | Centerpoint Energy, Inc. | 647 | ||||||||
20 | Sempra Energy | 933 | ||||||||
1,580 | ||||||||||
Hand/Machine Tools: 0.0% | ||||||||||
10 | Black & Decker Corp. | 424 | ||||||||
7 | Snap-On, Inc. | 252 | ||||||||
21 | Stanley Works | 668 | ||||||||
1,344 | ||||||||||
Healthcare — Products: 0.1% | ||||||||||
34 | Baxter International, Inc. | 1,799 | ||||||||
10 | Becton Dickinson & Co. | 635 | ||||||||
40 | @ | Boston Scientific Corp. | 247 | |||||||
4 | Cardinal Health, Inc. | 130 | ||||||||
15 | @@ | Covidien Ltd. | 553 | |||||||
10 | CR Bard, Inc. | 820 | ||||||||
101 | Johnson & Johnson | 5,917 | ||||||||
50 | Medtronic, Inc. | 1,526 | ||||||||
20 | @ | St. Jude Medical, Inc. | 561 | |||||||
10 | Stryker Corp. | 389 | ||||||||
10 | @ | Varian Medical Systems, Inc. | 404 | |||||||
10 | @ | Zimmer Holdings, Inc. | 373 | |||||||
13,354 | ||||||||||
Healthcare — Services: 0.1% | ||||||||||
22 | Aetna, Inc. | 480 | ||||||||
20 | Cigna Corp. | 242 | ||||||||
10 | @ | DaVita, Inc. | 503 | |||||||
6 | @ | Humana, Inc. | 181 | |||||||
12 | @ | Laboratory Corp. of America Holdings | 760 | |||||||
10 | Quest Diagnostics | 466 | ||||||||
46 | UnitedHealth Group, Inc. | 966 | ||||||||
24 | @ | WellPoint, Inc. | 854 | |||||||
4,452 | ||||||||||
Home Builders: 0.0% | ||||||||||
30 | D.R. Horton, Inc. | 206 | ||||||||
10 | Lennar Corp. | 71 | ||||||||
20 | Pulte Homes, Inc. | 213 | ||||||||
490 | ||||||||||
Household Products/Wares: 0.0% | ||||||||||
10 | Avery Dennison Corp. | 311 | ||||||||
10 | Clorox Co. | 592 | ||||||||
10 | Fortune Brands, Inc. | 378 | ||||||||
17 | Kimberly-Clark Corp. | 982 | ||||||||
2,263 | ||||||||||
Insurance: 0.1% | ||||||||||
29 | Aflac, Inc. | 1,343 | ||||||||
4 | Allstate Corp. | 102 |
61
Table of Contents
ING Principal Protection Fund XII
as of November 30, 2008 (Unaudited) (continued)
Shares | Value | |||||||||
Insurance: (continued) | ||||||||||
44 | American International Group, Inc. | $ | 88 | |||||||
10 | AON Corp. | 453 | ||||||||
10 | Assurant, Inc. | 218 | ||||||||
22 | Chubb Corp. | 1,130 | ||||||||
10 | Cincinnati Financial Corp. | 292 | ||||||||
10 | Lincoln National Corp. | 137 | ||||||||
10 | Loews Corp. | 274 | ||||||||
10 | Marsh & McLennan Cos., Inc. | 255 | ||||||||
38 | Metlife, Inc. | 1,093 | ||||||||
4 | Progressive Corp. | 60 | ||||||||
24 | Prudential Financial, Inc. | 521 | ||||||||
20 | Torchmark Corp. | 723 | ||||||||
27 | Travelers Cos., Inc. | 1,179 | ||||||||
30 | UnumProvident Corp. | 447 | ||||||||
8,315 | ||||||||||
Internet: 0.1% | ||||||||||
10 | @ | Akamai Technologies, Inc. | 123 | |||||||
10 | @ | Amazon.com, Inc. | 427 | |||||||
58 | @ | eBay, Inc. | 762 | |||||||
10 | @ | Google, Inc. — Class A | 2,930 | |||||||
34 | @ | Symantec Corp. | 409 | |||||||
50 | @ | Yahoo!, Inc. | 576 | |||||||
5,227 | ||||||||||
Investment Companies: 0.0% | ||||||||||
30 | American Capital Ltd. | 127 | ||||||||
127 | ||||||||||
Iron/Steel: 0.0% | ||||||||||
