Voya MUTUAL FUNDS NCSRS Certified semi-annual shareholder report (management investment company)

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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: 811-7428

ING Mutual Funds

(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: October 31

Date of reporting period: November 1, 2008 to April 30, 2009

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):

Semi-Annual Report

April 30, 2009

Classes A, B, C, I, O, Q, R and W

Global Equity Funds

n ING Global Equity Dividend Fund

n ING Global Natural Resources Fund

n ING Global Real Estate Fund

n ING Global Value Choice Fund

International Equity Funds

n ING Asia-Pacific Real Estate Fund

n ING Disciplined International SmallCap Fund

n ING Emerging Countries Fund

n ING European Real Estate Fund

n ING Foreign Fund

n ING Greater China Fund

n ING Index Plus International Equity Fund

n ING International Capital Appreciation Fund

n ING International Equity Dividend Fund

n ING International Growth Opportunities Fund

n ING International Real Estate Fund


	n	ING International SmallCap Multi-Manager Fund

n ING International Value Fund

n ING International Value Choice Fund

n ING Russia Fund

Global and International Fixed-Income Funds

n ING Emerging Markets Fixed Income Fund

n ING Global Bond Fund

International Fund-of-Funds

n ING Diversified International Fund

E-Delivery Sign-up — details inside

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

 

TABLE OF CONTENTS


President’s Letter		1
Market Perspective		2
Portfolio Managers’ Reports		4
Shareholder Expense Examples		26
Statements of Assets and Liabilities		30
Statements of Operations		42
Statements of Changes in Net Assets		48
Financial Highlights		59
Notes to Financial Statements		73
Portfolios of Investments		104
Advisory Contract Approval Discussion		173
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PROXY VOTING INFORMATION

A description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Funds’ website at www.ingfunds.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC”) website at www.sec.gov. Information regarding how the Funds voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Funds’ website at www.ingfunds.com and on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330; and is available upon request from the Funds by calling Shareholder Services toll-free at (800) 992-0180.

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PRESIDENT’S LETTER

Dear Shareholder,

After hitting a low point in early March, the stock market has staged an impressive comeback, gaining more than 30% as measured by the Standard & Poor’s 500^® Composite Stock Price (“S&P 500^®”) Index⁽¹⁾. If you have stuck to your long-term investment plans through these trying times, you may have seen your patience somewhat rewarded over the last few weeks (though equity markets are still well off their highs).

I doubt that everyone who bought stocks these last few weeks did so because the bargains were so good. The recent gains in the stock market are, at least in part, a sign of optimism: they point to investor expectations that, maybe within a year or so, the economy and corporate earnings will improve. It’s a vote of confidence that the measures taken to restore the economy are likely to work.

Though we look forward hopefully, the market’s troubles are not yet over. Credit markets continue to face challenges. The stock market remains volatile. People are still losing jobs. Generally, income, spending and home prices are still falling. The economy continues to shrink. Although the rate of shrinkage is slowing — a good thing — we won’t see recovery until housing prices stabilize and spending picks up.

The recent gains in the stock market show how things can change when it is least expected. If you had retreated from stocks, you would have missed those gains. It’s important to remember that trying to time market moves can hurt long-term investment results. It can’t be said too often that the most important investment decision is to keep your long-term goals in sight and take those actions that serve to reinforce your aims.

Reaching your goals depends on the potential of your investments to generate gains, income and diversification. Your investment needs may change over time but should always reflect an appropriate mix of these attributes. Whether you’ve followed your plan or not, I urge you to discuss your situation with your financial advisor to determine your best next steps. Thank you for your continued confidence in ING. We take the trust you place in us very seriously.

Sincerely,

Shaun P. Mathews

President and Chief Executive Officer

ING Funds

April 30, 2009

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

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

For more complete information, or to obtain a prospectus for any ING Fund, please call your investment professional or ING Funds Distributor, LLC at (800) 992-0180 or log on to www.ingfunds.com. The prospectus should be read carefully before investing. Consider the fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund. Check with your investment professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.


⁽¹⁾	The S&P 500^® Index is an unmanaged index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.

Market Perspective: Six Months Ended April 30, 2009

Our new fiscal year dawned with the financial world staring into the abyss of credit market collapse. Global equities in the form of the MSCI World^® Index⁽¹⁾ measured in local currencies, including net reinvested dividends (“MSCI” for regions discussed below), continued to slide and by March 9, 2009, the index had dropped nearly 26% for the fiscal year to date, plumbing levels not seen since late 2002. From there, markets recovered, paring the loss for the six month period ended April 30, 2009 to 5.80%. (The MSCI World^® Index dropped 5.44% for the six month period ended April 30, 2009, measured in U.S. dollars). In currencies, the large moves of the previous fiscal year were not maintained. For the six month period ended April 30, 2009, the dollar fell 3.40% against the euro, 0.50% against the yen, but gained 9.50% against the pound as the UK’s fiscal position deteriorated.

The global credit crisis had worsened after the U.S. government, by then the judge, jury and executioner for financial institutions in trouble, allowed Lehman Brothers no reprieve from bankruptcy. Lending all but seized up. Investors dumped risky asset classes to buy U.S. Treasuries or repay debt.

The policy response was huge but initially muddled. The Troubled Assets Relief Program (“TARP”), with a budget of $700 billion, was originally intended to relieve banks’ balance sheets of enormous volumes of distressed loans and toxic assets. Instead most of the money was used to recapitalize the banks.

Other government-sponsored programs did provide practical help, like support for the commercial paper market and a guarantee facility for money market funds. The announced intention to buy vast quantities of agency mortgage-backed bonds and debentures drove 30-year mortgage rates below 5% to record low levels. The newly-elected U.S. president promised a $1 trillion stimulus package. And in December, the Federal Open Market Committee (“FOMC”) reduced interest rates to between 0% and 0.25%.

Hopes that these measures would help solidify melting economies and investment markets spurred a late-2008 rally. But credit conditions remained conspicuously tight and equities resumed their fall in early January.

Meanwhile in the real economy unemployment reached 8.50% in March, the highest since 1983. The Standard & Poor’s (“S&P”)/Case-Shiller National U.S. Home Price Index⁽²⁾of house prices in 20 cities sank 19% year-over-year in January, while new home sales repeatedly set new record low levels. Inflation recorded its first annual decline since 1955. Gross Domestic Product (“GDP”) fell at an annualized rate of 6.10% in the first quarter of 2009, after 6.30% in the previous quarter, the worst performance since 1982. And amid a new wave of concern about the viability of major banks, the U.S. Department of the Treasury (“Treasury”) announced that it would take a 36% stake in Citigroup.

Yet by early March, some of the news was getting better. Before long, the term “green shoots” seemed to be on the lips of almost every financial commentator. Personal spending, retail sales (excluding autos), durable goods orders, consumer confidence and at last, new home sales unexpectedly picked up from still poor levels. Some specific details were announced about a new Public-Private Investment Program to buy up banks’ distressed securities: many people think it might just work. And on March 10, 2009, stock markets soared when the above-mentioned Citigroup surprised everybody by saying that 2009 had been profitable so far. All of this paved the way, rocky and uneven at times, for a partial return to favor for risky asset classes, at least through April.

U.S. fixed income markets had a tumultuous six months, reflecting appetite for risk. The Barclays Capital U.S. Aggregate Bond Index⁽³⁾ of investment grade bonds returned 7.74% for the six month period ended April 30, 2009, but practically none of it in 2009. High yield bonds, represented by the Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index⁽⁴⁾ gained 16.39% for the six month period ended April 30, 2009, (2.75)% before March 10, 2009, and 19.68% thereafter. The yield on the ten-year U.S. Treasury Note started the fiscal year at 3.97%, fell by the end of 2008 to 2.24%, the lowest since 1954, but recovered to 3.12% for the six month period ended April 30, 2009. Similarly, the yield on the 90-day Treasury Bill started at 0.44%, briefly turned negative in December and ended at 0.12% for the six month period ended April 30, 2009, still very low historically.

U.S. equities, represented by the S&P 500^® Composite Stock Price (“S&P 500^®”) Index⁽⁵⁾, including dividends, returned (8.50)% in the six month period ended April 30, 2009. The first quarter of 2009 would mark the seventh straight quarter of declining profits for

Market Perspective: Six Months Ended April 30, 2009

S&P 500^® companies. As with stock markets generally, March 9, 2009, marked the low point for the S&P 500^®, when the index closed at September 1996 levels. From there it recovered 29.40%, the financials sub-index soaring 74.10%.

As noted above, international markets also took heart after March 9, 2009, on the basis of frankly, not very much and bounced back from large losses. The MSCI Japan^® Index⁽⁶⁾ fell 2.40% for the six month period ended April 30, 2009. Export dependent gross domestic product (“GDP”) receded at an annualized 12.10%, the worst since 1974, as exports halved in value year-over-year and household spending fell for 13 straight months. The MSCI Europe ex UK^® Index⁽⁷⁾ slid 6.10% for the six month period ended April 30, 2009, also depressed by slumping exports, especially in Germany, the world’s biggest exporter. Eurozone industrial production in February was 18.40% below the level of February 2008, the worst annual fall on record. The European Central Bank was raising interest rates as late as July 2008, but ultimately cut back to 1.25%, still above other major central bank rates. The MSCI UK^® Index⁽⁸⁾ fell just 0.40% for the six month period ended April 30, 2009. The UK had allowed a bigger housing bubble than the United States and deeper personal indebtedness in an economy more dependent on the now suffering financial sector. The Bank of England repeatedly reduced rates to 0.50%, the lowest since its establishment in 1694 and introduced quantitative easing. Still, GDP fell at a quarterly rate of 1.90% in the first quarter of 2009, after 1.60% in the previous quarter.

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

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

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

⁽⁴⁾ The Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index is an unmanaged index that measures the performance of non-investment grade fixed-income securities.

⁽⁵⁾ The S&P 500^® Index is an unmanaged index that measures the performance of securities of approximately 500 of the largest companies in the United States.

⁽⁶⁾ The MSCI Japan^® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.

⁽⁷⁾ The MSCI Europe ex UK^® Index is a free float adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.

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

All indices are unmanaged and investors cannot invest directly in an index.

Past performance does not guarantee future results. The performance quoted represents past performance. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The Funds’ performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 992-0180 or log on to www.ingfunds.com to obtain performance data current to the most recent month end.

Market Perspective reflects the views of ING’s Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.

ING Global Equity Dividend Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Global Equity Dividend Fund (the “Fund”) seeks growth of capital with dividend income as a secondary consideration. The Fund is managed by Nicolas Simar, Head of Value/High Dividend, Moudy El Khodr, Senior Investment Manager Equities, and Kris Hermie, CFA, Senior Investment Manager of ING Investment Management Advisors B.V. — the Sub-Adviser.

Performance: For the six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of (11.98)% compared to the MSCI World Index^sm(1), which returned (5.44)% for the same period.

Portfolio Specifics: The Fund’s underperformance for the period was largely attributable to security selection. Asset allocation also detracted from results but to a smaller degree.

The sectors that detracted the most from results were financials, energy and materials. Weak stock selection in financials hurt the most. Also, sector allocation among financials and information technology stocks detracted significantly. The Fund benefited from allocation and selection among telecommunications stocks, and from selection among consumer staples stocks.

Top contributing stocks for the period were Taiwan Semiconductor Manufacturing Co. Ltd. (“Taiwan Semi”), Wesfarmers Ltd. (“Wesfarmers”) and Vinci S.A. Taiwan Semi’s long-term fundamentals remain strong and first quarter results were good. Guidance on revenue and margins for next quarter is significantly higher than current consensus expectations.

Among telecoms the Fund benefited by selling its position in Telecom Italia SpA, which reduced its dividend, and reentering Brazilian telecom Tele Norte Leste Participacoes S/A, which posted significant gains during the period.

Fund positions in Intel Corp. and Seagate Technology Inc. (“Seagate”) helped results. Seagate benefited from evidence that pricing was stabilizing somewhat, and from a potential increase in market share: the Toshiba/Fujistu combination may lead some clients to search for a new vendor. Hitachi’s issues with its own heads for 500-gigabyte drives caused it to miss a product launch date; investors interpreted this as positive for Seagate.

Among consumer discretionary companies, the greatest contribution to relative returns came from not owning Volkswagen AG, which fell dramatically in price. Among materials, the Fund’s positions in MeadWestvaco Corp., Swenska Cellulosa AB and Siam Cement contributed to results.

Negative macro news such as the Federal Deposit Insurance Corporation’s report on 4^th quarter banks’ heavier losses than originally reported reverberated through the financials sector. Despite gains from Toronto-Dominion Bank, Wells Fargo & Co. and Australia & New Zealand Banking Group Ltd., the continuing bad news led to weakness. Several banks were among the worst detractors for the period: Bank of America Corp., Swedbank AB and Aviva PLC.

In January, Bank of America Corp. cut its dividend for a second time, precipitating a loss of more than half the stock’s value. We sold the Fund’s Bank of America position in January, thereby avoiding further losses the stock sustained in the ensuing months. Share prices of UK insurers, including Fund holding Aviva PLC (“Aviva”), slumped as the cost of insuring certain European companies against defaulting on their debt soared. Aviva also announced a heavy 2008 loss.

Energy company Precision Drilling Trust was the worst detractor for the period, falling in price due to reduced capital spending by North American oil and gas producers. We sold the Fund’s position after the company discontinued its monthly dividend to focus on its debt reduction program.

Current Strategy and Outlook: Our outlook for the strategy remains positive. We believe investments in quality defensive names potentially may give the Fund downside protection and lower volatility. Under current market conditions, we believe this may help the Fund outperform its benchmark. Regardless of scenario, the Fund seeks to identify sectors or stocks where it may exploit temporary under-valuations to capture unrecognized value.


⁽¹⁾	This MSCI World Index^sm is an unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.

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

Top Ten Holdings
as of April 30, 2009
(as a percent of net assets)


ENI S.p.A.	1.6	%
BP PLC	1.6	%
Microsoft Corp.	1.6	%
Total SA	1.5	%
Kraft Foods, Inc.	1.5	%
Dow Chemical Co.	1.5	%
Nintendo Co., Ltd.	1.5	%
Pfizer, Inc.	1.5	%
AT&T, Inc.	1.4	%
Vivendi	1.4	%

Portfolio holdings are subject to change daily.

ING Global Natural Resources Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Global Natural Resources Fund (the “Fund”) seeks to attain long-term capital appreciation. The Fund is managed by David Powers and Christopher Corapi*, Portfolio Managers, both of ING Investment Management Co. — the Sub-Adviser.

Performance: For the six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of (2.02)% compared to the Standard & Poor’s 500^® Composite Stock Price Index⁽¹⁾ (“S&P 500^® Index”) and the Standard & Poor’s (“S&P”) North American Natural Resources Sector Index⁽²⁾ which returned (8.53)% and (3.34)%, respectively, for the same period.

Portfolio Specifics: During the reporting period, commodity prices continued their volatile trend. Energy stocks fell more than 20% through February due to a significant decline in U.S. equity markets, falling oil and gas prices and concerns over global demand. The energy sector recovered the majority of its losses in March and April, however, as economic reports started to point to stabilization in economic activity. In contrast, materials companies rose more than 20% over the entire period — largely due to strength in gold prices as investors flocked to this commodity as a safe haven. Diversified metals and mining companies also rose significantly, benefiting from consolidation and early signs of a bottoming in industrial production.

The Fund’s relative outperformance was due mainly to its holdings within the gold and diversified metals and mining sub-sectors. Investments in Rio Tinto PLC and BHP Billiton Ltd. ADR, two of the largest metals and mining companies, benefited from strong balance sheets, a diverse mix of commodity products and their ability to increase market share in a consolidating industry.

Within energy, our decision to underweight ConocoPhillips also aided relative performance — this company continues to suffer for its low-quality asset base. Positions in Sunoco, Inc. (“Sunoco”) and Talisman Energy, Inc. (“Talisman”) also helped results. Sunoco was trading at an extremely low valuation because of weak fundamentals for the refining sector as a whole, which we believed already were discounted in the stock. Because of its early cycle characteristics, early signs of stabilization in the U.S. economy gave Sunoco a boost. Talisman Energy, an upstream oil and gas company, benefited from its inexpensive valuation and attractive resource base.

The Fund’s small- and mid-cap positions within the exploration and production industry, including W&T Offshore, Inc. (“W&T Offshore”), Stone Energy Corp. (“Stone Energy”) and Cimarex Energy Co. (“Cimarex”), detracted from results during this period. These companies were plagued by rising costs and larger than expected reserve write-downs due to falling oil prices. As a result of deteriorating fundamentals, we decided to exit the positions in W&T Offshore and Stone Energy. We continue to like Cimarex for the upside potential of its reserve base, as implied by the results of a recent exploration of a Woodford Shale position. Within materials the Funds was hurt by its exposure to steel companies, which were hurt by concerns over declining demand, particularly from China.

Current Strategy and Outlook: We continue to believe the long-term case for commodities remains intact and will be driven by industrialization and urbanization trends in emerging economies, as well as the global need for infrastructure spending. Current global financial stresses have interrupted this secular theme longer than expected. If commodity prices remain at moderate levels, however, we believe that resource companies will question new supply additions. Global mining and energy development costs have risen, and although cyclical are expected to stay elevated, thus raising the marginal price needed to justify new investment. When demand recovers, we would expect to see firmer prices and strong cash flows from the industry.


*	Effective February 27, 2009, Mr. Corapi replaced James Vail as a portfolio manager to the Fund.


⁽¹⁾	The S&P 500^® Index is an unmanaged index that measures the performance of securities of approximately 500 of the largest companies in the United States.

⁽²⁾	The S&P North American Natural Resources Sector Index (formerly, the S&P GSSI Natural Resources Index) is an unmanaged index and a market-capitalization weighted index of stocks designed to measure the performance of companies in the natural resources sector, which includes energy, precious metals, timber and other sub-sectors. Each sector index is a modified-capitalization weighted index, the constituents of which are selected according to objective screening criteria. The weight of a particular stock in each Sector Index is capped at a cap level determined on a sector-by-sector basis.

Top Ten Holdings
as of April 30, 2009
(as a percent of net assets)


ExxonMobil Corp.	6.6	%
Chevron Corp.	5.8	%
EnCana Corp.	4.8	%
Occidental Petroleum Corp.	4.7	%
Apache Corp.	4.2	%
Schlumberger Ltd.	4.2	%
ConocoPhillips	3.9	%
Marathon Oil Corp.	3.4	%
Devon Energy Corp.	3.0	%
Canadian Natural Resources Ltd.	2.9	%

Portfolio holdings are subject to change daily.

ING Global Real Estate Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Global Real Estate Fund (the “Fund”) seeks to provide investors with high total return, consisting of capital appreciation and current income. The Fund is managed by T. Ritson Ferguson, Chief Investment Officer and Portfolio Manager, Steven D. Burton, Managing Director and Portfolio Manager and Joseph P. Smith, Managing Director and Portfolio Manager, of ING Clarion Real Estate Securities L.P. — the Sub-Adviser.

Performance: For the six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of (13.58)% including a return of capital of $0.09, compared to the Standard & Poor’s (“S&P”) Developed Property Index⁽¹⁾, which returned (11.75)% for the same period.

Portfolio Specifics: The past six months have proved to be a challenging period for global listed real estate markets as credit market conditions and a slowing global economy continued to provide headwinds to the world’s capital markets. There has been a divergence in returns during the period as the Asia-Pacific region has fared the best, followed by the European region. The Americas have trailed, largely the result of a continued sell-off in U.S. markets. Since hitting a low point during the period, at the beginning of March, property markets have rallied strongly, triggered by the demonstrated ability of property companies to raise capital and repair balance sheets. Investors have reason for greater confidence that capital markets are improving in light of the significant equity and debt capital raised during the last few months.

Fund performance trailed the benchmark during the period, the result of stock selection within the Asia-Pacific region, primarily in Japan and Australia. In Japan, two of the Fund’s largest positions, Mitsubishi Estate Co., Ltd. and Mitsui Fudosan Co., Ltd. were both down on concerns of a slowing global economy. Within Australia, an overweight to the underperforming industrial company Goodman Group was the most notable underperformer from a relative standpoint. While stock selection in the European region was neutral for the period, stock selection in the Americas was positive, led by strong relative performance of the Fund’s U.S. holdings. Overweight positions in industrial company Liberty Property Trust and specialty office company Digital Realty Trust, Inc. contributed positively to relative performance during the period. Country allocation decisions detracted from relative performance during the period, the result of an underweight to the outperforming Asia-Pacific region, primarily in Hong Kong which was one of the best performing markets. Within the European region, relative performance was slightly negative as an underweight to the outperforming Austrian market more than offset the positive contributions of an overweight to the outperforming French property stocks and underweight to the underperforming U.K. market.

Current Strategy and Outlook: The Fund continues to maintain a core positioning in what we believe are high-quality companies. We remain overweight sectors and geographies offering long-term leases and high percentages of earnings from recurring sources (primarily contract lease rental income). We prefer companies offering more transparency, strong balance sheets and good, experienced management teams. We believe this focus on quality has driven our longer-term outperformance.

We increasingly see companies which, in our opinion, represent value in this environment (i.e., cash flow multiples in the mid-single digits and discounts to our view of inherent real estate value). We have been building positions in such companies. We have not been able to justify, however, investing in those companies which we deem to have significant and potentially insurmountable issues. Paradoxically, many of the companies with the largest issues have outperformed as of late. We remain disciplined investors in those companies which we believe are able to provide appropriate above average total return potential without exposing the Fund to excessive downside risk.

In our opinion, global property companies remain attractively valued. We estimate the average global property company is trading at a 6% discount to our internal estimate of inherent private real estate market value.


⁽¹⁾	The S&P Developed Property Index (formerly, the S&P/Citigroup BMI World Property Index) is an unmanaged float-adjusted index which defines and measure the investable universe of publicly traded property companies domiciled in developed countries that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment.

Top Ten Holdings
as of April 30, 2009
(as a percent of net assets)


Sun Hung Kai Properties Ltd.	4.9	%
Westfield Group	4.5	%
Simon Property Group, Inc.	4.5	%
Mitsubishi Estate Co., Ltd.	4.1	%
Unibail	4.1	%
Mitsui Fudosan Co., Ltd.	3.5	%
Cheung Kong Holdings Ltd.	3.1	%
Public Storage, Inc.	2.4	%
Vornado Realty Trust	2.4	%
Sumitomo Realty & Development Co., Ltd.	2.2	%

Portfolio holdings are subject to change daily.

ING Global Value Choice Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Global Value Choice Fund (the “Fund”) seeks long-term capital appreciation. The Fund is managed by David B. Iben, CFA, Portfolio Manager of Tradewinds Global Investors, LLC (“Tradewinds”) — the Sub-Adviser.

Performance: For the six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 20.31% compared to the MSCI All Country World Index^sm(1) (“MSCI ACWI”) which returned (3.34)% for the same period.

Portfolio Specifics: The Fund had positive absolute returns during the six month period ending April 30, 2009. The Fund outperformed its benchmark, the MSCI ACWI^sm, which had a negative return during the period.

A significant portion of the Fund’s relative outperformance was due to its overweight and stock selection in the materials sector, and stock selection in the consumer staples sector. The Fund’s return was most impaired on an absolute basis in the financials and consumer discretionary sectors, even though the Fund remained significantly underweight to the benchmark in the financial sector. The Fund invested in companies representing 19 countries — the two largest country weightings, excluding the U.S., were Japan and Canada.

In the consumer staples sector, Marine Harvest was the Fund’s largest contributor to performance during the period. Marine Harvest is a fully integrated, Norwegian-based salmon fish farming company with a 25 percent global market share and operations in twenty countries. Strong share performance was in part due to strong European salmon prices in early 2009.

The materials sector outperformed, with several of the Fund’s top performers belonging to this sector. Gold stocks in particular were among the best performers in the top-contributing materials sector. U.S.-based Newmont Mining Corp. (“Newmont”), with operations in Latin America, Africa, and Australia, and Lihir Gold Ltd. (“Lihir”), a gold producer in the Australasian region were among the best contributors to performance. We trimmed our exposure slightly in both Newmont and Lihir during the period, but remained overweight in the sector.

The worst contributor to performance during the period was Kao Corp. ADR. Headquartered in Tokyo, Japan, the company is principally involved in the manufacture and sale of household products, cosmetics and industrial products. The company’s share price declined due to a slowdown in demand for its chemicals and personal-care products.

Finnish paper products company, UPM-Kymmene OYJ, was also among the Fund’s worst performing holdings. In general, paper companies have underperformed due to oversupply and decreasing demand for paper. We believe that once the excess capacity is removed from the paper industry, prices should rise to levels sufficient to generate positive returns.

UBS AG (“UBS”) is a wealth management, investment banking and asset management firm that provides a variety of financial services. Media coverage and adverse headlines over its alleged role in tax evasion by its U.S. clients holding accounts overseas increased negative investor sentiments towards the stock and the UBS share price fell. Consequently, UBS was among the Fund’s larger individual detractors for the reference period.

Current Strategy and Outlook: Our basic investment philosophy continues to focus on buying what we believe are good or improving business franchises around the globe whose securities we believe were selling below their intrinsic value. We believe that the best value opportunities are in the securities of those businesses that are the most leveraged to the growth of the global economy.

We do not know if equity markets bottomed in March of 2009 — only time will tell. We do believe that if one is investing for the long term it is likely that equity markets offer the best upside of almost any asset class. Utilizing our team of global sector specialists we continue to find what we believe to be good opportunities in many parts of the market. For the patient long term investor, we believe there has rarely been a better time to buy good companies at attractive valuations.


⁽¹⁾	The MSCI ACWI^sm is a free-float adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets.

Top Ten Holdings*
as of April 30, 2009
(as a percent of net assets)


Barrick Gold Corp.	3.8	%
Newmont Mining Corp.	3.8	%
Lihir Gold Ltd.	3.4	%
Marine Harvest	2.7	%
Cameco Corp.	2.5	%
Sanofi-Aventis ADR	2.4	%
Tyson Foods, Inc.	2.3	%
Union Pacific Corp.	2.3	%
Centrais Eletricas Brasileiras SA ADR – Class B	2.1	%
Stolt-Nielsen SA	2.0	%


	*	Excludes short-term investments related to ING Institutional Prime Money Market Fund – Class I and securities lending collateral.

Portfolio holdings are subject to change daily.

ING Asia-Pacific Real Estate Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Asia-Pacific Real Estate Fund (the “Fund”) seeks to provide investors with high total return, consisting of capital appreciation and current income. The Fund is managed by T. Ritson Ferguson, Chief Investment Officer, CFA and Steven D. Burton, Managing Director, CFA, both of ING Clarion Real Estate Securities L.P. — the Sub-Adviser.

Performance: For the six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of (8.50)% compared to the Standard & Poor’s (“S&P”) Asia-Pacific Property Index⁽¹⁾ which returned (2.79)% for the same period.

Portfolio Specifics: The past six months have proved to be a challenging period for the region’s listed real estate markets as credit market conditions and a slowing global economy continued to provide headwinds to the world’s capital markets. The Asia-Pacific region has showed particular sensitivity to ongoing concerns regarding the continuing effects of a contracting global economy, as many of the region’s economies are export-based. Interestingly, countries that have exposure to China (Hong Kong and Singapore) have fared significantly better than the other countries in the region and were the only countries to post positive performance during the period. Australia and Japan lagged during the period. Since hitting a low point during the period, at the beginning of March, property markets have rallied strongly as investors are beginning to show confidence in the region, especially with respect to the continued expansion of the Chinese economy as it benefits the Asia-Pacific region in general.

The Fund underperformed the benchmark for the period as a result of stock selection and country allocation decisions which were due largely to the Fund’s defensive positioning and a high-quality bias. Although this strategy has benefited the Fund over the past year’s decline in the market, there have been periods of underperformance, on a relative basis, as “high beta” companies have outperformed more defensively positioned companies in which the Fund remains overweight. The nature of “high beta” includes companies with challenged balance sheets, complex business strategies, vulnerable property types and/or issues regarding managements’ ability to execute on stated plans. From a stock selection standpoint, underperformance has been concentrated in Japan and Australia, more than offsetting positive stock selection in Hong Kong during the period. In Japan, two of the Fund’s largest positions, Mitsubishi Estate Co., Ltd. and Mitsui Fudosan Co., Ltd. were both down on concerns of a slowing global economy. Stock selection in Hong Kong was a bright spot as Fund overweights in Wharf Holdings Ltd., China Resources Land Ltd. and Sino-Ocean Land Holdings Ltd. contributed strongly to relative performance.

We have been re-orienting the Fund in the last few months seeking greater exposure to those companies, which in our opinion, represent value in this environment (i.e., cash flow multiples in the mid-single digits and discounts to our view of inherent real estate value). We have not been able to justify, however, investing in those companies which we deem to have significant and potentially insurmountable issues. Paradoxically, many of the companies with the largest issues have outperformed as of late. We remain disciplined investors in those companies which we believe are able to provide appropriate above average total return potential without exposing the Fund to excessive downside risk.

Current Strategy and Outlook: We remain cautious of many of the Asian markets. Values look interesting, but our caution is a function of several variables: (1) no yield support — dividend levels in Asia are generally low; (2) a lower proportion of revenues come from long-term contract rents for many companies; and (3) a higher proportion of revenues come from development activities which, by nature, bring above-average risk. In this environment, investors crave (even demand) certainty. Sectors and geographies offering long-term leases and high percentages of earnings from recurring sources (primarily contract lease rental income) have been the outperformers so far this year. More positively, in our opinion, Asian property stocks continue to look attractive from a valuation standpoint, with price-to-NAV discounts ranging from 10% to 25%.

We believe the rationale for an Asia-Pacific listed property strategy remains very much intact including the opportunity for diversification in the region, access to solid long-term underlying property fundamentals and the continued expansion of the real estate investment trust (“REIT”) structure throughout the region. This remains true even under the likely scenario of slowing global economic growth over the coming year.

⁽¹⁾

The S&P Asia-Pacific Property Index is an unmanaged float-adjusted index which defines and measures the investable universe of publicly traded property companies domiciled in developed countries in the Asia Pacific region, that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment. It includes the reinvestment of dividends but is gross of withholding taxes on dividends and does not reflect fees, brokerage commissions or other expenses of investing.

Top Ten Holdings*
as of April 30, 2009
(as a percent of net assets)


Sun Hung Kai Properties Ltd.	9.5	%
Westfield Group	8.7	%
Mitsubishi Estate Co., Ltd.	8.3	%
Cheung Kong Holdings Ltd.	7.5	%
Mitsui Fudosan Co., Ltd.	7.0	%
Sumitomo Realty & Development Co., Ltd.	3.4	%
Hang Lung Properties Ltd.	3.4	%
CapitaLand Ltd.	3.1	%
Link Real Estate Investment Trust	2.6	%
Nippon Building Fund, Inc.	2.3	%


	*	Excludes short-term investments related to ING Institutional Prime Money Market Fund – Class I.

Portfolio holdings are subject to change daily.

ING Disciplined International SmallCap Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Disciplined International SmallCap Fund (the “Fund”) seeks long-term capital appreciation. The Fund is managed by Vincent Costa, CFA, Portfolio Manager*, of ING Investment Management Co. — the Sub-Adviser.

Performance: For the six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 0.30% compared to the Standard and Poor’s (“S&P”) Developed ex-US SmallCap Index⁽¹⁾, which returned 6.06% for the same period.

Portfolio Specifics: The strategy performed strongly early in the period as valuation and quality factors drove performance. Later in the period, the Fund pulled back as quality and valuation factors like share buyback and earnings growth to price struggled. The Fund’s positions in the diversified financials and health care equipment service sub-sectors hurt results.

In March, although factor performance was highly volatile and low-quality stocks rallied, the Fund outperformed its benchmark thanks to the performance of value factors like book to price and earnings to price. April was another down month as market recognition factors underperformed and significantly hurt results. Overall, the volatility in factor performance during 2009 hurt the Fund.

Security selection in the materials, consumer discretionary, healthcare and consumer staples sectors detracted from performance. Security selection in the financials and industrials sectors partially offset those losses. An overweight position in the financials sector hurt performance but was partially offset by an overweight position in the energy sector.

The top detractors included overweight positions in were Anglo Irish Bank Corp. PLC, Koninklijke Boskalis Westminster N.V. and EXOR S.p.A. PRV. Top contributors during the period were overweight positions in Daou Technology, Inc., Kenedix, Inc. and Swedbank AB.

Current Strategy and Outlook: The Fund uses a quantitatively driven international small-cap strategy that applies a proprietary ranking process to detect unrecognized value in stocks of companies the portfolio managers believe can outperform the market averages because of their strong business fundamentals. Our analysis positions the Fund to capitalize on what we believe are high quality companies with superior business momentum, strong earnings and attractive valuations.

The Fund is currently overweight in the industrials and consumer information technology sectors and underweight in the consumer discretionary sector.


^*	Effective January 13, 2009, Omar Aguilar is no longer a portfolio manager to the Fund.

⁽¹⁾	The S&P Developed ex-US SmallCap Index (formerly, the S&P/Citigroup Extended Market Index World ex-U.S.) is an unmanaged float-adjusted index which captures the smallest 15% of companies in the developed markets, based on the cumulative market capitalization of each country, excluding the United States, within the S&P Global Broad Market Index, which covers all publicly listed equities in 47 countries with a float adjusted market capitalization of US $100 million or greater and a minimum annual trading liquidity of US $50 million.

Top Ten Holdings

as of April 30, 2009

(as a percent of net assets)


iShares MSCI EAFE Index Fund	3.4	%
Adecco SA	0.9	%
Catlin Group Ltd.	0.8	%
Sodexho Alliance SA	0.8	%
Celestica, Inc.	0.8	%
Tomkins PLC	0.8	%
Lagardere SCA	0.8	%
Ladbrokes PLC	0.7	%
Spectris PLC	0.7	%
Michael Page International PLC	0.7	%

Portfolio holdings are subject to change daily.

ING Emerging Countries Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Emerging Countries Fund (the ��Fund”) seeks maximum long-term capital appreciation. The Fund is managed by Jan-Wim Derks, Michael Bootsma and Roberto Lampl, Portfolio Managers of ING Investment Management Advisors, B.V. (“IIMA”) — the Sub-Adviser.

Performance: For the six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 12.41% compared to the MSCI Emerging Markets Index ^sm(1) (“MSCI EM Index^sm”), which returned 17.38% for the same period.

Portfolio Specifics: Over the reporting period, global equity markets experienced extreme levels of volatility and emerging markets were no exception. Worries about the global financial system and the poor economic outlook dominated investor sentiment until the end of February. In early March, investor sentiment turned 180 degrees on the back of inflationary global economic stimulus, signs of a Chinese economic recovery, an improvement in credit markets and the unwinding of underweight positions in equities. As a result, emerging markets rallied sharply in March and April. Over the full reporting period emerging markets strongly outperformed developed markets, resuming the trend of the last couple of years.

During the final months of 2008 the Fund was defensively positioned, focused on high quality companies with proven management capabilities and strong balance sheets. The Fund held large overweight positions in sectors with relatively high earnings visibility and strong cash flow generating capacity, such as telecoms, consumer staples, utilities and healthcare. The Fund underweighted positions in more cyclical sectors such as financials, information technology, materials and consumer discretionary.

The Fund held significant overweight positions in Teva Pharmaceutical Industries, Ltd. (“Teva”), accounting for the Fund’s entire allocation to the healthcare sector and to Israel, Bharti Airtel Ltd., China Mobile Ltd. ADR, Ambev Companhia de Bebidas Das Americas, Chunghwa Telecom Co., Ltd. (“Chunghwa Telecom”) and Enersis SA.

The Fund was overweighted in China and India. In stark contrast to the rest of the world, both countries saw their economies expanding in 2009. The Fund also held significant overweight positions in Israel and Chile, two markets with defensive qualities. The Fund was underweight in Brazil, Russia, South Korea and South Africa.

This strategy had mixed results during the first four months of the period. The financials sector was one of the worst performing sectors globally during the period on concerns that some of the big U.S. banks were undercapitalized, but materials proved one of the best performing sectors. The overweight in Teva helped results. Stocks that did not do well during the period were Bumi Resources Tbk PT (“Bumi Resources”) and Chunghwa Telecom. Bumi Resources’ management lost credibility after engaging in dubious asset transactions at the holding company level. Chungwha Telecom, which has a high dividend yield, is seen as a very defensive name and therefore missed out on the March-April rally in the market.

The Fund’s defensive positioning hurt results during the market rally in March and April. Emerging markets gained more than 30%, led by cyclical sectors such as financials, materials, information technology and consumer discretionary. What’s more, the rally was led by lower quality companies and small- and mid-cap stocks. Defensive sectors lagged by a large margin, particularly health care and telecom services. The Fund’s relative performance suffered as a result.

Current Strategy and Outlook: We believe that markets have rallied too hard too fast. Economic indicators have improved and the global economy may have bottomed, but we do not believe that a quick economic recovery is likely, as we think consumption, investments and exports will remain slow for some time.

With the trough of the economic cycle seemingly behind us, the focus of the portfolio has shifted away from the very defensive stance that it had at the beginning of the year. The Fund has gradually reduced the exposure to defensive sectors such as consumer staples, health care and telecom services. The proceeds have been used to increase positions in the financials and energy sectors. The Fund has reduced its positions in India and Israel to neutral, relative to the benchmark.

On the other hand, it has increased exposure to Brazil, Russia, South Korea and Taiwan to neutral or overweight. Commodity and oil prices have risen from their lows, favoring the commodity exporting countries. The China-Taiwan relationship is improving rapidly. We believe this will lead to a re-rating of the market.

Emerging markets seem better positioned to weather the crisis than in the past. They do not suffer from the systemic financial problems that afflict the developed markets. We think emerging markets are likely to recover faster from the financial crisis than developed markets, which bodes well for their stock markets.


⁽¹⁾	Effective June 10, 2008, IIMA began sub-advising the Fund. Prior the June 10, 2008, the Fund was sub-advised by Brandes Investment Partners, L.P.

⁽²⁾	The MSCI EM Index^sm is an unmanaged index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.

Top Ten Holdings*
as of April 30, 2009
(as a percent of net assets)


OAO Gazprom ADR	4.2	%
Samsung Electronics Co., Ltd.	4.2	%
Teva Pharmaceutical Industries Ltd. ADR	3.5	%
Taiwan Semiconductor Manufacturing Co., Ltd.	3.3	%
Petroleo Brasileiro SA	2.7	%
Industrial and Commercial Bank of China Ltd.	2.7	%
iShares FTSE/Xinhua China 25 Index Fund	2.5	%
Turkiye Garanti Bankasi A/S	2.4	%
China Overseas Land & Investment Ltd.	2.3	%
iShares MSCI Taiwan Index Fund	2.3	%


	*	Excludes short-term investments related to securities lending collateral.

Portfolio holdings are subject to change daily.

