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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-08895
ING Funds Trust
(Exact name of registrant as specified in charter)
7337 E. Doubletree Ranch Rd., Scottsdale, AZ | 85258 | |
(Address of principal executive offices) | (Zip code) |
The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-992-0180
Date of fiscal year end: | March 31 | |
Date of reporting period: | March 31, 2012 |
Item 1. Reports to Stockholders.
The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):
n | ING GNMA Income Fund | |
n | ING High Yield Bond Fund | |
n | ING Intermediate Bond Fund |
This report is submitted for general information to shareholders of the ING Funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds’ investment objectives, risks, charges, expenses and other information. This information should be read carefully. |
MUTUAL FUNDS |
President’s Letter | 1 | |||||
Market Perspective | 2 | |||||
Portfolio Managers’ Reports | 4 | |||||
Shareholder Expense Examples | 10 | |||||
Report of Independent Registered Public Accounting Firm | 12 | |||||
Statements of Assets and Liabilities | 13 | |||||
Statements of Operations | 15 | |||||
Statements of Changes in Net Assets | 16 | |||||
Financial Highlights | 18 | |||||
Notes to Financial Statements | 21 | |||||
Summary Portfolios of Investments | 38 | |||||
Tax Information | 57 | |||||
Trustee and Officer Information | 58 | |||||
Advisory Contract Approval Discussion | 62 |
Go Paperless with E-Delivery! | |||||||||||
Sign up now for on-line prospectuses, fund reports, and proxy statements. In less than five minutes, you can help reduce paper mail and lower fund costs. | |||||||||||
Just go to www.inginvestment.com, click on the E-Delivery icon from the home page, follow the directions and complete the quick 5 Steps to Enroll. | |||||||||||
You will be notified by e-mail when these communications become available on the internet. Documents that are not available on the internet will continue to be sent by mail. |
President and Chief Executive Officer
ING Funds
April 27, 2012
The views expressed in the President’s Letter reflect those of the President as of the date of the letter. Any such views are subject to change at any time based upon market or other conditions and the ING Funds disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for an ING Fund are based on numerous factors, may not be relied on as an indication of investment intent on behalf of any ING Fund. Reference to specific company securities should not be construed as recommendations or investment advice.
Index | Description | |||||
---|---|---|---|---|---|---|
MSCI World IndexSM | An unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East. | |||||
S&P/Case-Shiller 20-City Composite Home Price Index | A composite index of the home price index for the top 20 Metropolitan Statistical Areas in the United States. The index is published monthly by Standard & Poor’s. | |||||
Barclays Capital U.S. Aggregate Bond Index | An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities. | |||||
Barclays Capital U.S. MBS Index | An unmanaged index composed of fixed-income security mortgage pools sponsored by GNMA, FNMA and FHLMC, including GNMA Graduated Payment Mortgages. | |||||
Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index | An unmanaged index that includes all fixed income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity. | |||||
S&P 500® Index | 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. | |||||
MSCI Japan® Index | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan. | |||||
MSCI Europe ex UK® Index | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK. | |||||
MSCI UK® Index | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK. |
ING GNMA INCOME FUND | PORTFOLIO MANAGERS’ REPORT |
Investment Type Allocation as of March 31, 2012 (as a percentage of net assets) | ||||||||
U.S. Government Agency Obligations | 101.8% | |||||||
Liabilities in Excess of Other Assets | (1.8)% | |||||||
Net Assets | 100.0% | |||||||
Portfolio holdings are subject to change daily. | ||||||||
PORTFOLIO MANAGERS’ REPORT | ING GNMA INCOME FUND |
Average Annual Total Returns for the Periods Ended March 31, 2012 | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 Year | 5 Year | 10 Year | Since Inception of Class W December 17, 2007 | |||||||||||||||||
Including Sales Charge: | ||||||||||||||||||||
Class A(1) | 4.16 | % | 5.55 | % | 4.86 | % | — | |||||||||||||
Class B(2) | 1.08 | % | 4.97 | % | 4.58 | % | — | |||||||||||||
Class C(3) | 5.12 | % | 5.30 | % | 4.58 | % | — | |||||||||||||
Class I | 7.16 | % | 6.41 | % | 5.69 | % | — | |||||||||||||
Class W | 7.12 | % | — | — | 6.50 | % | ||||||||||||||
Excluding Sales Charge: | ||||||||||||||||||||
Class A | 6.87 | % | 6.08 | % | 5.37 | % | — | |||||||||||||
Class B | 6.08 | % | 5.30 | % | 4.58 | % | — | |||||||||||||
Class C | 6.12 | % | 5.30 | % | 4.58 | % | — | |||||||||||||
Class I | 7.16 | % | 6.41 | % | 5.69 | % | — | |||||||||||||
Class W | 7.12 | % | — | — | 6.50 | % | ||||||||||||||
Barclays Capital U.S. MBS Index | 6.21 | % | 6.33 | % | 5.65 | % | 6.20 | %(4) |
(1) | Reflects deduction of the maximum Class A sales charge of 4.75%. Effective July 31, 2006, the maximum Class A sales charge was lowered to 2.50%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 2% for the 1 year and 5 year returns, respectively. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | Since inception performance for index is shown from January 1, 2008. |
ING HIGH YIELD BOND FUND | PORTFOLIO MANAGERS’ REPORT |
Sector Diversification as of March 31, 2012 (as a percentage of net assets) | |||||||
Consumer Discretionary | 28.2 | % | |||||
Energy | 16.4 | % | |||||
Health Care | 9.6 | % | |||||
Financials | 8.1 | % | |||||
Materials | 7.2 | % | |||||
Industrials | 6.9 | % | |||||
Telecommunication Services | 6.5 | % | |||||
Information Technology | 4.8 | % | |||||
Consumer Staples | 4.7 | % | |||||
Utilities | 2.1 | % | |||||
Other Asset-Backed Securities | 0.7 | % | |||||
Assets in Excess of Other Liabilities* | 4.8 | % | |||||
Net Assets | 100.0 | % | |||||
* Includes short-term investments. | |||||||
Portfolio holdings are subject to change daily. |
Top Ten Holdings as of March 31, 2012* (as a percentage of net assets) | |||||||
Monitronics International, Inc., 9.125%, 04/01/20 | 0.8 | % | |||||
Physio-Control International, Inc., 9.875%, 01/15/19 | 0.7 | % | |||||
Ally Financial, Inc., 8.000%, 03/15/20 | 0.7 | % | |||||
Caesars Operating Escrow LLC / Caesars Escrow Corp., 8.500%, 02/15/20 | 0.7 | % | |||||
Taylor Morrison Communities, Inc. / Monarch Communities, Inc., 7.750%, 04/15/20 | 0.7 | % | |||||
Codere Finance Luxembourg SA, 9.250%, 02/15/19 | 0.7 | % | |||||
JM Huber Corp., 9.875%, 11/01/19 | 0.7 | % | |||||
GSC Partners CDO Fund Ltd, 2.495%, 12/16/15 | 0.7 | % | |||||
Intelsat Luxembourg S.A., 11.250%, 02/04/17 | 0.7 | % | |||||
AMC Entertainment, Inc., 9.750%, 12/01/20 | 0.6 | % | |||||
* Excludes short-term investments. | |||||||
Portfolio holdings are subject to change daily. |
PORTFOLIO MANAGERS’ REPORT | ING HIGH YIELD BOND FUND |
Average Annual Total Returns for the Periods Ended March 31, 2012 | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 Year | 5 Year | 10 Year | Since Inception of Class I July 31, 2008 | Since Inception of Class W July 29, 2011 | ||||||||||||||||||||
Including Sales Charge: | ||||||||||||||||||||||||
Class A(1) | 4.05 | % | 5.16 | % | 6.09 | % | — | — | ||||||||||||||||
Class B(2) | 0.90 | % | 4.59 | % | 5.80 | % | — | — | ||||||||||||||||
Class C(3) | 5.05 | % | 4.90 | % | 5.83 | % | — | — | ||||||||||||||||
Class I | 7.30 | % | — | — | 10.63 | % | — | |||||||||||||||||
Class W | — | — | — | — | 5.77 | % | ||||||||||||||||||
Excluding Sales Charge: | ||||||||||||||||||||||||
Class A | 6.72 | % | 5.69 | % | 6.62 | % | — | — | ||||||||||||||||
Class B | 5.89 | % | 4.88 | % | 5.80 | % | — | — | ||||||||||||||||
Class C | 6.05 | % | 4.90 | % | 5.83 | % | — | — | ||||||||||||||||
Class I | 7.30 | % | — | — | 10.63 | % | — | |||||||||||||||||
Class W | — | — | — | — | 5.77 | % | ||||||||||||||||||
Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index | 6.43 | % | 8.27 | % | 9.34 | % | 12.32 | %(4) | 4.12 | %(5) | ||||||||||||||
Barclays Capital Corporate High Yield Index | 6.45 | % | 8.10 | % | 9.24 | % | 12.24 | %(4) | 4.14 | %(5) | ||||||||||||||
(1) | Reflects deduction of the maximum Class A sales charge of 4.75%. Effective July 31, 2006, the maximum Class A sales charge was lowered to 2.50%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 2% for the 1 year and 5 year returns, respectively. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | Since inception performance for the indices is shown from August 1, 2008. |
(5) | Since inception performance for the indices is shown from August 1, 2011. |
ING INTERMEDIATE BOND FUND | PORTFOLIO MANAGERS’ REPORT |
Investment Type Allocation as of March 31, 2012 (as a percentage of net assets) | |||||||
Corporate Bonds/Notes | 33.2 | % | |||||
U.S. Government Agency Obligations | 30.9 | % | |||||
Collateralized Mortgage Obligations | 11.2 | % | |||||
U.S. Treasury Obligations | 10.6 | % | |||||
Foreign Government Bonds | 7.2 | % | |||||
Asset-Backed Securities | 4.2 | % | |||||
Preferred Stock | 0.3 | % | |||||
Purchased Options | 0.1 | % | |||||
Assets in Excess of Other Liabilities* | 2.3 | % | |||||
Net Assets | 100.0 | % | |||||
*Includes short-term investments. | |||||||
Portfolio holdings are subject to change daily. | |||||||
Top Ten Holdings as of March 31, 2012* (as a percentage of net assets) | |||||||
Ginnie Mae, 3.500%, 10/15/41 | 3.3 | % | |||||
Fannie Mae, 4.000%, 02/25/39 | 2.9 | % | |||||
United States Treasury Note, 0.250%, 03/31/14 | 2.8 | % | |||||
United States Treasury Note, 2.000%, 02/15/22 | 2.5 | % | |||||
Fannie Mae, 3.500%, 12/25/40 | 2.3 | % | |||||
Brazil Notas do Tesouro Nacional Series F, 10.000%, 01/01/21 | �� | 2.2 | % | ||||
South Africa Government Bond, 7.250%, 01/15/20 | 1.9 | % | |||||
United States Treasury Note, 1.500%, 03/31/19 | 1.6 | % | |||||
Freddie Mac, 5.500%, 02/15/36 | 1.5 | % | |||||
United States Treasury Note, 3.125%, 11/15/41 | 1.4 | % | |||||
*Excludes short-term investments. | |||||||
Portfolio holdings are subject to change daily. | |||||||
PORTFOLIO MANAGERS’ REPORT | ING INTERMEDIATE BOND FUND |
Average Annual Total Returns for the Periods Ended March 31, 2012 | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 Year | 5 Year | 10 Year | Since Inception of Class O August 13, 2004 | Since Inception of Class R March 16, 2004 | Since Inception of Class W December 17, 2007 | |||||||||||||||||||||||
Including Sales Charge: | ||||||||||||||||||||||||||||
Class A(1) | 5.94 | % | 4.49 | % | 4.74 | % | — | — | — | |||||||||||||||||||
Class B(2) | 2.77 | % | 3.89 | % | 4.44 | % | — | — | — | |||||||||||||||||||
Class C(3) | 6.78 | % | 4.22 | % | 4.46 | % | — | — | — | |||||||||||||||||||
Class I | 8.90 | % | 5.35 | % | 5.59 | % | — | — | — | |||||||||||||||||||
Class O | 8.49 | % | 4.99 | % | — | 4.60 | % | — | — | |||||||||||||||||||
Class R | 8.33 | % | 4.73 | % | — | — | 4.10 | % | — | |||||||||||||||||||
Class W | 10.09 | % | — | — | — | — | 5.85 | % | ||||||||||||||||||||
Excluding Sales Charge: | ||||||||||||||||||||||||||||
Class A | 8.61 | % | 5.01 | % | 5.25 | % | — | — | — | |||||||||||||||||||
Class B | 7.77 | % | 4.22 | % | 4.44 | % | — | — | — | |||||||||||||||||||
Class C | 7.78 | % | 4.22 | % | 4.46 | % | — | — | — | |||||||||||||||||||
Class I | 8.90 | % | 5.35 | % | 5.59 | % | — | — | — | |||||||||||||||||||
Class O | 8.49 | % | 4.99 | % | — | 4.60 | % | — | — | |||||||||||||||||||
Class R | 8.33 | % | 4.73 | % | — | — | 4.10 | % | — | |||||||||||||||||||
Class W | 10.09 | % | — | — | — | — | 5.85 | % | ||||||||||||||||||||
Barclays Capital U.S. Aggregate Bond Index | 7.71 | % | 6.25 | % | 5.80 | % | 5.57 | %(4) | 5.13 | %(5) | 6.07 | %(6) |
(1) | Reflects deduction of the maximum Class A sales charge of 4.75%. Effective July 31, 2006, the maximum Class A sales charge was lowered to 2.50%. |
(2) | Reflects deduction of the Class B deferred sales charge of 5% and 2% for the 1 year and 5 year returns, respectively. |
(3) | Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
(4) | Since inception performance for index is shown from August 1, 2004. |
(5) | Since inception performance for index is shown from April 1, 2004. |
(6) | Since inception performance for index is shown from January 1, 2008. |
Actual Fund Return | Hypothetical (5% return before expenses) | ||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Account Value October 1, 2011 | Ending Account Value March 31, 2012 | Annualized Expense Ratio | Expenses Paid During the Period Ended March 31, 2012 | Beginning Account Value October 1, 2011 | Ending Account Value March 31, 2012 | Annualized Expense Ratio | Expenses Paid During the Period Ended March 31, 2012* | ||||||||||||||||||||||||||||
ING GNMA Income Fund | |||||||||||||||||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,022.70 | 0.93 | % | $ | 4.70 | $ | 1,000.00 | $ | 1,020.34 | 0.93 | % | $ | 4.70 | |||||||||||||||||||
Class B | 1,000.00 | 1,018.90 | 1.68 | 8.48 | 1,000.00 | 1,016.61 | 1.68 | 8.47 | |||||||||||||||||||||||||||
Class C | 1,000.00 | 1,017.90 | 1.68 | 8.48 | 1,000.00 | 1,016.59 | 1.68 | 8.47 | |||||||||||||||||||||||||||
Class I | 1,000.00 | 1,024.00 | 0.65 | 3.29 | 1,000.00 | 1,021.73 | 0.65 | 3.29 | |||||||||||||||||||||||||||
Class W | 1,000.00 | 1,023.90 | 0.68 | 3.44 | 1,000.00 | 1,021.58 | 0.68 | 3.44 | |||||||||||||||||||||||||||
ING High Yield Bond Fund | |||||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,122.70 | 1.10 | 5.84 | 1,000.00 | 1,019.50 | 1.10 | 5.55 | |||||||||||||||||||||||||||
Class B | 1,000.00 | 1,118.40 | 1.85 | 9.80 | 1,000.00 | 1,015.75 | 1.85 | 9.32 | |||||||||||||||||||||||||||
Class C | 1,000.00 | 1,118.40 | 1.85 | 9.80 | 1,000.00 | 1,015.76 | 1.85 | 9.32 | |||||||||||||||||||||||||||
Class I | 1,000.00 | 1,125.00 | 0.67 | 3.56 | 1,000.00 | 1,021.65 | 0.67 | 3.39 | |||||||||||||||||||||||||||
Class W | 1,000.00 | 1,057.70 | 0.85 | 4.37 | 1,000.00 | 1,020.77 | 0.85 | 4.29 |
* | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 183/366 to reflect the most recent fiscal half-year. |
Actual Fund Return | Hypothetical (5% return before expenses) | ||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Account Value October 1, 2011 | Ending Account Value March 31, 2012 | Annualized Expense Ratio | Expenses Paid During the Period Ended March 31, 2012 | Beginning Account Value October 1, 2011 | Ending Account Value March 31, 2012 | Annualized Expense Ratio | Expenses Paid During the Period Ended March 31, 2012* | ||||||||||||||||||||||||||||
ING Intermediate Bond Fund | |||||||||||||||||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,039.30 | 0.68 | % | $ | 3.47 | $ | 1,000.00 | $ | 1,021.62 | 0.68 | % | $ | 3.44 | |||||||||||||||||||
Class B | 1,000.00 | 1,035.50 | 1.43 | 7.28 | 1,000.00 | 1,017.87 | 1.43 | 7.21 | |||||||||||||||||||||||||||
Class C | 1,000.00 | 1,035.50 | 1.43 | 7.28 | 1,000.00 | 1,017.86 | 1.43 | 7.21 | |||||||||||||||||||||||||||
Class I | 1,000.00 | 1,040.80 | 0.40 | 2.04 | 1,000.00 | 1,023.00 | 0.40 | 2.02 | |||||||||||||||||||||||||||
Class O | 1,000.00 | 1,039.30 | 0.68 | 3.47 | 1,000.00 | 1,021.61 | 0.68 | 3.44 | |||||||||||||||||||||||||||
Class R | 1,000.00 | 1,038.00 | 0.93 | 4.74 | 1,000.00 | 1,020.37 | 0.93 | 4.70 | |||||||||||||||||||||||||||
Class W | 1,000.00 | 1,040.80 | 0.43 | 2.19 | 1,000.00 | 1,022.83 | 0.43 | 2.17 |
* | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 183/366 to reflect the most recent fiscal half-year. |
ING Funds Trust
May 30, 2012
ING GNMA Income Fund | ING High Yield Bond Fund | ING Intermediate Bond Fund | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS: | ||||||||||||||
Investments in securities at value+* | $ | 998,139,986 | $ | 132,904,095 | $ | 807,518,940 | ||||||||
Short-term investments at value*** | — | 5,063,000 | 124,043,045 | |||||||||||
Cash | 86,328,495 | 297,840 | 55,812 | |||||||||||
Cash collateral for futures | 1,735,674 | — | 2,169,716 | |||||||||||
Receivable for derivatives collateral (Note 2) | — | — | 5,095,000 | |||||||||||
Foreign currencies at value***** | �� | 12,633 | 3,338,993 | |||||||||||
Receivables: | ||||||||||||||
Investments securities sold | — | 16,909,000 | 68,872,928 | |||||||||||
Investment securities sold on a delayed-delivery or when-issued basis | 165,562,164 | — | 80,310,883 | |||||||||||
Fund shares sold | 4,714,494 | 511,607 | 9,375,519 | |||||||||||
Dividends | — | 561 | 24,837 | |||||||||||
Interest | 4,145,468 | 2,940,491 | 5,139,469 | |||||||||||
Unrealized appreciation on forward foreign currency contracts | — | — | 545,087 | |||||||||||
Upfront payments paid on OTC swap agreements | — | — | 452,571 | |||||||||||
Unrealized appreciation on OTC swap agreements | — | — | 264,608 | |||||||||||
Prepaid expenses | 40,290 | 32,795 | 56,368 | |||||||||||
Reimbursement due from manager | — | 4,828 | — | |||||||||||
Total assets | 1,260,666,571 | 158,676,850 | 1,107,263,776 | |||||||||||
LIABILITIES: | ||||||||||||||
Income distribution payable | — | 175,637 | 229,066 | |||||||||||
Payable for investment securities purchased | 1,421,127 | 5,982,984 | 75,284,249 | |||||||||||
Payable for investment securities purchased on a delayed-delivery or when-issued basis | 274,390,359 | — | 160,674,644 | |||||||||||
Payable for fund shares redeemed | 3,414,921 | 12,700,308 | 4,542,169 | |||||||||||
Payable upon receipt of securities loaned | — | — | 33,451,480 | |||||||||||
Unrealized depreciation on forward foreign currency contracts | — | — | 2,228,747 | |||||||||||
Upfront payments received on OTC swap agreements | — | — | 507,283 | |||||||||||
Unrealized depreciation on OTC swap agreements | — | — | 2,938,581 | |||||||||||
Payable to affiliates | 725,269 | 114,913 | 296,851 | |||||||||||
Payable for trustee fees | 4,277 | 680 | 3,948 | |||||||||||
Other accrued expenses and liabilities | 213,963 | 82,195 | 142,757 | |||||||||||
Written options, at fair value^ | — | — | 25,000 | |||||||||||
Total liabilities | 280,169,916 | 19,056,717 | 280,324,775 | |||||||||||
NET ASSETS | $ | 980,496,655 | $ | 139,620,133 | $ | 826,939,001 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||
Paid-in capital | $ | 934,227,989 | $ | 176,020,896 | $ | 941,992,329 | ||||||||
Undistributed (distributions in excess of) net investment income | (10,084 | ) | (79,880 | ) | 20,559,366 | |||||||||
Accumulated net realized gain (loss) | 308,330 | (41,057,807 | ) | (149,027,815 | ) | |||||||||
Net unrealized appreciation | 45,970,420 | 4,736,924 | 13,415,121 | |||||||||||
NET ASSETS | $ | 980,496,655 | $ | 139,620,133 | $ | 826,939,001 | ||||||||
+ Including securities loaned at value | $ | — | $ | — | $ | 32,707,588 | ||||||||
* Cost of investments in securities | $ | 954,000,073 | $ | 128,166,897 | $ | 789,776,005 | ||||||||
*** Cost of short-term investments | $ | — | $ | 5,063,000 | $ | 124,043,045 | ||||||||
***** Cost of foreign currencies | $ | — | $ | 12,907 | $ | 3,342,432 | ||||||||
^ Premiums received on written options | $ | — | $ | — | $ | 151,078 |
ING GNMA Income Fund | ING High Yield Bond Fund | ING Intermediate Bond Fund | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | |||||||||||||||
Net assets | $ | 681,899,658 | $ | 98,122,755 | $ | 293,277,238 | |||||||||
Shares authorized | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | |||||||||
Shares outstanding | 75,046,138 | 12,574,055 | 29,627,589 | ||||||||||||
Net asset value and redemption price per share | $ | 9.09 | $ | 7.80 | $ | 9.90 | |||||||||
Maximum offering price per share (2.50%)(1) | $ | 9.32 | $ | 8.00 | $ | 10.15 | |||||||||
Class B | |||||||||||||||
Net assets | $ | 3,676,278 | $ | 2,369,838 | $ | 4,143,957 | |||||||||
Shares authorized | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | |||||||||
Shares outstanding | 406,884 | 304,043 | 419,345 | ||||||||||||
Net asset value and redemption price per share† | $ | 9.04 | $ | 7.79 | $ | 9.88 | |||||||||
Class C | |||||||||||||||
Net assets | $ | 138,542,534 | $ | 12,727,485 | $ | 35,255,590 | |||||||||
Shares authorized | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | |||||||||
Shares outstanding | 15,326,593 | 1,631,297 | 3,566,432 | ||||||||||||
Net asset value and redemption price per share† | $ | 9.04 | $ | 7.80 | $ | 9.89 | |||||||||
Class I | |||||||||||||||
Net assets | $ | 144,678,168 | $ | 24,848,515 | $ | 331,423,246 | |||||||||
Shares authorized | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | |||||||||
Shares outstanding | 15,901,743 | 3,187,508 | 33,485,477 | ||||||||||||
Net asset value and redemption price per share | $ | 9.10 | $ | 7.80 | $ | 9.90 | |||||||||
Class O | |||||||||||||||
Net assets | $ | n/a | $ | n/a | $ | 42,500,012 | |||||||||
Shares authorized | n/a | n/a | unlimited | ||||||||||||
Par value | $ | n/a | $ | n/a | $ | 0.001 | |||||||||
Shares outstanding | n/a | n/a | 4,291,810 | ||||||||||||
Net asset value and redemption price per share | $ | n/a | $ | n/a | $ | 9.90 | |||||||||
Class R | |||||||||||||||
Net assets | $ | n/a | $ | n/a | $ | 12,322,602 | |||||||||
Shares authorized | n/a | n/a | unlimited | ||||||||||||
Par value | $ | n/a | $ | n/a | $ | 0.001 | |||||||||
Shares outstanding | n/a | n/a | 1,243,092 | ||||||||||||
Net asset value and redemption price per share | $ | n/a | $ | n/a | $ | 9.91 | |||||||||
Class W | |||||||||||||||
Net assets | $ | 11,700,017 | $ | 1,551,540 | $ | 108,016,356 | |||||||||
Shares authorized | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | |||||||||
Shares outstanding | 1,284,891 | 198,722 | 10,923,583 | ||||||||||||
Net asset value and redemption price per share | $ | 9.11 | $ | 7.81 | $ | 9.89 | |||||||||
(1)Maximum offering price is computed at 100/97.50 of net asset value. On purchases of $100,000 or more, the offering price is reduced. | |||||||||||||||
†Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
ING GNMA Income Fund | ING High Yield Bond Fund | ING Intermediate Bond Fund | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
INVESTMENT INCOME: | ||||||||||||||
Dividends | $ | — | $ | 8,671 | $ | 171,581 | ||||||||
Interest, net of foreign taxes withheld* | 29,978,428 | 10,606,269 | 36,477,109 | |||||||||||
Securities lending income, net | — | — | 128,007 | |||||||||||
Total investment income | 29,978,428 | 10,614,940 | 36,776,697 | |||||||||||
EXPENSES: | ||||||||||||||
Investment management fees | 4,020,454 | 693,086 | 1,342,413 | |||||||||||
Distribution and service fees: | ||||||||||||||
Class A | 1,575,118 | 214,690 | 765,784 | |||||||||||
Class B | 62,485 | 33,732 | 59,172 | |||||||||||
Class C | 1,143,870 | 116,428 | 335,200 | |||||||||||
Class O | — | — | 104,802 | |||||||||||
Class R | — | — | 69,154 | |||||||||||
Transfer agent fees: | ||||||||||||||
Class A | 385,551 | 153,595 | 286,245 | |||||||||||
Class B | 3,742 | 6,037 | 5,406 | |||||||||||
Class C | 70,215 | 20,825 | 31,456 | |||||||||||
Class I | 30,513 | 1,217 | 217,721 | |||||||||||
Class O | — | — | 39,305 | |||||||||||
Class R | — | — | 12,862 | |||||||||||
Class W | 4,544 | 312 | 63,746 | |||||||||||
Administrative service fees | 855,405 | 135,897 | 789,645 | |||||||||||
Shareholder reporting expense | 57,072 | 23,058 | 25,610 | |||||||||||
Registration fees | 91,085 | 76,392 | 126,694 | |||||||||||
Professional fees | 103,244 | 10,758 | 86,696 | |||||||||||
Custody and accounting expense | 114,500 | 25,254 | 194,870 | |||||||||||
Trustee fees | 25,663 | 3,398 | 23,690 | |||||||||||
Miscellaneous expense | 43,897 | 3,545 | 42,286 | |||||||||||
Interest expense | — | 241 | 2,033 | |||||||||||
Total expenses | 8,587,358 | 1,518,465 | 4,624,790 | |||||||||||
Net waived and reimbursed fees | — | (60,446 | ) | — | ||||||||||
Net expenses | 8,587,358 | 1,458,019 | 4,624,790 | |||||||||||
Net investment income | 21,391,070 | 9,156,921 | 32,151,907 | |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||||||
Net realized gain (loss) on: | ||||||||||||||
Investments | 19,044,955 | 4,950,966 | 46,837,931 | |||||||||||
Foreign currency related transactions | — | — | 3,731,336 | |||||||||||
Futures | (2,674,504 | ) | — | (4,835,273 | ) | |||||||||
Swaps | — | 633,112 | (1,785,691 | ) | ||||||||||
Written options | — | — | 302,145 | |||||||||||
Net realized gain | 16,370,451 | 5,584,078 | 44,250,448 | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||
Investments | 14,736,248 | (3,641,803 | ) | (9,407,229 | ) | |||||||||
Foreign currency related transactions | — | (791 | ) | (876,476 | ) | |||||||||
Futures | 1,830,507 | — | (176,588 | ) | ||||||||||
Swaps | — | — | (1,733,074 | ) | ||||||||||
Written options | — | — | 172,616 | |||||||||||
Net change in unrealized appreciation (depreciation) | 16,566,755 | (3,642,594 | ) | (12,020,751 | ) | |||||||||
Net realized and unrealized gain | 32,937,206 | 1,941,484 | 32,229,697 | |||||||||||
Increase in net assets resulting from operations | $ | 54,328,276 | $ | 11,098,405 | $ | 64,381,604 | ||||||||
*Foreign taxes withheld | $ | — | $ | — | $ | 1,530 |
ING GNMA Income Fund | ING High Yield Bond Fund | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended March 31, 2012 | Year Ended March 31, 2011 | Year Ended March 31, 2012 | Year Ended March 31, 2011 | ||||||||||||||||
FROM OPERATIONS: | |||||||||||||||||||
Net investment income | $ | 21,391,070 | $ | 28,634,271 | $ | 9,156,921 | $ | 8,507,329 | |||||||||||
Net realized gain | 16,370,451 | 6,946,705 | 5,584,078 | 4,791,701 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | 16,566,755 | 3,703,788 | (3,642,594 | ) | 2,146,253 | ||||||||||||||
Increase in net assets resulting from operations | 54,328,276 | 39,284,764 | 11,098,405 | 15,445,283 | |||||||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | |||||||||||||||||||
Net investment income: | |||||||||||||||||||
Class A | (23,332,536 | ) | (24,627,310 | ) | (5,806,199 | ) | (6,170,719 | ) | |||||||||||
Class B | (205,679 | ) | (637,962 | ) | (202,844 | ) | (641,089 | ) | |||||||||||
Class C | (3,388,606 | ) | (3,671,286 | ) | (701,323 | ) | (746,145 | ) | |||||||||||
Class I | (3,755,417 | ) | (3,133,728 | ) | (2,484,636 | ) | (798,345 | ) | |||||||||||
Class W | (282,449 | ) | (346,694 | ) | (12,261 | ) | — | ||||||||||||
Net realized gains: | |||||||||||||||||||
Class A | (759,067 | ) | — | — | — | ||||||||||||||
Class B | (4,732 | ) | — | — | — | ||||||||||||||
Class C | (152,779 | ) | — | — | — | ||||||||||||||
Class I | (148,809 | ) | — | — | — | ||||||||||||||
Class W | (11,773 | ) | — | — | — | ||||||||||||||
Return of capital: | |||||||||||||||||||
Class A | — | — | — | (181,532 | ) | ||||||||||||||
Class B | — | — | — | (14,496 | ) | ||||||||||||||
Class C | — | — | — | (25,403 | ) | ||||||||||||||
Class I | — | — | — | (45,501 | ) | ||||||||||||||
Total distributions | (32,041,847 | ) | (32,416,980 | ) | (9,207,263 | ) | (8,623,230 | ) | |||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | |||||||||||||||||||
Net proceeds from sale of shares | 394,973,148 | 252,757,052 | 94,098,655 | 61,128,322 | |||||||||||||||
Reinvestment of distributions | 27,796,341 | 27,473,342 | 7,479,518 | 6,221,442 | |||||||||||||||
422,769,489 | 280,230,394 | 101,578,173 | 67,349,764 | ||||||||||||||||
Cost of shares redeemed | (249,313,865 | ) | (282,047,139 | ) | (90,258,244 | ) | (55,515,327 | ) | |||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 173,455,624 | (1,816,745 | ) | 11,319,929 | 11,834,437 | ||||||||||||||
Net increase in net assets | 195,742,053 | 5,051,039 | 13,211,071 | 18,656,490 | |||||||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of year or period | 784,754,602 | 779,703,563 | 126,409,062 | 107,752,572 | |||||||||||||||
End of year or period | $ | 980,496,655 | $ | 784,754,602 | $ | 139,620,133 | $ | 126,409,062 | |||||||||||
Undistributed (distributions in excess of) net investment income at end of year or period | $ | (10,084 | ) | $ | 3,173,437 | $ | (79,880 | ) | $ | (148,927 | ) |
ING Intermediate Bond Fund | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Year Ended March 31, 2012 | Year Ended March 31, 2011 | ||||||||||
FROM OPERATIONS: | |||||||||||
Net investment income | $ | 32,151,907 | $ | 39,498,147 | |||||||
Net realized gain | 44,250,448 | 17,244,376 | |||||||||
Net change in unrealized appreciation (depreciation) | (12,020,751 | ) | 4,058,320 | ||||||||
Increase in net assets resulting from operations | 64,381,604 | 60,800,843 | |||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | |||||||||||
Net investment income: | |||||||||||
Class A | (13,736,906 | ) | (15,674,008 | ) | |||||||
Class B | (223,678 | ) | (566,077 | ) | |||||||
Class C | (1,233,602 | ) | (1,594,653 | ) | |||||||
Class I | (15,356,199 | ) | (15,443,401 | ) | |||||||
Class O | (1,866,285 | ) | (1,909,958 | ) | |||||||
Class R | (591,428 | ) | (664,621 | ) | |||||||
Class W | (2,854,338 | ) | (113,308 | ) | |||||||
Total distributions | (35,862,436 | ) | (35,966,026 | ) | |||||||
FROM CAPITAL SHARE TRANSACTIONS: | |||||||||||
Net proceeds from sale of shares | 288,283,900 | 183,546,425 | |||||||||
Reinvestment of distributions | 30,494,755 | 29,932,608 | |||||||||
318,778,655 | 213,479,033 | ||||||||||
Cost of shares redeemed | (269,875,971 | ) | (279,861,986 | ) | |||||||
Net increase (decrease) in net assets resulting from capital share transactions | 48,902,684 | (66,382,953 | ) | ||||||||
Net increase (decrease) in net assets | 77,421,852 | (41,548,136 | ) | ||||||||
NET ASSETS: | |||||||||||
Beginning of year or period | 749,517,149 | 791,065,285 | |||||||||
End of year or period | $ | 826,939,001 | $ | 749,517,149 | |||||||
Undistributed net investment income at end of year or period | $ | 20,559,366 | $ | 20,849,573 |
Income (loss) from investment operations | Less Distributions | Ratios to average net assets | Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net asset value, beginning of year or period | | Net investment income (loss) | | Net realized and unrealized gain (loss) | | Total from investment operations | | From net investment income | | From net realized gains | | From return of capital | | Total distributions | | Payment by affiliate | | Net asset value, end of year or period | | Total Return | | Expenses before reductions/ additions | | Expenses net of fee waivers and/or recoupments if any | | Expense net of all reductions/ additions | | Net investment income (loss) | | Net assets, end of year or period | | Portfolio turnover rate | |||||||||||||||||||||||||||||||||||||||
Year or period ended | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%)(1) | | (%)(2)(3) | | (%)(2)(3) | | (%)(2)(3) | | (%)(2)(3) | | ($000’s) | | (%) | |||||||||||||||||||||||||||||||||||||
ING GNMA Income Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 8.84 | 0.23 | • | 0.37 | 0.60 | 0.34 | 0.01 | — | 0.35 | — | 9.09 | 6.87 | 0.93 | 0.93 | 0.93 | 2.58 | 681,900 | 335 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-11 | 8.75 | 0.32 | 0.13 | 0.45 | 0.36 | — | — | 0.36 | — | 8.84 | 5.26 | 0.93 | 0.93 | 0.93 | 3.63 | 593,080 | 193 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-10 | 8.71 | 0.33 | • | 0.07 | 0.40 | 0.36 | — | — | 0.36 | — | 8.75 | 4.68 | 0.94 | 0.94 | 0.94 | 3.83 | 589,813 | 114 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-09 | 8.54 | 0.37 | 0.18 | 0.55 | 0.38 | — | — | 0.38 | — | 8.71 | 6.62 | 0.96 | 0.96 | 0.96 | 4.33 | 606,856 | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-08 | 8.35 | 0.37 | 0.20 | 0.57 | 0.38 | — | — | 0.38 | — | 8.54 | 7.00 | 0.96 | 0.96 | 0.96 | 4.45 | 515,916 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 8.79 | 0.17 | • | 0.36 | 0.53 | 0.27 | 0.01 | — | 0.28 | — | 9.04 | 6.08 | 1.68 | 1.68 | 1.68 | 1.87 | 3,676 | 335 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-11 | 8.70 | 0.26 | • | 0.13 | 0.39 | 0.30 | — | — | 0.30 | — | 8.79 | 4.48 | 1.68 | 1.68 | 1.68 | 2.90 | 11,262 | 193 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-10 | 8.66 | 0.27 | • | 0.06 | 0.33 | 0.29 | — | — | 0.29 | — | 8.70 | 3.89 | 1.69 | 1.69 | 1.69 | 3.08 | 25,704 | 114 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-09 | 8.49 | 0.30 | 0.18 | 0.48 | 0.31 | — | — | 0.31 | — | 8.66 | 5.86 | 1.71 | 1.71 | 1.71 | 3.57 | 38,718 | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-08 | 8.30 | 0.31 | 0.19 | 0.50 | 0.31 | — | — | 0.31 | — | 8.49 | 6.24 | 1.71 | 1.71 | 1.71 | 3.70 | 45,963 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 8.79 | 0.16 | • | 0.37 | 0.53 | 0.27 | 0.01 | — | 0.28 | — | 9.04 | 6.12 | 1.68 | 1.68 | 1.68 | 1.82 | 138,543 | 335 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-11 | 8.71 | 0.25 | 0.13 | 0.38 | 0.30 | — | — | 0.30 | — | 8.79 | 4.38 | 1.68 | 1.68 | 1.68 | 2.88 | 104,196 | 193 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-10 | 8.67 | 0.27 | • | 0.06 | 0.33 | 0.29 | — | — | 0.29 | — | 8.71 | 3.92 | 1.69 | 1.69 | 1.69 | 3.09 | 103,103 | 114 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-09 | 8.50 | 0.30 | 0.18 | 0.48 | 0.31 | — | — | 0.31 | — | 8.67 | 5.88 | 1.71 | 1.71 | 1.71 | 3.59 | 73,209 | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-08 | 8.31 | 0.31 | 0.20 | 0.51 | 0.32 | — | — | 0.32 | — | 8.50 | 6.23 | 1.71 | 1.71 | 1.71 | 3.70 | 36,218 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 8.85 | 0.26 | • | 0.36 | 0.62 | 0.36 | 0.01 | — | 0.37 | — | 9.10 | 7.16 | 0.65 | 0.65 | 0.65 | 2.83 | 144,678 | 335 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-11 | 8.76 | 0.34 | 0.14 | 0.48 | 0.39 | — | — | 0.39 | — | 8.85 | 5.57 | 0.63 | 0.63 | 0.63 | 3.92 | 68,996 | 193 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-10 | 8.72 | 0.36 | • | 0.07 | 0.43 | 0.39 | — | — | 0.39 | — | 8.76 | 5.00 | 0.64 | 0.64 | �� | 0.64 | 4.15 | 52,880 | 114 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-09 | 8.55 | 0.39 | 0.18 | 0.57 | 0.40 | — | — | 0.40 | — | 8.72 | 6.95 | 0.65 | 0.65 | 0.65 | 4.64 | 38,908 | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-08 | 8.35 | 0.40 | 0.20 | 0.60 | 0.40 | — | — | 0.40 | — | 8.55 | 7.42 | 0.67 | 0.67 | 0.67 | 4.74 | 21,002 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 8.86 | 0.26 | • | 0.36 | 0.62 | 0.36 | 0.01 | — | 0.37 | — | 9.11 | 7.12 | 0.68 | 0.68 | 0.68 | 2.83 | 11,700 | 335 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-11 | 8.77 | 0.35 | 0.13 | 0.48 | 0.39 | — | — | 0.39 | — | 8.86 | 5.51 | 0.68 | 0.68 | 0.68 | 3.88 | 7,221 | 193 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-10 | 8.73 | 0.36 | • | 0.06 | 0.42 | 0.38 | — | — | 0.38 | — | 8.77 | 4.97 | 0.66 | 0.66 | 0.66 | 4.15 | 8,204 | 114 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-09 | 8.55 | 0.39 | 0.19 | 0.58 | 0.40 | — | — | 0.40 | — | 8.73 | 7.03 | 0.65 | 0.65 | 0.65 | 4.70 | 4,180 | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-17-07(4)–03-31-08 | 8.39 | 0.11 | 0.15 | 0.26 | 0.10 | — | — | 0.10 | — | 8.55 | 3.16 | 0.64 | 0.64 | 0.64 | 4.86 | 1 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING High Yield Bond Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 7.82 | 0.52 | (0.02 | ) | 0.50 | 0.52 | — | — | 0.52 | — | 7.80 | 6.72 | 1.14 | 1.10 | 1.10 | 6.73 | 98,123 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-11 | 7.38 | 0.56 | 0.45 | 1.01 | 0.55 | — | 0.02 | 0.57 | — | 7.82 | 14.22 | 1.13 | 1.10 | † | 1.10 | † | 7.43 | † | 86,017 | 87 | |||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-10 | 5.52 | 0.62 | 1.89 | 2.51 | 0.63 | — | 0.02 | 0.65 | — | 7.38 | 46.88 | 1.24 | 1.10 | † | 1.10 | † | 9.17 | † | 83,034 | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-09 | 7.89 | 0.62 | (2.32 | ) | (1.70 | ) | 0.54 | — | 0.13 | 0.67 | — | 5.52 | (22.36 | ) | 1.25 | 1.10 | † | 1.10 | † | 9.30 | † | 59,307 | 75 | ||||||||||||||||||||||||||||||||||||||||||||||||
03-31-08 | 8.99 | 0.67 | (1.10 | ) | (0.43 | ) | 0.67 | — | — | 0.67 | — | 7.89 | (5.10 | ) | 1.16 | 1.11 | † | 1.11 | † | 7.86 | † | 83,327 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 7.81 | 0.46 | (0.02 | ) | 0.44 | 0.46 | — | — | 0.46 | — | 7.79 | 5.89 | 1.89 | 1.85 | 1.85 | 6.00 | 2,370 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-11 | 7.37 | 0.51 | • | 0.44 | 0.95 | 0.49 | — | 0.02 | 0.51 | — | 7.81 | 13.35 | 1.88 | 1.85 | † | 1.85 | † | 6.74 | † | 6,864 | 87 | ||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-10 | 5.52 | 0.57 | 1.87 | 2.44 | 0.57 | — | 0.02 | 0.59 | — | 7.37 | 45.58 | 1.99 | 1.85 | † | 1.85 | † | 8.46 | † | 12,099 | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-09 | 7.88 | 0.58 | (2.32 | ) | (1.74 | ) | 0.49 | — | 0.13 | 0.62 | — | 5.52 | (22.86 | ) | 2.00 | 1.85 | † | 1.85 | † | 8.38 | † | 12 | 75 | ||||||||||||||||||||||||||||||||||||||||||||||||
03-31-08 | 8.98 | 0.61 | (1.11 | ) | (0.50 | ) | 0.60 | — | — | 0.60 | — | 7.88 | (5.82 | ) | 1.91 | 1.86 | † | 1.86 | † | 7.08 | † | 24,994 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 7.81 | 0.46 | (0.01 | ) | 0.45 | 0.46 | — | — | 0.46 | — | 7.80 | 6.05 | 1.89 | 1.85 | 1.85 | 6.00 | 12,727 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-11 | 7.38 | 0.50 | 0.44 | 0.94 | 0.49 | — | 0.02 | 0.51 | — | 7.81 | 13.22 | 1.88 | 1.85 | † | 1.85 | † | 6.66 | † | 11,938 | 87 | |||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-10 | 5.52 | 0.57 | 1.89 | 2.46 | 0.58 | — | 0.02 | 0.60 | — | 7.38 | 45.82 | 1.99 | 1.85 | † | 1.85 | † | 8.40 | † | 11,038 | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-09 | 7.89 | 0.58 | (2.33 | ) | (1.75 | ) | 0.49 | — | 0.13 | 0.62 | — | 5.52 | (22.95 | ) | 2.00 | 1.85 | † | 1.85 | † | 8.57 | † | 7,101 | 75 | ||||||||||||||||||||||||||||||||||||||||||||||||
03-31-08 | 8.99 | 0.61 | (1.11 | ) | (0.50 | ) | 0.60 | — | — | 0.60 | — | 7.89 | (5.81 | ) | 1.91 | 1.86 | † | 1.86 | † | 7.09 | † | 9,987 | 66 |
Income (loss) from investment operations | Less Distributions | Ratios to average net assets | Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net asset value, beginning of year or period | | Net investment income (loss) | | Net realized and unrealized gain (loss) | | Total from investment operations | | From net investment income | | From net realized gains | | From return of capital | | Total distributions | | Payment by affiliate | | Net asset value, end of year or period | | Total Return | | Expenses before reductions/ additions | | Expenses net of fee waivers and/or recoupments if any | | Expense net of all reductions/ additions | | Net investment income (loss) | | Net assets, end of year or period | | Portfolio turnover rate | |||||||||||||||||||||||||||||||||||||||
Year or period ended | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%)(1) | | (%)(2)(3) | | (%)(2)(3) | | (%)(2)(3) | | (%)(2)(3) | | ($000’s) | | (%) | |||||||||||||||||||||||||||||||||||||
ING High Yield Bond Fund (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 7.81 | 0.55 | (0.01 | ) | 0.54 | 0.55 | — | — | 0.55 | — | 7.80 | 7.30 | 0.71 | 0.67 | 0.67 | 7.09 | 24,849 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-11 | 7.37 | 0.57 | • | 0.48 | 1.05 | 0.59 | — | 0.02 | 0.61 | — | 7.81 | 14.86 | 0.76 | 0.73 | † | 0.73 | † | 7.53 | † | 21,590 | 87 | ||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-10 | 5.51 | 0.64 | • | 1.90 | 2.54 | 0.66 | — | 0.02 | 0.68 | — | 7.37 | 47.55 | 0.92 | 0.78 | † | 0.78 | † | 8.99 | † | 1,582 | 103 | ||||||||||||||||||||||||||||||||||||||||||||||||||
07-31-08(4)–03-31-09 | 7.64 | 0.37 | • | (1.92 | ) | (1.55 | ) | 0.49 | — | 0.09 | 0.58 | — | 5.51 | (20.35 | ) | 0.95 | 0.80 | † | 0.80 | † | 9.61 | † | 2 | 75 | |||||||||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
07-29-11(4)–03-31-12 | 7.82 | 0.36 | • | 0.07 | 0.43 | 0.44 | — | — | 0.44 | — | 7.81 | 5.77 | 0.89 | 0.85 | 0.85 | 6.93 | 1,552 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Intermediate Bond Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | �� | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 9.53 | 0.38 | 0.42 | 0.80 | 0.43 | — | — | 0.43 | — | 9.90 | 8.61 | 0.68 | 0.68 | 0.68 | 3.99 | 293,277 | 500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-11 | 9.23 | 0.47 | • | 0.26 | 0.73 | 0.43 | — | — | 0.43 | — | 9.53 | 8.00 | 0.68 | 0.68 | 0.68 | 4.97 | 316,000 | 384 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-10 | 8.31 | 0.45 | • | 1.09 | 1.54 | 0.62 | — | — | 0.62 | — | 9.23 | 18.95 | 0.71 | 0.69 | † | 0.69 | † | 5.04 | † | 348,871 | 540 | ||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-09 | 10.13 | 0.45 | (1.60 | ) | (1.15 | ) | 0.45 | 0.22 | — | 0.67 | — | 8.31 | (11.65 | ) | 0.72 | 0.70 | † | 0.70 | † | 4.84 | † | 471,185 | 674 | ||||||||||||||||||||||||||||||||||||||||||||||||
03-31-08 | 10.23 | 0.51 | (0.15 | ) | 0.36 | 0.46 | — | — | 0.46 | — | 10.13 | 3.61 | 0.73 | 0.69 | † | 0.69 | † | 4.98 | † | 799,369 | 435 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 9.51 | 0.32 | • | 0.41 | 0.73 | 0.36 | — | — | 0.36 | — | 9.88 | 7.77 | 1.43 | 1.43 | 1.43 | 3.30 | 4,144 | 500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-11 | 9.21 | 0.40 | • | 0.26 | 0.66 | 0.36 | — | — | 0.36 | — | 9.51 | 7.21 | 1.43 | 1.43 | 1.43 | 4.24 | 9,379 | 384 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-10 | 8.30 | 0.38 | • | 1.08 | 1.46 | 0.55 | — | — | 0.55 | — | 9.21 | 17.96 | 1.46 | 1.44 | † | 1.44 | † | 4.31 | † | 18,605 | 540 | ||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-09 | 10.11 | 0.38 | (1.59 | ) | (1.21 | ) | 0.38 | 0.22 | — | 0.60 | — | 8.30 | (12.26 | ) | 1.47 | 1.45 | † | 1.45 | † | 4.08 | † | 23,721 | 674 | ||||||||||||||||||||||||||||||||||||||||||||||||
03-31-08 | 10.21 | 0.43 | (0.14 | ) | 0.29 | 0.39 | — | — | 0.39 | — | 10.11 | 2.84 | 1.48 | 1.44 | † | 1.44 | † | 4.26 | † | 41,078 | 435 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 9.52 | 0.32 | 0.41 | 0.73 | 0.36 | — | — | 0.36 | — | 9.89 | 7.78 | 1.43 | 1.43 | 1.43 | 3.22 | 35,256 | 500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-11 | 9.22 | 0.40 | • | 0.26 | 0.66 | 0.36 | — | — | 0.36 | — | 9.52 | 7.21 | 1.43 | 1.43 | 1.43 | 4.22 | 33,994 | 384 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-10 | 8.30 | 0.38 | • | 1.09 | 1.47 | 0.55 | — | — | 0.55 | — | 9.22 | 18.08 | 1.46 | 1.44 | † | 1.44 | † | 4.31 | † | 45,016 | 540 | ||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-09 | 10.12 | 0.38 | (1.60 | ) | (1.22 | ) | 0.38 | 0.22 | — | 0.60 | — | 8.30 | (12.35 | ) | 1.47 | 1.45 | † | 1.45 | † | 4.08 | † | 53,534 | 674 | ||||||||||||||||||||||||||||||||||||||||||||||||
03-31-08 | 10.22 | 0.43 | (0.14 | ) | 0.29 | 0.39 | — | — | 0.39 | — | 10.12 | 2.85 | 1.48 | 1.44 | † | 1.44 | † | 4.24 | † | 83,232 | 435 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 9.53 | 0.41 | 0.42 | 0.83 | 0.46 | — | — | 0.46 | — | 9.90 | 8.90 | 0.40 | 0.40 | 0.40 | 4.26 | 331,423 | 500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-11 | 9.23 | 0.50 | 0.26 | 0.76 | 0.46 | — | — | 0.46 | — | 9.53 | 8.35 | 0.38 | 0.38 | 0.38 | 5.25 | 332,193 | 384 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-10 | 8.31 | 0.48 | • | 1.09 | 1.57 | 0.65 | — | — | 0.65 | — | 9.23 | 19.33 | 0.39 | 0.37 | † | 0.37 | † | 5.37 | † | 316,209 | 540 | ||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-09 | 10.14 | 0.48 | (1.61 | ) | (1.13 | ) | 0.48 | 0.22 | — | 0.70 | — | 8.31 | (11.42 | ) | 0.39 | 0.37 | † | 0.37 | † | 5.17 | † | 362,162 | 674 | ||||||||||||||||||||||||||||||||||||||||||||||||
03-31-08 | 10.23 | 0.54 | (0.13 | ) | 0.41 | 0.50 | — | — | 0.50 | — | 10.14 | 4.05 | 0.39 | 0.35 | † | 0.38 | † | 5.31 | † | 351,575 | 435 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class O | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 9.54 | 0.39 | 0.40 | 0.79 | 0.43 | — | — | 0.43 | — | 9.90 | 8.49 | 0.68 | 0.68 | 0.68 | 3.98 | 42,500 | 500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-11 | 9.24 | 0.47 | • | 0.26 | 0.73 | 0.43 | — | — | 0.43 | — | 9.54 | 8.00 | 0.68 | 0.68 | 0.68 | 4.96 | 41,335 | 384 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-10 | 8.32 | 0.46 | • | 1.08 | 1.54 | 0.62 | — | — | 0.62 | — | 9.24 | 18.94 | 0.71 | 0.69 | † | 0.69 | † | 5.09 | † | 41,860 | 540 | ||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-09 | 10.14 | 0.45 | (1.60 | ) | (1.15 | ) | 0.45 | 0.22 | — | 0.67 | — | 8.32 | (11.62 | ) | 0.72 | 0.70 | † | 0.70 | † | 4.84 | † | 39,188 | 674 | ||||||||||||||||||||||||||||||||||||||||||||||||
03-31-08 | 10.24 | 0.51 | (0.15 | ) | 0.36 | 0.46 | — | — | 0.46 | — | 10.14 | 3.61 | 0.73 | 0.69 | † | 0.69 | † | 4.99 | † | 55,956 | 435 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 9.54 | 0.35 | 0.43 | 0.78 | 0.41 | — | — | 0.41 | — | 9.91 | 8.33 | 0.93 | 0.93 | 0.93 | 3.73 | 12,323 | 500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-11 | 9.24 | 0.45 | • | 0.25 | 0.70 | 0.40 | — | — | 0.40 | — | 9.54 | 7.72 | 0.93 | 0.93 | 0.93 | 4.72 | 14,339 | 384 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-10 | 8.32 | 0.43 | • | 1.09 | 1.52 | 0.60 | — | — | 0.60 | — | 9.24 | 18.64 | 0.96 | 0.94 | † | 0.94 | † | 4.83 | † | 18,417 | 540 | ||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-09 | 10.15 | 0.43 | (1.61 | ) | (1.18 | ) | 0.43 | 0.22 | — | 0.65 | — | 8.32 | (11.93 | ) | 0.97 | 0.95 | † | 0.95 | † | 4.59 | † | 18,240 | 674 | ||||||||||||||||||||||||||||||||||||||||||||||||
03-31-08 | 10.25 | 0.48 | (0.14 | ) | 0.34 | 0.44 | — | — | 0.44 | — | 10.15 | 3.36 | 0.98 | 0.94 | † | 0.94 | † | 4.65 | † | 16,773 | 435 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 9.52 | 0.40 | • | 0.53 | 0.93 | 0.56 | — | — | 0.56 | — | 9.89 | 10.09 | 0.43 | 0.43 | 0.43 | 4.17 | 108,016 | 500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-11 | 9.22 | 0.48 | 0.27 | 0.75 | 0.45 | — | — | 0.45 | — | 9.52 | 8.29 | 0.43 | 0.43 | 0.43 | 5.21 | 2,276 | 384 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-10 | 8.31 | 0.48 | • | 1.08 | 1.56 | 0.65 | — | — | 0.65 | — | 9.22 | 19.15 | 0.42 | 0.40 | † | 0.40 | † | 5.42 | † | 2,087 | 540 | ||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-09 | 10.12 | 0.45 | (1.53 | ) | (1.08 | ) | 0.51 | 0.22 | — | 0.73 | — | 8.31 | (11.03 | ) | 0.39 | 0.37 | † | 0.37 | † | 5.09 | † | 2,079 | 674 | ||||||||||||||||||||||||||||||||||||||||||||||||
12-17-07(4)–03-31-08 | 10.21 | 0.15 | (0.05 | ) | 0.10 | 0.19 | — | — | 0.19 | — | 10.12 | 0.98 | 0.48 | 0.44 | † | 0.44 | † | 5.24 | † | 443 | 435 |
(1) | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges. Total return for periods less than one year is not annualized. |
(2) | Annualized for periods less than one year. |
(3) | Expense ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by an Investment Adviser and/or Distributor but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions. |
(4) | Commencement of operations. |
• | Calculated using average number of shares outstanding throughout the period. |
† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income or loss ratio. |
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 a 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 New York Stock Exchange (“NYSE”). Pursuant to procedures adopted by the Board, a Fund is not obligated to use the fair valuations 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 fair value quotations at the 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.
(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. |
such securities are recorded net of foreign withholding tax.
in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. Associated risks can be different for each type of derivative and are discussed by each derivative type in the following notes.
non-U.S. dollar-denominated holdings from adverse currency movements.
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 a Fund is delayed or prevented from exercising its right to dispose of the collateral, and it may incur disposition costs in liquidating the collateral.
Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.