18 | Nucor Corp. | 642 | ||||||||
9 | United States Steel Corp. | 274 | ||||||||
916 | ||||||||||
Leisure Time: 0.0% | ||||||||||
10 | Carnival Corp. | 210 | ||||||||
210 | ||||||||||
Machinery — Construction & Mining: 0.0% | ||||||||||
30 | Caterpillar, Inc. | 1,230 | ||||||||
1,230 | ||||||||||
Machinery — Diversified: 0.0% | ||||||||||
8 | Cummins, Inc. | 205 | ||||||||
20 | Deere & Co. | 696 | ||||||||
10 | Flowserve Corp. | 503 | ||||||||
10 | Manitowoc Co., Inc. | 79 | ||||||||
10 | Rockwell Automation, Inc. | 312 | ||||||||
1,795 | ||||||||||
Media: 0.1% | ||||||||||
125 | Comcast Corp. — Class A | 2,168 | ||||||||
40 | @ | DIRECTV Group, Inc. | 880 | |||||||
78 | News Corp. — Class A | 616 | ||||||||
160 | Time Warner, Inc. | 1,448 | ||||||||
20 | @ | Viacom — Class B | 318 | |||||||
66 | Walt Disney Co. | 1,486 | ||||||||
6,916 | ||||||||||
Metal Fabricate/Hardware: 0.0% | ||||||||||
10 | Precision Castparts Corp. | 627 | ||||||||
627 | ||||||||||
Mining: 0.0% | ||||||||||
20 | Alcoa, Inc. | 215 | ||||||||
23 | Freeport-McMoRan Copper & Gold, Inc. | 552 | ||||||||
10 | Newmont Mining Corp. | 337 | ||||||||
1,104 | ||||||||||
Miscellaneous Manufacturing: 0.1% | ||||||||||
27 | 3M Co. | 1,807 | ||||||||
10 | Cooper Industries Ltd. | 241 | ||||||||
30 | Dover Corp. | 895 | ||||||||
16 | Eaton Corp. | 741 | ||||||||
389 | General Electric Co. | 6,679 | ||||||||
52 | Honeywell International, Inc. | 1,449 | ||||||||
10 | Illinois Tool Works, Inc. | 341 | ||||||||
10 | ITT Corp. | 419 | ||||||||
10 | Leggett & Platt, Inc. | 146 | ||||||||
22 | Parker Hannifin Corp. | 904 | ||||||||
20 | Textron, Inc. | 305 | ||||||||
5 | @@ | Tyco International Ltd. | 105 | |||||||
14,032 | ||||||||||
Office/Business Equipment: 0.0% | ||||||||||
40 | Pitney Bowes, Inc. | 988 | ||||||||
40 | Xerox Corp. | 280 | ||||||||
1,268 | ||||||||||
Oil & Gas: 0.4% | ||||||||||
26 | Anadarko Petroleum Corp. | 1,067 | ||||||||
20 | Apache Corp. | 1,546 | ||||||||
92 | Chevron Corp. | 7,269 | ||||||||
66 | ConocoPhillips | 3,466 | ||||||||
11 | Devon Energy Corp. | 796 | ||||||||
10 | ENSCO International, Inc. | 324 | ||||||||
10 | EOG Resources, Inc. | 850 | ||||||||
215 | ExxonMobil Corp. | 17,232 | ||||||||
10 | Hess Corp. | 540 | ||||||||
24 | Marathon Oil Corp. | 628 | ||||||||
10 | Murphy Oil Corp. | 441 | ||||||||
20 | @, @@ | Nabors Industries Ltd. | 290 | |||||||
20 | Noble Corp. | 536 | ||||||||
40 | Occidental Petroleum Corp. | 2,166 | ||||||||
10 | Questar Corp. | 322 | ||||||||
10 | @ | Southwestern Energy Co. | 344 | |||||||
10 | Sunoco, Inc. | 397 | ||||||||
20 | Tesoro Petroleum Corp. | 184 | ||||||||
11 | @ | Transocean, Inc. | 736 | |||||||
34 | Valero Energy Corp. | 624 | ||||||||
12 | XTO Energy, Inc. | 459 | ||||||||
40,217 | ||||||||||
Oil & Gas Services: 0.1% | ||||||||||
20 | Baker Hughes, Inc. | 697 | ||||||||
10 | BJ Services Co. | 120 | ||||||||