ING European Real Estate Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING European Real Estate Fund (the “Fund”) seeks to provide investors with high total return, consisting of capital appreciation and current income. The Fund is managed by T. Ritson Ferguson, Chief Investment Officer, CFA and Steven D. Burton, Managing Director, CFA of ING Clarion Real Estate Securities L.P. — the Sub-Adviser.

Performance: For the six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of (9.23)% compared to the Standard & Poor’s Europe Property Index⁽¹⁾ (“S&P Europe Property Index”), which returned (8.91)% for the same period.

Portfolio Specifics: The past six months have proved to be a very challenging period for the region’s listed real estate markets as credit market conditions and a slowing global economy continued to provide headwinds to the world’s capital markets. Within the European region, the return differential between countries during the period was quite substantial, ranging from a 40.20% return posted by Austria, the best-performing market during the period, to a (45.50)% return posted by Spain, the poorest-performing market during the period. The two largest markets also showed a significant divergence as the U.K. market (a 31% weight in the benchmark) was down during the period, largely on expectations of a continued economic slowdown; meanwhile French property markets (a 29% weight in the benchmark) experienced a positive return during the period, primarily due to strong returns posted by Unibail Rodamco, the leading pan-European mall company.

The Fund underperformed the benchmark for the period as positive stock selection was offset by country allocation decisions. Stock selection was especially strong in the U.K., where positioning of the Fund benefited from underweight positions in mall company Liberty International PLC as well as industrial company SEGRO PLC. An overweight to office company Derwent London PLC also helped relative performance as did an overweight to Unibail Rodamco, which was the Fund’s largest overweight during the period.

Positive country allocation decisions added value through overweights to outperforming property markets in France and the Netherlands but were more than offset by an underweight to Austria, whose property markets have rebounded strongly from a significant sell-off in 2008.

Current Strategy and Outlook: The Fund continues to maintain a core positioning in what we believe are high-quality companies. We remain overweight sectors and geographies offering long-term leases and high percentages of earnings from recurring sources (primarily contract lease rental income). We prefer companies offering more transparency, strong balance sheets and good, experienced management teams. This focus on quality has driven our longer-term outperformance.

⁽¹⁾

The S&P Europe Property Index is an unmanaged float-adjusted index which defines and measures the investable universe of publicly traded property companies domiciled in developed European countries, that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment. It includes the reinvestment of dividends but is gross of withholding taxes on dividends and does not reflect fees, brokerage commissions or other expenses of investing.

Top Ten Holdings
as of April 30, 2009
(as a percent of net assets)


Unibail	21.7	%
Land Securities Group PLC	9.0	%
British Land Co. PLC	7.0	%
Hammerson PLC	5.9	%
Corio NV	4.6	%%
Klepierre	4.3	%
PSP Swiss Property AG	4.2	%
Wereldhave NV	3.8	%
Eurocommercial Properties NV	3.6	%
ICADE	3.5	%

Portfolio holdings are subject to change daily.

ING Foreign Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Foreign Fund (the “Fund”) seeks long-term growth of capital. The Fund is managed by Rudolph-Riad Younes, CFA Managing Director and Head of International Equity and Richard Pell, Chief Investment and Chief Executive Officer, both of Artio Global Management LLC — the Sub-Adviser.

Performance: For the six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of (8.38)% compared to the MSCI All Country World (ex-US) Index^sm(1)(“MSCI ACWI (ex-US)”), which returned 1.03% for the same period.

Portfolio Specifics: For most of the period under review, markets continued to exhibit tremendous volatility amid what has been one of the most difficult investment climates. However, March and April provided much needed relief for equity investors as the degree of negativity on the news front began to abate. Amid this environment, we have tried to steer the Fund’s holdings from areas we foresaw as the most prone to danger and sought refuge in regions, sectors and companies that we believed would be least affected. However, the Fund underperformed the MSCI ACWI (ex-US) as market sentiment began to reward less defensive positioning.

The factors explaining the level of underperformance are largely due to the Fund’s positioning within emerging markets and Continental Europe. During March and April, investors began to move toward “risky assets” which included emerging markets as well as more troubled sectors such as financials within developed markets. Due to its more defensive stance, the Fund did not participate as fully as the markets recovered toward the end of the period. Additionally, the position held in cash equivalents was a drag on results as was the Fund’s underweight to the Japanese yen during part of the review period.

Beginning with emerging markets, the underweight to Asia and Latin America, particularly Brazil, negatively impacted results as these areas outperformed. In addition, although the Fund’s allocation to Poland, Hungary and the Czech Republic was much lower than in previous periods, we were nonetheless negatively impacted as companies in this region felt the impact of the global credit crunch. Specifically, Komercni Banka A/S (Czech Republic), Powszechna Kasa Oszczednosci Bank Polski SA and Bank Polska Kasa Opieki (Poland) and OTP Bank Nyrt GDR (Hungary) underperformed.

In Continental Europe, the underweight to financials had a negative impact as the sector began to rally in early March as sentiment began to shift. Also, stock selection within energy detracted as did the overweight to consumer staples. In addition, stock selection within industrials and telecoms detracted. Within energy, Royal Dutch Shell PLC ADR, ENI S.p.A. ADR (Italy) and Total SA ADR (France) underperformed. Within consumer staples, Nestle SA (Switzerland), Groupe Danone (France) and Unilever PLC (Netherlands) underperformed. Finally, within industrials and telecoms, Siemens AG and Deutsche Telekom AG (Germany) underperformed.

From a positive perspective, the continued underweight to the United Kingdom, particularly within the banking sector helped results. UK financials underperformed over the period, and the Fund’s large avoidance of the sector supported results. The overweight to and stock selection within materials in the UK, Canada and Australia also had a positive impact as more cyclically-oriented sectors began to outperform. Strong performers included Rio Tinto Ltd. (Australia), Xstrata PLC (UK) and Barrick Gold Corp. (Canada).

Current Strategy and Outlook: Although clear challenges remain for global economies and the banking system, we have become more constructive for equities. There are early signs of improvement and valuations in a number of sectors and regions offer attractive opportunities in our view. Recognizing that our defensive posture has not benefited the Fund in recent months, we have taken steps to move closer to the benchmark weighting in the emerging markets as well as in financials. Specifically, we have added to positions in South Korea and Taiwan as well as in Brazil. Within financials, we recognize the visibility of earnings is difficult to assess and have therefore chosen to diversify across a range of companies in the developed markets. In addition, we have been favoring more cyclically-oriented companies with strong underlying fundamentals. Examples include companies involved in metals and mining, construction, airport operators and other industrials.


⁽¹⁾	The MSCI ACWI (ex-US) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the US. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.

Top Ten Holdings*
as of April 30, 2009
(as a percent of net assets)


Nomura TOPIX Exchange Traded Fund	4.7	%
Nestle SA	2.3	%
Rio Tinto Ltd.	2.1	%
Xstrata PLC	2.0	%
Nomura ETF – Nikkei 225 Exchange Traded Fund	2.0	%
BHP Billiton PLC	1.8	%
Komercni Banka A/S	1.8	%
CRH PLC	1.6	%
Rio Tinto PLC	1.6	%
BHP Billiton Ltd.	1.6	%


	*	Excludes short-term investments related to ING Institutional Prime Money Market Fund – Class I and securities lending collateral.

Portfolio holdings are subject to change daily.

ING Greater China Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Greater China Fund (the “Fund”) seeks long-term capital appreciation. The Fund is managed by Nick Toovey, CFA, Bratin Sanyal, Oscar Leung Kin Fai, CFA and Michael Hon Lung Chiu, CFA of ING Investment Management Asia/Pacific (Hong Kong) Limited — the Sub-Adviser.

Performance: For the six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 29.65% compared to the MSCI All Countries Golden Dragon Index⁽¹⁾, which returned 24.01% for the same period.

Portfolio Specifics: The Fund benefited from stock selection in China, Hong Kong and Taiwan. Property related stocks in all three countries performed strongly during the period and the Fund’s overweight contributed to results. Among the top-performing stocks for the period were Taiwan Fertilizer Co., Ltd., Guangzhou R&F Properties Co., Ltd. and Agile Property Holdings Ltd.

To stimulate domestic credit demand, the central government of China has been promoting new bank lending. As a result, system loan growth reached 4.6 trillion renminbi in 1^st Quarter 2009, which was a historical high. Despite reporting only 6.1% year-over-year gross domestic product (“GDP”) growth in 1^st Quarter 2009, we believe China is expected to report faster growth for the rest of the year thanks to those simulative measures. Leading economic indicators such as the purchasing manager index and money supply growth were also improving, leading recently to GDP forecast upgrades. As a result, the MSCI China Index outperformed the regional markets, as defined by the MSCI All Countries Golden Dragon Index, during the reporting period.

Hong Kong underperformed the regional markets, as defined by the MSCI All Countries Golden Dragon Index, during the period due to continuous deterioration in its economic outlook. Unemployment climbed from a low of 3.5% in October 2008 to 5.2% in March 2009. Retail sales growth suffered as exports declined more than 20% year-over-year in 1^st Quarter 2009 — due to the slowdown in Hong Kong’s major trading partners, China and the United States.

Taiwan underperformed the regional markets, as defined by the MSCI All Countries Golden Dragon Index, during the period but was able to gain back some of the lost ground recently thanks to the improvement in political sentiment. China Mobile Ltd. (“China Mobile”), the largest mobile services operator in China, announced in a surprise move its intention to purchase a 12% stake in Far EasTone Telecommunications Co., Ltd. (“Far EasTone”). The deal size is roughly 17.8 billion Taiwanese dollars or about $540 million U.S. dollars, which is an unprecedented transaction and probably the largest investment announced by a Chinese company in Taiwan so far. Following the announcement, several domestic sectors such as banks and properties rose sharply.

Current Strategy and Outlook: The Chinese government’s continuing efforts to stimulate the domestic economy are bearing fruit. New bank lending hit a historical high level in 1^st Quarter 2009 while other leading economic indicators such as the purchasing manager index⁽²⁾ (“PMI”) and M2 growth (a measure of the money supply, calculated at any point in time by adding together the value of cash held by the public, checkable deposits, household savings deposits, small time deposits and money market funds) are also improving. Thanks to an easier credit environment, property and automobiles sales have improved substantially. Although 1^st Quarter 2009 GDP growth came in at only 6.1%, which was its slowest pace in the last 10 years, the economy may recover further this year.

The stock market reacted positively and many of the distressed stocks have risen to more normal valuations. Thanks to its strong fiscal position and healthy household sector, we believe the economic outlook and stock market performance of China is still superior to the rest of the world. The Fund’s overweight in China is maintained by focusing on quality companies that we believe are more likely to revise their earnings upward in the second half of 2009.

The improvement of cross-strait relations again came under the spotlight with the historical deal between China Mobile and Far EasTone. We believe sentiment could continue to improve if both sides take a more pragmatic view of promoting economic growth. We believe the longer-term outlook of the Taiwan asset plays remains positive with such improvement. The growth profile of the banking sector is still dismal, however. Its recent run after the China Mobile deal also led to higher valuations, which make the sector less attractive. Taiwan is still heavily geared towards the information technology sector, which, in our opinion, may suffer from the U.S. economic slowdown. Without major new catalysts, we remain cautious on Taiwan and look for better opportunities elsewhere.


⁽¹⁾	The MSCI All Countries Golden Dragon Index is a broad-based, unmanaged index of common stocks traded in China, Hong Kong and Taiwan. It is an aggregate of the MSCI Hong Kong Index, the MSCI China Free Index and the MSCI Taiwan Index.

⁽²⁾	The PMI is a composite index of five “sub-indicators”, which are extracted through surveys to more than 400 purchasing managers from around the country, chosen for their geographic and industry diversification benefits. The five sub-indexes are as follows: production level, new customers, supplier deliveries, inventories and employment level.

Top Ten Holdings
as of April 30, 2009
(as a percent of net assets)


China Mobile Ltd.	8.5	%
China Life Insurance Co., Ltd.	4.1	%
CNOOC Ltd.	3.8	%
Industrial and Commercial Bank of China Ltd.	3.7	%
Sun Hung Kai Properties Ltd.	3.7	%
China Petroleum & Chemical Corp.	3.6	%
Hon Hai Precision Industry Co., Ltd. – GDR	3.3	%
Taiwan Semiconductor Manufacturing Co., Ltd.	3.1	%
Hong Kong Exchanges and Clearing Ltd.	3.1	%
China Construction Bank	3.1	%

Portfolio holdings are subject to change daily.

ING Index Plus International Equity Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Index Plus International Equity Fund (the “Fund”) seeks to outperform the total return performance of the MSCI Europe, Australasia and Far East^® Index⁽¹⁾ (“MSCI EAFE^® Index”) while maintaining a market level of risk. The Fund is managed by Carl Ghielen, Portfolio Manager and Martin Jansen, Portfolio Manager, both of ING Investment Management Advisors B.V. — the Sub Adviser.

Performance: For the six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of (3.47)% compared to the MSCI EAFE^® Index, which returned (2.64)% for the same period.

Portfolio Specifics: The ING International Index Plus strategy is designed to add value to the MSCI EAFE^® Index through bottom-up security selection on the basis of customized sector models while maintaining approximate benchmark weights of regions/countries, sectors and industries represented in the benchmark. The active risk is substantially controlled by the relatively large number of securities in the Fund (between 280 and 380). As a first step, the best ranked 200 stocks are selected for inclusion across countries, sectors and industries. To ensure that appropriate index weights and an index-like profile are maintained, an additional 80-180 of the next most attractive securities are added. The Fund is rebalanced monthly to maintain the desired tilt to stocks ranking well in the individual sectors and industries represented in the benchmark.

The Fund underperformed its benchmark during the period, due mainly to adverse stock selection in Japan. By design, the Fund’s sector and region weights approximate that of the benchmark. While this normally does not add value, the wide inter-regional and inter-sector dispersion that results from our sector and regional positioning had a negative impact during an extraordinarily volatile period. Security selection within regions and sectors also detracted from results.

For each reporting period, the predictive power of the individual factors included in the regional sector models substantially determines the stock selection results in each sector. For this reporting period, the Fund’s positioning in healthcare had the largest negative impact, due largely to a perverse outcome of our model’s valuation factors. Information technology also detracted significantly due to price reversion and price momentum variables. Stock selection in the financials and consumer staples sectors added value due to the successful influence of valuation factors in the respective sector models.

Current Strategy and Outlook: By design, the Fund maintains approximate benchmark weights of the regions, economic sectors and industries constituting MSCI EAFE^® Index, and seeks to track the benchmark relatively closely. Stock selection flows from the in-sector/industry ranking models. Portfolio construction and risk control are utilized to ensure the characteristics of the Fund are within an acceptable band around the benchmark. Our most attractively ranked stocks may have individual overweights of up to half a percentage point. Similarly, for risk control purposes the maximum allowable underweight per security is half a percentage point.

Within this context, the Fund currently has a modest tilt towards lower valuation and smaller capitalization stocks and has a resultant modest focus on stocks linked primarily to local economies. The current portfolio of stocks generated an historic earnings growth slightly below that of the index but is expected to meet index earnings growth. It also carries a dividend yield similar to the index, and has comparable return on equity.


⁽¹⁾	The MSCI EAFE^® Index is an unmanaged index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.

Top Ten Holdings
as of April 30, 2009
(as a percent of net assets)


BP PLC	1.6	%
HSBC Holdings PLC	1.5	%
Novartis AG	1.4	%
E.ON AG	1.4	%
Royal Dutch Shell PLC – Class B	1.2	%
Nestle SA	1.2	%
Banco Santander Central Hispano SA	1.2	%
Royal Dutch Shell PLC – Class A	1.1	%
Vodafone Group PLC	1.1	%
Roche Holding AG	1.0	%

Portfolio holdings are subject to change daily.

ING International Capital Appreciation Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING International Capital Appreciation Fund (the “Fund”) seeks capital appreciation. The Fund is managed by a team of investment professionals led by Thomas R.H. Tibbles, CFA, Barry A. Lockhart, CFA, Trevor Graham, CFA, and Patrick Tan of Hansberger Global Investors, Inc. (“HGI”) — the Sub-Adviser.

Performance: For the six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 5.75% compared to the MSCI All Country World (ex-US) Index^sm(1) (“MSCI ACWI ex-US^sm”), which returned 1.03% for the same period.

Portfolio Specifics: The six month period ended April 30, 2009 ended on a positive note with the MSCI ACWI ex-US^sm posting a positive return as the markets started to recover from several months of negative performance. During the period, investors began returning to equities and the risk aversion towards emerging markets appeared to start dissipating. Emerging markets was the strongest performing region during the period, followed by the Pacific ex-Japan region and Canada. Europe and Japan were the only regions to post negative returns. Materials, information technology and industrials were the drivers of performance from a sector perspective. Some of the more defensive areas of the markets, such as healthcare, utilities and consumer staples lagged the broad market as investors rotated into more economically sensitive names.

The Fund’s return outperformed the benchmark over the six month period. From a sector attribution perspective, industrials was the largest contributor to relative performance as stocks such as Vestas Wind Systems A/S and China Communications Construction Co., Ltd. enjoyed a period of strong performance. The telecommunication services and energy sectors also contributed to relative performance with stocks such as Iliad SA and Cameco Corp. posting positive returns. Only three sectors detracted from relative performance, led by the consumer discretionary sector. The majority of the relative outperformance in the Fund was driven by stock selection.

From a regional perspective, Europe was the largest contributor on a relative basis with stocks like Autonomy Corp. PLC posting strong gains during the period. The Pacific ex-Japan region was also a relative contributor, driven by a strong return in the stock of Li & Fung Ltd. Agile Property Holdings, Ltd., a Chinese property company, was the best performer in the Fund during the period and contributed to the positive relative performance in emerging markets. Japan was the only region that detracted from relative performance during the period driven by holdings in a Japanese financial company, ORIX Corp., as well as a Japanese electronics retailer, Yamada Denki Co., Ltd.

Current Strategy and Outlook: In our opinion, while the near term pace of economic growth has slowed dramatically, the long term outlook for many economies, especially the emerging markets, is still very much alive. We are still optimistic on China with companies there set to benefit from massive infrastructure spending and government stimulus. Brazil and India are also growing faster than the developed world and we believe can benefit from domestic growth even if the export story continues to slow. Risks remain that growth expectations will not be met; however, we remain cautiously optimistic and positioned for economic growth in emerging markets.

Time will tell how 2009 will eventually play out. This should be a stock pickers market, particularly if we select high quality companies that create their own opportunities. In our opinion, valuations are still attractive for equities versus bonds, central banks have been very accommodating, and the interest rate outlook remains relatively supportive for equities. We anticipate that we may potentially see the beginnings of an economic recovery in late 2009 and into 2010.

We believe maintaining a well-diversified portfolio of high quality international companies could prove beneficial as investors return to equities and risk aversion subsides. We believe that many of the names that will recover first are the high quality, liquid, large-cap companies that we hold in the Fund.


⁽¹⁾	The MSCI ACWI (ex-US) is a free float-adjusted market capitalization index that is designed to measure equity market performance in global developed and emerging markets, excluding the U.S. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.

Top Ten Holdings
as of April 30, 2009
(as a percent of net assets)


Autonomy Corp. PLC	2.5	%
Cameco Corp.	2.4	%
Vestas Wind Systems A/S	2.3	%
Iliad SA	2.2	%
Petroleo Brasileiro SA ADR	2.0	%
Credit Suisse Group	1.8	%
Toyota Motor Corp.	1.8	%
Esprit Holdings Ltd.	1.8	%
Millicom International Cellular SA	1.7	%
Rio Tinto Ltd.	1.7	%

Portfolio holdings are subject to change daily.

ING International Equity Dividend Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING International Equity Dividend Fund (the “Fund”) seeks growth of capital with dividend income as a secondary consideration. The Fund is managed by Nicolas Simar, Head of Value/High Dividend, Moudy El Khodr, Senior Investment Manager Equities, and Kris Hermie, CFA, Senior Investment Manager of ING Investment Management Advisors B.V. — the Sub-Adviser.

Performance: For the six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of (6.50)% compared to the MSCI World ex-US Index^sm(1) (“MSCI World ex-US Index^sm”), which returned (2.37)% for the same period.

Portfolio Specifics: The Fund’s underperformance for the period was largely attributable to security selection. Asset allocation also detracted from results but to a smaller degree.

The sectors that detracted the most from results were energy, financials and healthcare. Weak stock selection in energy hurt the most. Also detracting significantly were sector allocation and stock selection in materials and financials.

Partially offsetting these detractions were gains from asset allocation and security selection in the consumer discretionary and staples sectors. Ironically, the greatest contribution to relative returns came from not owning Volkswagen AG, which fell dramatically in price.

Semiconductor Manufacturing Co. Ltd. (“Taiwan Semi”), an actual Fund holding, was the second greatest contributor for the period. The company’s long-term fundamentals remain strong and first quarter results were good. Guidance on revenue and margins for next quarter is significantly higher than current consensus expectations.

Other significant contributors to return were UK retailer Kingfisher PLC and Pub operator Greene King PLC (“Greene King”). Greene King’s first-quarter sales were better than expected. Their recent capital increase allows them to reduce their debt and perhaps later on make an acquisition. Among consumer staples, Wesfarmers Ltd. and Delhaize America, Inc. were important contributors to results.

Energy stocks detracted the most from returns for the period. Precision Drilling Trust detracted more than any other energy stock, falling in price due to reduced capital spending by North American oil and gas producers. We sold the Fund’s position after the company discontinued its monthly dividend to focus on its debt reduction program.

Financials were the second worst detractors for the period. Negative macro news such as the Federal Deposit Insurance Corporation’s report on banks’ heavier 4^th quarter losses than originally reported reverberated through the sector. Despite gains from Banco Santander S.A. and Toronto-Dominion Bank, continuing bad news about the sector led to weakness. Several banks were among the worst detractors for the period: Swedbank AB, BNP Paribas, HSBC Holdings PLC and Aviva PLC.

In materials, UPM-Kymmene OYJ (“UPM”) and Rexam PLC were detractors. UPM’s recession-induced difficulties led to lay-offs, a loss for 4^th quarter 2008 and to guidance that paper deliveries will fall further in 2009 as consumer confidence slumps worldwide. The company reduced its dividend after five years of stable payments. Not holding BHP Billiton Ltd. also hurt relative results.

Current Strategy and Outlook: Our outlook for the strategy remains positive. We believe investments in quality defensive names potentially may give the Fund downside protection and lower volatility. Under current market conditions, this may help the Fund outperform its benchmark. Regardless of scenario, the Fund seeks to identify sectors or stocks where it may exploit temporary under-valuations to capture unrecognized value.


⁽¹⁾	The MSCI World ex-US Index^SM is an unmanaged index that comprises the entire developed world less the United States. The designation of a country as developed arises primarily as a measurement of GDP per capital.

Top Ten Holdings
as of April 30, 2009
(as a percent of net assets)


E.ON AG	2.2	%
Enel S.p.A.	2.1	%
Banco Santander Central Hispano SA	2.1	%
Royal Dutch Shell PLC	2.1	%
Banco Bilbao Vizcaya Argentaria SA	2.0	%
Iberdrola SA	2.0	%
HSBC Holdings PLC	1.9	%
Scottish & Southern Energy PLC	1.8	%
Vinci SA	1.6	%
ENI S.p.A.	1.5	%

Portfolio holdings are subject to change daily.

ING International Growth Opportunities Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING International Growth Opportunities Fund (the ”Fund”) seeks long-term growth of capital through investment in equity securities and equity equivalents of companies outside the U.S. The Fund is managed by Uri Landesman, Senior Vice President and Head of International Equity, Portfolio Manager of ING Investment Management Co. — the Sub-Adviser.

Performance: For the six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 4.12% compared to the MSCI Europe, Australasia and Far East^® Growth Index⁽¹⁾ (”MSCI EAFE^® Growth Index”) which returned (5.22)% for the same period.

Portfolio Specifics: What a difference six months made. October marked the height of the worldwide credit crisis, as investors retreated from risk-taking and sought refuge in short-term U.S. Treasuries. In the following months, a myriad of issues plagued equity investors. Signs of life started to emerge in early March, however, spurred by the moderation of several key economic indicators. Markets rallied significantly, even gaining back the losses incurred since January 1.

We have seen signs of thawing in the credit markets, indications of life in the junk bond market and an affirmation by the Federal Reserve Board (the “Fed”) to keep credit flowing by purchasing $1.25 trillion in mortgage-backed securities and $300 billion in longer-term Treasuries. Similar to the United States, massive stimulus in the system worldwide has been a key catalyst in driving equity returns since early March. Emerging markets in both Latin America and Asia have both outperformed the MSCI EAFE^® Growth Index.

The Fund outperformed its benchmark, the MSCI EAFE^® Growth Index, due to positive security selection and positive sector allocation. The greatest contributor to results was stock selection in energy. The Fund’s overweight coupled with selection in materials also helped results significantly, as did selection within the industrials sector. From a regional perspective, the Fund is overweight to non-benchmark emerging markets coupled with selection in Europe helped performance. The largest performance detractor was stock selection in the information technology sector. Stock selection in Japan also hurt results.

The biggest net contribution to performance came from Rio Tinto PLC (“Rio Tinto”), Bumi Resources Tbk PT (“Bumi Resources”), and Li & Fung Ltd (“Li & Fung”). Rio Tinto saw shares appreciate amidst higher commodity prices. Bumi Resources, Indonesia’s top coal producer, gained late in the period as it reported net profits that beat analyst’s forecasts. Cost efficiency in mining activities benefited the company. Consumer products exporter Li & Fung appreciated during the period upon improved investor and consumer sentiment and increasing orders.

Japan Tobacco, Inc. (“Japan Tobacco”), Nokia Corp. (“Nokia”) and Elpida Memory, Inc. (“Elpida”) were the most significant detractors from results. Japan Tobacco saw shares slump as sluggish domestic sales led to lower profits. Higher reform-related expenses coupled with a fall in the smoking population hurt the firm’s profitability. Nokia saw shares lose value as extensive de-stocking by operators and distributors adversely affected their sales volumes. Elpida Memory was lower amidst weak demand and low prices in the global semiconductor market. The firm posted a 60.9 billion yen ($625.1 million) loss for the three months ended in March.

Current Strategy and Outlook: Although we are seeing signs of life in the credit and stock markets, we remain cautious, as the overall economic footing remains unsure. We firmly believe that stock market volatility will remain elevated. Prospects for future growth have increased because of unprecedented levels of fiscal and monetary stimulus. Against this backdrop, the market is still valued attractively, in our view.

As the credit markets stabilize, the increased availability and usage of credit by both producers and consumers should provide the means by which the economy, particularly in the United States, can recover. Looking forward, we seek to exploit opportunities worldwide.


⁽¹⁾	The MSCI EAFE^® Growth Index^SM is an unmanaged index that measures the performance in 20 countries within Europe, Australasia and the Far East with a greater-than-average growth orientation.

Top Ten Holdings*
as of April 30, 2009
(as a percent of net assets)


Xstrata PLC	5.0	%
Bumi Resources Tbk PT	4.5	%
Barrick Gold Corp.	4.3	%
Rio Tinto PLC ADR	3.7	%
Imperial Tobacco Group PLC	3.2	%
Reckitt Benckiser PLC	3.1	%
Talisman Energy, Inc.	2.9	%
Alstom	2.7	%
Japan Tobacco, Inc.	2.7	%
ABB Ltd.	2.6	%


	*	Excludes short-term investments related to securities lending collateral.

Portfolio holdings are subject to change daily.

ING International Real Estate Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING International Real Estate Fund (the “Fund”) seeks to provide investors with high total return. The Fund is managed by T. Ritson Ferguson, Chief Investment Officer, CFA and Steven D. Burton, Managing Director, CFA of ING Clarion Real Estate Securities L.P. — the Sub-Adviser.

Performance: For the six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of (10.59)% compared to the Standard & Poor’s (“S&P”) Developed ex-US Property Index⁽¹⁾ which returned (4.78)% for the same period.

Portfolio Specifics: The past six months has proved to be a challenging period for international listed real estate markets as credit market conditions and a slowing global economy continued to provide headwinds to the world’s capital markets. Since hitting a low point during the period, at the beginning of March, property markets have rallied strongly, triggered by the demonstrated ability of property companies to raise capital and repair balance sheets. Investors have reason for greater confidence that capital markets are improving in light of the significant equity and debt capital raised during the last few months.

Country allocation decisions detracted from relative performance during the period, the result of an underweight to the outperforming Asia-Pacific region, primarily in Hong Kong which was one of the best performing markets. Within the European region, relative performance was slightly negative as an underweight to the outperforming Austrian market more than offset the positive contributions of an overweight to the outperforming French property stocks and underweight to the underperforming U.K. market.

Current Strategy and Outlook: The Fund continues to maintain a core positioning in what we believe are high-quality companies. We remain overweight sectors and geographies offering long-term leases and high percentages of earnings from recurring sources (primarily contract lease rental income). We prefer companies offering more transparency, strong balance sheets and good, experienced management teams. This focus on quality has driven our longer-term outperformance.

Given the bottoming of the markets which occurred in early March, we increasingly see companies which, in our opinion, represent value in this environment (i.e., cash flow multiples in the mid-single digits and discounts to our view of inherent real estate value). We have been building positions in such companies. We have not been able to justify, however, investing in those companies which we deem to have significant and potentially insurmountable issues. Paradoxically, many of the companies with the largest issues have outperformed as of late. We remain disciplined investors in those companies which we believe are able to provide appropriate above average total return potential without exposing the Fund to excessive downside risk.

In our opinion, international property companies remain attractively valued. We estimate the average international property company is trading at a 10% discount to our internal estimate of inherent private real estate market value.

⁽¹⁾

The S&P Developed ex-US Property Index (formerly, the S&P/Citigroup BMIWorld Property ex-US Index) is an unmanaged float-adjusted index which defines and measure the investable universe of publicly traded property companies domiciled in developed countries, outside of the United States, that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment. It includes the reinvestment of dividends but is gross of withholding taxes on dividends and does not reflect fees, brokerage commissions or other expenses of investing.

Top Ten Holdings*
as of April 30, 2009
(as a percent of net assets)


Westfield Group	7.1	%
Unibail	6.8	%
Sun Hung Kai Properties Ltd.	6.7	%
Mitsubishi Estate Co., Ltd.	6.6	%
Mitsui Fudosan Co., Ltd.	5.5	%
Cheung Kong Holdings Ltd.	4.8	%
Land Securities Group PLC	3.0	%
Sumitomo Realty & Development Co., Ltd.	2.9	%
Link Real Estate Investment Trust	2.5	%
CapitaLand Ltd.	2.3	%


	*	Excludes short-term investments related to ING Institutional Prime Money Market Fund – Class I.

Portfolio holdings are subject to change daily.

ING International SmallCap Multi-Manager Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2009
(as a percent of net assets)

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Portfolio holdings are subject to change daily.

Country Allocation
as of April 30, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING International Small Cap Multi-Manager Fund (the “Fund”) seeks maximum long term capital appreciation. The Fund’s assets are managed by three sub-advisers — Acadian Asset Management, LLC (“Acadian”), Batterymarch Financial Management, Inc. (“Batterymarch”) and Schroder Investment Management North America Inc. (“Schroders”). Each manages a portion of the Fund’s assets that is allocated to the sub-adviser. The following individuals are primarily responsible for the day-to-day management of their respective portions of the Fund: John R. Chisholm, CFA, Executive Vice President and Co-Chief Investment Officer, Matthew J. Cohen, CFA, Senior Vice President, Constantine P. Papageorgiou, CFA, Vice President, Brian K. Wolahan, CFA, and Qi R. Zeng, CFA, Senior Vice President, all Portfolio Managers of Acadian*; Charles F. Lovejoy, CFA, Director and Senior Portfolio Manager, Christopher W. Floyd, CFA, Portfolio Manager and Adam J. Petryk, Senior Director and Global Investment Strategist of Batterymarch; Matthew Dobbs, Portfolio Manager of Schroders.

Performance: For the six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 2.75% compared to the Standard & Poor’s (“S&P) Developed ex-US SmallCap Index ⁽¹⁾ and the S&P Euro-Pacific Asia Composite (“EPAC”) SmallCap Index⁽²⁾, which returned 6.06% and 5.90%, respectively, for the same period.

Portfolio Specifics: Acadian Sleeve⁽³⁾ — This has been an extremely volatile period for global equity markets. After a sharp downward slide amid the broadening global credit crisis, sentiment improved. Renewed confidence in the equity asset class spread quickly to smaller-cap stocks, emerging markets and other assets with perceived higher risk. It was a challenging environment for quantitative approaches, however, as many predictive factors including valuation and momentum underperformed. The fund outperformed the S&P Developed ex-US SmallCap Index by approximately 0.40%. Stock selection did not fare well and detracted from active return, particularly in Japan, Australia, Hong Kong and Canada. Active stock selection saw the lowest returns among materials, technology and financial stocks. This was more than offset, however, by successful market weightings, particularly in the emerging markets. The allocations to Taiwan, China, Turkey and Thailand all added value. The fund also gained from overweighting Singapore and Canada and underweighting Spain. Batterymarch Sleeve⁽³⁾ — Our investment process combines fundamental viewpoints with quantitative implementation. Thus our stock selection model struggled for much of this extremely turbulent period marked by sharp reversals. The stocks that had been the most beaten down prior to the market rebound in early March were the best performing in the subsequent period, and vice versa. In many cases there had been little change in the fundamental outlook for these companies other than stabilization or slight improvement in broad macroeconomic indicators and some thawing of credit markets. In general, these types of stocks have tended to score poorly in our stock selection model due to negative earnings momentum and revisions, poor cash flows and shareholder returns, and weak balance sheets. As a result, stock selection detracted from performance and the fund underperformed the S&P Developed ex-US SmallCap Index by approximately 9.60% on a gross basis. While stock selection was strong in the financials ex banks sector in both continental Europe and the United Kingdom, and in the Japanese healthcare sector, selection in Japan was particularly weak, most notably in the consumer discretionary information technology and industrials sectors. Allocation among the regions and sectors did not add value. Schroders Sleeve⁽³⁾ — For the six months ended April 30, 2009, the Schroder sleeve outperformed the S&P EPAC SmallCap Index by 2.50%. The period under review has seen a modest recovery in smaller company stocks, and they have outperformed their larger peers. The extreme caution among investors at the turn of the year has been relieved by better than expected economic news and continued aggressive fiscal and monetary measures adopted globally. The fund has outperformed thanks to strong stock selection, most notably in Japan (where the fund’s healthcare and industrial stocks did well) and the United Kingdom (energy, information technology). The fund has also derived added value from the overweight stance in markets such as China, Hong Kong and Singapore.

Current Strategy and Outlook: Acadian Sleeve⁽³⁾ — Our belief is that high specific-company risk, earnings uncertainty and a clouded macroeconomic outlook will continue to produce high equity market volatility. However, we remain of the view that economic recovery will be visible in 2010 and possibly late in 2009. Equity markets historically have discounted economic recovery in advance, and that pattern is also expected in the current situation. Batterymarch Sleeve⁽³⁾ — Whether the recent rally is cyclical or secular, we continue to position the fund to benefit from quality long-term stock fundamentals. In the near-term, we believe the challenging market conditions of high volatility and liquidity-driven markets will continue, and we continue to monitor the impact of a slowdown in globalization as countries take more nationalistic economic stances. The fund remains invested in high quality stocks that rank attractively relative to peers. As of April 30, 2009, the fund remained attractively valued versus the S&P Developed ex-US SmallCap Index, with a lower 12 month forward price to earnings (“P/E”) ratio (10.4x vs. 11.4x) and a comparable consensus expected annual earnings per share (“EPS”) growth rate over the next 2 years (7.80% vs. 7.89%). Schroders Sleeve⁽³⁾ — Global small companies have risen strongly from the low point in early March, and we believe that a period of consolidation is likely. However, we believe that our focus on well-managed companies with strong balance sheets offering visible growth prospects will generate attractive relative returns. We continue to have relatively high weightings in the Pacific ex Japan region as we believe it offers superior prospects for economic and corporate growth. In contrast, we remain underweight the benchmark in Japan and in the United Kingdom. In overall sector terms, we are underweight in consumer cyclicals and financials, and overweight in energy, industrials, information technology and utilities.


*	Mr. Papageorgiou, Mr. Wolahan and Ms. Zeng were added as portfolio managers to the Acadian managed portion of the Fund in February 2009.


⁽¹⁾	The S&P Developed ex-US SmallCap Index (formerly, the S&P/Citigroup Extended Market Index (“EMI”) World ex-US) is an unmanaged float-adjusted index which captures the bottom 15% of companies in the developed markets, based on the cumulative market capitalization of each country, excluding the United States, within the S&P Global Broad Market Index, which covers all publicly listed equities in 47 countries with a float-adjusted market capitalization of US$100 million or greater and a minimum annual trading liquidity of US$50 million.
⁽²⁾	The S&P EPAC SmallCap Index (formerly, the S&P/Citigroup EMI EPAC Index) is an unmanaged float-adjusted index which captures the bottom 15% of companies in the developed European and Pacific markets, based on the cumulative market capitalization of each country, within the S&P Global Broad Market Index, which covers all publicly listed equities in 47 countries with a float adjusted market capitalization of US$100 million or greater and a minimum annual trading liquidity of US $50 million.
⁽³⁾	For purposes of these discussions, “the fund” refers to each Sub-Adviser’s respectively managed portion of ING International SmallCap Multi-Manager Fund.

Top Ten Holdings*
as of April 30, 2009
(as a percent of net assets)


Singapore Petroleum Co., Ltd.	2.6	%
MTU Aero Engines Holding AG	1.9	%
Aggreko PLC	1.4	%
Australian Worldwide Exploration Ltd.	1.3	%
CGI Group, Inc. – Class A	1.2	%
Rallye SA	1.2	%
Norddeutsche Affinerie AG	0.9	%
Game Group PLC	0.9	%
Alimentation Couche-Tard, Inc.	0.8	%
WH Smith PLC	0.8	%


	*	Excludes short-term investments related to ING Institutional Prime Money Market Fund – Class I and securities lending collateral.

Portfolio holdings are subject to change daily.

ING International Value Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING International Value Fund (the “Fund”) seeks long-term capital appreciation. The Fund’s assets are managed by two sub-advisers — Brandes Investment Partners, L.P. (“Brandes”) and ING Investment Management Co. (“ING IM”). Each manages a portion of the Fund’s assets that is allocated to the sub-adviser. The following people are responsible for the day-to-day operations of the Fund: Glenn R. Carlson, CFA, Chief Executive Officer, Brent V. Woods, CFA, Managing Director — Investments, Amelia Maccoun Morris, CFA, Director — Investments, Brent Fredberg, Senior Analyst, W. James Brown, CFA, Director — Investments and Keith Colestock, CFA, Director — Investments, comprise the voting members of Brandes’ Large Cap Investment Committee; Philip Schwartz is the Portfolio Manager for ING IM.