Purchases | Sales | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
High Yield Bond | $ | 139,709,289 | $ | 127,287,184 | ||||||
Intermediate Bond | 781,022,990 | 861,319,050 |
Purchases | Sales | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
GNMA Income | $ | 3,202,366,615 | $ | 3,041,580,417 | ||||||
Intermediate Bond | 3,446,665,989 | 3,383,093,968 |
Class A | Class B | Class C | Class O | Class R | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
GNMA Income | 0.25 | % | 1.00 | % | 1.00 | % | N/A | N/A | ||||||||||||||
High Yield Bond | 0.25 | % | 1.00 | % | 1.00 | % | N/A | N/A | ||||||||||||||
Intermediate Bond | 0.25 | % | 1.00 | % | 1.00 | % | 0.25 | % | 0.50 | % |
Initial Sales Charges: | Class A | Class C | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
GNMA Income | $ | 58,265 | $ | — | ||||||
High Yield Bond | 10,127 | — | ||||||||
Intermediate Bond | 10,674 | — |
Contingent Deferred Sales Charges: | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
GNMA Income | $ | 21 | $ | 5,105 | ||||||
High Yield Bond | — | 109 | ||||||||
Intermediate Bond | 1,132 | 32 |
Fund | Accrued Investment Management Fees | Accrued Administrative Fees | Accrued Shareholder Service and Distribution Fees | Total | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
GNMA Income | $ | 382,893 | $ | 81,465 | $ | 260,911 | $ | 725,269 | ||||||||||
High Yield Bond | 68,125 | 13,357 | 33,431 | 114,913 | ||||||||||||||
Intermediate Bond | 117,345 | 69,025 | 110,481 | 296,851 |
ING Fund or Subsidiary | Fund | Percentage | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
ING Capital Allocation Fund | High Yield Bond | 9.87 | % | |||||||
Intermediate Bond | 5.45 | % | ||||||||
ING Life Insurance & Annuity Company | GNMA Income | 17.42 | % | |||||||
Intermediate Bond | 17.48 | % | ||||||||
ING National Trust | GNMA Income | 17.65 | % | |||||||
Intermediate Bond | 9.36 | % |
Fund | Class A | Class B | Class C | Class I | Class O | Class R | Class W | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
GNMA Income | 0.97 | % | 1.72 | % | 1.72 | % | 0.67 | % | N/A | N/A | 0.72 | % | ||||||||||||||||||
High Yield Bond | 1.10 | % | 1.85 | % | 1.85 | % | 0.85 | % | N/A | N/A | 0.85 | % | ||||||||||||||||||
Intermediate Bond | 0.75 | % | 1.50 | % | 1.50 | % | 0.50 | % | 0.75 | % | 1.00 | % | 0.50 | % |
March 31, | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2013 | 2014 | 2015 | Total | ||||||||||||||||
High Yield Bond | $ | 136,047 | $ | 37,645 | $ | 60,446 | $ | 234,138 | |||||||||||
Intermediate Bond | 128,272 | — | — | 128,272 |
Portfolio | Days Utilized | Approximate Average Daily Balance For Days Utilized | Approximate Weighted Average Interest Rate For Days Utilized | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
High Yield Bond | 7 | $ | 1,025,714 | 1.23 | % | |||||||||
Intermediate Bond | 37 | 1,570,946 | 1.28 |
Number of Contracts | Cost | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Balance at 03/31/11 | 242 | $ | 342,935 | |||||||
Options Purchased | 482 | 227,143 | ||||||||
Options Terminated in Closing Sell Transactions | (724 | ) | (570,078 | ) | ||||||
Options Exercised | — | — | ||||||||
Options Expired | — | — | ||||||||
Balance at 03/31/12 | — | $ | — |
Notional Amount | Cost | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Balance at 03/31/11 | — | $ | — | |||||||
Options Purchased | 200,600,000 | 2,397,550 | ||||||||
Options Terminated in Closing Sell Transactions | (164,400,000 | ) | (2,151,525 | ) | ||||||
Options Exercised | — | — | ||||||||
Options Expired | (16,600,000 | ) | (89,225 | ) | ||||||
Balance at 03/31/12 | 19,600,000 | $ | 156,800 |
Notional Amount | Cost | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Balance at 03/31/11 | — | $ | — | |||||||
Options Purchased | 94,177,000 | 943,148 | ||||||||
Options Terminated in Closing Sell Transactions | (53,997,000 | ) | (188,989 | ) | ||||||
Options Exercised | — | — | ||||||||
Options Expired | — | — | ||||||||
Balance at 03/31/12 | 40,180,000 | $ | 754,159 |
Number of Contracts | Premiums Received | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Balance at 03/31/11 | 242 | $ | 138,744 | |||||||
Options Written | 482 | 51,514 | ||||||||
Options Terminated in Closing Purchase Transactions | (724 | ) | (190,258 | ) | ||||||
Options Exercised | — | — | ||||||||
Options Expired | — | — | ||||||||
Balance at 03/31/12 | — | $ | — |
Notional Amount | Premiums Received | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Balance at 03/31/11 | — | $ | — | |||||||
Options Written | 219,800,000 | 2,201,505 | ||||||||
Options Terminated in Closing Purchase Transactions | (145,000,000 | ) | (1,642,524 | ) | ||||||
Options Exercised | — | — | ||||||||
Options Expired | (55,200,000 | ) | (407,903 | ) | ||||||
Balance at 03/31/12 | 19,600,000 | $ | 151,078 |
Notional Amount | Premiums Received | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Balance at 03/31/11 | — | $ | — | |||||||
Options Written | 53,997,000 | 188,990 | ||||||||
Options Terminated in Closing Purchase Transactions | — | — | ||||||||
Options Exercised | — | — | ||||||||
Options Expired | (53,997,000 | ) | (188,990 | ) | ||||||
Balance at 03/31/12 | — | $ | — |
Shares sold | Shares issued in merger | Reinvestment of distributions | Shares redeemed | Net increase (decrease) in shares outstanding | Shares sold | Proceeds from shares issued in merger | Reinvestment of distributions | Shares redeemed | Net increase (decrease) | ||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year or period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||||
GNMA Income | |||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||
3/31/2012 | 24,514,742 | — | 2,375,996 | (18,954,717 ) | 7,936,021 | 221,856,424 | — | 21,423,816 | (171,310,378 ) | 71,969,862 | |||||||||||||||||||||||||||||||||
3/31/2011 | 18,504,611 | — | 2,445,141 | (21,233,387 ) | (283,635 ) | 164,417,869 | — | 21,639,688 | (188,250,654 ) | (2,193,097 ) | |||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||
3/31/2012 | 37,213 | — | 18,726 | (930,578 ) | (874,639 ) | 335,404 | — | 167,427 | (8,308,133 ) | (7,805,302 ) | |||||||||||||||||||||||||||||||||
3/31/2011 | 36,609 | — | 55,994 | (1,764,623 ) | (1,672,020 ) | 323,505 | — | 493,030 | (15,559,560 ) | (14,743,025 ) | |||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||
3/31/2012 | 5,764,855 | — | 293,474 | (2,580,225 | ) | 3,478,104 | 51,973,193 | — | 2,635,071 | (23,168,192 | ) | 31,440,072 | |||||||||||||||||||||||||||||||
3/31/2011 | 4,030,435 | — | 283,015 | (4,301,794 | ) | 11,656 | 35,705,363 | — | 2,494,291 | (37,914,742 | ) | 284,912 | |||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||
3/31/2012 | 12,189,352 | — | 364,066 | (4,449,136 | ) | 8,104,282 | 110,555,426 | — | 3,289,782 | (40,299,123 | ) | 73,546,085 | |||||||||||||||||||||||||||||||
3/31/2011 | 5,309,047 | — | 286,168 | (3,833,200 | ) | 1,762,015 | 47,286,190 | — | 2,536,951 | (33,952,716 | ) | 15,870,425 | |||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||
3/31/2012 | 1,128,864 | — | 31,026 | (690,349 ) | 469,541 | 10,252,700 | — | 280,245 | (6,228,039 ) | 4,304,906 | |||||||||||||||||||||||||||||||||
3/31/2011 | 563,741 | — | 34,877 | (718,850 ) | (120,232 ) | 5,024,125 | — | 309,382 | (6,369,467 ) | (1,035,960 | ) | ||||||||||||||||||||||||||||||||
High Yield Bond | |||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||
3/31/2012 | 5,429,446 | — | 569,801 | (4,429,121 | ) | 1,570,126 | 41,242,516 | — | 4,362,523 | (33,773,850 | ) | 11,831,189 | |||||||||||||||||||||||||||||||
3/31/2011 | 4,221,124 | — | 582,319 | (5,052,976 | ) | (249,533 ) | 31,528,957 | — | 4,400,242 | (37,776,855 | ) | (1,847,656 | ) | ||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||
3/31/2012 | 30,242 | — | 20,536 | (625,689 ) | (574,911 ) | 230,699 | — | 157,258 | (4,827,850 ) | (4,439,893 | ) | ||||||||||||||||||||||||||||||||
3/31/2011 | 79,800 | — | 62,984 | (905,113 ) | (762,329 ) | 595,373 | — | 472,981 | (6,815,808 ) | (5,747,454 | ) | ||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||
3/31/2012 | 407,936 | — | 64,710 | (368,990 ) | 103,656 | 3,142,134 | — | 494,993 | (2,823,460 ) | 813,667 | |||||||||||||||||||||||||||||||||
3/31/2011 | 397,852 | — | 71,615 | (438,163 ) | 31,304 | 3,011,775 | — | 540,373 | (3,314,772 ) | 237,376 | |||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||
3/31/2012 | 6,417,691 | — | 320,569 | (6,314,003 | ) | 424,257 | 47,915,561 | — | 2,452,620 | (48,795,651 | ) | 1,572,530 | |||||||||||||||||||||||||||||||
3/31/2011 | 3,422,861 | — | 105,301 | (979,473 ) | 2,548,689 | 25,992,217 | — | 807,846 | (7,607,892 ) | 19,192,171 | |||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||
7/29/2011(1)–3/31/2012 | 202,028 | — | 1,552 | (4,858 ) | 198,722 | 1,567,745 | — | 12,123 | (37,433 ) | 1,542,435 | |||||||||||||||||||||||||||||||||
Intermediate Bond | |||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||
3/31/2012 | 6,561,524 | — | 1,296,044 | (11,379,209 | ) | (3,521,641 | ) | 63,697,285 | — | 12,600,909 | (110,525,656 | ) | (34,227,462 | ) | |||||||||||||||||||||||||||||
3/31/2011 | 7,129,198 | — | 1,488,918 | (13,255,546 | ) | (4,637,430 | ) | 67,433,425 | — | 14,090,479 | (125,623,492 | ) | (44,099,588 | ) | |||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||
3/31/2012 | 54,776 | — | 17,362 | (638,746 ) | (566,608 ) | 531,835 | — | 168,218 | (6,191,473 ) | (5,491,420 | ) | ||||||||||||||||||||||||||||||||
3/31/2011 | 94,373 | — | 46,546 | (1,174,144 | ) | (1,033,225 | ) | 892,369 | — | 438,794 | (11,114,683 | ) | (9,783,520 | ) | |||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||
3/31/2012 | 853,505 | — | 88,646 | (947,245 ) | (5,094 ) | 8,317,392 | — | 860,583 | (9,202,857 ) | (24,882 ) | |||||||||||||||||||||||||||||||||
3/31/2011 | 446,057 | — | 115,401 | (1,872,281 | ) | (1,310,823 | ) | 4,198,381 | — | 1,089,771 | (17,694,919 | ) | (12,406,767 | ) | |||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||
3/31/2012 | 9,644,301 | — | 1,364,634 | (12,378,499 | ) | (1,369,564 | ) | 94,381,732 | — | 13,271,296 | (120,165,741 | ) | (12,512,713 | ) | |||||||||||||||||||||||||||||
3/31/2011 | 10,667,680 | — | 1,410,739 | (11,470,021 | ) | 608,398 | 101,428,879 | — | 13,357,971 | (108,520,351 | ) | 6,266,499 | |||||||||||||||||||||||||||||||
Class O | |||||||||||||||||||||||||||||||||||||||||||
3/31/2012 | 476,284 | — | 17,313 | (536,344 ) | (42,747 ) | 4,640,739 | — | 168,443 | (5,228,316 ) | (419,134 ) | |||||||||||||||||||||||||||||||||
3/31/2011 | 510,135 | — | 19,848 | (727,653 ) | (197,670 ) | 4,836,398 | — | 187,918 | (6,903,950 ) | (1,879,634 | ) | ||||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||||
3/31/2012 | 608,390 | — | 60,759 | (928,354 ) | (259,205 ) | 5,915,026 | — | 591,378 | (9,011,314 ) | (2,504,910 | ) | ||||||||||||||||||||||||||||||||
3/31/2011 | 391,554 | — | 69,698 | (951,226 ) | (489,974 ) | 3,722,992 | — | 660,288 | (8,985,020 ) | (4,601,740 | ) | ||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||
3/31/2012 | 11,373,799 | — | 290,877 | (980,106 ) | 10,684,570 | 110,799,889 | — | 2,833,928 | (9,550,614 ) | 104,083,203 | |||||||||||||||||||||||||||||||||
3/31/2011 | 108,973 | — | 11,343 | (107,526 ) | 12,790 | 1,033,981 | — | 107,387 | (1,019,571 ) | 121,797 |
(1) | Commencement of operations. |
Fund | Security | Fair Value | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Intermediate Bond | Greater Ohio Ethanol, LLC, 6.301%, due 12/31/13 | $ | — | |||||||
Greater Ohio Ethanol, LLC, 12.630%, due 12/31/13 | — | |||||||||
Twin Reefs Pass-through Trust, 1.390%, due 12/10/49 | — |
Paid-in Capital | Undistributed Net Investment Income | Accumulated Net Realized Gains/(Losses) | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
GNMA Income | $ | — | $ | 6,390,096 | $ | (6,390,096 | ) | |||||||
High Yield Bond | (515,331 | ) | 119,389 | 395,942 | ||||||||||
Intermediate Bond | — | 3,420,322 | (3,420,322 | ) |
Year Ended March 31, 2012 | Year Ended March 31, 2011 | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ordinary Income | Long-Term Capital Gain | Ordinary Income | Return of Capital | ||||||||||||||||
GNMA Income | $ | 30,964,687 | $ | 1,077,160 | $ | 32,416,980 | $ | — | |||||||||||
High Yield Bond | 9,207,263 | — | 8,356,298 | 266,932 | |||||||||||||||
Intermediate Bond | 35,862,436 | — | 35,966,026 | — |
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Unrealized Appreciation/ (Depreciation) | Short-term Capital Loss Carryforwards | Expiration | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
GNMA Income | $ | 2,736,628 | $ | 2,141,445 | $ | 41,400,677 | $ | — | — | |||||||||||||
High Yield Bond | 97,691 | — | 4,730,587 | (126,079 | ) | 2014 | ||||||||||||||||
(16,938,959 | ) | 2015 | ||||||||||||||||||||
(9,006,267 | ) | 2017 | ||||||||||||||||||||
(14,980,165 | ) | 2018 | ||||||||||||||||||||
$ | (41,051,470 | ) | ||||||||||||||||||||
Intermediate Bond | 18,766,276 | — | 14,714,859 | (148,289,915 | ) | 2018 |
Portfolio | Value of Securities Loaned | Cash Collateral Received | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Intermediate Bond | $ | 32,707,588 | $ | 33,451,480 |
Per Share Amount | Payable Date | Record Date | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
GNMA Income | ||||||||||||||
Class A | $ | 0.0285 | April 3, 2012 | March 30, 2012 | ||||||||||
Class B | $ | 0.0225 | April 3, 2012 | March 30, 2012 | ||||||||||
Class C | $ | 0.0229 | April 3, 2012 | March 30, 2012 | ||||||||||
Class I | $ | 0.0305 | April 3, 2012 | March 30, 2012 | ||||||||||
Class W | $ | 0.0304 | April 3, 2012 | March 30, 2012 | ||||||||||
Class A | $ | 0.0275 | May 2, 2012 | April 30, 2012 | ||||||||||
Class B | $ | 0.0225 | May 2, 2012 | April 30, 2012 | ||||||||||
Class C | $ | 0.0226 | May 2, 2012 | April 30, 2012 | ||||||||||
Class I | $ | 0.0293 | May 2, 2012 | April 30, 2012 | ||||||||||
Class W | $ | 0.0292 | May 2, 2012 | April 30, 2012 | ||||||||||
High Yield Bond | ||||||||||||||
Class A | $ | 0.0434 | May 1, 2012 | Daily | ||||||||||
Class B | $ | 0.0385 | May 1, 2012 | Daily | ||||||||||
Class C | $ | 0.0387 | May 1, 2012 | Daily | ||||||||||
Class I | $ | 0.0464 | May 1, 2012 | Daily | ||||||||||
Class W | $ | 0.0475 | May 1, 2012 | Daily |
Per Share Amount | Payable Date | Record Date | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Intermediate Bond | ||||||||||||||
Class A | $ | 0.0150 | May 1, 2012 | Daily | ||||||||||
Class B | $ | 0.0083 | May 1, 2012 | Daily | ||||||||||
Class C | $ | 0.0085 | May 1, 2012 | Daily | ||||||||||
Class I | $ | 0.0178 | May 1, 2012 | Daily | ||||||||||
Class O | $ | 0.0150 | May 1, 2012 | Daily | ||||||||||
Class R | $ | 0.0129 | May 1, 2012 | Daily | ||||||||||
Class W | $ | 0.0179 | May 1, 2012 | Daily |
ING GNMA INCOME FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
U.S. GOVERNMENT AGENCY OBLIGATIONS: 101.8% | |||||||||||||||||||
Collateralized Mortgage Obligations: 0.1% | |||||||||||||||||||
1,056,408 | 5.500%, due 01/16/33 | $ | 1,253,038 | 0.1 | |||||||||||||||
Federal Home Loan Mortgage Corporation: 5.1%## | |||||||||||||||||||
9,565,717 | 6.000%, due 04/15/36 | 11,190,024 | 1.1 | ||||||||||||||||
10,704,620 | 6.000%, due 05/15/36 | 12,529,925 | 1.3 | ||||||||||||||||
6,389,489 | 27.633%, due 04/15/32 | 9,191,027 | 0.9 | ||||||||||||||||
39,558,491 | ˆ | 0.500%–21.090%, due 11/01/14–07/01/38 | 17,467,839 | 1.8 | |||||||||||||||
50,378,815 | 5.1 | ||||||||||||||||||
Federal National Mortgage Association: 11.8%## | |||||||||||||||||||
16,000,000 | W | 4.000%, due 12/15/39 | 17,127,500 | 1.7 | |||||||||||||||
17,172,513 | 4.500%, due 09/01/41 | 18,329,321 | 1.9 | ||||||||||||||||
32,327,681 | 4.500%, due 09/01/41 | 34,505,402 | 3.5 | ||||||||||||||||
15,899,989 | 4.624%, due 11/25/33 | 15,898,049 | 1.6 | ||||||||||||||||
5,174,938 | 6.000%, due 06/25/29 | 5,825,098 | 0.6 | ||||||||||||||||
4,984,858 | 6.500%, due 07/25/34 | 5,592,261 | 0.6 | ||||||||||||||||
15,915,983 | 5.300%–8.500%, due 06/01/14–12/25/45 | 18,357,732 | 1.9 | ||||||||||||||||
115,635,363 | 11.8 | ||||||||||||||||||
Government National Mortgage Association: 84.8% | |||||||||||||||||||
22,785,208 | 0.632%, due 07/20/41 | 22,798,055 | 2.3 | ||||||||||||||||
88,609,000 | ˆ | 0.879%, due 01/16/50 | 4,360,980 | 0.4 | |||||||||||||||
24,323,083 | 0.892%, due 06/20/40 | 24,380,751 | 2.5 | ||||||||||||||||
98,690,151 | ˆ | 1.091%, due 01/16/51 | 5,122,019 | 0.5 | |||||||||||||||
20,605,720 | 1.282%, due 03/20/39 | 20,938,517 | 2.1 | ||||||||||||||||
87,900,000 | W | 3.500%, due 10/15/41 | 91,347,324 | 9.3 | |||||||||||||||
15,536,919 | 4.000%, due 07/20/41 | 16,647,268 | 1.7 | ||||||||||||||||
19,955,614 | 4.000%, due 02/20/42 | 21,450,073 | 2.2 | ||||||||||||||||
4,042,450 | 4.500%, due 10/15/39 | 4,430,782 | 0.5 | ||||||||||||||||
3,947,146 | 4.500%, due 11/15/39 | 4,326,323 | 0.4 | ||||||||||||||||
20,165,597 | 4.500%, due 09/20/41 | 22,011,400 | 2.2 | ||||||||||||||||
13,078,168 | 4.660%, due 09/20/61 | 14,881,930 | 1.5 | ||||||||||||||||
4,260,533 | 4.861%, due 06/20/61 | 4,786,169 | 0.5 | ||||||||||||||||
6,636,826 | 5.000%, due 04/20/30 | 7,223,904 | 0.7 | ||||||||||||||||
4,777,824 | 5.000%, due 10/20/34 | 5,456,873 | 0.6 | ||||||||||||||||
6,056,536 | 5.000%, due 01/20/39 | 6,524,147 | 0.7 | ||||||||||||||||
16,152,734 | 5.000%, due 05/16/39 | 18,385,098 | 1.9 | ||||||||||||||||
4,384,935 | 5.000%, due 11/15/39 | 4,877,644 | 0.5 | ||||||||||||||||
4,525,021 | 5.000%, due 12/20/39 | 5,033,470 | 0.5 | ||||||||||||||||
12,948,986 | 5.000%, due 05/15/40 | 14,395,891 | 1.5 | ||||||||||||||||
35,406,094 | 5.000%, due 05/20/40 | 40,188,689 | 4.1 | ||||||||||||||||
6,943,859 | 5.000%, due 07/20/41 | 7,666,594 | 0.8 | ||||||||||||||||
8,100,000 | 5.250%, due 01/20/38 | 9,347,723 | 1.0 | ||||||||||||||||
7,720,199 | 5.368%, due 02/20/38 | 8,736,968 | 0.9 | ||||||||||||||||
13,844,385 | 5.473%, due 01/20/60 | 15,804,563 | 1.6 | ||||||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |||||||||||||||||||
Government National Mortgage Association: (continued) | |||||||||||||||||||
3,929,178 | 5.500%, due 11/15/33 | $ | 4,434,525 | 0.5 | |||||||||||||||
4,064,005 | 5.500%, due 03/16/34 | 4,819,437 | 0.5 | ||||||||||||||||
9,192,879 | 5.500%, due 12/16/35 | 10,887,478 | 1.1 | ||||||||||||||||
7,934,000 | 5.500%, due 04/20/36 | 8,696,568 | 0.9 | ||||||||||||||||
7,197,000 | 5.500%, due 09/20/36 | 7,962,539 | 0.8 | ||||||||||||||||
3,822,765 | 5.500%, due 10/20/37 | 4,405,491 | 0.4 | ||||||||||||||||
5,319,012 | 5.500%, due 11/20/37 | 6,087,843 | 0.6 | ||||||||||||||||
10,800,000 | 5.750%, due 07/20/38 | 12,147,123 | 1.2 | ||||||||||||||||
5,481,946 | 5.950%, due 02/15/44 | 5,980,277 | 0.6 | ||||||||||||||||
6,514,276 | 6.000%, due 07/20/34 | 7,376,586 | 0.8 | ||||||||||||||||
7,589,000 | 6.000%, due 07/20/37 | 9,016,162 | 0.9 | ||||||||||||||||
41,590,059 | ˆ | 6.108%, due 04/16/39 | 4,781,900 | 0.5 | |||||||||||||||
6,214,705 | 6.417%, due 04/20/37 | 7,137,828 | 0.7 | ||||||||||||||||
4,184,048 | 6.500%, due 01/20/39 | 4,789,301 | 0.5 | ||||||||||||||||
5,574,578 | 7.000%, due 10/20/38 | 6,449,484 | 0.7 | ||||||||||||||||
6,219,444 | 7.200%, due 03/15/39 | 6,722,016 | 0.7 | ||||||||||||||||
607,713,082 | ˆ | 0.250%–31.539%, due 05/15/16–10/16/52 | 318,055,057 | 32.5 | |||||||||||||||
830,872,770 | 84.8 | ||||||||||||||||||
Total U.S. Government Agency Obligations | |||||||||||||||||||
(Cost $954,000,073) | 998,139,986 | 101.8 | |||||||||||||||||
Liabilities in Excess of Other Assets | (17,643,331 | ) | (1.8 | ) | |||||||||||||||
Net Assets | $ | 980,496,655 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
## | On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship and the U.S. Treasury guaranteed the debt issued by those organizations. |
W | Settlement is on a when-issued or delayed-delivery basis. |
ˆ | 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. |
Cost for federal income tax purposes is $956,739,309. | |||||||
Net unrealized appreciation consists of: | |||||||
Gross Unrealized Appreciation | $ | 46,062,749 | |||||
Gross Unrealized Depreciation | (4,662,072 | ) | |||||
Net Unrealized Appreciation | $ | 41,400,677 |
ING GNMA INCOME FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at 3/31/2012 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at value | ||||||||||||||||||
U.S. Government Agency Obligations | $ | — | $ | 998,139,986 | $ | — | $ | 998,139,986 | ||||||||||
Total Investments, at value | $ | — | $ | 998,139,986 | $ | — | $ | 998,139,986 | ||||||||||
Other Financial Instruments+ | ||||||||||||||||||
Futures | 1,830,507 | — | — | 1,830,507 | ||||||||||||||
Total Assets | $ | 1,830,507 | $ | 998,139,986 | $ | — | $ | 999,970,493 | ||||||||||
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, equity forwards, futures, swaps, and written options. Forward foreign currency contracts, equity forwards and futures are valued at the unrealized gain (loss) on the instrument. Swaps and written options are valued at the fair value of the instrument. |
Beginning Balance on 3/31/2011 | Purchases | Sales | Accrued Discounts/ (Premiums) | Total Realized Gain (Loss) | Total Unrealized Appreciation (Depreciation) | Transfers into Level 3 | Transfers Out of Level 3 | Ending Balance on 3/31/2012 | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||||||||||||||||||||||
Investments, at value | ||||||||||||||||||||||||||||||||||||||
U.S. Government Agency Obligations | $ | 5,450,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (5,450,000 | ) | $ | — | |||||||||||||||||||
Preferred Stock | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Warrants | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total Investments, at value | $ | 5,450,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (5,450,000 | ) | $ | — |
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Short Contracts | ||||||||||||||||||
U.S. Treasury 10-Year Note | 791 | 06/20/12 | $ | 102,422,145 | $ | 1,493,503 | ||||||||||||
U.S. Treasury Long Bond | 89 | 06/20/12 | 12,259,750 | 337,004 | ||||||||||||||
$ | 114,681,895 | $ | 1,830,507 |
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Asset Derivatives | ||||||||||
Interest rate contracts | Net Assets — Unrealized appreciation* | $ | 1,830,507 | |||||||
Total Asset Derivatives | $ | 1,830,507 |
* | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
ING GNMA INCOME FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | ||||||
---|---|---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Futures | |||||
Interest rate contracts | $ | (2,674,504 | ) | |||
Total | $ | (2,674,504 | ) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||||
---|---|---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Futures | |||||
Interest rate contracts | $ | 1,830,507 | ||||
Total | $ | 1,830,507 |
ING HIGH YIELD BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CORPORATE BONDS/NOTES: 94.5% | |||||||||||||||||||
Consumer Discretionary: 28.2% | |||||||||||||||||||
223,000 | # | Affinia Group, Inc., 10.750%, 08/15/16 | $ | 244,743 | 0.2 | ||||||||||||||
400,000 | # | Alliance Data Systems Corp., 6.375%, 04/01/20 | 409,000 | 0.3 | |||||||||||||||
950,000 | AMC Entertainment, Inc., 9.750%, 12/01/20 | 900,125 | 0.6 | ||||||||||||||||
34,781 | # | American Media, Inc., 13.500%, 06/15/18 | 26,434 | 0.0 | |||||||||||||||
665,000 | # | Block Communications, Inc., 7.250%, 02/01/20 | 680,794 | 0.5 | |||||||||||||||
500,000 | # | Bresnan Broadband Holdings LLC, 8.000%, 12/15/18 | 517,500 | 0.4 | |||||||||||||||
720,000 | Cablevision Systems Corp., 7.750%, 04/15/18 | 756,000 | 0.5 | ||||||||||||||||
1,000,000 | # | Caesars Operating Escrow LLC/Caesars Escrow Corp., 8.500%, 02/15/20 | 1,020,000 | 0.7 | |||||||||||||||
400,000 | CCO Holdings LLC/ CCO Holdings Capital Corp., 6.500%, 04/30/21 | 416,000 | 0.3 | ||||||||||||||||
205,000 | # | Cenveo Corp., 11.500%, 05/15/17 | 189,625 | 0.1 | |||||||||||||||
765,000 | # | Cequel Communications Holdings I, LLC and Cequel Capital Corp., 8.625%, 11/15/17 | 825,244 | 0.6 | |||||||||||||||
730,000 | #, Z | Checkout Holding Corp., 10.490%, 11/15/15 | 306,600 | 0.2 | |||||||||||||||
100,000 | # | Chester Downs & Marina LLC, 9.250%, 02/01/20 | 105,875 | 0.1 | |||||||||||||||
950,000 | Chrysler Group LLC/CG Co-Issuer, Inc., 8.000%–8.250%, 06/15/19–06/15/21 | 962,000 | 0.7 | ||||||||||||||||
480,000 | # | Clear Channel Worldwide Holdings, Inc., 7.625%, 03/15/20 | 472,800 | 0.3 | |||||||||||||||
105,000 | # | Clear Channel Worldwide Holdings, Inc., 7.625%, 03/15/20 | 101,850 | 0.1 | |||||||||||||||
1,000,000 | # | Codere Finance Luxembourg SA, 9.250%, 02/15/19 | 997,500 | 0.7 | |||||||||||||||
710,000 | # | Commercial Vehicle Group, Inc., 7.875%, 04/15/19 | 720,650 | 0.5 | |||||||||||||||
635,000 | # | Cumulus Media, Inc., 7.750%, 05/01/19 | 603,250 | 0.4 | |||||||||||||||
778,000 | Emergency Medical Services Corp., 8.125%, 06/01/19 | 803,285 | 0.6 | ||||||||||||||||
645,000 | Gray Television, Inc., 10.500%, 06/29/15 | 674,025 | 0.5 | ||||||||||||||||
CORPORATE BONDS/NOTES: (continued) | |||||||||||||||||||
Consumer Discretionary: (continued) | |||||||||||||||||||
825,000 | # | Harron Communications L.P./Harron Finance Corp., 9.125%, 04/01/20 | $ | 855,938 | 0.6 | ||||||||||||||
500,000 | # | Jaguar Holding Co. II/ Jaguar Merger Sub, Inc., 9.500%, 12/01/19 | 545,000 | 0.4 | |||||||||||||||
750,000 | KB Home, 6.250%, 06/15/15 | 738,750 | 0.6 | ||||||||||||||||
1,015,000 | KB Home, 5.875%–8.000%, 01/15/15–03/15/20 | 1,000,850 | 0.7 | ||||||||||||||||
200,000 | # | Mediacom LLC/ Mediacom Capital Corp., 7.250%, 02/15/22 | 203,000 | 0.1 | |||||||||||||||
500,000 | Meritage Homes Corp., 6.250%, 03/15/15 | 508,500 | 0.4 | ||||||||||||||||
125,000 | # | Meritage Homes Corp., 7.000%, 04/01/22 | 125,625 | 0.1 | |||||||||||||||
720,000 | # | Meritage Homes Corp., 7.731%, 04/30/17 | 691,200 | 0.5 | |||||||||||||||
500,000 | MGM Resorts International, 7.750%, 03/15/22 | 510,000 | 0.4 | ||||||||||||||||
500,000 | # | MGM Resorts International, 8.625%, 02/01/19 | 538,750 | 0.4 | |||||||||||||||
1,105,000 | # | Monitronics International, Inc., 9.125%, 04/01/20 | 1,124,338 | 0.8 | |||||||||||||||
825,000 | NCL Corp. Ltd., 9.500%, 11/15/18 | 893,062 | 0.6 | ||||||||||||||||
250,000 | # | NCL Corp. Ltd., 9.500%, 11/15/18 | 270,625 | 0.2 | |||||||||||||||
745,000 | # | Needle, 8.125%, 03/15/19 | 752,450 | 0.5 | |||||||||||||||
750,000 | # | Nord Anglia Education UK Holdings PLC, 10.250%, 04/01/17 | 771,562 | 0.6 | |||||||||||||||
425,000 | # | NPC International, Inc./ NPC Operating Co. A, Inc./NPC Operating Co. B, Inc., 10.500%, 01/15/20 | 465,375 | 0.3 | |||||||||||||||
615,000 | # | Number Merger Sub, Inc., 11.000%, 12/15/19 | 661,125 | 0.5 | |||||||||||||||
805,000 | # | �� | Pittsburgh Glass Works LLC, 8.500%, 04/15/16 | 805,000 | 0.6 | ||||||||||||||
355,000 | # | Prestige Brands, Inc., 8.125%, 02/01/20 | 386,506 | 0.3 | |||||||||||||||
500,000 | # | Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 9.875%, 08/15/19 | 511,875 | 0.4 | |||||||||||||||
250,000 | # | Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 9.875%, 08/15/19 | 255,937 | 0.2 |
ING HIGH YIELD BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CORPORATE BONDS/NOTES: (continued) | |||||||||||||||||||
Consumer Discretionary: (continued) | |||||||||||||||||||
577,000 | # | Seminole Indian Tribe of Florida, 7.750%, 10/01/17 | $ | 628,209 | 0.5 | ||||||||||||||
300,000 | # | ServiceMaster Co/TN, 8.000%, 02/15/20 | 321,000 | 0.2 | |||||||||||||||
145,000 | # | Sirius XM Radio, Inc., 8.750%, 04/01/15 | 165,300 | 0.1 | |||||||||||||||
270,000 | # | Stoneridge, Inc., 9.500%, 10/15/17 | 287,887 | 0.2 | |||||||||||||||
1,000,000 | # | Taylor Morrison Communities, Inc./ Monarch Communities, Inc., 7.750%, 04/15/20 | 1,000,000 | 0.7 | |||||||||||||||
165,000 | # | UR Financing Escrow Corp., 5.750%, 07/15/18 | 169,331 | 0.1 | |||||||||||||||
285,000 | # | UR Financing Escrow Corp., 7.375%, 05/15/20 | 292,125 | 0.2 | |||||||||||||||
285,000 | # | UR Financing Escrow Corp., 7.625%, 04/15/22 | 293,550 | 0.2 | |||||||||||||||
290,000 | # | XM Satellite Radio, Inc., 7.625%, 11/01/18 | 314,650 | 0.2 | |||||||||||||||
11,366,716 | Other Securities | 11,617,081 | 8.3 | ||||||||||||||||
39,437,901 | 28.2 | ||||||||||||||||||
Consumer Staples: 4.7% | |||||||||||||||||||
615,000 | # | American Rock Salt Co. LLC/American Rock Capital Corp., 8.250%, 05/01/18 | 536,588 | 0.4 | |||||||||||||||
677,000 | # | Bumble Bee Acquisition Corp., 9.000%, 12/15/17 | 693,925 | 0.5 | |||||||||||||||
645,000 | Eliz Arden, 7.375%, 03/15/21 | 703,050 | 0.5 | ||||||||||||||||
700,000 | Hertz Corp./The, 6.750%, 04/15/19 | 728,000 | 0.5 | ||||||||||||||||
450,000 | # | JBS USA LLC/JBS USA Finance, Inc., 7.250%, 06/01/21 | 437,625 | 0.3 | |||||||||||||||
295,000 | # | Neff Rental LLC/Neff Finance Corp., 9.625%, 05/15/16 | 294,262 | 0.2 | |||||||||||||||
240,000 | # | Rite Aid Corp., 6.875%, 12/15/28 | 210,600 | 0.1 | |||||||||||||||
236,000 | #, & | ServiceMaster Co/The, 10.750%, 07/15/15 | 248,687 | 0.2 | |||||||||||||||
2,713,850 | Other Securities | 2,771,263 | 2.0 | ||||||||||||||||
6,624,000 | 4.7 | ||||||||||||||||||
Energy: 16.4% | |||||||||||||||||||
430,000 | # | Arch Coal, Inc., 7.000%, 06/15/19 | 398,825 | 0.3 | |||||||||||||||
385,000 | # | Arch Coal, Inc., 7.250%, 06/15/21 | 357,088 | 0.3 | |||||||||||||||
780,000 | Berry Petroleum Co., 6.375%–10.250%, 06/01/14–09/15/22 | 865,150 | 0.6 | ||||||||||||||||
500,000 | # | BreitBurn Energy Partners L.P./BreitBurn Finance Corp., 7.875%, 04/15/22 | 512,500 | 0.4 | |||||||||||||||
CORPORATE BONDS/NOTES: (continued) | |||||||||||||||||||
Energy: (continued) | |||||||||||||||||||
590,000 | # | Calfrac Holdings L.P., 7.500%, 12/01/20 | $ | 595,900 | 0.4 | ||||||||||||||
755,000 | Chaparral Energy, Inc., 8.250%–9.875%, 02/01/17–09/01/21 | 810,000 | 0.6 | ||||||||||||||||
705,000 | # | Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 6.625%, 11/15/19 | 703,237 | 0.5 | |||||||||||||||
800,000 | Cimarex Energy Co., 5.875%, 05/01/22 | 818,000 | 0.6 | ||||||||||||||||
625,000 | El Paso Corp., 7.250%, 06/01/18 | 702,626 | 0.5 | ||||||||||||||||
375,000 | # | Hilcorp Energy I L.P./Hilcorp Finance Co., 8.000%, 02/15/20 | 406,875 | 0.3 | |||||||||||||||
295,000 | # | Linn Energy LLC/Linn Energy Finance Corp., 6.250%, 11/01/19 | 286,519 | 0.2 | |||||||||||||||
160,000 | # | Meg Energy, 6.500%, 03/15/21 | 168,400 | 0.1 | |||||||||||||||
325,000 | # | NFR Energy LLC/NFR Energy Finance Corp., 9.750%, 02/15/17 | 281,125 | 0.2 | |||||||||||||||
175,000 | # | Peabody Energy Corp., 6.000%, 11/15/18 | 172,375 | 0.1 | |||||||||||||||
250,000 | # | Peabody Energy Corp., 6.250%, 11/15/21 | 246,250 | 0.2 | |||||||||||||||
800,000 | # | PetroBakken Energy Ltd., 8.625%, 02/01/20 | 836,000 | 0.6 | |||||||||||||||
715,000 | Stone Energy Corp., 8.625%, 02/01/17 | 750,750 | 0.5 | ||||||||||||||||
600,000 | Swift Energy Co., 8.875%, 01/15/20 | 657,000 | 0.5 | ||||||||||||||||
230,000 | # | Swift Energy Co., 7.875%, 03/01/22 | 238,050 | 0.1 | |||||||||||||||
750,000 | Thompson Creek Metals Co., Inc., 7.375%, 06/01/18 | 701,250 | 0.5 | ||||||||||||||||
800,000 | Vanguard Natural Resources, LLC, 7.875%, 04/01/20 | 794,192 | 0.6 | ||||||||||||||||
719,000 | W&T Offshore, Inc., 8.500%, 06/15/19 | 763,937 | 0.6 | ||||||||||||||||
250,000 | # | Westmoreland Coal Co/Westmoreland Partners, 10.750%, 02/01/18 | 238,125 | 0.2 | |||||||||||||||
10,384,000 | Other Securities | 10,527,545 | 7.5 | ||||||||||||||||
22,831,719 | 16.4 | ||||||||||||||||||
Financials: 8.1% | |||||||||||||||||||
935,000 | Ally Financial, Inc., 8.000%, 03/15/20 | 1,042,525 | 0.7 | ||||||||||||||||
655,000 | Ally Financial, Inc., 5.500%–8.300%, 02/12/15–02/15/17 | 696,926 | 0.5 |
ING HIGH YIELD BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CORPORATE BONDS/NOTES: (continued) | |||||||||||||||||||
Financials: (continued) | |||||||||||||||||||
750,000 | Atlantic Broadband Finance, LLC, 9.375%, 01/15/14 | $ | 753,750 | 0.5 | |||||||||||||||
290,000 | # | CIT Group, In.c, 6.625%, 04/01/18 | 316,462 | 0.2 | |||||||||||||||
500,000 | CIT Group, Inc., 5.250%, 03/15/18 | 510,625 | 0.4 | ||||||||||||||||
710,000 | # | CIT Group, Inc., 7.000%, 05/02/16 | 713,550 | 0.5 | |||||||||||||||
400,000 | # | CIT Group, Inc., 7.000%, 05/02/17 | 401,500 | 0.3 | |||||||||||||||
602,000 | Felcor Lodging L.P., 10.000%, 10/01/14 | 689,290 | 0.5 | ||||||||||||||||
1,000,000 | Ford Motor Credit Co. LLC, 5.000%–5.875%, 05/15/18–08/02/21 | 1,059,117 | 0.8 | ||||||||||||||||
695,000 | Ford Motor Credit Co., LLC, 8.125%, 01/15/20 | 842,433 | 0.6 | ||||||||||||||||
250,000 | # | Hexion US Finance Corp., 6.625%, 04/15/20 | 256,875 | 0.2 | |||||||||||||||
500,000 | # | Realogy Corp., 7.625%, 01/15/20 | 525,000 | 0.4 | |||||||||||||||
3,610,000 | Other Securities | 3,535,692 | 2.5 | ||||||||||||||||
11,343,745 | 8.1 | ||||||||||||||||||
Health Care: 9.6% | |||||||||||||||||||
500,000 | # | CHS/Community Health Systems, Inc., 8.000%, 11/15/19 | 520,000 | 0.4 | |||||||||||||||
740,000 | DaVita, Inc., 6.375%–6.625%, 11/01/18–11/01/20 | 777,000 | 0.6 | ||||||||||||||||
655,000 | HCA Holdings, Inc., 7.750%, 05/15/21 | 680,381 | 0.5 | ||||||||||||||||
800,000 | HCA, Inc., 7.500%, 02/15/22 | 854,000 | 0.6 | ||||||||||||||||
465,000 | HCA, Inc., 7.250%–7.875%, 02/15/20–09/15/20 | 509,644 | 0.4 | ||||||||||||||||
245,000 | # | Health Management Associates, Inc., 7.375%, 01/15/20 | 251,125 | 0.2 | |||||||||||||||
500,000 | # | Mylan, Inc., 6.000%, 11/15/18 | 525,000 | 0.4 | |||||||||||||||
170,000 | # | Mylan, Inc./PA, 7.875%, 07/15/20 | 190,400 | 0.1 | |||||||||||||||
1,000,000 | # | Physio-Control International, Inc., 9.875%, 01/15/19 | 1,055,000 | 0.7 | |||||||||||||||
400,000 | # | PSS World Medical, Inc., 6.375%, 03/01/22 | 413,000 | 0.3 | |||||||||||||||
280,000 | # | STHI Holding Corp., 8.000%, 03/15/18 | 298,200 | 0.2 | |||||||||||||||
420,000 | Tenet Healthcare Corp., 8.000%, 08/01/20 | 434,700 | 0.3 | ||||||||||||||||
395,000 | # | Tenet Healthcare Corp., 6.250%, 11/01/18 | 408,825 | 0.3 | |||||||||||||||
500,000 | # | USPI Finance Corp., 9.000%, 04/01/20 | 517,500 | 0.4 | |||||||||||||||
CORPORATE BONDS/NOTES: (continued) | |||||||||||||||||||
Health Care: (continued) | |||||||||||||||||||
525,000 | # | Valeant Pharmaceuticals International, 6.750%, 08/15/21 | $ | 513,187 | 0.3 | ||||||||||||||
245,000 | # | Valeant Pharmaceuticals International, 7.000%, 10/01/20 | 245,000 | 0.2 | |||||||||||||||
5,318,000 | Other Securities | 5,222,713 | 3.7 | ||||||||||||||||
13,415,675 | 9.6 | ||||||||||||||||||
Industrials: 6.9% | |||||||||||||||||||
455,000 | # | Amsted Industries, Inc., 8.125%, 03/15/18 | 489,125 | 0.3 | |||||||||||||||
635,000 | Berry Plastics Corp., 9.750%, 01/15/21 | 696,913 | 0.5 | ||||||||||||||||
310,000 | # | Bombardier, Inc., 7.500%, 03/15/18 | 342,550 | 0.2 | |||||||||||||||
185,000 | # | Building Materials Corp. of America, 7.500%, 03/15/20 | 197,025 | 0.1 | |||||||||||||||
670,000 | Covanta Holding Corp., 7.250%, 12/01/20 | 724,060 | 0.5 | ||||||||||||||||
880,000 | # | JM Huber Corp., 9.875%, 11/01/19 | 919,600 | 0.7 | |||||||||||||||
370,000 | # | Schaeffler Finance BV, 7.750%, 02/15/17 | 393,125 | 0.3 | |||||||||||||||
525,000 | # | Schaeffler Finance BV, 8.500%, 02/15/19 | 563,062 | 0.4 | |||||||||||||||
610,000 | SPX Corp., 6.875%, 09/01/17 | 671,000 | 0.5 | ||||||||||||||||
4,470,000 | Other Securities | 4,690,513 | 3.4 | ||||||||||||||||
9,686,973 | 6.9 | ||||||||||||||||||
Information Technology: 4.8% | |||||||||||||||||||
545,000 | # | Emdeon, Inc., 11.000%, 12/31/19 | 618,575 | 0.4 | |||||||||||||||
145,000 | # | First Data Corp., 8.250%, 01/15/21 | 142,463 | 0.1 | |||||||||||||||
146,000 | #, & | First Data Corp., 8.750%, 01/15/22 | 141,620 | 0.1 | |||||||||||||||
773,684 | & | First Data Corp., 9.875%–12.625%, 09/24/15–01/15/21 | 736,375 | 0.5 | |||||||||||||||
460,000 | Kemet Corp., 10.500%, 05/01/18 | 499,100 | 0.4 | ||||||||||||||||
250,000 | # | Kemet Corp., 10.500%, 05/01/18 | 270,000 | 0.2 | |||||||||||||||
105,000 | # | Lawson Software, Inc., 9.375%, 04/01/19 | 108,937 | 0.1 | |||||||||||||||
500,000 | # | Lawson Software, Inc., 11.500%, 07/15/18 | 555,000 | 0.4 | |||||||||||||||
3,360,000 | Other Securities | 3,605,675 | 2.6 | ||||||||||||||||
6,677,745 | 4.8 | ||||||||||||||||||
Materials: 7.2% | |||||||||||||||||||
200,000 | # | Ardagh Packaging Finance Plc, 7.375%, 10/15/17 | 215,500 | 0.2 |
ING HIGH YIELD BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CORPORATE BONDS/NOTES: (continued) | |||||||||||||||||||
Materials: (continued) | |||||||||||||||||||
250,000 | # | Ardagh Packaging Finance Plc/Ardagh MP Holdings USA, Inc., 9.125%, 10/15/20 | $ | 263,125 | 0.2 | ||||||||||||||
365,000 | # | Building Materials Corp. of America, 6.750%, 05/01/21 | 388,269 | 0.3 | |||||||||||||||
250,000 | # | FMG Resources August 2006 Pty Ltd., 6.000%, 04/01/17 | 248,125 | 0.2 | |||||||||||||||
550,000 | # | Ineos Finance PLC, 8.375%, 02/15/19 | 583,000 | 0.4 | |||||||||||||||
500,000 | # | Ineos Group Holdings PLC, 8.500%, 02/15/16 | 475,000 | 0.3 | |||||||||||||||
330,000 | # | JMC Steel Group, 8.250%, 03/15/18 | 344,850 | 0.3 | |||||||||||||||
410,000 | # | Longview Fibre Paper & Packaging, Inc., 8.000%, 06/01/16 | 419,738 | 0.3 | |||||||||||||||
640,000 | # | LyondellBasell Industries NV, 6.000%, 11/15/21 | 675,200 | 0.5 | |||||||||||||||
290,000 | # | Plastipak Holdings, Inc., 10.625%, 08/15/19 | 332,050 | 0.2 | |||||||||||||||
307,000 | # | Rain CII Carbon LLC and CII Carbon Corp., 8.000%, 12/01/18 | 323,117 | 0.2 | |||||||||||||||
750,000 | Taseko Mines Ltd, 7.750%, 04/15/19 | 718,125 | 0.5 | ||||||||||||||||
75,000 | # | Vertellus Specialties, Inc., 9.375%, 10/01/15 | 57,375 | 0.0 | |||||||||||||||
4,774,775 | Other Securities | 4,981,119 | 3.6 | ||||||||||||||||
10,024,593 | 7.2 | ||||||||||||||||||
Telecommunication Services: 6.5% | |||||||||||||||||||
460,000 | CCO Holdings LLC/ CCO Holdings Capital Corp., 7.250%, 10/30/17 | 495,650 | 0.4 | ||||||||||||||||
755,000 | Freescale Semiconductor, Inc., 8.050%, 02/01/20 | 762,550 | 0.6 | ||||||||||||||||
710,000 | Frontier Communications Corp., 8.250%–8.500%, 04/15/17–04/15/20 | 755,325 | 0.5 | ||||||||||||||||
250,000 | #, & | Intelsat Bermuda Ltd., 11.500%, 02/04/17 | 258,125 | 0.2 | |||||||||||||||
870,000 | Intelsat Luxembourg S.A., 11.250%, 02/04/17 | 906,975 | 0.7 | ||||||||||||||||
131,375 | & | Intelsat Luxembourg S.A., 11.500%, 02/04/17 | 136,958 | 0.1 | |||||||||||||||
500,000 | # | Sable International Finance Ltd., 8.750%, 02/01/20 | 532,500 | 0.4 | |||||||||||||||
400,000 | # | Sprint Nextel Corp., 7.000%, 03/01/20 | 407,000 | 0.3 | |||||||||||||||
665,000 | # | Sprint Nextel Corp., 9.000%, 11/15/18 | 731,500 | 0.5 | |||||||||||||||
CORPORATE BONDS/NOTES: (continued) | |||||||||||||||||||
Telecommunication Services: (continued) | |||||||||||||||||||
425,000 | # | UPCB Finance VI Ltd., 6.875%, 01/15/22 | $ | 440,938 | 0.3 | ||||||||||||||
870,000 | Windstream Corp., 7.000%, 03/15/19 | 891,750 | 0.6 | ||||||||||||||||
2,818,024 | Other Securities | 2,712,545 | 1.9 | ||||||||||||||||
9,031,816 | 6.5 | ||||||||||||||||||
Utilities: 2.1% | |||||||||||||||||||
310,000 | # | AES Corp., 7.375%, 07/01/21 | 344,100 | 0.3 | |||||||||||||||
385,000 | # | Calpine Corp., 7.500%, 02/15/21 | 412,913 | 0.3 | |||||||||||||||
440,000 | # | Calpine Corp., 7.875%, 07/31/20 | 480,700 | 0.3 | |||||||||||||||
455,000 | # | Texas Competitive Electric Holdings Co. LLC / TCEH Finance, Inc., 11.500%, 10/01/20 | 299,162 | 0.2 | |||||||||||||||
1,415,000 | Other Securities | 1,379,125 | 1.0 | ||||||||||||||||
2,916,000 | 2.1 | ||||||||||||||||||
Total Corporate Bonds/Notes (Cost $127,190,340) | 131,990,167 | 94.5 | |||||||||||||||||
ASSET-BACKED SECURITIES: 0.7% | |||||||||||||||||||
Other Asset-Backed Securities: 0.7% | |||||||||||||||||||
912,979 | # | GSC Partners CDO Fund Ltd, 2.495%, 12/16/15 | 911,393 | 0.7 | |||||||||||||||
Total Asset-Backed Securities (Cost $839,901) | 911,393 | 0.7 |
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 0.0% | |||||||||||||||||||
Consumer Discretionary: 0.0% | |||||||||||||||||||
6,005 | Other Securities | 2,535 | 0.0 | ||||||||||||||||
Total Common Stock (Cost $136,656) | 2,535 | 0.0 | |||||||||||||||||
Total Long-Term Investments (Cost $128,166,897) | 132,904,095 | 95.2 | |||||||||||||||||
SHORT-TERM INVESTMENTS: 3.6% | |||||||||||||||||||
Mutual Funds: 3.6% | |||||||||||||||||||
5,063,000 | BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $5,063,000) | 5,063,000 | 3.6 | ||||||||||||||||
Total Short-Term Investments | |||||||||||||||||||
(Cost $5,063,000) | 5,063,000 | 3.6 | |||||||||||||||||
Total Investments in Securities (Cost $133,229,897) | $ | 137,967,095 | 98.8 | ||||||||||||||||
Assets in Excess of Other Liabilities | 1,653,038 | 1.2 | |||||||||||||||||
Net Assets | $ | 139,620,133 | 100.0 |
ING HIGH YIELD BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
† | Unless otherwise indicated, principal amount is shown in USD. |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
& | Payment-in-kind |
Z | Indicates Zero Coupon Bond; rate shown reflects current effective yield. |
Cost for federal income tax purposes is $133,236,234. | |||||||
Net unrealized appreciation consists of: | |||||||
Gross Unrealized Appreciation | $ | 6,359,908 | |||||
Gross Unrealized Depreciation | (1,629,047 | ) | |||||
Net Unrealized Appreciation | $ | 4,730,861 |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at 3/31/2012 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at value | ||||||||||||||||||
Common Stock | ||||||||||||||||||
Consumer Discretionary | $ | — | $ | — | $ | 2,535 | $ | 2,535 | ||||||||||
Total Common Stock | — | — | 2,535 | 2,535 | ||||||||||||||
Corporate Bonds/Notes | — | 131,990,167 | — | 131,990,167 | ||||||||||||||
Asset-Backed Securities | — | 911,393 | — | 911,393 | ||||||||||||||
Short-Term Investments | 5,063,000 | — | — | 5,063,000 | ||||||||||||||
Total Investments, at value | $ | 5,063,000 | $ | 132,901,560 | $ | 2,535 | $ | 137,967,095 |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
Beginning Balance on 3/31/2011 | Purchases | Sales | Accrued Discounts/ (Premiums) | Total Realized Gain (Loss) | Total Unrealized Appreciation (Depreciation) | Transfers into Level 3 | Transfers Out of Level 3 | Ending Balance on 3/31/2012 | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||||||||||||||||||||||
Investments, at value | ||||||||||||||||||||||||||||||||||||||
Common Stock | $ | 2,541 | $ | — | $ | — | $ | — | $ | — | $ | (6 | ) | $ | — | $ | — | $ | 2,535 | |||||||||||||||||||
Preferred Stock | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Warrants | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total Investments, at value | $ | 2,541 | $ | — | $ | — | $ | — | $ | — | $ | (6 | ) | $ | — | $ | — | $ | 2,535 |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | ||||||
---|---|---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Swaps | |||||
Credit contracts | $ | 633,112 | ||||
Total | $ | 633,112 |
ING INTERMEDIATE BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CORPORATE BONDS/NOTES: 33.2% | |||||||||||||||||||
Consumer Discretionary: 5.5% | |||||||||||||||||||
1,180,000 | # | DIRECTV Holdings LLC/ DIRECTV Financing Co., Inc., 2.400%, 03/15/17 | $ | 1,170,613 | 0.2 | ||||||||||||||
1,112,000 | # | DIRECTV Holdings LLC/ DIRECTV Financing Co., Inc., 3.800%, 03/15/22 | 1,098,536 | 0.1 | |||||||||||||||
732,000 | # | DIRECTV Holdings LLC/ DIRECTV Financing Co., Inc., 5.150%, 03/15/42 | 713,531 | 0.1 | |||||||||||||||
817,000 | # | Harley-Davidson Financial Services, Inc., 2.700%, 03/15/17 | 811,266 | 0.1 | |||||||||||||||
2,726,000 | # | Hyatt Hotels Corp., 6.875%, 08/15/19 | 3,146,641 | 0.4 | |||||||||||||||
1,030,000 | # | Lamar Media Corp., 5.875%, 02/01/22 | 1,053,175 | 0.1 | |||||||||||||||
1,025,000 | #, L | Mediacom LLC/ Mediacom Capital Corp., 7.250%, 02/15/22 | 1,040,375 | 0.1 | |||||||||||||||
245,000 | # | Meritage Homes Corp., 7.000%, 04/01/22 | 246,225 | 0.0 | |||||||||||||||
2,201,000 | News America, Inc., 4.500%–6.650%, 02/15/21–11/15/37 | 2,470,633 | 0.3 | ||||||||||||||||
310,000 | #, L | Odebrecht Finance Ltd., 7.500%, 09/29/49 | 318,463 | 0.0 | |||||||||||||||
900,000 | # | SABMiller Holdings, Inc., 2.450%, 01/15/17 | 912,109 | 0.1 | |||||||||||||||
900,000 | # | SABMiller Holdings, Inc., 4.950%, 01/15/42 | 933,011 | 0.1 | |||||||||||||||
2,783,000 | Xerox Corp., 4.500%, 05/15/21 | 2,867,264 | 0.4 | ||||||||||||||||
950,000 | # | XM Satellite Radio, Inc., 7.625%, 11/01/18 | 1,030,750 | 0.1 | |||||||||||||||
26,237,000 | Other Securities (a) | 27,843,574 | 3.4 | ||||||||||||||||
45,656,166 | 5.5 | ||||||||||||||||||
Consumer Staples: 0.8% | |||||||||||||||||||
558,000 | # | Cargill, Inc., 3.250%, 11/15/21 | 544,539 | 0.0 | |||||||||||||||
920,000 | # | Delphi Corp., 5.875%, 05/15/19 | 975,200 | 0.1 | |||||||||||||||
615,000 | # | JBS USA LLC/JBS USA Finance, Inc., 8.250%, 02/01/20 | 633,450 | 0.1 | |||||||||||||||
4,046,000 | Other Securities | 4,793,499 | 0.6 | ||||||||||||||||
6,946,688 | 0.8 | ||||||||||||||||||
Energy: 6.3% | |||||||||||||||||||
1,240,000 | # | BG Energy Capital PLC, 2.875%, 10/15/16 | 1,283,931 | 0.1 | |||||||||||||||
2,699,000 | BP Capital Markets PLC, 2.248%–3.561%, 11/01/16–11/01/21 | 2,774,236 | 0.3 | ||||||||||||||||
CORPORATE BONDS/NOTES: (continued) | |||||||||||||||||||
Energy: (continued) | |||||||||||||||||||
325,000 | # | Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 6.625%, 11/15/19 | $ | 324,187 | 0.0 | ||||||||||||||
600,000 | # | China Resources Gas Group Ltd, 4.500%, 04/05/22 | 590,606 | 0.1 | |||||||||||||||
1,467,000 | # | Dolphin Energy Ltd., 5.500%, 12/15/21 | 1,553,186 | 0.2 | |||||||||||||||
612,000 | # | Duquesne Light Holdings, Inc., 5.900%, 12/01/21 | 654,805 | 0.1 | |||||||||||||||
2,434,000 | Energy Transfer Partners L.P., 4.650%–6.050%, 06/01/21–06/01/41 | 2,470,430 | 0.3 | ||||||||||||||||
531,000 | # | KazMunaiGaz Finance Sub BV, 7.000%, 05/05/20 | 606,333 | 0.1 | |||||||||||||||
596,000 | # | Korea Gas Corp., 6.250%, 01/20/42 | 676,835 | 0.1 | |||||||||||||||
2,227,000 | Petrobras International Finance Co.-Pifco, 3.500%–5.375%, 02/06/17–01/27/21 | 2,327,280 | 0.3 | ||||||||||||||||
128,000 | # | Petroleos Mexicanos, 4.875%, 01/24/22 | 134,720 | 0.0 | |||||||||||||||
1,457,000 | # | Phillips 66, 2.950%, 05/01/17 | 1,482,289 | 0.2 | |||||||||||||||
2,029,000 | # | Phillips 66, 4.300%, 04/01/22 | 2,067,237 | 0.2 | |||||||||||||||
1,000,000 | # | Reliance Holdings USA, Inc., 5.400%, 02/14/22 | 996,302 | 0.1 | |||||||||||||||
1,331,000 | # | Schlumberger Investment SA, 1.950%, 09/14/16 | 1,347,924 | 0.2 | |||||||||||||||
2,364,000 | Weatherford International Ltd., 4.500%–5.950%, 04/15/42–04/15/22 | 2,353,906 | 0.3 | ||||||||||||||||
555,000 | # | WPX Energy, Inc., 6.000%, 01/15/22 | 557,775 | 0.1 | |||||||||||||||
30,422,000 | Other Securities (a),(b) | 29,518,515 | 3.6 | ||||||||||||||||
51,720,497 | 6.3 | ||||||||||||||||||
Financials: 9.7% | |||||||||||||||||||
856,000 | # | ABN Amro Bank NV, 4.250%, 02/02/17 | 870,561 | 0.1 | |||||||||||||||
2,460,000 | American International Group, Inc., 5.850%–8.175%, 01/16/18–05/15/58 | 2,647,994 | 0.3 | ||||||||||||||||
BRL 2,887,000 | # | Banco Votorantim SA, 6.250%, 05/16/16 | 1,735,727 | 0.2 | |||||||||||||||
3,899,000 | Bank of America Corp., 3.750%–8.000%, 07/12/16–12/29/49 | 3,992,514 | 0.5 |
ING INTERMEDIATE BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CORPORATE BONDS/NOTES: (continued) | |||||||||||||||||||
Financials: (continued) | |||||||||||||||||||
2,912,000 | Citigroup, Inc., 3.953%, 06/15/16 | $ | 2,994,835 | 0.3 | |||||||||||||||
2,169,000 | Citigroup, Inc., 4.450%–5.875%, 01/10/17–01/30/42 | 2,249,004 | 0.3 | ||||||||||||||||
1,660,000 | # | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 11.000%, 12/29/49 | 2,118,900 | 0.3 | |||||||||||||||
2,262,000 | General Electric Capital Corp., 5.300%, 02/11/21 | 2,453,309 | 0.3 | ||||||||||||||||
2,772,000 | General Electric Capital Corp., 3.350%–4.650%, 10/17/16–10/17/21 | 2,950,453 | 0.3 | ||||||||||||||||
2,278,000 | # | Hyundai Capital America, 4.000%, 06/08/17 | 2,342,718 | 0.3 | |||||||||||||||
964,000 | # | Iberdrola Finance Ireland Ltd., 3.800%, 09/11/14 | 989,813 | 0.1 | |||||||||||||||
1,361,000 | # | ILFC E-Capital Trust II, 6.250%, 12/21/65 | 1,003,738 | 0.1 | |||||||||||||||
1,312,000 | International Lease Finance Corp., 5.875%, 04/01/19 | 1,269,416 | 0.2 | ||||||||||||||||
1,037,000 | # | International Lease Finance Corp., 7.125%, 09/01/18 | 1,135,515 | 0.1 | |||||||||||||||
559,000 | # | IPIC GMTN Ltd., 3.750%, 03/01/17 | 571,578 | 0.1 | |||||||||||||||
1,300,000 | # | IPIC GMTN Ltd., 5.500%, 03/01/22 | 1,343,875 | 0.1 | |||||||||||||||
625,000 | # | IPIC GMTN Ltd., 6.875%, 11/01/41 | 656,250 | 0.1 | |||||||||||||||
601,000 | # | Itau Unibanco Holding SA/Cayman Island, 6.200%, 12/21/21 | 631,050 | 0.1 | |||||||||||||||
2,271,000 | JPMorgan Chase & Co., 4.350%, 08/15/21 | 2,323,914 | 0.3 | ||||||||||||||||
1,279,000 | JPMorgan Chase & Co., 4.500%–5.400%, 01/24/22–01/06/42 | 1,343,899 | 0.1 | ||||||||||||||||
3,934,000 | Morgan Stanley, 3.800%–5.500%, 04/29/16–07/28/21 | 3,862,975 | 0.5 | ||||||||||||||||
2,403,000 | Murray Street Investment Trust I, 4.647%, 03/09/17 | 2,406,878 | 0.3 | ||||||||||||||||