30 | @ | Cameron International Corp. | 633 | |||||||
14 | Halliburton Co. | 246 | ||||||||
20 | @ | National Oilwell Varco, Inc. | 566 | |||||||
50 | Schlumberger Ltd. | 2,537 | ||||||||
10 | Smith International, Inc. | 292 | ||||||||
10 | @ | Weatherford International Ltd. | 128 | |||||||
5,219 | ||||||||||
Packaging & Containers: 0.0% | ||||||||||
11 | Ball Corp. | 401 | ||||||||
401 | ||||||||||
62
Table of Contents
ING Principal Protection Fund XII
as of November 30, 2008 (Unaudited) (continued)
Shares | Value | |||||||||
Pharmaceuticals: 0.2% | ||||||||||
60 | Abbott Laboratories | $ | 3,143 | |||||||
10 | Allergan, Inc. | 377 | ||||||||
70 | Bristol-Myers Squibb Co. | 1,449 | ||||||||
50 | Eli Lilly & Co. | 1,708 | ||||||||
10 | @ | Express Scripts, Inc. | 575 | |||||||
30 | @ | Forest Laboratories, Inc. | 725 | |||||||
23 | @ | King Pharmaceuticals, Inc. | 221 | |||||||
20 | @ | Medco Health Solutions, Inc. | 840 | |||||||
85 | Merck & Co., Inc. | 2,271 | ||||||||
10 | @ | Mylan Laboratories | 94 | |||||||
257 | Pfizer, Inc. | 4,223 | ||||||||
70 | Schering-Plough Corp. | 1,177 | ||||||||
10 | @ | Watson Pharmaceuticals, Inc. | 238 | |||||||
61 | Wyeth | 2,197 | ||||||||
19,238 | ||||||||||
Pipelines: 0.0% | ||||||||||
30 | El Paso Corp. | 222 | ||||||||
30 | Spectra Energy Corp. | 488 | ||||||||
4 | Williams Cos., Inc. | 65 | ||||||||
775 | ||||||||||
Retail: 0.2% | ||||||||||
10 | @ | Autozone, Inc. | 1,092 | |||||||
9 | Best Buy Co., Inc. | 186 | ||||||||
10 | @ | Big Lots, Inc. | 175 | |||||||
14 | Costco Wholesale Corp. | 721 | ||||||||
54 | CVS Caremark Corp. | 1,562 | ||||||||
12 | Family Dollar Stores, Inc. | 333 | ||||||||
10 | @ | GameStop Corp. | 219 | |||||||
40 | Gap, Inc. | 521 | ||||||||
42 | Home Depot, Inc. | 971 | ||||||||
30 | Limited Brands, Inc. | 279 | ||||||||
64 | Lowe’s Cos., Inc. | 1,322 | ||||||||
10 | Macy’s, Inc. | 74 | ||||||||
49 | McDonald’s Corp. | 2,879 | ||||||||
10 | RadioShack Corp. | 99 | ||||||||
29 | Staples, Inc. | 503 | ||||||||
30 | @ | Starbucks Corp. | 268 | |||||||
27 | Target Corp. | 912 | ||||||||
38 | TJX Cos., Inc. | 867 | ||||||||
40 | Walgreen Co. | 990 | ||||||||
91 | Wal-Mart Stores, Inc. | 5,085 | ||||||||
14 | Yum! Brands, Inc. | 377 | ||||||||
19,435 | ||||||||||
Savings & Loans: 0.0% | ||||||||||
80 | Hudson City Bancorp., Inc. | 1,337 | ||||||||
1,337 | ||||||||||
Semiconductors: 0.1% | ||||||||||
10 | Altera Corp. | 147 | ||||||||
10 | Analog Devices, Inc. | 171 | ||||||||
60 | Applied Materials, Inc. | 575 | ||||||||
20 | @ | Broadcom Corp. | 306 | |||||||
222 | Intel Corp. | 3,064 | ||||||||
40 | @ | LSI Logic Corp. | 107 | |||||||
10 | @ | MEMC Electronic Materials, Inc. | 150 | |||||||
33 | National Semiconductor Corp. | 363 | ||||||||
15 | @ | Nvidia Corp. | 112 | |||||||
20 | @ | QLogic Corp. | 212 | |||||||
60 | Texas Instruments, Inc. | 934 | ||||||||
10 | Xilinx, Inc. | 164 | ||||||||
6,305 | ||||||||||
Software: 0.1% | ||||||||||