Performance: For six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of (1.31)% compared to the MSCI Europe, Australasia and Far East^® Index (“MSCI EAFE^® Index”)⁽¹⁾, which returned (2.64)% for the same period.

Portfolio Specifics: Brandes Sleeve⁽²⁾ — Advances for holdings in the communications equipment and specialty retail industries had a positive impact upon returns. Top performers within these industries included Ericsson and Kingfisher. Gains for positions in the multiline retail and semiconductors & semiconductor equipment industries also helped performance for the six-month period ending April 30, 2009. Conversely, weakening share prices for positions in the commercial banks and pharmaceuticals industries, such as HSBC Holdings PLC, Royal Bank of Scotland Group PLC, and GlaxoSmithKline PLC, proved unfavorable to performance.

Among countries, holdings based in Brazil experienced notable gains during the period. Within this country, some of the top performers included Tele Norte Leste Participações SA ADR and Centrais Eletricas Brasileiras SA ADR. Share price declines for businesses domiciled in Japan and Germany weighed on performance results, including Aiful Corp. and Deutsche Telekom AG.

Relative to the index, stock selection in the diversified telecommunication services, pharmaceuticals, and electric utilities industries made positive contributions. Conversely, the fund’s holdings in the semiconductors & semiconductor equipment industry did not perform as well as the industry as a whole, which detracted from relative performance. Among countries, stock selection of securities based in the United Kingdom and Portugal helped relative returns, while stock selection for German-based securities was unfavorable to relative performance. While the MSCI EAFE^® Index has no exposure to Brazil, gains for the fund’s holdings in this country provided a positive contribution to performance. As a reminder, country and industry exposures are the result of our individual security selection — not top-down industry forecasts. As of April 30, 2009, the most substantial weightings for the Fund were in Japan and the United Kingdom, and in the diversified telecommunication services and commercial banks industries. Fund weightings are the result of individual stock selection. IIM Sleeve⁽²⁾ — What a difference six months made. October marked the height of the worldwide credit crisis, as investors retreated from risk-taking and sought refuge in short-term U.S. Treasuries. In the following months, a myriad of issues plagued equity investors. Signs of life started to emerge in early March, however, spurred by the moderation of several key economic indicators. Markets rallied significantly, even gaining back the losses incurred since January 1. We have seen signs of thawing in the credit markets, indications of life in the junk bond market and an affirmation by the Federal Reserve Board (the “Fed”) to keep credit flowing by purchasing $1.25 trillion in mortgage-backed securities and $300 billion in longer-term Treasuries. Similar to the United States, massive stimulus in the system worldwide has been a key catalyst in driving equity returns since early March. Emerging markets in both Latin America and Asia have outperformed the MSCI EAFE^® Index.

The fund underperformed its benchmark, the MSCI EAFE^® Index, mainly due to stock selection in Europe. The fund’s exposure to non-benchmark North America helped results. Security selection in materials, industrials and telecommunications detracted from results. An underweight in financials also significantly detracted from performance. Financials were volatile during the period and our overweight during the first four months when financials were weak, coupled with an underweight during the final two months when financials rallied, detracted from the result. Selection among information technology stocks proved beneficial, as did an underweight coupled with selection in health care.

The biggest net contribution to performance came from Deutsche Bank AG (“Deutsche Bank”), Hon Hai Precision Industry Co. (“Hon Hai”) and BMW AG (“BMW”). Deutsche Bank rose on the expected return of investment banking business and better than expected results. Hon Hai was up on improving demand in the consumer electronics marketplace and due to Taiwan’s improving relations with China. BMW was higher on better than expected results and hopes for a turnaround in auto demand. Significant detractors included AXA S.A. (“AXA”), Daiwa Securities Group, Inc. (“Daiwa”) and ENI S.p.A ADR (“ENI”). AXA is a high beta stock, which means its price movements up or down should be to greater than the overall market. We sold this position when expectations were extremely poor. Daiwa was lower during the period as disappointing results coupled with a weak Japanese financial market hurt performance. ENI slid on news of a possible need for a large capital increase.

Current Strategy and Outlook: Brandes Sleeve⁽²⁾ — While we monitor short-term events in international equity markets, our investment philosophy focuses on company-by-company analysis. We take a long-term perspective and believe that none or very little of the short-term “market news” provides useful information to investors. IIM Sleeve⁽²⁾ — Our outlook for equity markets over the next 12 months is positive. We believe investor sentiment reached a turning point in March when economic perceptions shifted away from a depression scenario towards more familiar recession. Intense fear had pushed stock valuations to within 20% of the extremes seen in the last century. That backdrop provided the conditions for the 30% rally just seen, and we believe, gives solid underpinning for further gains. Still, we will need to see more evidence of recovery in the global economy. In a world of 0% money and trillion-dollar stimulus packages, and not just in the United States, we believe the recovery process is underway. Credit markets indicate greater risk-acceptance and we think it’s only a matter of time before housing markets bottom out. In our view, markets are now again doing their usual job of signaling expected better times ahead.


⁽¹⁾	The MSCI EAFE^® Index is an unmanaged index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
⁽²⁾	For purposes of these discussions, “the fund” refers to each Sub-Adviser’s respectively managed portion of ING International Value Fund.

Top Ten Holdings*
as of April 30, 2009
(as a percent of net assets)


Sanofi-Aventis	2.6	%
Carrefour SA	2.3	%
Sony Corp.	2.2	%
AstraZeneca PLC	2.2	%
Mitsubishi UFJ Financial Group, Inc.	2.0	%
Marks & Spencer Group PLC	2.0	%
GlaxoSmithKline PLC	1.8	%
Deutsche Telekom AG	1.8	%
NEC Corp.	1.7	%
Intesa Sanpaolo S.p.A.	1.6	%


	*	Excludes short-term investments related to ING Institutional Prime Money Market Fund – Class I and securities lending collateral.

Portfolio holdings are subject to change daily.

ING International Value Choice Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING International Value Choice Fund (the “Fund”) seeks long term capital appreciation. The Fund is managed by Paul J. Hechmer, Portfolio Manager of Tradewinds Global Investors, LLC — the Sub-Adviser.

Performance: For the six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 7.59% compared to the MSCI Europe, Australasia, Far East^® Index⁽¹⁾ (“MSCI EAFE^® Index”), which returned (2.64)% for the same period.

Portfolio Specifics: The Fund posted a positive return for the six month period ending April 30, 2009 and outperformed its benchmark, the MSCI EAFE^® Index, which declined over that same period.

The materials sector was by far the greatest contributor to absolute and relative returns this quarter. Both the overweight position in the sector, as well as the stock selection therein, combined to produce a large contribution. Within the sector, the gold companies were the largest standouts as the price of gold increased over the period. The portfolio’s South African gold holdings were further buoyed by the strengthening Rand. Conversely, the single largest individual detractor from performance for both the sector and the overall portfolio was Stora Enso OYJ (“Stora Enso”), the Finnish paper company that primarily produces publication and fine papers, packaging boards, and wood products. As economies around the world fell deeper into recession, demand for paper products collapsed, causing the stock price of Stora Enso and most other paper companies to decline significantly.

The information technology sector was the second largest absolute contributor to performance. The Fund has an overweight position in the sector, and the holdings therein outperformed the benchmark. The greatest overall contributors were Mabuchi Motor Co., Ltd. (“Mabuchi”) and Gemalto NV (“Gemalto”) of France. Though Mabuchi came under pressure at the start of the period along with other auto related companies, it rallied back with the overall market. Gemalto is a market leader and the largest global manufacturer of smart cards used in mobile telephones, financial cards, and security/ID devices and recently completed a restructuring plan.

The largest detractors from relative performance, from a sector perspective, were the industrial and consumer staples sectors. Though the Fund’s industrial holdings had positive contributors to absolute performance, the benchmark’s return for the sector outperformed that of the portfolio on a relative basis. Seven & I Holdings Co., Ltd. (“Seven & I Holdings”) and Coca-Cola West Holdings Co., Ltd. (“Coca-Cola West”), both Japanese consumer staples companies, were some of the larger individual detractors from overall performance. Seven & I Holdings operates retail stores, mainly convenience stores, supermarkets and restaurants in several countries, and Coca-Cola West is the largest Coke bottler in Japan. As with many companies, stock prices for Seven & I Holdings and Coca-Cola West came under pressure during the period on concerns regarding the global economic downturn.

From a regional perspective, the Fund’s overweight position in Japan and South Africa significantly aided relative returns. The Fund’s South African exposure is dominated by holdings in gold companies, while its Japanese holdings are invested across several sectors. At the other end of the spectrum, the Fund’s exposure to Finland was a large detractor from performance, mainly due to Stora Enso, which as mentioned previously came under pressure with the downturn in the economy and consequent decline in demand for paper products.

Current Strategy and Outlook: We do not know if equity markets bottomed in March of 2009 — only time will tell us that. What we do believe is that if one is investing for the long term, it is likely that equity markets offer the best upside of almost any asset class. Utilizing our team of global sector specialists, we continue to find what we believe to be good opportunities in many areas internationally. We have recently been adding to our consumer staples and healthcare exposure while trimming some of the strongly performing materials and technology names. We maintain significant exposure to materials and continue to be overweight Japan. Our underweight to the financials sector remains, and we continue to struggle to find many compelling opportunities in this area, but when we do, we will be willing to buy. For the patient long term investor, we believe that this is a good time to buy strong companies at attractive valuations.


⁽¹⁾	The MSCI EAFE^® Index is an unmanaged index that measures the performance of securities listed on exchanges in markets in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.

Top Ten Holdings*
as of April 30, 2009
(as a percent of net assets)


Magna International, Inc.	3.3	%
Dai Nippon Printing Co., Ltd.	3.2	%
Fuji Photo Film Co., Ltd.	3.1	%
Barrick Gold Corp.	3.0	%
Coca-Cola West Holdings Co., Ltd.	3.0	%
Mabuchi Motor Co., Ltd.	3.0	%
SK Telecom Co., Ltd. ADR	2.9	%
Sanofi-Aventis	2.9	%
Nippon Telegraph & Telephone Corp. ADR	2.8	%
Royal Dutch Shell PLC ADR – Class B	2.7	%


	*	Excludes short-term investments related to ING Institutional Prime Money Market Fund – Class I.

Portfolio holdings are subject to change daily.

ING Russia Fund

Portfolio Managers’ Report

Industry Allocation
as of April 30, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Russia Fund (the “Fund”) seeks long-term capital appreciation through investment primarily in equity securities of Russian companies. The Fund is managed by Jan-Wim Derks and Gus Robertson, Portfolio Managers*, of ING Investment Management Advisors, B.V. — the Sub-Adviser.

Performance: For the six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 2.93% compared to the MSCI Emerging Markets (“MSCI EM”) Index^sm(1) and the Russian Trading System (“RTS”) Index⁽²⁾, which returned 17.38% and 7.77%, respectively, for the same period.

Portfolio Specifics: Russian equities were one of the wildest roller coaster rides amongst global equity markets in the last six months. After losing more than three quarters of its value (from peak to trough) the Russian market endured particularly volatile action in late 2008 and early 2009 — including three double-digit percentage-point rallies — before the RTS Index reached its low point of 498 on January 23, 2009 after falling from almost 2,500 at its peak in May 2008. From its low point, the RTS Index had risen more than 66% by the end of the period.

The Fund’s underperformance for the reporting period was due to stock selection, primarily in the materials and utilities sectors. Toward the end of 2008, it seemed that Russia needed to allow its currency to devalue. We saw this as an opportunity to increase Fund exposure to export sectors. The Fund added to its positions in the energy sector and selectively to materials, which hurt results for the period.

Stock selection among energy and financials sectors contributed to results. Despite the poor outlook for the ruble at the time, the Fund did not sell out of its domestic exposure. We believed the companies that the Fund holds would be in a position to gain from the economic difficulty by acquiring weaker competitors.

Between November 2008 and February 2009 the ruble lost a third of its value against its dual currency trading basket (55% U.S. dollar and 45% euro), while the Central Bank of Russia followed its course of gradual currency weakening. Despite the negative impact it was to have on the Central Bank’s foreign currency reserves, the authorities did not believe they could handle the potential political fall-out of a sudden devaluation, as happened in 1998. For better or worse, this was the first example of successful, gradual currency depreciation in emerging markets history.

While the Fund kept a cautious stance toward the financial sector throughout the period, it made only moderate changes to other sectors and trading activity was light. The domestic stocks the Fund held generally benefited performance. Discount food retailer Magnit OAO was the biggest contributor — the stock was among the Fund’s largest overweight positions during the period.

As oil prices have risen, there has been a return of risk appetite among global investors and riskier assets have outperformed less-risky assets. This has helped Russia, seen as a riskier equity market than most of its emerging market peers. Within Russia, it has helped stocks of highly leveraged companies relative to their less-leveraged peers.

Current Outlook and Strategy: We have a balanced outlook on the Russian market. In our opinion, the external environment is positive with risk appetite, and commodity prices having recently turned up from depressed levels. Even following the sharp recovery since January lows, we believe Russian equity valuations, in general, remain attractive relative to their own history and their emerging market peers. From these levels however, the valuation in itself is not likely to act as a significant further catalyst for a short term re-rating without a corresponding increase in underlying earnings.

In the meantime, Russia’s economy continues to face headwinds such as inflation, rising unemployment and contracting industrial output. It is difficult to build a case for significant improvements in corporate earnings in the near term; over the long term, however, there remains significant potential for corporate earnings improvements.

We are paying particular attention to developments in the materials and financials sectors, where we think significant balance sheet and cyclical risk remains. Elsewhere, the Fund sticks to its key, stock-level over-weights, where we see better quality balance sheets, management teams, corporate governance and earnings visibility.


*	Remco Vergeer was removed as a portfolio manager to the Fund effective May 1, 2009.


⁽¹⁾	The MSCI EM Index^sm is an unmanaged index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
⁽²⁾	The RTS Index is a capitalization-weighted index that is calculated in U.S. dollars. The index tracks the performance of Russia’s most active stocks traded on the RTS. The index is operated by the National Association of Participants in the Securities Markets, a non-profit body.

Top Ten Holdings*
as of April 30, 2009
(as a percent of net assets)


Lukoil-Spon ADR	15.4	%
OAO Rosneft Oil Co. GDR	12.2	%
OAO Gazprom	8.2	%
Sberbank RF	6.3	%
Novatek OAO GDR	5.1	%
OAO Gazprom ADR	4.6	%
Tatneft GDR	4.6	%
Surgutneftegaz ADR	4.2	%
Polyus Gold Co. ZAO ADR	3.7	%
Magnit OAO	3.5	%


	*	Excludes short-term investments related to securities lending collateral.

Portfolio holdings are subject to change daily.

ING Emerging Markets Fixed Income Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Emerging Markets Fixed Income Fund (the “Fund”) seeks to maximize total return. The Fund is managed by Gorky Urquieta, Senior Investment Manager and Daniel Eustaquio, Senior Portfolio Manager, of ING Investment Management Advisors, B.V. — the Sub-Adviser.

Performance: For the six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 17.45% compared to the JPMorgan Emerging Markets Bond Index Global Diversified (Hard Currency)⁽¹⁾ (“JPMorgan EMB Index Global Diversified”), the JPMorgan Government Bond Index Emerging Markets-Global Diversified⁽²⁾ (“JPMorgan GB Index EM-Global Diversified”) and a composite index consisting of 50% JPMorgan EMB Index Global Diversified and 50% JPMorgan GB Index EM-Global Diversified, which returned 21.27%, 12.79% and 17.03%, respectively, for the same period.

Portfolio Specifics: The global economy is in the midst of the deepest recession in decades. During the period, de-leveraging continued to exacerbate volatility in almost all asset classes, and fixed income was not immune. Central banks around the world cut interest rates to unprecedented levels. Global asset markets began to recover in the first months of 2009. Public sector and multilateral aid packages, quantitative easing programs, toxic asset liquidation programs, improving technical factors and the notion that some emerging market names and currencies had become oversold benefited the asset class. Strong equity markets and higher commodity prices added further support. Recoveries were particularly strong in Ukraine, Kazakhstan, Georgia and Russia.

The Fund lagged the composite benchmark in the early part of the reporting period, mainly because of its exposure to Russian government-related corporate bonds such as OAO Gazprom ADR and Transneft. Performance improved in the latter part of the period, mainly due to overweights in higher-risk countries such as Russia, Venezuela, Kazakhstan, Iraq, Pakistan and the Dominican Republic. Security selection in Russia, Argentina, Mexico and Indonesia also helped results. Underweights in Mexico, China and Colombia also added to performance. The Fund lost value with an underweight position in Argentina. Instrument selection in Ukraine, Iraq and Kazakhstan as well as an over-weight position in Brazil detracted from performance. The Fund benefited from trades in the Korean won and duration positions in higher real interest rate environments as inflationary expectations moderated.

Current Strategy and Outlook: Our overall negative outlook on the asset class has not changed materially, although we have become a bit more positive. From a fundamental perspective, we believe emerging market debt offers value. We believe the environment of U.S. interest rates is supportive for the asset class, as are investor positioning and risk appetite. Volatility is declining steadily, and we think investors have factored recession scenarios into prices. Liquidity appears to be coming back gradually to the market, as evidenced by lower spreads between Treasuries and interbank rates. Still, it is difficult to assess the downside risks that may lie ahead. In our opinion, emerging market debt in hard currency (dollars and euros) is likely to remain volatile in the months ahead, along with financial markets in general.


⁽¹⁾	The JPMorgan EMB Index Global Diversified is a uniquely-weighted version of the Emerging Markets Bond Index Global. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding.

⁽²⁾	The JPMorgan GB Index EM-Global Diversified is a global, local emerging markets index consisting of regularly traded, liquid fixed-rate, domestic currency government bonds.

Top Ten Holdings

as of April 30, 2009

(as a percent of net assets)



Mexican Bonos, 7.750%, due 12/14/17	5.1	%

Republic of Colombia, 12.000%, due 10/22/15	4.4	%

Hungary Government International Bond, 6.750%, due 02/12/13	3.8	%

South Africa Government International Bond, 13.500%, due 09/15/15	3.4	%

Indonesia Treasury Bond, 10.750%, due 05/15/16	3.1	%

Malaysia Government International Bond, 4.240%, due 02/07/18	2.7	%

Thailand Government International Bond, 5.125%, due 03/13/18	2.5	%

Poland Government International Bond, 5.250%, due 04/25/13	2.2	%

Federative Republic of Brazil, 12.500%, due 01/05/22	2.0	%

Brazil Government International Bond, 7.125%, due 01/20/37	1.9	%

Portfolio holdings are subject to change daily.

ING Global Bond Fund

Portfolio Managers’ Report

Investment Type Allocation

as of April 30, 2009

(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Global Bond Fund (the ”Fund”) seeks to maximize total return through a combination of current income and capital appreciation. The Fund is managed by Chris Diaz and Mike Mata, Portfolio Managers*, of ING Investment Management Co. — the Sub-Adviser.

Performance: For the six months ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 9.07% compared to the Barclays Capital Global Aggregate Index⁽¹⁾ (the ”Index”), which returned 6.68% for the same period.

Portfolio Specifics: The global economy is in the midst of the deepest recession in decades. During the period, global de-leveraging continued to exacerbate volatility in almost all asset classes, and fixed income was not immune. Uncertainty and risk aversion remained elevated. Central banks around the world cut interest rates to unprecedented levels.

In the first months of 2009, there were signs of stabilization, albeit at low and still declining levels. The U.S. government passed a stimulus package totaling $820 billion, and the U.S. Department of the Treasury and the Federal Reserve Board (the “Fed”) introduced a myriad of programs designed to jump start the waning credit markets and deal with the “toxic assets” weighing on bank balance sheets.

Purchases of agency debt and residential mortgage-backed securities by the Fed resulted in lower conforming mortgage rates and a spike in refinancing. Equities around the world rallied, junk bonds and other once-frozen securities showed dramatic improvement in March and April.

In the government bond markets, there was tension between increased supply to fund stimulus spending and weak fundamentals. The pressure of increased supply eventually caused higher yields on U.S. Treasuries and UK Gilts.

The Fund outperformed its benchmark for the period, mainly because of its overweight exposure to interest rates in various global markets, specifically expressed in Germany, the UK and Canada and the Fund outperformed as government bonds rallied. During the period, the Fund was positioned for and benefited from changes in global yield curves, including Germany, Canada, the UK and Australia. Other significant contributors to results were off-index positions in Brazilian and Mexican debt. As the impact of the global recession and credit crisis made its way to the emerging economies, their central banks began cutting rates and yields fell.

In January, the Fund had an overweight exposure to the U.S. dollar and underweight positions in the New Zealand dollar and the euro,which helped results. A long position in the Australian dollar in the first quarter detracted from results. We positioned the Fund for emerging market weakness as it became apparent that the global crisis would be felt in those economies. The Fund benefited from short exposure to the Polish zloty and the Russian ruble.

Exposure to collateralized mortgage-backed securities (“CMBS”) detracted significantly from results for the period. The Fund was overweight as CMBS sustained heavy losses in November.

We started a corporate bond position in October 2008. By late November this position became an overweight, mainly of industrials, and detracted from performance. As the stimulus of first-quarter 2009 began to reopen the credit markets, the Fund benefited from its overweight in corporate bonds.

Current Strategy and Outlook: While some data points have surprised to the upside recently, we believe we are still in the midst of the worst recession in post-war history. We expect lower yields for an extended period of time as deflation becomes the main concern. With the significant drop in global industrial production, capacity utilization rates continue to decline. This means manufacturers are operating with plenty of economic slack, which will no doubt place downward pressure on goods prices. This is a bad sign for corporate profits and signals further deflationary risk to the U.S. and global economy.

With unemployment still rapidly rising and incomes declining, the massive de-levering of the world continues. Savings rates are going up, which means spending is going down. We believe this will only prolong the recovery in the United States. The massive stimulus packages, mostly in the U.S., China and Japan, are attempting to increase spending by putting extra money in consumers’ pockets. Also critical is the extent to which credit is available to consumers. While the government programs attempt to thaw the credit markets and instill confidence in lenders, the effects still remain to be seen.

The Fund is currently overweight high quality emerging market debt and currency. It is also underweighting the U.S. dollar, as the United States’ fiscal situation continues to deteriorate relative to most other major economies. We expect to add some high-quality, non-agency mortgages and high yield bonds.


*	Effective January 13, 2009, James Kauffmann was replaced by Chris Diaz and Mike Mata as portfolio managers to the Fund.

⁽¹⁾

Formerly known as the Lehman Brothers Global Aggregate Index. As of October 31, 2008 all Lehman Brothers indices were renamed: the words “Lehman Brothers” changed to “Barclays Capital.” The Barclays Capital Global Aggregate Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices.

Top Ten Holdings*

as of April 30, 2009

(as a percent of net assets)



Brazil Notas do Tesouro Nacional Series F, 10.000%, due 01/01/12	14.2	%

Bundesschatzanweisungen, 4.000%, due 09/10/10	4.9	%

U.S. Treasury Note, 0.875%, due 03/31/11	4.5	%

Japan Government International Bond, 0.400%, due 03/15/11	4.4	%

Bundesrepublik Deutschland, 3.750%, due 01/04/19	3.8	%

Bundesobligation, 4.000%, due 10/11/13	3.1	%

Japan Government International Bond, 1.400%, due 12/20/11	2.8	%

U.S. Treasury Note, 1.750%, due 03/31/14	2.6	%

Bundesrepublik Deutschland, 4.250%, due 01/04/14	2.6	%

Bundesrepublik Deutschland, 4.250%, due 07/04/39	2.4	%


	*	Excludes short-term investments related to ING Institutional Prime Money Market Fund – Class I.

Portfolio holdings are subject to change daily.

ING Diversified International Fund

Portfolio Managers’ Report

Asset Allocation

as of April 30, 2009

(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Diversified International Fund (the “Fund”) seeks long term growth of capital. The Fund invests in a combination of other ING Funds (“Underlying Funds”) according to target allocations determined by ING Investments, LLC. The Fund is managed by ING Investments, LLC, under the guidance of an Asset Allocation Committee.⁽¹⁾

Portfolio Specifics: The Fund’s approximate target investment allocations (expressed as a percentage of its net assets) among the asset classes in which the Fund invests in are set out below. As these are target allocations, the actual allocations of the Fund’s assets may deviate from the percentages shown.

Assets will be allocated among the Underlying Funds and markets based on judgments made by ING Investments, LLC. The performance of the Fund reflects the performance of the Underlying Funds in which it invests and the weightings of the Fund’s assets in each Underlying Fund.

There is a risk that the Fund may allocate assets to an Underlying Fund or market that underperforms other asset classes. The Fund may be underweighted in assets or a market that is experiencing significant returns (or relative out performance) or overweighted in assets or a market with significant declines (or relative under performance).

The Investment Review Committee allocates the Fund’s assets among the Underlying Funds based on advice from ING Investment Management Co., a consultant to the Asset Allocation Committee.

Performance: For the six month period ended April 30, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of (0.93)% compared to the MSCI All Country World Index^sm (ex-US)⁽²⁾ (“MSCI ACWI (ex-US)”) which returned 1.03% for the same period.

The Fund’s underperformance relative to its benchmark is related to the performance of the Underlying Funds and the weightings in the Underlying Funds relative to that of their strategic benchmarks. The greatest detractor for the period came from ING Foreign Fund. Additionally, ING Emerging Countries Fund, ING International Small Cap Multi-Manager Fund, ING Index Plus International Equity Fund, ING International Equity Dividend Fund and ING International Real Estate Fund all underperformed their respective strategic benchmarks for the period. These negative results were partially offset by the collective positive relative performance of ING International Value Choice Fund, ING Capital Appreciation Fund and ING International Growth Opportunities Fund.

Small cap was a relatively strong performing asset class, trailing only emerging markets. As a non-benchmark holding, its inclusion in the Fund added to relative performance. On the other hand, real estate saw negative absolute returns, but outperformed large growth.

Current Strategy and Outlook: All the major developed economies are now formally in a recession, which could prove to be the most severe since the 1930s. With this as a backdrop, the global outlook for equities remains problematic and is largely contingent on the stabilization of the global financial sector, unfreezing the currently dysfunctional credit markets and containment of the damage this has inflicted on the global economy. While recent economic indicators are marginally less negative, the global economy remains under intense pressure and sentiment is fragile, which in turn should cap the market’s potential in coming months.

Massive monetary and fiscal support are so far providing a safety net, and a catalyst in some cases, for equity markets around the world. However, sentiment remains weak and volatility is expected to remain high in the months ahead. Given this scenario, we believe a strategy with an emphasis on diversification should be able to navigate markets that will remain unusually volatile.

We made a tactical move during the period, reversing the Fund’s underweight to small cap and corresponding overweight to large cap core. Small cap has greater exposure to local markets, which initially led to the underweight. In the context of a global recovery, we believe small cap should perform relatively well. Near the end of the period, the Fund was neutral to our strategic asset allocations for each asset class.


⁽¹⁾	The members of the Asset Allocation Committee are: William A. Evans, Michael J. Roland, and Paul Zemsky.

⁽²⁾	The MSCI ACWI (ex-US)^sm measures the returns of equities of companies which are domiciled outside the U.S. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.

Target Allocations

as of April 30, 2009

(as a percent of net assets)


International Core	35.0	%
International Growth	17.5	%
International Value	17.5	%
International Small Cap	10.0	%
Emerging Markets	15.0	%
Real Estate	5.0	%

Portfolio holdings are subject to change daily.

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2008 to April 30, 2009. The Funds’ expenses are shown without the imposition of any sales charges or fees. Expenses would have been higher if such charges were included.

Actual Expenses

The first section of the table shown, “Actual Fund Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second section of the table shown, “Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the hypothetical lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Actual Fund Return									Hypothetical (5% return before expenses)
	Beginning		Ending					Expenses Paid		Beginning		Ending					Expenses Paid
	Account		Account					During the		Account		Account					During the
	Value		Value		Annualized			Period Ended		Value		Value		Annualized			Period Ended
	November 1,		April 30,		Expense			April 30,		November 1,		April 30,		Expense			April 30,
	2008		2009		Ratio			2009*		2008		2009		Ratio			2009*

ING Global Equity Dividend Fund

Class A	$	1,000.00	$	880.20		1.40	%	$	6.53	$	1,000.00	$	1,017.85		1.40	%	$	7.00
Class B		1,000.00		877.50		2.15			10.01		1,000.00		1,014.13		2.15			10.74
Class C		1,000.00		877.20		2.15			10.01		1,000.00		1,014.13		2.15			10.74
Class I		1,000.00		882.30		0.97			4.53		1,000.00		1,019.98		0.97			4.86
Class O		1,000.00		880.10		1.40			6.53		1,000.00		1,017.85		1.40			7.00
Class W		1,000.00		883.20		0.97			4.53		1,000.00		1,019.98		0.97			4.86
ING Global Natural Resources Fund

Class A		1,000.00		979.80		1.66			8.15		1,000.00		1,016.56		1.66			8.30
Class I		1,000.00		982.50		1.26			6.19		1,000.00		1,018.55		1.26			6.31
Class W		1,000.00		981.20		1.26			6.19		1,000.00		1,018.55		1.26			6.31
ING Global Real Estate Fund

Class A		1,000.00		864.20		1.53			7.07		1,000.00		1,017.21		1.53			7.65
Class B		1,000.00		860.40		2.28			10.52		1,000.00		1,013.49		2.28			11.38
Class C		1,000.00		860.80		2.28			10.52		1,000.00		1,013.49		2.28			11.38
Class I		1,000.00		865.60		1.07			4.95		1,000.00		1,019.49		1.07			5.36
Class O		1,000.00		864.30		1.53			7.07		1,000.00		1,017.21		1.53			7.65
Class W		1,000.00		866.10		1.07			4.95		1,000.00		1,019.49		1.07			5.36


*	Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)


	Actual Fund Return									Hypothetical (5% return before expenses)
	Beginning		Ending					Expenses Paid		Beginning		Ending					Expenses Paid
	Account		Account					During the		Account		Account					During the
	Value		Value		Annualized			Period Ended		Value		Value		Annualized			Period Ended
	November 1,		April 30,		Expense			April 30,		November 1,		April 30,		Expense			April 30,
	2008		2009		Ratio			2009*		2008		2009		Ratio			2009*

ING Global Value Choice Fund

Class A	$	1,000.00	$	1,203.10		1.50	%	$	8.19	$	1,000.00	$	1,017.36		1.50	%	$	7.50
Class B		1,000.00		1,198.30		2.25			12.26		1,000.00		1,013.64		2.25			11.23
Class C		1,000.00		1,198.40		2.25			12.26		1,000.00		1,013.64		2.25			11.23
Class I		1,000.00		1,205.10		1.18			6.45		1,000.00		1,018.94		1.18			5.91
Class Q		1,000.00		1,203.70		1.45			7.92		1,000.00		1,017.60		1.45			7.25
ING Asia-Pacific Real Estate Fund

Class A		1,000.00		915.00		1.78			8.45		1,000.00		1,015.97		1.78			8.90
Class B		1,000.00		910.40		2.53			11.98		1,000.00		1,012.25		2.53			12.62
Class C		1,000.00		912.00		2.53			11.99		1,000.00		1,012.25		2.53			12.62
Class I		1,000.00		915.10		1.53			7.27		1,000.00		1,017.21		1.53			7.65
ING Disciplined International SmallCap Fund

Class A		1,000.00		1,003.00		1.20			5.96		1,000.00		1,018.84		1.20			6.01
Class B		1,000.00		996.80		1.95			9.65		1,000.00		1,015.12		1.95			9.74
Class C		1,000.00		1,003.40		1.95			9.69		1,000.00		1,015.12		1.95			9.74
Class I		1,000.00		1,006.80		0.85			4.23		1,000.00		1,020.58		0.85			4.26
ING Emerging Countries Fund

Class A		1,000.00		1,124.10		2.09			11.01		1,000.00		1,014.43		2.09			10.44
Class B		1,000.00		1,118.10		2.84			14.91		1,000.00		1,010.71		2.84			14.16
Class C		1,000.00		1,118.70		2.84			14.92		1,000.00		1,010.71		2.84			14.16
Class I		1,000.00		1,126.50		1.73			9.12		1,000.00		1,016.22		1.73			8.65
Class Q		1,000.00		1,124.30		1.98			10.43		1,000.00		1,014.98		1.98			9.89
Class W		1,000.00		1,126.90		1.73			9.12		1,000.00		1,016.22		1.73			8.65
ING European Real Estate Fund

Class A		1,000.00		907.70		1.75			8.28		1,000.00		1,016.12		1.75			8.75
Class B		1,000.00		902.60		2.50			11.79		1,000.00		1,012.40		2.50			12.47
Class C		1,000.00		905.00		2.50			11.81		1,000.00		1,012.40		2.50			12.47
Class I		1,000.00		909.50		1.40			6.63		1,000.00		1,017.85		1.40			7.00
ING Foreign Fund

Class A		1,000.00		916.20		1.70			8.08		1,000.00		1,016.36		1.70			8.50
Class B		1,000.00		911.80		2.45			11.61		1,000.00		1,012.65		2.45			12.23
Class C		1,000.00		912.80		2.45			11.62		1,000.00		1,012.65		2.45			12.23
Class I		1,000.00		918.30		1.32			6.28		1,000.00		1,018.25		1.32			6.61
Class Q		1,000.00		916.30		1.57			7.46		1,000.00		1,017.01		1.57			7.85
Class W		1,000.00		918.10		1.32			6.28		1,000.00		1,018.25		1.32			6.61
ING Greater China Fund

Class A		1,000.00		1,296.50		2.12			12.07		1,000.00		1,014.28		2.12			10.59
Class B		1,000.00		1,290.80		2.87			16.30		1,000.00		1,010.56		2.87			14.31
Class C		1,000.00		1,291.00		2.87			16.30		1,000.00		1,010.56		2.87			14.31
Class I		1,000.00		1,298.00		1.68			9.57		1,000.00		1,016.46		1.68			8.40
Class O		1,000.00		1,294.20		2.12			12.06		1,000.00		1,014.28		2.12			10.59
ING Index Plus International Equity Fund

Class A		1,000.00		965.30		1.16			5.65		1,000.00		1,019.04		1.16			5.81
Class B		1,000.00		961.00		1.91			9.29		1,000.00		1,015.32		1.91			9.54
Class C		1,000.00		961.00		1.91			9.29		1,000.00		1,015.32		1.91			9.54
Class I		1,000.00		967.20		0.91			4.44		1,000.00		1,020.28		0.91			4.56
Class O		1,000.00		966.50		1.16			5.66		1,000.00		1,019.04		1.16			5.81


*	Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)


	Actual Fund Return									Hypothetical (5% return before expenses)
	Beginning		Ending					Expenses Paid		Beginning		Ending					Expenses Paid
	Account		Account					During the		Account		Account					During the
	Value		Value		Annualized			Period Ended		Value		Value		Annualized			Period Ended
	November 1,		April 30,		Expense			April 30,		November 1,		April 30,		Expense			April 30,
	2008		2009		Ratio			2009*		2008		2009		Ratio			2009*

ING International Capital Appreciation Fund

Class A	$	1,000.00	$	1,057.50		1.52	%	$	7.75	$	1,000.00	$	1,017.26		1.52	%	$	7.60
Class B		1,000.00		1,051.70		2.27			11.55		1,000.00		1,013.54		2.27			11.33
Class C		1,000.00		1,050.00		2.27			11.54		1,000.00		1,013.54		2.27			11.33
Class I		1,000.00		1,057.60		1.10			5.61		1,000.00		1,019.34		1.10			5.51
ING International Equity Dividend Fund

Class A		1,000.00		935.00		1.40			6.72		1,000.00		1,017.85		1.40			7.00
Class B		1,000.00		931.50		2.15			10.30		1,000.00		1,014.13		2.15			10.74
Class C		1,000.00		931.60		2.15			10.30		1,000.00		1,014.13		2.15			10.74
Class I		1,000.00		937.10		0.99			4.75		1,000.00		1,019.89		0.99			4.96
Class W		1,000.00		938.60		1.15			5.53		1,000.00		1,019.09		1.15			5.76
ING International Growth Opportunities Fund

Class A		1,000.00		1,041.20		1.70			8.60		1,000.00		1,016.36		1.70			8.50
Class B		1,000.00		1,037.80		2.45			12.38		1,000.00		1,012.65		2.45			12.23
Class C		1,000.00		1,037.70		2.45			12.38		1,000.00		1,012.65		2.45			12.23
Class I		1,000.00		1,045.70		1.33			6.75		1,000.00		1,018.20		1.33			6.66
Class Q		1,000.00		1,043.80		1.54			7.80		1,000.00		1,017.16		1.54			7.70
ING International Real Estate Fund

Class A		1,000.00		894.10		1.50			7.04		1,000.00		1,017.36		1.50			7.50
Class B		1,000.00		890.20		2.25			10.54		1,000.00		1,013.64		2.25			11.23
Class C		1,000.00		889.80		2.25			10.54		1,000.00		1,013.64		2.25			11.23
Class I		1,000.00		894.60		1.24			5.82		1,000.00		1,018.65		1.24			6.21
Class W		1,000.00		895.90		1.24			5.83		1,000.00		1,018.65		1.24			6.21
ING International SmallCap Multi-Manager Fund

Class A		1,000.00		1,027.50		1.89			9.50		1,000.00		1,015.42		1.89			9.44
Class B		1,000.00		1,022.70		2.54			12.74		1,000.00		1,012.20		2.54			12.67
Class C		1,000.00		1,024.10		2.54			12.75		1,000.00		1,012.20		2.54			12.67
Class I		1,000.00		1,030.40		1.41			7.10		1,000.00		1,017.80		1.41			7.05
Class O		1,000.00		1,028.70		1.79			9.00		1,000.00		1,015.92		1.79			8.95
Class Q		1,000.00		1,029.20		1.66			8.35		1,000.00		1,016.56		1.66			8.30
Class W		1,000.00		1,030.40		1.41			7.10		1,000.00		1,017.80		1.41			7.05
ING International Value Fund

Class A		1,000.00		986.90		1.74			8.57		1,000.00		1,016.17		1.74			8.70
Class B		1,000.00		982.20		2.44			11.99		1,000.00		1,012.69		2.44			12.18
Class C		1,000.00		982.80		2.41			11.85		1,000.00		1,012.84		2.41			12.03
Class I		1,000.00		987.50		1.35			6.65		1,000.00		1,018.10		1.35			6.76
Class Q		1,000.00		987.80		1.35			6.65		1,000.00		1,018.10		1.35			6.76
ING International Value Choice Fund

Class A		1,000.00		1,075.90		1.70			8.75		1,000.00		1,016.36		1.70			8.50
Class B		1,000.00		1,071.50		2.45			12.58		1,000.00		1,012.65		2.45			12.23
Class C		1,000.00		1,072.70		2.45			12.59		1,000.00		1,012.65		2.45			12.23
Class I		1,000.00		1,078.70		1.27			6.55		1,000.00		1,018.50		1.27			6.36
ING Russia Fund

Class A		1,000.00		1,029.30		2.52			12.68		1,000.00		1,012.30		2.52			12.57


*	Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)


	Actual Fund Return									Hypothetical (5% return before expenses)
	Beginning		Ending					Expenses Paid		Beginning		Ending					Expenses Paid
	Account		Account					During the		Account		Account					During the
	Value		Value		Annualized			Period Ended		Value		Value		Annualized			Period Ended
	November 1,		April 30,		Expense			April 30,		November 1,		April 30,		Expense			April 30,
	2008		2009		Ratio			2009*		2008		2009		Ratio			2009*

ING Emerging Markets Fixed Income Fund

Class A	$	1,000.00	$	1,174.50		1.25	%	$	6.74	$	1,000.00	$	1,018.60		1.25	%	$	6.26
Class B		1,000.00		1,171.20		2.00			10.77		1,000.00		1,014.88		2.00			9.99
Class C		1,000.00		1,171.50		2.00			10.77		1,000.00		1,014.88		2.00			9.99
Class I		1,000.00		1,177.30		0.89			4.80		1,000.00		1,020.38		0.89			4.46
ING Global Bond Fund

Class A		1,000.00		1,090.70		0.90			4.67		1,000.00		1,020.33		0.90			4.51
Class B		1,000.00		1,086.70		1.65			8.54		1,000.00		1,016.61		1.65			8.25
Class C		1,000.00		1,086.30		1.65			8.54		1,000.00		1,016.61		1.65			8.25
Class I		1,000.00		1,093.20		0.51			2.65		1,000.00		1,022.27		0.51			2.56
Class O		1,000.00		1,089.80		0.90			4.66		1,000.00		1,020.33		0.90			4.51
ING Diversified International Fund⁽¹⁾

Class A		1,000.00		990.70		0.27			1.33		1,000.00		1,023.46		0.27			1.35
Class B		1,000.00		988.10		1.02			5.03		1,000.00		1,019.74		1.02			5.11
Class C		1,000.00		987.90		1.02			5.03		1,000.00		1,019.74		1.02			5.11
Class I		1,000.00		994.70		0.02			0.10		1,000.00		1,024.70		0.02			0.10
Class O		1,000.00		991.40		0.27			1.33		1,000.00		1,023.46		0.27			1.35
Class R		1,000.00		991.50		0.52			2.57		1,000.00		1,022.22		0.52			2.61
Class W		1,000.00		994.80		0.02			0.10		1,000.00		1,024.70		0.02			0.10


*	Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year.