2,347,000 | The Bank of New York Mellon Corp., 3.550%, 09/23/21 | 2,407,792 | 0.3 | ||||||||||||||||
37,446,616 | Other Securities (b) | 36,066,739 | 4.4 | ||||||||||||||||
80,369,447 | 9.7 | ||||||||||||||||||
Health Care: 1.7% | |||||||||||||||||||
1,075,000 | # | Aristotle Holding, Inc., 2.100%, 02/12/15 | 1,089,001 | 0.1 | |||||||||||||||
1,018,000 | # | Aristotle Holding, Inc., 2.650%, 02/15/17 | 1,030,441 | 0.1 | |||||||||||||||
CORPORATE BONDS/NOTES: (continued) | |||||||||||||||||||
Health Care: (continued) | |||||||||||||||||||
1,268,000 | # | Aristotle Holding, Inc., 3.500%, 11/15/16 | $ | 1,325,617 | 0.2 | ||||||||||||||
425,000 | # | CHS/Community Health Systems, Inc., 8.000%, 11/15/19 | 439,875 | 0.1 | |||||||||||||||
685,000 | # | Mylan, Inc./PA, 7.875%, 07/15/20 | 767,200 | 0.1 | |||||||||||||||
915,000 | # | Valeant Pharmaceuticals International, 7.250%, 07/15/22 | 910,425 | 0.1 | |||||||||||||||
9,239,000 | Other Securities | 8,618,527 | 1.0 | ||||||||||||||||
14,181,086 | 1.7 | ||||||||||||||||||
Industrials: 0.6% | |||||||||||||||||||
900,000 | # | Bombardier, Inc., 7.500%, 03/15/18 | 994,500 | 0.1 | |||||||||||||||
890,000 | # | Bombardier, Inc., 7.750%, 03/15/20 | 996,800 | 0.1 | |||||||||||||||
975,000 | # | Schaeffler Finance BV, 7.750%, 02/15/17 | 1,035,937 | 0.1 | |||||||||||||||
235,000 | # | Schaeffler Finance BV, 8.500%, 02/15/19 | 252,038 | 0.1 | |||||||||||||||
1,741,000 | Other Securities | 1,806,945 | 0.2 | ||||||||||||||||
5,086,220 | 0.6 | ||||||||||||||||||
Information Technology: 1.1% | |||||||||||||||||||
635,000 | # | Fidelity National Information Services, Inc., 5.000%, 03/15/22 | 628,650 | 0.1 | |||||||||||||||
2,993,000 | Hewlett-Packard Co., 2.600%–5.400%, 09/15/16–09/15/17 | 3,114,850 | 0.4 | ||||||||||||||||
4,422,000 | Other Securities | 4,858,844 | 0.6 | ||||||||||||||||
8,602,344 | 1.1 | ||||||||||||||||||
Materials: 2.9% | |||||||||||||||||||
2,422,000 | ArcelorMittal, 6.125%–9.850%, 06/01/18–06/01/19 | 2,792,781 | 0.3 | ||||||||||||||||
1,267,000 | # | Barrick Gold Corp., 3.850%, 04/01/22 | 1,269,418 | 0.1 | |||||||||||||||
1,480,000 | # | Barrick Gold Corp., 5.250%, 04/01/42 | 1,476,924 | 0.2 | |||||||||||||||
702,000 | # | Chevron Phillips Chemical Co. LLC, 7.000%, 06/15/14 | 787,450 | 0.1 | |||||||||||||||
820,000 | #, L | FMG Resources August 2006 Pty Ltd., 6.000%, 04/01/17 | 813,850 | 0.1 | |||||||||||||||
460,000 | # | FMG Resources August 2006 Pty Ltd., 7.000%, 11/01/15 | 471,500 | 0.0 | |||||||||||||||
495,000 | # | Georgia-Pacific LLC, 5.400%, 11/01/20 | 553,327 | 0.1 | |||||||||||||||
460,000 | # | Sealed Air Corp., 8.375%, 09/15/21 | 519,225 | 0.1 |
ING INTERMEDIATE BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CORPORATE BONDS/NOTES: (continued) | |||||||||||||||||||
Materials: (continued) | |||||||||||||||||||
2,078,000 | Vale Overseas Ltd., 4.625%, 09/15/20 | $ | 2,195,428 | 0.3 | |||||||||||||||
860,000 | # | Volcan Cia Minera SAA, 5.375%, 02/02/22 | 892,250 | 0.1 | |||||||||||||||
827,000 | # | Xstrata Canada Financial Corp., 4.950%, 11/15/21 | 867,729 | 0.1 | |||||||||||||||
10,727,811 | Other Securities (a) | 11,371,081 | 1.4 | ||||||||||||||||
24,010,963 | 2.9 | ||||||||||||||||||
Telecommunication Services: 2.4% | |||||||||||||||||||
770,000 | # | Sable International Finance Ltd., 8.750%, 02/01/20 | 820,050 | 0.1 | |||||||||||||||
2,826,000 | # | Telstra Corp. Ltd., 4.800%, 10/12/21 | 3,076,392 | 0.4 | |||||||||||||||
810,000 | # | UPCB Finance VI Ltd., 6.875%, 01/15/22 | 840,375 | 0.1 | |||||||||||||||
14,235,000 | Other Securities | 14,736,172 | 1.8 | ||||||||||||||||
19,472,989 | 2.4 | ||||||||||||||||||
Utilities: 2.2% | |||||||||||||||||||
1,105,000 | # | Calpine Corp., 7.500%, 02/15/21 | 1,185,113 | 0.1 | |||||||||||||||
205,000 | # | Comision Federal de Electricidad, 5.750%, 02/14/42 | 206,845 | 0.0 | |||||||||||||||
1,249,000 | # | Duquesne Light Holdings, Inc., 6.400%, 09/15/20 | 1,382,016 | 0.2 | |||||||||||||||
873,000 | # | Empresa de Energia de Bogota SA, 6.125%, 11/10/21 | 929,745 | 0.1 | |||||||||||||||
2,068,000 | L | Gazprom OAO Via Gaz Capital SA, 6.212%–6.510%, 11/22/16–03/07/22 | 2,262,072 | 0.3 | |||||||||||||||
137,707 | # | Juniper Generation, LLC, 6.790%, 12/31/14 | 116,024 | 0.0 | |||||||||||||||
1,831,000 | Oncor Electric Delivery Co., 6.800%–7.500%, 09/01/18–09/01/38 | 2,266,986 | 0.3 | ||||||||||||||||
8,868,000 | Other Securities | 10,076,801 | 1.2 | ||||||||||||||||
18,425,602 | 2.2 | ||||||||||||||||||
Total Corporate Bonds/Notes (Cost $267,518,452) | 274,472,002 | 33.2 | |||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: 11.2% | |||||||||||||||||||
1,039,000 | # | American General Mortgage Loan Trust, 5.650%, 03/25/58 | 1,094,730 | 0.1 | |||||||||||||||
2,753,000 | # | American General Mortgage Loan Trust, 5.750%, 09/25/48 | 2,831,858 | 0.4 | |||||||||||||||
900,000 | # | Arkle Master Issuer PLC, 2.215%, 05/17/60 | 901,034 | 0.1 | |||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |||||||||||||||||||
25,722,516 | #, ˆ | Banc of America Commercial Mortgage, Inc., 0.231%, 10/10/45 | $ | 263,342 | 0.0 | ||||||||||||||
2,937,341 | Banc of America Funding Corp., 5.500%, 02/25/35 | 2,945,205 | 0.3 | ||||||||||||||||
2,227,750 | # | Banc of America Funding Corp., 5.250%, 08/26/35 | 2,255,058 | 0.3 | |||||||||||||||
738,213 | # | Banc of America Large Loan, Inc., 1.642%, 06/15/18 | 728,670 | 0.1 | |||||||||||||||
770,000 | # | Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.498%, 07/10/43 | 747,286 | 0.1 | |||||||||||||||
392,713 | # | Banc of America Merrill Lynch Commercial Mortgage, Inc., 6.850%, 11/15/31 | 396,545 | 0.0 | |||||||||||||||
650,000 | # | Bank of America-First Union NB Commercial Mortgage, 6.250%, 04/11/37 | 608,229 | 0.1 | |||||||||||||||
660,000 | # | Bear Stearns Commercial Mortgage Securities, 5.541%, 04/12/38 | 611,173 | 0.1 | |||||||||||||||
240,000 | # | Bear Stearns Commercial Mortgage Securities, 5.640%, 02/14/31 | 238,461 | 0.0 | |||||||||||||||
347,192 | # | Bear Stearns Commercial Mortgage Securities, 6.500%, 02/15/32 | 347,315 | 0.1 | |||||||||||||||
1,290,000 | Bear Stearns Commercial Mortgage Securities, 5.134%–6.500%, 02/15/32–02/13/42 | 1,123,764 | 0.1 | ||||||||||||||||
730,000 | # | Bear Stearns Deutsche Bank Trust, 5.008%, 09/15/27 | 770,908 | 0.1 | |||||||||||||||
3,498,831 | Citicorp Mortgage Securities, Inc., 6.000%, 06/25/36–08/25/36 | 3,426,703 | 0.4 | ||||||||||||||||
419,601 | Commercial Mortgage Pass Through Certificates, 5.811%, 12/10/49 | 421,786 | 0.0 | ||||||||||||||||
609,494 | # | Commercial Mortgage Pass Through Certificates, 0.422%, 06/15/22 | 592,888 | 0.1 | |||||||||||||||
706,852 | # | Commercial Mortgage Pass Through Certificates, 0.692%, 12/15/20 | 651,061 | 0.1 | |||||||||||||||
567,227 | # | Commercial Mortgage Pass Through Certificates, 0.742%, 12/15/20 | 519,624 | 0.1 |
ING INTERMEDIATE BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |||||||||||||||||||
514,868 | # | Commercial Mortgage Pass Through Certificates, 0.842%, 12/15/20 | $ | 469,088 | 0.0 | ||||||||||||||
1,853,289 | # | Commercial Mortgage Pass Through Certificates, 3.828%, 12/17/13 | 1,883,179 | 0.2 | |||||||||||||||
730,000 | # | Credit Suisse Mortgage Capital Certificates, 5.599%, 04/12/49 | 742,570 | 0.1 | |||||||||||||||
3,596,159 | Freddie Mac, 5.000%–5.500%, 02/15/35–07/15/37 | 4,065,060 | 0.5 | ||||||||||||||||
257,155 | GS Mortgage Securities Corp. II, 5.479%, 11/10/39 | 258,745 | 0.0 | ||||||||||||||||
2,430,000 | # | GS Mortgage Securities Corp. II, 5.309%, 01/10/40 | 2,453,982 | 0.3 | |||||||||||||||
2,100,000 | # | Holmes Master Issuer PLC, 2.165%, 10/15/54 | 2,119,839 | 0.3 | |||||||||||||||
37,748,398 | #, ˆ | LB-UBS Commercial Mortgage Trust, 0.199%, 09/15/39 | 661,624 | 0.1 | |||||||||||||||
54,636,005 | #, ˆ | LB-UBS Commercial Mortgage Trust, 0.649%, 11/15/38 | 1,266,135 | 0.2 | |||||||||||||||
740,000 | # | LB-UBS Commercial Mortgage Trust, 5.032%, 10/15/36 | 699,042 | 0.1 | |||||||||||||||
410,000 | # | LB-UBS Commercial Mortgage Trust, 5.750%, 01/15/36 | 410,611 | 0.0 | |||||||||||||||
24,806,361 | ˆ | LB-UBS Commercial Mortgage Trust, 0.169%–5.886%, 06/15/38–09/15/45 | 5,513,860 | 0.6 | |||||||||||||||
2,250,000 | # | Lehman Brothers Floating Rate Commercial Mortgage Trust, 0.592%, 06/15/22 | 2,137,961 | 0.3 | |||||||||||||||
510,000 | # | Merrill Lynch Mortgage Investors, Inc., 6.000%, 12/15/30 | 516,211 | 0.1 | |||||||||||||||
50,700,501 | #, ˆ | Merrill Lynch Mortgage Trust, 0.521%, 02/12/51 | 861,036 | 0.1 | |||||||||||||||
1,000,000 | # | Morgan Stanley Capital I, 5.397%, 01/13/41 | 963,797 | 0.1 | |||||||||||||||
1,580,000 | # | Morgan Stanley Capital I, 5.813%, 08/12/41 | 1,224,763 | 0.2 | |||||||||||||||
280,000 | # | Morgan Stanley Capital I, 7.350%, 07/15/32 | 286,814 | 0.0 | |||||||||||||||
10,569,189 | Morgan Stanley Capital I, 5.073%–5.793%, 06/15/40–04/12/49 | 10,287,146 | 1.2 | ||||||||||||||||
984,000 | # | Morgan Stanley Reremic Trust, 5.870%, 12/17/43 | 1,009,886 | 0.1 | |||||||||||||||
19,447,959 | #, ˆ | RBSCF Trust, 0.985%, 04/15/24 | 493,910 | 0.1 | |||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |||||||||||||||||||
2,580,000 | # | RBSCF Trust, 5.305%, 01/16/49 | $ | 2,637,768 | 0.3 | ||||||||||||||
4,858,183 | Residential Accredit Loans, Inc., 0.412%, 01/25/37 | 2,440,579 | 0.3 | ||||||||||||||||
1,886,365 | Residential Accredit Loans, Inc., 0.692%, 12/25/36 | 705,407 | 0.1 | ||||||||||||||||
1,551,000 | # | Silverstone Master Issuer PLC, 1.792%, 01/21/55 | 1,562,169 | 0.2 | |||||||||||||||
490,000 | # | Wachovia Bank Commercial Mortgage Trust, 6.290%, 04/15/34 | 487,938 | 0.1 | |||||||||||||||
2,414,073 | Wells Fargo Mortgage Backed Securities Trust, 2.664%, 06/25/35 | 2,365,204 | 0.3 | ||||||||||||||||
29,925,542 | Other Securities | 22,598,792 | 2.7 | ||||||||||||||||
Total Collateralized Mortgage Obligations (Cost $92,972,920) | 92,598,756 | 11.2 | |||||||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 30.9% | |||||||||||||||||||
Federal Home Loan Mortgage Corporation: 11.5%## | |||||||||||||||||||
10,955,160 | ˆ | 6.243%, due 06/15/36 | 1,743,037 | 0.2 | |||||||||||||||
5,791,900 | 4.000%, due 10/01/41 | 6,069,964 | 0.7 | ||||||||||||||||
7,389,692 | 4.000%, due 12/01/41 | 7,744,464 | 0.9 | ||||||||||||||||
3,503,387 | 4.500%, due 08/01/41 | 3,718,041 | 0.5 | ||||||||||||||||
3,604,152 | 4.500%, due 08/01/41 | 3,824,979 | 0.5 | ||||||||||||||||
3,876,203 | 4.500%, due 09/01/41 | 4,113,699 | 0.5 | ||||||||||||||||
5,289,661 | 4.500%, due 10/01/41 | 5,613,759 | 0.7 | ||||||||||||||||
2,236,706 | ˆ | 4.858%, due 03/15/33 | 2,357,805 | 0.3 | |||||||||||||||
5,958,593 | 5.500%, due 08/15/20 | 6,033,586 | 0.7 | ||||||||||||||||
2,330,696 | 5.500%, due 11/15/22 | 2,535,642 | 0.3 | ||||||||||||||||
3,074,295 | 5.500%, due 12/15/32 | 3,410,949 | 0.4 | ||||||||||||||||
10,877,101 | 5.500%, due 02/15/36 | 12,208,268 | 1.5 | ||||||||||||||||
3,767,000 | 5.500%, due 06/15/37 | 4,243,458 | 0.5 | ||||||||||||||||
3,680,203 | 6.000%, due 10/15/37 | 4,284,691 | 0.5 | ||||||||||||||||
25,800,354 | ˆ | 6.358%, due 09/15/34 | 3,084,492 | 0.4 | |||||||||||||||
29,080,127 | ˆ, W | 0.592%–7.500%, due 04/01/14–10/01/41 | 24,402,339 | 2.9 | |||||||||||||||
95,389,173 | 11.5 | ||||||||||||||||||
Federal National Mortgage Association: 13.4%## | |||||||||||||||||||
18,624,000 | W | 3.500%, due 12/25/40 | 19,075,050 | 2.3 | |||||||||||||||
22,791,000 | W | 4.000%, due 02/25/39 | 23,852,206 | 2.9 | |||||||||||||||
5,230,616 | 4.000%, due 09/01/41 | 5,491,778 | 0.6 | ||||||||||||||||
6,022,000 | W | 4.500%, due 05/15/35 | 6,397,434 | 0.8 | |||||||||||||||
7,088,324 | 4.500%, due 09/01/41 | 7,565,822 | 0.9 | ||||||||||||||||
2,532,126 | 4.500%, due 10/01/41 | 2,702,700 | 0.3 | ||||||||||||||||
2,111,715 | 5.000%, due 08/01/35 | 2,283,803 | 0.3 | ||||||||||||||||
2,266,033 | 5.000%, due 07/01/37 | 2,453,882 | 0.3 | ||||||||||||||||
17,870,435 | ˆ | 6.508%, due 10/25/35 | 3,321,217 | 0.4 | |||||||||||||||
1,387,538 | 32.241%, due 11/25/36 | 2,391,743 | 0.3 | ||||||||||||||||
42,142,303 | ˆ, W | 0.642%–27.633%, due 08/01/16–03/01/42 | 35,075,358 | 4.3 | |||||||||||||||
475,000 | W | 4.500%, due 04/15/38 | 503,797 | 0.0 | |||||||||||||||
111,114,790 | 13.4 |
ING INTERMEDIATE BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |||||||||||||||||||
Government National Mortgage Association: 6.0% | |||||||||||||||||||
26,002,000 | W | 3.500%, due 10/15/41 | $ | 27,021,765 | 3.3 | ||||||||||||||
81,361,904 | ˆ | 2.375%–8.008%, due 04/20/28–10/20/60 | 22,466,199 | 2.7 | |||||||||||||||
49,487,964 | 6.0 | ||||||||||||||||||
Total U.S. Government Agency Obligations (Cost $243,659,692) | 255,991,927 | 30.9 | |||||||||||||||||
ASSET-BACKED SECURITIES: 4.2% | |||||||||||||||||||
Automobile Asset-Backed Securities: 0.1% | |||||||||||||||||||
778,000 | Other Securities | 791,328 | 0.1 | ||||||||||||||||
Home Equity Asset-Backed Securities: 0.0% | |||||||||||||||||||
352,873 | Other Securities | 317,335 | 0.0 | ||||||||||||||||
Other Asset-Backed Securities: 4.1% | |||||||||||||||||||
589,468 | # | ARES CLO Funds, 0.714%, 09/18/17 | 579,900 | 0.1 | |||||||||||||||
900,000 | # | ARES CLO Funds, 3.141%, 02/26/16 | 831,938 | 0.1 | |||||||||||||||
750,000 | # | ARES CLO Ltd., 1.841%, 02/26/16 | 703,233 | 0.1 | |||||||||||||||
500,000 | # | ARES CLO Ltd., 6.901%, 02/26/16 | 502,742 | 0.0 | |||||||||||||||
1,086,444 | # | Atrium CDO Corp., 0.821%, 10/27/16 | 1,066,588 | 0.1 | |||||||||||||||
1,533,382 | # | Atrium CDO Corp., 0.902%, 06/27/15 | 1,507,621 | 0.2 | |||||||||||||||
750,000 | # | Babson CLO Ltd/Cayman Islands, 6.812%, 11/15/16 | 748,545 | 0.1 | |||||||||||||||
345,905 | # | Callidus Debt Partners Fund Ltd., 1.003%, 05/15/15 | 342,767 | 0.0 | |||||||||||||||
553,686 | # | Carlyle High Yield Partners, 0.880%, 08/11/16 | 544,542 | 0.1 | |||||||||||||||
1,574,278 | # | Credit-Based Asset Servicing and Securitization, LLC, 5.746%, 12/25/37 | 1,552,363 | 0.2 | |||||||||||||||
1,188,000 | # | Credit-Based Asset Servicing and Securitization, LLC, 6.020%, 12/25/37 | 966,507 | 0.1 | |||||||||||||||
1,772,672 | Credit-Based Asset Servicing and Securitization, LLC, 4.831%–5.501%, 08/25/35–12/25/36 | 1,436,091 | 0.2 | ||||||||||||||||
800,000 | # | Dryden Leveraged Loan CDO 2002-II, 2.774%, 09/17/16 | 761,949 | 0.1 | |||||||||||||||
750,000 | # | Dryden Leveraged Loan CDO 2002-II, 6.184%, 12/22/15 | 765,769 | 0.1 | |||||||||||||||
ASSET-BACKED SECURITIES: (continued) | |||||||||||||||||||
Other Asset-Backed Securities: (continued) | |||||||||||||||||||
9,100,000 | Fieldstone Mortgage Investment Corp., 0.402%–0.482%, 11/25/36 | $ | 3,172,152 | 0.4 | |||||||||||||||
468,597 | # | First CLO Ltd., 0.907%, 07/27/16 | 467,323 | 0.1 | |||||||||||||||
1,100,000 | # | First CLO Ltd., 1.474%, 12/14/16 | 1,050,115 | 0.1 | |||||||||||||||
600,000 | # | First CLO Ltd., 2.857%, 07/27/16 | 563,541 | 0.1 | |||||||||||||||
1,250,000 | # | Galaxy CLO Ltd., 2.117%, 01/15/16 | 1,221,963 | 0.1 | |||||||||||||||
289,220 | # | Granite Ventures Ltd., 0.827%, 12/15/17 | 287,539 | 0.0 | |||||||||||||||
1,575,000 | # | Grayston CLO Ltd., 1.803%, 08/15/16 | 1,508,267 | 0.2 | |||||||||||||||
336,544 | # | Gulf Stream Compass CLO Ltd., 0.927%, 07/15/16 | 334,176 | 0.0 | |||||||||||||||
1,290,718 | # | Katonah Ltd., 0.794%, 09/20/16 | 1,275,363 | 0.2 | |||||||||||||||
1,550,000 | # | Landmark CDO Ltd., 1.417%, 01/15/16 | 1,539,302 | 0.2 | |||||||||||||||
814,355 | # | Lightpoint CLO Ltd., 0.734%, 09/15/17 | 784,879 | 0.1 | |||||||||||||||
10,178,000 | Morgan Stanley ABS Capital I, 0.512%, 03/25/36 | 4,224,567 | 0.5 | ||||||||||||||||
361,755 | # | Navigator CDO Ltd., 2.203%, 11/15/15 | 362,208 | 0.0 | |||||||||||||||
965,889 | # | Navigator CDO Ltd., 2.667%, 01/14/17 | 842,875 | 0.1 | |||||||||||||||
600,000 | # | Olympic CLO Ltd., 1.403%, 05/15/16 | 584,783 | 0.1 | |||||||||||||||
88,549 | # | Stanfield Carrera CLO Ltd., 0.954%, 03/15/15 | 88,106 | 0.0 | |||||||||||||||
1,250,000 | # | Veritas CLO Ltd., 1.800%, 09/05/16 | 1,146,305 | 0.1 | |||||||||||||||
1,315,943 | # | Wind River CLO Ltd., 0.804%, 12/19/16 | 1,278,474 | 0.2 | |||||||||||||||
583,957 | Other Securities | 466,118 | 0.1 | ||||||||||||||||
33,508,611 | 4.1 | ||||||||||||||||||
Total Asset-Backed Securities (Cost $35,924,739) | 34,617,274 | 4.2 | |||||||||||||||||
U.S. TREASURY OBLIGATIONS: 10.6% | |||||||||||||||||||
U.S. Treasury Bonds: 3.9% | |||||||||||||||||||
21,190,000 | 2.000%, due 02/15/22 | 20,776,138 | 2.5 | ||||||||||||||||
12,244,000 | 3.125%, due 11/15/41 | 11,700,673 | 1.4 | ||||||||||||||||
32,476,811 | 3.9 | ||||||||||||||||||
U.S. Treasury Notes: 6.7% | |||||||||||||||||||
23,419,000 | 0.250%, due 03/31/14 | 23,380,593 | 2.8 | ||||||||||||||||
7,590,000 | 0.375%, due 03/15/15 | 7,562,129 | 0.9 |
ING INTERMEDIATE BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
U.S. TREASURY OBLIGATIONS: (continued) | |||||||||||||||||||||||
U.S. Treasury Notes: (continued) | |||||||||||||||||||||||
11,209,000 | 1.000%, due 03/31/17 | $ | 11,184,486 | 1.4 | |||||||||||||||||||
12,995,000 | 1.500%, due 03/31/19 | 12,893,483 | 1.6 | ||||||||||||||||||||
55,020,691 | 6.7 | ||||||||||||||||||||||
Total U.S. Treasury Obligations (Cost $87,305,586) | 87,497,502 | 10.6 | |||||||||||||||||||||
FOREIGN GOVERNMENT BONDS: 7.2% | |||||||||||||||||||||||
BRL 12,093,000 | Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/14 | 6,823,805 | 0.8 | ||||||||||||||||||||
BRL 34,028,000 | Brazil Notas do Tesouro Nacional Series F, 10.000%, 01/01/21 | 18,018,949 | 2.2 | ||||||||||||||||||||
337,000 | # | Lithuania Government International Bond, 5.125%, 09/14/17 | 352,165 | 0.1 | |||||||||||||||||||
264,000 | # | Lithuania Government International Bond, 6.625%, 02/01/22 | 293,370 | 0.0 | |||||||||||||||||||
260,000 | # | Romanian Government International Bond, 6.750%, 02/07/22 | 273,000 | 0.0 | |||||||||||||||||||
1,686,010 | # | Russia Government Bond, 7.500%, 03/31/30 | 2,025,319 | 0.3 | |||||||||||||||||||
200,000 | # | Russian Foreign Bond-Eurobond, 5.625%, 04/04/42 | 199,400 | 0.0 | |||||||||||||||||||
ZAR 125,621,080 | South Africa Government Bond, 7.250%, 01/15/20 | 15,889,929 | 1.9 | ||||||||||||||||||||
368,000 | # | Ukraine Government Bond, 7.650%, 06/11/13 | 356,500 | 0.1 | |||||||||||||||||||
300,000 | # | Ukraine Government International Bond, 6.250%, 06/17/16 | 262,500 | 0.0 | |||||||||||||||||||
13,587,613 | Other Securities | 15,231,271 | 1.8 | ||||||||||||||||||||
Total Foreign Government Bonds (Cost $59,621,557) | 59,726,208 | 7.2 |
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
PREFERRED STOCK: 0.3% | |||||||||||||||||||
Financials: 0.3% | |||||||||||||||||||
72,000 | Other Securities | 1,957,910 | 0.3 | ||||||||||||||||
Total Preferred Stock (Cost $1,862,100) | 1,957,910 | 0.3 |
# of Contracts | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
PURCHASED OPTIONS: 0.1% | |||||||||||||||||||
Credit Default Swaption: 0.1% | |||||||||||||||||||
40,180,000 | @ | Payer Swaption-Fund buys credit default swap protection on CDX.NA.HY.17, Strike @ 96.000, Exp. 12/20/16 Counterparty: Morgan Stanley | $ | 592,961 | 0.1 | ||||||||||||||
Options On Currencies: 0.0% | |||||||||||||||||||
19,600,000 | @ | EUR Put vs. USD Call Currency Option, Strike @ 1.310, Exp. 04/25/12 Counterparty: Morgan Stanley | 64,400 | 0.0 | |||||||||||||||
Total Purchased Options (Cost $910,959) | 657,361 | 0.1 | |||||||||||||||||
Total Long-Term Investments (Cost $789,776,005) | 807,518,940 | 97.7 |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: 15.0% | |||||||||||||||||||
Securities Lending Collateralcc(1): 4.0% | |||||||||||||||||||
1,672,576 | BNP Paribas Bank, Repurchase Agreement dated 03/30/12, 0.16%, due 04/02/12 (Repurchase Amount $1,672,598, collateralized by various U.S. Government Agency Obligations, 3.000%–6.500%, Market Value plus accrued interest $1,706,028, due 01/01/22–03/01/42) | 1,672,576 | 0.2 | ||||||||||||||||
7,944,726 | Cantor Fitzgerald, Repurchase Agreement dated 03/30/12, 0.17%, due 04/02/12 (Repurchase Amount $7,944,837, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%–7.500%, Market Value plus accrued interest $8,103,620, due 03/31/12–04/01/42) | 7,944,726 | 1.0 |
ING INTERMEDIATE BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: (continued) | |||||||||||||||||||
Securities Lending Collateralcc(1): (continued) | |||||||||||||||||||
7,944,726 | Citigroup, Inc., Repurchase Agreement dated 03/30/12, 0.18%, due 04/02/12 (Repurchase Amount $7,944,844, collateralized by various U.S. Government Agency Obligations, 1.992%–7.000%, Market Value plus accrued interest $8,103,621, due 03/01/18–04/15/43) | $ | 7,944,726 | 0.9 | |||||||||||||||
7,944,726 | Daiwa Capital Markets, Repurchase Agreement dated 03/30/12, 0.20%, due 04/02/12 (Repurchase Amount $7,944,857, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%–8.200%, Market Value plus accrued interest $8,103,621, due 07/19/12–04/01/42) | 7,944,726 | 0.9 | ||||||||||||||||
7,944,726 | Deutsche Bank AG, Repurchase Agreement dated 03/30/12, 0.15%, due 04/02/12 (Repurchase Amount $7,944,824, collateralized by various U.S. Government Agency Obligations, 3.500%–4.000%, Market Value plus accrued interest $8,103,622, due 10/01/20–12/01/40) | 7,944,726 | 1.0 | ||||||||||||||||
33,451,480 | 4.0 |
Shares | | | | Value | | Percentage of Net Assets | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mutual Funds: 11.0% | ||||||||||||||||||
90,591,565 | BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $90,591,565) | $ | 90,591,565 | 11.0 | ||||||||||||||
Total Short-Term Investments (Cost $124,043,045) | 124,043,045 | 15.0 | ||||||||||||||||
Total Investments in Securities (Cost $913,819,050) | $ | 931,561,985 | 112.7 | |||||||||||||||
Liabilities in Excess of Other Assets | (104,622,984 | ) | (12.7 | ) | ||||||||||||||
Net Assets | $ | 826,939,001 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
## | On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship and the U.S. Treasury guaranteed the debt issued by those organizations. |
@ | Non-income producing security |
cc | Securities purchased with cash collateral for securities loaned. |
W | Settlement is on a when-issued or delayed-delivery basis. |
L | Loaned security, a portion or all of the security is on loan at March 31, 2012. |
ˆ | 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. |
(1) | Collateral received from brokers for securities lending was invested into these short-term investments. |
(a) | This grouping contains loaned securities. |
(b) | The grouping contains securities in default. |
BRL | Brazilian Real |
DKK | Danish Krone |
ZAR | South African Rand |
Cost for federal income tax purposes is $914,641,172. | |||||||
Net unrealized appreciation consists of: | |||||||
Gross Unrealized Appreciation | $ | 29,551,529 | |||||
Gross Unrealized Depreciation | (12,630,716 | ) | |||||
Net Unrealized Appreciation | $ | 16,920,813 |
ING INTERMEDIATE BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at 3/31/2012 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at value | ||||||||||||||||||
Preferred Stock | $ | 1,957,910 | $ | — | $ | — | $ | 1,957,910 | ||||||||||
Purchased Options | — | 657,361 | — | 657,361 | ||||||||||||||
Corporate Bonds/Notes | — | 274,472,002 | — | 274,472,002 | ||||||||||||||
Collateralized Mortgage Obligations | — | 92,598,756 | — | 92,598,756 | ||||||||||||||
Short-Term Investments | 90,591,565 | 33,451,480 | — | 124,043,045 | ||||||||||||||
U.S. Treasury Obligations | — | 87,497,502 | — | 87,497,502 | ||||||||||||||
Foreign Government Bonds | — | 59,726,208 | — | 59,726,208 | ||||||||||||||
Asset-Backed Securities | — | 33,021,547 | 1,595,727 | 34,617,274 | ||||||||||||||
U.S. Government Agency Obligations | ��� | 255,991,927 | — | 255,991,927 | ||||||||||||||
Total Investments, at value | $ | 92,549,475 | $ | 837,416,783 | $ | 1,595,727 | $ | 931,561,985 | ||||||||||
Other Financial Instruments+ | ||||||||||||||||||
Swaps | — | 645,549 | — | 645,549 | ||||||||||||||
Futures | 3,849,010 | — | — | 3,849,010 | ||||||||||||||
Forward Foreign Currency Contracts | — | 545,087 | — | 545,087 | ||||||||||||||
Total Assets | $ | 96,398,485 | $ | 838,607,419 | $ | 1,595,727 | $ | 936,601,631 | ||||||||||
Liabilities Table | ||||||||||||||||||
Other Financial Instruments+ | ||||||||||||||||||
Swaps | $ | — | $ | (3,374,234 | ) | $ | — | $ | (3,374,234 | ) | ||||||||
Futures | (3,933,232 | ) | — | — | (3,933,232 | ) | ||||||||||||
Written Options | — | (25,000 | ) | — | (25,000 | ) | ||||||||||||
Forward Foreign Currency Contracts | — | (2,228,747 | ) | — | (2,228,747 | ) | ||||||||||||
Total Liabilities | $ | (3,933,232 | ) | $ | (5,627,981 | ) | $ | — | $ | (9,561,213 | ) |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, equity forwards, futures, swaps, and written options. Forward foreign currency contracts, equity forwards and futures are valued at the unrealized gain (loss) on the instrument. Swaps and written options are valued at the fair value of the instrument. |
Beginning Balance on 3/31/2011 | Purchases | Sales | Accrued Discounts/ (Premiums) | Total Realized Gain (Loss) | Total Unrealized Appreciation (Depreciation) | Transfers into Level 3 | Transfers Out of Level 3 | Ending Balance on 3/31/2012 | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||||||||||||||||||||||
Investments, at value | ||||||||||||||||||||||||||||||||||||||
Asset-Backed Securities | $ | 10,152,584 | $ | — | $ | (3,439,599 | ) | $ | 5,621 | $ | 43,652 | $ | (50 | ) | $ | — | $ | (5,166,481 | ) | $ | 1,595,727 | |||||||||||||||||
Collateralized Mortgage Obligations | 562,285 | — | — | — | — | — | — | (562,285 | ) | — | ||||||||||||||||||||||||||||
U.S. Government Agency Obligations | 1,266,587 | — | — | — | — | — | — | (1,266,587 | ) | — | ||||||||||||||||||||||||||||
Preferred Stock | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Warrants | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Short-Term Investments | 2,663,885 | — | (2,663,885 | ) | — | (665,971 | ) | 665,971 | — | — | — | |||||||||||||||||||||||||||
Total Investments, at value | $ | 14,645,341 | $ | — | $ | (6,103,484 | ) | $ | 5,621 | $ | (622,319 | ) | $ | 665,921 | $ | — | $ | (6,995,353 | ) | $ | 1,595,727 |
ING INTERMEDIATE BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
Counterparty | Currency | Contract Amount | Buy/Sell | Settlement Date | In Exchange For | Fair Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Morgan Stanley | Brazilian Real | 7,035,063 | Buy | 04/20/12 | $ | 3,875,000 | $ | 3,836,335 | $ | (38,665 | ) | |||||||||||||||||||
Morgan Stanley | Brazilian Real | 7,011,438 | Buy | 04/20/12 | 3,892,000 | 3,823,453 | (68,547 | ) | ||||||||||||||||||||||
Citigroup, Inc. | EU Euro | 9,017,393 | Buy | 05/18/12 | 11,836,212 | 12,029,350 | 193,138 | |||||||||||||||||||||||
Citigroup, Inc. | Mexican Peso | 4,572,331 | Buy | 05/18/12 | 353,027 | 355,719 | 2,692 | |||||||||||||||||||||||
Citigroup, Inc. | South African Rand | 30,545,822 | Buy | 05/18/12 | 3,900,878 | 3,953,808 | 52,930 | |||||||||||||||||||||||
$ | 141,548 | |||||||||||||||||||||||||||||
HSBC | Brazilian Real | 45,160,524 | Sell | 04/20/12 | $ | 23,992,330 | $ | 24,626,777 | $ | (634,447 | ) | |||||||||||||||||||
Morgan Stanley | Brazilian Real | 10,371,360 | Sell | 04/20/12 | 5,952,000 | 5,655,673 | 296,327 | |||||||||||||||||||||||
Credit Suisse First Boston | Mexican Peso | 71,875,713 | Sell | 05/18/12 | 5,373,162 | 5,591,803 | (218,641 | ) | ||||||||||||||||||||||
Citigroup, Inc. | EU Euro | 8,899,103 | Sell | 05/18/12 | 11,497,695 | 11,871,550 | (373,855 | ) | ||||||||||||||||||||||
Deutsche Bank AG | South African Rand | 152,250,937 | Sell | 05/18/12 | 18,819,646 | 19,707,146 | (887,500 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Mexican Peso | 14,236,505 | Sell | 05/18/12 | 1,100,483 | 1,107,575 | (7,092 | ) | ||||||||||||||||||||||
$ | (1,825,208 | ) |
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Contracts | ||||||||||||||||||
U.S. Treasury 5-Year Note | 1,812 | 06/29/12 | $ | 222,040,777 | $ | (1,547,566 ) | ||||||||||||
U.S. Treasury Ultra Long Bond | 415 | 06/20/12 | 62,652,031 | (2,385,666 ) | ||||||||||||||
$ | 284,692,808 | $ | (3,933,232 ) | |||||||||||||||
Short Contracts | ||||||||||||||||||
U.S. Treasury 10-Year Note | 1,368 | 06/20/12 | $ | 177,134,632 | $ | 2,379,448 | ||||||||||||
U.S. Treasury 2-Year Note | 139 | 06/29/12 | 30,599,546 | 8,341 | ||||||||||||||
U.S. Treasury Long Bond | 477 | 06/20/12 | 65,706,750 | 1,461,221 | ||||||||||||||
$ | 273,440,928 | $ | 3,849,010 |
Counterparty | Reference Entity/Obligation | Buy/Sell Protection | (Pay)/Receive Fixed Rate (%) | Termination Date | Notional Amount (2) | Fair Value (3) | Upfront Payments Paid/(Received) | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Citigroup, Inc. | MBIA Inc. | Buy | (5.000) | 09/20/13 | USD 1,311,000 | $ | 78,713 | $ | 125,124 | $ | (46,411 | ) | ||||||||||||||||||||||
Citigroup, Inc. | MBIA Inc. | Buy | (5.000) | 09/20/13 | USD 640,000 | 38,426 | 63,645 | (25,219 | ) | |||||||||||||||||||||||||
JPMorgan Chase & Co. | MBIA Inc. | Buy | (5.000) | 09/20/13 | USD 5,079,000 | 304,945 | 263,802 | 41,143 | ||||||||||||||||||||||||||
$ | 422,084 | $ | 452,571 | $ | (30,487 | ) |
Counterparty | Reference Entity/Obligation | Buy/Sell Protection | (Pay)/Receive Fixed Rate (%) | Termination Date | Implied Credit Spread at 03/31/12 (%) (5) | Notional Amount (2) | Fair Value (3) | Upfront Payments Paid/ (Received) | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Citigroup, Inc. | MBIA Global Funding, LLC | Sell | 5.000 | 09/20/13 | 17.000 | USD 1,311,000 | $ | (188,989 | ) | $ | (158,245 | ) | $ | (30,744 | ) | |||||||||||||||||||||||
Citigroup, Inc. | MBIA Global Funding, LLC | Sell | 5.000 | 09/20/13 | 17.000 | USD 641,000 | (92,404 | ) | (70,926 | ) | (21,478 | ) | ||||||||||||||||||||||||||
Goldman Sachs & Co. | MBIA Global Funding, LLC | Sell | 5.000 | 09/20/13 | 17.000 | USD 1,271,000 | (183,223 | ) | (138,855 | ) | (44,368 | ) | ||||||||||||||||||||||||||
JPMorgan Chase & Co. | MBIA Global Funding, LLC | Sell | 5.000 | 09/20/13 | 17.000 | USD 2,540,000 | (366,158 | ) | (139,257 | ) | (226,901 | ) | ||||||||||||||||||||||||||
$ | (830,774 | ) | $ | (507,283 | ) | $ | (323,491 | ) |
(1) | If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either 1.) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or 2.) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
ING INTERMEDIATE BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
(2) | The maximum amount of future payments (undiscounted) that a Portfolio as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement. |
(3) | The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring. |
(4) | If the Portfolio is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will generally either 1.) Pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or 2.) Pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. |
(5) | Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Portfolio’s Portfolio of Investment and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting market values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
Termination Date | Notional Amount | Fair Value | Upfront Payments Paid/ (Received) | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Receive a floating rate based on the 1-day BRL-CDI and pay a fixed rate equal to 10.365% Counterparty: Goldman Sachs & Co. | 01/02/17 | BRL 51,500,000 | $ | 22,210 | $ | — | $ | 22,210 | ||||||||||||||
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 3.478% Counterparty: Citigroup, Inc. | 05/11/20 | USD 19,944,000 | (2,266,065 | ) | — | (2,266,065 | ) | |||||||||||||||
Receive a fixed rate equal to 2.788% and pay a floating rate based on the 3-month USD-LIBOR-BBA Counterparty: Morgan Stanley | 03/16/20 | USD 83,000,000 | 201,255 | — | 201,255 | |||||||||||||||||
Receive a floating rate based on the 3-month USD-LIBOR-BBA and pay a fixed rate equal to 3.453% Counterparty: Morgan Stanley | 03/16/45 | USD 32,600,000 | (277,395 | ) | — | (277,395 | ) | |||||||||||||||
$ | (2,319,995 | ) | $ | — | $ | (2,319,995 | ) |
# of Contracts | Counterparty | Description | Exercise Price | Expiration Date | Premiums Received | Fair Value | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Options On Currencies | ||||||||||||||||||||||||||
19,600,000 | Deutsche Bank AG | USD Put vs. EUR Call Currency Option | 1.370 | USD 04/25/12 | $ | 151,078 | $ | (25,000 ) | ||||||||||||||||||
Total Written OTC Options | $ | 151,078 | $ | (25,000 ) |
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Asset Derivatives | ||||||||||
Credit contracts | Investments in securities at value* | $ | 592,961 | |||||||
Foreign exchange contracts | Investments in securities at value* | 64,400 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 545,087 | ||||||||
Credit contracts | Upfront payments paid on OTC swap agreements | 452,571 | ||||||||
Credit contracts | Unrealized appreciation on OTC swap agreements | 41,143 | ||||||||
Interest rate contracts | Unrealized appreciation on OTC swap agreements | 223,465 | ||||||||
Interest rate contracts | Net Assets- Unrealized appreciation** | 3,849,010 | ||||||||
Total Asset Derivatives | $ | 5,768,637 |
ING INTERMEDIATE BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Liability Derivatives | ||||||||||
Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $ | 2,228,747 | |||||||
Credit contracts | Upfront payments received on OTC swap agreements | 507,283 | ||||||||
Credit contracts | Unrealized depreciation on OTC swap agreements | 395,121 | ||||||||
Interest rate contracts | Unrealized depreciation on OTC swap agreements | 2,543,460 | ||||||||
Interest rate contracts | Net Assets- Unrealized depreciation** | 3,933,232 | ||||||||
Foreign exchange contracts | Written options, at fair value | 25,000 | ||||||||
Total Liability Derivatives | $ | 9,632,843 |
* | Includes purchased options. |
** | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Investments* | Foreign currency related transactions** | Futures | Swaps | Written options | Total | |||||||||||||||||||||
Credit contracts | $ | 372,195 | $ | — | $ | — | $ | (1,750,600 | ) | $ | 411,144 | $ | (967,261 | ) | |||||||||||||
Foreign exchange contracts | (378,732 | ) | 3,608,443 | — | — | (190,937 | ) | 3,038,774 | |||||||||||||||||||
Interest rate contracts | (68,762 | ) | — | (4,835,273 | ) | (35,091 | ) | 81,938 | (4,857,188 | ) | |||||||||||||||||
Total | $ | (75,299 | ) | $ | 3,608,443 | $ | (4,835,273 | ) | $ | (1,785,691 | ) | $ | 302,145 | $ | (2,785,675 | ) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Investments* | Foreign currency related transactions** | Futures | Swaps | Written options | Total | |||||||||||||||||||||
Credit contracts | $ | (161,198 | ) | $ | — | $ | — | $ | 595,928 | $ | — | $ | 434,730 | ||||||||||||||
Foreign exchange contracts | (92,400 | ) | (811,614 | ) | — | — | 126,078 | (777,936 | ) | ||||||||||||||||||
Interest rate contracts | (175,097 | ) | — | (176,588 | ) | (2,329,002 | ) | 46,538 | (2,634,149 | ) | |||||||||||||||||
Total | $ | (428,695 | ) | $ | (811,614 | ) | $ | (176,588 | ) | $ | (1,733,074 | ) | $ | 172,616 | $ | (2,977,355 | ) |
* | Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments. |
** | Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions. |
Fund Name | Type | Per Share Amount | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
ING GNMA Income Fund | ||||||||||
Class A | NII | $ | 0.3371 | |||||||
Class B | NII | $ | 0.2678 | |||||||
Class C | NII | $ | 0.2706 | |||||||
Class I | NII | $ | 0.3628 | |||||||
Class W | NII | $ | 0.3596 | |||||||
All Classes | LTCG | $ | 0.0103 | |||||||
ING High Yield Bond Fund | ||||||||||
Class A | NII | $ | 0.5183 | |||||||
Class B | NII | $ | 0.4580 | |||||||
Class C | NII | $ | 0.4603 | |||||||
Class I | NII | $ | 0.5504 | |||||||
Class W | NII | $ | 0.4358 | |||||||
ING Intermediate Bond Fund | ||||||||||
Class A | NII | $ | 0.4333 | |||||||
Class B | NII | $ | 0.3562 | |||||||
Class C | NII | $ | 0.3582 | |||||||
Class I | NII | $ | 0.4601 | |||||||
Class O | NII | $ | 0.4336 | |||||||
Class R | NII | $ | 0.4095 | |||||||
Class W | NII | $ | 0.5648 |
ING Intermediate Bond Fund | 0.40 | % |
ING Intermediate Bond Fund | 0.40 | % |
ING GNMA Income Fund | 92.51 | % | ||||
ING High Yield Bond Fund | 98.53 | % | ||||
ING Intermediate Bond Fund | 99.48 | % |
Name, Address and Age | Position(s) Held with the Trust | Term of Office and Length of Time Served(1) | Principal Occupation(s)— During the Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee(2) | Other Board Positions Held by Trustee | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Independent Trustees: | ||||||||||||||||||||||
Colleen D. Baldwin 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52 | Trustee | November 2007–Present | President, Glantuam Partners, LLC, a business consulting firm (January 2009– Present). | 138 | None. | |||||||||||||||||
John V. Boyer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 58 | Trustee | January 2005–Present | President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008–Present). Formerly, Consultant (July 2007–February 2008) and President and Chief Executive Officer, Franklin and Eleanor Roosevelt Institute, a public policy foundation (March 2006–July 2007). | 138 | None. | |||||||||||||||||
Patricia W. Chadwick 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 63 | Trustee | January 2006–Present | Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000 –Present). | 138 | Wisconsin Energy Corporation (June 2006–Present) and The Royce Fund, (35 funds) (December 2009–Present). | |||||||||||||||||
Peter S. Drotch 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 70 | Trustee | November 2007–Present | Retired. | 138 | First Marblehead Corporation (September 2003–Present). | |||||||||||||||||
J. Michael Earley 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 67 | Trustee | February 2002–Present | Retired. Formerly, Banking President and Chief Executive Officer, Bankers Trust Company, N.A., Des Moines (June 1992–December 2008). | 138 | None. | |||||||||||||||||
Patrick W. Kenny 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 69 | Trustee | January 2005–Present | Retired. Formerly, President and Chief Executive Officer, International Insurance Society (June 2001– June 2009). | 138 | Assured Guaranty Ltd. (April 2004–Present). | |||||||||||||||||
Sheryl K. Pressler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 61 | Trustee | January 2006–Present | Consultant (May 2001 –Present). | 138 | Stillwater Mining Company (May 2002–Present). | |||||||||||||||||
Roger B. Vincent 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 66 | Chairperson/Trustee | February 2002–Present | Retired. Formerly, President, Springwell Corporation, a corporate finance firm (March 1989–August 2011). | 138 | UGI Corporation (February 2006–Present) and UGI Utilities, Inc. (February 2006–Present). |
Name, Address and Age | Position(s) Held with the Trust | Term of Office and Length of Time Served(1) | Principal Occupation(s)— During the Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee(2) | Other Board Positions Held by Trustee | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Trustees who are “Interested Persons”: | ||||||||||||||||||||||
Robert W. Crispin(3) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 65 | Trustee | November 2007–Present | Retired. Formerly, Chairman and Chief Executive Officer, ING Investment Management Co. (July 2001–December 2007). | 138 | Intact Financial Corporation (December 2004–Present) and PFM Group (November 2010–Present). | |||||||||||||||||
Shaun P. Mathews(3) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56 | Trustee | November 2007–Present | President and Chief Executive Officer, ING Investments, LLC (November 2006– Present). | 176 | ING Capital Corporation, LLC (December 2005–Present). |
(1) | Trustees serve until their successors are duly elected and qualified. The tenure of each Trustee is subject to the Board’s retirement policy which states that each duly elected or appointed Trustee who is not an “interested person” of the Trust, as defined in the 1940 Act, as amended (“Independent Trustees”), shall retire from service as a Trustee at the conclusion of the first regularly scheduled quarterly meeting of the Board that is held after the Trustee reaches the age of 72. A unanimous vote of the Board may extend the retirement date of a Trustee for up to one year. An extension may be permitted if the retirement would trigger a requirement to hold a meeting of shareholders of the Trust under applicable law, whether for purposes of appointing a successor to the Trustee or if otherwise necessary under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer needed. |
(2) | Except for Mr. Mathews and for the purposes of this table “ING Fund Complex” means the following investment companies: ING Asia Pacific High Dividend Equity Income Fund; ING Emerging Markets High Dividend Equity Fund; ING Emerging Markets Local Bond Fund; ING Equity Trust; ING Funds Trust; ING Global Equity Dividend and Premium Opportunity Fund; ING Global Advantage and Premium Opportunity Fund; ING Infrastructure, Industrials and Materials Fund; ING International High Dividend Equity Income Fund; ING Investors Trust; ING Mayflower Trust; ING Mutual Funds; ING Partners, Inc.; ING Prime Rate Trust; ING Risk Managed Natural Resources Fund; ING Senior Income Fund; ING Separate Portfolios Trust; ING Variable Insurance Trust; and ING Variable Products Trust. For Mr. Mathews, the ING Fund Complex also includes the following investment companies: ING Balanced Portfolio, Inc.; ING Intermediate Bond Portfolio; ING Money Market Portfolio; ING Series Fund, Inc.; ING Strategic Allocation Portfolios, Inc.; ING Variable Funds; and ING Variable Portfolios, Inc. Therefore, for the purposes of this table with reference to Mr. Mathews, “Fund Complex” includes these investment companies. The number of funds in the ING Fund Complex is as of April 30, 2012. |
(3) | Messrs. Crispin and Matthews are deemed “Interested Persons” of the Trust because of their current or prior affiliation with ING Groep, N.V., the parent corporation of the Investment Adviser(s) and the Distributor. |
Name, Address and Age | Position(s) Held With the Company | Term of Office and Length of Time Served(1) | Principal Occupation(s)— During the Past 5 Years | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shaun P. Mathews 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56 | President and Chief Executive Officer | November 2006–Present | President and Chief Executive Officer, ING Investments, LLC (November 2006–Present). | |||||||||||
Michael J. Roland 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 54 | Executive Vice President | February 2002–Present | Chief Compliance Officer, Directed Services LLC and ING Investments, LLC (March 2011–Present) and Executive Vice President and Chief Operating Officer, ING Investments, LLC and ING Funds Services, LLC (January 2007–Present). Formerly, Chief Compliance Officer, ING Funds (March 2011–February 2012). | |||||||||||
Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 62 | Executive Vice President Chief Investment Risk Officer | October 2000–Present September 2009–Present | Executive Vice President, ING Investments, LLC (July 2000–Present) and Chief Investment Risk Officer, ING Investments, LLC (January 2003 –Present). | |||||||||||
Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 45 | Chief Compliance Officer | February 2012–Present | Senior Vice President, ING Investment Management, LLC (February 2012– Present). Formerly, Assistant General Counsel and Assistant Secretary, The Northwestern Mutual Life Insurance Company (June 2004–January 2012). | |||||||||||
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47 | Senior Vice President | November 2003–Present | Senior Vice President, ING Investments, LLC (October 2003 –Present). | |||||||||||
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 44 | Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary | March 2005–Present | Senior Vice President, ING Funds Services, LLC (March 2005–Present). | |||||||||||
Robert Terris 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 41 | Senior Vice President | May 2006–Present | Senior Vice President, Head of Division Operations, ING Funds Services, LLC (May 2006–Present). | |||||||||||
Gregory K. Wilson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52 | Senior Vice President | September 2011–Present | Senior Vice President–Fund Compliance, ING Funds Services, LLC (March 2012–Present). Formerly, Vice President–Fund Compliance, ING Funds Services, LLC (October 2009 –March 2012) and Finance Director, ING Funds Services, LLC (September 2006–October 2009). | |||||||||||
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 44 | Vice President | October 2000–Present | Vice President and Treasurer, ING Funds Services, LLC (November 1995 –Present) and ING Investments, LLC (August 1997–Present). Formerly, Treasurer, ING Funds (November 1999 –February 2012). | |||||||||||
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 54 | Vice President | September 2004–Present | Vice President, ING Funds Services, LLC (September 2004–Present). |
Name, Address and Age | Position(s) Held With the Company | Term of Office and Length of Time Served(1) | Principal Occupation(s)— During the Past 5 Years | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Lauren D. Bensinger 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 58 | Vice President | February 2003–Present | Vice President, ING Investments, LLC and ING Funds Services, LLC (February 1996–Present); Director of Compliance, ING Investments, LLC (October 2004–Present); and Vice President and Money Laundering Reporting Officer, ING Investments Distributor, LLC (April 2010–Present). Formerly, Chief Compliance Officer, ING Investments Distributor, LLC (August 1995–April 2010). | |||||||||||
William Evans One Orange Way Windsor, Connecticut 06095 Age: 39 | Vice President | September 2007–Present | Senior Vice President (March 2010– Present) and Head of Manager Research and Selection Group, ING Investment Management (April 2007 –Present). | |||||||||||
Denise Lewis 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48 | Vice President Treasurer | January 2007–Present February 2012–Present | Vice President, ING Funds Services, LLC (December 2006–Present). | |||||||||||
Kimberly K. Springer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55 | Vice President | March 2006–Present | Vice President, ING Investment Management — ING Funds (March 2010–Present); Vice President, ING Funds Services, LLC (March 2006–Present); and Managing Paralegal, Registration Statements (June 2003–Present). | |||||||||||
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 43 | Assistant Vice President | May 2008–Present | Assistant Vice President — Director of Tax, ING Funds Services, LLC (March 2008–Present). Formerly, Tax Manager, ING Funds Services, LLC (March 2005–March 2008). | |||||||||||
Theresa K. Kelety 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 49 | Assistant Secretary | August 2003–Present | Vice President and Senior Counsel, ING Investment Management — ING Funds (March 2010–Present). Formerly, Senior Counsel, ING Americas, U.S. Legal Services (April 2008–March 2010) and Counsel, ING Americas, U.S. Legal Services (April 2003–April 2008). | |||||||||||
Huey P. Falgout, Jr. 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48 | Secretary | August 2003–Present | Senior Vice President and Chief Counsel, ING Investment Management — ING Funds (March 2010–Present). Formerly, Chief Counsel, ING Americas, U.S. Legal Services (October 2003–March 2010). | |||||||||||
Paul Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60 | Assistant Secretary | June 2010–Present | Vice President and Senior Counsel, ING Investment Management — ING Funds (March 2010–Present). Formerly, Senior Counsel, ING Americas, U.S. Legal Services (April 2008–March 2010) and Counsel, ING Americas, U.S. Legal Services (May 2005–April 2008). | |||||||||||
Kathleen Nichols 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 36 | Assistant Secretary | May 2008–Present | Vice President and Counsel, ING Investment Management — ING Funds (March 2010–Present). Formerly, Counsel, ING Americas, U.S. Legal Services (February 2008–March 2010) and Associate, Ropes & Gray LLP (September 2005–February 2008). |
(1) | The Officers hold office until the next annual meeting of the Board of Directors and until their successors shall have been elected and qualified. |
independently and, at times, jointly, and a Contracts Committee. Among other matters, the Contracts Committee provides oversight with respect to the contracts renewal and approval process, and each Fund is assigned to an IRC which provides oversight regarding, among other matters, the investment performance of the Adviser and Sub-Adviser, as well as the oversight by the Adviser of the performance of the Sub-Adviser. The IRCs may apply a heightened level of scrutiny in cases where performance has lagged a Fund’s relevant benchmark and/or selected peer group of investment companies (“Selected Peer Groups”).