10 | @ | Adobe Systems, Inc. | 232 | |||||||
12 | @ | Autodesk, Inc. | 199 | |||||||
15 | @ | BMC Software, Inc. | 374 | |||||||
34 | CA, Inc. | 573 | ||||||||
10 | @ | Compuware Corp. | 64 | |||||||
10 | @ | Electronic Arts, Inc. | 191 | |||||||
30 | Fidelity National Information Services, Inc. | 515 | ||||||||
10 | @ | Fiserv, Inc. | 341 | |||||||
40 | IMS Health, Inc. | 526 | ||||||||
301 | Microsoft Corp. | 6,086 | ||||||||
172 | @ | Oracle Corp. | 2,767 | |||||||
11,868 | ||||||||||
Telecommunications: 0.2% | ||||||||||
215 | AT&T, Inc. | 6,140 | ||||||||
7 | CenturyTel, Inc. | 186 | ||||||||
224 | @ | Cisco Systems, Inc. | 3,705 | |||||||
68 | Corning, Inc. | 613 | ||||||||
12 | Embarq Corp. | 392 | ||||||||
10 | Harris Corp. | 349 | ||||||||
20 | @ | JDS Uniphase Corp. | 54 | |||||||
10 | @ | Juniper Networks, Inc. | 174 | |||||||
30 | Motorola, Inc. | 129 | ||||||||
52 | Qualcomm, Inc. | 1,746 | ||||||||
70 | Qwest Communications International, Inc. | 224 | ||||||||
91 | Sprint Nextel Corp. | 254 | ||||||||
105 | Verizon Communications, Inc. | 3,428 | ||||||||
70 | Windstream Corp. | 620 | ||||||||
18,014 | ||||||||||
Toys/Games/Hobbies: 0.0% | ||||||||||
30 | Hasbro, Inc. | 804 | ||||||||
804 | ||||||||||
Transportation: 0.1% | ||||||||||
10 | Burlington Northern Santa Fe Corp. | 766 | ||||||||
10 | CH Robinson Worldwide, Inc. | 511 | ||||||||
8 | CSX Corp. | 298 | ||||||||
10 | Expeditors International Washington, Inc. | 334 | ||||||||
8 | FedEx Corp. | 565 | ||||||||
5 | Norfolk Southern Corp. | 247 | ||||||||
10 | Ryder System, Inc. | 359 | ||||||||
6 | Union Pacific Corp. | 300 | ||||||||
30 | United Parcel Service, Inc. — Class B | 1,728 | ||||||||
5,108 | ||||||||||
Total Common Stock (Cost $405,811) | 313,530 | |||||||||
REAL ESTATE INVESTMENT TRUSTS: 0.0% | ||||||||||
Apartments: 0.0% | ||||||||||
20 | Apartment Investment & Management Co. | 229 | ||||||||
10 | AvalonBay Communities, Inc. | 607 | ||||||||
20 | Equity Residential | 609 | ||||||||
1,445 | ||||||||||
Health Care: 0.0% | ||||||||||
30 | HCP, Inc. | 620 | ||||||||
620 | ||||||||||
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ING Principal Protection Fund XII
as of November 30, 2008 (Unaudited) (continued)
Shares | Value | |||||||||
Hotels: 0.0% | ||||||||||
50 | Host Hotels & Resorts, Inc. | $ | 376 | |||||||
376 | ||||||||||
Regional Malls: 0.0% | ||||||||||
10 | Simon Property Group, Inc. | 475 | ||||||||
475 | ||||||||||
Shopping Centers: 0.0% | ||||||||||
10 | Developers Diversified Realty Corp. | 48 | ||||||||
48 | ||||||||||
Storage: 0.0% | ||||||||||
10 | Public Storage, Inc. | 699 | ||||||||
699 | ||||||||||
Total Real Estate Investment Trusts (Cost $5,198) | 3,663 | |||||||||
Principal | ||||||||||
Amount | Value | |||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 54.6% | ||||||||||
Federal National Mortgage Association: 54.6% | ||||||||||
$ | 2,651,000 | ^, Z | 1.370%, due 01/15/10 | $ | 2,610,020 | |||||