⁽¹⁾	The annualized expense ratios do not include expenses of underlying funds.

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2009 (Unaudited)


	ING			ING			ING			ING
	Global			Global			Global			Global
	Equity			Natural			Real			Value
	Dividend			Resources			Estate			Choice
	Fund			Fund			Fund			Fund

ASSETS:
Investments in securities at value+*	$	106,692,297		$	79,512,208		$	1,066,724,845		$	122,826,666
Investments in affiliates**		—			—			520,418			—
Short-term investments***		157,673			—			18,391,293			8,789,017
Short-term investments in affiliates****		—			732,000			17,326,717			12,468,394
Cash		2,821,986			304			—			319,877
Foreign currencies at value*****		664,856			9,651			373,073			—
Receivables:
Investment securities sold		36,177			24,246			996,933			990,145
Fund shares sold		85,886			101,402			5,818,815			962,832
Dividends and interest		445,902			20,258			4,825,415			497,027
Prepaid expenses		31,296			19,691			119,463			44,758
Reimbursement due from manager		31,197			—			—			—

Total assets		110,967,270			80,419,760			1,115,096,972			146,898,716


LIABILITIES:
Payable for investment securities purchased		25,846			316,883			6,279,762			1,328,225
Payable for fund shares redeemed		295,935			16,401			4,117,622			208,459
Payable upon receipt of securities loaned		182,453			—			18,940,357			8,846,571
Payable to affiliates		121,532			80,837			930,265			134,419
Payable for directors fees		3,733			15,554			7,241			17,358
Other accrued expenses and liabilities		169,889			94,700			994,432			117,242

Total liabilities		799,388			524,375			31,269,679			10,652,274

NET ASSETS	$	110,167,882		$	79,895,385		$	1,083,827,293		$	136,246,442


NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	236,313,732		$	120,764,416		$	2,112,155,060		$	306,761,654
Undistributed net investment income/(distributions in excess of net investment income)		517,486			(25,557	)		(31,341,746	)		407,981
Accumulated net realized loss on investments and foreign currency related transactions		(101,468,034	)		(23,465,798	)		(654,483,344	)		(167,473,369	)
Net unrealized depreciation on investments and foreign currency related transactions		(25,195,302	)		(17,377,676	)		(342,502,677	)		(3,449,824	)

NET ASSETS	$	110,167,882		$	79,895,385		$	1,083,827,293		$	136,246,442



+ Including securities loaned at value	$	168,546		$	—		$	18,320,386		$	8,341,134
* Cost of investments in securities	$	131,867,344		$	96,890,026		$	1,406,875,446		$	126,220,995
** Cost of investments in affiliates	$	—		$	—		$	2,242,416		$	—
*** Cost of short-term investments	$	182,453		$	—		$	18,940,357		$	8,846,571
**** Cost of short-term investments in affiliates	$	—		$	732,000		$	17,326,717		$	12,468,394
***** Cost of foreign currencies	$	647,975		$	9,576		$	370,620		$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2009 (Unaudited) (continued)


	ING		ING		ING			ING
	Global		Global		Global			Global
	Equity		Natural		Real			Value
	Dividend		Resources		Estate			Choice
	Fund		Fund		Fund			Fund

Class A:
Net assets	$	43,468,521	$	79,521,950	$	573,455,682		$	94,551,591
Shares authorized		unlimited		unlimited		unlimited			unlimited
Par value	$	—	$	—	$	—		$	—
Shares outstanding		5,695,112		12,900,960		53,836,052			4,667,036
Net asset value and redemption price per share	$	7.63	$	6.16	$	10.65		$	20.26
Maximum offering price per share (5.75%)⁽¹⁾	$	8.10	$	6.54	$	11.30		$	21.50
Class B:
Net assets	$	15,082,547		n/a	$	17,272,354		$	5,324,429
Shares authorized		unlimited		n/a		unlimited			unlimited
Par value	$	—		n/a	$	—		$	—
Shares outstanding		1,981,495		n/a		1,918,504			245,466
Net asset value and redemption price per share⁽²⁾	$	7.61		n/a	$	9.00		$	21.69
Maximum offering price per share	$	7.61		n/a	$	9.00		$	21.69
Class C:
Net assets	$	34,291,044		n/a	$	106,201,662		$	26,554,477
Shares authorized		unlimited		n/a		unlimited			unlimited
Par value	$	—		n/a	$	—		$	—
Shares outstanding		4,516,395		n/a		11,192,589			1,378,021
Net asset value and redemption price per share⁽²⁾	$	7.59		n/a	$	9.49		$	19.27
Maximum offering price per share	$	7.59		n/a	$	9.49		$	19.27
Class I:
Net assets	$	1,455,329	$	291,747	$	272,406,702		$	6,596,558
Shares authorized		unlimited		unlimited		unlimited			unlimited
Par value	$	—	$	—	$	—		$	—
Shares outstanding		190,481		47,415		25,573,129			323,558
Net asset value and redemption price per share	$	7.64	$	6.15	$	10.65		$	20.39
Maximum offering price per share	$	7.64	$	6.15	$	10.65		$	20.39
Class O:
Net assets	$	12,271,369		n/a	$	10,234,892			n/a
Shares authorized		unlimited		n/a		unlimited			n/a
Par value	$	—		n/a	$	—			n/a
Shares outstanding		1,610,002		n/a		961,095			n/a
Net asset value and redemption price per share	$	7.62		n/a	$	10.65			n/a
Maximum offering price per share	$	7.62		n/a	$	10.65			n/a
Class Q:
Net assets		n/a		n/a		n/a		$	3,219,387
Shares authorized		n/a		n/a		n/a			unlimited
Par value		n/a		n/a		n/a		$	—
Shares outstanding		n/a		n/a		n/a			135,237
Net asset value and redemption price per share		n/a		n/a		n/a		$	23.81
Maximum offering price per share		n/a		n/a		n/a		$	23.81
Class W:
Net assets	$	3,599,072	$	81,688	$	104,256,001	��		n/a
Shares authorized		unlimited		unlimited		unlimited			n/a
Par value	$	—	$	—	$	—			n/a
Shares outstanding		433,329		10,542		9,769,455			n/a
Net asset value and redemption price per share	$	8.31	$	7.75	$	10.67			n/a
Maximum offering price per share	$	8.31	$	7.75	$	10.67			n/a


⁽¹⁾	Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced.
⁽²⁾	Redemption price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2009 (Unaudited)


	ING			ING						ING
	Asia-Pacific			Disciplined			ING			European
	Real			International			Emerging			Real
	Estate			SmallCap			Countries			Estate
	Fund			Fund			Fund			Fund

ASSETS:
Investments in securities at value+*	$	2,747,100		$	231,336,610		$	96,113,146		$	2,646,037
Short-term investments**		—			—			5,529,603			—
Short-term investments in affiliates***		86,629			—			—			38,263
Cash		—			330,011			3,406,312			—
Foreign currencies at value****		311			1,428,281			2,609,678			42,924
Receivables:
Investment securities sold		—			159,381			634,906			29,803
Fund shares sold		—			119,962			132,336			2,470
Dividends and interest		12,899			1,681,558			393,055			39,874
Prepaid expenses		20,861			17,524			38,644			20,806
Reimbursement due from manager		13,307			—			5,169			3,175

Total assets		2,881,107			235,073,327			108,862,849			2,823,352


LIABILITIES:
Payable for investment securities purchased		11,999			1,114,811			708,275			44,747
Payable for fund shares redeemed		—			32,549			738,477			—
Payable upon receipt of securities loaned		—			—			5,561,927			—
Payable to affiliates		3,479			128,854			136,328			3,023
Payable for directors fees		1,651			4,490			33,578			1,023
Other accrued expenses and liabilities		20,483			127,660			196,701			25,126

Total liabilities		37,612			1,408,364			7,375,286			73,919

NET ASSETS	$	2,843,495		$	233,664,963		$	101,487,563		$	2,749,433


NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	8,904,002		$	450,502,579		$	209,675,184		$	6,017,269
Undistributed net investment income/(distributions in excess of net investment income)		2,350			2,313,568			(148,925	)		43,210
Accumulated net realized loss on investments and foreign currency related transactions		(5,248,965	)		(159,738,504	)		(112,758,466	)		(2,450,242	)
Net unrealized appreciation or depreciation on investments and foreign currency related transactions		(813,892	)		(59,412,680	)		4,719,770			(860,804	)

NET ASSETS	$	2,843,495		$	233,664,963		$	101,487,563		$	2,749,433



+ Including securities loaned at value	$	—		$	—		$	5,527,055		$	—
* Cost of investments in securities	$	3,560,749		$	290,742,292		$	91,383,005		$	3,506,533
** Cost of short-term investments	$	—		$	—		$	5,561,927		$	—
*** Cost of short-term investments in affiliates	$	86,629		$	—		$	—		$	38,263
**** Cost of foreign currencies	$	311		$	1,425,186		$	2,588,135		$	42,666

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2009 (Unaudited) (continued)


	ING		ING				ING
	Asia-Pacific		Disciplined		ING		European
	Real		International		Emerging		Real
	Estate		SmallCap		Countries		Estate
	Fund		Fund		Fund		Fund

Class A:
Net assets	$	2,281,547	$	74,013	$	57,897,558	$	2,692,739
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		562,630		13,965		3,312,145		581,486
Net asset value and redemption price per share	$	4.06	$	5.30	$	17.48	$	4.63
Maximum offering price per share (5.75%)⁽¹⁾	$	4.31	$	5.62	$	18.55	$	4.91
Class B:
Net assets	$	16,534	$	8,075	$	3,769,606	$	13,761
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		4,094		1,516		216,612		2,982
Net asset value and redemption price per share⁽²⁾	$	4.04	$	5.33	$	17.40	$	4.61
Maximum offering price per share	$	4.04	$	5.33	$	17.40	$	4.61
Class C:
Net assets	$	545,006	$	77,166	$	13,739,161	$	42,465
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		134,172		14,682		840,950		9,213
Net asset value and redemption price per share⁽²⁾	$	4.06	$	5.26	$	16.34	$	4.61
Maximum offering price per share	$	4.06	$	5.26	$	16.34	$	4.61
Class I:
Net assets	$	408	$	233,505,709	$	20,980,185	$	468
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		101		43,903,360		1,201,973		101
Net asset value and redemption price per share	$	4.04	$	5.32	$	17.45	$	4.63
Maximum offering price per share	$	4.04	$	5.32	$	17.45	$	4.63
Class Q:
Net assets		n/a		n/a	$	5,076,107		n/a
Shares authorized		n/a		n/a		unlimited		n/a
Par value		n/a		n/a	$	—		n/a
Shares outstanding		n/a		n/a		279,460		n/a
Net asset value and redemption price per share		n/a		n/a	$	18.16		n/a
Maximum offering price per share		n/a		n/a	$	18.16		n/a
Class W:
Net assets		n/a		n/a	$	24,946		n/a
Shares authorized		n/a		n/a		unlimited		n/a
Par value		n/a		n/a	$	—		n/a
Shares outstanding		n/a		n/a		1,365		n/a
Net asset value and redemption price per share		n/a		n/a	$	18.28		n/a
Maximum offering price per share		n/a		n/a	$	18.28		n/a


⁽¹⁾	Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced.
⁽²⁾	Redemption price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2009 (Unaudited)


							ING			ING
				ING			Index Plus			International
	ING			Greater			International			Capital
	Foreign			China			Equity			Appreciation
	Fund			Fund			Fund			Fund

ASSETS:
Investments in securities at value+*	$	220,422,739		$	28,406,770		$	93,215,037		$	48,595,475
Short-term investments**		5,552,610			—			—			—
Short-term investments in affiliates***		14,570,578			—			—			—
Cash		—			2,201,532			932,143			—
Foreign currencies at value****		957,446			312,463			148,951			16,806
Receivables:
Investment securities sold		3,346,345			—			—			10,329
Fund shares sold		405,837			140,152			20,432			13,461
Dividends and interest		1,210,595			62,053			681,406			327,715
Unrealized appreciation on forward foreign currency contracts		2,162,835			—			—			—
Prepaid expenses		34,983			28,950			26,112			25,853
Reimbursement due from manager		30,925			9,764			3,864			6,364

Total assets		248,694,893			31,161,684			95,027,945			48,996,003


LIABILITIES:
Payable for investment securities purchased		6,265,754			531,954			710			240
Payable for fund shares redeemed		746,756			62,936			119,569			72,561
Payable upon receipt of securities loaned		5,587,351			—			—			—
Unrealized depreciation on forward foreign currency contracts		1,892,110			—			—			—
Payable to affiliates		295,730			38,754			59,736			36,820
Payable to custodian due to bank overdraft		337,264			—			—			634
Payable for directors fees		4,334			720			6,468			1,499
Other accrued expenses and liabilities		391,718			71,329			215,313			55,838

Total liabilities		15,521,017			705,693			401,796			167,592

NET ASSETS	$	233,173,876		$	30,455,991		$	94,626,149		$	48,828,411


NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	408,910,521		$	38,992,628		$	204,518,802		$	91,261,599
Undistributed net investment income/(distributions in excess of net investment income)		(13,501,519	)		(134,434	)		1,239,127			254,662
Accumulated net realized loss on investments and foreign currency related transactions		(165,472,734	)		(9,919,616	)		(91,916,931	)		(28,834,511	)
Net unrealized appreciation or depreciation on investments and foreign currency related transactions		3,237,608			1,517,413			(19,214,849	)		(13,853,339	)

NET ASSETS	$	233,173,876		$	30,455,991		$	94,626,149		$	48,828,411



+ Including securities loaned at value	$	5,563,125		$	—		$	—		$	—
* Cost of investments in securities	$	217,396,565		$	26,894,775		$	112,434,262		$	62,447,034
** Cost of short-term investments	$	5,587,351		$	—		$	—		$	—
*** Cost of short-term investments in affiliates	$	14,570,578		$	—		$	—		$	—
**** Cost of foreign currencies	$	988,035		$	305,850		$	148,586		$	16,858

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2009 (Unaudited) (continued)


					ING		ING
			ING		Index Plus		International
	ING		Greater		International		Capital
	Foreign		China		Equity		Appreciation
	Fund		Fund		Fund		Fund

Class A:
Net assets	$	91,649,404	$	23,481,684	$	7,869,892	$	647,019
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		8,878,565		2,120,003		1,331,750		92,885
Net asset value and redemption price per share	$	10.32	$	11.08	$	5.91	$	6.97
Maximum offering price per share (5.75%)⁽¹⁾	$	10.95	$	11.76	$	6.27	$	7.40
Class B:
Net assets	$	13,350,378	$	2,384,010	$	1,082,180	$	112,161
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		1,339,808		217,012		182,517		16,210
Net asset value and redemption price per share⁽²⁾	$	9.96	$	10.99	$	5.93	$	6.92
Maximum offering price per share	$	9.96	$	10.99	$	5.93	$	6.92
Class C:
Net assets	$	74,530,285	$	3,472,036	$	1,145,212	$	316,015
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		7,477,439		315,062		194,289		45,621
Net asset value and redemption price per share⁽²⁾	$	9.97	$	11.02	$	5.89	$	6.93
Maximum offering price per share	$	9.97	$	11.02	$	5.89	$	6.93
Class I:
Net assets	$	53,241,149	$	128,935	$	46,985,800	$	47,753,216
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		5,075,706		11,651		7,951,310		6,881,422
Net asset value and redemption price per share	$	10.49	$	11.07	$	5.91	$	6.94
Maximum offering price per share	$	10.49	$	11.07	$	5.91	$	6.94
Class O:
Net assets		n/a	$	989,326	$	37,543,065		n/a
Shares authorized		n/a		unlimited		unlimited		n/a
Par value		n/a	$	—	$	—		n/a
Shares outstanding		n/a		89,884		6,397,983		n/a
Net asset value and redemption price per share		n/a	$	11.01	$	5.87		n/a
Maximum offering price per share		n/a	$	11.01	$	5.87		n/a
Class Q:
Net assets	$	28,041		n/a		n/a		n/a
Shares authorized		unlimited		n/a		n/a		n/a
Par value	$	—		n/a		n/a		n/a
Shares outstanding		2,644		n/a		n/a		n/a
Net asset value and redemption price per share	$	10.61		n/a		n/a		n/a
Maximum offering price per share	$	10.61		n/a		n/a		n/a
Class W:
Net assets	$	374,619		n/a		n/a		n/a
Shares authorized		unlimited		n/a		n/a		n/a
Par value	$	—		n/a		n/a		n/a
Shares outstanding		33,413		n/a		n/a		n/a
Net asset value and redemption price per share	$	11.21		n/a		n/a		n/a
Maximum offering price per share	$	11.21		n/a		n/a		n/a


⁽¹⁾	Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced.
⁽²⁾	Redemption price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2009 (Unaudited)


	ING			ING			ING			ING
	International			International			International			International
	Equity			Growth			Real			SmallCap
	Dividend			Opportunities			Estate			Multi-Manager
	Fund			Fund			Fund			Fund

ASSETS:
Investments in securities at value+*	$	21,827,451		$	45,709,227		$	374,132,453		$	283,170,570
Investments in affiliates**		—			—			—			225,901
Short-term investments***		—			2,418,369			—			3,396,614
Short-term investments in affiliates****		—			—			10,737,182			2,761,907
Cash		873,292			28,697			—			1,611,242
Foreign currencies at value*****		87,629			2,076,268			179,711			793,306
Receivables:
Investment securities sold		5,254			2,404			257,541			25,986,580
Fund shares sold		96			40,965			702,208			378,786
Dividends and interest		126,884			302,940			2,612,527			2,096,180
Prepaid expenses		25,761			24,463			40,394			48,402
Reimbursement due from manager		—			21,302			—			34,394

Total assets		22,946,367			50,624,635			388,662,016			320,503,882


LIABILITIES:
Payable for investment securities purchased		5,617			717,809			1,713,943			7,491,361
Payable for fund shares redeemed		30,303			29,729			298,918			1,395,407
Payable upon receipt of securities loaned		—			2,434,322			—			3,412,553
Payable to affiliates		23,619			54,172			537,058			340,210
Payable for directors fees		2,298			15,849			4,512			7,291
Other accrued expenses and liabilities		40,394			92,796			154,139			496,429
Payable for borrowings against line of credit		—			730,000			—			—

Total liabilities		102,231			4,074,677			2,708,570			13,143,251

NET ASSETS	$	22,844,136		$	46,549,958		$	385,953,446		$	307,360,631


NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	56,986,348		$	103,726,907		$	784,651,718		$	764,018,190
Undistributed net investment income		168,611			212,450			1,409,632			1,646,864
Accumulated net realized loss on investments and foreign currency related transactions		(28,652,318	)		(47,996,027	)		(207,601,963	)		(340,975,345	)
Net unrealized depreciation on investments and foreign currency related transactions		(5,658,505	)		(9,393,372	)		(192,505,941	)		(117,329,078	)

NET ASSETS	$	22,844,136		$	46,549,958		$	385,953,446		$	307,360,631



+ Including securities loaned at value	$	—		$	2,447,685		$	—		$	3,171,349
* Cost of investments in securities	$	27,483,403		$	55,141,592		$	566,597,303		$	400,523,139
** Cost of investments in affiliates	$	—		$	—		$	—		$	199,039
*** Cost of short-term investments	$	—		$	2,434,322		$	—		$	3,412,553
**** Cost of short-term investments in affiliates	$	—		$	—		$	10,737,182		$	2,761,907
***** Cost of foreign currencies	$	86,266		$	2,018,972		$	178,878		$	777,076

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2009 (Unaudited) (continued)


	ING		ING		ING		ING
	International		International		International		International
	Equity		Growth		Real		SmallCap
	Dividend		Opportunities		Estate		Multi-Manager
	Fund		Fund		Fund		Fund

Class A:
Net assets	$	948,012	$	21,663,044	$	65,861,580	$	138,264,185
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		190,676		3,538,063		10,802,232		6,106,556
Net asset value and redemption price per share	$	4.97	$	6.12	$	6.10	$	22.64
Maximum offering price per share (5.75%)⁽¹⁾	$	5.27	$	6.49	$	6.47	$	24.02
Class B:
Net assets	$	125,522	$	3,451,281	$	2,964,925	$	7,905,782
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		25,290		598,398		488,147		331,564
Net asset value and redemption price per share⁽²⁾	$	4.96	$	5.77	$	6.07	$	23.84
Maximum offering price per share	$	4.96	$	5.77	$	6.07	$	23.84
Class C:
Net assets	$	687,457	$	5,739,793	$	20,766,674	$	25,666,622
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		138,568		993,223		3,420,071		1,208,315
Net asset value and redemption price per share⁽²⁾	$	4.96	$	5.78	$	6.07	$	21.24
Maximum offering price per share	$	4.96	$	5.78	$	6.07	$	21.24
Class I:
Net assets	$	21,062,878	$	5,791,234	$	295,782,032	$	104,290,599
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		4,234,865		948,525		48,468,208		4,607,932
Net asset value and redemption price per share	$	4.97	$	6.11	$	6.10	$	22.63
Maximum offering price per share	$	4.97	$	6.11	$	6.10	$	22.63
Class O:
Net assets		n/a		n/a		n/a	$	229,701
Shares authorized		n/a		n/a		n/a		unlimited
Par value		n/a		n/a		n/a	$	—
Shares outstanding		n/a		n/a		n/a		10,212
Net asset value and redemption price per share		n/a		n/a		n/a	$	22.49
Maximum offering price per share		n/a		n/a		n/a	$	22.49
Class Q:
Net assets		n/a	$	9,904,606		n/a	$	22,842,067
Shares authorized		n/a		unlimited		n/a		unlimited
Par value		n/a	$	—		n/a	$	—
Shares outstanding		n/a		1,635,572		n/a		924,785
Net asset value and redemption price per share		n/a	$	6.06		n/a	$	24.70
Maximum offering price per share		n/a	$	6.06		n/a	$	24.70
Class W:
Net assets	$	20,267		n/a	$	578,235	$	8,161,675
Shares authorized		unlimited		n/a		unlimited		unlimited
Par value	$	—		n/a	$	—	$	—
Shares outstanding		4,055		n/a		94,843		305,530
Net asset value and redemption price per share	$	5.00		n/a	$	6.10	$	26.71
Maximum offering price per share	$	5.00		n/a	$	6.10	$	26.71


⁽¹⁾	Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced.
⁽²⁾	Redemption price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2009 (Unaudited)


	ING			ING
	International			International			ING
	Value			Value Choice			Russia
	Fund			Fund			Fund

ASSETS:
Investments in securities at value+*	$	1,547,596,998		$	37,115,472		$	224,350,903
Short-term investments**		53,062,662			—			20,679,892
Short-term investments in affiliates***		32,849,388			1,230,587			—
Cash		229			—			8,211,752
Foreign currencies at value****		7,707,577			—			52,756
Receivables:
Investment securities sold		9,728,638			—			—
Fund shares sold		870,945			79,880			753,221
Dividends and interest		12,265,372			177,389			353,806
Prepaid expenses		81,941			32,159			19,381
Reimbursement due from manager		—			9,303			—

Total assets		1,664,163,750			38,644,790			254,421,711


LIABILITIES:
Payable for investment securities purchased		7,167,164			177,961			1,538,632
Payable for fund shares redeemed		2,391,691			73,543			252,566
Payable upon receipt of securities loaned		53,303,120			—			20,911,094
Payable to affiliates		1,804,655			38,965			289,570
Payable to custodian due to bank overdraft		—			145,732			—
Payable to custodian due to foreign currency overdraft*****		—			1,577			—
Payable for directors fees		45,933			1,787			22,382
Other accrued expenses and liabilities		1,259,180			38,762			634,393

Total liabilities		65,971,743			478,327			23,648,637

NET ASSETS	$	1,598,192,007		$	38,166,463		$	230,773,074


NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	2,882,288,505		$	63,666,065		$	459,786,508
Undistributed net investment income/(accumulated net investment loss)		13,263,720			304,630			(1,986,235	)
Accumulated net realized loss on investments and foreign currency related transactions		(596,449,323	)		(16,047,598	)		(59,874,638	)
Net unrealized depreciation on investments and foreign currency related transactions		(700,910,895	)		(9,756,634	)		(167,152,561	)

NET ASSETS	$	1,598,192,007		$	38,166,463		$	230,773,074



+ Including securities loaned at value	$	50,966,124		$	—		$	19,549,284
* Cost of investments in securities	$	2,248,446,668		$	46,871,545		$	391,276,598
** Cost of short-term investments	$	53,303,120		$	—		$	20,911,094
*** Cost of short-term investments in affiliates	$	32,849,388		$	1,230,587		$	—
**** Cost of foreign currencies	$	7,590,557		$	—		$	48,665
***** Cost of foreign currency overdraft	$	—		$	1,409		$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2009 (Unaudited) (continued)


	ING		ING
	International		International		ING
	Value		Value Choice		Russia
	Fund		Fund		Fund

Class A:
Net assets	$	703,527,957	$	9,386,472	$	230,773,074
Shares authorized		unlimited		unlimited		unlimited
Par value	$	0.01	$	—	$	—
Shares outstanding		76,836,295		1,164,021		12,566,239
Net asset value and redemption price per share	$	9.16	$	8.06	$	18.36
Maximum offering price per share (5.75%)⁽¹⁾	$	9.72	$	8.55	$	19.49
Class B:
Net assets	$	53,479,331	$	1,545,956		n/a
Shares authorized		unlimited		unlimited		n/a
Par value	$	0.01	$	—		n/a
Shares outstanding		5,906,953		193,994		n/a
Net asset value and redemption price per share⁽²⁾	$	9.05	$	7.97		n/a
Maximum offering price per share	$	9.05	$	7.97		n/a
Class C:
Net assets	$	259,815,368	$	2,814,708		n/a
Shares authorized		unlimited		unlimited		n/a
Par value	$	0.01	$	—		n/a
Shares outstanding		29,191,120		352,058		n/a
Net asset value and redemption price per share⁽²⁾	$	8.90	$	8.00		n/a
Maximum offering price per share	$	8.90	$	8.00		n/a
Class I:
Net assets	$	565,007,703	$	24,419,327		n/a
Shares authorized		unlimited		unlimited		n/a
Par value	$	0.01	$	—		n/a
Shares outstanding		61,864,174		3,033,930		n/a
Net asset value and redemption price per share	$	9.13	$	8.05		n/a
Maximum offering price per share	$	9.13	$	8.05		n/a
Class Q:
Net assets	$	16,361,648		n/a		n/a
Shares authorized		unlimited		n/a		n/a
Par value	$	0.01		n/a		n/a
Shares outstanding		1,787,404		n/a		n/a
Net asset value and redemption price per share	$	9.15		n/a		n/a
Maximum offering price per share	$	9.15		n/a		n/a


⁽¹⁾	Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced.
⁽²⁾	Redemption price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2009 (Unaudited)


	ING
	Emerging			ING			ING
	Markets			Global			Diversified
	Fixed Income			Bond			International
	Fund			Fund			Fund

ASSETS:
Investments in securities at value*	$	239,674,369		$	166,751,685		$	—
Investments in affiliates**		—			—			201,030,602
Short-term investments in affiliates***		—			18,235,000			—
Short-term investments at amortized cost		—			998,800			—
Cash		17,657,569			3,119			477,595
Cash collateral for futures		341,500			2,463,057			—
Foreign currencies at value****		371,756			1,770,106			—
Receivables:
Investment securities sold on a delayed-delivery or when-issued basis		—			5,306,945			—
Investment securities sold		4,080,528			3,396,146			745,891
Fund shares sold		5,142,922			417,842			134,762
Dividends and interest		4,902,878			1,855,245			—
Unrealized appreciation on forward foreign currency contracts		671,952			1,250,033			—
Unrealized appreciation on swap agreements		—			901,954			—
Prepaid expenses		30,032			25,210			52,571
Reimbursement due from manager		—			20,377			85,160

Total assets		272,873,506			203,395,519			202,526,581


LIABILITIES:
Payable for investment securities purchased on a delayed-delivery or when-issued basis		—			14,567,662			—
Payable for investment securities purchased		7,813,927			3,508,351			—
Payable for fund shares redeemed		300,297			802,418			870,470
Payable for futures variation margin		14,922			—			—
Payable upon receipt of securities loaned		—			163,367			—
Unrealized depreciation on forward foreign currency contracts		729,219			1,030,952			—
Unrealized depreciation on swap agreements		—			130,084			—
Payable to affiliates		221,571			118,307			103,805
Payable for directors fees		662			518			4,760
Other accrued expenses and liabilities		86,689			75,777			344,931

Total liabilities		9,167,287			20,397,436			1,323,966

NET ASSETS	$	263,706,219		$	182,998,083		$	201,202,615


NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	339,125,562		$	179,949,196		$	434,648,849
Undistributed net investment income/(distributions in excess of net investment income)		4,726,076			1,639,359			(305,313	)
Accumulated net realized loss on investments, foreign currency related transactions, futures, swaps, and written options		(32,437,383	)		(2,299,737	)		(125,032,939	)
Net unrealized appreciation or depreciation on investments, foreign currency related transactions, futures, and swaps		(47,708,036	)		3,709,265			(108,107,982	)

NET ASSETS	$	263,706,219		$	182,998,083		$	201,202,615



* Cost of investments in securities	$	287,050,576		$	163,839,784		$	—
** Cost of investments in affiliates	$	—		$	—		$	309,138,584
*** Cost of short-term investments in affiliates	$	—		$	18,235,000		$	—
**** Cost of foreign currencies	$	372,411		$	1,823,488		$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2009 (Unaudited) (continued)


	ING
	Emerging			ING			ING
	Markets			Global			Diversified
	Fixed Income			Bond			International
	Fund			Fund			Fund

Class A:
Net assets	$	2,553,594		$	67,225,406		$	114,785,790
Shares authorized		unlimited			unlimited			unlimited
Par value	$	—		$	—		$	—
Shares outstanding		331,607			6,186,880			17,951,469
Net asset value and redemption price per share	$	7.70		$	10.87		$	6.39
Maximum offering price per share	$	7.90	⁽¹⁾	$	11.15	⁽¹⁾	$	6.78	⁽²⁾
Class B:
Net assets	$	185,644		$	4,736,978		$	16,625,281
Shares authorized		unlimited			unlimited			unlimited
Par value	$	—		$	—		$	—
Shares outstanding		24,181			438,811			2,604,910
Net asset value and redemption price per share⁽³⁾	$	7.68		$	10.80		$	6.38
Maximum offering price per share	$	7.68		$	10.80		$	6.38
Class C:
Net assets	$	1,044,522		$	31,999,886		$	63,895,865
Shares authorized		unlimited			unlimited			unlimited
Par value	$	—		$	—		$	—
Shares outstanding		136,176			2,953,286			10,035,799
Net asset value and redemption price per share⁽³⁾	$	7.67		$	10.84		$	6.37
Maximum offering price per share	$	7.67		$	10.84		$	6.37
Class I:
Net assets	$	259,922,459		$	77,789,270		$	3,447,618
Shares authorized		unlimited			unlimited			unlimited
Par value	$	—		$	—		$	—
Shares outstanding		33,842,213			7,165,238			540,723
Net asset value and redemption price per share	$	7.68		$	10.86		$	6.38
Maximum offering price per share	$	7.68		$	10.86		$	6.38
Class O:
Net assets		n/a		$	1,246,543		$	714,437
Shares authorized		n/a			unlimited			unlimited
Par value		n/a		$	—		$	—
Shares outstanding		n/a			115,966			112,310
Net asset value and redemption price per share		n/a		$	10.75		$	6.36
Maximum offering price per share		n/a		$	10.75		$	6.36
Class R:
Net assets		n/a			n/a		$	155,171
Shares authorized		n/a			n/a			unlimited
Par value		n/a			n/a		$	—
Shares outstanding		n/a			n/a			24,504
Net asset value and redemption price per share		n/a			n/a		$	6.33
Maximum offering price per share		n/a			n/a		$	6.33
Class W:
Net assets		n/a			n/a		$	1,578,453
Shares authorized		n/a			n/a			unlimited
Par value		n/a			n/a		$	—
Shares outstanding		n/a			n/a			247,907
Net asset value and redemption price per share		n/a			n/a		$	6.37
Maximum offering price per share		n/a			n/a		$	6.36


⁽¹⁾	Maximum offering price is 2.50% and is computed at 100/97.50 of net asset value. On purchases of $100,000 or more, the offering price is reduced.
⁽²⁾	Maximum offering price is 5.75% and is computed at 100/94.25 of net asset value. On purchases of $100,000 or more, the offering price is reduced.
⁽³⁾	Redemption price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended April 30, 2009 (Unaudited)


	ING			ING			ING			ING
	Global			Global			Global			Global
	Equity			Natural			Real			Value
	Dividend			Resources			Estate			Choice
	Fund			Fund			Fund			Fund

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld^*(1)	$	2,710,360		$	860,420		$	27,948,691		$	1,185,117
Interest*		3,934			228			135,185			92,006
Securities lending income, net		6,708			—			114,103			18,324

Total investment income		2,721,002			860,648			28,197,979			1,295,447


EXPENSES:
Investment management fees		404,341			346,614			3,916,954			473,585
Distribution and service fees:
Class A		59,389			94,627			769,557			86,242
Class B		81,704			—			89,225			27,512
Class C		186,948			—			555,736			112,060
Class O		15,250			—			12,386			—
Class Q		—			—			—			2,717
Transfer agent fees:
Class A		63,656			77,433			983,152			83,696
Class B		21,840			—			28,427			6,201
Class C		49,947			—			175,654			25,134
Class I		635			37			133,681			923
Class O		16,467			—			16,005			—
Class Q		—			—			—			584
Class W		298			20			33,328			—
Administrative service fees		57,762			37,950			528,566			52,620
Shareholder reporting expense		39,183			15,565			192,803			15,684
Registration fees		41,609			21,947			104,692			34,726
Professional fees		14,352			12,092			123,818			10,407
Custody and accounting expense		29,597			17,671			160,471			12,842
Directors fees		5,211			1,728			21,720			2,534
Miscellaneous expense		5,351			5,916			25,475			4,590
Interest expense		1,682			87			158			418

Total expenses		1,095,222			631,687			7,871,808			952,475
Net waived and reimbursed fees		(89,610	)		(324	)		(9,282	)		(68,278	)
Brokerage commission recapture		(1,791	)		—			—			(209	)

Net expenses		1,003,821			631,363			7,862,526			883,988

Net investment income		1,717,181			229,285			20,335,453			411,459


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS
Net realized loss on:
Investments		(69,591,524	)		(21,377,270	)		(393,317,530	)		(18,332,382	)
Foreign currency related transactions		(344,863	)		(25,551	)		(79,319	)		(106,564	)

Net realized loss on investments and foreign currency related transactions		(69,936,387	)		(21,402,821	)		(393,396,849	)		(18,438,946	)

Net change in unrealized appreciation or depreciation on:
Investments		49,796,504			19,278,325			184,576,928			37,077,896
Foreign currency related transactions		28,332			26,738			(76,130	)		(4,389	)

Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		49,824,836			19,305,063			184,500,798			37,073,507

Net realized and unrealized gain (loss) on investments and foreign currency related transactions		(20,111,551	)		(2,097,758	)		(208,896,051	)		18,634,561

Increase (decrease) in net assets resulting from operations	$	(18,394,370	)	$	(1,868,473	)	$	(188,560,598	)	$	19,046,020



* Foreign taxes withheld	$	125,390		$	30,336		$	1,537,370		$	89,749
⁽¹⁾ Dividends from affiliates	$	—		$	2,896		$	109,791		$	22,435

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended April 30, 2009 (Unaudited)


	ING			ING						ING
	Asia-Pacific			Disciplined			ING			European
	Real			International			Emerging			Real
	Estate			SmallCap			Countries			Estate
	Fund			Fund			Fund			Fund

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*⁽¹⁾	$	72,247		$	3,529,537		$	659,038		$	94,140
Interest*		591			148,266			273,605			122
Securities lending income, net		—			—			14,101			—