that this separation may result in the Adviser and Sub-Adviser’s loss of access to the services and resources of their current ultimate parent company, which could adversely affect its businesses and profitability. The Board recognized that, if the separation plans are deemed to be a change of control, the investment advisory and subadvisory agreements for the Funds would terminate and trigger the necessity for new agreements, which would require the approval of the Board and, potentially, the shareholders of a Fund. The Board also recognized that there can be no assurance that the separation plan will be carried out. The Board considered the potential effects of the separation on the Funds and the Adviser, including its ability prior to, during and after the separation to perform the same level of service to the Funds as the Adviser currently provides. In this regard, the Board noted that the Adviser did not currently anticipate that the separation would have a material adverse impact on the Funds or their operations and administration.
identified either through formal or informal processes, they are brought before the IRCs and the Board for consideration and action and the Adviser consistently makes its resources available to the Board and the Committees to assist with addressing any issues that arise.
specific to each Fund’s performance are discussed under “Fund-by-Fund Analysis” below.
methodologies for purposes of calculating profit data can give rise to dramatically different profit and loss results.
performance will improve; and (3) Management’s observations regarding favorable performance during certain periods.
ING Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
ING Funds Services, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
ING Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
Accounting Firm
KPMG LLP
Two Financial Center
60 South Street
Boston, Massachusetts 02111
The Bank of New York Mellon
One Wall Street
New York, New York 10286
Dechert
1775 I Street, N.W.
Washington, D.C. 20006
AR-UFIALL (0312-052512) |
This report is submitted for general information to shareholders of the ING Funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the fund’s investment objectives, risks, charges, expenses and other information. This information should be read carefully. |
President’s Letter | 1 | |||||
Market Perspective | 2 | |||||
Portfolio Managers’ Report | 4 | |||||
Shareholder Expense Example | 7 | |||||
Report of Independent Registered Public Accounting Firm | 8 | |||||
Statement of Assets and Liabilities | 9 | |||||
Statement of Operations | 10 | |||||
Statements of Changes in Net Assets | 11 | |||||
Financial Highlights | 12 | |||||
Notes to Financial Statements | 13 | |||||
Portfolio of Investments | 20 | |||||
Tax Information | 27 | |||||
Trustee and Officer Information | 28 | |||||
Advisory Contract Approval Discussion | 32 |
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You will be notified by e-mail when these communications become available on the internet. Documents that are not available on the internet will continue to be sent by mail. |
President and Chief Executive Officer
ING Funds
April 27, 2012
The views expressed in the President’s Letter reflect those of the President as of the date of the letter. Any such views are subject to change at any time based upon market or other conditions and the ING Funds disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for an ING Fund are based on numerous factors, may not be relied on as an indication of investment intent on behalf of any ING Fund. Reference to specific company securities should not be construed as recommendations or investment advice.
Index | Description | |||||
---|---|---|---|---|---|---|
MSCI World IndexSM | An unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East. | |||||
S&P/Case-Shiller 20-City Composite Home Price Index | A composite index of the home price index for the top 20 Metropolitan Statistical Areas in the United States. The index is published monthly by Standard & Poor’s. | |||||
Barclays Capital U.S. Aggregate Bond Index | An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities. | |||||
Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index | An unmanaged index that includes all fixed income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity. | |||||
S&P 500® Index | 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. | |||||
MSCI Japan® Index | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan. | |||||
MSCI Europe ex UK® Index | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK. | |||||
MSCI UK® Index | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK. | |||||
The S&P/LSTA Leveraged Loan 100 Index | The S&P/LSTA Leveraged Loan 100 Index is designed to reflect the largest facilities in the leveraged loan market. It mirrors the market-weighted performance of the largest institutional leveraged loans based upon market weightings, spreads, and interest payments. The index consists of 100 loan facilities drawn from a larger benchmark, the S&P/LSTA (Loan Syndications and Trading Association) Leveraged Loan Index (LLI), which covers more than 1,100 facilities and has a market value of more than $480 billion. |
ING FLOATING RATE FUND | PORTFOLIO MANAGERS’ REPORT |
Ratings Distribution as of March 31, 2012 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Ba | 48.0 | % | ||||||||
B | 47.6 | % | ||||||||
Caa and below | 2.3 | % | ||||||||
Not rated* | 2.1 | % | ||||||||
Ratings distribution shows the percentage of the Fund’s loan commitments (excluding cash and foreign cash) that are rated in each ratings category, based upon the categories provided by Moody’s Investors Service, Inc. Ratings distribution is based on Moody’s senior secured facility ratings. Moody’s ratings classification methodology: Aaa rating denotes the least credit risk; C rating denotes the greatest credit risk. Loans rated below Baa by Moody’s are considered to be below investment grade. Ratings can change from time to time, and current ratings may not fully reflect the actual credit condition or risks posed by a loan. | ||||||||||
* Not rated includes loans to non-U.S. borrowers (which are typically unrated) and loans for which the rating has been withdrawn. | ||||||||||
TOP TEN LOAN ISSUERS AS OF MARCH 31, 2012 AS A PERCENTAGE OF: | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
TOTAL ASSETS | NET ASSETS | |||||||||||
Asurion, LLC | 1.9% | 2.0% | ||||||||||
Reynolds Group Holdings Inc | 1.8% | 1.9% | ||||||||||
BJs Wholesale Club | 1.5% | 1.6% | ||||||||||
Chrysler Group LLC | 1.1% | 1.2% | ||||||||||
Cumulus Media Holdings Inc. | 1.1% | 1.2% | ||||||||||
Freescale Semiconductor, Inc. | 1.1% | 1.1% | ||||||||||
Capital Automotive L.P. | 1.0% | 1.1% | ||||||||||
Alere US Holdings, LLC | 1.0% | 1.1% | ||||||||||
Schaeffler AG | 1.0% | 1.0% | ||||||||||
First Data Corporation | 1.0% | 1.0% | ||||||||||
Subject to change daily. |
ING FLOATING RATE FUND | PORTFOLIO MANAGERS’ REPORT |
our opinion, the market has a healthy overall technical balance, which we believe is unlikely to shift materially any time soon. Default rates, near their historical lows and with a reasonably sanguine outlook, are also important. And, lest we forget, we believe floating rate loans will continue to provide a natural hedge against the eventual rise in interest rates.
Jeffrey A. Bakalar Senior Vice President Senior Portfolio Manager ING Investment Management Co. LLC | Daniel A. Norman Senior Vice President Senior Portfolio Manager ING Investment Management Co. LLC | |||||
ING Floating Rate Fund April 25, 2012 |
ING FLOATING RATE FUND | PORTFOLIO MANAGERS’ REPORT |
Average Annual Returns for the Periods Ended March 31, 2012 | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
1 Year | Since Inception of Classes A, C, I, R and W August 17, 2010 | |||||||||||
Including Sales Charge: | ||||||||||||
Class A(1) | 1.02 | % | 3.40 | % | ||||||||
Class C(2) | 1.82 | % | 4.28 | % | ||||||||
Class I | 3.74 | % | 5.31 | % | ||||||||
Class R | 3.22 | % | 4.71 | % | ||||||||
Class W | 3.93 | % | 5.43 | % | ||||||||
Excluding Sales Charge: | ||||||||||||
Class A | 3.58 | % | 5.05 | % | ||||||||
Class C | 2.80 | % | 4.28 | % | ||||||||
Class I | 3.74 | % | 5.31 | % | ||||||||
Class R | 3.22 | % | 4.71 | % | ||||||||
Class W | 3.93 | % | 5.43 | % | ||||||||
S&P/LSTA Leveraged Loan 100 Index(3) | 2.48 | % | 6.75 | % |
(1) | Reflects deduction of the maximum Class A sales charge of 2.50%. |
(2) | Reflects deduction of the Class C deferred sales charge of 1% for the since inception return. |
(3) | Since inception performance for index is shown from September 1, 2010. |
Actual Fund Return | Hypothetical (5% return before expenses) | ||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Account Value October 1, 2011 | Ending Account Value March 31, 2012 | Annualized Expense Ratio | Expenses Paid During the Period Ended March 31, 2012* | Beginning Account Value October 1, 2011 | Ending Account Value March 31, 2012 | Annualized Expense Ratio | Expenses Paid During the Period Ended March 31, 2012* | ||||||||||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,070.30 | 1.01 | % | $5.23 | $ | 1,000.00 | $ | 1,019.95 | 1.01 | % | $5.10 | |||||||||||||||||||||
Class C | 1,000.00 | 1,066.40 | 1.76 | 9.09 | 1,000.00 | 1,016.20 | 1.76 | 8.87 | |||||||||||||||||||||||||||
Class I | 1,000.00 | 1,071.70 | 0.76 | 3.94 | 1,000.00 | 1,021.20 | 0.76 | 3.84 | |||||||||||||||||||||||||||
Class R | 1,000.00 | 1,068.00 | 1.26 | 6.51 | 1,000.00 | 1,018.70 | 1.26 | 6.36 | |||||||||||||||||||||||||||
Class W | 1,000.00 | 1,071.50 | 0.76 | 3.94 | 1,000.00 | 1,021.20 | 0.76 | 3.84 |
* | Expenses are equal to the Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 183/366 to reflect the most recent fiscal half-year. |
ING Funds Trust
May 30, 2012
ASSETS: | |||||||
Investments in securities at fair value (Cost $252,761,457) | $ | 253,347,885 | |||||
Short-term investments at value (Cost $14,312,050) | 14,312,050 | ||||||
Cash | 517,163 | ||||||
Receivables: | |||||||
Investment securities sold | 5,912,960 | ||||||
Fund shares sold | 1,286,800 | ||||||
Interest | 1,222,567 | ||||||
Unrealized appreciation on unfunded commitments | 87 | ||||||
Prepaid expenses | 36,347 | ||||||
Reimbursement due from manager | 18,479 | ||||||
Total assets | 276,654,338 | ||||||
LIABILITIES: | |||||||
Payable for investment securities purchased | 15,612,742 | ||||||
Payable for fund shares redeemed | 412,694 | ||||||
Income distribution payable | 68,383 | ||||||
Payable to affiliates | 154,820 | ||||||
Accrued trustees fees | 3,087 | ||||||
Other accrued expenses and liabilities | 139,141 | ||||||
Total liabilities | 16,390,867 | ||||||
NET ASSETS | $ | 260,263,471 | |||||
NET ASSETS WERE COMPRISED OF: | |||||||
Paid-in capital | 260,403,591 | ||||||
Undistributed net investment income | 43,319 | ||||||
Accumulated net realized loss | (769,954 | ) | |||||
Net unrealized appreciation | 586,515 | ||||||
NET ASSETS | $ | 260,263,471 | |||||
Class A: | |||||||
Net assets | $ | 10,265,907 | |||||
Shares authorized | unlimited | ||||||
Par value | $ | 0.001 | |||||
Shares outstanding | 1,016,725 | ||||||
Net asset value and redemption price per share | $ | 10.10 | |||||
Maximum offering price per share (2.50%)(1) | $ | 10.36 | |||||
Class C: | |||||||
Net assets | $ | 7,409,161 | |||||
Shares authorized | unlimited | ||||||
Par value | $ | 0.001 | |||||
Shares outstanding | 733,649 | ||||||
Net asset value and redemption price per share(2) | $ | 10.10 | |||||
Class I: | |||||||
Net assets | $ | 173,721,916 | |||||
Shares authorized | unlimited | ||||||
Par value | $ | 0.001 | |||||
Shares outstanding | 17,203,546 | ||||||
Net asset value and redemption price per share(2) | $ | 10.10 | |||||
Class R: | |||||||
Net assets | $ | 16,514,999 | |||||
Shares authorized | unlimited | ||||||
Par value | $ | 0.001 | |||||
Shares outstanding | 1,636,130 | ||||||
Net asset value and redemption price per share | $ | 10.09 | |||||
Class W: | |||||||
Net assets | $ | 52,351,488 | |||||
Shares authorized | unlimited | ||||||
Par value | $ | 0.001 | |||||
Shares outstanding | 5,174,512 | ||||||
Net asset value and redemption price per share | $ | 10.12 | |||||
(1) Maximum offering price is computed at 100/97.50 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 charge. |
INVESTMENT INCOME: | ||||||
Interest | $ | 12,254,949 | ||||
Other | 579,779 | |||||
Total investment income | 12,834,728 | |||||
EXPENSES: | ||||||
Investment management fees | 1,300,682 | |||||
Administration fees | 236,488 | |||||
Distribution and service fees: | ||||||
Class A | 36,753 | |||||
Class C | 53,937 | |||||
Class R | 64,614 | |||||
Transfer agent fees: | ||||||
Class A | 4,806 | |||||
Class C | 2,161 | |||||
Class I | 59,452 | |||||
Class R | 5,329 | |||||
Class W | 18,524 | |||||
Shareholder reporting expense | 19,368 | |||||
Custody and accounting expense | 141,828 | |||||
Registration fees | 117,502 | |||||
Professional fees | 58,918 | |||||
Trustees fees | 5,848 | |||||
Offering expense | 30,466 | |||||
Structuring fee (Note 7) | 16,689 | |||||
Commitment fee | 21,198 | |||||
Miscellaneous expense | 19,616 | |||||
Total expenses | 2,214,179 | |||||
Net waived and reimbursed fees | (254,672 | ) | ||||
Net expenses | 1,959,507 | |||||
Net investment income | 10,875,221 | |||||
REALIZED AND UNREALIZED LOSS: | ||||||
Net realized loss on: | ||||||
Investments | (700,049 | ) | ||||
Futures | (67,721 | ) | ||||
Net realized loss | (767,770 | ) | ||||
Net change in unrealized appreciation or depreciation on: | ||||||
Investments | (1,391,950 | ) | ||||
Futures | (2,156 | ) | ||||
Unfunded commitments | (3,093 | ) | ||||
Net change in unrealized appreciation or depreciation | (1,397,199 | ) | ||||
Net realized and unrealized loss | (2,164,969 | ) | ||||
Increase in net assets resulting from operations | $ | 8,710,252 |
Year Ended March 31, 2012 | August 17, 2010(1) – March 31, 2011 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
FROM OPERATIONS: | |||||||||||
Net investment income | $ | 10,875,221 | $ | 3,280,872 | |||||||
Net realized gain (loss) | (767,770 | ) | 1,452,578 | ||||||||
Net change in unrealized appreciation or depreciation | (1,397,199 | ) | 1,983,714 | ||||||||
Net increase in net assets resulting from operations | 8,710,252 | 6,717,164 | |||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | |||||||||||
Net investment income: | |||||||||||
Class A | (639,356 | ) | (237,589 | ) | |||||||
Class C | (203,884 | ) | (15,514 | ) | |||||||
Class I | (7,478,743 | ) | (2,666,771 | ) | |||||||
Class R | (561,087 | ) | (47,366 | ) | |||||||
Class W | (2,211,548 | ) | (7,896 | ) | |||||||
Net realized gains: | |||||||||||
Class A | (37,398 | ) | (11,672 | ) | |||||||
Class C | (30,562 | ) | (585 | ) | |||||||
Class I | (922,011 | ) | (117,332 | ) | |||||||
Class R | (87,338 | ) | (1,780 | ) | |||||||
Class W | (296,000 | ) | (282 | ) | |||||||
Total distributions | (12,467,927 | ) | (3,106,787 | ) | |||||||
FROM CAPITAL SHARE TRANSACTIONS: | |||||||||||
Net proceeds from sale of shares | 148,313,137 | 206,276,555 | |||||||||
Reinvestment of distributions | 11,355,771 | 2,877,210 | |||||||||
159,668,908 | 209,153,765 | ||||||||||
Cost of shares redeemed | (99,290,003 | ) | (9,121,901 | ) | |||||||
Net increase in net assets resulting from capital share transactions | 60,378,905 | 200,031,864 | |||||||||
Net increase in net assets | 56,621,230 | 203,642,241 | |||||||||
NET ASSETS: | |||||||||||
Beginning of period | 203,642,241 | — | |||||||||
End of period | $ | 260,263,471 | $ | 203,642,241 | �� | ||||||
Undistributed net investment income at end of period | $ | 43,319 | $ | 312,914 | |||||||
(1) Commencement of operations. |
Income (loss) from investment operations | Less distributions | Ratios to average net assets | Supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | From return of capital | Total distributions | Net asset value, end of year or period | Total Return(1) | Expenses before reductions/ additions(2)(3) | Expenses, net of fee waivers and/or recoupments, if any(2)(3) | Expenses, net of all reductions/ additions(2)(3) | Net investment income (loss)(2)(3) | Net assets, end of year or period | Portfolio Turnover rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 10.26 | 0.43 | * | (0.08 | ) | 0.35 | 0.45 | 0.06 | — | 0.51 | 10.10 | 3.58 | 1.12 | 1.01 | 1.01 | 4.23 | 10,266 | 79 | ||||||||||||||||||||||||||||||||||||||||||||||||||
08-17-10(4)–03-31-11 | 10.00 | 0.21 | * | 0.25 | 0.46 | 0.19 | 0.01 | — | 0.20 | 10.26 | 4.57 | 1.30 | 1.02 | 1.02 | 3.49 | 18,411 | 73 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 10.26 | 0.36 | * | (0.09 | ) | 0.27 | 0.37 | 0.06 | — | 0.43 | 10.10 | 2.80 | 1.87 | 1.76 | 1.76 | 3.71 | 7,409 | 79 | ||||||||||||||||||||||||||||||||||||||||||||||||||
08-17-10(4)–03-31-11 | 10.00 | 0.19 | * | 0.22 | 0.41 | 0.14 | 0.01 | — | 0.15 | 10.26 | 4.11 | 2.05 | 1.77 | 1.77 | 3.46 | 3,356 | 73 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 10.27 | 0.47 | * | (0.10 | ) | 0.37 | 0.48 | 0.06 | — | 0.54 | 10.10 | 3.74 | 0.87 | 0.76 | 0.76 | 4.65 | 173,722 | 79 | ||||||||||||||||||||||||||||||||||||||||||||||||||
08-17-10(4)–03-31-11 | 10.00 | 0.25 | * | 0.23 | 0.48 | 0.20 | 0.01 | — | 0.21 | 10.27 | 4.83 | 1.05 | 0.77 | 0.77 | 3.93 | 170,660 | 73 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 10.26 | 0.41 | * | (0.09 | ) | 0.32 | 0.43 | 0.06 | — | 0.49 | 10.09 | 3.22 | 1.37 | 1.26 | 1.26 | 4.26 | 16,515 | 79 | ||||||||||||||||||||||||||||||||||||||||||||||||||
08-17-10(4)–03-31-11 | 10.00 | 0.21 | * | 0.23 | 0.44 | 0.17 | 0.01 | — | 0.18 | 10.26 | 4.39 | 1.55 | 1.27 | 1.27 | 3.87 | 7,897 | 73 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-12 | 10.27 | 0.45 | * | (0.06 | ) | 0.39 | 0.48 | 0.06 | — | 0.54 | 10.12 | 3.93 | 0.87 | 0.76 | 0.76 | 4.74 | 52,351 | 79 | ||||||||||||||||||||||||||||||||||||||||||||||||||
08-17-10(4)–03-31-11 | 10.00 | 0.24 | 0.24 | 0.48 | 0.20 | 0.01 | — | 0.21 | 10.27 | 4.83 | 1.05 | 0.77 | 0.77 | 4.49 | 3,319 | 73 |
(1) | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges. Total return for periods less than one year is not annualized. |
(2) | Annualized for periods less than one year. |
(3) | Expense ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by an Investment Adviser and/or Distributor but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions. |
(4) | Commencement of operations. |
* | Calculated using average number of shares outstanding throughout the period. |
Fund. Investments in securities of sufficient credit quality, maturing in 60 days or less from date of acquisition, are valued at amortized cost which approximates fair value. To the extent the Fund invests in other registered companies, the Fund’s NAV is calculated based on the current NAV of the registered investment company in which the Fund invests. The prospectuses for those investment companies explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing.
limit the Fund’s ability to close out a futures contract prior to the settlement date and that a change in the value of a futures contract may not correlate exactly with the changes in the value of the underlying hedged security, index or currency.
(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. |
loan syndicate administers the loan and monitors collateral. In the event that the lead lender becomes insolvent, enters FDIC receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in realizing payment, or may suffer a loss of principal and/or interest.
Class A | Class C | Class R | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
0.25% | 1.00% | 0.50% |
Class A | Class C | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Initial Sales Charges | $ | 4,477 | — | |||||||
Contingent Deferred Sales Charge | — | $ | 415 |
(as a percentage of average daily net assets)
Class C — 1.75%
Class I — 0.75%
Class R — 1.25%
Class W — 0.75%
March 31, | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2013 | 2014 | 2015 | Total | |||||||||||
$— | $236,318 | $254,672 | $490,990 |
Accrued Investment Management Fees | Accrued Administrative Fees | Accrued Distribution and Service Fees | Total | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$118,350 | $21,518 | $14,952 | $154,820 |
ING Fund(s) or Subsidiary | Percentage | |||||
---|---|---|---|---|---|---|
ING National Trust | 6.34 | % | ||||
ING Solution 2015 Portfolio | 12.31 | % | ||||
ING Solution 2025 Portfolio | 15.10 | % | ||||
ING Solution 2035 Portfolio | 13.05 | % |
Principal Amount | ||||||
---|---|---|---|---|---|---|
Tronox Pigments (Netherlands) BV | $ | 139,286 |
Shares sold | Reinvestment of distributions | Shares redeemed | Net increase (decrease) in shares outstanding | Shares sold | Reinvestment of distributions | Shares redeemed | Net increase (decrease) | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year or period ended | # | # | # | # | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||
03-31-12 | 1,272,962 | 30,768 | (2,080,550 | ) | (776,820 | ) | 12,866,971 | 307,651 | (20,777,385 | ) | (7,602,763 | ) | ||||||||||||||||||||||
08-17-10(1)–03-31-11 | 1,818,923 | 4,088 | (29,466 | ) | 1,793,545 | 18,386,496 | 41,889 | (302,717 | ) | 18,125,668 | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||
03-31-12 | 693,794 | 13,157 | (300,251 | ) | 406,700 | 7,013,924 | 131,384 | (2,975,715 | ) | 4,169,593 | ||||||||||||||||||||||||
08-17-10(1)–03-31-11 | 355,779 | 1,018 | (29,848 | ) | 326,949 | 3,647,033 | 10,428 | (306,033 | ) | 3,351,428 | ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||
03-31-12 | 5,491,577 | 812,839 | (5,722,597 | ) | 581,819 | 54,719,863 | 8,120,755 | (57,523,526 | ) | 5,317,092 | ||||||||||||||||||||||||
08-17-10(1)–03-31-11 | 17,114,951 | 270,737 | (763,961 | ) | 16,621,727 | 172,401,568 | 2,767,647 | (7,800,436 | ) | 167,368,779 | ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||
03-31-12 | 1,015,920 | 65,050 | (214,604 | ) | 866,366 | 10,227,972 | 648,425 | (2,151,049 | ) | 8,725,348 | ||||||||||||||||||||||||
08-17-10(1)–03-31-11 | 799,290 | 4,793 | (34,319 | ) | 769,764 | 8,175,478 | 49,127 | (350,442 | ) | 7,874,163 | ||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||
03-31-12 | 6,227,811 | 214,880 | (1,591,193 | ) | 4,851,498 | 63,484,407 | 2,147,556 | (15,862,328 | ) | 49,769,635 | ||||||||||||||||||||||||
08-17-10(1)–03-31-11 | 357,485 | 791 | (35,262 | ) | 323,014 | 3,665,980 | 8,119 | (362,273 | ) | 3,311,826 |
(1) | Commencement of operations. |
Undistributed Net Investment Income | Accumulated Net Realized Gains/(Losses) | |||||
---|---|---|---|---|---|---|
$(50,198) | $50,198 |
Year Ended March 31, 2012 | Year Ended March 31, 2011 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Ordinary Income | Long-term Capital Gain | Ordinary Income | |||||||||
$12,464,242 | $3,685 | $3,106,787 |
Capital Loss Carryforwards | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Undistributed Ordinary Income | Post-October Capital Losses Deferred | Unrealized Appreciation | Amount | Character | Expiration | ||||||||||||||||||
$112,237 | $(731,959) | $575,591 | $(27,071) | Long-term | N/A |
Per Share Amount | Payable Date | Record Date | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | $0.0415 | May 1, 2012 | Daily | |||||||||||
Class C | $0.0353 | May 1, 2012 | Daily | |||||||||||
Class I | $0.0435 | May 1, 2012 | Daily | |||||||||||
Class R | $0.0394 | May 1, 2012 | Daily | |||||||||||
Class W | $0.0435 | May 1, 2012 | Daily |
ING FLOATING RATE FUND | PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 |
Principal Amount | | | Borrower\Tranche Description | | Fair Value | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Loans*: 97.3% | |||||||||||||||
Aerospace & Defense: 2.3% | |||||||||||||||
$2,487,500 | Delta, New Term Loan, 5.500%, due 04/20/17 | $ | 2,484,391 | ||||||||||||
445,500 | Delta, Pacific Route First Lien Term Loan, 4.250%, due 03/07/16 | 431,021 | |||||||||||||
997,500 | DigitalGlobe Inc., Term Loan B, 5.750%, due 10/07/18 | 961,008 | |||||||||||||
1,097,250 | Transdigm, Inc., Add On Term Loan, 4.000%, due 02/14/17 | 1,099,536 | |||||||||||||
985,915 | US Airways, Term Loan, 2.742%, due 03/21/14 | 911,610 | |||||||||||||
5,887,566 | |||||||||||||||
Automotive: 5.2% | |||||||||||||||
390,618 | Avis Budget Car Rental, LLC, Incremental Term Loan, 6.250%, due 09/21/18 | 393,385 | |||||||||||||
1,986,616 | (1) | Avis Budget Car Rental, LLC, Tranche C Term Loan, 4.250%, due 03/15/19 | 1,984,961 | ||||||||||||
2,977,500 | Chrysler Group LLC, Term Loan B, 6.000%, due 05/24/17 | 3,029,838 | |||||||||||||
1,641,750 | Fram Group Holdings Inc., First Lien Term Loan, 6.500%, due 07/28/17 | 1,654,063 | |||||||||||||
498,690 | Fram Group Holdings Inc., Second Lien Term Loan, 10.500%, due 01/29/18 | 491,833 | |||||||||||||
1,337,189 | KAR Auction Services, Inc., Term Loan B, 5.000%, due 05/19/17 | 1,341,786 | |||||||||||||
1,386,000 | Metaldyne, LLC, Term Loan B, 5.250%, due 05/18/17 | 1,390,043 | |||||||||||||
2,542,391 | Tomkins, Inc., Term Loan B, 4.250%, due 09/21/16 | 2,546,097 | |||||||||||||
743,106 | UCI International, Inc., Term Loan B, 5.500%, due 07/26/17 | 747,751 | |||||||||||||
13,579,757 | |||||||||||||||
Beverage & Tobacco: 0.8% | |||||||||||||||
387,826 | Clement Pappas, $230mm Term Loan, 6.545%, due 08/14/17 | 387,988 | |||||||||||||
1,687,250 | Del Monte Corporation, Term Loan B, 4.500%, due 03/08/18 | 1,685,141 | |||||||||||||
2,073,129 | |||||||||||||||
Brokers, Dealers & Investment Houses: 0.8% | |||||||||||||||
500,000 | Nuveen Investments, Inc., 2nd Lien, 8.250%, due 05/12/19 | 510,000 | |||||||||||||
1,000,000 | Nuveen Investments, Inc., First-Lien Incremental Term Loan, 7.250%, due 05/13/17 | 1,012,500 | |||||||||||||
500,000 | Nuveen Investments, Inc., Term Loan Extended 2017, 5.754%, due 05/12/17 | 500,157 | |||||||||||||
2,022,657 | |||||||||||||||
Building & Development: 1.7% | |||||||||||||||
510,000 | (1) | Armstrong World Industries, Inc., Term Loan B add-on, due 03/09/18 | 509,171 | ||||||||||||
2,336,925 | Capital Automotive L.P., Term Loan, 5.250%, due 03/10/17 | 2,317,451 | |||||||||||||
497,364 | Capital Automotive L.P., Term Loan, 5.250%, due 03/11/17 | 493,219 | |||||||||||||
480,741 | CB Richard Ellis, Term Loan C, 3.491%, due 03/05/18 | 478,737 | |||||||||||||
509,272 | CB Richard Ellis, Term Loan D, 3.742%, due 09/04/19 | 507,150 | |||||||||||||
198,756 | JMC Steel Group, Term Loan, 4.750%, due 04/01/17 | 199,253 | |||||||||||||
4,504,981 | |||||||||||||||
Business Equipment & Services: 8.1% | |||||||||||||||
350,000 | (1) | ACCO Brands Corporation, Term Loan B, due 04/15/19 | 350,656 | ||||||||||||
1,198,682 | Acosta, Inc., Term Loan, 4.750%, due 03/01/18 | 1,195,685 | |||||||||||||
987,500 | Advantage Sales & Marketing, Inc., First Lien Term Loan, 5.250%, due 12/18/17 | 987,747 | |||||||||||||
500,000 | Advantage Sales & Marketing, Inc., Second Lien Term Loan, 9.250%, due 06/18/18 | 499,375 | |||||||||||||
1,648,515 | Avaya Inc., Term Loan B-3, 4.991%, due 10/26/17 | 1,590,817 | |||||||||||||
1,236,900 | Catalent Pharma Solutions, Inc., Incremental USD TLB-2, 5.250%, due 09/15/17 | 1,236,900 | |||||||||||||
995,000 | CorpSource Finance Holdings, LLC, 1st Lien Term Loan, 6.628%, due 04/28/17 | 917,888 | |||||||||||||
1,500,000 | First Data Corporation, Term Loan extended 3/2018, 4.242%, due 03/23/18 | 1,370,625 | |||||||||||||
833,942 | First Data Corporation, Term Loan US B-1 9/2014, 2.992%, due 09/24/14 | 804,932 | |||||||||||||
120,459 | First Data Corporation, Term Loan US B-2 9/2014, 2.992%, due 09/24/14 | 116,319 | |||||||||||||
358,867 | First Data Corporation, Term Loan US B-3 9/2014, 2.992%, due 09/24/14 | 346,456 | |||||||||||||
1,251,833 | Go Daddy Operating Company, LLC, 1st Lien Term Loan, 5.500%, due 12/17/18 | 1,256,528 | |||||||||||||
497,500 | Information Resources, Inc., Term Loan B, 5.003%, due 12/01/17 | 497,603 | |||||||||||||
992,500 | Mercury Payment Systems LLC, Term Loan B, 6.500%, due 07/03/17 | 997,463 | |||||||||||||
990,000 | NDS Treasury (Americas), Term Loan B, 4.000%, due 03/12/18 | 992,723 | |||||||||||||
997,475 | Property Data I, Inc., Term Loan B, 7.000%, due 12/21/16 | 896,064 | |||||||||||||
992,500 | Quintiles Transnational Corp., Term Loan B, 5.000%, due 06/08/18 | 996,222 | |||||||||||||
1,384,193 | Sungard Data Systems Inc, Term Loan B—B Tranche 2016, 3.975%, due 02/26/16 | 1,388,127 | |||||||||||||
371,250 | Trans Union LLC, Term Loan B, 4.750%, due 02/12/18 | 375,315 | |||||||||||||
325,981 | U.S. Security Associates Holdings, Inc., $75mm Delayed Draw Term Loan, 6.000%, due 07/28/17 | 327,340 | |||||||||||||
1,665,535 | U.S. Security Associates Holdings, Inc., New Term Loan, 6.000%, due 07/28/17 | 1,672,475 | |||||||||||||
259,350 | Verifone, Inc., Term Loan B, 4.250%, due 12/31/18 | 260,355 |
ING FLOATING RATE FUND | PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
Principal Amount | | | Borrower\Tranche Description | | Fair Value | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Business Equipment & Services: (continued) | |||||||||||||||
$1,317,361 | (1) | Web.com Group, Inc., First Lien Term Loan, 7.000%, due 10/28/17 | $ | 1,308,578 | |||||||||||
707,585 | West Corp, Term Loan B-5, 4.492%, due 07/15/16 | 711,418 | |||||||||||||
21,097,611 | |||||||||||||||
Cable & Satellite Television: 3.5% | |||||||||||||||
344,565 | Atlantic Broadband, TLB, 4.000%, due 03/08/16 | 344,738 | |||||||||||||
445,500 | Bresnan Communications, LLC, Term Loan B, 4.502%, due 12/14/17 | 445,593 | |||||||||||||
1,420,000 | (1) | Cequel Communications, LLC, Term Loan 2012, 4.000%, due 02/08/19 | 1,408,907 | ||||||||||||
41,021 | Charter Communications Operating, LLC, TLB-1, 2.241%, due 03/06/14 | 40,903 | |||||||||||||
2,463,492 | Charter Communications Operating, LLC, TLC, 3.720%, due 09/06/16 | 2,460,411 | |||||||||||||
1,985,000 | Intelsat Jackson Holdings S.A., Term Loan B Facility, 5.250%, due 04/02/18 | 1,997,762 | |||||||||||||
885,550 | San Juan Cable LLC, ‘1st Lien, 6.000%, due 06/09/17 | 872,267 | |||||||||||||
485,659 | UPC Broadband Holding B.V, Term Loan T, 3.744%, due 12/30/16 | 484,445 | |||||||||||||
1,000,000 | UPC Broadband Holding B.V, Term Loan X, 3.744%, due 12/29/17 | 995,625 | |||||||||||||
9,050,651 | |||||||||||||||
Chemicals & Plastics: 4.1% | |||||||||||||||
625,000 | AZ Chem US Inc., Term Loan B, 7.250%, due 12/19/17 | 633,333 | |||||||||||||
250,000 | Chemtura Corporation, Term Loan, 5.500%, due 08/27/16 | 251,641 | |||||||||||||
246,428 | Houghton International, Inc., Term Loan B1, 6.750%, due 01/29/16 | 247,506 | |||||||||||||
1,014,422 | Ineos US Finance LLC, Term Loan C2, 8.001%, due 12/16/14 | 1,054,048 | |||||||||||||
1,710,525 | Momentive Specialty Chemicals Inc (a.k.a Hexion Specialty Chemicals Inc), Term Loan C1B, 4.000%, due 05/05/15 | 1,701,972 | |||||||||||||
726,862 | Momentive Specialty Chemicals Inc (a.k.a Hexion Specialty Chemicals Inc), Term Loan C2B, 4.250%, due 05/05/15 | 723,228 | |||||||||||||
349,125 | PolyOne Corporation, Term Loan B, 5.000%, due 11/17/17 | 350,980 | |||||||||||||
87,810 | (1) | Sonneborn, Inc., BV Tranche, due 03/31/18 | 88,030 | ||||||||||||
497,590 | (1) | Sonneborn, Inc., US Tranche, due 03/31/18 | 498,834 | ||||||||||||
842,132 | Styron S.A.R.L., Term Loan B, 6.000%, due 08/02/17 | 771,603 | |||||||||||||
875,000 | Taminco, TL USD, 6.250%, due 01/31/19 | 882,383 | |||||||||||||
510,714 | Tronox Pigments (Netherlands) BV, Term Loan B, 4.250%, due 02/08/18 | 511,672 | |||||||||||||
2,273,725 | Univar Inc., Term Loan B, 5.000%, due 06/30/17 | 2,281,541 | |||||||||||||
660,000 | Vantage Specialties Inc., Term Loan B, 7.000%, due 02/10/18 | 663,300 | |||||||||||||
10,660,071 | |||||||||||||||
Clothing/Textiles: 0.7% | |||||||||||||||
1,327,830 | Targus Group, Inc., New Senior Secured Term Loan, 11.002%, due 05/16/16 | 1,324,511 | |||||||||||||
46,641 | Totes Isotoner Corporation, Delayed Draw 1st Ln TL, 7.296%, due 07/07/17 | 46,407 | |||||||||||||
449,727 | Totes Isotoner Corporation, First Ln TL, 7.255%, due 07/07/17 | 447,478 | |||||||||||||
1,818,396 | |||||||||||||||
Conglomerates: 0.9% | |||||||||||||||
1,967,456 | Affinion Group, Inc., First Lien Term Loan, 5.000%, due 10/10/16 | 1,869,699 | |||||||||||||
497,500 | Waterpik, Term Loan, 6.753%, due 08/10/17 | 497,500 | |||||||||||||
2,367,199 | |||||||||||||||
Containers & Glass Products: 3.5% | |||||||||||||||
465,410 | Bway Holding Corporation, Term Loan B, 4.500%, due 02/23/18 | 466,675 | |||||||||||||
42,903 | Bway Holding Corporation, Term Loan C, 4.500%, due 02/23/18 | 43,019 | |||||||||||||
2,406,813 | Husky Injection Molding Systems, Ltd, Term Loan B, 6.500%, due 06/30/18 | 2,427,382 | |||||||||||||
595,500 | Pro Mach, Inc, Term Loan, 6.267%, due 07/06/17 | 584,334 | |||||||||||||
1,968,590 | Reynolds Group Holdings Inc, Term Loan C, 6.500%, due 08/09/18 | 1,996,016 | |||||||||||||
2,937,965 | Reynolds Group Holdings Inc, US Term Loan, 6.500%, due 02/09/18 | 2,978,897 | |||||||||||||
719,050 | Sealed Air Corporation, Term Loan B, 4.750%, due 10/03/18 | 728,132 | |||||||||||||
9,224,455 | |||||||||||||||
Cosmetics/Toiletries: 0.2% | |||||||||||||||
497,500 | Revlon Consumer Products Corporation, Term Loan, 4.753%, due 11/17/17 | 498,051 | |||||||||||||
498,051 | |||||||||||||||
Drugs: 0.2% | |||||||||||||||
481,061 | Prestige Brands, Term loan B, 5.297%, due 01/31/19 | 484,819 | |||||||||||||
484,819 |
ING FLOATING RATE FUND | PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
Principal Amount | | | Borrower\Tranche Description | | Fair Value | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ecological Services & Equipment: 0.3% | |||||||||||||||
$495,000 | Waste Industries USA, Inc., Term loan, 4.750%, due 03/17/17 | $ | 495,000 | ||||||||||||
300,000 | WCA Waste Corporation, Term Loan B, 5.500%, due 02/28/18 | 301,875 | |||||||||||||
796,875 | |||||||||||||||
Electronics/Electrical: 8.9% | |||||||||||||||
661,603 | Aspect Software, Inc., Term Loan, 6.250%, due 05/06/16 | 666,190 | |||||||||||||
1,511,250 | Attachmate Corporation, 1st Lien Term Loan, 6.500%, due 04/27/17 | 1,507,945 | |||||||||||||
1,995,000 | Blackboard Inc., 1st Lien Term Loan B, 7.500%, due 10/04/18 | 1,988,454 | |||||||||||||
500,000 | Blackboard Inc., 2nd Lien Term Loan B, 11.500%, due 10/01/19 | 463,334 | |||||||||||||
1,704,733 | CDW LLC, Extended Term Loan B, 4.000%, due 07/14/17 | 1,653,165 | |||||||||||||
1,491,244 | Eagle Parent, Inc., Term Loan B, 5.000%, due 05/16/18 | 1,481,691 | |||||||||||||
2,000,000 | Freescale Semiconductor, Inc., Incremental Term Loan B-2, 6.000%, due 02/28/19 | 1,996,036 | |||||||||||||
985,384 | Freescale Semiconductor, Inc., Term Loan B-2, 4.494%, due 12/01/16 | 961,365 | |||||||||||||
629,630 | Greeneden U.S. Holdings II, L.L.C., 1st Lien Term Loan, 6.750%, due 01/31/18 | 635,690 | |||||||||||||
847,875 | Kronos Incorporated, Tranche C first-lien term loan, 6.250%, due 12/26/17 | 858,473 | |||||||||||||
2,239,997 | Lawson Software, Inc., Term Loan, 6.750%, due 07/05/17 | 2,245,037 | |||||||||||||
1,522,472 | Microsemi Corporation, Term Loan, 4.000%, due 02/02/18 | 1,525,327 | |||||||||||||
884,000 | Open Link Financial, Inc., Term Loan, 7.752%, due 10/28/17 | 886,763 | |||||||||||||
1,341,497 | Orbitz Worldwide, Inc., Term Loan, 3.316%, due 07/25/14 | 1,276,938 | |||||||||||||
751,875 | (1) | Rovi Solutions Corporation, Term Loan B, due 03/26/19 | 751,875 | ||||||||||||
997,375 | Sabre Inc., Extended Term Loan, 6.078%, due 09/30/17 | 948,795 | |||||||||||||
981,129 | Sabre Inc., First Lien Term Loan, 2.328%, due 09/30/14 | 922,670 | |||||||||||||
550,000 | (1) | Semtech Corporation, Term Loan B, due 03/19/17 | 550,000 | ||||||||||||
789,196 | Spansion LLC, Term Loan, 4.750%, due 02/09/15 | 789,360 | |||||||||||||
1,046,451 | Travelport, Inc., Delayed Draw Term Loan extended, 5.081%, due 08/21/15 | 956,195 | |||||||||||||
23,065,303 | |||||||||||||||
Equipment Leasing: 0.4% | |||||||||||||||
250,000 | Brock Holdings, Inc., New 2nd Lien Term Loan, 10.000%, due 03/16/18 | 246,875 | |||||||||||||
768,471 | Brock Holdings, Inc., New Term Loan B, 6.029%, due 03/16/17 | 768,471 | |||||||||||||
1,015,346 | |||||||||||||||
Financial Intermediaries: 1.9% | |||||||||||||||
187,105 | BNY ConvergEx Group, LLC, Eze Borrower Term Loan, 5.000%, due 12/19/16 | 187,105 | |||||||||||||
424,890 | BNY ConvergEx Group, LLC, Top Borrower Term Loan, 5.000%, due 12/19/16 | 424,890 | |||||||||||||
962,588 | Fundtech, Term Loan, 7.500%, due 11/15/17 | 964,092 | |||||||||||||
1,120,000 | (1) | LPL Holdings, Inc., Term Loan B, due 03/23/19 | 1,120,700 | ||||||||||||
1,354,545 | MIP Delaware, LLC, Term Loan, 5.500%, due 07/12/18 | 1,366,398 | |||||||||||||
871,795 | MoneyGram International, Inc., First Lien Term Loan, 4.250%, due 11/17/17 | 870,160 | |||||||||||||
4,933,345 | |||||||||||||||
Food Products: 0.8% | |||||||||||||||
987,500 | Advance Pierre Foods, First Lien Term Loan, 7.001%, due 09/30/16 | 988,734 | |||||||||||||
1,017,761 | (1) | NPC International, Term Loan (2012 refi), 5.250%, due 12/28/18 | 1,021,578 | ||||||||||||
2,010,312 | |||||||||||||||
Food Service: 1.2% | |||||||||||||||
978,947 | Bojangles Restaurants, Inc., Term Loan, 8.008%, due 08/17/17 | 979,559 | |||||||||||||
760,000 | Dennys, Inc, Term Loan B, 5.250%, due 09/30/16 | 763,325 | |||||||||||||
264,323 | DineEquity Inc., Term Loan B, 4.250%, due 10/19/17 | 264,708 | |||||||||||||
1,146,894 | Dunkin Brands, Inc., Term Loan B, 4.003%, due 11/23/17 | 1,147,967 | |||||||||||||
3,155,559 | |||||||||||||||
Health Care: 12.6% | |||||||||||||||
768,075 | Alere US Holdings, LLC, Incremental Term Loan B, 4.500%, due 06/30/17 | 764,955 | |||||||||||||
1,995,000 | Alere US Holdings, LLC, Term Loan B, 4.503%, due 06/30/17 | 1,986,896 | |||||||||||||
194,526 | Bausch & Lomb, Inc., US Term Loan DD ($300mm), 3.491%, due 04/24/15 | 194,478 | |||||||||||||
796,120 | Bausch & Lomb, Inc., US Term Loan, 3.670%, due 04/24/15 | 795,921 | |||||||||||||
1,736,687 | Capsugel Holdings US, Inc., Term Loan B, 5.250%, due 08/01/18 | 1,753,512 | |||||||||||||
256,750 | ConvaTec, TLB USD, 5.750%, due 12/22/16 | 256,108 | |||||||||||||
1,466,667 | (1) | DJO Finance LLC, Tranche B-3 Term Loan, due 09/15/17 | 1,464,528 | ||||||||||||
2,480,802 | Drumm Corp., Term loan B, 5.000%, due 05/04/18 | 2,350,561 | |||||||||||||
698,250 | Emdeon, Inc., Term loan B, 6.750%, due 10/15/18 | 709,335 | |||||||||||||
1,732,500 | Emergency Medical Services Corporation, Term loan B, 5.250%, due 05/25/18 | 1,736,398 |
ING FLOATING RATE FUND | PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
Principal Amount | | | Borrower\Tranche Description | | Fair Value | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Health Care: (continued) | |||||||||||||||
$1,435,964 | Grifols S.A, TLB USD, 4.500%, due 06/01/17 | $ | 1,439,554 | ||||||||||||
1,620,938 | Health Management Associates, Inc., Term B, 4.500%, due 11/22/18 | 1,610,645 | |||||||||||||
439,226 | HGI Holding, Inc., Senior Secured Term Loan B due 2016, 6.750%, due 09/29/16 | 440,141 | |||||||||||||
1,089,000 | Iasis Healthcare LLC, Term Loan B, 5.000%, due 05/03/18 | 1,091,383 | |||||||||||||
995,000 | Immucor, Inc., Term loan B, 7.250%, due 08/17/18 | 1,007,852 | |||||||||||||
1,484,512 | IMS Health Incorporated, Term Loan B, 4.500%, due 08/25/17 | 1,491,006 | |||||||||||||
1,483,763 | inVentiv Health Inc., Original term loan B, 6.500%, due 08/04/16 | 1,409,574 | |||||||||||||
272,938 | inVentiv Health Inc., Term B-3, 6.750%, due 05/15/18 | 259,291 | |||||||||||||
1,296,750 | Kinetic Concepts, Inc., Term Loan B-1, 7.000%, due 04/20/18 | 1,324,407 | |||||||||||||
454,380 | Medassets, Inc., Term Loan B, 5.250%, due 11/16/16 | 457,930 | |||||||||||||
496,250 | Medpace IntermediateCo, Inc., Term loan B, 6.500%, due 06/22/17 | 483,844 | |||||||||||||
1,939,922 | Onex Carestream Finance LP, Term Loan B, 5.000%, due 02/25/17 | 1,905,975 | |||||||||||||
1,027,425 | Pharmaceutical Product Development, Inc., Bank Term Loan B, 6.250%, due 11/30/18 | 1,041,017 | |||||||||||||
1,791,485 | Rural/Metro Corporation, Term Loan B, 5.750%, due 06/29/18 | 1,789,246 | |||||||||||||
661,667 | Sunquest Information Systems, Inc., Term Loan B, 6.250%, due 12/16/16 | 663,321 | |||||||||||||
446,625 | Surgical Care Affiliates LLC, Incremental term loan, 5.500%, due 06/29/18 | 428,202 | |||||||||||||
1,000,000 | (1) | United Surgical Partners International, Inc., New Tranche B, due 04/01/19 | 993,125 | ||||||||||||
1,970,187 | Vanguard Health Holdings Company Ii, LLC, Term Loan B, 5.000%, due 01/29/16 | 1,975,851 | |||||||||||||
452,571 | Warner Chilcott Company LLC, Term B-1 (US), 4.250%, due 03/15/18 | 452,770 | |||||||||||||
226,286 | Warner Chilcott Company LLC, Term B-2 (PR), 4.250%, due 03/15/18 | 226,385 | |||||||||||||
311,143 | Warner Chilcott Company LLC, Term B-3 (LuxCo), 4.250%, due 03/15/18 | 311,279 | |||||||||||||
32,815,490 | |||||||||||||||
Home Furnishings: 1.0% | |||||||||||||||
247,483 | Hillman Group (The), Inc., First Lien Term Loan, 5.000%, due 05/27/16 | 247,792 | |||||||||||||
850,000 | Monitronics International, Inc., Term Loan B, 5.500%, due 03/31/18 | 851,771 | |||||||||||||
700,000 | Protection One, Inc., Term Loan B, 5.750%, due 03/31/19 | 696,938 | |||||||||||||
776,386 | Springs Window Fashions, LLC, First Lien Term Loan, 6.000%, due 05/31/17 | 765,224 | |||||||||||||
2,561,725 | |||||||||||||||
Industrial Equipment: 4.2% | |||||||||||||||
543,125 | Edwards (Cayman Islands II) Limited (aka BOC Edwards), New Term Loan, 5.500%, due 05/31/16 | 539,222 | |||||||||||||
238,636 | Goodman Global Inc., Second Lien Term Loan, 9.000%, due 10/30/17 | 242,344 | |||||||||||||
2,281,395 | Goodman Global Inc., Term Loan B, 5.750%, due 10/28/16 | 2,298,097 | |||||||||||||
1,550,000 | Rexnord Corporation / RBS Global, Inc., USD Term Loan, 5.000%, due 04/01/18 | 1,552,274 | |||||||||||||
2,630,000 | (1) | Schaeffler AG, TL C2 USD, due 01/31/17 | 2,645,451 | ||||||||||||
1,284,991 | Sensus Metering Systems Inc., New First Lien Term Loan, 4.750%, due 05/09/17 | 1,288,203 | |||||||||||||
600,000 | Sensus Metering Systems Inc., New Second Lien Term Loan, 8.500%, due 05/09/18 | 600,000 | |||||||||||||
1,880,550 | Terex Corporation, Term Loan, 5.500%, due 04/28/17 | 1,899,944 | |||||||||||||
11,065,535 | |||||||||||||||
Insurance: 0.5% | |||||||||||||||
397,798 | CCC Information Services Group, Inc., Term Loan B, 5.500%, due 11/11/15 | 399,661 | |||||||||||||
878,063 | Sedgwick Holdings, Inc., Term Loan B-1, 5.000%, due 12/30/16 | 877,331 | |||||||||||||