2,697,000 | ^, Z | 1.400%, due 11/15/09 | 2,661,327 | |||||||
5,271,347 | ||||||||||
Total U.S. Government Agency Obligations (Cost $5,139,628) | 5,271,347 | |||||||||
U.S. TREASURY OBLIGATIONS: 40.9% | ||||||||||
U.S. Treasury STRIP PRINCIPAL: 40.9% | ||||||||||
3,980,000 | Z | 0.730%, due 02/15/10 | 3,944,431 | |||||||
Total U.S. Treasury Obligations (Cost $3,880,386) | 3,944,431 | |||||||||
Total Long-Term Investments (Cost $9,431,023) | 9,532,971 | |||||||||
Shares | Value | |||||||||||
SHORT-TERM INVESTMENTS: 1.6% | ||||||||||||
Affiliated Mutual Fund: 1.6% | ||||||||||||
155,000 | ING Institutional Prime Money Market Fund - Class I | $ | 155,000 | |||||||||
Total Short-Term Investments (Cost $155,000) | 155,000 | |||||||||||
Total Investments in Securities (Cost $9,586,023)* | 100.4 | % | $ | 9,687,971 | ||||||||
Other Assets and Liabilities - Net | (0.4 | ) | (40,071 | ) | ||||||||
Net Assets | 100.0 | % | $ | 9,647,900 | ||||||||
@ | Non-income producing security | |
@@ | Foreign Issuer | |
STRIP | Separate Trading of Registered Interest and Principal of Securities | |
^ | 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 $9,691,906. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 92,055 | ||||
Gross Unrealized Depreciation | (95,990 | ) | ||||
Net Unrealized Depreciation | $ | (3,935 | ) | |||
Investments in | Other Financial | |||||
Securities | Instruments* | |||||
Level 1 — Quoted Prices | $ | 472,193 | $ | — | ||
Level 2 — Other Significant Observable Inputs | 9,215,778 | — | ||||
Level 3 — Significant Unobservable Inputs | — | — | ||||
Total | $ | 9,687,971 | $ | — | ||
* | Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end. |
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ING Growth and Income Fund
ING Real Estate Fund
ING Strategic Allocation Growth Fund
ING Strategic Allocation Moderate Fund
ING Corporate Leaders 100 Fund
ING Equity Dividend Fund
ING Fundamental Research Fund
ING LargeCap Growth 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 LargeCap Fund
ING Index Plus MidCap Fund
ING Index Plus SmallCap Fund
ING SmallCap Value Multi-Manager 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 Science and Technology Fund
ING Global Value Choice Fund
ING Disciplined International SmallCap 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 Equity Dividend Fund
ING International Growth Opportunities 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 Bond Fund
ING Global Target Payment Fund
ING Classic 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. |
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Investment Adviser
7337 East Doubletree Ranch Road
Scottsdale, Arizona 85258
7337 East Doubletree Ranch Road
Scottsdale, Arizona 85258
7337 East Doubletree Ranch Road
Scottsdale, Arizona 85258
Transfer Agent
P.O. Box 419368
Kansas City, Missouri 64141
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 |