Total investment income		72,838			3,677,803			946,744			94,262


EXPENSES:
Investment management fees		16,072			620,453			567,032			13,092
Distribution and service fees:
Class A		2,931			87			92,058			3,212
Class B		79			17			17,660			45
Class C		4,267			364			63,456			197
Class Q		—			—			5,685			—
Transfer agent fees:
Class A		2,364			72			62,173			3,552
Class B		16			13			4,170			4
Class C		858			75			14,688			19
Class I		1			2,596			7,293			—
Class Q		—			—			2,286			—
Class W		—			—			26			—
Administrative service fees		1,607			103,408			45,362			1,309
Shareholder reporting expense		1,256			19,817			34,706			786
Registration fees		24,012			26,358			41,806			23,885
Professional fees		6,870			21,802			26,830			2,381
Custody and accounting expense		28,388			64,610			98,508			15,627
Directors fees		137			6,665			4,525			1,308
Miscellaneous expense		1,797			14,886			8,582			2,776
Interest expense		305			548			—			—

Total expenses		90,960			881,771			1,096,846			68,193
Net waived and reimbursed fees		(59,022	)		—			(120,907	)		(45,169	)

Net expenses		31,938			881,771			975,939			23,024

Net investment income (loss)		40,900			2,796,032			(29,195	)		71,238


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS
Net realized gain (loss) on:
Investments		(3,211,911	)		(80,776,073	)		(49,244,004	)		(1,190,963	)
Foreign currency related transactions		(3,691	)		218,713			(333,449	)		676

Net realized loss on investments and foreign currency related transactions		(3,215,602	)		(80,557,360	)		(49,577,453	)		(1,190,287	)

Net change in unrealized appreciation or depreciation on:
Investments		2,603,613			81,045,237			59,352,924			817,658
Foreign currency related transactions		(1,198	)		(351,630	)		32,905			792

Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		2,602,415			80,693,607			59,385,829			818,450

Net realized and unrealized gain (loss) on
investments and foreign currency related transactions		(613,187	)		136,247			9,808,376			(371,837	)

Increase (decrease) in net assets resulting from operations	$	(572,287	)	$	2,932,279		$	9,779,181		$	(300,599	)



* Foreign taxes withheld	$	4,974		$	327,818		$	39,773		$	10,783
⁽¹⁾ Dividends from affiliates	$	98		$	—		$	—		$	511

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended April 30, 2009 (Unaudited)


							ING			ING
				ING			Index Plus			International
	ING			Greater			International			Capital
	Foreign			China			Equity			Appreciation
	Fund			Fund			Fund			Fund

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*⁽¹⁾	$	3,427,704		$	135,451		$	1,677,418		$	528,045
Interest*		96,303			—			406,493			17,746
Securities lending income, net		34,502			—			—			—

Total investment income		3,558,509			135,451			2,083,911			545,791


EXPENSES:
Investment management fees		1,322,654			136,190			261,415			172,664
Distribution and service fees:
Class A		134,858			23,124			10,009			1,144
Class B		74,268			10,184			5,955			773
Class C		410,524			13,304			5,721			1,448
Class O		—			532			45,432			—
Class Q		50			—			—			—
Transfer agent fees:
Class A		89,211			39,456			23,213			907
Class B		12,302			4,982			3,393			135
Class C		68,150			5,635			3,301			242
Class I		10,012			76			15,049			2,795
Class O		—			1,064			104,722			—
Class Q		6			—			—			—
Class W		52			—			—			—
Administrative service fees		132,262			11,843			47,529			20,313
Shareholder reporting expense		64,573			9,562			24,519			5,409
Registration fees		47,952			35,247			38,586			28,185
Professional fees		29,431			12,778			33,040			8,218
Custody and accounting expense		208,008			20,561			32,967			26,155
Directors fees		8,533			875			5,430			1,760
Miscellaneous expense		15,159			3,699			11,144			5,776
Interest expense		296			1,192			627			750

Total expenses		2,628,301			330,304			672,052			276,674
Net waived and reimbursed fees		(125,682	)		(61,455	)		(175,112	)		(48,695	)
Brokerage commission recapture		—			—			—			(3,345	)

Net expenses		2,502,619			268,849			496,940			224,634

Net investment income (loss)		1,055,890			(133,398	)		1,586,971			321,157


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS
Net realized gain (loss) on:
Investments		(74,651,339	)		(9,447,623	)		(45,222,827	)		(18,927,077	)
Foreign currency related transactions		9,473,002			(13,501	)		(622,765	)		(68,967	)

Net realized loss on investments and foreign currency related transactions		(65,178,337	)		(9,461,124	)		(45,845,592	)		(18,996,044	)

Net change in unrealized appreciation or depreciation on:
Investments (net of Indian capital gains tax accrued)**		46,197,996			16,282,458			39,107,160			20,638,609
Foreign currency related transactions		(14,319,970	)		6,318			316,822			7,898

Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		31,878,026			16,288,776			39,423,982			20,646,507

Net realized and unrealized gain (loss) on investments and foreign currency related transactions		(33,300,311	)		6,827,652			(6,421,610	)		1,650,463

Increase (decrease) in net assets resulting from operations	$	(32,244,421	)	$	6,694,254		$	(4,834,639	)	$	1,971,620



* Foreign taxes withheld	$	383,830		$	8,611		$	155,566		$	46,588
** Foreign tax accrued on Indian investments	$	193		$	—		$	—		$	—
⁽¹⁾ Dividends from affiliates	$	47,599		$	—		$	—		$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended April 30, 2009 (Unaudited)


	ING			ING			ING			ING
	International			International			International			International
	Equity			Growth			Real			SmallCap
	Dividend			Opportunities			Estate			Multi-Manager
	Fund			Fund			Fund			Fund

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*⁽¹⁾	$	602,165		$	626,672		$	8,946,694		$	4,683,775
Interest*		31			—			65,610			120,511
Securities lending income, net		—			21,917			—			43,730

Total investment income		602,196			648,589			9,012,304			4,848,016


EXPENSES:
Investment management fees		104,180			253,863			1,735,907			1,532,251
Distribution and service fees:
Class A		1,430			25,695			79,755			239,155
Class B		658			17,431			15,360			44,775
Class C		3,316			27,103			124,756			126,276
Class O		—			—			—			148
Class Q		—			10,979			—			33,984
Transfer agent fees:
Class A		993			31,248			72,947			180,610
Class B		109			5,248			3,521			11,765
Class C		551			8,164			27,381			33,249
Class I		1,033			10,345			7,806			63,998
Class O		—			—			—			160
Class Q		—			6,545			—			17,512
Class W		—			—			11			5,153
Administrative service fees		13,891			25,386			179,102			153,224
Shareholder reporting expense		4,316			13,315			40,455			76,386
Registration fees		40,886			29,880			35,680			64,802
Professional fees		9,623			15,994			41,260			43,165
Custody and accounting expense		13,570			28,332			161,955			254,782
Directors fees		1,670			2,180			10,000			11,946
Miscellaneous expense		3,752			5,533			14,089			18,620
Interest expense		—			1,725			815			7,506

Total expenses		199,978			518,966			2,550,800			2,919,467
Net waived and reimbursed fees		(55,361	)		(84,077	)		(98,491	)		(197,766	)

Net expenses		144,617			434,889			2,452,309			2,721,701

Net investment income		457,579			213,700			6,559,995			2,126,315


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS
Net realized gain (loss) on:
Investments		(18,267,088	)		(42,894,318	)		(99,003,234	)		(181,640,577	)
Foreign currency related transactions		(108,036	)		(44,906	)		(68,783	)		37,613

Net realized loss on investments and foreign currency related transactions		(18,375,124	)		(42,939,224	)		(99,072,017	)		(181,602,964	)

Net change in unrealized appreciation or depreciation on:
Investments		14,993,573			42,539,146			47,402,472			180,850,944
Foreign currency related transactions		5,912			69,202			(44,298	)		(63,648	)

Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		14,999,485			42,608,348			47,358,174			180,787,296

Net realized and unrealized gain (loss) on investments and foreign currency related transactions		(3,375,639	)		(330,876	)		(51,713,843	)		(815,668	)

Increase (decrease) in net assets resulting from operations	$	(2,918,060	)	$	(117,176	)	$	(45,153,848	)	$	1,310,647



* Foreign taxes withheld	$	58,536		$	46,447		$	844,028		$	402,774
⁽¹⁾ Dividends from affiliates	$	—		$	2,103		$	30,063		$	2,057

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended April 30, 2009 (Unaudited)


	ING			ING
	International			International			ING
	Value			Value Choice			Russia
	Fund			Fund			Fund

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*⁽¹⁾	$	28,818,434		$	691,514		$	348,200
Interest		122,476			—			6,677
Securities lending income, net		103,416			—			43,767

Total investment income		29,044,326			691,514			398,644


EXPENSES:
Investment management fees		8,343,338			220,512			1,180,730
Distribution and service fees:
Class A		1,134,358			10,937			236,145
Class B		313,229			7,936			—
Class C		1,332,993			12,440			—
Class Q		15,107			—			—
Transfer agent fees:
Class A		702,544			9,145			261,819
Class B		57,025			1,635			—
Class C		248,065			2,597			—
Class I		288,251			4,941			—
Class Q		6,334			—			—
Administrative service fees		834,325			22,051			94,457
Shareholder reporting expense		250,620			4,461			78,090
Registration fees		52,102			28,434			22,966
Professional fees		133,790			7,135			40,600
Custody and accounting expense		417,940			13,557			434,104
Directors fees		50,540			1,153			10,860
Miscellaneous expense		340,246			3,893			25,108
Interest expense		16,681			—			—

Total expenses		14,537,488			350,827			2,384,879
Net waived and reimbursed fees		(63,394	)		(27,255	)		—
Brokerage commission recapture		(10,625	)		—			—

Net expenses		14,463,469			323,572			2,384,879

Net investment income (loss)		14,580,857			367,942			(1,986,235	)


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS
Net realized gain (loss) on:
Investments		(570,310,948	)		(15,025,431	)		(58,960,158	)
Foreign currency related transactions		5,987,476			22,805			(275,221	)

Net realized loss on investments and foreign currency related transactions		(564,323,472	)		(15,002,626	)		(59,235,379	)

Net change in unrealized appreciation or depreciation on:
Investments (net of Indian capital gains tax accrued)**		503,226,767			17,484,367			59,238,768
Foreign currency related transactions		(7,384,273	)		(20,749	)		155,019

Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		495,842,494			17,463,618			59,393,787

Net realized and unrealized gain (loss) on investments and foreign currency related transactions		(68,480,978	)		2,460,992			158,408

Increase (decrease) in net assets resulting from operations	$	(53,900,121	)	$	2,828,934		$	(1,827,827	)



* Foreign taxes withheld	$	2,823,384		$	72,854		$	176,041
** Foreign tax accrued on Indian investments	$	29,044		$	—		$	—
⁽¹⁾ Dividends from affiliates	$	146,693		$	4,005		$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the six months ended April 30, 2009 (Unaudited)


	ING Emerging
	Markets Fixed			ING Global			ING Diversified
	Income			Bond			International
	Fund			Fund			Fund

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	90,353		$	—		$	—
Dividends from affiliates		—			65,888			—
Dividends from affiliated underlying funds		—			—			7,159,911
Interest*		10,890,595			2,431,044			—

Total investment income		10,980,948			2,496,932			7,159,911


EXPENSES:
Investment management fees		772,564			272,108			—
Distribution and service fees:
Class A		3,021			92,689			157,028
Class B		1,000			22,732			83,608
Class C		4,939			159,428			328,444
Class O		—			666			447
Class R		—			—			394
Transfer agent fees:
Class A		2,914			41,802			271,561
Class B		211			2,559			—
Class C		1,066			17,945			—
Class I		2,614			1,574			—
Class O		—			284			—
Administrative service fees		118,876			68,026			106,643
Shareholder reporting expense		15,397			11,770			85,693
Registration fees		32,161			43,640			65,015
Professional fees		28,068			14,084			53,818
Custody and accounting expense		77,790			49,810			14,720
Directors fees		4,204			1,714			7,352
Miscellaneous expense		4,726			5,802			10,704
Interest expense		2,066			49			109

Total expenses		1,071,617			806,682			1,185,536
Net waived and reimbursed fees		(1,801	)		(109,377	)		(596,908	)

Net expenses		1,069,816			697,305			588,628

Net investment income		9,911,132			1,799,627			6,571,283


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, INVESTMENTS IN AFFILIATED UNDERLYING FUNDS, FOREIGN CURRENCY RELATED TRANSACTIONS, FUTURES, SWAPS, AND WRITTEN OPTIONS
Net realized gain (loss) on:
Investments		(19,158,942	)		1,086,182			—
Sale of investments in affiliated underlying funds		—			—			(83,955,577	)
Foreign currency related transactions		(4,996,797	)		(4,317,543	)		—
Futures		46,241			1,073,284			—
Swaps		—			1,188,662			—
Written options		—			58,972			—

Net realized loss on investments, investments in affiliated underlying funds, foreign currency related transactions, futures, swaps, and written options		(24,109,498	)		(910,443	)		(83,955,577	)

Net change in unrealized appreciation or depreciation on:
Investments		50,144,132			10,614,546			—
Investments in affiliated underlying funds		—			—			69,619,072
Foreign currency related transactions		2,061,797			154,823			—
Futures		(412,744	)		(1,302,622	)		—
Swaps		—			693,275			—

Net change in unrealized appreciation or depreciation on investments, investments in affiliated underlying funds, foreign currency related transactions, futures, and swaps		51,793,185			10,160,022			69,619,072

Net realized and unrealized gain (loss) on investments, investments in affiliated underlying funds, foreign currency related transactions, futures, swaps, and written options		27,683,687			9,249,579			(14,336,505	)

Increase (decrease) in net assets resulting from operations	$	37,594,819		$	11,049,206		$	(7,765,222	)



* Foreign taxes withheld	$	216,095		$	—		$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING Global Equity Dividend Fund						ING Global Natural Resources Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2009			2008			2009			2008

FROM OPERATIONS:
Net investment income	$	1,717,181		$	9,635,589		$	229,285		$	524,746
Net realized gain (loss) on investments and foreign currency related transactions		(69,936,387	)		(30,844,710	)		(21,402,821	)		6,564,298
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		49,824,836			(106,376,002	)		19,305,063			(68,185,043	)

Decrease in net assets resulting from operations		(18,394,370	)		(127,585,123	)		(1,868,473	)		(61,095,999	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(574,546	)		(4,919,694	)		(253,882	)		(1,172,269	)
Class B		(133,335	)		(1,311,619	)		—			—
Class C		(304,229	)		(2,963,675	)		—			—
Class I		(20,256	)		(16,676	)		(766	)		(25	)
Class O		(149,592	)		(927,480	)		—			—
Class W		(16,820	)		(1,617	)		(194	)		—
Net realized gains:
Class A		—			(12,404,290	)		(5,296,233	)		(27,001,614	)
Class B		—			(3,985,012	)		—			—
Class C		—			(8,739,875	)		—			—
Class I		—			(77	)		(5,605	)		(401	)
Class O		—			(1,777,436	)		—			—
Class W		—			—			(1,418	)		—
Return of capital:
Class A		—			(432,988	)		—			—
Class B		—			(143,749	)		—			—
Class C		—			(322,744	)		—			—
Class I		—			(1,297	)		—			—
Class O		—			(80,273	)		—			—
Class W		—			(86	)		—			—

Total distributions		(1,198,778	)		(38,028,588	)		(5,558,098	)		(28,174,309	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		11,880,083			50,356,257			5,388,517			20,082,371
Reinvestment of distributions		723,582			26,212,767			4,970,473			25,092,370

		12,603,665			76,569,024			10,358,990			45,174,741
Cost of shares redeemed		(31,826,580	)		(151,235,644	)		(6,778,369	)		(29,532,033	)

Net increase (decrease) in net assets resulting from capital share transactions		(19,222,915	)		(74,666,620	)		3,580,621			15,642,708

Net decrease in net assets		(38,816,063	)		(240,280,331	)		(3,845,950	)		(73,627,600	)


NET ASSETS:
Beginning of period		148,983,945			389,264,276			83,741,335			157,368,935

End of period	$	110,167,882		$	148,983,945		$	79,895,385		$	83,741,335

Undistributed net investment income (distributions in excess of net investment income) at end of period	$	517,486		$	(917	)	$	(25,557	)	$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING Global Real Estate Fund						ING Global Value Choice Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2009			2008			2009			2008

FROM OPERATIONS:
Net investment income	$	20,335,453		$	25,495,756		$	411,459		$	131,187
Net realized gain (loss) on investments and foreign currency related transactions		(393,396,849	)		(221,443,835	)		(18,438,946	)		6,370,233
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		184,500,798			(761,700,130	)		37,073,507			(59,937,524	)

Increase (decrease) in net assets resulting from operations		(188,560,598	)		(957,648,209	)		19,046,020			(53,436,104	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(4,809,055	)		(38,019,770	)		—			(330,676	)
Class B		(107,842	)		(1,594,287	)		—			—
Class C		(582,255	)		(8,408,664	)		—			(28,732	)
Class I		(2,825,735	)		(6,003,778	)		—			(77,786	)
Class O		(77,219	)		(781,015	)		—			—
Class Q		—			—			—			(15,997	)
Class W		(1,030,778	)		(687,839	)		—			—
Net realized gains:
Class A		(883,454	)		(1,914,849	)		—			—
Class B		(29,685	)		(111,208	)		—			—
Class C		(175,558	)		(570,013	)		—			—
Class I		(334,367	)		(144,690	)		—			—
Class O		(13,723	)		(44,110	)		—			—
Class W		(53,933	)		—			—			—
Return of capital:
Class A		(5,852,341	)		—			—			—
Class B		(200,969	)		—			—			—
Class C		(1,180,351	)		—			—			—
Class I		(2,308,949	)		—			—			—
Class O		(91,918	)		—			—			—
Class W		(380,185	)		—			—			—

Total distributions		(20,938,317	)		(58,280,223	)		—			(453,191	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		426,788,261			1,452,693,092			85,898,237			48,823,856
Reinvestment of distributions		16,882,509			45,987,277			—			305,217

		443,670,770			1,498,680,369			85,898,237			49,129,073
Cost of shares redeemed		(452,302,643	)		(760,365,301	)		(41,859,926	)		(52,760,826	)

Net increase (decrease) in net assets resulting from capital share transactions		(8,631,873	)		738,315,068			44,038,311			(3,631,753	)

Net increase (decrease) in net assets		(218,130,788	)		(277,613,364	)		63,084,331			(57,521,048	)


NET ASSETS:
Beginning of period		1,301,958,081			1,579,571,445			73,162,111			130,683,159

End of period	$	1,083,827,293		$	1,301,958,081		$	136,246,442		$	73,162,111

Undistributed net investment income (distributions in excess of net investment income) at end of period	$	(31,341,746	)	$	(42,244,315	)	$	407,981		$	(3,478	)

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING Asia-Pacific Real Estate Fund						ING Disciplined International SmallCap Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2009			2008			2009			2008

FROM OPERATIONS:
Net investment income	$	40,900		$	85,018		$	2,796,032		$	7,476,386
Net realized loss on investments and foreign currency related transactions		(3,215,602	)		(2,044,242	)		(80,557,360	)		(72,470,993	)
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		2,602,415			(3,416,307	)		80,693,607			(163,047,508	)

Increase (decrease) in net assets resulting from operations		(572,287	)		(5,375,531	)		2,932,279			(228,042,115	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(39,838	)		(59,954	)		(2,725	)		(541	)
Class B		(242	)		(206	)		(25	)		(2	)
Class C		(8,640	)		(8,444	)		(2,932	)		(25	)
Class I		(8	)		(12	)		(8,382,749	)		(2,965,190	)
Net realized gains:
Class A		—			—			—			(1,783	)
Class B		—			—			—			(84	)
Class C		—			—			—			(892	)
Class I		—			—			—			(7,916,891	)

Total distributions		(48,728	)		(68,616	)		(8,388,431	)		(10,885,408	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		18,723			13,425,429			30,803,841			185,423,219
Reinvestment of distributions		4,504			7,752			8,388,189			10,885,000

		23,227			13,433,181			39,192,030			196,308,219
Cost of shares redeemed		(3,253,904	)		(1,293,847	)		(19,874,139	)		(203,364,251	)

Net increase (decrease) in net assets resulting from capital share transactions		(3,230,677	)		12,139,334			19,317,891			(7,056,032	)

Net increase (decrease) in net assets		(3,851,692	)		6,695,187			13,861,739			(245,983,555	)


NET ASSETS:
Beginning of period		6,695,187			—			219,803,224			465,786,779

End of period	$	2,843,495		$	6,695,187		$	233,664,963		$	219,803,224

Undistributed net investment income at end of period	$	2,350		$	10,178		$	2,313,568		$	7,905,967

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING Emerging Countries Fund						ING European Real Estate Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2009			2008			2009			2008

FROM OPERATIONS:
Net investment income (loss)	$	(29,195	)	$	4,137,274		$	71,238		$	77,907
Net realized loss on investments and foreign currency related transactions		(49,577,453	)		(64,250,220	)		(1,190,287	)		(1,169,983	)
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		59,385,829			(112,328,277	)		818,450			(1,679,254	)

Increase (decrease) in net assets resulting from operations		9,779,181			(172,441,223	)		(300,599	)		(2,771,330	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(1,746,631	)		(2,167,642	)		(121,560	)		(76,349	)
Class B		(42,502	)		(57,378	)		(342	)		(197	)
Class C		(203,409	)		(291,243	)		(1,661	)		(619	)
Class I		(725,836	)		(594,705	)		(22	)		(15	)
Class Q		(146,524	)		(242,630	)		—			—
Class W		(998	)		—			—			—
Net realized gains:
Class A		—			(5,291,718	)		—			—
Class B		—			(440,600	)		—			—
Class C		—			(1,550,833	)		—			—
Class I		—			(1,150,536	)		—			—
Class Q		—			(551,176	)		—			—
Class W		—			(11	)		—			—

Total distributions		(2,865,900	)		(12,338,472	)		(123,585	)		(77,180	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		12,270,505			76,881,539			33,729			6,945,489
Payments by affiliates (Note 19)		437,763			—			—			—
Reinvestment of distributions		2,564,649			10,561,811			17,531			14,148

		15,272,917			87,443,350			51,260			6,959,637
Cost of shares redeemed		(23,387,331	)		(130,619,438	)		(93,261	)		(895,509	)

Net increase (decrease) in net assets resulting from capital share transactions		(8,114,414	)		(43,176,088	)		(42,001	)		6,064,128

Net increase (decrease) in net assets		(1,201,133	)		(227,955,783	)		(466,185	)		3,215,618


NET ASSETS:
Beginning of period		102,688,696			330,644,479			3,215,618			—

End of period	$	101,487,563		$	102,688,696		$	2,749,433		$	3,215,618

Undistributed net investment income (distributions in excess of net investment income) at end of period	$	(148,925	)	$	2,746,170		$	43,210		$	95,557

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING Foreign Fund						ING Greater China Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2009			2008			2009			2008

FROM OPERATIONS:
Net investment income (loss)	$	1,055,890		$	4,417,454		$	(133,398	)	$	99,166
Net realized gain (loss) on investments and foreign currency related transactions		(65,178,337	)		(111,925,743	)		(9,461,124	)		2,354,386
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		31,878,026			(234,522,763	)		16,288,776			(47,933,410	)

Increase (decrease) in net assets resulting from operations		(32,244,421	)		(342,031,052	)		6,694,254			(45,479,858	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(4,662,153	)		—			(1,459,484	)		(206,726	)
Class B		(426,990	)		—			(120,628	)		—
Class C		(2,522,834	)		—			(147,719	)		—
Class I		(3,091,911	)		—			(4,253	)		(210	)
Class O		—			—			(23,244	)		—
Class Q		(619	)		—			—			—
Class W		(12,527	)		—			—			—
Net realized gains:
Class A		—			(20,918,671	)		(204,700	)		(6,348,739	)
Class B		—			(3,020,180	)		(21,463	)		(607,794	)
Class C		—			(13,831,219	)		(26,919	)		(1,066,835	)
Class I		—			(6,602,918	)		(545	)		(4,310	)
Class O		—			—			(2,980	)		—
Class Q		—			(50,212	)		—			—

Total distributions		(10,717,034	)		(44,423,200	)		(2,011,935	)		(8,234,614	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		31,689,344			177,808,541			8,448,770			21,915,224
Reinvestment of distributions		8,215,988			32,055,604			1,500,108			5,628,333

		39,905,332			209,864,145			9,948,878			27,543,557
Cost of shares redeemed		(104,503,809	)		(224,896,551	)		(9,495,806	)		(42,164,045	)

Net increase (decrease) in net assets resulting from capital share transactions		(64,598,477	)		(15,032,406	)		453,072			(14,620,488	)

Net increase (decrease) in net assets		(107,559,932	)		(401,486,658	)		5,135,391			(68,334,960	)


NET ASSETS:
Beginning of period		340,733,808			742,220,466			25,320,600			93,655,560

End of period	$	233,173,876		$	340,733,808		$	30,455,991		$	25,320,600

Undistributed net investment income (distributions in excess of net investment income) at end of period	$	(13,501,519	)	$	(3,840,375	)	$	(134,434	)	$	1,754,292

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING Index Plus International Equity Fund						ING International Capital Appreciation Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2009			2008			2009			2008

FROM OPERATIONS:
Net investment income	$	1,586,971		$	5,128,927		$	321,157		$	1,310,333
Net realized loss on investments and foreign currency related transactions		(45,845,592	)		(46,162,768	)		(18,996,044	)		(8,360,001	)
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		39,423,982			(75,447,161	)		20,646,507			(62,269,125	)

Increase (decrease) in net assets resulting from operations		(4,834,639	)		(116,481,002	)		1,971,620			(69,318,793	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(337,810	)		(28,649	)		(23,216	)		(46,790	)
Class B		(28,973	)		(8,557	)		—			(6,221	)
Class C		(31,419	)		(13,088	)		—			(7,324	)
Class I		(2,734,906	)		(2,125,491	)		(1,099,502	)		(1,713,778	)
Class O		(1,555,036	)		(19	)		—			—
Net realized gains:
Class A		—			(221,431	)		—			(171,474	)
Class B		—			(74,576	)		—			(29,527	)
Class C		—			(113,554	)		—			(33,222	)
Class I		—			(11,934,519	)		—			(4,964,217	)
Class O		—			(106	)		—			—

Total distributions		(4,688,144	)		(14,519,990	)		(1,122,718	)		(6,972,553	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		11,992,302			110,662,967			11,048,139			24,115,204
Proceeds from shares issued in merger (Note 14)		—			128,431,314			—			—
Reinvestment of distributions		3,297,835			14,382,164			1,107,753			6,792,519

		15,290,137			253,476,445			12,155,892			30,907,723
Cost of shares redeemed		(19,846,019	)		(136,788,066	)		(14,338,099	)		(51,860,888	)

Net increase (decrease) in net assets resulting from capital share transactions		(4,555,882	)		116,688,379			(2,182,207	)		(20,953,165	)

Net decrease in net assets		(14,078,665	)		(14,312,613	)		(1,333,305	)		(97,244,511	)


NET ASSETS:
Beginning of period		108,704,814			123,017,427			50,161,716			147,406,227

End of period	$	94,626,149		$	108,704,814		$	48,828,411		$	50,161,716

Undistributed net investment income at end of period	$	1,239,127		$	4,340,300		$	254,662		$	1,056,223

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING International Equity Dividend Fund						ING International Growth Opportunities Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2009			2008			2009			2008

FROM OPERATIONS:
Net investment income	$	457,579		$	2,264,438		$	213,700		$	447,072
Net realized loss on investments and foreign currency related transactions		(18,375,124	)		(10,288,837	)		(42,939,224	)		(5,209,016	)
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		14,999,485			(24,087,629	)		42,608,348			(77,343,269	)

Increase (decrease) in net assets resulting from operations		(2,918,060	)		(32,112,028	)		(117,176	)		(82,105,213	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(10,180	)		(126,779	)		(47,529	)		(83,294	)
Class B		(719	)		(8,400	)		—			—
Class C		(3,345	)		(45,080	)		—			—
Class I		(274,559	)		(2,166,707	)		(99,733	)		(34,259	)
Class Q		—			—			(40,714	)		(72,032	)
Class W		(102	)		(479	)		—			—
Net realized gains:
Class A		—			(15,847	)		—			(9,478,153	)
Class B		—			(884	)		—			(2,585,626	)
Class C		—			(6,628	)		—			(2,917,744	)
Class I		—			(212,974	)		—			(1,529,095	)
Class Q		—			—			—			(4,653,527	)
Return of capital:
Class A		—			(11,426	)		—			—
Class B		—			(931	)		—			—
Class C		—			(5,015	)		—			—
Class I		—			(179,688	)		—			—
Class W		—			(40	)		—			—

Total distributions		(288,905	)		(2,780,878	)		(187,976	)		(21,353,730	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		1,257,818			24,737,239			4,608,209			48,218,002
Payments by affiliates (Note 19)		—			—			194,530			—
Reinvestment of distributions		285,250			2,727,933			183,353			18,757,432

		1,543,068			27,465,172			4,986,092			66,975,434
Cost of shares redeemed		(11,531,268	)		(17,839,256	)		(21,318,663	)		(44,157,319	)

Net increase (decrease) in net assets resulting from capital share transactions		(9,988,200	)		9,625,916			(16,332,571	)		22,818,115

Net decrease in net assets		(13,195,165	)		(25,266,990	)		(16,637,723	)		(80,640,828	)


NET ASSETS:
Beginning of period		36,039,301			61,306,291			63,187,681			143,828,509

End of period	$	22,844,136		$	36,039,301		$	46,549,958		$	63,187,681

Undistributed net investment income (distributions in excess of net investment income) at end of period	$	168,611		$	(63	)	$	212,450		$	186,726

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING International Real Estate Fund						ING International SmallCap Multi-Manager Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2009			2008			2009			2008

FROM OPERATIONS:
Net investment income	$	6,559,995		$	11,006,499		$	2,126,315		$	11,128,871
Net realized loss on investments and foreign currency related transactions		(99,072,017	)		(92,273,326	)		(181,602,964	)		(158,816,436	)
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		47,358,174			(314,335,293	)		180,787,296			(509,074,218	)

Increase (decrease) in net assets resulting from operations		(45,153,848	)		(395,602,120	)		1,310,647			(656,761,783	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(841,976	)		(6,762,764	)		(4,710,213	)		(2,482,496	)
Class B		(27,131	)		(208,426	)		(75,770	)		—
Class C		(199,434	)		(2,311,512	)		(548,565	)		—
Class I		(4,063,433	)		(9,218,250	)		(4,347,655	)		(2,905,473	)
Class O		—			—			(3,592	)		—
Class Q		—			—			(1,075,645	)		(658,389	)
Class W		(8,142	)		(3,394	)		(349,538	)		—
Net realized gains:
Class A		—			—			—			(60,574,187	)
Class B		—			—			—			(7,140,703	)
Class C		—			—			—			(12,894,884	)
Class I		—			—			—			(43,991,753	)
Class O		—			—			—			(1	)
Class Q		—			—			—			(14,059,252	)
Class W		—			—			—			(131	)
Return of capital:
Class A		—			(3,653,580	)		—			—
Class B		—			(146,325	)		—			—
Class C		—			(1,612,691	)		—			—
Class I		—			(4,371,301	)		—			—
Class W		—			(1,599	)		—			—

Total distributions		(5,140,116	)		(28,289,842	)		(11,110,978	)		(144,707,269	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		135,966,432			609,238,402			36,538,536			267,975,778
Payments by affiliates (Note 19)		—			—			1,028,303			—
Reinvestment of distributions		2,031,496			13,626,372			7,610,077			106,441,115

		137,997,928			622,864,774			45,176,916			374,416,893
Cost of shares redeemed		(122,571,945	)		(309,952,586	)		(123,647,372	)		(378,623,842	)

Net increase (decrease) in net assets resulting from capital share transactions		15,425,983			312,912,188			(78,470,456	)		(4,206,949	)

Net decrease in net assets		(34,867,981	)		(110,979,774	)		(88,270,787	)		(805,676,001	)


NET ASSETS:
Beginning of period		420,821,427			531,801,201			395,631,418			1,201,307,419

End of period	$	385,953,446		$	420,821,427		$	307,360,631		$	395,631,418

Undistributed net investment income (distributions in excess of net investment income) at end of period	$	1,409,632		$	(10,247	)	$	1,646,864		$	10,631,527

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING International Value Fund						ING International Value Choice Fund
	Six Months Ended			Year Ended			Six Months Ended				Year Ended
	April 30,			October 31,			April 30,				October 31,
	2009			2008			2009				2008

FROM OPERATIONS:
Net investment income	$	14,580,857		$	76,380,681		$	367,942			$	492,702
Net realized gain (loss) on investments and foreign currency related transactions		(564,323,472	)		505,106,913			(15,002,626	)			(401,390	)
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		495,842,494			(2,414,730,218	)		17,463,618				(35,708,799	)

Increase (decrease) in net assets resulting from operations		(53,900,121	)		(1,833,242,624	)		2,828,934				(35,617,487	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:										��
Net investment income:
Class A		(28,845,875	)		(20,593,112	)		(87,098	)			(112,875	)
Class B		(1,277,550	)		(250,157	)		(498	)			(307	)
Class C		(6,971,267	)		(2,488,818	)		(897	)			—
Class I		(27,092,627	)		(29,292,792	)		(532,022	)			(693,103	)
Class Q		(467,912	)		(353,269	)		—				—
Net realized gains:
Class A		(128,073,523	)		(304,767,165	)		—				(2,221,665	)
Class B		(11,983,740	)		(41,150,109	)		—				(507,826	)
Class C		(46,297,820	)		(110,803,630	)		—				(656,889	)
Class I		(101,028,430	)		(313,841,980	)		—				(8,389,969	)
Class Q		(1,718,028	)		(3,792,184	)		—				—

Total distributions		(353,756,772	)		(827,333,216	)		(620,515	)			(12,582,634	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		247,964,278			671,204,202			5,265,946				29,490,166
Payments by affiliates (Note 19)		55,278			—			—				—
Reinvestment of distributions		252,944,813			592,109,119			611,830				11,960,549

		500,964,369			1,263,313,321			5,877,776				41,450,715
Cost of shares redeemed		(587,227,050	)		(1,909,403,374	)		(18,953,981	)			(29,962,847	)

Net increase (decrease) in net assets resulting from capital share transactions		(86,262,681	)		(646,090,053	)		(13,076,205	)			11,487,868

Net decrease in net assets		(493,919,574	)		(3,306,665,893	)		(10,867,786	)			(36,712,253	)


NET ASSETS:
Beginning of period		2,092,111,581			5,398,777,474			49,034,249				85,746,502

End of period	$	1,598,192,007		$	2,092,111,581		$	38,166,463			$	49,034,249

Undistributed net investment income at end of period	$	13,263,720		$	63,338,094		$	304,630			$	557,203

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING Russia Fund						ING Emerging Markets Fixed Income Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2009			2008			2009			2008

FROM OPERATIONS:
Net investment income (loss)	$	(1,986,235	)	$	(4,900,253	)	$	9,911,132		$	20,551,759
Net realized gain (loss) on investments, foreign currency related transactions, and futures		(59,235,379	)		165,557,937			(24,109,498	)		(12,687,563	)
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, and futures		59,393,787			(675,721,202	)		51,793,185			(100,175,149	)

Increase (decrease) in net assets resulting from operations		(1,827,827	)		(515,063,518	)		37,594,819			(92,310,953	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		—			—			(57,202	)		(292,759	)
Class B		—			—			(4,469	)		(13,847	)
Class C		—			—			(20,449	)		(66,887	)
Class I		—			—			(5,885,202	)		(14,370,474	)
Net realized gains:
Class A		(82,435,953	)		(137,654,710	)		—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class I		—			—			—			—
Return of capital:
Class A		—			—			—			(104,244	)
Class B		—			—			—			(6,301	)
Class C		—			—			—			(31,271	)
Class I		—			—			—			(5,361,910	)

Total distributions		(82,435,953	)		(137,654,710	)		(5,967,322	)		(20,247,693	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		24,972,730			221,879,155			43,852,216			133,122,757
Reinvestment of distributions		71,291,236			116,874,956			5,949,509			20,075,844

		96,263,966			338,754,111			49,801,725			153,198,601
Redemption fee proceeds (Note 4)		230,232			1,344,090			—			—
Cost of shares redeemed		(42,584,713	)		(348,756,344	)		(50,003,266	)		(124,022,111	)

Net increase (decrease) in net assets resulting from capital share transactions		53,909,485			(8,658,143	)		(201,541	)		29,176,490

Net increase (decrease) in net assets		(30,354,295	)		(661,376,371	)		31,425,956			(83,382,156	)


NET ASSETS:
Beginning of period		261,127,369			922,503,740			232,280,263			315,662,419

End of period	$	230,773,074		$	261,127,369		$	263,706,219		$	232,280,263

Undistributed net investment income (accumulated net investment loss) at end of period	$	(1,986,235	)	$	—		$	4,726,076		$	782,266

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	ING Global Bond Fund						ING Diversified International Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2009			2008			2009			2008

FROM OPERATIONS:
Net investment income	$	1,799,627		$	2,043,534		$	6,571,283		$	5,865,573
Net realized gain (loss) on investments, investments in affiliated underlying funds, foreign currency related transactions, futures, swaps, and written options		(910,443	)		3,186,716			(83,955,577	)		(18,522,580	)
Net change in unrealized appreciation or depreciation on investments, investments in affiliated underlying funds, foreign currency related transactions, futures, and swaps		10,160,022			(7,619,480	)		69,619,072			(292,969,322	)

Increase (decrease) in net assets resulting from operations		11,049,206			(2,389,230	)		(7,765,222	)		(305,626,329	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(19,762	)		(3,359,515	)		(16,890,263	)		(6,883,232	)
Class B		—			(100,198	)		(2,007,249	)		(519,915	)
Class C		—			(710,709	)		(7,933,560	)		(2,156,592	)
Class I		(161,719	)		(9,087	)		(585,985	)		(586	)
Class O		(2,669	)		(1,127	)		(33,579	)		—
Class R		—			—			(21,054	)		(6,279	)
Class W		—			—			(182,219	)		—
Net realized gains:
Class A		(1,641,363	)		(369,378	)		—			(2,346,495	)
Class B		(99,095	)		(6,552	)		—			(269,552	)
Class C		(709,315	)		(30,696	)		—			(1,057,058	)
Class I		(7,774	)		(12	)		—			(180	)
Class O		(6,537	)		—			—			—
Class R		—			—			—			(2,520	)

Total distributions		(2,648,234	)		(4,587,274	)		(27,653,909	)		(13,242,409	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		107,244,755			125,112,248			22,529,704			166,546,295
Reinvestment of distributions		1,936,888			2,140,936			21,285,873			9,865,969

		109,181,643			127,253,184			43,815,577			176,412,264
Cost of shares redeemed		(47,854,056	)		(37,864,589	)		(75,322,414	)		(185,570,371	)

Net increase (decrease) in net assets resulting from capital share transactions		61,327,587			89,388,595			(31,506,837	)		(9,158,107	)

Net increase (decrease) in net assets		69,728,559			82,412,091			(66,925,968	)		(328,026,845	)


NET ASSETS:
Beginning of period		113,269,524			30,857,433			268,128,583			596,155,428

End of period	$	182,998,083		$	113,269,524		$	201,202,615		$	268,128,583

Undistributed net investment income (distributions in excess of net investment income) at end of period	$	1,639,359		$	23,882		$	(305,313	)	$	20,777,313

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (Unaudited)

Selected data for a share of beneficial interest outstanding throughout each year or period.