1,276,992 | |||||||||||||||
Leisure Good/Activities/Movies: 3.6% | |||||||||||||||
1,476,219 | 24 Hour Fitness Worldwide, Inc, Term Loan B, 7.500%, due 04/22/16 | 1,478,064 | |||||||||||||
150,681 | (1) | Bushnell, Inc., First Lien, 4.829%, due 08/23/13 | 146,663 | ||||||||||||
989,873 | Cedar Fair, L.P., Term Loan B, 4.000%, due 12/15/17 | 993,623 | |||||||||||||
2,044,737 | Getty Images, Inc, Term Loan B, 5.250%, due 11/07/16 | 2,057,515 | |||||||||||||
1,000,000 | (1) | SeaWorld Parks & Entertainment, Inc., Incremental Term Loan B, due 08/17/17 | 1,000,308 | ||||||||||||
1,515,936 | SRAM, LLC, First Lien Term Loan, 4.753%, due 06/07/18 | 1,517,813 | |||||||||||||
185,000 | SRAM, LLC, Second Lien Term Loan, 8.500%, due 12/07/18 | 187,197 | |||||||||||||
1,954,048 | The Weather Channel, Term Loan B, 4.250%, due 02/13/17 | 1,958,640 | |||||||||||||
9,339,823 | |||||||||||||||
Lodging & Casinos: 2.6% | |||||||||||||||
584,100 | Ameristar Casinos Inc., Term Loan B, 4.000%, due 04/14/18 | 585,454 | |||||||||||||
2,020,000 | (1) | Boyd Gaming Corporation, Incremental Term Loan, 6.000%, due 12/17/15 | 2,042,978 | ||||||||||||
2,432,288 | Caesars Entertainment Operating Company, Inc., Term Loan B6, 5.492%, due 01/28/18 | 2,200,461 | |||||||||||||
700,000 | Caesars Octavius, LLC, Term Loan, 9.250%, due 02/24/17 | 694,167 | |||||||||||||
495,000 | Isle Of Capri Casinos, Inc., Term Loan B, 4.750%, due 11/01/13 | 497,630 |
ING FLOATING RATE FUND | PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
Principal Amount | | | Borrower\Tranche Description | | Fair Value | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Lodging & Casinos: (continued) | |||||||||||||||
$934,233 | Station Casinos LLC, Term Loan B-1, 3.241%, due 06/17/16 | $ | 868,837 | ||||||||||||
6,889,527 | |||||||||||||||
Nonferrous Metals/Minerals: 2.0% | |||||||||||||||
2,174,000 | Fairmount Minerals, Ltd., Term Loan B, 5.250%, due 03/15/17 | 2,180,794 | |||||||||||||
1,015,000 | Noranda Aluminum Acquisition Corp., Term Loan B, 5.750%, due 02/28/19 | 1,023,881 | |||||||||||||
248,125 | U.S. Silica Company, Term Loan, 4.750%, due 06/01/17 | 248,435 | |||||||||||||
1,666,454 | (1) | Walter Energy, Inc., Term Loan B, due 04/02/18 | 1,661,698 | ||||||||||||
5,114,808 | |||||||||||||||
Oil & Gas: 2.7% | |||||||||||||||
1,995,000 | CCS Inc., Add-On Term Loan, 6.500%, due 11/14/14 | 2,004,975 | |||||||||||||
500,000 | Crestwood Holdings LLC, Term Loan B, 9.750%, due 03/30/18 | 509,792 | |||||||||||||
2,000,000 | Energy Transfer Equity, L.P., Term Loan, 2.750%, due 03/15/17 | 1,964,584 | |||||||||||||
2,498,334 | Frac Tech International, LLC, Term Loan (HoldCo), 6.250%, due 05/06/16 | 2,493,649 | |||||||||||||
6,973,000 | |||||||||||||||
Publishing: 1.6% | |||||||||||||||
1,965,316 | Cengage Learning, Inc., TLB, 2.490%, due 07/03/14 | 1,818,619 | |||||||||||||
1,062,253 | Cenveo Corporation, TL B, 6.250%, due 12/21/16 | 1,065,566 | |||||||||||||
1,000,000 | Merrill Communications, LLC, New TLB-DD, 7.500%, due 12/24/12 | 940,000 | |||||||||||||
850,019 | R.H. Donnelley Corporation, TERM LOAN, 9.000%, due 10/24/14 | 380,383 | |||||||||||||
4,204,568 | |||||||||||||||
Radio & Television: 3.6% | |||||||||||||||
850,598 | Barrington Broadcasting Group, Term loan B, 7.500%, due 06/30/17 | 859,104 | |||||||||||||
1,476,399 | Clear Channel Communications, Inc., TL B, 3.891%, due 01/28/16 | 1,200,866 | |||||||||||||
1,993,962 | Cumulus Media Holdings Inc., First Lien Term Loan B, 5.750%, due 09/17/18 | 2,003,434 | |||||||||||||
1,000,000 | Cumulus Media Holdings Inc., Second Lien Term Loan B, 7.500%, due 02/11/19 | 1,016,569 | |||||||||||||
472,067 | Entercom Communications Corporation, Term loan B, 6.277%, due 11/22/18 | 477,377 | |||||||||||||
876,809 | FoxCo Acquisition, LLC, Term Loan B, 4.750%, due 07/14/15 | 878,826 | |||||||||||||
347,375 | Raycom TV Broadcasting, LLC, Term Loan B, 4.500%, due 05/31/17 | 342,164 | |||||||||||||
2,706,090 | Univision Communications, Inc., Extended TL, 4.491%, due 03/31/17 | 2,514,778 | |||||||||||||
9,293,118 | |||||||||||||||
Rail Industries: 0.4% | |||||||||||||||
1,000,000 | RailAmerica, Inc., Term Loan B, 4.000%, due 02/28/19 | 1,000,938 | |||||||||||||
1,000,938 | |||||||||||||||
Retailers (Except Food & Drug): 9.7% | |||||||||||||||
648,375 | 99 Cents Only Stores, Term Loan Facility, 7.750%, due 01/15/19 | 661,545 | |||||||||||||
1,596,000 | Academy Ltd., Term Loan, 6.000%, due 08/03/18 | 1,605,137 | |||||||||||||
911,125 | Amscan Holdings, Inc., Term Facility, 6.750%, due 12/04/17 | 914,349 | |||||||||||||
990,006 | Bass Pro Group, LLC, Term Loan B, 5.317%, due 06/13/17 | 992,481 | |||||||||||||
3,046,125 | BJs Wholesale Club, First Lien Term Loan (2012 refi), 5.250%, due 09/27/18 | 3,065,163 | |||||||||||||
1,031,250 | BJs Wholesale Club, Second Lien TL, 10.000%, due 03/27/19 | 1,069,277 | |||||||||||||
957,500 | Burlington Coat Factory, Term Loan B, 6.250%, due 02/23/17 | 962,838 | |||||||||||||
1,000,000 | Guitar Center, Inc., Extended TL maturing 04/17, 5.730%, due 04/10/17 | 947,286 | |||||||||||||
890,756 | J. Crew, Term Loan B, 4.750%, due 03/07/18 | 876,998 | |||||||||||||
1,749,423 | Jo-Ann Stores, Inc., Term Loan B, 4.750%, due 03/16/18 | 1,741,551 | |||||||||||||
839,375 | Leslies Poolmart, Inc., Tranche B Term Loan Facility, 4.500%, due 11/21/16 | 838,850 | |||||||||||||
1,624,494 | Lord & Taylor, Term Loan Facility, 5.750%, due 01/09/18 | 1,636,000 | |||||||||||||
1,388,639 | Michaels Stores, Inc., TLB-2 (extending), 5.073%, due 07/31/16 | 1,394,389 | |||||||||||||
1,992,420 | Neiman Marcus Group, Inc, Term Loan, 4.750%, due 05/16/18 | 1,991,174 | |||||||||||||
1,150,000 | Roundys Supermarkets, Inc., Term Loan B, 5.750%, due 02/14/19 | 1,158,625 | |||||||||||||
735,000 | (1) | Sleepy’s Holdings, LLC, Term Loan, due 03/19/19 | 733,163 | ||||||||||||
1,400,599 | The Gymboree Corporation, Term Loan B, 5.002%, due 02/23/18 | 1,327,644 | |||||||||||||
1,728,725 | Toys “R” Us, Inc., Term Loan B-1, 6.000%, due 09/01/16 | 1,735,979 | |||||||||||||
347,375 | Toys “R” Us, Inc., Term Loan B-2, 5.250%, due 05/25/18 | 346,072 | |||||||||||||
1,375,000 | (1) | Yankee Candle Company, Inc., Term Loan B, due 04/02/19 | 1,382,161 | ||||||||||||
25,380,682 |
ING FLOATING RATE FUND | PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
Principal Amount | | | Borrower\Tranche Description | | Fair Value | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Surface Transport: 0.7% | |||||||||||||||
$995,000 | Baker Tanks, Inc., Term Loan, 5.000%, due 06/01/18 | $ | 998,731 | ||||||||||||
909,356 | Inmar, Inc., Term Loan B, 6.500%, due 08/04/17 | 913,903 | |||||||||||||
1,912,634 | |||||||||||||||
Telecommunications: 4.0% | |||||||||||||||
1,422,273 | Asurion, LLC, Add-On 1st Lien Term Loan, 5.500%, due 05/24/18 | 1,410,539 | |||||||||||||
2,367,802 | Asurion, LLC, First Lien Term Loan, 5.500%, due 05/24/18 | 2,348,268 | |||||||||||||
1,400,000 | Asurion, LLC, Second Lien Term Loan, 9.000%, due 05/24/19 | 1,421,350 | |||||||||||||
298,500 | Cellular South, Inc., Term Loan B, 4.503%, due 07/27/17 | 299,993 | |||||||||||||
511,830 | CommScope, Inc., Term Loan B, 4.250%, due 01/14/18 | 512,860 | |||||||||||||
498,750 | Crown Castle Operating Company, Term Loan B, 4.000%, due 01/31/18 | 496,810 | |||||||||||||
748,125 | Global Tel*Link Corporation, First Lien Term Loan, 7.000%, due 12/15/17 | 750,463 | |||||||||||||
750,000 | Level 3 Financing, Inc, Term Loan B III, 5.750%, due 09/01/18 | 758,625 | |||||||||||||
995,000 | Neustar, Inc., Term Loan, 5.000%, due 11/07/18 | 999,975 | |||||||||||||
1,122,050 | Syniverse Holdings, Inc., Term Loan, 5.250%, due 12/21/17 | 1,128,137 | |||||||||||||
310,398 | U.S. Telepacific Corp, First Lien Term Loan, 5.750%, due 02/23/17 | 298,370 | |||||||||||||
10,425,390 | |||||||||||||||
Utilities: 2.6% | |||||||||||||||
990,000 | AES Corporation, Term Loan Facility, 4.250%, due 06/01/18 | 992,356 | |||||||||||||
891,000 | Calpine Corp, Term Loan B-1, 4.500%, due 04/02/18 | 888,466 | |||||||||||||
995,000 | Calpine Corp, Term Loan B-2, 4.500%, due 04/02/18 | 992,637 | |||||||||||||
1,492,500 | Dynegy Midwest Generation, LLC (CoalCo)., Term Loan, 9.250%, due 08/04/16 | 1,531,678 | |||||||||||||
1,094,500 | Dynegy Power (GasCo), Term Loan, 9.250%, due 08/04/16 | 1,147,857 | |||||||||||||
1,787,818 | Texas Competitive Electric Holdings Company LLC, Extended Term Loans, 4.743%, due 10/10/17 | 998,386 | |||||||||||||
481,940 | Texas Competitive Electric Holdings Company LLC, Term Loans, 3.743%, due 10/10/14 | 296,192 | |||||||||||||
6,847,572 | |||||||||||||||
Total Loans | |||||||||||||||
(Cost $252,761,457) | 253,347,885 | ||||||||||||||
Shares | Market Value |
Short-term Investments: 5.5% | |||||||||||||||||||||||
Mutual Fund: 5.5% | |||||||||||||||||||||||
14,312,050 | State Street Institutional Liquid Reserves Fund — Institutional Class | $ | 14,312,050 | ||||||||||||||||||||
Total Mutual Fund (Cost $14,312,050) | 14,312,050 | ||||||||||||||||||||||
Total Investments (Cost $267,073,507)** | 102.8 | % | $ | 267,659,935 | |||||||||||||||||||
Other Assets and Liabilities — Net | (2.8 | ) | (7,396,464 | ) | |||||||||||||||||||
Net Assets | 100.0 | % | $ | 260,263,471 | |||||||||||||||||||
* | Loans, while exempt from registration under the Securities Act of 1933, as amended, contain certain restrictions on resale and cannot be sold publicly. These loans bear interest (unless otherwise noted) at rates that float periodically at a margin above the London Inter-Bank Offered Rate (“LIBOR”) and other short-term rates. |
ING FLOATING RATE FUND | PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2012 (CONTINUED) |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at 3/31/12 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at value | ||||||||||||||||||
Loans | $ | — | $ | 253,347,885 | $ | — | $ | 253,347,885 | ||||||||||
Short-Term Investments | 14,312,050 | — | — | 14,312,050 | ||||||||||||||
Total Investments, at value | $ | 14,312,050 | $ | 253,347,885 | $ | — | $ | 267,659,935 | ||||||||||
Other Financial Instruments+ | ||||||||||||||||||
Unfunded Commitments | — | 87 | — | 87 | ||||||||||||||
Total Assets | $ | 14,312,050 | $ | 253,347,972 | $ | — | $ | 267,660,022 |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | ||||||
---|---|---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Futures | |||||
Interest rate contracts | $ | (67,721 | ) | |||
Total | $ | (67,721 | ) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||||
---|---|---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Futures | |||||
Interest rate contracts | $ | (2,156 | ) | |||
Total | $ | (2,156 | ) |
Fund Name | Type | Per Share Amount | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
ING Floating Rate Fund | ||||||||||
Class A | NII | $ | 0.4502 | |||||||
Class C | NII | $ | 0.3744 | |||||||
Class I | NII | $ | 0.4755 | |||||||
Class R | NII | $ | 0.4250 | |||||||
Class W | NII | $ | 0.4755 | |||||||
All Classes | STCG | $ | 0.0589 | |||||||
All Classes | LTCG | $ | 0.0002 |
Name, Address and Age | Position(s) Held with the Trust | Term of Office and Length of Time Served(1) | Principal Occupation(s) —During the Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee(2) | Other Board Positions Held by Trustee | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Independent Trustees | ||||||||||||||||||||||
Colleen D. Baldwin 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52 | Trustee | November 2007–Present | President, Glantuam Partners, LLC, a business consulting firm (January 2009–Present). | 138 | None. | |||||||||||||||||
John V. Boyer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 58 | Trustee | January 2005–Present | President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008–Present). Formerly, Consultant (July 2007–February 2008) and President and Chief Executive Officer, Franklin and Eleanor Roosevelt Institute, a public policy foundation (March 2006–July 2007). | 138 | None. | |||||||||||||||||
Patricia W. Chadwick 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 63 | Trustee | January 2006–Present | Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000–Present). | 138 | Wisconsin Energy Corporation (June 2006–Present) and The Royce Fund, (35 funds) (December 2009–Present). | |||||||||||||||||
Peter S. Drotch 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 70 | Trustee | November 2007–Present | Retired. | 138 | First Marblehead Corporation (September 2003–Present). | |||||||||||||||||
J. Michael Earley 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 67 | Trustee | February 2002–Present | Retired. Formerly, Banking President and Chief Executive Officer, Bankers Trust Company, N.A., Des Moines (June 1992–December 2008). | 138 | None. | |||||||||||||||||
Patrick W. Kenny 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 69 | Trustee | January 2005–Present | Retired. Formerly, President and Chief Executive Officer, International Insurance Society (June 2001–June 2009). | 138 | Assured Guaranty Ltd. (April 2004–Present). | |||||||||||||||||
Sheryl K. Pressler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 61 | Trustee | January 2006–Present | Consultant (May 2001–Present). | 138 | Stillwater Mining Company (May 2002–Present). | |||||||||||||||||
Roger B. Vincent 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 66 | Chairperson/Trustee | February 2002–Present | Retired. Formerly, President, Springwell Corporation, a corporate finance firm (March 1989–August 2011). | 138 | UGI Corporation (February 2006–Present) and UGI Utilities, Inc. (February 2006–Present). |
Name, Address and Age | Position(s) Held with the Trust | Term of Office and Length of Time Served(1) | Principal Occupation(s) —During the Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee(2) | Other Board Positions Held by Trustee | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Trustees who are “Interested Persons” | |||||||||||||||||||||||
Robert W. Crispin(3) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 65 | Trustee | November 2007–Present | Retired. Formerly, Chairman and Chief Executive Officer, ING Investment Management Co. (July 2001–December 2007). | 138 | Intact Financial Corporation (December 2004–Present) and PFM Group (November 2010–Present). | ||||||||||||||||||
Shaun P. Mathews(3) 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56 | Trustee | November 2007–Present | President and Chief Executive Officer, ING Investments, LLC (November 2006–Present). | 176 | ING Capital Corporation, LLC (December 2005–Present). |
(1) | Trustees serve until their successors are duly elected and qualified. The tenure of each Trustee is subject to the Board’s retirement policy which states that each duly elected or appointed Trustee who is not an “interested person” of the Trust, as defined in the 1940 Act, as amended (“Independent Trustees”), shall retire from service as a Trustee at the conclusion of the first regularly scheduled quarterly meeting of the Board that is held after the Trustee reaches the age of 72. A unanimous vote of the Board may extend the retirement date of a Trustee for up to one year. An extension may be permitted if the retirement would trigger a requirement to hold a meeting of shareholders of the Trust under applicable law, whether for purposes of appointing a successor to the Trustee or if otherwise necessary under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer needed. |
(2) | Except for Mr. Mathews and for the purposes of this table “ING Fund Complex” means the following investment companies: ING Asia Pacific High Dividend Equity Income Fund; ING Emerging Markets High Dividend Equity Fund; ING Emerging Markets Local Bond Fund; ING Equity Trust; ING Funds Trust; ING Global Equity Dividend and Premium Opportunity Fund; ING Global Advantage and Premium Opportunity Fund; ING Infrastructure, Industrials and Materials Fund; ING International High Dividend Equity Income Fund; ING Investors Trust; ING Mayflower Trust; ING Mutual Funds; ING Partners, Inc.; ING Prime Rate Trust; ING Risk Managed Natural Resources Fund; ING Senior Income Fund; ING Separate Portfolios Trust; ING Variable Insurance Trust; and ING Variable Products Trust. For Mr. Mathews, the ING Fund Complex also includes the following investment companies: ING Balanced Portfolio, Inc.; ING Intermediate Bond Portfolio; ING Money Market Portfolio; ING Series Fund, Inc.; ING Strategic Allocation Portfolios, Inc.; ING Variable Funds; and ING Variable Portfolios, Inc. Therefore, for the purposes of this table with reference to Mr. Mathews, “Fund Complex” includes these investment companies. The number of funds in the ING Fund Complex is as of April 30, 2012. |
(3) | Messrs. Crispin and Matthews are deemed “Interested Persons” of the Trust because of their current or prior affiliation with ING Groep, N.V., the parent corporation of the Investment Adviser(s) and the Distributor. |
Name, Address and Age | Position(s) Held With the Company | Term of Office and Length of Time Served(1) | Principal Occupation(s)— During the Past 5 Years | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shaun P. Mathews 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56 | President and Chief Executive Officer | November 2006–Present | President and Chief Executive Officer, ING Investments, LLC (November 2006–Present). | |||||||||||
Michael J. Roland 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 54 | Executive Vice President | February 2002–Present | Chief Compliance Officer, Directed Services LLC and ING Investments, LLC (March 2011–Present) and Executive Vice President and Chief Operating Officer, ING Investments, LLC and ING Funds Services, LLC (January 2007–Present). Formerly, Chief Compliance Officer, ING Funds (March 2011–February 2012). | |||||||||||
Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 62 | Executive Vice President Chief Investment Risk Officer | October 2000–Present September 2009–Present | Executive Vice President, ING Investments, LLC (July 2000–Present) and Chief Investment Risk Officer, ING Investments, LLC (January 2003–Present). | |||||||||||
Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 45 | Chief Compliance Officer | February 2012–Present | Senior Vice President, ING Investment Management, LLC (February 2012–Present). Formerly, Assistant General Counsel and Assistant Secretary, The Northwestern Mutual Life Insurance Company (June 2004–January 2012). | |||||||||||
Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47 | Senior Vice President | November 2003–Present | Senior Vice President, ING Investments, LLC (October 2003–Present). | |||||||||||
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 44 | Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary | March 2005–Present | Senior Vice President, ING Funds Services, LLC (March 2005–Present). | |||||||||||
Robert Terris 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 41 | Senior Vice President | May 2006–Present | Senior Vice President, Head of Division Operations, ING Funds Services, LLC (May 2006–Present). | |||||||||||
Gregory K. Wilson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52 | Senior Vice President | September 2011–Present | Senior Vice President — Fund Compliance, ING Funds Services, LLC (March 2012–Present). Formerly, Vice President — Fund Compliance, ING Funds Services, LLC (October 2009–March 2012) and Finance Director, ING Funds Services, LLC (September 2006–October 2009). | |||||||||||
Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 44 | Vice President | October 2000–Present | Vice President and Treasurer, ING Funds Services, LLC (November 1995–Present) and ING Investments, LLC (August 1997–Present). Formerly, Treasurer, ING Funds (November 1999–February 2012). | |||||||||||
Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 54 | Vice President | September 2004–Present | Vice President, ING Funds Services, LLC (September 2004–Present). | |||||||||||
Lauren D. Bensinger 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 58 | Vice President | February 2003–Present | Vice President, ING Investments, LLC and ING Funds Services, LLC (February 1996–Present); Director of Compliance, ING Investments, LLC (October 2004–Present); and Vice President and Money Laundering Reporting Officer, ING Investments Distributor, LLC (April 2010–Present). Formerly, Chief Compliance Officer, ING Investments Distributor, LLC (August 1995–April 2010). | |||||||||||
William Evans One Orange Way Windsor, Connecticut 06095 Age: 39 | Vice President | September 2007–Present | Senior Vice President (March 2010–Present) and Head of Manager Research and Selection Group, ING Investment Management (April 2007–Present). |
Name, Address and Age | Position(s) Held With the Company | Term of Office and Length of Time Served(1) | Principal Occupation(s)— During the Past 5 Years | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Denise Lewis 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48 | Vice President Treasurer | January 2007–Present February 2012–Present | Vice President, ING Funds Services, LLC (December 2006–Present). | |||||||||||
Kimberly K. Springer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55 | Vice President | March 2006–Present | Vice President, ING Investment Management — ING Funds (March 2010–Present); Vice President, ING Funds Services, LLC (March 2006–Present); and Managing Paralegal, Registration Statements (June 2003–Present). | |||||||||||
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 43 | Assistant Vice President | May 2008–Present | Assistant Vice President — Director of Tax, ING Funds Services, LLC (March 2008–Present). Formerly, Tax Manager, ING Funds Services, LLC (March 2005–March 2008). | |||||||||||
Theresa K. Kelety 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 49 | Assistant Secretary | August 2003–Present | Vice President and Senior Counsel, ING Investment Management — ING Funds (March 2010–Present). Formerly, Senior Counsel, ING Americas, U.S. Legal Services (April 2008–March 2010) and Counsel, ING Americas, U.S. Legal Services (April 2003–April 2008). | |||||||||||
Huey P. Falgout, Jr. 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 48 | Secretary | August 2003–Present | Senior Vice President and Chief Counsel, ING Investment Management — ING Funds (March 2010–Present). Formerly, Chief Counsel, ING Americas, U.S. Legal Services (October 2003–March 2010). | |||||||||||
Paul Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60 | Assistant Secretary | June 2010–Present | Vice President and Senior Counsel, ING Investment Management — ING Funds (March 2010–Present). Formerly, Senior Counsel, ING Americas, U.S. Legal Services (April 2008–March 2010) and Counsel, ING Americas, U.S. Legal Services (May 2005–April 2008). | |||||||||||
Kathleen Nichols 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 36 | Assistant Secretary | May 2008–Present | Vice President and Counsel, ING Investment Management — ING Funds (March 2010–Present). Formerly, Counsel, ING Americas, U.S. Legal Services (February 2008–March 2010) and Associate, Ropes & Gray LLP (September 2005–February 2008). |
(1) | The Officers hold office until the next annual meeting of the Board of Directors and until their successors shall have been elected and qualified. |
company by the end of 2013. The Board further noted that this separation may result in the Adviser and Sub-Adviser’s loss of access to the services and resources of their current ultimate parent company, which could adversely affect its businesses and profitability. The Board recognized that, if the separation plans are deemed to be a change of control, the investment advisory and sub-advisory agreements for the Fund would terminate and trigger the necessity for new agreements, which would require the approval of the Board and, potentially, the shareholders of the Fund. The Board also recognized that there can be no assurance that the separation plan will be carried out. The Board considered the potential effects of the separation on the Fund and the Advise and Sub-Adviser, including its ability prior to, during and after the separation to perform the same level of service to the Funds as the Adviser and Sub-Adviser currently provides. In this regard, the Board noted that the Adviser and Sub-Adviser did not currently anticipate that the separation would have a material adverse impact on the Fund or their operations and administration.
available to the Board and the Committees to assist with addressing any issues that arise.
its primary benchmark, a broad-based securities market index that appears in the Fund’s prospectus. With respect to Morningstar quintile rankings, the first quintile represents the highest (best) performance and the fifth quintile represents the lowest performance. The Fund’s management fee and expense ratio were compared to the fees and expense ratios of the funds in its Selected Peer Group.
an Advisory Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and below the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its Selected Peer Group.
ING Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
ING Funds Services, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
ING Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
Accounting Firm
KPMG LLP
Two Financial Center
60 South Street
Boston, Massachusetts 02111
State Street Bank and Trust Company
801 Pennsylvania Avenue
Kansas City, Missouri 64105
Dechert LLP
1775 I Street, N.W.
Washington, D.C. 20006
Call us from 9:00 a.m. to 7:00 p.m. Eastern time on any business day for account or other information, at (800) 992-0180
AR-UFR (0312-052512) |
Item 2. Code of Ethics.
As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 10(a)(1), Exhibit 99.CODE ETH.
Item 3. Audit Committee Financial Expert.
The Board of Trustees has determined that J. Michael Early, Peter S. Drotch and Colleen Baldwin are an audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Early, Mr. Drotch and Ms. Baldwin are “independent” for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) | Audit Fees: The aggregate fees billed for each of the last two fiscal years for professional services rendered by KPMG LLP (“KPMG”), the principal accountant for the audit of the registrant’s annual financial statements, for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $96,300 for year ended March 31, 2012 and $96,300 for year ended March 31, 2011. |
(b) | Audit-Related Fees: The aggregate fees billed in the last fiscal year for assurance and related services by KPMG that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $9,600 for the year ended March 31, 2012 and $8,600 for year ended March 31, 2011. |
(c) | Tax Fees: The aggregate fees billed in each of the last two fiscal years for professional services rendered by KPMG for tax compliance, tax advice, and tax planning were $36,957 in the year ended March 31, 2012 and $16,398 in the year ended March 31, 2011. Such services included review of excise distribution calculations (if applicable), preparation of the Funds’ federal, state and excise tax returns, tax services related to mergers and routine consulting. |
(d) | All Other Fees: The aggregate fees billed in each of the last two fiscal years for products and services provided by KPMG, other than the services reported in paragraphs (a) through (c) of this Item. |
None. |
(e) (1) | Audit Committee Pre-Approval Policies and Procedures |
AUDIT AND NON-AUDIT SERVICES
PRE-APPROVAL POLICY
I.
Statement of Principles
Under the Sarbanes-Oxley Act of 2002 (the “Act”), the Audit Committee of the Board of Directors or Trustees (the “Committee”) of the ING Funds (each a “Fund,” collectively, the “Funds”) set out on Exhibit A to this Audit and Non-Audit Services Pre-Approval Policy (“Policy”) is responsible for the oversight of the work of the Funds’ independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors’ independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.
Under Securities and Exchange Commission (“SEC”) rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services (“general pre-approval”) or it may pre-approve specific services (“specific pre-approval”). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds’ independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee’s specific pre-approval.
For both types of approval, the Committee considers whether the subject services are consistent with the SEC’s rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors’ familiarity with the Funds’ business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds’ ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.
The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee’s general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee’s duty to pre-approve services performed by the Funds’ independent auditors.
II.
Audit Services
The annual audit services engagement terms and fees are subject to the Committee’s specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds’ annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds’ financial statements (e.g., information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.
The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.
The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.
III.
Audit-related Services
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds’ financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors’ independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-SAR or Form N-CSR.
The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.
IV.
Tax Services
The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors’ independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds’ independent auditors that do not, in the Committee’s view, impair auditor independence and that are consistent with the SEC’s rules on auditor independence.
The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult
2
outside counsel to determine that tax planning and reporting positions are consistent with this Policy.
The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.
V.
Other Services
The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.
The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.
A list of the SEC’s prohibited non-audit services is attached to this Policy as Appendix E. The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC’s prohibitions.
VI.
Pre-approval of Fee levels and Budgeted Amounts
The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee’s specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund’s audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).
VII.
Procedures
Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.
3
VIII.
Delegation
The Committee may delegate pre-approval authority to one or more of the Committee’s members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.
IX.
Additional Requirements
The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors’ independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.
Effective April 23, 2008, the KPMG LLP (“KPMG”) audit team for the ING Funds accepted the global responsibility for monitoring the auditor independence for KPMG relative to the ING Funds. Using a proprietary system called Sentinel, the audit team is able to identify and manage potential conflicts of interest across the member firms of the KPMG International Network and prevent the provision of prohibited services to the ING entities that would impair KPMG independence with the respect to the ING Funds. In addition to receiving pre-approval from the ING Funds Audit Committee for services provided to the ING Funds and for services for ING entities in the Investment Company Complex, the audit team has developed a process for periodic notification via email to the ING Funds’ Audit Committee Chairpersons regarding requests to provide services to ING Groep NV and its affiliates from KPMG offices worldwide. Additionally, KPMG provides a quarterly summary of the fees for services that have commenced for ING Groep NV and Affiliates at each Audit Committee Meeting.
4
Last Approved: November 17, 2011
5
Appendix A
Pre-Approved Audit Services for the Pre-Approval Period January 1, 2012 through December 31, 2012
Service | ||
| The Fund(s) | Fee Range |
Statutory audits or financial audits (including tax services associated with audit services) | √ | As presented to |
Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., consents), and assistance in responding to SEC comment letters. | √ | Not to exceed |
Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. | √ | Not to exceed |
Seed capital audit and related review and issuance of consent on the N-2 registration statement | √ | Not to exceed |
1
For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.
6
Appendix B
Pre-Approved Audit-Related Services for the Pre-Approval Period January 1, 2012 through December 31, 2012
Service | |||
| The Fund(s) | Fund Affiliates | Fee Range |
Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers) | √ | √ | Not to exceed |
Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [Note: Under SEC rules some consultations may be “audit” services and others may be “audit-related” services.] | √ |
| Not to exceed |
Review of the Funds’ semi-annual and quarterly financial statements | √ |
| Not to exceed |
Reports to regulatory or government agencies related to the annual engagement | √ |
| Up to $5,000 per |
Regulatory compliance assistance | √ | √ | Not to exceed |
Training courses |
| √ | Not to exceed |
For Prime Rate Trust, agreed upon procedures for quarterly reports to rating agencies | √ |
| Not to exceed |
|
|
|
|
7
Appendix C
Pre-Approved Tax Services for the Pre-Approval Period January 1, 2012 through December 31, 2012
Service | |||
| The Fund(s) | Fund Affiliates | Fee Range |
Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions | √ |
| As presented to |
Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis | √ |
| As presented to |
Assistance and advice regarding year-end reporting for 1099’s | √ |
| As presented to |
Tax assistance and advice regarding statutory, regulatory or administrative developments | √ | √ | Not to exceed |
2
For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.
8
Appendix C, continued
Service | |||
| The Fund(s) | Fund Affiliates | Fee Range |
Tax training courses |
| √ | Not to exceed |
Tax services associated with Fund mergers | √ | √ | Not to exceed |
Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, and similar routine tax consultations. | √ |
| Not to exceed |
9
Appendix D
Pre-Approved Other Services for the Pre-Approval Period January 1, 2012 through December 31, 2012
Service | |||
| The Fund(s) | Fund Affiliates | Fee Range |
Agreed-upon procedures for Class B share 12b-1 programs |
| √ | Not to exceed |
Security counts performed pursuant to Rule 17f-2 of the 1940 Act (i.e., counts for Funds holding securities with affiliated sub-custodians) Cost to be borne 50% by the Funds and 50% by ING Investments, LLC. | √ | √ | Not to exceed |
Agreed upon procedures for 15 (c) FACT Books | √ |
| Not to exceed |
10
Appendix E
Prohibited Non-Audit Services
Dated:
January 1, 2012 to December 31, 2012
·
Bookkeeping or other services related to the accounting records or financial statements of the Funds
·
Financial information systems design and implementation
·
Appraisal or valuation services, fairness opinions, or contribution-in-kind reports
·
Actuarial services
·
Internal audit outsourcing services
·
Management functions
·
Human resources
·
Broker-dealer, investment adviser, or investment banking services
·
Legal services
·
Expert services unrelated to the audit
·
Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible
11
EXHIBIT A
ING EQUITY TRUST
ING FUNDS TRUST
ING ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND
ING GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND
ING GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND
ING INTERNATIONAL HIGH DIVIDEND EQUITY INCOME FUND
ING INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND
ING RISK MANAGED NATURAL RESOURCES FUNDING INVESTORS TRUST
ING MAYFLOWER TRUST
ING MUTUAL FUNDS
ING PARTNERS, INC.
ING PRIME RATE TRUST
ING SENIOR INCOME FUND
ING SEPARATE PORTFOLIOS TRUST
ING VARIABLE INSURANCE TRUST
ING VARIABLE PRODUCTS TRUST
ING EMERGING MARKETS LOCAL BOND FUND
ING EMERING MARKETS HIGH DIVIDEND EQUITY FUND
(e)(2) | Percentage of services referred to in (4)(b)-(4)(d) that were approved by the audit committee | |
100% of the services were approved by the audit committee. | ||
(f) | Percentage of hours expended attributable to work performed by other than full time employees of KPMG if greater than 50% | |
Not applicable | ||
(g) | Non-Audit Fees: The non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were $1,214,165 for year ended March 31, 2012 and $1,069,423 for fiscal year ended March 31, 2011. | |
(h) | Principal Accountants Independence: the Registrant’s Audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2.01(c)(7)(ii) of Regulation S-X is compatible with maintaining KPMG’s independence. |
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS
Summary schedule or complete schedule of investments, if applicable, is included as part of the report to shareholders filed under Item 1 of this Form.
13
Report of Independent Registered Public Accounting Firm
The Shareholders and Board of Trustees
ING Funds Trust
We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the statements of assets and liabilities, including the summary portfolios of investments, of ING GNMA Income Fund, ING High Yield Bond Fund, and ING Intermediate Bond Fund, each a series of ING Funds Trust, as of March 31, 2012, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended and have issued our unqualified report thereon dated May 25, 2012 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). In connection with our audits of the aforementioned financial statements and financial highlights, we also audited the related portfolios of investments included in Item 6 of this Form N-CSR. The portfolios of investments are the responsibility of management. Our responsibility is to express an opinion on the portfolios of investments based on our audits.
In our opinion, the portfolios of investments, when considered in relation to the basic financial statements taken as a whole, present fairly, in all material respects, the information set forth therein.
Boston, Massachusetts
May 29, 2012
Principal Amount† | | | | | | | | Value | | Percentage of Net Assets | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
U.S. GOVERNMENT AGENCY OBLIGATIONS: 101.8% | |||||||||||||||||||
Collateralized Mortgage Obligations: 0.1% | |||||||||||||||||||
1,056,408 | 5.500%, due 01/16/33 | 1,253,038 | 0.1 | ||||||||||||||||
Federal Home Loan Mortgage Corporation: 5.1%## | |||||||||||||||||||
21,670,222 | ˆ | 0.500%, due 07/15/36 | 406,332 | 0.1 | |||||||||||||||
557,126 | 5.450%, due 03/01/37 | 605,901 | 0.1 | ||||||||||||||||
147,692 | 5.450%, due 07/01/37 | 159,827 | 0.0 | ||||||||||||||||
167,633 | 5.450%, due 12/01/37 | 182,309 | 0.0 | ||||||||||||||||
246,190 | 5.450%, due 12/01/37 | 267,744 | 0.0 | ||||||||||||||||
149,533 | 5.450%, due 05/01/38 | 162,580 | 0.0 | ||||||||||||||||
2,494,322 | ˆ | 5.500%, due 09/15/35 | 502,770 | 0.1 | |||||||||||||||
115,670 | 5.625%, due 12/01/36 | 128,105 | 0.0 | ||||||||||||||||
606,553 | 5.625%, due 12/01/36 | 673,092 | 0.1 | ||||||||||||||||
65,154 | 5.625%, due 01/01/37 | 71,423 | 0.0 | ||||||||||||||||
666,133 | 5.625%, due 01/01/37 | 742,287 | 0.1 | ||||||||||||||||
108,588 | 5.625%, due 01/01/37 | 119,255 | 0.0 | ||||||||||||||||
42,665 | 5.625%, due 02/01/37 | 47,579 | 0.0 | ||||||||||||||||
192,872 | 5.625%, due 03/01/37 | 211,430 | 0.0 | ||||||||||||||||
85,208 | 5.625%, due 03/01/37 | 94,907 | 0.0 | ||||||||||||||||
573,126 | 5.625%, due 03/01/37 | 637,715 | 0.1 | ||||||||||||||||
94,110 | 5.625%, due 04/01/37 | 103,124 | 0.0 | ||||||||||||||||
80,800 | 5.625%, due 05/01/37 | 89,445 | 0.0 | ||||||||||||||||
182,127 | 5.625%, due 06/01/37 | 199,752 | 0.0 | ||||||||||||||||
231,425 | 5.625%, due 07/01/37 | 254,685 | 0.0 | ||||||||||||||||
349,117 | 5.625%, due 07/01/37 | 387,274 | 0.1 | ||||||||||||||||
33,189 | 5.625%, due 12/01/37 | 36,994 | 0.0 | ||||||||||||||||
503,201 | 5.625%, due 02/01/38 | 558,181 | 0.1 | ||||||||||||||||
302,789 | 5.650%, due 02/01/37 | 331,036 | 0.0 | ||||||||||||||||
784,914 | 5.650%, due 02/01/37 | 859,365 | 0.1 | ||||||||||||||||
670,163 | 5.700%, due 06/01/37 | 730,802 | 0.1 | ||||||||||||||||
338,636 | 5.700%, due 09/01/37 | 369,277 | 0.0 | ||||||||||||||||
496,599 | 5.700%, due 12/01/37 | 543,705 | 0.1 | ||||||||||||||||
159,317 | 5.700%, due 01/01/38 | 174,429 | 0.0 | ||||||||||||||||
84,423 | 5.700%, due 07/01/38 | 92,415 | 0.0 | ||||||||||||||||
174,936 | 5.700%, due 07/01/38 | 191,497 | 0.0 | ||||||||||||||||
165,389 | 5.790%, due 12/01/37 | 181,543 | 0.0 | ||||||||||||||||
132,500 | 5.790%, due 03/01/38 | 145,425 | 0.0 | ||||||||||||||||
132,069 | 5.800%, due 10/01/36 | 145,217 | 0.0 | ||||||||||||||||
229,631 | 5.800%, due 12/01/36 | 252,492 | 0.0 | ||||||||||||||||
610,598 | 6.000%, due 03/15/34 | 783,781 | 0.1 | ||||||||||||||||
9,565,717 | 6.000%, due 04/15/36 | 11,190,023 | 1.2 | ||||||||||||||||
10,704,620 | 6.000%, due 05/15/36 | 12,529,925 | 1.3 | ||||||||||||||||
326,158 | 6.050%, due 04/01/38 | 360,686 | 0.0 | ||||||||||||||||
178,398 | 6.090%, due 10/01/37 | 197,573 | 0.0 | ||||||||||||||||
140,112 | 6.090%, due 11/01/37 | 155,172 | 0.0 | ||||||||||||||||
2,246,177 | 6.090%, due 12/01/37 | 2,491,046 | 0.3 | ||||||||||||||||
6,278 | 7.000%, due 11/01/14 | 6,638 | 0.0 | ||||||||||||||||
64,603 | 7.500%, due 12/01/14 | 68,530 | 0.0 | ||||||||||||||||
39,209 | 7.500%, due 01/01/30 | 46,940 | 0.0 | ||||||||||||||||
1,097,978 | ˆ | 7.750%, due 10/25/23 | 239,119 | 0.0 | |||||||||||||||
11,910 | 8.000%, due 01/01/30 | 12,116 | 0.0 | ||||||||||||||||
890,139 | 9.000%, due 12/17/30 | 1,059,468 | 0.1 | ||||||||||||||||
25,425 | 9.500%, due 07/01/20 | 27,067 | 0.0 | ||||||||||||||||
887,483 | 21.090%, due 04/15/35 | 1,359,790 | 0.1 | ||||||||||||||||
6,389,489 | 27.633%, due 04/15/32 | 9,191,027 | 0.9 | ||||||||||||||||
50,378,815 | 5.1 | ||||||||||||||||||
Federal National Mortgage Association: 11.8%## | |||||||||||||||||||
16,000,000 | W | 4.000%, due 12/15/39 | 17,127,500 | 1.8 | |||||||||||||||
17,172,513 | 4.500%, due 09/01/41 | 18,329,321 | 1.9 | ||||||||||||||||
32,327,681 | 4.500%, due 09/01/41 | 34,505,402 | 3.5 | ||||||||||||||||
15,899,989 | 4.624%, due 11/25/33 | 15,898,049 | 1.6 | ||||||||||||||||
455,034 | 5.300%, due 09/01/36 | 500,195 | 0.1 | ||||||||||||||||
223,134 | 5.300%, due 10/01/36 | 245,389 | 0.0 | ||||||||||||||||
117,174 | 5.300%, due 10/01/36 | 128,242 | 0.0 | ||||||||||||||||
444,102 | 5.300%, due 12/01/36 | 488,761 | 0.1 | ||||||||||||||||
622,090 | 5.300%, due 12/01/36 | 683,391 | 0.1 | ||||||||||||||||
242,761 | 5.300%, due 02/01/37 | 264,314 | 0.0 | ||||||||||||||||
448,490 | 5.300%, due 04/01/37 | 492,685 | 0.1 | ||||||||||||||||
351,894 | 5.300%, due 05/01/37 | 386,569 | 0.0 | ||||||||||||||||
132,421 | 5.300%, due 06/01/37 | 144,200 | 0.0 | ||||||||||||||||
894,872 | 5.300%, due 08/01/37 | 983,052 | 0.1 | ||||||||||||||||
77,449 | 5.300%, due 10/01/37 | 84,486 | 0.0 | ||||||||||||||||
5,174,938 | 6.000%, due 06/25/29 | 5,825,098 | 0.6 | ||||||||||||||||
2,526,531 | 6.000%, due 10/25/37 | 2,977,873 | 0.3 | ||||||||||||||||
735,007 | 6.000%, due 01/25/44 | 826,729 | 0.1 | ||||||||||||||||
8,802 | 6.500%, due 06/01/14 | 9,248 | 0.0 | ||||||||||||||||
256,706 | 6.500%, due 02/01/29 | 298,723 | 0.0 | ||||||||||||||||
4,984,858 | 6.500%, due 07/25/34 | 5,592,260 | 0.6 | ||||||||||||||||
1,075,682 | 6.500%, due 12/25/41 | 1,269,531 | 0.1 | ||||||||||||||||
2,349,586 | 6.500%, due 12/25/42 | 2,743,243 | 0.3 | ||||||||||||||||
2,065,339 | 6.500%, due 02/25/44 | 2,351,566 | 0.2 | ||||||||||||||||
311,384 | 6.600%, due 07/01/27 | 357,459 | 0.0 | ||||||||||||||||
123,976 | 6.600%, due 09/01/27 | 142,640 | 0.0 | ||||||||||||||||
51,782 | 6.600%, due 11/01/27 | 59,578 | 0.0 | ||||||||||||||||
42,063 | 6.600%, due 03/01/28 | 48,395 | 0.0 | ||||||||||||||||
103,955 | 6.600%, due 06/01/28 | 120,232 | 0.0 | ||||||||||||||||
11,644 | 7.000%, due 03/01/15 | 12,049 | 0.0 | ||||||||||||||||
56,912 | 7.500%, due 05/01/28 | 61,310 | 0.0 | ||||||||||||||||
2,152,326 | 8.000%, due 12/25/45 | 2,641,153 | 0.3 | ||||||||||||||||
14,966 | 8.500%, due 08/01/15 | 15,039 | 0.0 | ||||||||||||||||
19,901 | 8.500%, due 09/01/15 | 21,681 | 0.0 | ||||||||||||||||
115,635,363 | 11.8 | ||||||||||||||||||
Government National Mortgage Association: 84.8% | |||||||||||||||||||
72,375,019 | ˆ | 0.250%, due 06/20/36 | 365,472 | 0.0 | |||||||||||||||
22,785,208 | 0.632%, due 07/20/41 | 22,798,055 | 2.3 | ||||||||||||||||
12,381,310 | ˆ | 0.710%, due 02/16/48 | 362,871 | 0.0 | |||||||||||||||
66,972,427 | ˆ | 0.803%, due 11/16/46 | 2,284,121 | 0.2 | |||||||||||||||
88,609,000 | ˆ | 0.879%, due 01/16/50 | 4,360,981 | 0.5 | |||||||||||||||
24,323,083 | 0.892%, due 06/20/40 | 24,380,751 | 2.5 | ||||||||||||||||
98,690,151 | ˆ | 1.091%, due 01/16/51 | 5,122,019 | 0.5 | |||||||||||||||
20,605,720 | 1.282%, due 03/20/39 | 20,938,517 | 2.1 | ||||||||||||||||
25,860,493 | ˆ | 2.613%, due 10/16/52 | 2,327,444 | 0.2 | |||||||||||||||
87,900,000 | W | 3.500%, due 10/15/41 | 91,347,324 | 9.3 | |||||||||||||||
443,528 | 4.000%, due 05/20/33 | 480,902 | 0.1 | ||||||||||||||||
604,454 | 4.000%, due 08/15/33 | 656,820 | 0.1 | ||||||||||||||||
670,037 | 4.000%, due 01/15/34 | 722,954 | 0.1 | ||||||||||||||||
227,350 | 4.000%, due 03/15/34 | 244,964 | 0.0 | ||||||||||||||||
755,597 | 4.000%, due 08/20/35 | 814,898 | 0.1 | ||||||||||||||||
6,911,154 | ˆ | 4.000%, due 04/20/38 | 965,784 | 0.1 | |||||||||||||||
1,624,065 | 4.000%, due 05/15/40 | 1,748,014 | 0.2 | ||||||||||||||||
15,536,919 | 4.000%, due 07/20/41 | 16,647,268 | 1.7 | ||||||||||||||||
19,955,614 | 4.000%, due 02/20/42 | 21,450,073 | 2.2 | ||||||||||||||||
18,579,058 | ˆ | 4.500%, due 08/20/33 | 1,442,688 | 0.2 | |||||||||||||||
880,270 | 4.500%, due 01/20/34 | 962,716 | 0.1 | ||||||||||||||||
360,202 | 4.500%, due 01/20/34 | 393,939 | 0.0 | ||||||||||||||||
795,627 | 4.500%, due 03/20/34 | 871,933 | 0.1 | ||||||||||||||||
296,027 | 4.500%, due 05/20/34 | 323,753 | 0.0 | ||||||||||||||||
353,474 | 4.500%, due 06/20/34 | 386,580 | 0.0 | ||||||||||||||||
3,555,938 | ˆ | 4.500%, due 02/20/35 | 339,134 | 0.0 | |||||||||||||||
987,772 | 4.500%, due 10/20/35 | 1,079,917 | 0.1 |
Principal Amount† | | | | | | | | Value | | Percentage of Net Assets | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2,290,310 | ˆ | 4.500%, due 02/20/36 | 215,303 | 0.0 | ||||||||||||||
730,831 | ˆ | 4.500%, due 12/20/37 | 104,706 | 0.0 | ||||||||||||||
1,700,089 | 4.500%, due 05/20/38 | 1,802,840 | 0.2 | |||||||||||||||
964,913 | 4.500%, due 07/20/38 | 1,023,231 | 0.1 | |||||||||||||||
3,434,198 | 4.500%, due 07/20/38 | 3,738,054 | 0.4 | |||||||||||||||
1,253,035 | 4.500%, due 07/20/38 | 1,363,903 | 0.1 | |||||||||||||||
381,285 | 4.500%, due 06/20/39 | 411,717 | 0.1 | |||||||||||||||
4,042,450 | 4.500%, due 10/15/39 | 4,430,782 | 0.5 | |||||||||||||||
3,339,000 | 4.500%, due 11/15/39 | 3,659,756 | 0.4 | |||||||||||||||
3,947,146 | 4.500%, due 11/15/39 | 4,326,323 | 0.4 | |||||||||||||||
926,524 | 4.500%, due 12/15/39 | 1,015,529 | 0.1 | |||||||||||||||
20,165,597 | 4.500%, due 09/20/41 | 22,011,400 | 2.3 | |||||||||||||||
1,180,963 | 4.500%, due 11/15/41 | 1,289,244 | 0.1 | |||||||||||||||
13,078,168 | 4.660%, due 09/20/61 | 14,881,930 | 1.5 | |||||||||||||||
4,260,533 | 4.861%, due 06/20/61 | 4,786,169 | 0.5 | |||||||||||||||
274,103 | 5.000%, due 05/15/18 | 296,025 | 0.0 | |||||||||||||||
844,251 | 5.000%, due 02/15/23 | 923,173 | 0.1 | |||||||||||||||
584,057 | 5.000%, due 02/15/24 | 640,444 | 0.1 | |||||||||||||||
659,267 | 5.000%, due 02/15/24 | 721,576 | 0.1 | |||||||||||||||
365,404 | 5.000%, due 02/15/24 | 401,481 | 0.0 | |||||||||||||||
784,543 | 5.000%, due 02/15/24 | 860,285 | 0.1 | |||||||||||||||
1,443,953 | 5.000%, due 03/15/24 | 1,583,357 | 0.2 | |||||||||||||||
402,458 | 5.000%, due 03/15/24 | 439,678 | 0.1 | |||||||||||||||
788,072 | 5.000%, due 03/15/24 | 864,155 | 0.1 | |||||||||||||||
599,766 | 5.000%, due 03/15/24 | 659,918 | 0.1 | |||||||||||||||
286,345 | 5.000%, due 03/15/24 | 311,894 | 0.0 | |||||||||||||||
322,984 | 5.000%, due 03/20/24 | 352,924 | 0.0 | |||||||||||||||
1,074,022 | 5.000%, due 04/15/24 | 1,177,712 | 0.1 | |||||||||||||||
558,970 | 5.000%, due 04/15/29 | 625,096 | 0.1 | |||||||||||||||
539,642 | 5.000%, due 04/15/30 | 603,483 | 0.1 | |||||||||||||||
6,636,826 | 5.000%, due 04/20/30 | 7,223,904 | 0.7 | |||||||||||||||
620,742 | 5.000%, due 10/15/30 | 694,177 | 0.1 | |||||||||||||||
453,758 | 5.000%, due 07/15/33 | 504,603 | 0.1 | |||||||||||||||
748,767 | 5.000%, due 10/20/33 | 823,670 | 0.1 | |||||||||||||||
865,311 | 5.000%, due 12/20/33 | 951,871 | 0.1 | |||||||||||||||
437,551 | 5.000%, due 12/20/33 | 481,321 | 0.1 | |||||||||||||||
388,221 | 5.000%, due 12/20/33 | 427,056 | 0.1 | |||||||||||||||
147,543 | 5.000%, due 02/20/34 | 162,371 | 0.0 | |||||||||||||||
357,459 | 5.000%, due 03/15/34 | 395,949 | 0.0 | |||||||||||||||
368,688 | 5.000%, due 04/15/34 | 410,115 | 0.0 | |||||||||||||||
1,445,782 | 5.000%, due 04/15/34 | 1,616,820 | 0.2 | |||||||||||||||
299,887 | 5.000%, due 04/20/34 | 330,025 | 0.0 | |||||||||||||||
801,629 | 5.000%, due 06/20/34 | 882,190 | 0.1 | |||||||||||||||
220,259 | 5.000%, due 07/20/34 | 242,394 | 0.0 | |||||||||||||||
222,372 | 5.000%, due 09/20/34 | 244,719 | 0.0 | |||||||||||||||
4,777,824 | 5.000%, due 10/20/34 | 5,456,873 | 0.6 | |||||||||||||||
149,106 | 5.000%, due 12/20/34 | 164,090 | 0.0 | |||||||||||||||
864,945 | 5.000%, due 12/20/34 | 951,869 | 0.1 | |||||||||||||||
275,227 | 5.000%, due 01/15/35 | 305,120 | 0.0 | |||||||||||||||
879,986 | 5.000%, due 03/15/35 | 975,565 | 0.1 | |||||||||||||||
282,159 | 5.000%, due 03/15/35 | 312,365 | 0.0 | |||||||||||||||
2,692,850 | 5.000%, due 03/20/35 | 3,053,089 | 0.3 | |||||||||||||||
313,268 | 5.000%, due 04/15/35 | 346,804 | 0.0 | |||||||||||||||
299,834 | 5.000%, due 04/15/35 | 332,025 | 0.0 | |||||||||||||||
529,320 | 5.000%, due 04/15/35 | 591,940 | 0.1 | |||||||||||||||
1,076,292 | 5.000%, due 04/15/35 | 1,194,937 | 0.1 | |||||||||||||||
623,824 | 5.000%, due 05/20/35 | 689,923 | 0.1 | |||||||||||||||
21,908,916 | ˆ | 5.000%, due 05/20/35 | 1,816,398 | 0.2 | ||||||||||||||
198,043 | 5.000%, due 06/15/35 | 219,316 | 0.0 | |||||||||||||||
567,270 | 5.000%, due 07/15/35 | 628,883 | 0.1 | |||||||||||||||
1,345,487 | ˆ | 5.000%, due 09/16/35 | 112,353 | 0.0 | ||||||||||||||
3,306,744 | 5.000%, due 11/20/35 | 3,657,119 | 0.4 | |||||||||||||||
333,778 | 5.000%, due 12/15/35 | 369,461 | 0.0 | |||||||||||||||
2,055,157 | 5.000%, due 04/20/36 | 2,269,063 | 0.2 | |||||||||||||||
34,618,446 | ˆ | 5.000%, due 04/20/37 | 3,804,027 | 0.4 | ||||||||||||||
248,423 | 5.000%, due 05/20/37 | 273,169 | 0.0 | |||||||||||||||
1,147,847 | 5.000%, due 12/20/37 | 1,262,188 | 0.1 | |||||||||||||||
377,709 | 5.000%, due 12/20/37 | 415,334 | 0.1 | |||||||||||||||
6,825,825 | ˆ | 5.000%, due 01/20/38 | 1,140,769 | 0.1 | ||||||||||||||
822,638 | 5.000%, due 01/20/38 | 904,617 | 0.1 | |||||||||||||||
1,030,783 | 5.000%, due 01/20/38 | 1,133,504 | 0.1 | |||||||||||||||
346,308 | 5.000%, due 02/15/38 | 382,947 | 0.0 | |||||||||||||||
788,971 | 5.000%, due 05/20/38 | 849,885 | 0.1 | |||||||||||||||
824,778 | 5.000%, due 06/20/38 | 895,159 | 0.1 | |||||||||||||||
1,348,847 | 5.000%, due 06/20/38 | 1,463,947 | 0.2 | |||||||||||||||
2,191,033 | 5.000%, due 06/20/38 | 2,360,197 | 0.2 | |||||||||||||||
770,723 | 5.000%, due 08/20/38 | 830,229 | 0.1 | |||||||||||||||
2,830,346 | 5.000%, due 10/20/38 | 3,048,871 | 0.3 | |||||||||||||||
1,091,130 | 5.000%, due 11/20/38 | 1,175,374 | 0.1 | |||||||||||||||
1,813,283 | 5.000%, due 12/20/38 | 1,953,282 | 0.2 | |||||||||||||||
6,056,536 | 5.000%, due 01/20/39 | 6,524,147 | 0.7 | |||||||||||||||
918,556 | 5.000%, due 02/15/39 | 1,020,649 | 0.1 | |||||||||||||||
914,466 | 5.000%, due 03/15/39 | 1,020,076 | 0.1 | |||||||||||||||
16,152,734 | 5.000%, due 05/16/39 | 18,385,098 | 1.9 | |||||||||||||||
1,029,000 | 5.000%, due 05/20/39 | 1,186,562 | 0.1 | |||||||||||||||
1,452,405 | 5.000%, due 06/16/39 | 1,587,816 | 0.2 | |||||||||||||||
2,137,309 | ˆ | 5.000%, due 07/16/39 | 380,688 | 0.0 | ||||||||||||||
502,651 | �� | 5.000%, due 07/20/39 | 541,460 | 0.1 | ||||||||||||||
1,853,205 | 5.000%, due 10/20/39 | 2,044,355 | 0.2 | |||||||||||||||
1,059,241 | 5.000%, due 11/15/39 | 1,178,262 | 0.1 | |||||||||||||||
2,422,422 | 5.000%, due 11/15/39 | 2,694,614 | 0.3 | |||||||||||||||
4,384,935 | 5.000%, due 11/15/39 | 4,877,644 | 0.5 | |||||||||||||||
4,525,021 | 5.000%, due 12/20/39 | 5,033,470 | 0.5 | |||||||||||||||
2,631,079 | 5.000%, due 12/20/39 | 2,902,462 | 0.3 | |||||||||||||||
1,921,480 | 5.000%, due 04/15/40 | 2,130,179 | 0.2 | |||||||||||||||
12,948,986 | 5.000%, due 05/15/40 | 14,395,891 | 1.5 | |||||||||||||||
35,406,094 | 5.000%, due 05/20/40 | 40,188,689 | 4.1 | |||||||||||||||
2,186,789 | 5.000%, due 09/15/40 | 2,423,621 | 0.3 | |||||||||||||||
3,480,294 | 5.000%, due 09/15/40 | 3,857,215 | 0.4 | |||||||||||||||
6,943,859 | 5.000%, due 07/20/41 | 7,666,594 | 0.8 | |||||||||||||||
1,928,893 | 5.000%, due 08/15/41 | 2,137,795 | 0.2 | |||||||||||||||
526,074 | 5.100%, due 04/20/32 | 586,928 | 0.1 | |||||||||||||||
8,100,000 | 5.250%, due 01/20/38 | 9,347,723 | 1.0 | |||||||||||||||
7,720,199 | 5.368%, due 02/20/38 | 8,736,968 | 0.9 | |||||||||||||||
24,019,504 | ˆ | 5.438%, due 04/20/40 | 3,886,764 | 0.4 | ||||||||||||||
13,844,385 | 5.473%, due 01/20/60 | 15,804,563 | 1.6 | |||||||||||||||
2,863,494 | 5.486%, due 04/16/39 | 3,168,280 | 0.3 | |||||||||||||||
468,889 | 5.500%, due 08/20/24 | 524,213 | 0.1 | |||||||||||||||
15,603 | 5.500%, due 04/20/29 | 17,519 | 0.0 | |||||||||||||||
153,614 | 5.500%, due 10/15/32 | 172,747 | 0.0 | |||||||||||||||
779,747 | 5.500%, due 12/15/32 | 880,034 | 0.1 | |||||||||||||||
225,788 | 5.500%, due 12/20/32 | 252,816 | 0.0 | |||||||||||||||
2,037,231 | 5.500%, due 01/17/33 | 2,413,524 | 0.3 | |||||||||||||||
3,292,309 | 5.500%, due 02/20/33 | 3,716,916 | 0.4 | |||||||||||||||
219,068 | 5.500%, due 06/15/33 | 246,285 | 0.0 | |||||||||||||||
165,542 | 5.500%, due 07/15/33 | 185,543 | 0.0 | |||||||||||||||
203,310 | 5.500%, due 07/20/33 | 225,670 | 0.0 | |||||||||||||||
731,560 | 5.500%, due 08/20/33 | 818,905 | 0.1 | |||||||||||||||
1,723,282 | 5.500%, due 10/15/33 | 1,944,920 | 0.2 | |||||||||||||||
3,929,178 | 5.500%, due 11/15/33 | 4,434,525 | 0.5 | |||||||||||||||
2,078,865 | ˆ | 5.500%, due 11/20/33 | 103,510 | 0.0 | ||||||||||||||
414,630 | 5.500%, due 11/20/33 | 460,230 | 0.1 | |||||||||||||||
240,999 | 5.500%, due 12/20/33 | 270,448 | 0.0 | |||||||||||||||
628,443 | 5.500%, due 01/15/34 | 709,269 | 0.1 | |||||||||||||||
950,556 | 5.500%, due 01/15/34 | 1,072,811 | 0.1 | |||||||||||||||
1,298,520 | 5.500%, due 02/15/34 | 1,465,527 | 0.2 | |||||||||||||||
261,091 | 5.500%, due 02/15/34 | 293,692 | 0.0 | |||||||||||||||
357,243 | 5.500%, due 03/15/34 | 402,843 | 0.0 | |||||||||||||||
4,064,005 | 5.500%, due 03/16/34 | 4,819,437 | 0.5 | |||||||||||||||
368,780 | 5.500%, due 03/20/34 | 409,531 | 0.0 | |||||||||||||||
182,366 | 5.500%, due 04/15/34 | 204,487 | 0.0 | |||||||||||||||
915,350 | 5.500%, due 04/15/34 | 1,033,077 | 0.1 | |||||||||||||||
558,807 | 5.500%, due 04/15/34 | 628,931 | 0.1 | |||||||||||||||
1,355,424 | 5.500%, due 04/15/34 | 1,529,751 | 0.2 | |||||||||||||||
301,930 | 5.500%, due 04/20/34 | 354,019 | 0.0 | |||||||||||||||
2,368,880 | 5.500%, due 04/20/34 | 2,630,644 | 0.3 | |||||||||||||||
136,818 | 5.500%, due 04/20/34 | 151,937 | 0.0 | |||||||||||||||
142,802 | 5.500%, due 04/20/34 | 159,852 | 0.0 | |||||||||||||||
1,412,594 | 5.500%, due 04/20/34 | 1,581,251 | 0.2 | |||||||||||||||
122,735 | 5.500%, due 05/15/34 | 138,521 | 0.0 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
496,451 | 5.500%, due 06/15/34 | 562,939 | 0.1 | |||||||||||||||
354,019 | 5.500%, due 06/15/34 | 399,208 | 0.0 | |||||||||||||||
226,463 | 5.500%, due 06/20/34 | 251,487 | 0.0 | |||||||||||||||
609,114 | 5.500%, due 06/20/34 | 680,983 | 0.1 | |||||||||||||||
306,519 | 5.500%, due 07/15/34 | 345,942 | 0.0 | |||||||||||||||
153,831 | 5.500%, due 07/20/34 | 172,198 | 0.0 | |||||||||||||||
465,872 | 5.500%, due 07/20/34 | 521,567 | 0.1 | |||||||||||||||
915,254 | 5.500%, due 08/15/34 | 1,032,968 | 0.1 | |||||||||||||||
716,406 | 5.500%, due 08/15/34 | 808,546 | 0.1 | |||||||||||||||
315,573 | 5.500%, due 08/15/34 | 356,160 | 0.0 | |||||||||||||||
3,030,553 | 5.500%, due 08/15/34 | 3,420,324 | 0.4 | |||||||||||||||
317,932 | 5.500%, due 08/20/34 | 353,064 | 0.0 | |||||||||||||||
249,469 | 5.500%, due 08/20/34 | 277,036 | 0.0 | |||||||||||||||
642,457 | 5.500%, due 09/15/34 | 728,499 | 0.1 | |||||||||||||||
275,845 | 5.500%, due 09/15/34 | 309,330 | 0.0 | |||||||||||||||
1,538,085 | 5.500%, due 09/15/34 | 1,726,291 | 0.2 | |||||||||||||||
471,623 | 5.500%, due 09/15/34 | 532,281 | 0.1 | |||||||||||||||
318,398 | 5.500%, due 09/15/34 | 356,884 | 0.0 | |||||||||||||||
838,978 | 5.500%, due 09/15/34 | 946,882 | 0.1 | |||||||||||||||
196,728 | 5.500%, due 10/15/34 | 221,415 | 0.0 | |||||||||||||||
888,496 | 5.500%, due 10/15/34 | 1,002,769 | 0.1 | |||||||||||||||
453,894 | 5.500%, due 10/15/34 | 512,272 | 0.1 | |||||||||||||||
121,750 | 5.500%, due 12/15/34 | 136,952 | 0.0 | |||||||||||||||
646,617 | 5.500%, due 01/15/35 | 724,528 | 0.1 | |||||||||||||||
513,680 | 5.500%, due 01/15/35 | 582,476 | 0.1 | |||||||||||||||
651,627 | 5.500%, due 01/15/35 | 732,584 | 0.1 | |||||||||||||||
396,239 | 5.500%, due 01/20/35 | 440,210 | 0.1 | |||||||||||||||
734,099 | 5.500%, due 02/15/35 | 828,514 | 0.1 | |||||||||||||||
981,306 | 5.500%, due 03/15/35 | 1,101,382 | 0.1 | |||||||||||||||
547,973 | 5.500%, due 03/15/35 | 621,361 | 0.1 | |||||||||||||||
327,253 | 5.500%, due 03/15/35 | 367,031 | 0.0 | |||||||||||||||
515,658 | 5.500%, due 04/15/35 | 584,719 | 0.1 | |||||||||||||||
250,632 | 5.500%, due 04/15/35 | 281,094 | 0.0 | |||||||||||||||
628,369 | 5.500%, due 04/15/35 | 706,437 | 0.1 | |||||||||||||||
1,357,087 | 5.500%, due 05/15/35 | 1,538,837 | 0.2 | |||||||||||||||
328,212 | 5.500%, due 05/15/35 | 369,399 | 0.0 | |||||||||||||||
1,491,663 | 5.500%, due 05/15/35 | 1,671,392 | 0.2 | |||||||||||||||
606,961 | 5.500%, due 05/20/35 | 678,955 | 0.1 | |||||||||||||||
739,761 | 5.500%, due 06/15/35 | 838,835 | 0.1 | |||||||||||||||
354,677 | 5.500%, due 06/20/35 | 396,968 | 0.0 | |||||||||||||||
2,603,648 | 5.500%, due 07/15/35 | 2,917,359 | 0.3 | |||||||||||||||
1,984,137 | 5.500%, due 08/15/35 | 2,223,204 | 0.2 | |||||||||||||||
72,908 | 5.500%, due 08/20/35 | 81,294 | 0.0 | |||||||||||||||
772,628 | 5.500%, due 09/20/35 | 863,789 | 0.1 | |||||||||||||||
9,192,879 | 5.500%, due 12/16/35 | 10,887,478 | 1.1 | |||||||||||||||
2,373,693 | 5.500%, due 02/20/36 | 2,757,240 | 0.3 | |||||||||||||||
327,033 | 5.500%, due 04/15/36 | 366,411 | 0.0 | |||||||||||||||
7,934,000 | 5.500%, due 04/20/36 | 8,696,568 | 0.9 | |||||||||||||||
755,639 | 5.500%, due 05/15/36 | 856,839 | 0.1 | |||||||||||||||
543,892 | 5.500%, due 06/20/36 | 605,431 | 0.1 | |||||||||||||||
511,901 | 5.500%, due 08/15/36 | 580,458 | 0.1 | |||||||||||||||
642,989 | 5.500%, due 09/15/36 | 729,102 | 0.1 | |||||||||||||||
7,197,000 | 5.500%, due 09/20/36 | 7,962,539 | 0.8 | |||||||||||||||
1,397,045 | 5.500%, due 10/15/36 | 1,584,146 | 0.2 | |||||||||||||||
100,964 | 5.500%, due 11/15/36 | 113,043 | 0.0 | |||||||||||||||
686,517 | 5.500%, due 04/15/37 | 778,460 | 0.1 | |||||||||||||||
3,822,765 | 5.500%, due 10/20/37 | 4,405,491 | 0.5 | |||||||||||||||
5,319,012 | 5.500%, due 11/20/37 | 6,087,843 | 0.6 | |||||||||||||||
484,806 | 5.500%, due 06/20/38 | 527,691 | 0.1 | |||||||||||||||
517,903 | 5.500%, due 08/20/38 | 563,715 | 0.1 | |||||||||||||||
903,383 | 5.500%, due 09/20/38 | 983,294 | 0.1 | |||||||||||||||
157,451 | 5.500%, due 10/20/38 | 171,378 | 0.0 | |||||||||||||||
1,831,252 | 5.500%, due 11/20/38 | 1,993,240 | 0.2 | |||||||||||||||
163,135 | 5.500%, due 12/20/38 | 177,566 | 0.0 | |||||||||||||||
693,141 | 5.500%, due 01/15/39 | 782,289 | 0.1 | |||||||||||||||
400,212 | 5.500%, due 01/15/39 | 449,934 | 0.1 | |||||||||||||||
486,137 | 5.500%, due 01/20/39 | 529,140 | 0.1 | |||||||||||||||
3,506,640 | 5.500%, due 03/20/39 | 3,816,829 | 0.4 | |||||||||||||||
319,515 | 5.500%, due 06/20/39 | 347,779 | 0.0 | |||||||||||||||
2,294,083 | 5.500%, due 09/16/39 | 2,745,479 | 0.3 | |||||||||||||||
1,075,775 | 5.500%, due 09/15/40 | 1,206,066 | 0.1 | |||||||||||||||
220,527 | 5.500%, due 09/15/40 | 247,236 | 0.0 | |||||||||||||||
372,170 | 5.500%, due 10/15/40 | 416,330 | 0.1 | |||||||||||||||
363,358 | 5.600%, due 12/20/36 | 405,708 | 0.0 | |||||||||||||||
433,647 | 5.600%, due 12/20/36 | 484,190 | 0.1 | |||||||||||||||
287,254 | 5.600%, due 01/20/37 | 319,665 | 0.0 | |||||||||||||||
115,125 | 5.600%, due 01/20/37 | 128,115 | 0.0 | |||||||||||||||
110,318 | 5.600%, due 03/20/37 | 122,765 | 0.0 | |||||||||||||||
250,354 | 5.600%, due 04/20/37 | 278,603 | 0.0 | |||||||||||||||
87,053 | 5.600%, due 07/20/37 | 96,876 | 0.0 | |||||||||||||||
31,822 | 5.600%, due 10/20/37 | 35,412 | 0.0 | |||||||||||||||
94,679 | 5.600%, due 01/20/38 | 105,362 | 0.0 | |||||||||||||||
109,442 | 5.600%, due 02/20/38 | 121,790 | 0.0 | |||||||||||||||
81,146 | 5.600%, due 02/20/38 | 90,301 | 0.0 | |||||||||||||||
478,703 | 5.680%, due 05/15/47 | 509,793 | 0.1 | |||||||||||||||
99,890 | 5.750%, due 11/20/27 | 112,097 | 0.0 | |||||||||||||||
171,537 | 5.750%, due 12/20/27 | 192,500 | 0.0 | |||||||||||||||
92,883 | 5.750%, due 02/20/28 | 104,234 | 0.0 | |||||||||||||||
69,276 | 5.750%, due 03/20/28 | 75,123 | 0.0 | |||||||||||||||
223,235 | 5.750%, due 03/20/28 | 250,516 | 0.0 | |||||||||||||||
278,936 | 5.750%, due 04/20/28 | 313,025 | 0.0 | |||||||||||||||
130,261 | 5.750%, due 07/20/28 | 144,307 | 0.0 | |||||||||||||||
57,996 | 5.750%, due 01/20/29 | 65,030 | 0.0 | |||||||||||||||
101,071 | 5.750%, due 04/20/29 | 113,423 | 0.0 | |||||||||||||||
382,974 | 5.750%, due 07/20/29 | 429,418 | 0.1 | |||||||||||||||
10,800,000 | 5.750%, due 07/20/38 | 12,147,123 | 1.2 | |||||||||||||||
5,481,946 | 5.950%, due 02/15/44 | 5,980,277 | 0.6 | |||||||||||||||
1,816,572 | 5.970%, due 11/15/31 | 1,963,983 | 0.2 | |||||||||||||||
242,680 | 6.000%, due 01/20/24 | 266,489 | 0.0 | |||||||||||||||
368,555 | 6.000%, due 10/15/25 | 422,427 | 0.1 | |||||||||||||||
892,353 | 6.000%, due 04/15/26 | 1,012,609 | 0.1 | |||||||||||||||
247,670 | 6.000%, due 10/20/27 | 280,556 | 0.0 | |||||||||||||||
256,638 | 6.000%, due 07/15/28 | 291,223 | 0.0 | |||||||||||||||
55,094 | 6.000%, due 07/15/28 | 62,622 | 0.0 | |||||||||||||||
240,727 | 6.000%, due 08/15/28 | 273,620 | 0.0 | |||||||||||||||
263,668 | 6.000%, due 09/15/28 | 299,695 | 0.0 | |||||||||||||||
72,726 | 6.000%, due 09/15/28 | 82,663 | 0.0 | |||||||||||||||
161,203 | 6.000%, due 02/15/29 | 182,856 | 0.0 | |||||||||||||||
39,895 | 6.000%, due 04/15/29 | 45,533 | 0.0 | |||||||||||||||
1,063,028 | 6.000%, due 07/15/32 | 1,209,939 | 0.1 | |||||||||||||||
62,271 | 6.000%, due 08/15/32 | 70,760 | 0.0 | |||||||||||||||
190,753 | 6.000%, due 09/15/32 | 217,351 | 0.0 | |||||||||||||||
856,750 | 6.000%, due 11/15/32 | 973,547 | 0.1 | |||||||||||||||
661,949 | 6.000%, due 12/15/32 | 758,705 | 0.1 | |||||||||||||||
975,573 | 6.000%, due 01/15/33 | 1,110,398 | 0.1 | |||||||||||||||
2,512,133 | 6.000%, due 01/15/33 | 2,879,330 | 0.3 | |||||||||||||||
2,706,253 | 6.000%, due 01/15/33 | 3,101,824 | 0.3 | |||||||||||||||
285,045 | 6.000%, due 02/15/33 | 324,439 | 0.0 | |||||||||||||||
575,862 | 6.000%, due 03/15/33 | 660,035 | 0.1 | |||||||||||||||
215,103 | 6.000%, due 04/15/33 | 244,159 | 0.0 | |||||||||||||||
498,483 | 6.000%, due 05/15/33 | 567,374 | 0.1 | |||||||||||||||
265,707 | 6.000%, due 05/15/33 | 302,428 | 0.0 | |||||||||||||||
267,712 | 6.000%, due 09/15/33 | 304,710 | 0.0 | |||||||||||||||
111,277 | 6.000%, due 09/15/33 | 126,308 | 0.0 | |||||||||||||||
76,522 | 6.000%, due 09/15/33 | 86,858 | 0.0 | |||||||||||||||
950,572 | 6.000%, due 09/15/33 | 1,081,051 | 0.1 | |||||||||||||||
292,779 | 6.000%, due 10/15/33 | 335,574 | 0.0 | |||||||||||||||
189,909 | 6.000%, due 10/15/33 | 217,667 | 0.0 | |||||||||||||||
206,069 | 6.000%, due 10/15/33 | 234,162 | 0.0 | |||||||||||||||
321,101 | 6.000%, due 10/15/33 | 364,474 | 0.0 | |||||||||||||||
941,730 | 6.000%, due 12/15/33 | 1,070,112 | 0.1 | |||||||||||||||
1,638,476 | 6.000%, due 12/16/33 | 1,923,814 | 0.2 | |||||||||||||||
428,762 | 6.000%, due 01/15/34 | 491,434 | 0.1 | |||||||||||||||
2,011,435 | ˆ | 6.000%, due 01/20/34 | 415,984 | 0.1 | ||||||||||||||
217,997 | 6.000%, due 01/20/34 | 246,854 | 0.0 | |||||||||||||||
583,218 | 6.000%, due 02/20/34 | 660,420 | 0.1 | |||||||||||||||
194,620 | 6.000%, due 03/20/34 | 220,382 | 0.0 | |||||||||||||||
1,070,766 | 6.000%, due 03/20/34 | 1,212,506 | 0.1 | |||||||||||||||
132,587 | 6.000%, due 03/20/34 | 150,137 | 0.0 | |||||||||||||||
1,614,143 | 6.000%, due 03/20/34 | 1,941,318 | 0.2 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
368,667 | 6.000%, due 03/20/34 | 417,468 | 0.1 | |||||||||||||||
128,875 | 6.000%, due 04/20/34 | 145,934 | 0.0 | |||||||||||||||
298,428 | 6.000%, due 05/20/34 | 337,932 | 0.0 | |||||||||||||||
613,926 | 6.000%, due 05/20/34 | 695,192 | 0.1 | |||||||||||||||
400,757 | 6.000%, due 06/20/34 | 453,806 | 0.1 | |||||||||||||||
46,773 | 6.000%, due 06/20/34 | 52,965 | 0.0 | |||||||||||||||
236,295 | 6.000%, due 07/20/34 | 267,573 | 0.0 | |||||||||||||||
6,514,276 | 6.000%, due 07/20/34 | 7,376,586 | 0.8 | |||||||||||||||
893,383 | 6.000%, due 08/20/34 | 1,011,642 | 0.1 | |||||||||||||||
450,562 | 6.000%, due 10/15/34 | 516,420 | 0.1 | |||||||||||||||
322,982 | 6.000%, due 10/20/34 | 365,735 | 0.0 | |||||||||||||||
65,899 | 6.000%, due 10/20/34 | 74,404 | 0.0 | |||||||||||||||
489,456 | 6.000%, due 10/20/34 | 554,247 | 0.1 | |||||||||||||||
203,369 | 6.000%, due 10/20/34 | 230,289 | 0.0 | |||||||||||||||
91,846 | 6.000%, due 10/20/34 | 104,004 | 0.0 | |||||||||||||||
324,116 | 6.000%, due 10/20/34 | 367,020 | 0.0 | |||||||||||||||
425,014 | 6.000%, due 10/20/34 | 480,718 | 0.1 | |||||||||||||||
72,092 | 6.000%, due 10/20/34 | 81,635 | 0.0 | |||||||||||||||
63,070 | 6.000%, due 11/20/34 | 71,418 | 0.0 | |||||||||||||||
436,429 | 6.000%, due 11/20/34 | 494,200 | 0.1 | |||||||||||||||
111,706 | 6.000%, due 11/20/34 | 126,493 | 0.0 | |||||||||||||||
1,909,117 | 6.000%, due 11/20/34 | 2,161,832 | 0.2 | |||||||||||||||
299,703 | 6.000%, due 11/20/34 | 339,376 | 0.0 | |||||||||||||||
2,191,929 | 6.000%, due 12/20/34 | 2,482,080 | 0.3 | |||||||||||||||
636,625 | 6.000%, due 12/20/34 | 720,897 | 0.1 | |||||||||||||||
522,482 | 6.000%, due 12/20/34 | 591,644 | 0.1 | |||||||||||||||
499,425 | 6.000%, due 12/20/34 | 565,535 | 0.1 | |||||||||||||||
200,836 | 6.000%, due 01/20/35 | 227,486 | 0.0 | |||||||||||||||
91,573 | 6.000%, due 01/20/35 | 103,724 | 0.0 | |||||||||||||||
208,739 | 6.000%, due 01/20/35 | 236,438 | 0.0 | |||||||||||||||
468,591 | 6.000%, due 02/20/35 | 530,771 | 0.1 | |||||||||||||||
1,029,882 | 6.000%, due 03/15/35 | 1,163,523 | 0.1 | |||||||||||||||
120,657 | 6.000%, due 03/20/35 | 136,668 | 0.0 | |||||||||||||||
241,238 | 6.000%, due 03/20/35 | 273,250 | 0.0 | |||||||||||||||
154,876 | 6.000%, due 04/20/35 | 175,427 | 0.0 | |||||||||||||||
211,313 | 6.000%, due 01/20/37 | 237,960 | 0.0 | |||||||||||||||
1,374,293 | 6.000%, due 03/15/37 | 1,551,767 | 0.2 | |||||||||||||||
7,589,000 | 6.000%, due 07/20/37 | 9,016,162 | 0.9 | |||||||||||||||
408,588 | 6.000%, due 09/20/37 | 461,437 | 0.1 | |||||||||||||||
3,371,676 | 6.000%, due 10/20/37 | 4,115,910 | 0.4 | |||||||||||||||
468,176 | 6.000%, due 12/20/37 | 527,212 | 0.1 | |||||||||||||||
1,816,800 | 6.000%, due 03/20/38 | 2,101,037 | 0.2 | |||||||||||||||
184,106 | 6.000%, due 05/20/38 | 203,192 | 0.0 | |||||||||||||||
766,471 | 6.000%, due 08/20/38 | 842,098 | 0.1 | |||||||||||||||
937,103 | 6.000%, due 09/20/38 | 1,029,566 | 0.1 | |||||||||||||||
1,309,139 | 6.000%, due 10/20/38 | 1,438,311 | 0.2 | |||||||||||||||
345,458 | 6.000%, due 11/15/38 | 392,877 | 0.0 | |||||||||||||||
332,545 | 6.000%, due 12/15/38 | 377,152 | 0.0 | |||||||||||||||
444,718 | 6.000%, due 12/15/38 | 502,148 | 0.1 | |||||||||||||||
1,914,783 | 6.000%, due 07/16/39 | 2,188,442 | 0.2 | |||||||||||||||
921,424 | 6.000%, due 07/20/39 | 1,049,381 | 0.1 | |||||||||||||||
1,820,583 | 6.000%, due 08/15/39 | 2,069,003 | 0.2 | |||||||||||||||
1,281,644 | 6.000%, due 08/15/39 | 1,457,567 | 0.2 | |||||||||||||||
755,516 | 6.000%, due 08/15/39 | 859,220 | 0.1 | |||||||||||||||
79,791 | 6.050%, due 06/15/38 | 90,095 | 0.0 | |||||||||||||||
281,821 | 6.050%, due 09/15/38 | 318,215 | 0.0 | |||||||||||||||
109,103 | 6.050%, due 09/15/38 | 123,885 | 0.0 | |||||||||||||||
238,855 | 6.050%, due 10/15/38 | 269,701 | 0.0 | |||||||||||||||
307,625 | 6.090%, due 05/15/38 | 347,351 | 0.0 | |||||||||||||||
272,097 | 6.090%, due 06/15/38 | 307,236 | 0.0 | |||||||||||||||
189,924 | 6.090%, due 11/15/38 | 214,450 | 0.0 | |||||||||||||||
41,590,059 | ˆ | 6.108%, due 04/16/39 | 4,781,900 | 0.5 | ||||||||||||||
54,645 | 6.125%, due 02/15/39 | 61,702 | 0.0 | |||||||||||||||
156,798 | 6.125%, due 04/15/39 | 177,047 | 0.0 | |||||||||||||||
310,047 | 6.250%, due 09/15/27 | 355,511 | 0.0 | |||||||||||||||
20,335 | 6.250%, due 03/15/28 | 23,114 | 0.0 | |||||||||||||||
17,378 | 6.250%, due 04/15/28 | 19,752 | 0.0 | |||||||||||||||
150,777 | 6.250%, due 09/15/29 | 172,085 | 0.0 | |||||||||||||||
13,884,954 | ˆ | 6.258%, due 09/20/37 | 1,891,588 | 0.2 | ||||||||||||||
6,522,962 | ˆ | 6.258%, due 05/16/38 | 939,362 | 0.1 | ||||||||||||||
16,672,216 | ˆ | 6.258%, due 09/20/38 | 2,568,678 | 0.3 | ||||||||||||||
6,214,705 | 6.417%, due 04/20/37 | 7,137,828 | 0.7 | |||||||||||||||
320,984 | 6.490%, due 01/15/28 | 364,843 | 0.0 | |||||||||||||||
140,746 | 6.500%, due 07/20/29 | 161,766 | 0.0 | |||||||||||||||
490,272 | 6.500%, due 08/20/31 | 565,023 | 0.1 | |||||||||||||||
95,095 | 6.500%, due 04/20/32 | 109,416 | 0.0 | |||||||||||||||
100,792 | 6.500%, due 07/20/32 | 115,845 | 0.0 | |||||||||||||||
126,842 | 6.500%, due 10/20/33 | 145,820 | 0.0 | |||||||||||||||
413,128 | 6.500%, due 11/15/33 | 476,539 | 0.1 | |||||||||||||||
209,924 | 6.500%, due 11/20/33 | 241,333 | 0.0 | |||||||||||||||
180,269 | 6.500%, due 02/20/34 | 207,267 | 0.0 | |||||||||||||||
146,687 | 6.500%, due 03/20/34 | 168,656 | 0.0 | |||||||||||||||
211,774 | 6.500%, due 08/20/34 | 243,490 | 0.0 | |||||||||||||||
653,656 | 6.500%, due 08/20/34 | 753,179 | 0.1 | |||||||||||||||
215,084 | 6.500%, due 08/20/34 | 247,296 | 0.0 | |||||||||||||||
8,956 | 6.500%, due 09/20/34 | 10,297 | 0.0 | |||||||||||||||
91,392 | 6.500%, due 09/20/34 | 105,079 | 0.0 | |||||||||||||||
239,806 | 6.500%, due 09/20/34 | 275,721 | 0.0 | |||||||||||||||
345,748 | 6.500%, due 10/20/34 | 397,528 | 0.0 | |||||||||||||||
189,448 | 6.500%, due 11/20/34 | 217,821 | 0.0 | |||||||||||||||
280,961 | 6.500%, due 12/20/34 | 323,039 | 0.0 | |||||||||||||||
154,227 | 6.500%, due 12/20/34 | 177,324 | 0.0 | |||||||||||||||
113,024 | 6.500%, due 03/20/35 | 129,893 | 0.0 | |||||||||||||||
456,022 | 6.500%, due 05/15/36 | 532,463 | 0.1 | |||||||||||||||
558,909 | 6.500%, due 09/15/36 | 642,292 | 0.1 | |||||||||||||||
288,871 | 6.500%, due 09/15/36 | 331,967 | 0.0 | |||||||||||||||
362,429 | 6.500%, due 05/20/38 | 404,890 | 0.0 | |||||||||||||||
150,394 | 6.500%, due 07/20/38 | 166,787 | 0.0 | |||||||||||||||
2,216,774 | 6.500%, due 09/16/38 | 2,590,665 | 0.3 | |||||||||||||||
4,184,048 | 6.500%, due 01/20/39 | 4,789,301 | 0.5 | |||||||||||||||
4,060 | 6.750%, due 08/15/28 | 4,740 | 0.0 | |||||||||||||||
128,087 | 6.750%, due 10/15/28 | 149,558 | 0.0 | |||||||||||||||
138,245 | 6.750%, due 10/15/28 | 161,419 | 0.0 | |||||||||||||||
845,602 | 7.000%, due 05/16/32 | 974,241 | 0.1 | |||||||||||||||
114,684 | 7.000%, due 06/20/34 | 135,056 | 0.0 | |||||||||||||||
344,737 | 7.000%, due 09/20/34 | 405,976 | 0.0 | |||||||||||||||
60,316 | 7.000%, due 09/20/34 | 71,030 | 0.0 | |||||||||||||||
136,180 | 7.000%, due 08/20/36 | 159,904 | 0.0 | |||||||||||||||
5,574,578 | 7.000%, due 10/20/38 | 6,449,484 | 0.7 | |||||||||||||||
1,771,500 | 7.000%, due 12/15/38 | 2,050,895 | 0.2 | |||||||||||||||
859,775 | 7.000%, due 12/15/38 | 995,377 | 0.1 | |||||||||||||||
6,219,444 | 7.200%, due 03/15/39 | 6,722,016 | 0.7 | |||||||||||||||
21,702 | 7.250%, due 01/15/29 | 25,094 | 0.0 | |||||||||||||||
4,482,149 | ˆ | 7.258%, due 05/16/31 | 919,389 | 0.1 | ||||||||||||||
3,987,760 | 7.350%, due 03/15/43 | 4,307,257 | 0.4 | |||||||||||||||
2,564,549 | ˆ | 7.358%, due 10/16/29 | 541,154 | 0.1 | ||||||||||||||
40,413 | 7.500%, due 08/20/27 | 48,016 | 0.0 | |||||||||||||||
600,833 | 7.500%, due 10/16/32 | 694,799 | 0.1 | |||||||||||||||
3,303,352 | 7.500%, due 02/20/34 | 3,590,638 | 0.4 | |||||||||||||||
932,751 | 7.500%, due 10/15/38 | 1,120,608 | 0.1 | |||||||||||||||
1,054,991 | 7.500%, due 08/20/39 | 1,532,850 | 0.2 | |||||||||||||||
17,369 | 7.800%, due 05/15/19 | 17,457 | 0.0 | |||||||||||||||
3,599 | 8.000%, due 03/20/24 | 3,617 | 0.0 | |||||||||||||||
25,909 | 8.000%, due 11/15/25 | 31,000 | 0.0 | |||||||||||||||
48,224 | 8.000%, due 07/15/26 | 57,743 | 0.0 | |||||||||||||||
17,076 | 8.000%, due 07/15/26 | 20,512 | 0.0 | |||||||||||||||
104,793 | 8.000%, due 09/15/26 | 125,334 | 0.0 | |||||||||||||||
29,978 | 8.000%, due 09/20/26 | 37,704 | 0.0 | |||||||||||||||
23,691 | 8.000%, due 12/15/26 | 28,513 | 0.0 | |||||||||||||||
14,067 | 8.000%, due 04/15/27 | 16,915 | 0.0 | |||||||||||||||
7,603 | 8.000%, due 06/15/27 | 7,643 | 0.0 | |||||||||||||||
45,707 | 8.000%, due 07/15/27 | 52,657 | 0.0 | |||||||||||||||
14,117 | 8.000%, due 03/15/28 | 14,394 | 0.0 | |||||||||||||||
24,629 | 8.050%, due 07/15/19 | 24,759 | 0.0 | |||||||||||||||
221,743 | 8.758%, due 04/20/34 | 233,280 | 0.0 | |||||||||||||||
24,695 | 9.000%, due 05/15/16 | 24,841 | 0.0 | |||||||||||||||
5,390 | 9.000%, due 07/15/16 | 5,494 | 0.0 | |||||||||||||||
5,148 | 9.500%, due 11/15/21 | 6,085 | 0.0 | |||||||||||||||
2,404,761 | 13.817%, due 09/16/31 | 2,975,008 | 0.3 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
120,000 | 15.517%, due 01/20/32 | 151,742 | 0.0 | |||||||||||||||
397,042 | 19.480%, due 09/20/37 | 541,762 | 0.1 | |||||||||||||||
806,359 | 24.414%, due 04/16/37 | 1,178,564 | 0.1 | |||||||||||||||
162,634 | 31.539%, due 04/20/31 | 283,313 | 0.0 | |||||||||||||||
830,872,770 | 84.8 | |||||||||||||||||
Total U.S. Government Agency Obligations (Cost $954,000,073) | 998,139,986 | 101.8 | ||||||||||||||||
Liabilities in Excess of Other Assets | (17,643,331 | ) | (1.8 | ) | ||||||||||||||
Net Assets | $ | 980,496,655 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
## | On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship and the U.S. Treasury guaranteed the debt issued by those organizations. |
W | Settlement is on a when-issued or delayed-delivery basis. |
ˆ | 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. |
Cost for federal income tax purposes is $954,002,681. | ||||||
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 46,062,749 | ||||
Gross Unrealized Depreciation | (1,925,444 | ) | ||||
Net Unrealized Appreciation | $ | 44,137,305 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CORPORATE BONDS/NOTES: 94.5% | |||||||||||||||||||
Consumer Discretionary: 28.2% | |||||||||||||||||||
355,000 | Affinia Group, Inc., 9.000%, 11/30/14 | 360,325 | 0.3 | ||||||||||||||||
223,000 | # | Affinia Group, Inc., 10.750%, 08/15/16 | 244,743 | 0.2 | |||||||||||||||
370,000 | Allbritton Communications Co., 8.000%, 05/15/18 | 396,825 | 0.3 | ||||||||||||||||
400,000 | # | Alliance Data Systems Corp., 6.375%, 04/01/20 | 409,000 | 0.3 | |||||||||||||||
950,000 | AMC Entertainment, Inc., 9.750%, 12/01/20 | 900,125 | 0.6 | ||||||||||||||||
34,781 | # | American Media, Inc., 13.500%, 06/15/18 | 26,434 | 0.0 | |||||||||||||||
360,000 | Ameristar Casinos, Inc., 7.500%, 04/15/21 | 379,350 | 0.3 | ||||||||||||||||
90,000 | Asbury Automotive Group, Inc., 8.375%, 11/15/20 | 97,425 | 0.1 | ||||||||||||||||
665,000 | # | Block Communications, Inc., 7.250%, 02/01/20 | 680,794 | 0.5 | |||||||||||||||
500,000 | # | Bresnan Broadband Holdings LLC, 8.000%, 12/15/18 | 517,500 | 0.4 | |||||||||||||||
581,000 | Burlington Coat Factory Warehouse Corp., 10.000%, 02/15/19 | 607,145 | 0.4 | ||||||||||||||||
720,000 | Cablevision Systems Corp., 7.750%, 04/15/18 | 756,000 | 0.5 | ||||||||||||||||
840,000 | Caesars Entertainment Operating Co., Inc., 10.000%, 12/15/18 | 653,100 | 0.5 | ||||||||||||||||
1,000,000 | # | Caesars Operating Escrow LLC / Caesars Escrow Corp., 8.500%, 02/15/20 | 1,020,000 | 0.7 | |||||||||||||||
400,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 6.500%, 04/30/21 | 416,000 | 0.3 | ||||||||||||||||
205,000 | # | Cenveo Corp., 11.500%, 05/15/17 | 189,625 | 0.1 | |||||||||||||||
765,000 | # | Cequel Communications Holdings I, LLC and Cequel Capital Corp., 8.625%, 11/15/17 | 825,244 | 0.6 | |||||||||||||||
730,000 | #,Z | Checkout Holding Corp., 10.490%, 11/15/15 | 306,600 | 0.2 | |||||||||||||||
100,000 | # | Chester Downs & Marina LLC, 9.250%, 02/01/20 | 105,875 | 0.1 | |||||||||||||||
500,000 | Chrysler Group LLC/CG Co-Issuer, Inc., 8.250%, 06/15/21 | 507,500 | 0.4 | ||||||||||||||||
450,000 | Chrysler Group LLC/CG Co-Issuer, Inc., 8.000%, 06/15/19 | 454,500 | 0.3 | ||||||||||||||||
120,000 | Cinemark USA, Inc., 7.375%, 06/15/21 | 129,300 | 0.1 | ||||||||||||||||
185,000 | CityCenter Holdings LLC / CityCenter Finance Corp., 7.625%, 01/15/16 | 196,100 | 0.1 | ||||||||||||||||
83,720 | & | CityCenter Holdings LLC / CityCenter Finance Corp., 10.750%, 01/15/17 | 93,138 | 0.1 | |||||||||||||||
388,000 | Clear Channel Communications, Inc., 9.000%, 03/01/21 | 351,140 | 0.3 | ||||||||||||||||
105,000 | # | Clear Channel Worldwide Holdings, Inc., 7.625%, 03/15/20 | 101,850 | 0.1 | |||||||||||||||
480,000 | # | Clear Channel Worldwide Holdings, Inc., 7.625%, 03/15/20 | 472,800 | 0.3 | |||||||||||||||
1,000,000 | # | Codere Finance Luxembourg SA, 9.250%, 02/15/19 | 997,500 | 0.7 | |||||||||||||||
710,000 | # | Commercial Vehicle Group, Inc., 7.875%, 04/15/19 | 720,650 | 0.5 | |||||||||||||||
635,000 | # | Cumulus Media, Inc., 7.750%, 05/01/19 | 603,250 | 0.4 | |||||||||||||||
430,000 | DineEquity, Inc., 9.500%, 10/30/18 | 473,000 | 0.3 | ||||||||||||||||
480,000 | DISH DBS Corp., 7.875%, 09/01/19 | 554,400 | 0.4 | ||||||||||||||||
360,000 | Ducommun, Inc., 9.750%, 07/15/18 | 383,400 | 0.3 | ||||||||||||||||
778,000 | Emergency Medical Services Corp., 8.125%, 06/01/19 | 803,285 | 0.6 | ||||||||||||||||
645,000 | Gray Television, Inc., 10.500%, 06/29/15 | 674,025 | 0.5 | ||||||||||||||||
825,000 | # | Harron Communications L.P./Harron Finance Corp., 9.125%, 04/01/20 | 855,938 | 0.6 | |||||||||||||||
500,000 | # | Jaguar Holding Co. II / Jaguar Merger Sub, Inc., 9.500%, 12/01/19 | 545,000 | 0.4 | |||||||||||||||
250,000 | KB Home, 5.875%, 01/15/15 | 247,500 | 0.2 | ||||||||||||||||
750,000 | KB Home, 6.250%, 06/15/15 | 738,750 | 0.5 | ||||||||||||||||
215,000 | KB Home, 7.250%, 06/15/18 | 207,475 | 0.1 | ||||||||||||||||
550,000 | KB Home, 8.000%, 03/15/20 | 545,875 | 0.4 | ||||||||||||||||
243,000 | Mediacom Broadband, LLC, 8.500%, 10/15/15 | 251,505 | 0.2 | ||||||||||||||||
200,000 | # | Mediacom LLC / Mediacom Capital Corp., 7.250%, 02/15/22 | 203,000 | 0.1 | |||||||||||||||
285,000 | Mediacom LLC / Mediacom Capital Corp., 9.125%, 08/15/19 | 311,006 | 0.2 | ||||||||||||||||
500,000 | Meritage Homes Corp., 6.250%, 03/15/15 | 508,500 | 0.4 | ||||||||||||||||
125,000 | # | Meritage Homes Corp., 7.000%, 04/01/22 | 125,625 | 0.1 | |||||||||||||||
720,000 | # | Meritage Homes Corp., 7.731%, 04/30/17 | 691,200 | 0.5 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
500,000 | MGM Mirage, 7.500%, 06/01/16 | 517,500 | 0.4 | |||||||||||||||
500,000 | MGM Resorts International, 7.750%, 03/15/22 | 510,000 | 0.4 | |||||||||||||||
500,000 | # | MGM Resorts International, 8.625%, 02/01/19 | 538,750 | 0.4 | ||||||||||||||
405,000 | + | Michaels Stores, Inc., 13.000%, 11/01/16 | 428,287 | 0.3 | ||||||||||||||
1,105,000 | # | Monitronics International, Inc., 9.125%, 04/01/20 | 1,124,337 | 0.8 | ||||||||||||||
450,000 | National CineMedia LLC, 7.875%, 07/15/21 | 481,500 | 0.3 | |||||||||||||||
825,000 | NCL Corp. Ltd., 9.500%, 11/15/18 | 893,063 | 0.6 | |||||||||||||||
250,000 | # | NCL Corp. Ltd., 9.500%, 11/15/18 | 270,625 | 0.2 | ||||||||||||||
745,000 | # | Needle, 8.125%, 03/15/19 | 752,450 | 0.5 | ||||||||||||||
485,000 | New Albertsons, Inc., 7.450%, 08/01/29 | 373,450 | 0.3 | |||||||||||||||
404,996 | & | Nexstar Broadcasting, Inc., 7.000%, 01/15/14 | 403,477 | 0.3 | ||||||||||||||
175,000 | Nexstar Broadcasting, Inc. / Mission Broadcasting, Inc., 8.875%, 04/15/17 | 188,562 | 0.1 | |||||||||||||||
750,000 | # | Nord Anglia Education UK Holdings PLC, 10.250%, 04/01/17 | 771,562 | 0.6 | ||||||||||||||
425,000 | # | NPC International, Inc. / NPC Operating Co. A, Inc. / NPC Operating Co. B, Inc., 10.500%, 01/15/20 | 465,375 | 0.3 | ||||||||||||||
615,000 | # | Number Merger Sub, Inc., 11.000%, 12/15/19 | 661,125 | 0.5 | ||||||||||||||
400,000 | Pinnacle Entertainment, Inc., 7.750%, 04/01/22 | 420,000 | 0.3 | |||||||||||||||
805,000 | # | Pittsburgh Glass Works LLC, 8.500%, 04/15/16 | 805,000 | 0.6 | ||||||||||||||
355,000 | # | Prestige Brands, Inc., 8.125%, 02/01/20 | 386,506 | 0.3 | ||||||||||||||
250,000 | # | Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 9.875%, 08/15/19 | 255,938 | 0.2 | ||||||||||||||
500,000 | # | Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 9.875%, 08/15/19 | 511,875 | 0.4 | ||||||||||||||
520,000 | Scientific Games Corp., 8.125%, 09/15/18 | 568,750 | 0.4 | |||||||||||||||
577,000 | # | Seminole Indian Tribe of Florida, 7.750%, 10/01/17 | 628,209 | 0.5 | ||||||||||||||
300,000 | # | ServiceMaster Co/TN, 8.000%, 02/15/20 | 321,000 | 0.2 | ||||||||||||||
145,000 | # | Sirius XM Radio, Inc., 8.750%, 04/01/15 | 165,300 | 0.1 | ||||||||||||||
300,000 | Sonic Automotive, Inc., 9.000%, 03/15/18 | 326,250 | 0.2 | |||||||||||||||
600,000 | Standard Pacific Corp., 8.375%, 01/15/21 | 633,000 | 0.5 | |||||||||||||||
290,000 | Star Gas Partners L.P./Star Gas Finance Co., 8.875%, 12/01/17 | 290,000 | 0.2 | |||||||||||||||
270,000 | # | Stoneridge, Inc., 9.500%, 10/15/17 | 287,887 | 0.2 | ||||||||||||||
1,000,000 | # | Taylor Morrison Communities, Inc. / Monarch Communities, Inc., 7.750%, 04/15/20 | 1,000,000 | 0.7 | ||||||||||||||
281,000 | Tomkins LLC / Tomkins, Inc., 9.000%, 10/01/18 | 312,613 | 0.2 | |||||||||||||||
230,000 | Toys R Us Property Co. I LLC, 10.750%, 07/15/17 | 253,000 | 0.2 | |||||||||||||||
430,000 | Toys R Us Property Co. II LLC, 8.500%, 12/01/17 | 450,963 | 0.3 | |||||||||||||||
165,000 | # | UR Financing Escrow Corp., 5.750%, 07/15/18 | 169,331 | 0.1 | ||||||||||||||
285,000 | # | UR Financing Escrow Corp., 7.375%, 05/15/20 | 292,125 | 0.2 | ||||||||||||||
285,000 | # | UR Financing Escrow Corp., 7.625%, 04/15/22 | 293,550 | 0.2 | ||||||||||||||
410,000 | Visant Corp., 10.000%, 10/01/17 | 384,888 | 0.3 | |||||||||||||||
315,000 | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 7.750%, 08/15/20 | 347,681 | 0.2 | |||||||||||||||
290,000 | # | XM Satellite Radio, Inc., 7.625%, 11/01/18 | 314,650 | 0.2 | ||||||||||||||
39,437,901 | 28.2 | |||||||||||||||||
Consumer Staples: 4.7% | ||||||||||||||||||
615,000 | # | American Rock Salt Co. LLC/American Rock Capital Corp., 8.250%, 05/01/18 | 536,588 | 0.4 | ||||||||||||||
445,000 | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 9.625%, 03/15/18 | 485,050 | 0.3 | |||||||||||||||
677,000 | # | Bumble Bee Acquisition Corp., 9.000%, 12/15/17 | 693,925 | 0.5 | ||||||||||||||
153,850 | & | Ceridian Corp., 12.250%, 11/15/15 | 139,619 | 0.1 | ||||||||||||||
485,000 | Cott Beverages, Inc., 8.375%, 11/15/17 | 526,831 | 0.4 | |||||||||||||||
645,000 | Eliz Arden, 7.375%, 03/15/21 | 703,050 | 0.5 | |||||||||||||||
700,000 | Hertz Corp./The, 6.750%, 04/15/19 | 728,000 | 0.5 | |||||||||||||||
450,000 | # | JBS USA LLC/JBS USA Finance, Inc., 7.250%, 06/01/21 | 437,625 | 0.3 | ||||||||||||||
365,000 | McJunkin Red Man Corp., 9.500%, 12/15/16 | 399,675 | 0.3 | |||||||||||||||
295,000 | # | Neff Rental LLC/Neff Finance Corp., 9.625%, 05/15/16 | 294,263 | 0.2 | ||||||||||||||
655,000 | Pilgrim’s Pride Corp., 7.875%, 12/15/18 | 656,637 | 0.5 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
240,000 | # | Rite Aid Corp., 6.875%, 12/15/28 | 210,600 | 0.1 | ||||||||||||||
190,000 | RSC Equipment Rental, Inc./RSC Holdings III LLC, 8.250%, 02/01/21 | 203,300 | 0.1 | |||||||||||||||
420,000 | ServiceMaster Co/The, 7.450%, 08/15/27 | 360,150 | 0.3 | |||||||||||||||
236,000 | #,& | ServiceMaster Co/The, 10.750%, 07/15/15 | 248,687 | 0.2 | ||||||||||||||
6,624,000 | 4.7 | |||||||||||||||||
Energy: 16.4% | ||||||||||||||||||