				Income
				(loss)
				from
				investment																																											Supplemental
				operations									Less distributions																						Ratios to average net assets												Data
	Net
	asset						Net																						Net									Expenses net of
	value,						realized			Total																			asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net														Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of			Total			Payment		fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital			distributions			by affiliate		to capital		year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)			($)			($)		($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)

ING Global Equity Dividend Fund
Class A
04-30-09		8	.77		0	.13		(1	.18)		(1	.05)		0	.09		—			—			0	.09		—		—		7	.63		(11	.98)		1	.55		1	.40		1	.40		3	.32		43,469		50
10-31-08		16	.84		0	.56		(6	.84)		(6	.28)		0	.54		1	.20		0	.05		1	.79		—		—		8	.77		(40	.84)		1	.42		1	.41		1	.41		3	.85		63,134		46
10-31-07		15	.76		0	.54^•		1	.84		2	.38		0	.55		0	.75		—			1	.30		—		—		16	.84		15	.80		1	.26		1	.26		1	.26		3	.31		182,669		36
10-31-06		13	.07		0	.54		2	.85		3	.39		0	.51		0	.19		—			0	.70		—		—		15	.76		26	.56		1	.27		1	.33		1	.33		3	.76		108,911		50
10-31-05		12	.41		0	.47^•		0	.92		1	.39		0	.54		0	.19		—			0	.73		—		—		13	.07		11	.45		1	.28		1	.40		1	.40		3	.60		73,186		57
10-31-04		10	.49		0	.44		1	.87		2	.31		0	.39		—			—			0	.39		—		—		12	.41		22	.59		3	.44		1	.40		1	.40		4	.39		11,316		60
Class B
04-30-09		8	.74		0	.10		(1	.17)		(1	.07)		0	.06		—			—			0	.06		—		—		7	.61		(12	.25)		2	.30		2	.15		2	.15		2	.56		15,083		50
10-31-08		16	.79		0	.46		(6	.82)		(6	.36)		0	.44		1	.20		0	.05		1	.69		—		—		8	.74		(41	.32)		2	.17		2	.16		2	.16		3	.11		21,311		46
10-31-07		15	.72		0	.39		1	.86		2	.25		0	.43		0	.75		—			1	.18		—		—		16	.79		14	.94		2	.01		2	.01		2	.01		2	.53		58,093		36
10-31-06		13	.05		0	.43		2	.84		3	.27		0	.41		0	.19		—			0	.60		—		—		15	.72		25	.55		2	.02		2	.08		2	.08		3	.05		44,936		50
10-31-05		12	.37		0	.37^•		0	.92		1	.29		0	.42		0	.19		—			0	.61		—		—		13	.05		10	.65		2	.03		2	.15		2	.15		2	.83		28,811		57
10-31-04		10	.49		0	.42		1	.82		2	.24		0	.36		—			—			0	.36		—		—		12	.37		21	.92		4	.19		2	.15		2	.15		4	.03		3,303		60
Class C
04-30-09		8	.72		0	.10		(1	.17)		(1	.07)		0	.06		—			—			0	.06		—		—		7	.59		(12	.28)		2	.30		2	.15		2	.15		2	.57		34,291		50
10-31-08		16	.75		0	.44		(6	.78)		(6	.34)		0	.44		1	.20		0	.05		1	.69		—		—		8	.72		(41	.29)		2	.17		2	.16		2	.16		3	.13		48,567		46
10-31-07		15	.69		0	.39		1	.86		2	.25		0	.44		0	.75		—			1	.19		—		—		16	.75		14	.94		2	.01		2	.01		2	.01		2	.54		124,765		36
10-31-06		13	.02		0	.43		2	.84		3	.27		0	.41		0	.19		—			0	.60		—		—		15	.69		25	.62		2	.02		2	.08		2	.08		3	.03		77,426		50
10-31-05		12	.37		0	.37^•		0	.90		1	.27		0	.43		0	.19		—			0	.62		—		—		13	.02		10	.51		2	.03		2	.15		2	.15		2	.82		48,965		57
10-31-04		10	.48		0	.39		1	.86		2	.25		0	.36		—			—			0	.36		—		—		12	.37		21	.99		4	.19		2	.15		2	.15		3	.99		3,655		60
Class I
04-30-09		8	.78		0	.14^•		(1	.17)		(1	.03)		0	.11		—			—			0	.11		—		—		7	.64		(11	.77)		1	.12		0	.97		0	.97		3	.64		1,455		50
10-31-08		16	.83		0	.47		(6	.68)		(6	.21)		0	.59		1	.20		0	.05		1	.84		—		—		8	.78		(40	.49)		1	.07		1	.06		1	.06		3	.16		1,207		46
08-01-07⁽⁴⁾–10-31-07		15	.81		0	.12^•		1	.03		1	.15		0	.13		—			—			0	.13		—		—		16	.83		7	.26		0	.90		0	.90		0	.90		2	.98		1		36
Class O
04-30-09		8	.76		0	.12		(1	.17)		(1	.05)		0	.09		—			—			0	.09		—		—		7	.62		(11	.99)		1	.55		1	.40		1	.40		3	.30		12,271		50
10-31-08		16	.83		0	.51^•		(6	.78)		(6	.27)		0	.55		1	.20		0	.05		1	.80		—		—		8	.76		(40	.83)		1	.42		1	.41		1	.41		3	.95		14,695		46
11-15-06⁽⁴⁾–10-31-07		15	.86		0	.55^•		1	.74		2	.29		0	.57		0	.75		—			1	.32		—		—		16	.83		15	.12		1	.26		1	.26		1	.26		3	.46		23,737		36
Class W
04-30-09		9	.53		0	.13^•		(1	.24)		(1	.11)		0	.11		—			—			0	.11		—		—		8	.31		(11	.68)		1	.12		0	.97		0	.97		3	.40		3,599		50
02-12-08⁽⁴⁾–10-31-08		14	.51		0	.35		(4	.83)		(4	.48)		0	.46		—			0	.04		0	.50		—		—		9	.53		(31	.78)		1	.07		1	.06		1	.06		3	.38		70		46

ING Global Natural Resources Fund
Class A
04-30-09		6	.74		0	.02		(0	.15)		(0	.13)		0	.02		0	.43		—			0	.45		—		—		6	.16		(2	.02)		1	.67		1	.67†		1	.67†		0	.60†		79,522		43
10-31-08		14	.18		0	.05		(4	.92)		(4	.87)		0	.11		2	.46		—			2	.57		—		—		6	.74		(41	.12)		1	.46		1	.46†		1	.46†		0	.37†		83,713		116
10-31-07		10	.46		(0	.03)		4	.36		4	.33		0	.26		0	.35		—			0	.61		—		—		14	.18		43	.22		1	.44		1	.44†		1	.44†		(0	.28)†		157,367		121
10-31-06		7	.34		(0	.06)		3	.20		3	.14		0	.02		—			—			0	.02		—		—		10	.46		42	.76		1	.42		1	.42		1	.42		(0	.61)		121,112		158
10-31-05		7	.09		(0	.06)		0	.54		0	.48		0	.23		—			—			0	.23		—		—		7	.34		6	.81		1	.56		1	.56		1	.56		(0	.77)		87,441		78
10-31-04		6	.94		(0	.05)		0	.20		0	.15		—			—			—			—			—		—		7	.09		2	.16		1	.44		1	.44		1	.44		(0	.69)		91,756		77
Class I
04-30-09		6	.75		0	.01^•		(0	.12)		(0	.11)		0	.06		0	.43		—			0	.49		—		—		6	.15		(1	.75)		1	.27		1	.27†		1	.27†		0	.44†		292		43
10-31-08		14	.19		0	.12^•		(4	.95)		(4	.83)		0	.15		2	.46		—			2	.61		—		—		6	.75		(40	.87)		1	.11		1	.11†		1	.11†		1	.04†		1		116
08-01-07⁽⁴⁾–10-31-07		12	.07		0	.00^*		2	.12		2	.12		—			—			—			—			—		—		14	.19		17	.56		1	.08		1	.08†		1	.08†		0	.09†		2		121
Class W
04-30-09		8	.39		0	.02^•		(0	.17)		(0	.15)		0	.06		0	.43		—			0	.49		—		—		7	.75		(1	.88)		1	.27		1	.27†		1	.27†		0	.55†		82		43
02-12-08⁽⁴⁾–10-31-08		12	.84		0	.03^•		(4	.48)		(4	.45)		—			—			—			—			—		—		8	.39		(34	.66)		1	.11		1	.11†		1	.11†		0	.38†		27		116

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

Selected data for a share of beneficial interest outstanding throughout each year or period.


				Income
				(loss)
				from
				investment																																												Supplemental
				operations									Less distributions																							Ratios to average net assets												Data
	Net
	asset						Net																							Net									Expenses net of
	value,						realized			Total																				asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net															Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of			Total			Payment			fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital			distributions			by affiliate			to capital		year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)			($)			($)			($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING Global Real Estate Fund
Class A
04-30-09		12	.56		0	.19^•		(1	.91)		(1	.72)		0	.09		0	.01		0	.09		0	.19		—			—		10	.65		(13	.58)		1	.53		1	.53†		1	.53†		3	.80†		573,456		33
10-31-08		24	.19		0	.33^•		(11	.19)		(10	.86)		0	.73		0	.04		—			0	.77		—			—		12	.56		(46	.00)		1	.41		1	.41†		1	.41†		1	.76†		836,314		44
10-31-07		22	.23		0	.22^•		3	.13		3	.35		1	.08		0	.31		—			1	.39		—			—		24	.19		15	.44		1	.30		1	.30		1	.30		0	.96		1,115,493		57
10-31-06		17	.14		0	.20^•		6	.41		6	.61		0	.46		1	.06		—			1	.52		—			—		22	.23		41	.09		1	.39		1	.39		1	.39		1	.04		467,405		39
10-31-05		15	.40		0	.26^•(b)		2	.94^(b)		3	.20		0	.54		0	.92		—			1	.46		—			—		17	.14		21	.95		1	.50		1	.59		1	.59		1	.58^(b)		138,314		91
10-31-04		13	.06		0	.27		3	.26		3	.53		0	.43		0	.76		—			1	.19		—			—		15	.40		28	.90		1	.55		1	.75		1	.75		2	.55		95,561		129
Class B
04-30-09		10	.66		0	.13^•		(1	.63)		(1	.50)		0	.06		0	.01		0	.09		0	.16		—			—		9	.00		(13	.96)		2	.28		2	.28†		2	.28†		3	.05†		17,272		33
10-31-08		20	.67		0	.16^•		(9	.52)		(9	.36)		0	.61		0	.04		—			0	.65		—			—		10	.66		(46	.40)		2	.16		2	.16†		2	.16†		0	.99†		23,663		44
10-31-07		19	.20		0	.04^•		2	.69		2	.73		0	.95		0	.31		—			1	.26		—			—		20	.67		14	.59		2	.05		2	.05		2	.05		0	.22		57,837		57
10-31-06		15	.01		0	.05^•		5	.56		5	.61		0	.36		1	.06		—			1	.42		—			—		19	.20		40	.04		2	.14		2	.14		2	.14		0	.31		31,677		39
10-31-05		13	.67		0	.12^•(b)		2	.59^(b)		2	.71		0	.45		0	.92		—			1	.37		—			—		15	.01		21	.05		2	.25		2	.34		2	.34		0	.79^(b)		12,302		91
10-31-04		11	.74		0	.14		2	.90		3	.04		0	.35		0	.76		—			1	.11		—			—		13	.67		27	.89		2	.30		2	.50		2	.50		1	.78		4,736		129
Class C
04-30-09		11	.22		0	.14^•		(1	.71)		(1	.57)		0	.06		0	.01		0	.09		0	.16		—			—		9	.49		(13	.92)		2	.28		2	.28†		2	.28†		3	.05†		106,202		33
10-31-08		21	.70		0	.16		(9	.99)		(9	.83)		0	.61		0	.04		—			0	.65		—			—		11	.22		(46	.38)		2	.16		2	.16†		2	.16†		0	.99		153,110		44
10-31-07		20	.10		0	.04^•		2	.82		2	.86		0	.95		0	.31		—			1	.26		—			—		21	.70		14	.57		2	.05		2	.05		2	.05		0	.20		303,235		57
10-31-06		15	.65		0	.05^•		5	.82		5	.87		0	.36		1	.06		—			1	.42		—			—		20	.10		40	.06		2	.14		2	.14		2	.14		0	.29		109,197		39
10-31-05		14	.19		0	.12^•(b)		2	.71^(b)		2	.83		0	.45		0	.92		—			1	.37		—			—		15	.65		21	.11		2	.25		2	.34		2	.34		0	.78^(b)		27,989		91
10-31-04		12	.14		0	.14		3	.02		3	.16		0	.35		0	.76		—			1	.11		—			—		14	.19		27	.93		2	.30		2	.50		2	.50		1	.72		7,817		129
Class I
04-30-09		12	.57		0	.21^•		(1	.91)		(1	.70)		0	.12		0	.01		0	.09		0	.22		—			—		10	.65		(13	.44)		1	.07		1	.07†		1	.07†		4	.24†		272,407		33
10-31-08		24	.21		0	.38^•		(11	.17)		(10	.79)		0	.81		0	.04		—			0	.85		—			—		12	.57		(45	.77)		1	.01		1	.01†		1	.01†		2	.12†		225,881		44
10-31-07		22	.23		0	.28^•		3	.16		3	.44		1	.15		0	.31		—			1	.46		—			—		24	.21		15	.88		0	.95		0	.95		0	.95		1	.24		76,869		57
10-31-06		17	.14		0	.28^•		6	.39		6	.67		0	.52		1	.06		—			1	.58		—			—		22	.23		41	.49		1	.06		1	.06		1	.06		1	.40		11,226		39
06-03-05⁽¹⁾–10-31-05		16	.32		0	.14^•(b)		0	.86^(b)		1	.00		0	.18		—			—			0	.18		—			—		17	.14		6	.14		1	.22		1	.30		1	.30		0	.85^(b)		1,681		91
Class O
04-30-09		12	.55		0	.19^•		(1	.90)		(1	.71)		0	.09		0	.01		0	.09		0	.19		—			—		10	.65		(13	.57)		1	.53		1	.53†		1	.53†		3	.81†		10,235		33
10-31-08		24	.19		0	.33^•		(11	.19)		(10	.86)		0	.74		0	.04		—			0	.78		—			—		12	.55		(46	.03)		1	.41		1	.41†		1	.41†		1	.74†		12,758		44
11-15-06⁽¹⁾–10-31-07		22	.20		0	.20^•		3	.20		3	.40		1	.10		0	.31		—			1	.41		—			—		24	.19		15	.68		1	.30		1	.30		1	.30		0	.90		26,137		57
Class W
04-30-09		12	.59		0	.22^•		(1	.92)		(1.70)			0	.12		0	.01		0	.09		0	.22		—			—		10	.67		(13	.39)		1	.07		1	.07†		1	.07†		4	.46†		104,256		33
02-12-08⁽¹⁾–10-31-08		19	.29		0	.28		(6	.65)		(6	.37)		0	.33					—			0	.33		—			—		12	.59		(33	.53)		1	.01		1	.01†		1	.01†		1	.95†		50,233		44

ING Global Value Choice Fund
Class A
04-30-09		16	.84		0	.09		3	.33		3	.42		—			—			—			—			—			—		20	.26		20	.31		1	.64		1	.50†		1	.50†		0	.97†		94,552		38
10-31-08		28	.40		0	.11		(11	.51)		(11	.40)		0	.16		—			—			0	.16		—			—		16	.84		(40	.34)		1	.62		1	.55†		1	.53†		0	.41†		38,258		73
10-31-07		21	.72		0	.01		6	.67		6	.68		—			—			—			—			—			—		28	.40		30	.76		1	.77		1	.82		1	.81		0	.04		58,600		66
10-31-06		18	.16		0	.08		3	.62		3	.70		0	.14		—			—			0	.14		—			—		21	.72		20	.48		1	.78		1	.78		1	.77		0	.40		47,305		77
10-31-05		15	.96		0	.09		2	.11		2	.20		—			—			—			—			0	.00^*		—		18	.16		13	.78^(a)		1	.90		1	.85		1	.85		0	.46		41,941		129
10-31-04		14	.76		(0	.04)		1	.24		1	.20		—			—			—			—			—			—		15	.96		8	.13		1	.77		1	.85		1	.85		(0	.21)		46,133		101

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

Selected data for a share of beneficial interest outstanding throughout each year or period.


				Income
				(loss)
				from
				investment																																											Supplemental
				operations									Less distributions																						Ratios to average net assets												Data
	Net
	asset						Net																						Net									Expenses net of
	value,						realized			Total																			asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net														Redemption		value,						before			and/or			all			Net investment			end			Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of		Total			Payment			fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or			turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital		distributions			by affiliate			to capital		year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period			rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)		($)			($)			($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)			(%)
ING Global Value Choice Fund (continued)
Class B
04-30-09		18	.10		0	.02		3	.57		3	.59		—			—			—		—			—			—		21	.69		19	.83		2	.39		2	.25†		2	.25†		0	.14†		5,324			38
10-31-08		30	.58		(0	.11)^•		(12	.37)		(12	.48)		—			—			—		—			—			—		18	.10		(40	.81)		2	.37		2	.30†		2	.28†		(0	.39)†		6,722			73
10-31-07		23	.54		(0	.17)^•		7	.21		7	.04		—			—			—		—			—			—		30	.58		29	.91		2	.42		2	.47		2	.46		(0	.62)		22,049			66
10-31-06		19	.67		(0	.04)		3	.91		3	.87		—			—			—		—			—			—		23	.54		19	.67		2	.43		2	.43		2	.42		(0	.25)		21,364			77
10-31-05		17	.39		(0	.04)		2	.32		2	.28		—			—			—		—			0	.00^*		—		19	.67		13	.11^(a)		2	.55		2	.50		2	.50		(0	.19)		23,483			129
10-31-04		16	.19		(0	.17)		1	.37		1	.20		—			—			—		—			—			—		17	.39		7	.41		2	.42		2	.50		2	.50		(0	.87)		28,559			101
Class C
04-30-09		16	.08		0	.02		3	.17		3	.19		—			—			—		—			—			—		19	.27		19	.84		2	.39		2	.25†		2	.25†		0	.21†		26,554			38
10-31-08		27	.18		(0	.09)		(10	.99)		(11	.08)		0	.02		—			—		0	.02		—			—		16	.08		(40	.79)		2	.37		2	.30†		2	.28†		(0	.36)†		21,045			73
10-31-07		20	.93		(0	.14)^•		6	.39		6	.25		—			—			—		—			—			—		27	.18		29	.86		2	.42		2	.47		2	.46		(0	.60)		39,537			66
10-31-06		17	.50		(0	.05)		3	.50		3	.45		0	.02		—			—		0	.02		—			—		20	.93		19	.73		2	.43		2	.43		2	.42		(0	.26)		31,612			77
10-31-05		15	.48		(0	.04)		2	.06		2	.02		—			—			—		—			0	.00^*		—		17	.50		13	.05^(a)		2	.55		2	.50		2	.50		(0	.19)		30,918			129
10-31-04		14	.41		(0	.15)		1	.22		1	.07		—			—			—		—			—			—		15	.48		7	.43		2	.42		2	.50		2	.50		(0	.87)		35,784			101
Class I
04-30-09		16	.92		0	.12		3	.35		3	.47		—			—			—		—			—			—		20	.39		20	.51		1	.18		1	.18†		1	.18†		1	.26†		6,597			38
10-31-08		28	.57		0	.22		(11	.59)		(11	.37)		0	.28		—			—		0	.28		—			—		16	.92		(40	.13)		1	.22		1	.22†		1	.20†		0	.76†		5,794			73
10-31-07		21	.73		0	.15		6	.69		6	.84		—			—			—		—			—			—		28	.57		31	.48		1	.25		1	.30		1	.29		0	.67		7,845			66
09-06-06⁽⁴⁾–10-31-06		21	.31		(0	.11)		0	.53		0	.42		—			—			—		—			—			—		21	.73		1	.97		1	.27		1	.26		1	.26		(0	.69)		3,010			77
Class Q
04-30-09		19	.78		0	.11^•		3	.92		4	.03		—			—			—		—			—			—		23	.81		20	.37		1	.45		1	.45†		1	.45†		1	.05†		3,219			38
10-31-08		33	.36		0	.13		(13	.51)		(13	.38)		0	.20		—			—		0	.20		—			—		19	.78		(40	.31)		1	.47		1	.47†		1	.45†		0	.46†		1,343			73
10-31-07		25	.44		0	.08^•		7	.84		7	.92		—			—			—		—			—			—		33	.36		31	.13		1	.50		1	.55		1	.54		0	.29		2,652			66
10-31-06		21	.25		0	.18^•		4	.20		4	.38		0	.19		—			—		0	.19		—			—		25	.44		20	.75		1	.52		1	.52		1	.51		0	.75		2,757			77
10-31-05		18	.61		0	.15		2	.49		2	.64		—			—			—		—			0	.00^*		—		21	.25		14	.19^(a)		1	.60		1	.55		1	.55		0	.75		4,387			129
10-31-04		17	.17		0	.01		1	.43		1	.44		—			—			—		—			—			—		18	.61		8	.39		1	.51		1	.59		1	.59		0	.05		4,223			101

ING Asia-Pacific Real Estate Fund
Class A
04-30-09		4	.51		0	.06		(0	.44)		(0	.38)		0	.07		—			—		0	.07		—			—		4	.06		(8	.50)		5	.46		1	.78†		1	.78†		2	.80†		2,282			30
11-01-07⁽⁴⁾–10-31-08		10	.00		0	.11		(5	.50)		(5	.39)		0	.10		—			—		0	.10		—			—		4	.51		(54	.27)		4	.14		1	.75		1	.75		1	.54		3,144			81
Class B
04-30-09		4	.50		0	.04		(0	.44)		(0	.40)		0	.06		—			—		0	.06		—			—		4	.04		(8	.96)		6	.21		2	.53†		2	.53†		2	.07†		17			30
11-01-07⁽⁴⁾–10-31-08		10	.00		0	.07		(5	.51)		(5	.44)		0	.06		—			—		0	.06		—			—		4	.50		(54	.63)		4	.89		2	.50		2	.50		1	.15		18			81
Class C
04-30-09		4	.50		0	.04^•		(0	.43)		(0	.39)		0	.05		—			—		0	.05		—			—		4	.06		(8	.80)		6	.21		2	.53†		2	.53†		1	.85†		545			30
11-01-07⁽⁴⁾–10-31-08		10	.00		0	.06^•		(5	.50)		(5	.44)		0	.06		—			—		0	.06		—			—		4	.50		(54	.62)		4	.89		2	.50		2	.50		1	.12		3,532			81
Class I
04-30-09		4	.50		0	.05		(0	.43)		(0	.38)		0	.08		—			—		0	.08		—			—		4	.04		(8	.49)		5	.21		1	.53†		1	.53†		2	.55†		0	^**		30
11-01-07⁽⁴⁾–10-31-08		10	.00		0	.13		(5	.51)		(5	.38)		0	.12		—			—		0	.12		—			—		4	.50		(54	.25)		3	.89		1	.50		1	.50		1	.77		0	^**		81

ING Disciplined International SmallCap Fund
Class A
04-30-09		5	.47		0	.06^•		(0	.04)		0	.02		0	.19		—			—		0	.19		—			—		5	.30		0	.30		1	.20		1	.20		1	.20		2	.24		74			55
10-31-08		12	.09		0	.18^•		(6	.55)		(6	.37)		0	.06		0	.19		—		0	.25		—			—		5	.47		(53	.65)		1	.13		1	.13		1	.13		1	.96		73			148
12-20-06⁽⁴⁾–10-31-07		10	.00		0	.14^•		1	.95		2	.09		—			—			—		—			—			—		12	.09		20	.90		1	.11		1	.11		1	.11		1	.37		69			116

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

Selected data for a share of beneficial interest outstanding throughout each year or period.


				Income
				(loss)
				from
				investment																																											Supplemental
				operations									Less distributions																						Ratios to average net assets												Data
	Net
	asset						Net																						Net									Expenses net of
	value,						realized			Total																			asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net														Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of		Total			Payment			fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital		distributions			by affiliate			to capital		year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)		($)			($)			($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING Disciplined International SmallCap Fund (continued)
Class B
04-30-09		5	.42		0	.07^•		(0	.09)		(0	.02)		0	.07		—			—		0	.07		—			—		5	.33		(0	.32)		1	.95		1	.95		1	.95		2	.90		8		55
10-31-08		12	.02		0	.10^•		(6	.50)		(6	.40)		0	.01		0	.19		—		0	.20		—			—		5	.42		(54	.04)		1	.88		1	.88		1	.88		1	.13		3		148
12-20-06⁽⁴⁾–10-31-07		10	.00		0	.06^•		1	.96		2	.02		—			—			—		—			—			—		12	.02		20	.20		1	.86		1	.86		1	.86		0	.67		5		116
Class C
04-30-09		5	.42		0	.03^•		(0	.01)		0	.02		0	.18		—			—		0	.18		—			—		5	.26		0	.34		1	.95		1	.95		1	.95		1	.40		77		55
10-31-08		12	.02		0	.03^•		(6	.43)		(6	.40)		0	.01		0	.19		—		0	.20		—			—		5	.42		(54	.04)		1	.88		1	.88		1	.88		0	.34		70		148
12-20-06⁽⁴⁾–10-31-07		10	.00		0	.02^•		2	.00		2	.02		—			—			—		—			—			—		12	.02		20	.20		1	.86		1	.86		1	.86		0	.25		55		116
Class I
04-30-09		5	.49		0	.07		(0	.03)		0	.04		0	.21		—			—		0	.21		—			—		5	.32		0	.68		0	.85		0	.85		0	.85		2	.70		233,506		55
10-31-08		12	.13		0	.20^•		(6	.58)		(6	.38)		0	.07		0	.19		—		0	.26		—			—		5	.49		(53	.58)		0	.83		0	.83		0	.83		2	.11		219,657		148
12-20-06⁽⁴⁾–10-31-07		10	.00		0	.13^•		2	.00		2	.13		—			—			—		—			—			—		12	.13		21	.30		0	.86		0	.86		0	.86		1	.29		465,657		116

ING Emerging Countries Fund
Class A
04-30-09		16	.04		(0	.00)^*		1	.86		1	.86		0	.50		—			—		0	.50		0	.08		—		17	.48		12	.41^(h)		2	.40		2	.09		2	.09		(0	.00)^*		57,898		82
10-31-08		41	.48		0	.71		(24	.59)		(23	.88)		0	.45		1	.11		—		1	.56		—			—		16	.04		(59	.64)		2	.10		1	.96		1	.94		1	.86		60,207		177
10-31-07		29	.62		0	.47		11	.82		12	.29		0	.43		—			—		0	.43		—			—		41	.48		41	.93		1	.99		1	.89		1	.86		1	.42		197,307		51
10-31-06		23	.60		0	.48		5	.68		6	.16		—			0	.14		—		0	.14		—			—		29	.62		26	.19		2	.02		1	.92		1	.91		1	.80		123,219		35
10-31-05		19	.40		0	.19		3	.98		4	.17		0	.02		—			—		0	.02		0	.05		—		23	.60		21	.76^(d)		2	.09		2	.00		2	.00		0	.91		87,143		124
10-31-04		17	.32		0	.09		2	.08		2	.17		0	.09		—			—		0	.09		0	.00^*		—		19	.40		12	.58^(c)		2	.10		2	.20		2	.20		0	.41		67,282		88
Class B
04-30-09		15	.73		(0	.05)^•		1	.81		1	.76		0	.17		—			—		0	.17		0	.08		—		17	.40		11	.81^(h)		3	.05		2	.84		2	.84		(0	.70)		3,770		82
10-31-08		40	.67		0	.36^•		(24	.05)		(23	.69)		0	.14		1	.11		—		1	.25		—			—		15	.73		(59	.94)		2	.75		2	.71		2	.69		1	.10		4,312		177
10-31-07		29	.04		0	.24^•		11	.57		11	.81		0	.18		—			—		0	.18		—			—		40	.67		40	.85		2	.64		2	.64		2	.61		0	.67		16,648		51
10-31-06		23	.17		0	.28^•		5	.59		5	.87		—			—			—		—			—			—		29	.04		25	.33		2	.67		2	.67		2	.66		1	.06		13,575		35
10-31-05		19	.17		0	.04		3	.91		3	.95		—			—			—		—			0	.05		—		23	.17		20	.87^(d)		2	.74		2	.74		2	.74		0	.14		12,562		124
10-31-04		17	.15		(0	.04)		2	.06		2	.02		—			—			—		—			0	.00^*		—		19	.17		11	.78^(c)		2	.75		2	.85		2	.85		(0	.30)		12,581		88
Class C
04-30-09		14	.82		(0	.05)^•		1	.72		1	.67		0	.22		—			—		0	.22		0	.07		—		16	.34		11	.87^(h)		3	.05		2	.84		2	.84		(0	.74)		13,739		82
10-31-08		38	.45		0	.34^•		(22	.65)		(22	.31)		0	.21		1	.11		—		1	.32		—			—		14	.82		(59	.92)		2	.75		2	.71		2	.69		1	.11		14,586		177
10-31-07		27	.53		0	.20		10	.97		11	.17		0	.25		—			—		0	.25		—			—		38	.45		40	.82		2	.64		2	.64		2	.61		0	.65		53,885		51
10-31-06		22	.04		0	.25		5	.31		5	.56		0	.07		—			—		0	.07		—			—		27	.53		25	.29		2	.67		2	.67		2	.66		1	.12		35,847		35
10-31-05		18	.24		0	.03		3	.72		3	.75		—			—			—		—			0	.05		—		22	.04		20	.83^(d)		2	.74		2	.74		2	.74		0	.25		20,985		124
10-31-04		16	.32		(0	.03)		1	.95		1	.92		—			—			—		—			0	.00^*		—		18	.24		11	.76^(c)		2	.75		2	.85		2	.85		(0	.20)		9,680		88
Class I
04-30-09		16	.11		0	.03		1	.86		1	.89		0	.63		—			—		0	.63		0	.08		—		17	.45		12	.65^(h)		1	.94		1	.73		1	.73		0	.33		20,980		82
10-31-08		41	.63		0	.56^•		(24	.40)		(23	.84)		0	.57		1	.11		—		1	.68		—			—		16	.11		(59	.48)		1	.67		1	.63		1	.61		1	.79		18,429		177
10-31-07		29	.72		0	.55		11	.90		12	.45		0	.54		—			—		0	.54		—			—		41	.63		42	.41		1	.56		1	.56		1	.53		1	.71		41,551		51
12-21-05⁽⁴⁾–10-31-06		25	.52		0	.65^•		3	.55		4	.20		—			—			—		—			—			—		29	.72		16	.46		1	.55		1	.55		1	.54		2	.73		23,456		35
Class Q
04-30-09		16	.65		0	.01^•		1	.92		1	.93		0	.50		—			—		0	.50		0	.08		—		18	.16		12	.43^(h)		2	.19		1	.98		1	.98		0	.12		5,076		82
10-31-08		42	.92		0	.91		(25	.58)		(24	.67)		0	.49		1	.11		—		1	.60		—			—		16	.65		(59	.53)		1	.92		1	.88		1	.86		1	.98		5,120		177
10-31-07		30	.62		0	.44		12	.31		12	.75		—			0	.45		—		0	.45		—			—		42	.92		42	.05		1	.81		1	.81		1	.78		1	.49		21,253		51
10-31-06		24	.38		0	.59^•		5	.81		6	.40		—			0	.16		—		0	.16		—			—		30	.62		26	.37		1	.80		1	.80		1	.79		2	.09		10,700		35
10-31-05		20	.03		0	.26		4	.07		4	.33		0	.03		—			—		0	.03		0	.05		—		24	.38		21	.89^(d)		1	.85		1	.85		1	.85		1	.12		10,776		124
10-31-04		17	.89		0	.09		2	.17		2	.26		0	.12		—			—		0	.12		0	.00^*		—		20	.03		12	.70^(c)		2	.00		2	.10		2	.10		0	.36		8,929		88

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

Selected data for a share of beneficial interest outstanding throughout each year or period.


				Income
				(loss)
				from
				investment																																												Supplemental
				operations									Less distributions																							Ratios to average net assets												Data
	Net
	asset						Net																							Net									Expenses net of
	value,						realized			Total																				asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net															Redemption		value,						before			and/or			all			Net investment			end			Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of			Total			Payment			fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or			turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital			distributions			by affiliate			to capital		year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period			rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)			($)			($)			($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)			(%)
ING Emerging Countries Fund (continued)
Class W
04-30-09		16	.85		0	.02^•		1	.97		1	.99		0	.64		—			—			0	.64		0	.08		—		18	.28		12	.69^(h)		1	.94		1	.73		1	.73		0	.28		25			82
02-12-08⁽⁴⁾–10-31-08		36	.18		0	.54^•		(19	.86)		(19	.32)		—			0	.01		—			0	.01		—			—		16	.85		(53	.42)		1	.67		1	.63		1	.61		2	.48		36			177

ING European Real Estate Fund
Class A
04-30-09		5	.33		0	.12		(0	.61)		(0	.49)		0	.21		—			—			0	.21		—			—		4	.63		(9	.23)		5	.20		1	.75†		1	.75†		5	.45†		2,693			56
11-01-07⁽⁴⁾–10-31-08		10	.00		0	.13^•		(4	.68)		(4	.55)		0	.12		—			—			0	.12		—			—		5	.33		(45	.92)		4	.45		1	.75†		1	.75†		1	.52†		3,157			162
Class B
04-30-09		5	.32		0	.13^•		(0	.65)		(0	.52)		0	.19		—			—			0	.19		—			—		4	.61		(9	.74)		5	.95		2	.50†		2	.50†		6	.13†		14			56
11-01-07⁽⁴⁾–10-31-08		10	.00		0	.07^•		(4	.68)		(4	.61)		0	.07		—			—			0	.07		—			—		5	.32		(46	.34)		5	.20		2	.50†		2	.50†		0	.85†		10			162
Class C
04-30-09		5	.30		0	.11		(0	.61)		(0	.50)		0	.19		—			—			0	.19		—			—		4	.61		(9	.50)		5	.95		2	.50†		2	.50†		4	.77†		42			56
11-01-07⁽⁴⁾–10-31-08		10	.00		0	.09		(4	.72)		(4	.63)		0	.07		—			—			0	.07		—			—		5	.30		(46	.57)		5	.20		2	.50†		2	.50†		1	.13†		48			162
Class I
04-30-09		5	.33		0	.13		(0	.61)		(0	.48)		0	.22		—			—			0	.22		—			—		4	.63		(9	.05)		4	.85		1	.40†		1	.40†		5	.82†		0	^**		56
11-01-07⁽⁴⁾–10-31-08		10	.00		0	.15^•		(4	.68)		(4	.53)		0	.14		—			—			0	.14		—			—		5	.33		(45	.77)		4	.20		1	.40†		1	.40†		1	.75†		1			162

ING Foreign Fund
Class A
04-30-09		11	.68		0	.05^•		(0	.99)		(0	.94)		0	.42		—			—			0	.42		—			—		10	.32		(8	.38)		1	.80		1	.70†		1	.70†		1	.00†		91,649			99
10-31-08		23	.54		0	.18^•		(10	.65)		(10	.47)		—			1	.39		—			1	.39		—			—		11	.68		(47	.01)		1	.61		1	.60†		1	.60†		0	.93†		151,246			116
10-31-07		18	.56		0	.10		5	.56		5	.66		—			0	.68		—			0	.68		—			—		23	.54		31	.32		1	.54		1	.54		1	.54		0	.59		349,917			69
10-31-06		14	.79		0	.08^•		4	.05		4	.13		—			0	.36		—			0	.36		—			—		18	.56		28	.39		1	.58		1	.65		1	.65		0	.49		219,819			65
10-31-05		12	.38		0	.06		2	.35		2	.41		—			—			—			—			—			—		14	.79		19	.47		1	.66		1	.68		1	.68		0	.53		122,883			81
10-31-04		11	.01		0	.11		1	.44		1	.55		0	.04		0	.04		0	.10		0	.18		—			—		12	.38		14	.25		1	.95		1	.70		1	.70		0	.37		62,949			141
Class B
04-30-09		11	.19		0	.01^•		(0	.97)		(0	.96)		0	.27		—			—			0	.27		—			—		9	.96		(8	.82)		2	.55		2	.45†		2	.45†		0	.25†		13,350			99
10-31-08		22	.78		0	.02^•		(10	.22)		(10	.20)		—			1	.39		—			1	.39		—			—		11	.19		(47	.42)		2	.36		2	.35†		2	.35†		0	.11†		18,831			116
10-31-07		18	.11		(0	.03)		5	.38		5	.35		—			0	.68		—			0	.68		—			—		22	.78		30	.35		2	.29		2	.29		2	.29		(0	.16)		50,276			69
10-31-06		14	.55		(0	.04)^•		3	.96		3	.92		—			0	.36		—			0	.36		—			—		18	.11		27	.40		2	.33		2	.40		2	.40		(0	.24)		38,136			65
10-31-05		12	.26		(0	.03)		2	.32		2	.29		—			—			—			—			—			—		14	.55		18	.68		2	.41		2	.43		2	.43		(0	.23)		22,944			81
10-31-04		10	.99		(0	.05)^•		1	.49		1	.44		0	.03		0	.04		0	.10		0	.17		—			—		12	.26		13	.32		2	.70		2	.45		2	.45		(0	.46)		11,263			141
Class C
04-30-09		11	.21		0	.01^•		(0	.96)		(0	.95)		0	.29		—			—			0	.29		—			—		9	.97		(8	.72)		2	.55		2	.45†		2	.45†		0	.25†		74,530			99
10-31-08		22	.81		0	.03^•		(10	.24)		(10	.21)		—			1	.39		—			1	.39		—			—		11	.21		(47	.40)		2	.36		2	.35†		2	.35†		0	.14†		102,274			116
10-31-07		18	.14		(0	.03)		5	.38		5	.35		—			0	.68		—			0	.68		—			—		22	.81		30	.30		2	.29		2	.29		2	.29		(0	.14)		232,439			69
10-31-06		14	.57		(0	.04)^•		3	.97		3	.93		—			0	.36		—			0	.36		—			—		18	.14		27	.43		2	.33		2	.40		2	.40		(0	.26)		154,101			65
10-31-05		12	.28		(0	.03)		2	.32		2	.29		—			—			—			—			—			—		14	.57		18	.65		2	.41		2	.43		2	.43		(0	.27)		87,877			81
10-31-04		11	.01		(0	.04)^•		1	.48		1	.44		0	.03		0	.04		0	.10		0	.17		—			—		12	.28		13	.28		2	.70		2	.45		2	.45		(0	.41)		41,424			141
Class I
04-30-09		11	.92		0	.07^•		(0	.99)		(0	.92)		0	.51		—			—			0	.51		—			—		10	.49		(8	.17)		1	.42		1	.32†		1	.32†		1	.32†		53,241			99
10-31-08		23	.91		0	.24^•		(10	.84)		(10	.60)		—			1	.39		—			1	.39		—			—		11	.92		(46	.82)		1	.28		1	.27†		1	.27†		1	.26†		68,020			116
10-31-07		18	.78		0	.16		5	.65		5	.81		—			0	.68		—			0	.68		—			—		23	.91		31	.76		1	.21		1	.21		1	.21		0	.94		108,732			69
10-31-06		14	.93		0	.13^•		4	.08		4	.21		—			0	.36		—			0	.36		—			—		18	.78		28	.67		1	.28		1	.35		1	.34		0	.78		61,248			65
10-31-05		12	.45		0	.34		2	.14		2	.48		—			—			—			—			—			—		14	.93		19	.92		1	.34		1	.35		1	.35		0	.97		1,049			81
10-31-04		11	.05		0	.19		1	.39		1	.58		0	.04		0	.04		0	.10		0	.18		—			—		12	.45		14	.53		1	.50		1	.25		1	.25		1	.58		2,547			141

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

Selected data for a share of beneficial interest outstanding throughout each year or period.