555,000 | Alta Mesa Holdings / Alta Mesa Finance Services Corp., 9.625%, 10/15/18 | 561,938 | 0.4 | |||||||||||||||
385,000 | # | Arch Coal, Inc., 7.250%, 06/15/21 | 357,088 | 0.3 | ||||||||||||||
430,000 | # | Arch Coal, Inc., 7.000%, 06/15/19 | 398,825 | 0.3 | ||||||||||||||
375,000 | Basic Energy Services, Inc., 7.750%, 02/15/19 | 386,250 | 0.3 | |||||||||||||||
305,000 | Berry Petroleum Co., 6.375%, 09/15/22 | 314,150 | 0.2 | |||||||||||||||
475,000 | Berry Petroleum Co., 10.250%, 06/01/14 | 551,000 | 0.4 | |||||||||||||||
500,000 | # | BreitBurn Energy Partners L.P. / BreitBurn Finance Corp., 7.875%, 04/15/22 | 512,500 | 0.4 | ||||||||||||||
590,000 | # | Calfrac Holdings L.P., 7.500%, 12/01/20 | 595,900 | 0.4 | ||||||||||||||
175,000 | Calumet Specialty Products Partners L.P./Calumet Finance Corp., 9.375%, 05/01/19 | 182,875 | 0.1 | |||||||||||||||
325,000 | Calumet Specialty Products Partners L.P./Calumet Finance Corp., 9.375%, 05/01/19 | 339,625 | 0.2 | |||||||||||||||
145,000 | Chaparral Energy, Inc., 8.250%, 09/01/21 | 155,150 | 0.1 | |||||||||||||||
405,000 | Chaparral Energy, Inc., 8.875%, 02/01/17 | 425,250 | 0.3 | |||||||||||||||
205,000 | Chaparral Energy, Inc., 9.875%, 10/01/20 | 229,600 | 0.2 | |||||||||||||||
325,000 | Chesapeake Energy Corp., 6.125%, 02/15/21 | 323,375 | 0.2 | |||||||||||||||
200,000 | Chesapeake Energy Corp., 6.625%, 08/15/20 | 204,500 | 0.1 | |||||||||||||||
705,000 | # | Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 6.625%, 11/15/19 | 703,237 | 0.5 | ||||||||||||||
800,000 | Cimarex Energy Co., 5.875%, 05/01/22 | 818,000 | 0.6 | |||||||||||||||
535,000 | Clayton Williams Energy, Inc., 7.750%, 04/01/19 | 535,000 | 0.4 | |||||||||||||||
365,000 | Concho Resources, Inc./Midland TX, 7.000%, 01/15/21 | 393,287 | 0.3 | |||||||||||||||
450,000 | Consol Energy, Inc., 8.250%, 04/01/20 | 472,500 | 0.3 | |||||||||||||||
500,000 | Crosstex Energy L.P. / Crosstex Energy Finance Corp., 8.875%, 02/15/18 | 533,750 | 0.4 | |||||||||||||||
405,000 | Eagle Rock Energy Partners L.P. / Eagle Rock Energy Finance Corp., 8.375%, 06/01/19 | 419,175 | 0.3 | |||||||||||||||
625,000 | El Paso Corp., 7.250%, 06/01/18 | 702,626 | 0.5 | |||||||||||||||
250,000 | Energy Transfer Equity L.P., 7.500%, 10/15/20 | 278,750 | 0.2 | |||||||||||||||
585,000 | Energy XXI Gulf Coast, Inc., 9.250%, 12/15/17 | 636,187 | 0.5 | |||||||||||||||
375,000 | # | Hilcorp Energy I L.P./Hilcorp Finance Co., 8.000%, 02/15/20 | 406,875 | 0.3 | ||||||||||||||
475,000 | James River Coal Co., 7.875%, 04/01/19 | 325,375 | 0.2 | |||||||||||||||
295,000 | # | Linn Energy LLC/Linn Energy Finance Corp., 6.250%, 11/01/19 | 286,519 | 0.2 | ||||||||||||||
275,000 | Linn Energy LLC/Linn Energy Finance Corp., 7.750%, 02/01/21 | 286,687 | 0.2 | |||||||||||||||
230,000 | McMoRan Exploration Co., 11.875%, 11/15/14 | 243,800 | 0.2 | |||||||||||||||
160,000 | # | Meg Energy, 6.500%, 03/15/21 | 168,400 | 0.1 | ||||||||||||||
325,000 | # | NFR Energy LLC/NFR Energy Finance Corp., 9.750%, 02/15/17 | 281,125 | 0.2 | ||||||||||||||
360,000 | Novelis, Inc./GA, 8.750%, 12/15/20 | 396,000 | 0.3 | |||||||||||||||
215,000 | Oasis Petroleum, Inc., 6.500%, 11/01/21 | 217,150 | 0.2 | |||||||||||||||
385,000 | Oasis Petroleum, Inc., 7.250%, 02/01/19 | 407,137 | 0.3 | |||||||||||||||
384,000 | Patriot Coal Corp., 8.250%, 04/30/18 | 294,720 | 0.2 | |||||||||||||||
175,000 | # | Peabody Energy Corp., 6.000%, 11/15/18 | 172,375 | 0.1 | ||||||||||||||
250,000 | # | Peabody Energy Corp., 6.250%, 11/15/21 | 246,250 | 0.2 | ||||||||||||||
445,000 | Penn Virginia Resource Partners L.P. / Penn Virginia Resource Finance Corp., 8.250%, 04/15/18 | 458,350 | 0.3 | |||||||||||||||
800,000 | # | PetroBakken Energy Ltd., 8.625%, 02/01/20 | 836,000 | 0.6 | ||||||||||||||
200,000 | Plains Exploration & Production Co., 6.625%, 05/01/21 | 213,000 | 0.1 | |||||||||||||||
230,000 | Plains Exploration & Production Co., 7.625%, 06/01/18 | 245,525 | 0.2 | |||||||||||||||
200,000 | Range Resources Corp., 5.750%, 06/01/21 | 211,000 | 0.1 | |||||||||||||||
90,000 | Range Resources Corp., 5.000%, 08/15/22 | 88,988 | 0.1 | |||||||||||||||
570,000 | SM Energy Co., 6.500%, 11/15/21 | 609,900 | 0.4 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
715,000 | Stone Energy Corp., 8.625%, 02/01/17 | 750,750 | 0.5 | |||||||||||||||
390,000 | SunCoke Energy, Inc., 7.625%, 08/01/19 | 402,675 | 0.3 | |||||||||||||||
230,000 | # | Swift Energy Co., 7.875%, 03/01/22 | 238,050 | 0.2 | ||||||||||||||
600,000 | Swift Energy Co., 8.875%, 01/15/20 | 657,000 | 0.5 | |||||||||||||||
270,000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 6.875%, 02/01/21 | 282,150 | 0.2 | |||||||||||||||
750,000 | Thompson Creek Metals Co., Inc., 7.375%, 06/01/18 | 701,250 | 0.5 | |||||||||||||||
800,000 | Vanguard Natural Resources, LLC, 7.875%, 04/01/20 | 794,192 | 0.6 | |||||||||||||||
390,000 | Venoco, Inc., 8.875%, 02/15/19 | 358,800 | 0.3 | |||||||||||||||
719,000 | W&T Offshore, Inc., 8.500%, 06/15/19 | 763,938 | 0.5 | |||||||||||||||
230,000 | Westmoreland Coal Co/Westmoreland Partners, 10.750%, 02/01/18 | 219,075 | 0.2 | |||||||||||||||
250,000 | # | Westmoreland Coal Co/Westmoreland Partners, 10.750%, 02/01/18 | 238,125 | 0.2 | ||||||||||||||
22,831,719 | 16.4 | |||||||||||||||||
Financials: 8.1% | ||||||||||||||||||
200,000 | Ally Financial, Inc., 5.500%, 02/15/17 | 200,407 | 0.1 | |||||||||||||||
935,000 | Ally Financial, Inc., 8.000%, 03/15/20 | 1,042,525 | 0.7 | |||||||||||||||
455,000 | Ally Financial, Inc., 8.300%, 02/12/15 | 496,519 | 0.3 | |||||||||||||||
540,000 | American General Finance Corp., 5.400%, 12/01/15 | 449,550 | 0.3 | |||||||||||||||
750,000 | Atlantic Broadband Finance, LLC, 9.375%, 01/15/14 | 753,750 | 0.5 | |||||||||||||||
290,000 | # | CIT Group, In.c, 6.625%, 04/01/18 | 316,463 | 0.2 | ||||||||||||||
500,000 | CIT Group, Inc., 5.250%, 03/15/18 | 510,625 | 0.4 | |||||||||||||||
710,000 | # | CIT Group, Inc., 7.000%, 05/02/16 | 713,550 | 0.5 | ||||||||||||||
400,000 | # | CIT Group, Inc., 7.000%, 05/02/17 | 401,500 | 0.3 | ||||||||||||||
602,000 | Felcor Lodging L.P., 10.000%, 10/01/14 | 689,290 | 0.5 | |||||||||||||||
500,000 | Fifth Third Capital Trust IV, 6.500%, 04/15/37 | 500,000 | 0.4 | |||||||||||||||
500,000 | Ford Motor Credit Co. LLC, 5.000%, 05/15/18 | 519,042 | 0.4 | |||||||||||||||
500,000 | Ford Motor Credit Co. LLC, 5.875%, 08/02/21 | 540,075 | 0.4 | |||||||||||||||
695,000 | Ford Motor Credit Co., LLC, 8.125%, 01/15/20 | 842,433 | 0.6 | |||||||||||||||
250,000 | # | Hexion US Finance Corp., 6.625%, 04/15/20 | 256,875 | 0.2 | ||||||||||||||
210,000 | International Lease Finance Corp., 6.250%, 05/15/19 | 207,280 | 0.1 | |||||||||||||||
470,000 | International Lease Finance Corp., 8.250%, 12/15/20 | 518,111 | 0.4 | |||||||||||||||
635,000 | MPT Operating Partnership L.P./MPT Finance Corp., 6.375%, 02/15/22 | 647,700 | 0.5 | |||||||||||||||
500,000 | # | Realogy Corp., 7.625%, 01/15/20 | 525,000 | 0.4 | ||||||||||||||
500,000 | Regions Bank/Birmingham AL, 6.450%, 06/26/37 | 502,500 | 0.4 | |||||||||||||||
345,000 | Springleaf Finance Corp., 6.900%, 12/15/17 | 270,825 | 0.2 | |||||||||||||||
410,000 | Tops Holding Corp. / Tops Markets LLC, 10.125%, 10/15/15 | 439,725 | 0.3 | |||||||||||||||
11,343,745 | 8.1 | |||||||||||||||||
Health Care: 9.6% | ||||||||||||||||||
193,000 | Biomet, Inc., 11.625%, 10/15/17 | 209,646 | 0.2 | |||||||||||||||
500,000 | # | CHS/Community Health Systems, Inc., 8.000%, 11/15/19 | 520,000 | 0.4 | ||||||||||||||
145,000 | DaVita, Inc., 6.375%, 11/01/18 | 152,250 | 0.1 | |||||||||||||||
595,000 | DaVita, Inc., 6.625%, 11/01/20 | 624,750 | 0.4 | |||||||||||||||
168,000 | Endo Pharmaceuticals Holdings, Inc., 7.250%, 01/15/22 | 180,600 | 0.1 | |||||||||||||||
153,000 | Endo Pharmaceuticals Holdings, Inc., 7.000%, 07/15/19 | 164,092 | 0.1 | |||||||||||||||
455,000 | Gentiva Health Services, Inc., 11.500%, 09/01/18 | 426,563 | 0.3 | |||||||||||||||
150,000 | Grifols, Inc., 8.250%, 02/01/18 | 163,125 | 0.1 | |||||||||||||||
655,000 | HCA Holdings, Inc., 7.750%, 05/15/21 | 680,381 | 0.5 | |||||||||||||||
360,000 | HCA, Inc., 7.250%, 09/15/20 | 393,750 | 0.3 | |||||||||||||||
800,000 | HCA, Inc., 7.500%, 02/15/22 | 854,000 | 0.6 | |||||||||||||||
105,000 | HCA, Inc., 7.875%, 02/15/20 | 115,894 | 0.1 | |||||||||||||||
245,000 | # | Health Management Associates, Inc., 7.375%, 01/15/20 | 251,125 | 0.2 | ||||||||||||||
185,000 | Healthsouth Corp., 7.250%, 10/01/18 | 198,412 | 0.1 | |||||||||||||||
260,000 | Healthsouth Corp., 8.125%, 02/15/20 | 286,000 | 0.2 | |||||||||||||||
625,000 | IASIS Healthcare LLC / IASIS Capital Corp., 8.375%, 05/15/19 | 610,938 | 0.4 | |||||||||||||||
480,000 | Immucor, Inc., 11.125%, 08/15/19 | 535,800 | 0.4 | |||||||||||||||
500,000 | # | Mylan, Inc., 6.000%, 11/15/18 | 525,000 | 0.4 | ||||||||||||||
170,000 | # | Mylan, Inc./PA, 7.875%, 07/15/20 | 190,400 | 0.1 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
570,000 | Omnicare, Inc., 7.750%, 06/01/20 | 635,550 | 0.5 | |||||||||||||||
1,000,000 | # | Physio-Control International, Inc., 9.875%, 01/15/19 | 1,055,000 | 0.8 | ||||||||||||||
400,000 | # | PSS World Medical, Inc., 6.375%, 03/01/22 | 413,000 | 0.3 | ||||||||||||||
205,000 | Radnet Management, Inc., 10.375%, 04/01/18 | 205,000 | 0.1 | |||||||||||||||
167,000 | Select Medical Corp., 7.625%, 02/01/15 | 165,956 | 0.1 | |||||||||||||||
650,000 | Select Medical Holdings Corp., 6.494%, 09/15/15 | 585,000 | 0.4 | |||||||||||||||
280,000 | # | STHI Holding Corp., 8.000%, 03/15/18 | 298,200 | 0.2 | ||||||||||||||
395,000 | # | Tenet Healthcare Corp., 6.250%, 11/01/18 | 408,825 | 0.3 | ||||||||||||||
420,000 | Tenet Healthcare Corp., 8.000%, 08/01/20 | 434,700 | 0.3 | |||||||||||||||
225,000 | X | U.S. Oncology Escrow, 87.500%, 12/31/49 | — | — | ||||||||||||||
220,000 | United Surgical Partners International, Inc., 8.875%, 05/01/17 | 231,550 | 0.2 | |||||||||||||||
300,000 | & | United Surgical Partners International, Inc., 9.250%, 05/01/17 | 316,500 | 0.2 | ||||||||||||||
500,000 | # | USPI Finance Corp., 9.000%, 04/01/20 | 517,500 | 0.4 | ||||||||||||||
525,000 | # | Valeant Pharmaceuticals International, 6.750%, 08/15/21 | 513,188 | 0.4 | ||||||||||||||
245,000 | # | Valeant Pharmaceuticals International, 7.000%, 10/01/20 | 245,000 | 0.2 | ||||||||||||||
300,000 | Vanguard Health Holding Co. II LLC / Vanguard Holding Co. II, Inc., 7.750%, 02/01/19 | 300,000 | 0.2 | |||||||||||||||
12,000 | Z | Vanguard Health Systems, Inc., 02/01/16 | 7,980 | 0.0 | ||||||||||||||
13,415,675 | 9.6 | |||||||||||||||||
Industrials: 6.9% | ||||||||||||||||||
455,000 | # | Amsted Industries, Inc., 8.125%, 03/15/18 | 489,125 | 0.4 | ||||||||||||||
260,000 | ArvinMeritor, Inc., 8.125%, 09/15/15 | 275,600 | 0.2 | |||||||||||||||
305,000 | ArvinMeritor, Inc., 10.625%, 03/15/18 | 329,400 | 0.2 | |||||||||||||||
185,000 | Atkore International, Inc., 9.875%, 01/01/18 | 194,713 | 0.1 | |||||||||||||||
635,000 | Berry Plastics Corp., 9.750%, 01/15/21 | 696,913 | 0.5 | |||||||||||||||
310,000 | # | Bombardier, Inc., 7.500%, 03/15/18 | 342,550 | 0.2 | ||||||||||||||
185,000 | # | Building Materials Corp. of America, 7.500%, 03/15/20 | 197,025 | 0.1 | ||||||||||||||
245,000 | Cenveo Corp., 8.875%, 02/01/18 | 233,975 | 0.2 | |||||||||||||||
280,000 | Coleman Cable, Inc., 9.000%, 02/15/18 | 296,100 | 0.2 | |||||||||||||||
670,000 | Covanta Holding Corp., 7.250%, 12/01/20 | 724,060 | 0.5 | |||||||||||||||
605,000 | Florida East Coast Railway Corp., 8.125%, 02/01/17 | 620,125 | 0.4 | |||||||||||||||
110,000 | Interface, Inc., 7.625%, 12/01/18 | 119,625 | 0.1 | |||||||||||||||
320,000 | Iron Mountain, Inc., 8.000%, 06/15/20 | 339,200 | 0.2 | |||||||||||||||
210,000 | Iron Mountain, Inc., 8.750%, 07/15/18 | 218,925 | 0.2 | |||||||||||||||
880,000 | # | JM Huber Corp., 9.875%, 11/01/19 | 919,600 | 0.7 | ||||||||||||||
130,000 | Koppers, Inc., 7.875%, 12/01/19 | 139,425 | 0.1 | |||||||||||||||
300,000 | MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp., 6.500%, 08/15/21 | 320,250 | 0.2 | |||||||||||||||
585,000 | Martin Midstream Partners L.P. / Martin Midstream Finance Corp., 8.875%, 04/01/18 | 605,475 | 0.4 | |||||||||||||||
190,000 | Mobile Mini, Inc., 7.875%, 12/01/20 | 203,300 | 0.2 | |||||||||||||||
370,000 | Polymer Group, Inc., 7.750%, 02/01/19 | 391,275 | 0.3 | |||||||||||||||
370,000 | # | Schaeffler Finance BV, 7.750%, 02/15/17 | 393,125 | 0.3 | ||||||||||||||
525,000 | # | Schaeffler Finance BV, 8.500%, 02/15/19 | 563,062 | 0.4 | ||||||||||||||
375,000 | Severstal, 10.250%, 02/15/18 | 403,125 | 0.3 | |||||||||||||||
610,000 | SPX Corp., 6.875%, 09/01/17 | 671,000 | 0.5 | |||||||||||||||
9,686,973 | 6.9 | |||||||||||||||||
Information Technology: 4.8% | ||||||||||||||||||
605,000 | Aspect Software, Inc., 10.625%, 05/15/17 | 648,863 | 0.5 | |||||||||||||||
425,000 | CDW LLC / CDW Finance Corp., 8.500%, 04/01/19 | 453,688 | 0.3 | |||||||||||||||
250,000 | CDW LLC / CDW Finance Corp., 12.535%, 10/12/17 | 272,813 | 0.2 | |||||||||||||||
545,000 | # | Emdeon, Inc., 11.000%, 12/31/19 | 618,575 | 0.5 | ||||||||||||||
300,000 | Epicor Software Corp., 8.625%, 05/01/19 | 308,250 | 0.2 | |||||||||||||||
145,000 | # | First Data Corp., 8.250%, 01/15/21 | 142,462 | 0.1 | ||||||||||||||
146,000 | #,& | First Data Corp., 8.750%, 01/15/22 | 141,620 | 0.1 | ||||||||||||||
17,000 | First Data Corp., 9.875%, 09/24/15 | 17,170 | 0.0 | |||||||||||||||
18,684 | & | First Data Corp., 10.550%, 09/24/15 | 19,058 | 0.0 | ||||||||||||||
445,000 | First Data Corp., 11.250%, 03/31/16 | 404,950 | 0.3 | |||||||||||||||
293,000 | First Data Corp., 12.625%, 01/15/21 | 295,197 | 0.2 | |||||||||||||||
460,000 | Kemet Corp., 10.500%, 05/01/18 | 499,100 | 0.4 | |||||||||||||||
250,000 | # | Kemet Corp., 10.500%, 05/01/18 | 270,000 | 0.2 | ||||||||||||||
105,000 | # | Lawson Software, Inc., 9.375%, 04/01/19 | 108,937 | 0.1 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
500,000 | # | Lawson Software, Inc., 11.500%, 07/15/18 | 555,000 | 0.4 | ||||||||||||||
420,000 | MedAssets, Inc., 8.000%, 11/15/18 | 443,100 | 0.3 | |||||||||||||||
250,000 | Seagate HDD Cayman, 6.875%, 05/01/20 | 267,188 | 0.2 | |||||||||||||||
35,000 | Seagate HDD Cayman, 7.750%, 12/15/18 | 38,500 | 0.0 | |||||||||||||||
525,000 | SSI Investments II/SSI Co-Issuer LLC, 11.125%, 06/01/18 | 585,375 | 0.4 | |||||||||||||||
395,000 | SunGard Data Systems, Inc., 7.375%, 11/15/18 | 421,662 | 0.3 | |||||||||||||||
155,000 | SunGard Data Systems, Inc., 7.625%, 11/15/20 | 166,237 | 0.1 | |||||||||||||||
6,677,745 | 4.8 | |||||||||||||||||
Materials: 7.2% | ||||||||||||||||||
500,000 | AK Steel Corp., 8.375%, 04/01/22 | 487,500 | 0.4 | |||||||||||||||
200,000 | # | Ardagh Packaging Finance Plc, 7.375%, 10/15/17 | 215,500 | 0.2 | ||||||||||||||
250,000 | # | Ardagh Packaging Finance Plc / Ardagh MP Holdings USA, Inc., 9.125%, 10/15/20 | 263,125 | 0.2 | ||||||||||||||
85,000 | Berry Plastics Holding Corp., 10.250%, 03/01/16 | 88,400 | 0.1 | |||||||||||||||
365,000 | # | Building Materials Corp. of America, 6.750%, 05/01/21 | 388,269 | 0.3 | ||||||||||||||
75,000 | CF Industries, Inc., 6.875%, 05/01/18 | 86,812 | 0.1 | |||||||||||||||
75,000 | CF Industries, Inc., 7.125%, 05/01/20 | 89,531 | 0.1 | |||||||||||||||
220,000 | Chemtura Corp., 7.875%, 09/01/18 | 237,600 | 0.2 | |||||||||||||||
285,000 | Darling International, Inc., 8.500%, 12/15/18 | 319,200 | 0.2 | |||||||||||||||
230,000 | Ferro Corp., 7.875%, 08/15/18 | 235,750 | 0.2 | |||||||||||||||
250,000 | # | FMG Resources August 2006 Pty Ltd., 6.000%, 04/01/17 | 248,125 | 0.2 | ||||||||||||||
280,000 | Hexion US Finance Corp. / Hexion Nova Scotia Finance ULC, 8.875%, 02/01/18 | 291,200 | 0.2 | |||||||||||||||
300,000 | Hexion US Finance Corp. / Hexion Nova Scotia Finance ULC, 9.000%, 11/15/20 | 280,500 | 0.2 | |||||||||||||||
535,000 | Huntsman International LLC, 8.625%, 03/15/21 | 603,212 | 0.4 | |||||||||||||||
550,000 | # | Ineos Finance PLC, 8.375%, 02/15/19 | 583,000 | 0.4 | ||||||||||||||
500,000 | # | Ineos Group Holdings PLC, 8.500%, 02/15/16 | 475,000 | 0.3 | ||||||||||||||
330,000 | # | JMC Steel Group, 8.250%, 03/15/18 | 344,850 | 0.2 | ||||||||||||||
370,000 | Kraton Polymers LLC/Kraton Polymers Capital Corp., 6.750%, 03/01/19 | 383,875 | 0.3 | |||||||||||||||
410,000 | # | Longview Fibre Paper & Packaging, Inc., 8.000%, 06/01/16 | 419,738 | 0.3 | ||||||||||||||
125,000 | Lyondell Chemical Co., 8.000%, 11/01/17 | 140,938 | 0.1 | |||||||||||||||
124,775 | Lyondell Chemical Co., 11.000%, 05/01/18 | 138,500 | 0.1 | |||||||||||||||
640,000 | # | LyondellBasell Industries NV, 6.000%, 11/15/21 | 675,200 | 0.5 | ||||||||||||||
305,000 | Momentive Performance Materials, Inc., 9.000%, 01/15/21 | 268,400 | 0.2 | |||||||||||||||
180,000 | Novelis, Inc./GA, 8.375%, 12/15/17 | 196,200 | 0.1 | |||||||||||||||
460,000 | Omnova Solutions, Inc., 7.875%, 11/01/18 | 442,750 | 0.3 | |||||||||||||||
290,000 | # | Plastipak Holdings, Inc., 10.625%, 08/15/19 | 332,050 | 0.2 | ||||||||||||||
275,000 | PolyOne Corp., 7.375%, 09/15/20 | 292,187 | 0.2 | |||||||||||||||
307,000 | # | Rain CII Carbon LLC and CII Carbon Corp., 8.000%, 12/01/18 | 323,118 | 0.2 | ||||||||||||||
350,000 | Solutia, Inc., 8.750%, 11/01/17 | 398,563 | 0.3 | |||||||||||||||
750,000 | Taseko Mines Ltd, 7.750%, 04/15/19 | 718,125 | 0.5 | |||||||||||||||
75,000 | # | Vertellus Specialties, Inc., 9.375%, 10/01/15 | 57,375 | 0.0 | ||||||||||||||
10,024,593 | 7.2 | |||||||||||||||||
Telecommunication Services: 6.5% | ||||||||||||||||||
460,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 7.250%, 10/30/17 | 495,650 | 0.4 | |||||||||||||||
220,000 | Cincinnati Bell, Inc., 8.375%, 10/15/20 | 221,650 | 0.2 | |||||||||||||||
420,000 | Cincinnati Bell, Inc., 8.750%, 03/15/18 | 394,275 | 0.3 | |||||||||||||||
510,000 | Cricket Communications, Inc., 7.750%, 05/15/16 | 540,600 | 0.4 | |||||||||||||||
755,000 | Freescale Semiconductor, Inc., 8.050%, 02/01/20 | 762,550 | 0.5 | |||||||||||||||
200,000 | Frontier Communications Corp., 8.250%, 04/15/17 | 216,000 | 0.2 | |||||||||||||||
510,000 | Frontier Communications Corp., 8.500%, 04/15/20 | 539,325 | 0.4 | |||||||||||||||
250,000 | #,& | Intelsat Bermuda Ltd., 11.500%, 02/04/17 | 258,125 | 0.2 | ||||||||||||||
200,000 | Intelsat Jackson Holdings SA, 7.250%, 04/01/19 | 211,250 | 0.2 | |||||||||||||||
240,000 | Intelsat Jackson Holdings SA, 7.500%, 04/01/21 | 253,500 | 0.2 | |||||||||||||||
870,000 | Intelsat Luxembourg S.A., 11.250%, 02/04/17 | 906,975 | 0.6 | |||||||||||||||
131,375 | & | Intelsat Luxembourg S.A., 11.500%, 02/04/17 | 136,958 | 0.1 | ||||||||||||||
18,024 | & | iPCS, Inc., 3.797%, 05/01/14 | 17,033 | 0.0 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
630,000 | MetroPCS Wireless, Inc., 6.625%, 11/15/20 | 627,638 | 0.4 | ||||||||||||||||
500,000 | # | Sable International Finance Ltd., 8.750%, 02/01/20 | 532,500 | 0.4 | |||||||||||||||
580,000 | Sprint Capital Corp., 6.875%, 11/15/28 | 446,600 | 0.3 | ||||||||||||||||
400,000 | # | Sprint Nextel Corp., 7.000%, 03/01/20 | 407,000 | 0.3 | |||||||||||||||
665,000 | # | Sprint Nextel Corp., 9.000%, 11/15/18 | 731,500 | 0.5 | |||||||||||||||
425,000 | # | UPCB Finance VI Ltd., 6.875%, 01/15/22 | 440,937 | 0.3 | |||||||||||||||
870,000 | Windstream Corp., 7.000%, 03/15/19 | 891,750 | 0.6 | ||||||||||||||||
9,031,816 | 6.5 | ||||||||||||||||||
Utilities: 2.1% | |||||||||||||||||||
310,000 | # | AES Corp., 7.375%, 07/01/21 | 344,100 | 0.2 | |||||||||||||||
385,000 | # | Calpine Corp., 7.500%, 02/15/21 | 412,912 | 0.3 | |||||||||||||||
440,000 | # | Calpine Corp., 7.875%, 07/31/20 | 480,700 | 0.3 | |||||||||||||||
480,000 | Energy Future Holdings Corp., 10.000%, 01/15/20 | 523,200 | 0.4 | ||||||||||||||||
475,000 | Mirant Americas Generation, LLC, 9.125%, 05/01/31 | 410,875 | 0.3 | ||||||||||||||||
230,000 | NRG Energy, Inc., 7.625%, 05/15/19 | 223,100 | 0.2 | ||||||||||||||||
230,000 | NRG Energy, Inc., 7.875%, 05/15/21 | 221,950 | 0.2 | ||||||||||||||||
455,000 | # | Texas Competitive Electric Holdings Co. LLC / TCEH Finance, Inc., 11.500%, 10/01/20 | 299,163 | 0.2 | |||||||||||||||
2,916,000 | 2.1 | ||||||||||||||||||
Total Corporate Bonds/Notes (Cost $127,190,340) | 131,990,167 | 94.5 | |||||||||||||||||
ASSET-BACKED SECURITIES: 0.7% | |||||||||||||||||||
Other Asset-Backed Securities: 0.7% | |||||||||||||||||||
912,979 | # | GSC Partners CDO Fund Ltd, 2.495%, 12/16/15 | 911,393 | 0.7 | |||||||||||||||
Total Asset-Backed Securities (Cost $839,901) | 911,393 | 0.7 |
Shares | | | | | | Value | | Percentage of Net Assets | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 0.0% | |||||||||||||||||||
Consumer Discretionary: 0.0% | |||||||||||||||||||
195 | @ | American Media, Inc. | 2,535 | 0.0 | |||||||||||||||
5,810 | @,X | American Media, Inc., Stock Certificates | — | — | |||||||||||||||
Total Common Stock (Cost $136,656) | 2,535 | 0.0 | |||||||||||||||||
Total Long-Term Investments (Cost $128,166,897) | 132,904,095 | 95.2 | |||||||||||||||||
SHORT-TERM INVESTMENTS: 3.6% | |||||||||||||||||||
Mutual Funds: 3.6% | |||||||||||||||||||
5,063,000 | BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $5,063,000) | 5,063,000 | 3.6 | ||||||||||||||||
Total Short-Term Investments (Cost $5,063,000) | 5,063,000 | 3.6 | |||||||||||||||||
Total Investments in Securities (Cost $133,229,897) | $ | 137,967,095 | 98.8 | ||||||||||||||||
Assets in Excess of Other Liabilities | 1,653,038 | 1.2 | |||||||||||||||||
Net Assets | $ | 139,620,133 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
@ | Non-income producing security |
& | Payment-in-kind |
+ | Step-up basis bonds. Interest rates shown reflect current and next coupon rates. |
X | Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees. |
Z | Indicates Zero Coupon Bond; rate shown reflects current effective yield. |
Cost for federal income tax purposes is $133,236,234. | ||||||
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 6,359,908 | ||||
Gross Unrealized Depreciation | (1,629,047 | ) | ||||
Net Unrealized Appreciation | $ | 4,730,861 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CORPORATE BONDS/NOTES: 33.2% | |||||||||||||||||||
Consumer Discretionary: 5.5% | |||||||||||||||||||
1,110,000 | AMC Entertainment, Inc., 8.750%, 06/01/19 | 1,168,275 | 0.1 | ||||||||||||||||
1,030,000 | Ameristar Casinos, Inc., 7.500%, 04/15/21 | 1,085,363 | 0.1 | ||||||||||||||||
740,000 | Cablevision Systems Corp., 8.625%, 09/15/17 | 809,375 | 0.1 | ||||||||||||||||
1,107,000 | CBS Corp., 3.375%, 03/01/22 | 1,070,387 | 0.1 | ||||||||||||||||
890,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 6.500%, 04/30/21 | 925,600 | 0.1 | ||||||||||||||||
385,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 7.000%, 01/15/19 | 410,025 | 0.1 | ||||||||||||||||
1,180,000 | # | DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 2.400%, 03/15/17 | 1,170,613 | 0.1 | |||||||||||||||
1,112,000 | # | DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 3.800%, 03/15/22 | 1,098,536 | 0.1 | |||||||||||||||
732,000 | # | DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.150%, 03/15/42 | 713,531 | 0.1 | |||||||||||||||
260,000 | DISH DBS Corp., 6.750%, 06/01/21 | 281,450 | 0.0 | ||||||||||||||||
785,000 | DISH DBS Corp., 7.875%, 09/01/19 | 906,675 | 0.1 | ||||||||||||||||
1,013,000 | Energizer Holdings, Inc., 4.700%, 05/19/21 | 1,055,076 | 0.1 | ||||||||||||||||
927,000 | Family Dollar Stores, Inc., 5.000%, 02/01/21 | 970,851 | 0.1 | ||||||||||||||||
817,000 | # | Harley-Davidson Financial Services, Inc., 2.700%, 03/15/17 | 811,266 | 0.1 | |||||||||||||||
2,726,000 | # | Hyatt Hotels Corp., 6.875%, 08/15/19 | 3,146,641 | 0.4 | |||||||||||||||
435,000 | Inergy L.P./Inergy Finance Corp., 6.875%, 08/01/21 | 420,862 | 0.1 | ||||||||||||||||
1,035,000 | KB Home, 5.875%, 01/15/15 | 1,024,650 | 0.1 | ||||||||||||||||
798,000 | Koninklijke Philips Electronics NV, 3.750%, 03/15/22 | 804,055 | 0.1 | ||||||||||||||||
968,000 | Koninklijke Philips Electronics NV, 5.000%, 03/15/42 | 966,610 | 0.1 | ||||||||||||||||
1,030,000 | # | Lamar Media Corp., 5.875%, 02/01/22 | 1,053,175 | 0.1 | |||||||||||||||
1,105,000 | Limited Brands, Inc., 8.500%, 06/15/19 | 1,312,187 | 0.2 | ||||||||||||||||
827,000 | Mattel, Inc., 2.500%, 11/01/16 | 846,737 | 0.1 | ||||||||||||||||
827,000 | Mattel, Inc., 5.450%, 11/01/41 | 861,729 | 0.1 | ||||||||||||||||
1,025,000 | #,L | Mediacom LLC / Mediacom Capital Corp., 7.250%, 02/15/22 | 1,040,375 | 0.1 | |||||||||||||||
460,000 | Meritage Homes Corp., 6.250%, 03/15/15 | 467,820 | 0.1 | ||||||||||||||||
245,000 | # | Meritage Homes Corp., 7.000%, 04/01/22 | 246,225 | 0.0 | |||||||||||||||
979,000 | News America, Inc., 4.500%, 02/15/21 | 1,045,474 | 0.1 | ||||||||||||||||
1,222,000 | News America, Inc., 6.650%, 11/15/37 | 1,425,159 | 0.2 | ||||||||||||||||
1,065,000 | Nielsen Finance LLC / Nielsen Finance Co., 7.750%, 10/15/18 | 1,179,487 | 0.2 | ||||||||||||||||
1,525,000 | L | Odebrecht Finance Ltd, 7.000%, 04/21/20 | 1,707,695 | 0.2 | |||||||||||||||
310,000 | #,L | Odebrecht Finance Ltd., 7.500%, 09/29/49 | 318,463 | 0.0 | |||||||||||||||
795,000 | Pinnacle Entertainment, Inc., 8.625%, 08/01/17 | 870,525 | 0.1 | ||||||||||||||||
900,000 | # | SABMiller Holdings, Inc., 2.450%, 01/15/17 | 912,109 | 0.1 | |||||||||||||||
900,000 | # | SABMiller Holdings, Inc., 4.950%, 01/15/42 | 933,011 | 0.1 | |||||||||||||||
2,039,000 | Target Corp., 2.900%, 01/15/22 | 2,018,696 | 0.3 | ||||||||||||||||
1,374,000 | The Gap, Inc., 5.950%, 04/12/21 | 1,388,487 | 0.2 | ||||||||||||||||
295,000 | Toll Brothers Finance Corp., 5.875%, 02/15/22 | 303,650 | 0.0 | ||||||||||||||||
863,000 | Toll Brothers Finance Corp., 6.750%, 11/01/19 | 940,308 | 0.1 | ||||||||||||||||
1,120,000 | Toys R Us Property Co. I LLC, 10.750%, 07/15/17 | 1,232,000 | 0.2 | ||||||||||||||||
1,054,000 | Wal-Mart Stores, Inc., 5.625%, 04/15/41 | 1,276,524 | 0.2 | ||||||||||||||||
1,405,000 | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 7.875%, 11/01/17 | 1,538,475 | 0.2 | ||||||||||||||||
2,783,000 | Xerox Corp., 4.500%, 05/15/21 | 2,867,264 | 0.4 | ||||||||||||||||
950,000 | # | XM Satellite Radio, Inc., 7.625%, 11/01/18 | 1,030,750 | 0.1 | |||||||||||||||
45,656,166 | 5.5 | ||||||||||||||||||
Consumer Staples: 0.8% | |||||||||||||||||||
1,003,000 | Altria Group, Inc., 9.700%, 11/10/18 | 1,364,317 | 0.1 | ||||||||||||||||
558,000 | # | Cargill, Inc., 3.250%, 11/15/21 | 544,539 | 0.1 | |||||||||||||||
1,240,000 | Constellation Brands, Inc., 7.250%, 05/15/17 | 1,410,500 | 0.2 | ||||||||||||||||
920,000 | # | Delphi Corp., 5.875%, 05/15/19 | 975,200 | 0.1 | |||||||||||||||
615,000 | # | JBS USA LLC/JBS USA Finance, Inc., 8.250%, 02/01/20 | 633,450 | 0.1 | |||||||||||||||
1,026,000 | Lorillard Tobacco Co., 6.875%, 05/01/20 | 1,207,041 | 0.1 | ||||||||||||||||
777,000 | Philip Morris International, Inc., 2.500%, 05/16/16 | 811,641 | 0.1 | ||||||||||||||||
6,946,688 | 0.8 | ||||||||||||||||||
Energy: 6.3% | |||||||||||||||||||
825,000 | L | Alpha Natural Resources, Inc., 6.250%, 06/01/21 | 748,687 | 0.1 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
360,000 | L | Alpha Natural Resources, Inc., 6.000%, 06/01/19 | 327,600 | 0.0 | ||||||||||||||
870,000 | Anadarko Petroleum Corp., 6.375%, 09/15/17 | 1,034,721 | 0.1 | |||||||||||||||
1,025,000 | L | Arch Coal, Inc., 8.750%, 08/01/16 | 1,081,375 | 0.1 | ||||||||||||||
1,240,000 | # | BG Energy Capital PLC, 2.875%, 10/15/16 | 1,283,931 | 0.2 | ||||||||||||||
1,979,000 | BP Capital Markets PLC, 2.248%, 11/01/16 | 2,031,637 | 0.3 | |||||||||||||||
720,000 | BP Capital Markets PLC, 3.561%, 11/01/21 | 742,599 | 0.1 | |||||||||||||||
375,000 | Chesapeake Energy Corp., 6.625%, 08/15/20 | 383,437 | 0.1 | |||||||||||||||
325,000 | # | Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 6.625%, 11/15/19 | 324,188 | 0.0 | ||||||||||||||
600,000 | # | China Resources Gas Group Ltd, 4.500%, 04/05/22 | 590,606 | 0.1 | ||||||||||||||
1,467,000 | # | Dolphin Energy Ltd., 5.500%, 12/15/21 | 1,553,186 | 0.2 | ||||||||||||||
612,000 | # | Duquesne Light Holdings, Inc., 5.900%, 12/01/21 | 654,805 | 0.1 | ||||||||||||||
1,523,000 | Enbridge Energy Partners, 9.875%, 03/01/19 | 2,028,283 | 0.2 | |||||||||||||||
533,000 | Enbridge Energy Partners L.P., 4.200%, 09/15/21 | 556,324 | 0.1 | |||||||||||||||
1,070,000 | Energy Transfer Equity L.P., 7.500%, 10/15/20 | 1,193,050 | 0.1 | |||||||||||||||
1,244,000 | Energy Transfer Partners, 9.700%, 03/15/19 | 1,592,135 | 0.2 | |||||||||||||||
1,217,000 | Energy Transfer Partners L.P., 4.650%, 06/01/21 | 1,241,689 | 0.2 | |||||||||||||||
1,217,000 | Energy Transfer Partners L.P., 6.050%, 06/01/41 | 1,228,740 | 0.2 | |||||||||||||||
1,800,000 | ±,X | Greater Ohio Ethanol, LLC, 6.301%, 12/31/13 | — | — | ||||||||||||||
2,200,000 | ±,X | Greater Ohio Ethanol, LLC, 12.630%, 12/31/13 | — | — | ||||||||||||||
531,000 | # | KazMunaiGaz Finance Sub BV, 7.000%, 05/05/20 | 606,333 | 0.1 | ||||||||||||||
285,000 | KazMunayGas National Co., 7.000%, 05/05/20 | 325,433 | 0.0 | |||||||||||||||
596,000 | # | Korea Gas Corp., 6.250%, 01/20/42 | 676,835 | 0.1 | ||||||||||||||
1,442,000 | Marathon Petroleum Corp., 6.500%, 03/01/41 | 1,558,544 | 0.2 | |||||||||||||||
986,000 | Nexen, Inc., 7.500%, 07/30/39 | 1,211,290 | 0.2 | |||||||||||||||
1,025,000 | Noble Holding International Ltd., 3.950%, 03/15/22 | 1,025,917 | 0.1 | |||||||||||||||
1,495,000 | Petrobras International Finance Co.—Pifco, 3.500%, 02/06/17 | 1,535,725 | 0.2 | |||||||||||||||
732,000 | Petrobras International Finance Co.—Pifco, 5.375%, 01/27/21 | 791,555 | 0.1 | |||||||||||||||
988,000 | Petroleos de Venezuela SA, 8.500%, 11/02/17 | 880,802 | 0.1 | |||||||||||||||
128,000 | # | Petroleos Mexicanos, 4.875%, 01/24/22 | 134,720 | 0.0 | ||||||||||||||
739,000 | Petroleos Mexicanos, 5.500%, 01/21/21 | 818,442 | 0.1 | |||||||||||||||
1,457,000 | # | Phillips 66, 2.950%, 05/01/17 | 1,482,289 | 0.2 | ||||||||||||||
2,029,000 | # | Phillips 66, 4.300%, 04/01/22 | 2,067,237 | 0.3 | ||||||||||||||
1,350,000 | Pioneer Natural Resources Co., 7.500%, 01/15/20 | 1,657,445 | 0.2 | |||||||||||||||
1,091,000 | Plains All American Pipeline L.P. / PAA Finance Corp., 3.650%, 06/01/22 | 1,072,868 | 0.1 | |||||||||||||||
1,148,000 | Plains All American Pipeline L.P. / PAA Finance Corp., 5.150%, 06/01/42 | 1,122,163 | 0.1 | |||||||||||||||
830,000 | Plains Exploration & Production Co., 8.625%, 10/15/19 | 935,825 | 0.1 | |||||||||||||||
1,387,000 | Pride International, Inc., 7.875%, 08/15/40 | 1,859,984 | 0.2 | |||||||||||||||
1,055,000 | Range Resources Corp., 5.750%, 06/01/21 | 1,113,025 | 0.1 | |||||||||||||||
1,000,000 | # | Reliance Holdings USA, Inc., 5.400%, 02/14/22 | 996,302 | 0.1 | ||||||||||||||
1,331,000 | # | Schlumberger Investment SA, 1.950%, 09/14/16 | 1,347,924 | 0.2 | ||||||||||||||
1,463,000 | Sempra Energy, 2.300%, 04/01/17 | 1,482,211 | 0.2 | |||||||||||||||
1,594,000 | L | TNK-BP Finance SA, 7.875%, 03/13/18 | 1,864,980 | 0.2 | ||||||||||||||
790,000 | Transcontinental Gas Pipe Line Corp., 6.400%, 04/15/16 | 923,888 | 0.1 | |||||||||||||||
1,455,000 | Transocean, Inc., 6.375%, 12/15/21 | 1,639,530 | 0.2 | |||||||||||||||
1,182,000 | Weatherford International Ltd., 4.500%, 04/15/22 | 1,180,286 | 0.1 | |||||||||||||||
1,182,000 | Weatherford International Ltd., 5.950%, 04/15/42 | 1,173,620 | 0.1 | |||||||||||||||
969,000 | Weatherford International Ltd. Bermuda, 6.750%, 09/15/40 | 1,080,556 | 0.1 | |||||||||||||||
555,000 | # | WPX Energy, Inc., 6.000%, 01/15/22 | 557,775 | 0.1 | ||||||||||||||
51,720,497 | 6.3 | |||||||||||||||||
Financials: 9.7% | ||||||||||||||||||
856,000 | # | ABN Amro Bank NV, 4.250%, 02/02/17 | 870,561 | 0.1 | ||||||||||||||
3,513,600 | Aegon NV, 2.204%, 12/31/49 | 1,923,292 | 0.2 | |||||||||||||||
617,000 | Allstate Corp./The, 5.200%, 01/15/42 | 645,887 | 0.1 | |||||||||||||||
584,000 | American Express Credit Corp., 2.375%, 03/24/17 | 585,444 | 0.1 | |||||||||||||||
1,203,000 | American International Group, Inc., 5.850%, 01/16/18 | 1,311,175 | 0.2 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1,257,000 | American International Group, Inc., 8.175%, 05/15/58 | 1,336,819 | 0.2 | |||||||||||||||
694,000 | American Tower Corp., 4.700%, 03/15/22 | 700,682 | 0.1 | |||||||||||||||
BRL 2,887,000 | # | Banco Votorantim SA, 6.250%, 05/16/16 | 1,735,727 | 0.2 | ||||||||||||||
800,000 | Bank of America Corp., 3.750%, 07/12/16 | 804,617 | 0.1 | |||||||||||||||
962,000 | Bank of America Corp., 5.700%, 01/24/22 | 1,019,893 | 0.1 | |||||||||||||||
823,000 | Bank of America Corp., 5.875%, 02/07/42 | 819,022 | 0.1 | |||||||||||||||
1,314,000 | Bank of America Corp., 8.000%, 12/29/49 | 1,348,983 | 0.2 | |||||||||||||||
1,122,000 | BB&T Corp., 3.950%, 03/22/22 | 1,126,755 | 0.1 | |||||||||||||||
739,000 | Berkshire Hathaway, Inc., 1.900%, 01/31/17 | 748,142 | 0.1 | |||||||||||||||
816,000 | Berkshire Hathaway, Inc., 3.400%, 01/31/22 | 824,962 | 0.1 | |||||||||||||||
777,000 | Boston Properties L.P., 3.700%, 11/15/18 | 804,570 | 0.1 | |||||||||||||||
772,000 | Citigroup Capital XXI, 8.300%, 12/21/57 | 781,264 | 0.1 | |||||||||||||||
2,912,000 | Citigroup, Inc., 3.953%, 06/15/16 | 2,994,835 | 0.4 | |||||||||||||||
1,209,000 | Citigroup, Inc., 4.450%, 01/10/17 | 1,267,520 | 0.1 | |||||||||||||||
441,000 | Citigroup, Inc., 4.500%, 01/14/22 | 443,422 | 0.0 | |||||||||||||||
519,000 | Citigroup, Inc., 5.875%, 01/30/42 | 538,062 | 0.1 | |||||||||||||||
1,660,000 | # | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 11.000%, 12/29/49 | 2,118,900 | 0.2 | ||||||||||||||
1,056,000 | Discover Bank/Greenwood DE, 8.700%, 11/18/19 | 1,315,605 | 0.2 | |||||||||||||||
1,485,000 | ERP Operating L.P., 4.625%, 12/15/21 | 1,566,010 | 0.2 | |||||||||||||||
829,000 | Fifth Third Bancorp, 3.500%, 03/15/22 | 811,361 | 0.1 | |||||||||||||||
1,285,000 | Fifth Third Bancorp., 8.250%, 03/01/38 | 1,706,628 | 0.2 | |||||||||||||||
1,065,000 | Ford Motor Credit Co., LLC, 8.125%, 01/15/20 | 1,290,923 | 0.1 | |||||||||||||||
1,043,000 | General Electric Capital Corp., 3.350%, 10/17/16 | 1,107,398 | 0.1 | |||||||||||||||
1,729,000 | General Electric Capital Corp., 4.650%, 10/17/21 | 1,843,055 | 0.2 | |||||||||||||||
2,262,000 | General Electric Capital Corp., 5.300%, 02/11/21 | 2,453,309 | 0.3 | |||||||||||||||
1,443,000 | Genworth Financial, Inc., 7.625%, 09/24/21 | 1,494,750 | 0.2 | |||||||||||||||
1,899,000 | Goldman Sachs Group, Inc./The, 5.750%, 01/24/22 | 1,956,498 | 0.2 | |||||||||||||||
521,000 | Hartford Financial Services Group, Inc., 5.500%, 03/30/20 | 557,512 | 0.1 | |||||||||||||||
610,000 | Hartford Financial Services Group, Inc., 6.625%, 03/30/40 | 630,272 | 0.1 | |||||||||||||||
538,000 | HCP, Inc., 3.750%, 02/01/19 | 535,473 | 0.1 | |||||||||||||||
1,301,000 | HSBC Finance Corp., 6.676%, 01/15/21 | 1,390,586 | 0.2 | |||||||||||||||
418,000 | HSBC Holdings PLC, 4.875%, 01/14/22 | 443,542 | 0.0 | |||||||||||||||
1,325,000 | HSBC USA, Inc., 2.375%, 02/13/15 | 1,335,004 | 0.2 | |||||||||||||||
2,278,000 | # | Hyundai Capital America, 4.000%, 06/08/17 | 2,342,718 | 0.3 | ||||||||||||||
964,000 | # | Iberdrola Finance Ireland Ltd., 3.800%, 09/11/14 | 989,813 | 0.1 | ||||||||||||||
1,361,000 | # | ILFC E-Capital Trust II, 6.250%, 12/21/65 | 1,003,737 | 0.1 | ||||||||||||||
1,312,000 | International Lease Finance Corp., 5.875%, 04/01/19 | 1,269,416 | 0.1 | |||||||||||||||
1,037,000 | # | International Lease Finance Corp., 7.125%, 09/01/18 | 1,135,515 | 0.1 | ||||||||||||||
559,000 | # | IPIC GMTN Ltd., 3.750%, 03/01/17 | 571,577 | 0.1 | ||||||||||||||
1,300,000 | # | IPIC GMTN Ltd., 5.500%, 03/01/22 | 1,343,875 | 0.2 | ||||||||||||||
625,000 | # | IPIC GMTN Ltd., 6.875%, 11/01/41 | 656,250 | 0.1 | ||||||||||||||
1,026,000 | Itau Unibanco Holding SA/Cayman Island, 5.750%, 01/22/21 | 1,056,780 | 0.1 | |||||||||||||||
601,000 | # | Itau Unibanco Holding SA/Cayman Island, 6.200%, 12/21/21 | 631,050 | 0.1 | ||||||||||||||
1,072,000 | JP Morgan Chase Capital XX, 6.550%, 09/29/36 | 1,082,720 | 0.1 | |||||||||||||||
2,271,000 | JPMorgan Chase & Co., 4.350%, 08/15/21 | 2,323,914 | 0.3 | |||||||||||||||
732,000 | JPMorgan Chase & Co., 4.500%, 01/24/22 | 762,735 | 0.1 | |||||||||||||||
547,000 | JPMorgan Chase & Co., 5.400%, 01/06/42 | 581,163 | 0.1 | |||||||||||||||
509,000 | JPMorgan Chase Capital XXII, 6.450%, 02/02/37 | 511,545 | 0.1 | |||||||||||||||
1,727,000 | Merrill Lynch & Co., Inc., 6.050%, 05/16/16 | 1,819,709 | 0.2 | |||||||||||||||
1,301,000 | Morgan Stanley, 3.800%, 04/29/16 | 1,267,350 | 0.1 | |||||||||||||||
832,000 | Morgan Stanley, 4.750%, 03/22/17 | 833,007 | 0.1 | |||||||||||||||
1,801,000 | Morgan Stanley, 5.500%, 07/28/21 | 1,762,619 | 0.2 | |||||||||||||||
545,000 | MPT Operating Partnership L.P./MPT Finance Corp., 6.375%, 02/15/22 | 555,900 | 0.1 | |||||||||||||||
2,403,000 | Murray Street Investment Trust I, 4.647%, 03/09/17 | 2,406,878 | 0.3 | |||||||||||||||
612,000 | National Rural Utilities Cooperative Finance Corp., 3.050%, 02/15/22 | 607,953 | 0.1 | |||||||||||||||
DKK 16 | Nordea Kredit Realkreditaktieselskab, 6.000%, 07/01/29 | 3 | 0.0 | |||||||||||||||
1,300,000 | Owens, 7.375%, 05/15/16 | 1,469,000 | 0.2 | |||||||||||||||
882,000 | Simon Property Group L.P., 4.125%, 12/01/21 | 926,953 | 0.1 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
755,000 | SLM Corp., 6.000%, 01/25/17 | 778,296 | 0.1 | |||||||||||||||
1,007,000 | SLM Corp., 8.000%, 03/25/20 | 1,090,078 | 0.1 | |||||||||||||||
2,347,000 | The Bank of New York Mellon Corp., 3.550%, 09/23/21 | 2,407,792 | 0.3 | |||||||||||||||
1,583,000 | ±,X | Twin Reefs Pass-through Trust, 1.390%, 12/10/49 | — | — | ||||||||||||||
1,190,000 | Wells Fargo & Co., 3.500%, 03/08/22 | 1,173,466 | 0.1 | |||||||||||||||
1,829,000 | Zions Bancorporation, 4.500%, 03/27/17 | 1,819,175 | 0.2 | |||||||||||||||
80,369,447 | 9.7 | |||||||||||||||||
Health Care: 1.7% | ||||||||||||||||||
785,000 | Amgen, Inc., 3.875%, 11/15/21 | 805,087 | 0.1 | |||||||||||||||
1,179,000 | Amgen, Inc., 5.150%, 11/15/41 | 1,184,469 | 0.1 | |||||||||||||||
1,075,000 | # | Aristotle Holding, Inc., 2.100%, 02/12/15 | 1,089,001 | 0.1 | ||||||||||||||
1,018,000 | # | Aristotle Holding, Inc., 2.650%, 02/15/17 | 1,030,441 | 0.1 | ||||||||||||||
1,268,000 | # | Aristotle Holding, Inc., 3.500%, 11/15/16 | 1,325,617 | 0.2 | ||||||||||||||
425,000 | # | CHS/Community Health Systems, Inc., 8.000%, 11/15/19 | 439,875 | 0.1 | ||||||||||||||
1,025,000 | DaVita, Inc., 6.625%, 11/01/20 | 1,076,250 | 0.1 | |||||||||||||||
1,477,000 | Gilead Sciences, Inc., 4.400%, 12/01/21 | 1,552,761 | 0.2 | |||||||||||||||
1,395,000 | HCA, Inc., 7.250%, 09/15/20 | 1,525,781 | 0.2 | |||||||||||||||
685,000 | # | Mylan, Inc./PA, 7.875%, 07/15/20 | 767,200 | 0.1 | ||||||||||||||
775,000 | Omnicare, Inc., 7.750%, 06/01/20 | 864,125 | 0.1 | |||||||||||||||
1,054,000 | X | U.S. Oncology Escrow, 87.500%, 12/31/49 | — | — | ||||||||||||||
915,000 | # | Valeant Pharmaceuticals International, 7.250%, 07/15/22 | 910,425 | 0.1 | ||||||||||||||
1,549,000 | WellPoint, Inc., 3.700%, 08/15/21 | 1,610,054 | 0.2 | |||||||||||||||
14,181,086 | 1.7 | |||||||||||||||||
Industrials: 0.6% | ||||||||||||||||||
900,000 | # | Bombardier, Inc., 7.500%, 03/15/18 | 994,500 | 0.1 | ||||||||||||||
890,000 | # | Bombardier, Inc., 7.750%, 03/15/20 | 996,800 | 0.1 | ||||||||||||||
185,000 | Celanese US Holdings LLC, 5.875%, 06/15/21 | 195,406 | 0.0 | |||||||||||||||
720,000 | MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp., 6.500%, 08/15/21 | 768,600 | 0.1 | |||||||||||||||
975,000 | # | Schaeffler Finance BV, 7.750%, 02/15/17 | 1,035,937 | 0.1 | ||||||||||||||
235,000 | # | Schaeffler Finance BV, 8.500%, 02/15/19 | 252,038 | 0.1 | ||||||||||||||
836,000 | Syngenta Finance NV, 3.125%, 03/28/22 | 842,939 | 0.1 | |||||||||||||||
5,086,220 | 0.6 | |||||||||||||||||
Information Technology: 1.1% | ||||||||||||||||||
150,000 | Brocade Communications Systems, Inc., 6.625%, 01/15/18 | 158,250 | 0.0 | |||||||||||||||
1,120,000 | Brocade Communications Systems, Inc., 6.875%, 01/15/20 | 1,240,400 | 0.2 | |||||||||||||||
635,000 | # | Fidelity National Information Services, Inc., 5.000%, 03/15/22 | 628,650 | 0.1 | ||||||||||||||
825,000 | Hewlett-Packard Co., 2.600%, 09/15/17 | 825,325 | 0.1 | |||||||||||||||
1,543,000 | Hewlett-Packard Co., 3.000%, 09/15/16 | 1,586,290 | 0.2 | |||||||||||||||
625,000 | Hewlett-Packard Co., 5.400%, 03/01/17 | 703,235 | 0.1 | |||||||||||||||
1,365,000 | Jabil Circuit, Inc., 7.750%, 07/15/16 | 1,562,925 | 0.2 | |||||||||||||||
835,000 | Seagate Technology, Inc., 6.800%, 10/01/16 | 924,763 | 0.1 | |||||||||||||||
952,000 | Symantec Corp., 4.200%, 09/15/20 | 972,506 | 0.1 | |||||||||||||||
8,602,344 | 1.1 | |||||||||||||||||
Materials: 2.9% | ||||||||||||||||||
1,203,000 | Alcoa, Inc., 6.150%, 08/15/20 | 1,296,704 | 0.2 | |||||||||||||||
816,000 | ArcelorMittal, 6.125%, 06/01/18 | 858,256 | 0.1 | |||||||||||||||
1,606,000 | ArcelorMittal, 9.850%, 06/01/19 | 1,934,525 | 0.2 | |||||||||||||||
1,267,000 | # | Barrick Gold Corp., 3.850%, 04/01/22 | 1,269,418 | 0.1 | ||||||||||||||
1,480,000 | # | Barrick Gold Corp., 5.250%, 04/01/42 | 1,476,924 | 0.2 | ||||||||||||||
1,175,000 | Case New Holland, Inc., 7.875%, 12/01/17 | 1,371,813 | 0.2 | |||||||||||||||
702,000 | # | Chevron Phillips Chemical Co. LLC, 7.000%, 06/15/14 | 787,450 | 0.1 | ||||||||||||||
220,000 | Evraz Group SA, 6.750%, 04/27/18 | 211,486 | 0.0 | |||||||||||||||
820,000 | #,L | FMG Resources August 2006 Pty Ltd., 6.000%, 04/01/17 | 813,850 | 0.1 | ||||||||||||||
460,000 | # | FMG Resources August 2006 Pty Ltd., 7.000%, 11/01/15 | 471,500 | 0.1 | ||||||||||||||
495,000 | # | Georgia-Pacific LLC, 5.400%, 11/01/20 | 553,327 | 0.1 | ||||||||||||||
1,100,000 | L | Huntsman International LLC, 8.625%, 03/15/21 | 1,240,250 | 0.1 | ||||||||||||||
381,811 | Lyondell Chemical Co., 11.000%, 05/01/18 | 423,810 | 0.0 | |||||||||||||||
740,000 | Newmont Mining Corp., 3.500%, 03/15/22 | 714,107 | 0.1 | |||||||||||||||
713,000 | Newmont Mining Corp., 4.875%, 03/15/42 | 663,787 | 0.1 | |||||||||||||||
1,025,000 | Nova Chemicals Corp., 8.375%, 11/01/16 | 1,142,875 | 0.1 | |||||||||||||||
2,107,000 | Rio Tinto Finance USA PLC, 3.500%, 03/22/22 | 2,114,387 | 0.3 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
460,000 | # | Sealed Air Corp., 8.375%, 09/15/21 | 519,225 | 0.1 | |||||||||||||||
230,000 | Southern Copper Corp., 5.375%, 04/16/20 | 253,462 | 0.0 | ||||||||||||||||
825,000 | Teck Resources Ltd., 5.200%, 03/01/42 | 783,156 | 0.1 | ||||||||||||||||
1,008,000 | Teck Resources Ltd., 10.250%, 05/15/16 | 1,155,244 | 0.1 | ||||||||||||||||
2,078,000 | Vale Overseas Ltd., 4.625%, 09/15/20 | 2,195,428 | 0.3 | ||||||||||||||||