				Income
				(loss)
				from
				investment																																											Supplemental
				operations									Less distributions																						Ratios to average net assets												Data
	Net
	asset						Net																						Net									Expenses net of
	value,						realized			Total																			asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net														Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of			Total			Payment		fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital			distributions			by affiliate		to capital		year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)			($)			($)		($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING Foreign Fund (continued)
Class Q
04-30-09		11	.73		0	.06^•		(1	.03)		(0	.97)		0	.15		—			—			0	.15		—		—		10	.61		(8	.37)		1	.67		1	.57†		1	.57†		1	.09†		28		99
10-31-08		23	.63		0	.18^•		(10	.69)		(10	.51)		—			1	.39		—			1	.39		—		—		11	.73		(47	.00)		1	.53		1	.52†		1	.52†		0	.94†		66		116
10-31-07		18	.61		0	.17^•		5	.53		5	.70		—			0	.68		—			0	.68		—		—		23	.63		31	.45		1	.45		1	.45		1	.45		0	.82		856		69
10-31-06		14	.82		0	.07^•		4	.08		4	.15		—			0	.36		—			0	.36		—		—		18	.61		28	.47		1	.53		1	.60		1	.60		0	.43		1,196		65
10-31-05		12	.40		0	.08		2	.34		2	.42		—			—			—			—			—		—		14	.82		19	.52		1	.59		1	.60		1	.60		0	.53		1,079		81
10-31-04		11	.02		0	.09		1	.46		1	.55		0	.03		0	.04		0	.10		0	.17		—		—		12	.40		14	.28		1	.85		1	.60		1	.60		0	.34		1,054		141
Class W
04-30-09		12	.71		0	.08^•		(1	.07)		(0	.99)		0	.51		—			—			0	.51		—		—		11	.21		(8	.19)		1	.42		1	.32†		1	.32†		1	.55†		375		99
02-12-08⁽⁴⁾–10-31-08		20	.48		0	.27^•		(8	.04)		(7	.77)		—			—			—			—			—		—		12	.71		(37	.94)		1	.28		1	.27†		1	.27†		2	.03†		296		116

ING Greater China Fund
Class A
04-30-09		9	.24		(0	.05)^•		2	.70		2	.65		0	.71		0	.10		—			0	.81		—		—		11	.08		29	.65		2	.64		2	.12		2	.12		(0	.97)		23,482		75
10-31-08		24	.43		0	.05^•		(13	.12)		(13	.07)		0	.06		2	.06		—			2	.12		—		—		9	.24		(57	.63)		1	.96		1	.96		1	.96		0	.32		20,481		159
10-31-07		12	.49		0	.07		11	.93		12	.00		0	.06		0	.00^*		—			0	.06		—		—		24	.43		96	.41		1	.91		1	.91		1	.91		0	.54		73,804		109
12-21-05⁽⁴⁾ – 10-31-06		10	.00		0	.06		2	.43		2	.49		—			—			—			—			—		—		12	.49		24	.90		2	.64		2	.64		2	.64		0	.75		23,709		108
Class B
04-30-09		9	.08		(0	.08)^•		2	.65		2	.57		0	.56		0	.10		—			0	.66		—		—		10	.99		29	.08		3	.39		2	.87		2	.87		(1	.81)		2,384		75
10-31-08		24	.14		(0	.05)		(12	.95)		(13	.00)		—			2	.06		—			2	.06		—		—		9	.08		(57	.95)		2	.71		2	.71		2	.71		(0	.33)		1,901		159
10-31-07		12	.42		(0	.03)^•		11	.79		11	.76		0	.04		0	.00^*		—			0	.04		—		—		24	.14		94	.92		2	.66		2	.66		2	.66		(0	.19)		7,414		109
01-06-06⁽⁴⁾ – 10-31-06		10	.60		0	.05^•		1	.77		1	.82		—			—			—			—			—		—		12	.42		17	.17		3	.39		3	.39		3	.39		0	.47		1,957		108
Class C
04-30-09		9	.09		(0	.08)^•		2	.66		2	.58		0	.55		0	.10		—			0	.65		—		—		11	.02		29	.10		3	.39		2	.87		2	.87		(1	.76)		3,472		75
10-31-08		24	.16		(0	.09)^•		(12	.92)		(13	.01)		—			2	.06		—			2	.06		—		—		9	.09		(57	.94)		2	.71		2	.71		2	.71		(0	.52)		2,694		159
10-31-07		12	.43		(0	.03)^•		11	.79		11	.76		0	.03		0	.00^*		—			0	.03		—		—		24	.16		94	.75		2	.66		2	.66		2	.66		(0	.20)		12,386		109
01-11-06⁽⁴⁾ – 10-31-06		10	.67		0	.05^•		1	.71		1	.76		—			—			—			—			—		—		12	.43		16	.49		3	.39		3	.39		3	.39		0	.53		2,124		108
Class I
04-30-09		9	.28		(0	.01)		2	.68		2	.67		0	.78		0	.10		—			0	.88		—		—		11	.07		29	.80		2	.20		1	.68		1	.68		(0	.48)		129		75
10-31-08		24	.46		0	.16^•		(13	.18)		(13	.02)		0	.10		2	.06		—			2	.16		—		—		9	.28		(57	.42)		1	.70		1	.70		1	.70		1	.02		39		159
10-31-07		12	.50		0	.11		11	.93		12	.04		0	.08		0	.00^*		—			0	.08		—		—		24	.46		96	.81		1	.66		1	.66		1	.66		0	.73		52		109
05-08-06⁽⁴⁾–10-31-06		12	.84		0	.08		(0	.42)		(0	.34)		—			—			—			—			—		—		12	.50		(2	.65)		2	.39		2	.39		2	.39		1	.47		22		108
Class O
04-30-09		9	.26		(0	.04)^•		2	.67		2	.63		0	.78		0	.10		—			0	.88		—		—		11	.01		29	.42		2	.64		2	.12		2	.12		(0	.80)		989		75
06-04-08⁽⁴⁾–10-31-08		16	.83		0	.11^•		(7	.68)		(7	.57)		—			—			—			—			—		—		9	.26		(44	.98)		1	.96		1	.96		1	.96		2	.23		206		159

ING Index Plus International Equity Fund
Class A
04-30-09		6	.35		0	.10		(0	.31)		(0	.21)		0	.23		—			—			0	.23		—		—		5	.91		(3	.47)		1	.78		1	.16		1	.16		3	.20		7,870		90
10-31-08		13	.95		0	.19^•		(6	.24)		(6	.05)		0	.18		1	.37		—			1	.55		—		—		6	.35		(48	.51)		1	.73		1	.30		1	.30		1	.93		9,446		215
10-31-07		11	.68		0	.14^•		2	.48		2	.62		0	.08		0	.27		—			0	.35		—		—		13	.95		22	.98		1	.13		1	.16		1	.16		1	.17		2,233		213
12-21-05⁽⁴⁾–10-31-06		10	.00		0	.14^•		1	.54		1	.68		—			—			—			—			—		—		11	.68		16	.80		1	.30		1	.15		1	.15		1	.50		12,513		188
Class B
04-30-09		6	.29		0	.07^•		(0	.31)		(0	.24)		0	.12		—			—			0	.12		—		—		5	.93		(3	.90)		2	.53		1	.91		1	.91		2	.31		1,082		90
10-31-08		13	.90		0	.12^•		(6	.20)		(6	.08)		0	.16		1	.37		—			1	.53		—		—		6	.29		(48	.88)		2	.48		2	.05		2	.05		1	.22		1,571		215
10-31-07		11	.63		0	.09^•		2	.51		2	.60		0	.06		0	.27		—			0	.33		—		—		13	.90		22	.85		1	.89		1	.92		1	.92		0	.67		734		213
01-12-06⁽⁴⁾–10-31-06		10	.43		0	.06^•		1	.14		1	.20		—			—			—			—			—		—		11	.63		11	.51		2	.05		1	.90		1	.90		0	.64		264		188

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

Selected data for a share of beneficial interest outstanding throughout each year or period.


				Income
				(loss)
				from
				investment																																											Supplemental
				operations									Less distributions																						Ratios to average net assets												Data
	Net
	asset						Net																						Net									Expenses net of
	value,						realized			Total																			asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net														Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of			Total			Payment		fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital			distributions			by affiliate		to capital		year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)			($)			($)		($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)

ING Index Plus International Equity Fund (continued)
Class C
04-30-09		6	.28		0	.08		(0	.32)		(0	.24)		0	.15		—			—			0	.15		—		—		5	.89		(3	.90)		2	.53		1	.91		1	.91		2	.49		1,145		90
10-31-08		13	.89		0	.12^•		(6	.20)		(6	.08)		0	.16		1	.37		—			1	.53		—		—		6	.28		(48	.91)		2	.48		2	.05		2	.05		1	.16		1,311		215
10-31-07		11	.61		0	.09^•		2	.50		2	.59		0	.04		0	.27		—			0	.31		—		—		13	.89		22	.81		1	.89		1	.92		1	.92		0	.69		1,126		213
01-12-06⁽⁴⁾–10-31-06		10	.43		0	.08^•		1	.10		1	.18		—			—			—			—			—		—		11	.61		11	.31		2	.05		1	.90		1	.90		0	.87		534		188
Class I
04-30-09		6	.42		0	.10		(0	.29)		(0	.19)		0	.32		—			—			0	.32		—		—		5	.91		(3	.28)		1	.03		0	.91		0	.91		3	.46		46,986		90
10-31-08		14	.06		0	.29^•		(6	.32)		(6	.03)		0	.24		1	.37		—			1	.61		—		—		6	.42		(48	.12)		1	.05		0	.62		0	.62		2	.80		54,838		215
10-31-07		11	.70		0	.20		2	.55		2	.75		0	.12		0	.27		—			0	.39		—		—		14	.06		24	.14		0	.84		0	.87		0	.87		1	.78		118,924		213
12-21-05⁽⁴⁾–10-31-06		10	.00		0	.16^•		1	.54		1	.70		—			—			—			—			—		—		11	.70		17	.00		1	.05		0	.90		0	.90		1	.69		78,581		188
Class O
04-30-09		6	.31		0	.10		(0	.30)		(0	.20)		0	.24		—			—			0	.24		—		—		5	.87		(3	.35)		1	.78		1	.16		1	.16		3	.26		37,543		90
11-12-07⁽⁴⁾–10-31-08		13	.09		0	.19^•		(5	.36)		(5	.17)		0	.24		1	.37		—			1	.61		—		—		6	.31		(45	.16)		1	.73		1	.30		1	.30		2	.03		41,539		215

ING International Capital Appreciation Fund
Class A
04-30-09		6	.70		0	.03^•		0	.35		0	.38		0	.11		—			—			0	.11		—		—		6	.97		5	.75		1	.76		1	.52		1	.50		0	.88		647		49
10-31-08		14	.86		0	.12		(7	.64)		(7	.52)		0	.14		0	.50		—			0	.64		—		—		6	.70		(52	.69)		1	.41		1	.46		1	.46		0	.73		1,612		83
10-31-07		11	.39		0	.01^•		3	.76		3	.77		0	.05		0	.25		—			0	.30		—		—		14	.86		33	.89		1	.48		1	.50		1	.50		0	.08		4,592		71
12-21-05⁽⁴⁾–10-31-06		10	.00		0	.04		1	.35		1	.39		—			—			—			—			—		—		11	.39		13	.90		1	.84		1	.50		1	.50		0	.32		3,677		91
Class B
04-30-09		6	.58		0	.01^•		0	.33		0	.34		—			—			—			—			—		—		6	.92		5	.17		2	.51		2	.27		2	.25		0	.19		112		49
10-31-08		14	.67		(0	.01)^•		(7	.47)		(7	.48)		0	.11		0	.50		—			0	.61		—		—		6	.58		(53	.01)		2	.16		2	.21		2	.21		(0	.11)		278		83
10-31-07		11	.33		(0	.09)		3	.71		3	.62		0	.03		0	.25		—			0	.28		—		—		14	.67		32	.67		2	.23		2	.25		2	.25		(0	.88)		943		71
01-09-06⁽⁴⁾–10-31-06		10	.42		(0	.04)^•		0	.95		0	.91		—			—			—			—			—		—		11	.33		8	.73		2	.59		2	.25		2	.25		(0	.43)		66		91
Class C
04-30-09		6	.60		0	.01^•		0	.32		0	.33		—			—			—			—			—		—		6	.93		5	.00		2	.51		2	.27		2	.25		0	.34		316		49
10-31-08		14	.71		0	.00^•,**		(7	.50)		(7	.50)		0	.11		0	.50		—			0	.61		—		—		6	.60		(52	.99)		2	.16		2	.21		2	.21		0	.01		354		83
10-31-07		11	.35		(0	.12)		3	.73		3	.61		0	.00^•		0	.25		—			0	.25		—		—		14	.71		32	.45		2	.23		2	.25		2	.25		(0	.97)		971		71
01-24-06⁽⁴⁾–10-31-06		10	.28		(0	.03)		1	.10		1	.07		—			—			—			—			—		—		11	.35		10	.41		2	.59		2	.25		2	.25		(0	.50)		65		91
Class I
04-30-09		6	.73		0	.06		0	.32		0	.38		0	.17		—			—			0.17			—		—		6	.94		5	.76		1	.34		1	.10		1	.08		1	.61		47,753		49
10-31-08		14	.90		0	.17		(7	.67)		(7	.50)		0	.17		0	.50		—			0	.67		—		—		6	.73		(52	.48)		1	.08		1	.13		1	.13		1	.09		47,918		83
10-31-07		11	.43		0	.06^•		3	.75		3	.81		0	.09		0	.25		—			0	.34		—		—		14	.90		34	.14		1	.13		1	.15		1	.15		0	.47		140,901		71
12-21-05⁽⁴⁾–10-31-06		10	.00		0	.02		1	.41		1	.43		—			—			—			—			—		—		11	.43		14	.30		1	.56		1	.22		1	.22		0	.39		47,200		91

ING International Equity Dividend Fund
Class A
04-30-09		5	.36		0	.07		(0	.42)		(0	.35)		0	.04		—			—			0	.04		—		—		4	.97		(6	.50)		1	.80		1	.40		1	.40		2	.93		948		41
10-31-08		10	.57		0	.38		(5	.18)		(4	.80)		0	.34		0	.04		0	.03		0	.41		—		—		5	.36		(46	.79)		1	.63		1	.40		1	.40		4	.02		1,521		66
06-28-07⁽⁴⁾–10-31-07		10	.00		0	.06^•		0	.51		0	.57		—			—			—			—			—		—		10	.57		5	.70		1	.64		1	.40		1	.40		1	.81		4,122		7
Class B
04-30-09		5	.35		0	.05		(0	.42)		(0	.37)		0	.02		—			—			0	.02		—		—		4	.96		(6	.85)		2	.55		2	.15		2	.15		2	.21		126		41
10-31-08		10	.55		0	.29^•		(5	.15)		(4	.86)		0	.27		0	.04		0	.03		0	.34		—		—		5	.35		(47	.19)		2	.38		2	.15		2	.15		3	.43		165		66
06-28-07⁽⁴⁾–10-31-07		10	.00		0	.03^•		0	.52		0	.55		—			—			—			—			—		—		10	.55		5	.50		2	.39		2	.15		2	.15		1	.09		239		7
Class C
04-30-09		5	.35		0	.05		(0	.42)		(0	.37)		0	.02		—			—			0	.02		—		—		4	.96		(6	.84)		2	.55		2	.15		2	.15		2	.30		687		41
10-31-08		10	.55		0	.28^•		(5	.14)		(4	.86)		0	.27		0	.04		0	.03		0	.34		—		—		5	.35		(47	.20)		2	.38		2	.15		2	.15		3	.25		730		66
06-28-07⁽⁴⁾–10-31-07		10	.00		0	.03^•		0	.52		0	.55		—			—			—			—			—		—		10	.55		5	.50		2	.39		2	.15		2	.15		1	.08		1,334		7

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

Selected data for a share of beneficial interest outstanding throughout each year or period.


				Income
				(loss)
				from
				investment																																													Supplemental
				operations									Less distributions																								Ratios to average net assets												Data
	Net
	asset						Net																								Net									Expenses net of
	value,						realized			Total																					asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net															Redemption			value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of			Total			Payment			fees applied			end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital			distributions			by affiliate			to capital			year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)			($)			($)			($)			($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING International Equity Dividend Fund (continued)
Class I
04-30-09		5	.36		0	.08		(0	.42)		(0	.34)		0	.05		—			—			0	.05		—			—			4	.97		(6	.29)		1	.39		0	.99		0	.99		3	.34		21,063		41
10-31-08		10	.58		0	.36^•		(5	.14)		(4	.78)		0	.37		0	.04		0	.03		0	.44		—			—			5	.36		(46	.64)		1	.29		1	.06		1	.06		4	.22		33,612		66
06-28-07⁽⁴⁾–10-31-07		10	.00		0	.07^•		0	.51		0	.58		—			—			—			—			—			—			10	.58		5	.80		1	.39		1	.15		1	.15		1	.95		55,611		7
Class W
04-30-09		5	.36		0	.09^•		(0	.42)		(0	.33)		0	.03		—			—			0	.03		—			—			5	.00		(6	.14)		1	.55		1	.15		1	.15		3	.63		20		41
02-12-08⁽⁴⁾–10-31-08		8	.86		0	.22^•		(3	.41)		(3	.19)		0	.29		—			0	.02		0	.31		—			—			5	.36		(37	.11)		1	.29		1	.06		1	.06		4	.06		12		66

ING International Growth Opportunities Fund
Class A
04-30-09		5	.89		0	.03		0	.18		0	.21		0	.01		—			—			0	.01		0	.03		—			6	.12		4	.12⁽ⁱ⁾		2	.03		1	.70†		1	.70†		0	.89†		21,663		75
10-31-08		15	.61		0	.07		(7	.47)		(7	.40)		0	.02		2	.30		—			2	.32		—			—			5	.89		(55	.03)		1	.74		1	.74		1	.74		0	.45		25,104		146
10-31-07		13	.20		0	.03		3	.67		3	.70		0	.15		1	.14		—			1	.29		—			—			15	.61		30	.37		1	.65		1	.65†		1	.65†		0	.23†		64,631		130
10-31-06		10	.97		0	.12		2	.28		2	.40		0	.17		—			—			0	.17		—			—			13	.20		22	.12		1	.65		1	.65		1	.65		0	.96		58,697		173
10-31-05		9	.78		0	.10		1	.18		1	.28		0	.10		—			—			0	.10		0	.01		—			10	.97		13	.30^(e)		1	.65		1	.65		1	.65		0	.94		51,193		116
10-31-04		8	.48		0	.09		1	.22		1	.31		0	.01		—			—			0	.01		—			0	.00^*		9	.78		15	.49		1	.64		0	.00^*		1	.68		0	.78		47,551		90
Class B
04-30-09		5	.56		0	.01		0	.18		0	.19		—			—			—			—			0	.02		—			5	.77		3	.78⁽ⁱ⁾		2	.78		2	.45†		2	.45†		0	.13†		3,451		75
10-31-08		14	.96		(0	.04)^•		(7	.06)		(7	.10)		—			2	.30		—			2	.30		—			—			5	.56		(55	.41)		2	.49		2	.49		2	.49		(0	.38)		4,476		146
10-31-07		12	.69		(0	.07)^•		3	.53		3	.46		0	.05		1	.14		—			1	.19		—			—			14	.96		29	.42		2	.40		2	.40†		2	.40†		(0	.51)†		17,311		130
10-31-06		10	.55		0	.03^•		2	.20		2	.23		0	.09		—			—			0	.09		—			—			12	.69		21	.23		2	.40		2	.40		2	.40		0	.22		16,822		173
10-31-05		9	.43		0	.02		1	.14		1	.16		0	.05		—			—			0	.05		0	.01		—			10	.55		12	.41^(e)		2	.40		2	.40		2	.40		0	.19		16,338		116
10-31-04		8	.22		(0	.00)^*		1	.21		1	.21		—			—			—			—			—			—			9	.43		14	.72		2	.39		2	.43		2	.43		(0	.02)		15,069		90
Class C
04-30-09		5	.57		0	.01		0	.18		0	.19		—			—			—			—			0	.02		—			5	.78		3	.77⁽ⁱ⁾		2	.78		2	.45†		2	.45†		0	.15†		5,740		75
10-31-08		14	.97		(0	.04)		(7	.06)		(7	.10)		—			2	.30		—			2	.30		—			—			5	.57		(55	.36)		2	.49		2	.49		2	.49		(0	.30)		6,657		146
10-31-07		12	.70		(0	.07)		3	.54		3	.47		0	.06		1	.14		—			1	.20		—			—			14	.97		29	.46		2	.40		2	.40†		2	.40†		(0	.52)†		19,104		130
10-31-06		10	.55		0	.04		2	.19		2	.23		0	.08		—			—			0	.08		—			—			12	.70		21	.25		2	.40		2	.40		2	.40		0	.21		15,918		173
10-31-05		9	.42		0	.03		1	.13		1	.16		0	.04		—			—			0	.04		0	.01		—			10	.55		12	.46^(e)		2	.40		2	.40		2	.40		0	.18		15,008		116
10-31-04		8	.22		(0	.00)^*		1	.20		1	.20		—			—			—			—			—			—			9	.42		14	.60		2	.39		2	.43		2	.43		(0	.04)		16,230		90
Class I
04-30-09		5	.88		0	.04		0	.20		0	.24		0	.04		—			—			0	.04		0	.03		—			6	.11		4	.57⁽ⁱ⁾		1	.66		1	.33†		1	.33†		1	.12†		5,791		75
10-31-08		15	.57		0	.09^•		(7	.43)		(7	.34)		0	.05		2	.30		—			2	.35		—			—			5	.88		(54	.86)		1	.25		1	.37		1	.37		0	.87		16,964		146
10-31-07		13	.16		0	.06^•		3	.70		3	.76		0	.21		1	.14		—			1	.35		—			—			15	.57		31	.02		1	.37		1	.28†		1	.28†		0	.46†		10,251		130
10-31-06		10	.94		0	.15^•		2	.29		2	.44		0	.22		—			—			0	.22		—			—			13	.16		22	.56		1	.28		1	.25		1	.25		1	.27		13,354		173
10-31-05		9	.76		0	.14		1	.18		1	.32		0	.15		—			—			0	.15		0	.01		—			10	.94		13	.73^(e)		1	.26		1	.26		1	.26		1	.34		23,452		116
10-31-04		8	.45		0	.09		1	.25		1	.34		0	.03		—			—			0	.03		—			—			9	.76		15	.94		1	.22		1	.26		1	.26		1	.13		17,211		90
Class Q
04-30-09		5	.83		0	.03		0	.19		0	.22		0	.02		—			—			0	.02		0	.03		—			6	.06		4	.38⁽ⁱ⁾		1	.87		1	.54†		1	.54†		1	.05†		9,905		75
10-31-08		15	.47		0	.09		(7	.39)		(7	.30)		0	.04		2	.30		—			2	.34		—			—			5	.83		(54	.96)		1	.62		1	.50		1	.50		0	.68		9,986		146
10-31-07		13	.10		0	.05		3	.64		3	.69		0	.18		1	.14		—			1	.32		—			—			15	.47		30	.55		1	.52		1	.52†		1	.52†		0	.40†		32,532		130
10-31-06		10	.89		0	.14		2	.27		2	.41		0	.20		—			—			0	.20		—			—			13	.10		22	.38		1	.50		1	.50		1	.50		1	.19		27,114		173
10-31-05		9	.72		0	.08		1	.20		1	.28		0	.12		—			—			0	.12		0	.01		—			10	.89		13	.41^(e)		1	.51		1	.51		1	.51		1	.00		14,544		116
10-31-04		8	.43		0	.06		1	.25		1	.31		0	.02		—			—			0	.02		—			—			9	.72		15	.61		1	.56		1	.60		1	.60		0	.73		7,274		90

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

Selected data for a share of beneficial interest outstanding throughout each year or period.


				Income
				(loss)
				from
				investment																																												Supplemental
				operations									Less distributions																							Ratios to average net assets												Data
	Net
	asset						Net																							Net									Expenses net of
	value,						realized			Total																				asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net															Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of			Total			Payment			fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital			distributions			by affiliate			to capital		year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)			($)			($)			($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING International Real Estate Fund
Class A
04-30-09		6	.91		0	.10		(0	.83)		(0	.73)		0	.08		—			—			0	.08		—			—		6	.10		(10	.59)		1	.71		1	.50†		1	.50†		3	.42†		65,862		23
10-31-08		14	.56		0	.33		(7	.43)		(7	.10)		0	.36		—			0	.19		0	.55		—			—		6	.91		(50	.31)		1	.48		1	.50†		1	.50†		1	.76†		89,623		46
10-31-07		11	.63		0	.13^•		3	.14		3	.27		0	.34		—			—			0	.34		—			—		14	.56		28	.49		1	.51		1	.50		1	.50		0	.99		271,425		44
02-28-06⁽⁴⁾–10-31-06		10	.00		0	.09^•		1	.60		1	.69		0	.06		—			—			0	.06		—			—		11	.63		16	.94		2	.01		1	.50		1	.50		1	.33		49,798		29
Class B
04-30-09		6	.88		0	.08		(0	.84)		(0	.76)		0	.05		—			—			0	.05		—			—		6	.07		(10	.98)		2	.46		2	.25†		2	.25†		2	.70†		2,965		23
10-31-08		14	.50		0	.25		(7	.41)		(7	.16)		0	.27		—			0	.19		0	.46		—			—		6	.88		(50	.72)		2	.23		2	.25†		2	.25†		1	.00†		4,004		46
10-31-07		11	.59		0	.03^•		3	.14		3	.17		0	.26		—			—			0	.26		—			—		14	.50		27	.69		2	.26		2	.25		2	.25		0	.25		11,819		44
02-28-06⁽⁴⁾–10-31-06		10	.00		0	.04^•		1	.59		1	.63		0	.04		—			—			0	.04		—			—		11	.59		16	.38		2	.76		2	.25		2	.25		0	.51		1,639		29
Class C
04-30-09		6	.88		0	.09		(0	.85)		(0	.76)		0	.05		—			—			0	.05		—			—		6	.07		(11	.02)		2	.46		2	.25†		2	.25†		2	.63†		20,767		23
10-31-08		14	.49		0	.29		(7	.44)		(7	.15)		0	.27		—			0	.19		0	.46		—			—		6	.88		(50	.69)		2	.23		2	.25†		2	.25†		1	.00†		36,661		46
10-31-07		11	.59		0	.03^•		3	.13		3	.16		0	.26		—			—			0	.26		—			—		14	.49		27	.58		2.26			2	.25		2	.25		0	.24		121,529		44
02-28-06⁽⁴⁾–10-31-06		10	.00		0	.04^•		1	.59		1	.63		0	.04		—			—			0	.04		—			—		11	.59		16	.31		2	.76		2	.25		2	.25		0	.54		17,075		29
Class I
04-30-09		6	.92		0	.11		(0	.84)		(0	.73)		0	.09		—			—			0	.09		—			—		6	.10		(10	.54)		1	.24		1	.24†		1	.24†		3	.83†		295,782		23
10-31-08		14	.58		0	.23^•		(7	.31)		(7	.08)		0	.39		—			0	.19		0	.58		—			—		6	.92		(50	.14)		1	.16		1	.18†		1	.18†		2	.22†		290,227		46
10-31-07		11	.64		0	.16^•		3	.15		3	.31		0	.37		—			—			0	.37		—			—		14	.58		28	.80		1	.26		1	.25		1	.25		1	.22		127,029		44
02-28-06⁽⁴⁾–10-31-06		10	.00		0	.08^•		1	.63		1	.71		0	.07		—			—			0	.07		��			—		11	.64		17	.23		1	.76		1	.25		1	.25		1	.09		22,336		29
Class W
04-30-09		6	.91		0	.11		(0	.83)		(0	.72)		0	.09		—			—			0	.09		—			—		6	.10		(10	.41)		1	.24		1	.24†		1	.24†		3	.91†		578		23
02-12-08⁽⁴⁾–10-31-08		11	.48		0	.17^•		(4	.59)		(4	.42)		0	.10		—			0	.05		0	.15		—			—		6	.91		(38	.91)		1	.18		1	.20†		1	.20†		2	.45†		307		46

ING International SmallCap Multi-Manager Fund
Class A
04-30-09		22	.73		0	.13^•		0	.41		0	.54		0	.71		—			—			0	.71		0	.08		—		22	.64		2	.75^(j)		2	.02		1	.89†		1	.89†		1	.23†		138,264		39
10-31-08		66	.43		0	.65		(36	.15)		(35	.50)		0	.32		7	.88		—			8	.20		—			—		22	.73		(59	.84)		1	.70		1	.70		1	.70		1	.27		160,896		84
10-31-07		47	.15		0	.31		19	.25		19	.56		0	.28		—			—			0	.28		—			—		66	.43		41	.67		1	.60		1	.60		1	.60		0	.67		523,535		93
10-31-06		37	.75		0	.29		9	.44		9	.73		0	.33		—			—			0	.33		—			—		47	.15		25	.91		1	.66		1	.66		1	.66		0	.67		243,020		85
10-31-05		29	.27		0	.33^•		8	.05		8	.38		—			—			—			—			0	.10		—		37	.75		28	.97^(g)		1	.74		1	.74		1	.74		0	.98		173,612		124
10-31-04		25	.37		0	.02		3	.86		3	.88		0	.00^*		—			—			0	.00^*		0	.02		—		29	.27		15	.39^(f)		1	.72		1	.75		1	.75		0	.07		154,658		106
Class B
04-30-09		23	.48		0	.06^•		0	.39		0	.45		0	.17		—			—			0	.17		0	.08		—		23	.84		2	.27^(j)		2	.67		2	.54†		2	.54†		0	.53†		7,906		39
10-31-08		68	.31		0	.21^•		(37	.16)		(36	.95)		—			7	.88		—			7	.88		—			—		23	.48		(60	.10)		2	.35		2	.35		2	.35		0	.45		11,892		84
10-31-07		48	.53		0	.00^•,*		19	.78		19	.78		—			—			—			—			—			—		68	.31		40	.76		2	.25		2	.25		2	.25		0	.00^*		65,619		93
10-31-06		38	.83		(0	.01)^•		9	.75		9	.74		0	.04		—			—			0	.04		—			—		48	.53		25	.10		2	.31		2	.31		2	.31		(0	.03)		58,469		85
10-31-05		30	.30		0	.10^•		8	.33		8	.43		—			—			—			—			0	.10		—		38	.83		28	.15^(g)		2	.39		2	.39		2	.39		0	.29		57,131		124
10-31-04		26	.43		(0	.19)		4	.04		3	.85		—			—			—			—			0	.02		—		30	.30		14	.64^(f)		2	.37		2	.40		2	.40		(0	.60)		58,318		106
Class C
04-30-09		21	.15		0	.06^•		0	.38		0	.44		0	.42		—			—			0	.42		0	.07		—		21	.24		2	.41^(j)		2	.67		2	.54†		2	.54†		0	.59†		25,667		39
10-31-08		62	.48		0	.34		(33	.79)		(33	.45)		—			7	.88		—			7	.88		—			—		21	.15		(60	.11)		2	.35		2	.35		2	.35		0	.58		29,760		84
10-31-07		44	.39		0	.00^•,*		18	.09		18	.09		0	.00^*		—			—			0	.00^*		—			—		62	.48		40	.76		2	.25		2	.25		2	.25		0	.01		104,274		93
10-31-06		35	.59		(0	.00)^*		8	.91		8	.91		0	.11		—			—			0	.11		—			—		44	.39		25	.09		2	.31		2	.31		2	.31		(0	.01)		65,534		85
10-31-05		27	.77		0	.10^•		7	.62		7	.72		—			—			—			—			0	.10		—		35	.59		28	.16^(g)		2	.39		2	.39		2	.39		0	.30		52,420		124
10-31-04		24	.23		(0	.17)		3	.70		3	.53		—			—			—			—			0	.01		—		27	.77		14	.61^(f)		2	.37		2	.40		2	.40		(0	.60)		47,793		106

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

Selected data for a share of beneficial interest outstanding throughout each year or period.


				Income
				(loss)
				from
				investment																																												Supplemental
				operations									Less distributions																							Ratios to average net assets												Data
	Net
	asset						Net																							Net									Expenses net of
	value,						realized			Total																				asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net															Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of			Total			Payment			fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital			distributions			by affiliate			to capital		year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)			($)			($)			($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING International SmallCap Multi-Manager Fund (continued)
Class I
04-30-09		22	.85		0	.19^•		0	.42		0	.61		0	.91		—			—			0	.91		0	.08		—		22	.63		3	.04^(j)		1	.54		1	.41†		1	.41†		1	.83†		104,291		39
10-31-08		66	.72		0	.78		(36	.25)		(35	.47)		0	.52		7	.88		—			8	.40		—			—		22	.85		(59	.66)		1	.29		1	.29		1	.29		1	.71		139,213		84
10-31-07		47	.35		0	.60		19	.25		19	.85		0	.48		—			—			0	.48		—			—		66	.72		42	.24		1	.20		1	.20		1	.20		1	.12		376,737		93
12-21-05⁽⁴⁾–10-31-06		40	.64		0	.39^•		6	.32		6	.71		—			—			—			—			—			—		47	.35		16	.51		1	.20		1	.20		1	.20		1	.02		137,184		85
Class O
04-30-09		22	.75		0	.20		0	.36		0	.56		0	.90		—			—			0	.90		0	.08		—		22	.49		2	.87^(j)		1	.92		1	.79†		1	.79†		1	.68†		230		39
06-04-08⁽⁴⁾–10-31-08		47	.28		0	.18^•		(24	.71)		(24	.53)		—			—			—			—			—			—		22	.75		(51	.88)		1	.60		1	.60		1	.60		1	.39		62		84
Class Q
04-30-09		24	.74		0	.17^•		0	.47		0	.64		0	.76		—			—			0	.76		0	.08		—		24	.70		2	.92^(j)		1	.79		1	.66†		1	.66†		1	.47†		22,842		39
10-31-08		71	.41		0	.79		(39	.21)		(38	.42)		0	.37		7	.88		—			8	.25		—			—		24	.74		(59	.78)		1	.54		1	.54		1	.54		1	.47		43,443		84
10-31-07		50	.65		0	.48		20	.62		21	.10		0	.34		—			—			0	.34		—			—		71	.41		41	.87		1	.45		1	.45		1	.45		0	.81		131,142		93
10-31-06		40	.53		0	.37		10	.16		10	.53		0	.41		—			—			0	.41		—			—		50	.65		26	.14		1	.48		1	.48		1	.48		0	.83		82,245		85
10-31-05		31	.34		0	.43^•		8	.66		9	.09		—			—			—			—			0	.10		—		40	.53		29	.32^(g)		1	.49		1	.49		1	.49		1	.18		57,846		124
10-31-04		27	.11		0	.10		4	.13		4	.23		0	.01		—			—			0	.01		0	.01		—		31	.34		15	.66^(f)		1	.47		1	.50		1	.50		0	.28		61,166		106
Class W
04-30-09		26	.83		0	.22^•		0	.49		0	.71		0	.92		—			—			0	.92		0	.09		—		26	.71		3	.04^(j)		1	.54		1	.41†		1	.41†		1	.75†		8,162		39
02-12-08⁽⁴⁾–10-31-08		50	.70		0	.50^•		(24	.37)		(23	.87)		—			—			—			—			—			—		26	.83		(47	.08)		1	.29		1	.29		1	.29		1	.80		10,366		84

ING International Value Fund
Class A
04-30-09		11	.13		0	.08		(0	.19)		(0	.11)		0	.34		1	.52		—			1	.86		0	.00^*		—		9	.16		(1	.31)		1	.74		1	.74†		1	.74†		1	.72†		703,528		43
10-31-08		23	.15		0	.39		(8	.83)		(8	.44)		0	.23		3	.35		—			3	.58		—			—		11	.13		(42	.58)		1	.58		1	.58†		1	.57†		1	.95†		931,162		23
10-31-07		21	.52		0	.24^•		3	.73		3	.97		0	.20		2	.14		—			2	.34		—			—		23	.15		19	.87		1	.59		1	.59		1	.59		1	.08		2,136,218		32
10-31-06		18	.33		0	.18^•		4	.58		4	.76		0	.16		1	.41		—			1	.57		—			—		21	.52		27	.64		1	.60		1	.60		1	.60		0	.90		1,995,027		25
10-31-05		16	.90		0	.17		2	.28		2	.45		0	.22		0	.80		0	.00^*		1	.02		—			—		18	.33		15	.06^(a)		1	.60		1	.60		1	.60		0	.88		1,732,332		21
10-31-04		13	.71		0	.13		3	.15		3	.28		0	.09		—			—			0	.09		—			—		16	.90		24	.03		1	.61		1	.61		1	.61		0	.79		1,869,868		29
Class B
04-30-09		10	.88		0	.10		(0	.25)		(0	.15)		0	.16		1	.52		—			1	.68		0	.00^*		—		9	.05		(1	.78)		2	.44		2	.44†		2	.44†		0	.83†		53,479		43
10-31-08		22	.64		0	.19^•		(8	.58)		(8	.39)		0	.02		3	.35		—			3	.37		—			—		10	.88		(43	.00)		2	.28		2	.28†		2	.27†		1	.12†		85,873		23
10-31-07		21	.07		0	.08^•		3	.66		3	.74		0	.03		2	.14		—			2	.17		—			—		22	.64		19	.03		2	.29		2	.29		2	.29		0	.39		301,705		32
10-31-06		17	.95		0	.04^•		4	.50		4	.54		0	.01		1	.41		—			1	.42		—			—		21	.07		26	.81		2	.30		2	.30		2	.30		0	.20		368,952		25
10-31-05		16	.58		0	.05		2	.23		2	.28		0	.11		0	.80		0	.00^*		0	.91		—			—		17	.95		14	.21^(a)		2	.30		2	.30		2	.30		0	.17		411,071		21
10-31-04		13	.45		0	.02		3	.11		3	.13		—			—			—			—			—			—		16	.58		23	.27		2	.31		2	.31		2	.31		0	.09		454,952		29
Class C
04-30-09		10	.79		0	.05		(0	.19)		(0	.14)		0	.23		1	.52		—			1	.75		0	.00^*		—		8	.90		(1	.72)		2	.44		2	.41†		2	.41†		1	.11†		259,815		43
10-31-08		22	.52		0	.27		(8	.57)		(8	.30)		0	.08		3	.35		—			3	.43		—			—		10	.79		(42	.94)		2	.28		2	.18†		2	.17†		1	.34†		326,812		23
10-31-07		20	.98		0	.08^•		3	.65		3	.73		0	.05		2	.14		—			2	.19		—			—		22	.52		19	.10		2	.29		2	.28		2	.28		0	.38		757,941		32
10-31-06		17	.91		0	.05		4	.46		4	.51		0	.03		1	.41		—			1	.44		—			—		20	.98		26	.71		2	.30		2	.30		2	.30		0	.20		729,067		25
10-31-05		16	.54		0	.04		2	.24		2	.28		0	.11		0	.80		0	.00^*		0	.91		—			—		17	.91		14	.25^(a)		2	.30		2	.30		2	.30		0	.15		663,626		21
10-31-04		13	.42		0	.02		3	.10		3	.12		—			—			—			—			—			—		16	.54		23	.25		2	.31		2	.31		2	.31		0	.09		675,039		29

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

Selected data for a share of beneficial interest outstanding throughout each year or period.