860,000 | # | Volcan Cia Minera SAA, 5.375%, 02/02/22 | 892,250 | 0.1 | |||||||||||||||
827,000 | # | Xstrata Canada Financial Corp., 4.950%, 11/15/21 | 867,729 | 0.1 | |||||||||||||||
24,010,963 | 2.9 | ||||||||||||||||||
Telecommunication Services: 2.4% | |||||||||||||||||||
1,410,000 | American Tower Corp., 4.500%, 01/15/18 | 1,482,994 | 0.2 | ||||||||||||||||
1,608,000 | AT&T, Inc., 5.350%, 09/01/40 | 1,710,825 | 0.2 | ||||||||||||||||
931,000 | CenturyLink, Inc., 5.800%, 03/15/22 | 910,485 | 0.1 | ||||||||||||||||
800,000 | CenturyLink, Inc., 6.000%, 04/01/17 | 851,203 | 0.1 | ||||||||||||||||
500,000 | Frontier Communications Corp., 7.875%, 04/15/15 | 540,000 | 0.1 | ||||||||||||||||
570,000 | Frontier Communications Corp., 8.125%, 10/01/18 | 605,625 | 0.1 | ||||||||||||||||
425,000 | Hughes Satellite Systems Corp., 6.500%, 06/15/19 | 446,250 | 0.0 | ||||||||||||||||
425,000 | Intelsat Jackson Holdings SA, 7.250%, 10/15/20 | 447,844 | 0.0 | ||||||||||||||||
450,000 | Intelsat Jackson Holdings SA, 7.500%, 04/01/21 | 475,313 | 0.1 | ||||||||||||||||
510,000 | MetroPCS Wireless, Inc., 6.625%, 11/15/20 | 508,088 | 0.1 | ||||||||||||||||
586,000 | Qwest Communications International, Inc., 7.125%, 04/01/18 | 628,455 | 0.1 | ||||||||||||||||
770,000 | # | Sable International Finance Ltd., 8.750%, 02/01/20 | 820,050 | 0.1 | |||||||||||||||
1,568,000 | Telecom Italia Capital S.A., 5.250%, 11/15/13 | 1,615,040 | 0.2 | ||||||||||||||||
1,428,000 | Telefonica Emisiones SAU, 3.992%, 02/16/16 | 1,422,379 | 0.2 | ||||||||||||||||
2,826,000 | # | Telstra Corp. Ltd., 4.800%, 10/12/21 | 3,076,392 | 0.4 | |||||||||||||||
810,000 | # | UPCB Finance VI Ltd., 6.875%, 01/15/22 | 840,375 | 0.1 | |||||||||||||||
1,197,000 | Verizon Communications, Inc., 3.500%, 11/01/21 | 1,226,593 | 0.1 | ||||||||||||||||
627,000 | Verizon Communications, Inc., 4.750%, 11/01/41 | 635,078 | 0.1 | ||||||||||||||||
1,200,000 | Windstream Corp., 7.000%, 03/15/19 | 1,230,000 | 0.1 | ||||||||||||||||
19,472,989 | 2.4 | ||||||||||||||||||
Utilities: 2.2% | |||||||||||||||||||
855,000 | AES Corp., 8.000%, 10/15/17 | 967,219 | 0.1 | ||||||||||||||||
1,191,000 | Ameren Corp., 8.875%, 05/15/14 | 1,351,436 | 0.2 | ||||||||||||||||
1,105,000 | # | Calpine Corp., 7.500%, 02/15/21 | 1,185,112 | 0.1 | |||||||||||||||
1,043,000 | CMS Energy Corp., 6.250%, 02/01/20 | 1,144,187 | 0.1 | ||||||||||||||||
205,000 | # | Comision Federal de Electricidad, 5.750%, 02/14/42 | 206,845 | 0.0 | |||||||||||||||
922,000 | Commonwealth Edison Co., 3.400%, 09/01/21 | 952,172 | 0.1 | ||||||||||||||||
1,249,000 | # | Duquesne Light Holdings, Inc., 6.400%, 09/15/20 | 1,382,016 | 0.2 | |||||||||||||||
873,000 | # | Empresa de Energia de Bogota SA, 6.125%, 11/10/21 | 929,745 | 0.1 | |||||||||||||||
782,000 | Entergy Texas, Inc., 7.125%, 02/01/19 | 931,891 | 0.1 | ||||||||||||||||
1,250,000 | Gazprom OAO Via Gaz Capital SA, 6.212%, 11/22/16 | 1,366,362 | 0.2 | ||||||||||||||||
818,000 | L | Gazprom OAO Via Gaz Capital SA, 6.510%, 03/07/22 | 895,710 | 0.1 | |||||||||||||||
137,707 | # | Juniper Generation, LLC, 6.790%, 12/31/14 | 116,024 | 0.0 | |||||||||||||||
618,000 | Metropolitan Edison, 7.700%, 01/15/19 | 771,387 | 0.1 | ||||||||||||||||
709,000 | Nevada Power Co., 7.125%, 03/15/19 | 891,262 | 0.1 | ||||||||||||||||
413,000 | Nisource Finance Corp., 4.450%, 12/01/21 | 431,468 | 0.1 | ||||||||||||||||
521,000 | Nisource Finance Corp., 5.950%, 06/15/41 | 570,689 | 0.1 | ||||||||||||||||
645,000 | Nisource Finance Corp., 6.125%, 03/01/22 | 750,565 | 0.1 | ||||||||||||||||
980,000 | Oncor Electric Delivery Co., 6.800%, 09/01/18 | 1,185,945 | 0.1 | ||||||||||||||||
851,000 | Oncor Electric Delivery Co., 7.500%, 09/01/38 | 1,081,041 | 0.1 | ||||||||||||||||
1,169,000 | Southwestern Electric Power, 5.550%, 01/15/17 | 1,314,526 | 0.2 | ||||||||||||||||
18,425,602 | 2.2 | ||||||||||||||||||
Total Corporate Bonds/Notes (Cost $267,518,452) | 274,472,002 | 33.2 | |||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: 11.2% | |||||||||||||||||||
1,039,000 | # | American General Mortgage Loan Trust, 5.650%, 03/25/58 | 1,094,730 | 0.1 | |||||||||||||||
2,753,000 | # | American General Mortgage Loan Trust, 5.750%, 09/25/48 | 2,831,858 | 0.3 | |||||||||||||||
900,000 | # | Arkle Master Issuer PLC, 2.215%, 05/17/60 | 901,034 | 0.1 | |||||||||||||||
25,722,516 | #,ˆ | Banc of America Commercial Mortgage, Inc., 0.231%, 10/10/45 | 263,342 | 0.0 | |||||||||||||||
990,000 | Banc of America Commercial Mortgage, Inc., 5.837%, 06/10/49 | 968,002 | 0.1 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2,227,750 | # | Banc of America Funding Corp., 5.250%, 08/26/35 | 2,255,058 | 0.3 | ||||||||||||||
2,937,341 | Banc of America Funding Corp., 5.500%, 02/25/35 | 2,945,205 | 0.4 | |||||||||||||||
738,213 | # | Banc of America Large Loan, Inc., 1.642%, 06/15/18 | 728,670 | 0.1 | ||||||||||||||
1,030,000 | Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.366%, 09/10/47 | 933,936 | 0.1 | |||||||||||||||
770,000 | # | Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.498%, 07/10/43 | 747,286 | 0.1 | ||||||||||||||
392,713 | # | Banc of America Merrill Lynch Commercial Mortgage, Inc., 6.850%, 11/15/31 | 396,546 | 0.0 | ||||||||||||||
650,000 | # | Bank of America-First Union NB Commercial Mortgage, 6.250%, 04/11/37 | 608,229 | 0.1 | ||||||||||||||
541,285 | Bear Stearns Alternative-A Trust, 0.882%, 07/25/34 | 423,452 | 0.0 | |||||||||||||||
740,000 | Bear Stearns Commercial Mortgage Securities, 5.134%, 02/13/42 | 618,579 | 0.1 | |||||||||||||||
660,000 | # | Bear Stearns Commercial Mortgage Securities, 5.541%, 04/12/38 | 611,173 | 0.1 | ||||||||||||||
240,000 | # | Bear Stearns Commercial Mortgage Securities, 5.640%, 02/14/31 | 238,461 | 0.0 | ||||||||||||||
550,000 | Bear Stearns Commercial Mortgage Securities, 6.500%, 02/15/32 | 505,185 | 0.1 | |||||||||||||||
347,192 | # | Bear Stearns Commercial Mortgage Securities, 6.500%, 02/15/32 | 347,315 | 0.0 | ||||||||||||||
730,000 | # | Bear Stearns Deutsche Bank Trust, 5.008%, 09/15/27 | 770,908 | 0.1 | ||||||||||||||
1,415,972 | Chase Mortgage Finance Corp., 5.280%, 12/25/35 | 1,350,010 | 0.2 | |||||||||||||||
52,910 | Chase Mortgage Finance Corp., 5.500%, 11/25/35 | 52,704 | 0.0 | |||||||||||||||
2,308,877 | Citicorp Mortgage Securities, Inc., 6.000%, 06/25/36 | 2,277,644 | 0.3 | |||||||||||||||
1,189,955 | Citicorp Mortgage Securities, Inc., 6.000%, 08/25/36 | 1,149,058 | 0.1 | |||||||||||||||
74,203 | Citigroup Commercial Mortgage Trust, 5.378%, 10/15/49 | 74,759 | 0.0 | |||||||||||||||
609,494 | # | Commercial Mortgage Pass Through Certificates, 0.422%, 06/15/22 | 592,888 | 0.1 | ||||||||||||||
706,852 | # | Commercial Mortgage Pass Through Certificates, 0.692%, 12/15/20 | 651,061 | 0.1 | ||||||||||||||
567,227 | # | Commercial Mortgage Pass Through Certificates, 0.742%, 12/15/20 | 519,624 | 0.1 | ||||||||||||||
514,868 | # | Commercial Mortgage Pass Through Certificates, 0.842%, 12/15/20 | 469,088 | 0.1 | ||||||||||||||
1,853,289 | # | Commercial Mortgage Pass Through Certificates, 3.828%, 12/17/13 | 1,883,179 | 0.2 | ||||||||||||||
419,601 | Commercial Mortgage Pass Through Certificates, 5.811%, 12/10/49 | 421,786 | 0.0 | |||||||||||||||
5,400,259 | Countrywide Alternative Loan Trust, 0.642%, 05/25/36 | 2,188,547 | 0.3 | |||||||||||||||
1,024,955 | Countrywide Home Loan Mortgage Pass-through Trust, 0.562%, 04/25/35 | 192,134 | 0.0 | |||||||||||||||
830,000 | Credit Suisse First Boston Mortgage Securities Corp., 5.100%, 08/15/38 | 773,117 | 0.1 | |||||||||||||||
730,000 | # | Credit Suisse Mortgage Capital Certificates, 5.599%, 04/12/49 | 742,570 | 0.1 | ||||||||||||||
500,000 | Credit Suisse Mortgage Capital Certificates, 5.714%, 06/15/39 | 541,679 | 0.1 | |||||||||||||||
2,151,305 | Deutsche ALT-A Securities, Inc. Alternate Loan Trust, 0.362%, 08/25/36 | 985,102 | 0.1 | |||||||||||||||
2,606,070 | Deutsche ALT-A Securities, Inc. Alternate Loan Trust, 0.432%, 10/25/36 | 1,096,560 | 0.1 | |||||||||||||||
1,251,345 | First Horizon Asset Securities, Inc., 5.750%, 02/25/36 | 1,252,815 | 0.1 | |||||||||||||||
1,973,587 | Freddie Mac, 5.000%, 02/15/35 | 2,204,881 | 0.3 | |||||||||||||||
1,622,572 | Freddie Mac, 5.500%, 07/15/37 | 1,860,179 | 0.2 | |||||||||||||||
2,430,000 | # | GS Mortgage Securities Corp. II, 5.309%, 01/10/40 | 2,453,982 | 0.3 | ||||||||||||||
257,155 | GS Mortgage Securities Corp. II, 5.479%, 11/10/39 | 258,745 | 0.0 | |||||||||||||||
82,928 | GSR Mortgage Loan Trust, 0.742%, 06/25/35 | 73,391 | 0.0 | |||||||||||||||
950,547 | GSR Mortgage Loan Trust, 5.500%, 07/25/35 | 942,699 | 0.1 | |||||||||||||||
2,100,000 | # | Holmes Master Issuer PLC, 2.165%, 10/15/54 | 2,119,839 | 0.3 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
271,958 | Homebanc Mortgage Trust, 1.102%, 08/25/29 | 199,752 | 0.0 | ||||||||||||||||
200,000 | JP Morgan Chase Commercial Mortgage Securities Corp., 5.198%, 12/15/44 | 201,622 | 0.0 | ||||||||||||||||
1,358,920 | JP Morgan Chase Commercial Mortgage Securities Corp., 5.801%, 06/15/49 | 1,366,534 | 0.2 | ||||||||||||||||
1,189,888 | JP Morgan Commercial Mortgage Finance Corp., 8.271%, 08/15/32 | 1,229,062 | 0.1 | ||||||||||||||||
452,363 | JPMorgan Mortgage Trust, 5.315%, 07/25/35 | 459,434 | 0.1 | ||||||||||||||||
18,576,361 | ˆ | LB-UBS Commercial Mortgage Trust, 0.169%, 11/15/40 | 24,222 | 0.0 | |||||||||||||||
37,748,398 | #,ˆ | LB-UBS Commercial Mortgage Trust, 0.199%, 09/15/39 | 661,624 | 0.1 | |||||||||||||||
54,636,005 | #,ˆ | LB-UBS Commercial Mortgage Trust, 0.649%, 11/15/38 | 1,266,135 | 0.2 | |||||||||||||||
1,110,000 | LB-UBS Commercial Mortgage Trust, 4.924%, 07/15/40 | 991,552 | 0.1 | ||||||||||||||||
670,000 | LB-UBS Commercial Mortgage Trust, 4.983%, 07/15/40 | 443,440 | 0.1 | ||||||||||||||||
740,000 | # | LB-UBS Commercial Mortgage Trust, 5.032%, 10/15/36 | 699,042 | 0.1 | |||||||||||||||
820,000 | LB-UBS Commercial Mortgage Trust, 5.350%, 11/15/40 | 723,061 | 0.1 | ||||||||||||||||
1,140,000 | LB-UBS Commercial Mortgage Trust, 5.713%, 09/15/45 | 1,234,487 | 0.1 | ||||||||||||||||
410,000 | # | LB-UBS Commercial Mortgage Trust, 5.750%, 01/15/36 | 410,611 | 0.0 | |||||||||||||||
2,490,000 | LB-UBS Commercial Mortgage Trust, 5.886%, 06/15/38 | 2,097,099 | 0.3 | ||||||||||||||||
2,250,000 | # | Lehman Brothers Floating Rate Commercial Mortgage Trust, 0.592%, 06/15/22 | 2,137,961 | 0.3 | |||||||||||||||
510,000 | # | Merrill Lynch Mortgage Investors, Inc., 6.000%, 12/15/30 | 516,212 | 0.1 | |||||||||||||||
352,364 | Merrill Lynch Mortgage Investors, Inc., 6.250%, 12/10/29 | 357,504 | 0.0 | ||||||||||||||||
50,700,501 | #,ˆ | Merrill Lynch Mortgage Trust, 0.521%, 02/12/51 | 861,036 | 0.1 | |||||||||||||||
1,220,000 | Morgan Stanley Capital I, 5.073%, 08/13/42 | 1,220,940 | 0.1 | ||||||||||||||||
1,690,000 | Morgan Stanley Capital I, 5.172%, 08/13/42 | 1,589,924 | 0.2 | ||||||||||||||||
850,000 | Morgan Stanley Capital I, 5.202%, 08/13/42 | 755,418 | 0.1 | ||||||||||||||||
1,390,000 | Morgan Stanley Capital I, 5.302%, 01/14/42 | 1,372,710 | 0.2 | ||||||||||||||||
1,080,000 | Morgan Stanley Capital I, 5.336%, 01/14/42 | 1,049,696 | 0.1 | ||||||||||||||||
850,000 | Morgan Stanley Capital I, 5.300%, 06/15/40 | 786,083 | 0.1 | ||||||||||||||||
1,000,000 | # | Morgan Stanley Capital I, 5.397%, 01/13/41 | 963,797 | 0.1 | |||||||||||||||
1,789,189 | Morgan Stanley Capital I, 5.599%, 04/12/49 | 1,842,030 | 0.2 | ||||||||||||||||
1,700,000 | Morgan Stanley Capital I, 5.793%, 07/12/44 | 1,670,346 | 0.2 | ||||||||||||||||
1,580,000 | # | Morgan Stanley Capital I, 5.813%, 08/12/41 | 1,224,763 | 0.1 | |||||||||||||||
280,000 | # | Morgan Stanley Capital I, 7.350%, 07/15/32 | 286,813 | 0.0 | |||||||||||||||
984,000 | # | Morgan Stanley Reremic Trust, 5.870%, 12/17/43 | 1,009,886 | 0.1 | |||||||||||||||
19,447,959 | #,ˆ | RBSCF Trust, 0.985%, 04/15/24 | 493,910 | 0.1 | |||||||||||||||
2,580,000 | # | RBSCF Trust, 5.305%, 01/16/49 | 2,637,767 | 0.3 | |||||||||||||||
4,858,183 | Residential Accredit Loans, Inc., 0.412%, 01/25/37 | 2,440,578 | 0.3 | ||||||||||||||||
1,886,365 | Residential Accredit Loans, Inc., 0.692%, 12/25/36 | 705,407 | 0.1 | ||||||||||||||||
267,457 | Salomon Brothers Mortgage Securities VII, Inc., 6.784%, 12/18/35 | 268,018 | 0.0 | ||||||||||||||||
292,283 | Sequoia Mortgage Trust, 0.512%, 01/20/35 | 229,832 | 0.0 | ||||||||||||||||
1,551,000 | # | Silverstone Master Issuer PLC, 1.792%, 01/21/55 | 1,562,169 | 0.2 | |||||||||||||||
489,718 | Structured Adjustable Rate Mortgage Loan Trust, 2.742%, 09/25/34 | 471,052 | 0.1 | ||||||||||||||||
617,425 | Structured Asset Mortgage Investments, Inc., 0.482%, 04/19/35 | 498,512 | 0.1 | ||||||||||||||||
866,173 | Structured Asset Securities Corp., 5.500%, 05/25/35 | 877,363 | 0.1 | ||||||||||||||||
934,626 | Wachovia Bank Commercial Mortgage Trust, 5.030%, 01/15/41 | 948,850 | 0.1 | ||||||||||||||||
630,000 | Wachovia Bank Commercial Mortgage Trust, 5.383%, 12/15/43 | 592,898 | 0.1 | ||||||||||||||||
490,000 | # | Wachovia Bank Commercial Mortgage Trust, 6.290%, 04/15/34 | 487,938 | 0.1 | |||||||||||||||
1,912,185 | WaMu Mortgage Pass Through Certificates, 2.474%, 01/25/36 | 1,779,960 | 0.2 | ||||||||||||||||
1,188,404 | Washington Mutual Mortgage Pass-through Certificates, 6.000%, 06/25/34 | 1,269,492 | 0.2 | ||||||||||||||||
2,414,073 | Wells Fargo Mortgage Backed Securities Trust, 2.664%, 06/25/35 | 2,365,204 | 0.3 | ||||||||||||||||
Total Collateralized Mortgage Obligations (Cost $92,972,920) | 92,598,756 | 11.2 | |||||||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 31.0% | |||||||||||||||||||
Federal Home Loan Mortgage Corporation: 11.5%## | |||||||||||||||||||
10,955,160 | ˆ | 6.243%, due 06/15/36 | 1,743,037 | 0.2 | |||||||||||||||
149,168 | 0.592%, due 02/15/32 | 149,545 | 0.0 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1,093,041 | 3.342%, due 03/15/38 | 1,137,783 | 0.1 | |||||||||||||||
1,459,000 | W | 3.500%, due 08/15/41 | 1,490,688 | 0.2 | ||||||||||||||
5,791,900 | 4.000%, due 10/01/41 | 6,069,964 | 0.7 | |||||||||||||||
1,966,756 | 4.000%, due 10/01/41 | 2,061,178 | 0.3 | |||||||||||||||
7,389,692 | 4.000%, due 12/01/41 | 7,744,464 | 0.9 | |||||||||||||||
3,604,152 | 4.500%, due 08/01/41 | 3,824,979 | 0.5 | |||||||||||||||
1,288,487 | 4.500%, due 08/01/41 | 1,367,433 | 0.2 | |||||||||||||||
3,503,387 | 4.500%, due 08/01/41 | 3,718,040 | 0.5 | |||||||||||||||
3,876,203 | 4.500%, due 09/01/41 | 4,113,699 | 0.5 | |||||||||||||||
5,289,661 | 4.500%, due 10/01/41 | 5,613,759 | 0.7 | |||||||||||||||
2,236,706 | ˆ | 4.858%, due 03/15/33 | 2,357,805 | 0.3 | ||||||||||||||
338,013 | 4.892%, due 04/01/35 | 360,557 | 0.0 | |||||||||||||||
614,802 | ˆ | 5.000%, due 05/15/17 | 17,703 | 0.0 | ||||||||||||||
1,353,332 | 5.000%, due 12/15/17 | 1,454,445 | 0.2 | |||||||||||||||
399,282 | 5.000%, due 02/15/32 | 413,043 | 0.1 | |||||||||||||||
738,885 | 5.000%, due 04/15/32 | 748,387 | 0.1 | |||||||||||||||
1,423,945 | 5.000%, due 02/15/35 | 1,598,805 | 0.2 | |||||||||||||||
905,044 | 5.000%, due 02/15/35 | 955,937 | 0.1 | |||||||||||||||
770,551 | 5.000%, due 01/01/41 | 830,184 | 0.1 | |||||||||||||||
5,958,593 | 5.500%, due 08/15/20 | 6,033,586 | 0.7 | |||||||||||||||
2,330,696 | 5.500%, due 11/15/22 | 2,535,642 | 0.3 | |||||||||||||||
1,464,946 | 5.500%, due 07/15/32 | 1,509,733 | 0.2 | |||||||||||||||
3,074,295 | 5.500%, due 12/15/32 | 3,410,949 | 0.4 | |||||||||||||||
1,424,072 | 5.500%, due 09/15/34 | 1,588,838 | 0.2 | |||||||||||||||
930,603 | 5.500%, due 09/15/35 | 919,610 | 0.1 | |||||||||||||||
10,877,101 | 5.500%, due 02/15/36 | 12,208,268 | 1.5 | |||||||||||||||
1,406,407 | 5.500%, due 08/15/36 | 1,639,125 | 0.2 | |||||||||||||||
1,610,000 | 5.500%, due 05/15/37 | 1,793,163 | 0.2 | |||||||||||||||
3,767,000 | 5.500%, due 06/15/37 | 4,243,458 | 0.5 | |||||||||||||||
76,137 | 5.674%, due 05/01/37 | 82,143 | 0.0 | |||||||||||||||
6,112,197 | ˆ | 5.808%, due 07/15/40 | 1,047,061 | 0.1 | ||||||||||||||
5,468 | 6.000%, due 04/01/14 | 5,799 | 0.0 | |||||||||||||||
22,330 | 6.000%, due 12/01/28 | 24,993 | 0.0 | |||||||||||||||
23,660 | 6.000%, due 01/01/29 | 26,482 | 0.0 | |||||||||||||||
819,338 | 6.000%, due 01/15/29 | 927,036 | 0.1 | |||||||||||||||
842,718 | 6.000%, due 01/15/29 | 916,547 | 0.1 | |||||||||||||||
956,170 | 6.000%, due 07/15/32 | 1,084,756 | 0.1 | |||||||||||||||
788,075 | ˆ | 6.000%, due 04/15/33 | 139,398 | 0.0 | ||||||||||||||
3,680,203 | 6.000%, due 10/15/37 | 4,284,690 | 0.5 | |||||||||||||||
25,800,354 | ˆ | 6.358%, due 09/15/34 | 3,084,492 | 0.4 | ||||||||||||||
25,598 | 6.500%, due 01/01/24 | 28,838 | 0.0 | |||||||||||||||
1,299 | 6.500%, due 11/01/28 | 1,485 | 0.0 | |||||||||||||||
32,050 | 6.500%, due 12/01/31 | 36,486 | 0.0 | |||||||||||||||
20,321 | 7.000%, due 11/01/31 | 23,645 | 0.0 | |||||||||||||||
13,463 | 7.000%, due 03/01/32 | 15,615 | 0.0 | |||||||||||||||
4,970 | 7.500%, due 11/01/28 | 5,900 | 0.0 | |||||||||||||||
95,389,173 | 11.5 | |||||||||||||||||
Federal National Mortgage Association: 13.5%## | ||||||||||||||||||
255,013 | 0.642%, due 04/18/28 | 256,192 | 0.0 | |||||||||||||||
149,891 | 0.700%, due 10/25/33 | 150,820 | 0.0 | |||||||||||||||
154,586 | 0.792%, due 01/25/32 | 154,616 | 0.0 | |||||||||||||||
18,624,000 | W | 3.500%, due 12/25/40 | 19,075,050 | 2.3 | ||||||||||||||
1,321,903 | ˆ | 4.000%, due 11/01/18 | 96,467 | 0.0 | ||||||||||||||
22,791,000 | W | 4.000%, due 02/25/39 | 23,852,206 | 2.9 | ||||||||||||||
5,230,616 | 4.000%, due 09/01/41 | 5,491,778 | 0.7 | |||||||||||||||
2,166,902 | 4.000%, due 03/01/42 | 2,275,433 | 0.3 | |||||||||||||||
6,022,000 | W | 4.500%, due 05/15/35 | 6,397,434 | 0.8 | ||||||||||||||
1,390,467 | 4.500%, due 11/01/40 | 1,481,527 | 0.2 | |||||||||||||||
1,905,658 | 4.500%, due 11/01/40 | 2,030,458 | 0.3 | |||||||||||||||
18,756 | 4.500%, due 12/01/40 | 19,985 | 0.0 | |||||||||||||||
29,211 | 4.500%, due 12/01/40 | 31,124 | 0.0 | |||||||||||||||
29,343 | 4.500%, due 01/01/41 | 31,264 | 0.0 | |||||||||||||||
38,499 | 4.500%, due 01/01/41 | 41,020 | 0.0 | |||||||||||||||
7,088,324 | 4.500%, due 09/01/41 | 7,565,822 | 0.9 | |||||||||||||||
2,532,126 | 4.500%, due 10/01/41 | 2,702,700 | 0.3 | |||||||||||||||
1,021,984 | 4.500%, due 11/01/41 | 1,090,829 | 0.1 | |||||||||||||||
56,680 | 5.000%, due 07/01/23 | 61,319 | 0.0 | |||||||||||||||
1,009,788 | 5.000%, due 05/25/32 | 1,047,388 | 0.1 | |||||||||||||||
834,625 | 5.000%, due 06/01/33 | 903,814 | 0.1 | |||||||||||||||
932,698 | 5.000%, due 07/25/34 | 979,381 | 0.1 | |||||||||||||||
1,250,451 | 5.000%, due 07/01/35 | 1,353,525 | 0.2 | |||||||||||||||
2,111,715 | 5.000%, due 08/01/35 | 2,283,803 | 0.3 | |||||||||||||||
372,279 | 5.000%, due 10/01/35 | 402,616 | 0.1 | |||||||||||||||
1,357,399 | 5.000%, due 01/01/36 | 1,468,016 | 0.2 | |||||||||||||||
892,938 | 5.000%, due 02/01/36 | 965,705 | 0.1 | |||||||||||||||
1,800,359 | 5.000%, due 07/01/36 | 1,949,605 | 0.2 | |||||||||||||||
1,009,000 | W | 5.000%, due 05/01/37 | 1,088,301 | 0.1 | ||||||||||||||
2,266,033 | 5.000%, due 07/01/37 | 2,453,883 | 0.3 | |||||||||||||||
741,396 | 5.000%, due 11/01/40 | 801,350 | 0.1 | |||||||||||||||
630,997 | 5.000%, due 02/01/41 | 683,404 | 0.1 | |||||||||||||||
395,364 | 5.000%, due 05/01/41 | 428,201 | 0.1 | |||||||||||||||
1,331,661 | 5.000%, due 06/01/41 | 1,442,261 | 0.2 | |||||||||||||||
959,500 | 5.000%, due 06/01/41 | 1,039,191 | 0.1 | |||||||||||||||
665,885 | 5.014%, due 07/01/35 | 714,002 | 0.1 | |||||||||||||||
63,198 | 5.500%, due 02/01/18 | 69,082 | 0.0 | |||||||||||||||
574,000 | 5.500%, due 08/25/34 | 633,131 | 0.1 | |||||||||||||||
242,643 | 5.500%, due 08/25/36 | 243,075 | 0.0 | |||||||||||||||
1,762,566 | 5.500%, due 03/01/37 | 1,929,529 | 0.2 | |||||||||||||||
98,956 | 5.500%, due 06/01/37 | 107,928 | 0.0 | |||||||||||||||
92,340 | 6.000%, due 08/01/16 | 99,899 | 0.0 | |||||||||||||||
924 | 6.000%, due 12/01/16 | 1,000 | 0.0 | |||||||||||||||
40,869 | 6.000%, due 03/01/17 | 44,215 | 0.0 | |||||||||||||||
4,567 | 6.000%, due 07/01/17 | 4,947 | 0.0 | |||||||||||||||
368,509 | 6.000%, due 09/01/17 | 399,136 | 0.1 | |||||||||||||||
24,184 | 6.000%, due 11/01/17 | 26,163 | 0.0 | |||||||||||||||
21,075 | 6.000%, due 10/01/18 | 22,899 | 0.0 | |||||||||||||||
439,397 | 6.000%, due 07/25/29 | 496,432 | 0.1 | |||||||||||||||
1,034,496 | 6.000%, due 07/25/29 | 1,168,777 | 0.2 | |||||||||||||||
831,096 | 6.000%, due 04/25/31 | 939,496 | 0.1 | |||||||||||||||
1,253,188 | ˆ | 6.000%, due 08/25/33 | 216,959 | 0.0 | ||||||||||||||
561,136 | 6.000%, due 09/01/36 | 619,953 | 0.1 | |||||||||||||||
545,541 | 6.000%, due 08/01/37 | 606,900 | 0.1 | |||||||||||||||
542,023 | 6.000%, due 12/01/37 | 601,716 | 0.1 | |||||||||||||||
1,101,712 | 6.000%, due 02/01/38 | 1,223,045 | 0.2 | |||||||||||||||
2,066,328 | ˆ | 6.458%, due 08/25/26 | 277,874 | 0.0 | ||||||||||||||
5,567,958 | ˆ | 6.498%, due 01/25/37 | 1,026,757 | 0.1 | ||||||||||||||
9,230 | 6.500%, due 02/01/28 | 10,526 | 0.0 | |||||||||||||||
8,724 | 6.500%, due 07/01/29 | 9,981 | 0.0 | |||||||||||||||
361 | 6.500%, due 06/01/31 | 412 | 0.0 | |||||||||||||||
169,385 | 6.500%, due 07/01/31 | 193,798 | 0.0 | |||||||||||||||
1,423 | 6.500%, due 09/01/31 | 1,621 | 0.0 | |||||||||||||||
510 | 6.500%, due 09/01/31 | 583 | 0.0 | |||||||||||||||
69,728 | 6.500%, due 11/01/31 | 79,430 | 0.0 | |||||||||||||||
38,299 | 6.500%, due 04/01/32 | 43,628 | 0.0 | |||||||||||||||
3,345 | 6.500%, due 08/01/32 | 3,811 | 0.0 | |||||||||||||||
5,772 | 6.500%, due 08/01/32 | 6,576 | 0.0 | |||||||||||||||
88,332 | 6.500%, due 01/01/33 | 100,622 | 0.0 | |||||||||||||||
63,296 | 6.500%, due 02/01/33 | 72,102 | 0.0 | |||||||||||||||
210,073 | 6.500%, due 12/01/33 | 239,300 | 0.0 | |||||||||||||||
17,870,435 | ˆ | 6.508%, due 10/25/35 | 3,321,217 | 0.4 | ||||||||||||||
26,748 | 7.000%, due 12/01/27 | 30,886 | 0.0 | |||||||||||||||
20,400 | 7.000%, due 01/01/30 | 23,646 | 0.0 | |||||||||||||||
12,704 | 7.000%, due 10/01/31 | 14,733 | 0.0 | |||||||||||||||
6,619 | 7.000%, due 03/01/32 | 7,676 | 0.0 | |||||||||||||||
1,255,521 | ˆ | 7.444%, due 02/17/29 | 237,753 | 0.0 | ||||||||||||||
5,622 | 7.500%, due 09/01/30 | 6,732 | 0.0 | |||||||||||||||
16,433 | 7.500%, due 10/01/30 | 18,167 | 0.0 | |||||||||||||||
6,188 | 7.500%, due 10/01/30 | 7,401 | 0.0 | |||||||||||||||
13,359 | 7.500%, due 09/01/31 | 16,024 | 0.0 | |||||||||||||||
40,525 | 7.500%, due 02/01/32 | 48,355 | 0.0 | |||||||||||||||
109,769 | 27.633%, due 02/25/34 | 154,867 | 0.0 | |||||||||||||||
1,387,538 | 32.241%, due 11/25/36 | 2,391,743 | 0.3 | |||||||||||||||
475,000 | W | 4.500%, due 04/15/38 | 503,797 | 0.1 | ||||||||||||||
111,114,790 | 13.5 | |||||||||||||||||
Government National Mortgage Association: 6.0% | ||||||||||||||||||
6,428 | 2.375%, due 04/20/28 | 6,659 | 0.0 | |||||||||||||||
26,002,000 | W | 3.500%, due 10/15/41 | 27,021,765 | 3.3 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1,575,905 | 4.000%, due 11/20/40 | 1,695,893 | 0.2 | ||||||||||||||||
1,554,595 | 4.500%, due 04/15/39 | 1,703,935 | 0.2 | ||||||||||||||||
1,701,475 | 4.500%, due 10/15/39 | 1,864,925 | 0.2 | ||||||||||||||||
1,520,276 | 4.500%, due 11/15/39 | 1,666,319 | 0.2 | ||||||||||||||||
1,591,796 | 4.500%, due 11/15/39 | 1,744,709 | 0.2 | ||||||||||||||||
380,704 | 4.500%, due 12/15/39 | 417,276 | 0.1 | ||||||||||||||||
539,090 | 4.500%, due 08/20/41 | 588,435 | 0.1 | ||||||||||||||||
15,717,416 | ˆ | 5.000%, due 06/16/39 | 1,057,683 | 0.1 | |||||||||||||||
1,204,280 | 5.140%, due 10/20/60 | 1,361,977 | 0.2 | ||||||||||||||||
782,396 | 5.288%, due 10/20/60 | 895,847 | 0.1 | ||||||||||||||||
1,846,643 | 5.290%, due 10/20/60 | 2,110,471 | 0.3 | ||||||||||||||||
12,367,578 | ˆ | 5.608%, due 06/20/40 | 1,855,137 | 0.2 | |||||||||||||||
7,027,531 | ˆ | 5.958%, due 06/20/38 | 786,438 | 0.1 | |||||||||||||||
8,776,770 | ˆ | 5.958%, due 04/20/39 | 1,187,576 | 0.2 | |||||||||||||||
7,784,404 | ˆ | 6.058%, due 05/20/39 | 900,270 | 0.1 | |||||||||||||||
6,974,921 | ˆ | 6.158%, due 04/20/38 | 932,693 | 0.1 | |||||||||||||||
2,253,182 | ˆ | 6.258%, due 05/16/38 | 324,477 | 0.0 | |||||||||||||||
7,156,535 | ˆ | 6.308%, due 01/20/38 | 956,711 | 0.1 | |||||||||||||||
170,097 | 6.500%, due 09/16/38 | 198,786 | 0.0 | ||||||||||||||||
147,301 | 7.500%, due 10/16/32 | 170,338 | 0.0 | ||||||||||||||||
282,580 | ˆ | 8.008%, due 06/16/31 | 39,644 | 0.0 | |||||||||||||||
49,487,964 | 6.0 | ||||||||||||||||||
Total U.S. Government Agency Obligations (Cost $243,659,692) | 255,991,927 | 31.0 | |||||||||||||||||
ASSET-BACKED SECURITIES: 4.2% | |||||||||||||||||||
Automobile Asset-Backed Securities: 0.1% | |||||||||||||||||||
778,000 | Honda Auto Receivables Owner Trust, 1.550%, 08/18/17 | 791,328 | 0.1 | ||||||||||||||||
Home Equity Asset-Backed Securities: 0.0% | |||||||||||||||||||
244,800 | Freddie Mac Structured Pass-Through Securities, 0.492%, 05/25/31 | 239,804 | 0.0 | ||||||||||||||||
49,491 | Freddie Mac Structured Pass-Through Securities, 0.542%, 01/25/32 | 47,592 | 0.0 | ||||||||||||||||
58,582 | Residential Asset Securities Corp., 0.842%, 06/25/32 | 29,939 | 0.0 | ||||||||||||||||
317,335 | 0.0 | ||||||||||||||||||
Other Asset-Backed Securities: 4.1% | |||||||||||||||||||
589,468 | # | ARES CLO Funds, 0.714%, 09/18/17 | 579,900 | 0.1 | |||||||||||||||
900,000 | # | ARES CLO Funds, 3.141%, 02/26/16 | 831,938 | 0.1 | |||||||||||||||
750,000 | # | ARES CLO Ltd., 1.841%, 02/26/16 | 703,233 | 0.1 | |||||||||||||||
500,000 | # | ARES CLO Ltd., 6.901%, 02/26/16 | 502,742 | 0.1 | |||||||||||||||
1,086,444 | # | Atrium CDO Corp., 0.821%, 10/27/16 | 1,066,588 | 0.1 | |||||||||||||||
1,533,382 | # | Atrium CDO Corp., 0.902%, 06/27/15 | 1,507,621 | 0.2 | |||||||||||||||
750,000 | # | Babson CLO Ltd/Cayman Islands, 6.812%, 11/15/16 | 748,545 | 0.1 | |||||||||||||||
345,905 | # | Callidus Debt Partners Fund Ltd., 1.003%, 05/15/15 | 342,767 | 0.0 | |||||||||||||||
553,686 | # | Carlyle High Yield Partners, 0.880%, 08/11/16 | 544,542 | 0.1 | |||||||||||||||
90,550 | Chase Funding Mortgage Loan Asset-Backed Certificates, 0.842%, 07/25/33 | 77,001 | 0.0 | ||||||||||||||||
895,015 | + | Credit-Based Asset Servicing and Securitization, LLC, 4.831%, 08/25/35 | 869,641 | 0.1 | |||||||||||||||
877,657 | + | Credit-Based Asset Servicing and Securitization, LLC, 5.501%, 12/25/36 | 566,450 | 0.1 | |||||||||||||||
1,574,278 | # | Credit-Based Asset Servicing and Securitization, LLC, 5.746%, 12/25/37 | 1,552,363 | 0.2 | |||||||||||||||
1,188,000 | # | Credit-Based Asset Servicing and Securitization, LLC, 6.020%, 12/25/37 | 966,508 | 0.1 | |||||||||||||||
800,000 | # | Dryden Leveraged Loan CDO 2002-II, 2.774%, 09/17/16 | 761,950 | 0.1 | |||||||||||||||
750,000 | # | Dryden Leveraged Loan CDO 2002-II, 6.184%, 12/22/15 | 765,769 | 0.1 | |||||||||||||||
4,350,000 | Fieldstone Mortgage Investment Corp., 0.402%, 11/25/36 | 1,510,942 | 0.2 | ||||||||||||||||
4,750,000 | Fieldstone Mortgage Investment Corp., 0.482%, 11/25/36 | 1,661,210 | 0.2 | ||||||||||||||||
468,597 | # | First CLO Ltd., 0.907%, 07/27/16 | 467,323 | 0.1 | |||||||||||||||
1,100,000 | # | First CLO Ltd., 1.474%, 12/14/16 | 1,050,115 | 0.1 | |||||||||||||||
600,000 | # | First CLO Ltd., 2.857%, 07/27/16 | 563,540 | 0.1 | |||||||||||||||
1,250,000 | # | Galaxy CLO Ltd., 2.117%, 01/15/16 | 1,221,963 | 0.1 | |||||||||||||||
289,220 | # | Granite Ventures Ltd., 0.827%, 12/15/17 | 287,539 | 0.0 | |||||||||||||||
1,575,000 | # | Grayston CLO Ltd., 1.803%, 08/15/16 | 1,508,267 | 0.2 | |||||||||||||||
336,544 | # | Gulf Stream Compass CLO Ltd., 0.927%, 07/15/16 | 334,176 | 0.0 | |||||||||||||||
1,290,718 | # | Katonah Ltd., 0.794%, 09/20/16 | 1,275,363 | 0.2 | |||||||||||||||
1,550,000 | # | Landmark CDO Ltd., 1.417%, 01/15/16 | 1,539,302 | 0.2 | |||||||||||||||
480,661 | Lehman XS Trust, 0.522%, 08/25/35 | 376,452 | 0.0 | ||||||||||||||||
814,355 | # | Lightpoint CLO Ltd., 0.734%, 09/15/17 | 784,879 | 0.1 | |||||||||||||||
10,178,000 | Morgan Stanley ABS Capital I, 0.512%, 03/25/36 | 4,224,567 | 0.5 | ||||||||||||||||
361,755 | # | Navigator CDO Ltd., 2.203%, 11/15/15 | 362,207 | 0.0 | |||||||||||||||
965,889 | # | Navigator CDO Ltd., 2.667%, 01/14/17 | 842,875 | 0.1 | |||||||||||||||
600,000 | # | Olympic CLO Ltd., 1.403%, 05/15/16 | 584,783 | 0.1 | |||||||||||||||
12,746 | Residential Asset Mortgage Products, Inc., 0.512%, 07/25/35 | 12,665 | 0.0 | ||||||||||||||||
88,549 | # | Stanfield Carrera CLO Ltd., 0.954%, 03/15/15 | 88,106 | 0.0 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1,250,000 | # | Veritas CLO Ltd., 1.800%, 09/05/16 | 1,146,305 | 0.1 | |||||||||||||||
1,315,943 | # | Wind River CLO Ltd., 0.804%, 12/19/16 | 1,278,474 | 0.2 | |||||||||||||||
33,508,611 | 4.1 | ||||||||||||||||||
Total Asset-Backed Securities (Cost $35,924,739) | 34,617,274 | 4.2 | |||||||||||||||||
U.S. TREASURY OBLIGATIONS: 10.6% | |||||||||||||||||||
U.S. Treasury Bonds: 3.9% | |||||||||||||||||||
21,190,000 | 2.000%, due 02/15/22 | 20,776,138 | 2.5 | ||||||||||||||||
12,244,000 | 3.125%, due 11/15/41 | 11,700,673 | 1.4 | ||||||||||||||||
32,476,811 | 3.9 | ||||||||||||||||||
U.S. Treasury Notes: 6.7% | |||||||||||||||||||
23,419,000 | 0.250%, due 03/31/14 | 23,380,593 | 2.8 | ||||||||||||||||
7,590,000 | 0.375%, due 03/15/15 | 7,562,129 | 0.9 | ||||||||||||||||
11,209,000 | 1.000%, due 03/31/17 | 11,184,486 | 1.4 | ||||||||||||||||
12,995,000 | 1.500%, due 03/31/19 | 12,893,483 | 1.6 | ||||||||||||||||
55,020,691 | 6.7 | ||||||||||||||||||
Total U.S. Treasury Obligations (Cost $87,305,586) | 87,497,502 | 10.6 | |||||||||||||||||
FOREIGN GOVERNMENT BONDS: 7.2% | |||||||||||||||||||
1,137,319 | Argentina Government International Bond, 7.000%, 04/17/17 | 1,010,508 | 0.1 | ||||||||||||||||
181,317 | Argentina Government International Bond, 7.000%, 10/03/15 | 171,118 | 0.0 | ||||||||||||||||
555,668 | Argentina Government International Bond, 12/15/35 | 73,626 | 0.0 | ||||||||||||||||
12,093,000 | BRL | Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/14 | 6,823,805 | 0.8 | |||||||||||||||
34,028,000 | BRL | Brazil Notas do Tesouro Nacional Series F, 10.000%, 01/01/21 | 18,018,949 | 2.2 | |||||||||||||||
647,000 | Colombia Government International Bond, 6.125%, 01/18/41 | 795,810 | 0.1 | ||||||||||||||||
157,000 | Colombia Government International Bond, 7.375%, 09/18/37 | 221,370 | 0.0 | ||||||||||||||||
985,000 | Federal Republic of Brazil, 10.125%, 05/15/27 | 1,645,935 | 0.2 | ||||||||||||||||
368,000 | Hungary Government International Bond, 4.750%, 02/03/15 | 347,760 | 0.0 | ||||||||||||||||
448,000 | Hungary Government International Bond, 6.250%, 01/29/20 | 410,946 | 0.1 | ||||||||||||||||
96,000 | Hungary Government International Bond, 6.375%, 03/29/21 | 88,320 | 0.0 | ||||||||||||||||
296,000 | Indonesia Government International Bond, 6.625%, 02/17/37 | 367,040 | 0.1 | ||||||||||||||||
405,000 | Indonesia Government International Bond, 8.500%, 10/12/35 | 604,463 | 0.1 | ||||||||||||||||
337,000 | # | Lithuania Government International Bond, 5.125%, 09/14/17 | 352,165 | 0.1 | |||||||||||||||
264,000 | # | Lithuania Government International Bond, 6.625%, 02/01/22 | 293,370 | 0.0 | |||||||||||||||
280,000 | Mexico Government International Bond, 6.050%, 01/11/40 | 338,800 | 0.0 | ||||||||||||||||
445,000 | Panama Government International Bond, 5.200%, 01/30/20 | 512,417 | 0.1 | ||||||||||||||||
354,000 | Panama Government International Bond, 7.125%, 01/29/26 | 474,360 | 0.1 | ||||||||||||||||
77,000 | Panama Government International Bond, 9.375%, 04/01/29 | 123,700 | 0.0 | ||||||||||||||||
456,000 | Peru Government International Bond, 8.750%, 11/21/33 | 709,536 | 0.1 | ||||||||||||||||
257,000 | Peruvian Government International Bond, 5.625%, 11/18/50 | 289,125 | 0.0 | ||||||||||||||||
1,298,000 | Philippine Government International Bond, 4.000%, 01/15/21 | 1,358,033 | 0.2 | ||||||||||||||||
200,000 | Philippine Government International Bond, 5.000%, 01/13/37 | 209,500 | 0.0 | ||||||||||||||||
483,000 | Poland Government International Bond, 5.000%, 03/23/22 | 511,507 | 0.1 | ||||||||||||||||
187,000 | Poland Government International Bond, 6.375%, 07/15/19 | 218,323 | 0.0 | ||||||||||||||||
101,000 | Republic of the Philippines, 6.375%, 10/23/34 | 124,861 | 0.0 | ||||||||||||||||
260,000 | # | Romanian Government International Bond, 6.750%, 02/07/22 | 273,000 | 0.0 | |||||||||||||||
1,686,010 | # | Russia Government Bond, 7.500%, 03/31/30 | 2,025,319 | 0.3 | |||||||||||||||
200,000 | # | Russian Foreign Bond—Eurobond, 5.625%, 04/04/42 | 199,400 | 0.0 | |||||||||||||||
337,497 | + | Russian Foreign Bond—Eurobond, 7.500%, 03/31/30 | 405,418 | 0.1 | |||||||||||||||
125,621,080 | ZAR | South Africa Government Bond, 7.250%, 01/15/20 | 15,889,928 | 1.9 | |||||||||||||||
680,000 | South Africa Government International Bond, 5.500%, 03/09/20 | 761,600 | 0.1 | ||||||||||||||||
312,000 | Turkey Government International Bond, 5.125%, 03/25/22 | 310,440 | 0.0 | ||||||||||||||||
200,000 | Turkey Government International Bond, 6.250%, 09/26/22 | 216,000 | 0.0 | ||||||||||||||||
617,000 | Turkey Government International Bond, 7.500%, 11/07/19 | 726,517 | 0.1 | ||||||||||||||||
268,000 | Turkey Government International Bond, 7.000%, 09/26/16 | 302,840 | 0.0 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
368,000 | # | Ukraine Government Bond, 7.650%, 06/11/13 | 356,500 | 0.1 | ||||||||||||||
293,000 | Ukraine Government International Bond, 6.250%, 06/17/16 | 256,375 | 0.0 | |||||||||||||||
300,000 | # | Ukraine Government International Bond, 6.250%, 06/17/16 | 262,500 | 0.0 | ||||||||||||||
415,000 | Ukraine Government International Bond, 7.650%, 06/11/13 | 402,031 | 0.1 | |||||||||||||||
261,864 | Uruguay Government International Bond, 6.875%, 09/28/25 | 340,423 | 0.0 | |||||||||||||||
205,048 | Uruguay Government International Bond, 7.625%, 03/21/36 | 286,555 | 0.0 | |||||||||||||||
583,900 | Venezuela Government International Bond, 12.750%, 08/23/22 | 616,015 | 0.1 | |||||||||||||||
Total Foreign Government Bonds (Cost $59,621,557) | 59,726,208 | 7.2 |
Shares | | | | | | Value | | Percentage of Net Assets | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
PREFERRED STOCK: 0.2% | |||||||||||||||||||
Financials: 0.2% | |||||||||||||||||||
23,000 | P | Citigroup Capital XIII | 625,600 | 0.1 | |||||||||||||||
49,000 | @,P | US Bancorp | 1,332,310 | 0.1 | |||||||||||||||
Total Preferred Stock (Cost $1,862,100) | 1,957,910 | 0.2 |
# of Contracts | | | | | | Value | | Percentage of Net Assets | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
PURCHASED OPTIONS: 0.1% | |||||||||||||||||||
Credit Default Swaption: 0.1% | |||||||||||||||||||
40,180,000 | @ | Payer Swaption- Fund buys credit default swap protection on CDX.NA.HY.17, Strike @ 96.000, Exp. 12/20/16 Counterparty: Morgan Stanley | 592,961 | 0.1 | |||||||||||||||
Options On Currencies: 0.0% | |||||||||||||||||||
19,600,000 | @ | EUR Put vs. USD Call Currency Option, Strike @ 1.310, Exp. 04/25/12 Counterparty: Morgan Stanley | 64,400 | 0.0 | |||||||||||||||
Total Purchased Options (Cost $910,959) | 657,361 | 0.1 | |||||||||||||||||
Total Long-Term Investments (Cost $789,776,005) | 807,518,940 | 97.7 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: 15.0% | |||||||||||||||||||
Securities Lending Collateralcc(1): 4.0% | |||||||||||||||||||
1,672,576 | BNP Paribas Bank, Repurchase Agreement dated 03/30/12, 0.16%, due 04/02/12 (Repurchase Amount $1,672,598, collateralized by various U.S. Government Agency Obligations, 3.000%-6.500%, Market Value plus accrued interest $1,706,028, due 01/01/22-03/01/42) | 1,672,576 | 0.2 | ||||||||||||||||
7,944,726 | Cantor Fitzgerald, Repurchase Agreement dated 03/30/12, 0.17%, due 04/02/12 (Repurchase Amount $7,944,837, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $8,103,620, due 03/31/12-04/01/42) | 7,944,726 | 1.0 | ||||||||||||||||
7,944,726 | Citigroup, Inc., Repurchase Agreement dated 03/30/12, 0.18%, due 04/02/12 (Repurchase Amount $7,944,844, collateralized by various U.S. Government Agency Obligations, 1.992%-7.000%, Market Value plus accrued interest $8,103,621, due 03/01/18-04/15/43) | 7,944,726 | 0.9 | ||||||||||||||||
7,944,726 | Daiwa Capital Markets, Repurchase Agreement dated 03/30/12, 0.20%, due 04/02/12 (Repurchase Amount $7,944,857, collateralized by various U.S. Government and U.S. Government Agency Obligations, 0.000%-8.200%, Market Value plus accrued interest $8,103,621, due 07/19/12-04/01/42) | 7,944,726 | 0.9 |
Principal Amount† | | | | | | Value | | Percentage of Net Assets | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
7,944,726 | Deutsche Bank AG, Repurchase Agreement dated 03/30/12, 0.15%, due 04/02/12 (Repurchase Amount $7,944,824, collateralized by various U.S. Government Agency Obligations, 3.500%-4.000%, Market Value plus accrued interest $8,103,622, due 10/01/20-12/01/40) | 7,944,726 | 1.0 | |||||||||||||||
33,451,480 | 4.0 |
Shares | | | | | | Value | | Percentage of Net Assets | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mutual Funds: 11.0% | ||||||||||||||||||
90,591,565 | BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $90,591,565) | 90,591,565 | 11.0 | |||||||||||||||
Total Short-Term Investments (Cost $124,043,045) | 124,043,045 | 15.0 | ||||||||||||||||
Total Investments in Securities (Cost $913,819,050) | $ | 931,561,985 | 112.7 | |||||||||||||||
Liabilities in Excess of Other Assets | (104,622,984 | ) | (12.7 | ) | ||||||||||||||
Net Assets | $ | 826,939,001 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
## | On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship and the U.S. Treasury guaranteed the debt issued by those organizations. |
@ | Non-income producing security |
+ | Step-up basis bonds. Interest rates shown reflect current and next coupon rates. |
P | Preferred Stock may be called prior to convertible date. |
cc | Securities purchased with cash collateral for securities loaned. |
W | Settlement is on a when-issued or delayed-delivery basis. |
L | Loaned security, a portion or all of the security is on loan at March 31, 2012. |
± | Defaulted security |
X | Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees. |
ˆ | 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. |
(1) | Collateral received from brokers for securities lending was invested into these short-term investments. |
BRL | Brazilian Real |
DKK | Danish Krone |
ZAR | South African Rand |
Cost for federal income tax purposes is $914,641,172. | ||||||
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 29,551,529 | ||||
Gross Unrealized Depreciation | (12,630,716 | ) | ||||
Net Unrealized Appreciation | $ | 16,920,813 |
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
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.
Nominating Committee. The Nominating Committee operates pursuant to a Charter approved by the Board. The primary purpose of the Nominating Committee is to consider, evaluate and make recommendations to the Board with respect to the nomination and selection of Independent Trustees. In evaluating candidates, the Nominating Committee may consider a variety of factors, but specific qualifications of candidates for Board membership will be based on the needs of the Board at the time of nomination.
The Nominating Committee is willing to consider nominations received from shareholders and shall assess shareholder nominees in the same manner as it reviews nominees it identifies. A shareholder nominee for director should be submitted in writing to the Fund’s Secretary. Any such shareholder nomination should include sufficient background information concerning the candidate and should be received in a timely manner. At a minimum, the following information as to each individual proposed for nomination as director should be included: the individual’s written consent to be named in the proxy statement as a nominee (if nominated) and to serve as a director (if elected), and all information relating to such individual that is required to be disclosed in a solicitation of proxies for election of directors, or is otherwise required, in each case under applicable federal securities laws, rules and regulations.
The Secretary shall submit all nominations received in a timely manner to the Nominating Committee. To be timely, any such submission must be delivered to the Fund’s Secretary not earlier than the 90th day prior to such meeting and not later than the close of business on the later of the 60th day prior to such meeting or the 10th day following the day on which public announcement of the date of the meeting is first made, by either disclosure in a press release or in a document publicly filed by the Fund with the SEC.
In evaluating a candidate for the position of Independent Trustee, including any candidate recommended by
1
shareholders of the Fund, the Nominating Committee shall consider the following: (i) the candidate’s knowledge in matters relating to the mutual fund industry; (ii) any experience possessed by the candidate as a director or senior officer of other public companies; (iii) the candidate’s educational background, reputation for high ethical standards and professional integrity; (iv) any specific financial, technical or other expertise possessed by the candidate, and the extent to which such expertise would complement the Board’s existing mix of skills, core competencies and qualifications; (v) the candidate’s perceived ability to contribute to the ongoing functions of the Board, including the candidate’s ability and commitment to attend meetings regularly and work collaboratively with other members of the Board; (vi) the candidate’s ability to qualify as an Independent Trustee for purposes of the 1940 Act; and (vii) such other factors as the Committee determines to be relevant in light of the existing composition of the Board and any anticipated vacancies. Prior to making a final recommendation to the Board, the Committee shall conduct personal interviews with those candidates it concludes are the most qualified candidates.
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) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(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. |
(b) | The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT |
(3) | Not applicable. |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant): ING Funds Trust | ||
By | /s/ Shaun P. Mathews | |
Shaun P. Mathews | ||
President and Chief Executive Officer | ||
Date: June 7, 2012 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | /s/ Shaun P. Mathews | |
Shaun P. Mathews | ||
President and Chief Executive Officer | ||
Date: June 7, 2012 |
By | /s/ Todd Modic | |
Todd Modic | ||
Senior Vice President and Chief Financial Officer | ||
Date: June 7, 2012 |