				Income
				(loss)
				from
				investment																																												Supplemental
				operations									Less distributions																							Ratios to average net assets												Data
	Net
	asset						Net																							Net									Expenses net of
	value,						realized			Total																				asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net															Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of			Total			Payment			fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital			distributions			by affiliate			to capital		year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)			($)			($)			($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING International Value Fund (continued)
Class I
04-30-09		11	.16		0	.09		(0	.19)		(0	.10)		0	.41		1	.52		—			1	.93		0	.00^*		—		9	.13		(1	.25)		1	.35		1	.35†		1	.35†		2	.15†		565,008		43
10-31-08		23	.22		0	.47		(8	.87)		(8	.40)		0	.31		3	.35		—			3	.66		—			—		11	.16		(42	.37)		1	.28		1	.28†		1	.27†		2	.23†		735,622		23
10-31-07		21	.58		0	.32^•		3	.74		4	.06		0	.28		2	.14		—			2	.42		—			—		23	.22		20	.31		1	.23		1	.23		1	.23		1	.45		2,176,402		32
10-31-06		18	.38		0	.25		4	.60		4	.85		0	.24		1	.41		—			1	.65		—			—		21	.58		28	.15		1	.22		1	.22		1	.22		1	.26		1,728,560		25
10-31-05		16	.96		0	.20		2	.31		2	.51		0	.29		0	.80		0	.00^*		1	.09		—			—		18	.38		15	.42^(a)		1	.23		1	.23		1	.23		1	.18		1,221,594		21
10-31-04		13	.74		0	.16		3	.20		3	.36		0	.14		—			—			0	.14		—			—		16	.96		24	.67		1	.21		1	.21		1	.21		1	.18		831,142		29
Class Q
04-30-09		11	.18		0	.13		(0	.23)		(0	.10)		0	.41		1	.52		—			1	.93		0	.00^*		—		9	.15		(1	.22)		1	.60		1	.35†		1	.35†		3	.11†		16,362		43
10-31-08		23	.26		0	.43		(8	.85)		(8	.42)		0	.31		3	.35		—			3	.66		—			—		11	.18		(42	.38)		1	.53		1	.28†		1	.27†		2	.30†		12,643		23
10-31-07		21	.57		0	.31^•		3	.74		4	.05		0	.22		2	.14		—			2	.36		—			—		23	.26		20	.25		1	.48		1	.27		1	.27		1	.40		26,512		32
10-31-06		18	.37		0	.21^•		4	.59		4	.80		0	.19		1	.41		—			1	.60		—			—		21	.57		27	.82		1	.47		1	.47		1	.47		1	.06		26,383		25
10-31-05		16	.94		0	.19		2	.29		2	.48		0	.25		0	.80		0	.00^*		1	.05		—			—		18	.37		15	.20^(a)		1	.48		1	.48		1	.48		0	.99		27,993		21
10-31-04		13	.73		0	.14		3	.17		3	.31		0	.10		—			—			0	.10		—			—		16	.94		24	.32		1	.46		1	.46		1	.46		0	.89		28,862		29

ING International Value Choice Fund
Class A
04-30-09		7	.56		0	.07		0	.51		0	.58		0	.08		—			—			0	.08		—			—		8	.06		7	.59		1	.83		1	.70†		1	.70†		1	.67†		9,386		23
10-31-08		14	.89		0	.06		(5	.31)		(5	.25)		0	.10		1	.98		—			2	.08		—			—		7	.56		(40	.21)		1	.62		1	.65†		1	.64†		0	.52†		8,940		73
10-31-07		12	.42		0	.10^•		2	.65		2	.75		0	.07		0	.21		—			0	.28		—			—		14	.89		22	.48		1	.63		1	.70		1	.70		0	.77		16,598		88
10-31-06		10	.70		0	.12^•		1	.86		1	.98		0	.10		0	.16		—			0	.26		—			—		12	.42		18	.82		1	.71		1	.70		1	.69		1	.04		17,962		31
02-01-05⁽⁴⁾–10-31-05		10	.00		0	.11^•		0	.59		0	.70		—			—			—			—			—			—		10	.70		7	.00		3	.44		1	.70		1	.70		1	.08		6,115		24
Class B
04-30-09		7	.44		0	.03^•		0	.50		0	.53		—			—			—			—			—			—		7	.97		7	.15		2	.58		2	.45†		2	.45†		0	.82†		1,546		23
10-31-08		14	.67		(0	.03)^•		(5	.22)		(5	.25)		0	.00^*		1	.98		—			1	.98		—			—		7	.44		(40	.63)		2	.37		2	.40†		2	.39†		(0	.27)†		1,738		73
10-31-07		12	.27		0	.00^•,*		2	.61		2	.61		—			0	.21		—			0	.21		—			—		14	.67		21	.54		2	.38		2	.45		2	.45		0	.01		3,805		88
10-31-06		10	.65		0	.04^•		1	.82		1	.86		0	.08		0	.16		—			0	.24		—			—		12	.27		17	.77		2	.46		2	.45		2	.44		0	.35		3,565		31
02-01-05⁽⁴⁾–10-31-05		10	.00		0	.04^•		0	.61		0	.65		—			—			—			—			—			—		10	.65		6	.50		4	.19		2	.45		2	.45		0	.36		1,427		24
Class C
04-30-09		7	.46		0	.04^•		0	.50		0	.54		—			—			—			—			—			—		8	.00		7	.27		2	.58		2	.45†		2	.45†		0	.99†		2,815		23
10-31-08		14	.70		(0	.03)^•		(5	.23)		(5	.26)		—			1	.98		—			1	.98		—			—		7	.46		(40	.62)		2	.37		2	.40†		2	.39†		(0	.25)†		2,267		73
10-31-07		12	.29		0	.00^*		2	.62		2	.62		—			0	.21		—			0	.21		—			—		14	.70		21	.58		2	.38		2	.45		2	.45		0	.00^*		4,930		88
10-31-06		10	.66		0	.04^•		1	.83		1	.87		0	.08		0	.16		—			0	.24		—			—		12	.29		17	.78		2	.46		2	.45		2	.44		0	.33		4,189		31
02-04-05⁽⁴⁾–10-31-05		10	.01		0	.04^•		0	.61		0	.65		—			—			—			—			—			—		10	.66		6	.49		4	.19		2	.45		2	.45		0	.35		1,796		24
Class I
04-30-09		7	.57		0	.08		0	.52		0	.60		0	.12		—			—			0	.12		—			—		8	.05		7	.87		1	.40		1	.27†		1	.27†		1	.76†		24,419		23
10-31-08		14	.92		0	.09		(5	.30)		(5	.21)		0	.16		1	.98		—			2	.14		—			—		7	.57		(39	.96)		1	.27		1	.30†		1	.29†		0	.80†		36,089		73
10-31-07		12	.42		0	.17^•		2	.64		2	.81		0	.10		0	.21		—			0	.31		—			—		14	.92		23	.04		1	.24		1	.31		1	.31		1	.29		60,413		88
12-21-05⁽⁴⁾–10-31-06		11	.04		0	.16^•		1	.22		1	.38		—			—			—			—			—			—		12	.42		12	.50		1	.36		1	.35		1	.34		1	.56		36,899		31

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

Selected data for a share of beneficial interest outstanding throughout each year or period.


				Income
				(loss)
				from
				investment																																												Supplemental
				operations									Less distributions																							Ratios to average net assets												Data
	Net
	asset						Net																							Net									Expenses net of
	value,						realized			Total																				asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net														Redemption			value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of			Total			Payment		fees applied			end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital			distributions			by affiliate		to capital			year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)			($)			($)		($)			($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING Russia Fund
Class A
04-30-09		25	.60		(0	.16)		1	.00		0	.84		—			8	.08		—			8	.08		—		—			18	.36		2	.93		2	.52		2	.52		2	.52		(2	.10)		230,773		26
10-31-08		78	.13		(0	.48)		(40	.46)		(40	.94)		—			11	.59		—			11	.59		—		0	.00^*		25	.60		(61	.70)		2	.06		2	.06		2	.06		(0	.60)		261,127		43
10-31-07		55	.81		(0	.33)^•		25	.77		25	.44		—			3	.12		—			3	.12		—		0	.00^*		78	.13		47	.16		1	.96		1	.96		1	.96		(0	.52)		922,504		12
10-31-06		33	.49		(0	.27)		22	.37		22	.10		—			—			—			—			—		0	.22		55	.81		66	.65		1	.98		1	.98		1	.98		(0	.64)		751,947		20
10-31-05		25	.01		(0	.00)^*		8	.39		8	.39		0	.01		—			—			0	.01		—		0	.10		33	.49		33	.98		2	.13		2	.13		2	.13		(0	.01)		271,603		26
10-31-04		19	.13		0	.04		5	.69		5	.73		0	.02		—			—			0	.02		—		0	.17		25	.01		30	.88		2	.01		2	.01		2	.01		0	.15		212,180		54

ING Emerging Markets Fixed Income Fund
Class A
04-30-09		6	.71		0	.28^•		0	.87		1	.15		0	.16		—			—			0	.16		—		—			7	.70		17	.45		1	.36		1	.25		1	.25		7	.99		2,554		31
10-31-08		10	.39		0	.72		(3	.77)		(3	.05)		0	.45		—			0	.18		0	.63		—		—			6	.71		(31	.16)		1	.15		1	.15		1	.15		6	.49		2,779		61
10-31-07		10	.33		0	.66^•		0	.06		0	.72		0	.63		0	.03		—			0	.66		—		—			10	.39		7	.18		1	.12		1	.20		1	.20		6	.39		10,539		29
12-21-05⁽⁴⁾–10-31-06		10	.00		0	.64^•		0	.26		0	.90		0	.57		—			—			0	.57		—		—			10	.33		9	.28		2	.41		1	.25		1	.25		7	.36		26,121		56
Class B
04-30-09		6	.69		0	.25^•		0	.88		1	.13		0	.14		—			—			0	.14		—		—			7	.68		17	.12		2	.11		2	.00		2	.00		7	.22		186		31
10-31-08		10	.36		0	.58		(3	.69)		(3	.11)		0	.38		—			0	.18		0	.56		—		—			6	.69		(31	.67)		1	.90		1	.90		1	.90		5	.80		210		61
10-31-07		10	.30		0	.54^•		0	.10		0	.64		0	.55		0	.03		—			0	.58		—		—			10	.36		6	.40		1	.87		1	.95		1	.95		5	.22		404		29
01-04-06⁽⁴⁾–10-31-06		10	.15		0	.59^•		0	.09		0	.68		0	.53		—			—			0	.53		—		—			10	.30		6	.92		3	.16		2	.00		2	.00		6	.91		293		56
Class C
04-30-09		6	.68		0	.25		0	.88		1	.13		0	.14		—			—			0	.14		—		—			7	.67		17	.15		2	.11		2	.00		2	.00		7	.25		1,045		31
10-31-08		10	.35		0	.59		(3	.70)		(3	.11)		0	.38		—			0	.18		0	.56		—		—			6	.68		(31	.69)		1	.90		1	.90		1	.90		5	.81		1,018		61
10-31-07		10	.29		0	.53		0	.11		0	.64		0	.55		0	.03		—			0	.58		—		—			10	.35		6	.41		1	.87		1	.95		1	.95		4	.87		1,564		29
03-01-06⁽⁴⁾–10-31-06		10	.43		0	.61^•		(0	.34)		0	.27		0	.41		—			—			0	.41		—		—			10	.29		2	.75		3	.16		2	.00		2	.00		7	.09		344		56
Class I
04-30-09		6	.69		0	.29		0	.87		1	.16		0	.17		—			—			0	.17		—		—			7	.68		17	.73		0	.89		0	.89		0	.89		8	.35		259,922		31
10-31-08		10	.36		0	.65		(3	.66)		(3	.01)		0	.48		—			0	.18		0	.66		—		—			6	.69		(30	.95)		0	.86		0	.86		0	.86		6	.86		228,274		61
12-20-06⁽⁵⁾–10-31-07		10	.48		0	.54		(0	.11)		0	.43		0	.55		—			—			0	.55		—		—			10	.36		4	.25		0	.84		0	.92		0	.92		5	.36		303,156		29
05-01-06–08-24-06⁽⁵⁾		10	.18		0	.26^•		(0	.28)		(0	.02)		0	.06		—			—			0	.06		—		—			10	.10		(0	.15)		2	.33		1	.06		1	.06		8	.32		13		29
02-07-06⁽⁴⁾–04-30-06		10	.24		0	.28^•		(0	.19)		0	.09		0	.15		—			—			0	.15		—		—			10	.18		0	.91		2	.65		1	.00		1	.00		7	.79		13		26

ING Global Bond Fund
Class A
04-30-09		10	.19		0	.16^•		0	.76		0	.92		—			0	.24		—			0	.24		—		—			10	.87		9	.07		1	.06		0	.90†		0	.90†		2	.93†		67,225		276
10-31-08		10	.59		0	.27^•		0	.07		0	.34		0	.62		0	.12		—			0	.74		—		—			10	.19		3	.04		1	.05		0	.93†		0	.93†		2	.53†		79,451		830
10-31-07		10	.25		0	.31^•		0	.64		0	.95		0	.43		0	.18		—			0	.61		—		—			10	.59		9	.61		1	.46		0	.90†		0	.90†		3	.08		28,887		858
06-30-06⁽⁴⁾–10-31-06		10	.00		0	.08^•		0	.23		0	.31		0	.06		—			—			0	.06		—		—			10	.25		3	.13		1	.38		0	.90		0	.90		2	.41		25,784		451
Class B
04-30-09		10	.16		0	.11		0	.77		0	.88		—			0	.24		—			0	.24		—		—			10	.80		8	.67		1	.81		1	.65†		1	.65†		2	.18†		4,737		276
10-31-08		10	.55		0	.18^•		0	.08		0	.26		0	.53		0	.12		—			0	.65		—		—			10	.16		2	.26		1	.80		1	.68†		1	.68†		1	.71		4,085		830
10-31-07		10	.24		0	.25^•		0	.62		0	.87		0	.38		0	.18		—			0	.56		—		—			10	.55		8	.74		2	.21		1	.65†		1	.65†		2	.44		342		858
06-30-06⁽⁴⁾–10-31-06		10	.00		0	.06^•		0	.22		0	.28		0	.04		—			—			0	.04		—		—			10	.24		2	.84		2	.13		1	.65		1	.65		2	.00		28		451
Class C
04-30-09		10	.20		0	.12		0	.76		0	.88		—			0	.24		—			0	.24		—		—			10	.84		8	.63		1	.81		1	.65†		1	.65†		2	.18†		32,000		276
10-31-08		10	.59		0	.18^•		0	.09		0	.27		0	.54		0	.12		—			0	.66		—		—			10	.20		2	.31		1	.80		1	.68†		1	.68†		1	.71†		29,009		830
10-31-07		10	.24		0	.24^•		0	.64		0	.88		0	.35		0	.18		—			0	.53		—		—			10	.59		8	.90		2	.21		1	.65†		1	.65†		2	.33		1,627		858
06-30-06⁽⁴⁾–10-31-06		10	.00		0	.06^•		0	.22		0	.28		0	.04		—			—			0	.04		—		—			10	.24		2	.82		2	.13		1	.65		1	.65		1	.68		36		451

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

Selected data for a share of beneficial interest outstanding throughout each year or period.


				Income
				(loss)
				from
				investment																																										Supplemental
				operations									Less distributions																					Ratios to average net assets												Data
	Net
	asset						Net																					Net									Expenses net of
	value,						realized			Total																		asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net													Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of		Total			Payment		fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital		distributions			by affiliate		to capital		year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)		($)			($)		($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING Global Bond Fund (continued)
Class I
04-30-09		10	.21		0	.13^•		0	.82		0	.95		0	.06		0	.24		—		0	.30		—		—		10	.86		9	.32		0	.67		0	.51†		0	.51†		2	.47†		77,789		276
10-31-08		10	.58		0	.28^•		0	.14		0	.42		0	.67		0	.12		—		0	.79		—		—		10	.21		3	.78		0	.74		0	.62†		0	.62†		2	.69		503		830
10-31-07		10	.25		0	.35^•		0	.63		0	.98		0	.47		0	.18		—		0	.65		—		—		10	.58		9	.88		1	.00		0	.61†		0	.61†		3	.47		1		858
06-30-06⁽⁴⁾–10-31-06		10	.00		0	.09^•		0	.23		0	.32		0	.07		—			—		0	.07		—		—		10	.25		3	.23		1	.03		0	.55		0	.55		2	.68		1		451
Class O
04-30-09		10	.15		0	.14^•		0	.77		0	.91		0	.07		0	.24		—		0	.31		—		—		10	.75		8	.98		1	.06		0	.90†		0	.90†		2	.61†		1,247		276
06-04-08⁽⁴⁾–10-31-08		10	.65		0	.10^•		(0	.49)		(0	.39)		0	.11		—			—		0	.11		—		—		10	.15		(3	.70)		1	.05		0	.93†		0	.93†		2	.47†		222		830

ING Diversified International Fund
Class A
04-30-09		7	.30		0	.20^•		(0	.25)		(0	.05)		0	.86		—			—		0	.86		—		—		6	.39		(0	.93)		0	.83		0	.27		0	.27		6	.48		114,786		16
10-31-08		14	.98		0	.17		(7	.50)		(7	.33)		0	.26		0	.09		—		0	.35		—		—		7	.30		(50	.04)		0	.57		0	.31		0	.31		1	.41		167,282		55
10-31-07		11	.61		0	.05^•		3	.38		3	.43		0	.06		—			—		0	.06		—		—		14	.98		29	.66		0	.55		0	.21		0	.21		0	.37		383,364		32
12-21-05⁽⁴⁾–10-31-06		10	.00		(0	.03)^•		1	.64		1	.61		—			—			—		—			—		—		11	.61		16	.10		0	.66		0	.35		0	.35		(0	.35)		170,108		30
Class B
04-30-09		7	.22		0	.22		(0	.29)		(0	.07)		0	.77		—			—		0	.77		—		—		6	.38		(1	.19)		1	.58		1	.02		1	.02		5	.53		16,625		16
10-31-08		14	.84		0	.07		(7	.43)		(7	.36)		0	.17		0	.09		—		0	.26		—		—		7	.22		(50	.43)		1	.32		1	.06		1	.06		0	.67		20,167		55
10-31-07		11	.54		(0	.04)		3	.35		3	.31		0	.01		—			—		0	.01		—		—		14	.84		28	.68		1	.30		0	.96		0	.96		(0	.34)		43,667		32
12-21-05⁽⁴⁾–10-31-06		10	.00		(0	.10)^•		1	.64		1	.54		—			—			—		—			—		—		11	.54		15	.40		1	.41		1	.10		1	.10		(1	.10)		23,035		30
Class C
04-30-09		7	.21		0	.21		(0	.28)		(0	.07)		0	.77		—			—		0	.77		—		—		6	.37		(1	.21)		1	.58		1	.02		1	.02		5	.60		63,896		16
10-31-08		14	.83		0	.07		(7	.42)		(7	.35)		0	.18		0	.09		—		0	.27		—		—		7	.21		(50	.43)		1	.32		1	.06		1	.06		0	.67		78,834		55
10-31-07		11	.54		(0	.05)^•		3	.35		3	.30		0	.01		—			—		0	.01		—		—		14	.83		28	.63		1	.30		0	.96		0	.96		(0	.39)		168,661		32
12-21-05⁽⁴⁾–10-31-06		10	.00		(0	.10)^•		1	.64		1	.54		—			—			—		—			—		—		11	.54		15	.40		1	.41		1	.10		1	.10		(1	.10)		69,825		30
Class I
04-30-09		7	.30		0	.25^•		(0	.27)		(0	.02)		0	.90		—			—		0	.90		—		—		6	.38		(0	.53)		0	.58		0	.02		0	.02		8	.40		3,448		16
10-31-08		14	.99		0	.21		(7	.53)		(7	.32)		0	.28		0	.09		—		0	.37		—		—		7	.30		(49	.97)		0	.32		0	.06		0	.06		1	.69		16		55
10-31-07		11	.63		0	.03^•		3	.41		3	.44		0	.08		—			—		0	.08		—		—		14	.99		29	.69		0	.30		0	.09		0	.09		0	.21		32		32
12-21-05⁽⁴⁾–10-31-06		10	.00		(0	.01)^•		1	.64		1	.63		—			—			—		—			—		—		11	.63		16	.30		0	.45		0	.10		0	.10		(0	.13)		4		30
Class O
04-30-09		7	.29		0	.12^•		(0	.16)		(0	.04)		0	.89		—			—		0	.89		—		—		6	.36		(0	.86)		0	.83		0	.27		0	.27		4	.06		714		16
06-04-08⁽⁴⁾–10-31-08		12	.99		0	.02^•		(5	.72)		(5	.70)		—			—			—		—			—		—		7	.29		(43	.88)		0	.57		0	.31		0	.31		0	.48		140		55
Class R
04-30-09		7	.22		0	.19		(0	.24)		(0	.05)		0	.84		—			—		0	.84		—		—		6	.33		(0	.85)		1	.08		0	.52		0	.52		6	.12		155		16
10-31-08		14	.82		0	.15		(7	.44)		(7	.29)		0	.22		0	.09		—		0	.31		—		—		7	.22		(50	.18)		0	.82		0	.56		0	.56		1	.26		183		55
12-12-06⁽⁴⁾–10-31-07		12	.19		(0	.05)^•		2	.76		2	.71		0	.08		—			—		0	.08		—		—		14	.82		22	.33		0	.80		0	.46		0	.46		(0	.46)		432		32
Class W
04-30-09		7	.29		0	.24		(0	.26)		(0	.02)		0	.90		—			—		0	.90		—		—		6	.37		(0	.52)		0	.58		0	.02		0	.02		6	.21		1,578		16
02-12-08⁽⁴⁾–10-31-08		12	.17		0	.06^•		(4	.94)		(4	.88)		—			—			—		—			—		—		7	.29		(40	.10)		0	.32		0	.06		0	.06		0	.80		1,506		55


⁽¹⁾		Total return is calculated assuming reinvestment of all dividends, return of capital (if any) and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year is not annualized.

⁽²⁾		Annualized for periods less than one year.

⁽³⁾		Expense ratios reflect operating expenses of a Fund. Expenses before reductions do not reflect amounts reimbursed by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor but prior to reductions from brokerage commission recapture arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by a Fund.

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (Unaudited) (continued)


		Net investment income (loss) is net of all such additions or reductions.

⁽⁴⁾		Commencement of operations.

⁽⁵⁾		Class I was fully redeemed on August 25, 2006 and recommenced operations on December 20, 2006.

^†		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.

^*		Amount is more than $(0.005) or more than (0.005)% or less than $0.005 or less than 0.005%.

^**		Amount is less than $500.

^•		Calculated using average number of shares outstanding throughout the period.

^(a)		There was no impact on total return by the affiliate payment.

^(b)		Effective November 1, 2004, the Fund adopted a policy to reduce cost of investments for financial statement purposes by the distributions received in excess of income from Real Estate Investment Trusts. The effect of this change for the twelve months ended October 31, 2005 was to decrease the net investment income per share by $0.12 for Class A, $0.10 for Class B, $0.11 for Class C and $0.30 for Class I, increase net realized and unrealized gain on investments per share by $0.12 for Class A, $0.10 for Class B, $0.11 for Class C and $0.30 for Class I and decrease the ratio of net investment income to average net assets from 2.31% to 1.58% for Class A, 1.51% to 0.79% for Class B, 1.51% to 0.78% for Class C and 2.60% to 0.85% for Class I.

^(c)		In 2004, 0.06% for Class A, 0.06% for Class B, 0.06% for Class C and 0.06% for Class Q of the total return consists of a gain on the disposition of an investment not meeting the Fund’s investment restrictions. Excluding this item, total return would have been 12.52% for Class A, 11.72% for Class B, 11.70% for Class C and 12.64% for Class Q.

^(d)		In 2005, 0.26% for Class A, 0.26% for Class B, 0.27% for Class C and 0.25% for Class Q of the total return consists of a payment by affiliate. Excluding this item, total return would have been 21.50% for Class A, 20.61% for Class B, 20.56% for Class C and 21.64% for Class Q.

^(e)		In 2005, 0.10% of the total return on Class A, Class B, Class C, Class I and Class Q consists of a payment by affiliate. Excluding this item, total return would have been 13.20%, 12.31%, 12.36%, 13.63% and 13.31% for Class A, Class B, Class C, Class I and Class Q, respectively.

^(f)		In 2004, the Sub-Adviser fully reimbursed the Fund for a loss incurred from a transaction not meeting the Fund’s investment guidelines, which otherwise would have reduced total return by 0.07%.

^(g)		In 2005, 0.34% for Class A, 0.33% for Class B, 0.36% for Class C and Class Q of the total return consists of payment by affiliate. Excluding this item, total return would have been 28.63%, 27.82%, 27.80% and 28.96% on Class A, Class B, Class C and Class Q, respectively.

^(h)		Excluding a payment by affiliate in 2008, Emerging Countries total return would have been 11.96%, 11.36%, 11.39%, 12.20%, 11.99% and 12.26% on Classes A, B, C, I, Q and W, respectively.

⁽ⁱ⁾		Excluding a payment by affiliate in 2008, International Growth Opportunities total return would have been 3.78%, 3.42%, 3.41%, 4.22% and 4.04% on Classes A, B, C, I and Q, respectively.

^(j)		Excluding a payment by affiliate in 2008, International SmallCap Multi-Manager total return would have been 2.43%, 1.96%, 2.11%, 2.73%, 2.55%, 2.63% and 2.73% for Classes A, B, C, I, O, Q and W, respectively.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited)

NOTE 1 — ORGANIZATION

Organization. The ING Funds included in this report are comprised of ING Mutual Funds (“IMF”) and ING Mayflower Trust (“IMT”) (each a “Registrant” and collectively, the “Registrants”); both are organized as open-end investment management companies registered under the Investment Company Act of 1940, as amended (“1940 Act”).

IMF is a Delaware statutory trust organized December 18, 1992 with twenty-one separate active series, all of which are included in this report, (each, a “Fund” and collectively, the “IMF Funds”): ING Global Equity Dividend Fund (“Global Equity Dividend”), ING Global Natural Resources Fund (“Global Natural Resources”), ING Global Real Estate Fund (“Global Real Estate”), ING Global Value Choice Fund (“Global Value Choice”), ING Asia-Pacific Real Estate Fund (Asia-Pacific Real Estate), ING Disciplined International SmallCap Fund (“Disciplined International SmallCap”), ING Emerging Countries Fund (“Emerging Countries”), ING European Real Estate Fund (“European Real Estate”), ING Foreign Fund (“Foreign”), ING Greater China Fund (“Greater China”), ING Index Plus International Equity Fund (“Index Plus International Equity”), ING International Capital Appreciation Fund (“International Capital Appreciation”), ING International Equity Dividend Fund (“International Equity Dividend”), ING International Growth Opportunities Fund (“International Growth Opportunities”), ING International Real Estate Fund (“International Real Estate”), ING International SmallCap Multi-Manager Fund (“International SmallCap Multi-Manager”), ING International Value Choice Fund (“International Value Choice”), ING Russia Fund (“Russia”), ING Emerging Markets Fixed Income Fund (“Emerging Markets Fixed Income”), ING Global Bond Fund (“Global Bond”) and ING Diversified International Fund (“Diversified International”). IMT is a Massachusetts business trust organized August 18, 1993 with one series, ING International Value Fund (“International Value”) (a “Fund” and together with the IMF Funds, the “Funds”). The investment objective of each Fund is described in the Funds’ prospectuses, each dated February 27, 2009.

Each Fund offers at least one or more of the following classes of shares: Class A, Class B, Class C, Class I, Class O, Class Q, Class R and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees and shareholder servicing fees and transfer agent fees. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund and earn income and realized gains/losses from the portfolio pro rata based on the average daily net assets of each class, without distinction between share classes. Common expenses of the Funds (including custodial asset-based fees, legal and audit fees, printing and mailing expenses, transfer agency out-of-pocket expenses, and fees and expenses of the independent trustees) are allocated to each Fund in proportion to its average net assets. Expenses directly attributable to a particular fund (including advisory, administration, custodial transaction-based, registration, other professional, distribution and/or service fees, certain taxes, and offering costs) are charged directly to that Fund. Differences in per share dividend rates generally result from the differences in separate class expenses, including distribution and shareholder servicing fees. Class B shares, along with their pro rata reinvested dividend shares, automatically convert to Class A shares eight years after purchase.

Emerging Countries does not impose any front-end sales charge (load) on purchases of Class A shares of Emerging Countries by its former Class M shareholders for the life of their account.

Diversified International seeks to achieve its investment objective by investing in other Underlying Funds and uses asset allocation strategies to determine how much to invest in the Underlying Funds.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements, and such policies are in conformity with U.S. generally accepted accounting principles for investment companies.

Security Valuation. For all Funds except Russia and Diversified International, investments in equity securities traded on a national securities exchange are valued at the last reported sale price. Securities reported by National Association of Securities Dealers Automated Quotation System (“NASDAQ”) will be valued at the NASDAQ official closing prices. Securities traded on an exchange or NASDAQ for which there has been no sale, securities traded in the over-the-counter-market, gold and silver bullion, platinum and palladium are valued at the mean between the last reported

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

bid and ask prices. All investments quoted in foreign currencies will be valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at that time. Debt securities are valued at prices obtained from independent services or from one or more dealers making markets in the securities and may be adjusted based on the Funds’ valuation procedures. U.S. government obligations are valued by using market quotations or independent pricing services that use prices provided by market-makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics.

Securities and assets for which market quotations are not readily available (which may include certain restricted securities which are subject to limitations as to their sale) are valued at their fair values, as defined by the 1940 Act, and as determined in good faith by or under the supervision of the Funds’ Board in accordance with methods that are specifically authorized by the Board. Securities traded on exchanges, including foreign exchanges, which close earlier than the time that a Fund calculates its next net asset value (“NAV”) may also be valued at their fair values, as defined by the 1940 Act, and as determined in good faith by or under the supervision of a Fund’s Board, in accordance with methods that are specifically authorized by the Board. The valuation techniques applied in any specific instance are likely to vary from case to case. With respect to a restricted security, for example, consideration is generally given to the cost of the investment, the market value of any unrestricted securities of the same class at the time of valuation, the potential expiration of restrictions on the security, the existence of any registration rights, the costs to a Fund related to registration of the security, as well as factors relevant to the issuer itself. Consideration may also be given to the price and extent of any public trading in similar securities of the issuer or comparable companies’ securities.

For all Funds the value of a foreign security traded on an exchange outside the United States is generally based on its price on the principal foreign exchange where it trades as of the time a Fund determines its NAV or if the foreign exchange closes prior to the time the Fund determines its NAV, the most recent closing price of the foreign security on its principal exchange. Trading in certain non-U.S. securities may not take place on all days on which the New York Stock Exchange (“NYSE”) is open. Further, trading takes place in various foreign markets on days on which the NYSE is not open. Consequently, the calculation of a Fund’s NAV may not take place contemporaneously with the determination of the prices of securities held by a Fund in foreign securities markets. Further, the value of a Fund’s assets may be significantly affected by foreign trading on days when a shareholder cannot purchase or redeem shares of the Fund. In calculating a Fund’s NAV, foreign securities in foreign currency are converted to U.S. dollar equivalents.

If an event occurs after the time at which the market for foreign securities held by a Fund closes but before the time that a Fund’s next NAV is calculated, such event may cause the closing price on the foreign exchange to not represent a readily available reliable market value quotation for such securities at the time a Fund determines its NAV. In such a case, a Fund will use the fair value of such securities as determined under the Funds’ 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

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

close of the 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 market 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. Investments in securities maturing in 60 days or less from the date of acquisition are valued at amortized cost which approximates market value.

For the Russia Fund, the valuation procedures for Russian equity securities are to price local shares according to the most recent available bid prices. If securities are not listed on the Russian Trade System (the “RTS”) or on any other pricing service that lists available bid quotes, then the mean of at least two broker bid quotes is used. For equity securities of an issuer in Russia for which there are no readily available reliable market value quotations, the following benchmark pricing procedure shall apply on any day on which the largest securities exchange in Russia declines by 2.5% or more; the price of the security shall be adjusted by the amount of the downward change in a composite of the other companies that are publicly traded in the same sector as the issuer, if ascertainable, and if not ascertainable, by the amount of downward change in the RTS.

For Diversified International and other Funds with holdings in open end investment companies, the valuations of the Funds’ investments in Underlying Funds are based on the NAVs of the Underlying Funds each business day. In general, assets of the Underlying Funds are valued based on actual or estimated market value, with special provisions for assets not having readily available market quotations and short-term debt securities, and for situations where market quotations are deemed unreliable. Investments in securities maturing in 60 days or less from the date of acquisition are valued at amortized cost which approximates market value. Securities prices may be obtained from automated pricing services. Shares of investment companies held by the Underlying Funds will generally be valued at the latest NAV reported by that investment company.

Effective for fiscal years beginning after November 15, 2007, Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, each investment asset or liability of the Funds is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1”, inputs other than quoted prices for an asset that are observable are classified as “Level 2” and unobservable inputs, including the adviser’s or sub-adviser’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3”. The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Funds’ investments under these levels of classification is included following the Portfolios of Investments.

Effective for fiscal years and interim periods ending after November 15, 2008, the FASB issued FASB Staff Position (“FSP”) No. FAS 133-1 and FASB Interpretation Number (“FIN”) 45-4, “Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161.” The amendments to FAS 133 require enhanced disclosure regarding credit derivatives sold, including (1) the nature and terms of the credit derivative, reasons for entering into the credit derivative, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative, (2) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative, (3) the fair value of the credit derivative, and (4) the nature of any recourse provisions and assets held either as collateral or by third parties. The amendments to FIN 45 require additional

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

disclosures about the current status of the payment/performance risk of a guarantee. All changes to accounting policies have been made in accordance with the FSP and incorporated for the current period as part of the Notes to Financial Statements and Portfolio of Investments.

Security Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded, net of any applicable withholding tax, on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Premium amortization and discount accretion are determined by the effective yield method.

For Diversified International, capital gain dividends from Underlying Funds are recorded as distributions of realized gains from affiliated Underlying Funds.

Global Real Estate and International Real Estate estimate components of distributions from real estate investment trusts (“REITs”). Distributions received in excess of income are recorded as a reduction of cost of the related investments. If the Funds no longer own the applicable securities, any distributions received in excess of income are recorded as realized gains.


C.	Foreign Currency Translation. The books and records of the Funds and Underlying Funds are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:


	(1)	Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at the end of the day.

	(2)	Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at the end of the day, the Funds and Underlying Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities that are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities’ current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s or an Underlying Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

Forward Foreign Currency Transactions and Futures Contracts. Each Fund and Underlying Fund may enter into forward foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar, generally in connection with the planned purchases or sales of securities. The Funds and Underlying Funds either enter into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or may use forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)


	losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

Each Fund and Underlying Fund may enter into futures contracts involving foreign currency, interest rates, securities and securities indices. Each Fund and Underlying Fund intends to limit its use of futures contracts and futures options to “bona fide hedging” transactions, as such term is defined in applicable regulations, interpretations and practice. A futures contract obligates the seller of the contract to deliver and the purchaser of the contract to take delivery of the type of foreign currency, financial instrument or security called for in the contract at a specified future time for a specified price. Upon entering into such a contract, a Fund or an Underlying Fund is required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is traded. Pursuant to the contract, a Fund or an Underlying Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margin and are recorded as unrealized gains or losses by the Fund or an Underlying Fund. When the contract is closed, the Fund or Underlying Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Distributions to Shareholders. The Funds record distributions to their shareholders on ex-dividend date. Each Fund pays dividends and capital gains, if any, annually (except, Global Equity Dividend, Global Real Estate, Asia-Pacific Real Estate, European Real Estate, International Equity Dividend and International Real Estate, which pay dividends, if any, quarterly and Emerging Markets Fixed Income and Global Bond, which pay dividends, if any, monthly). The Funds may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles for investment companies.

Federal Income Taxes. It is the policy of the Funds to comply with subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of their net investment income and any net realized capital gains to their shareholders. Therefore, no federal income tax provision is required. Management has considered the sustainability of the Funds’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized or expire.

The Funds may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.


G.	Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

H.	Organization Expenses and Offering Costs. Costs incurred with the organization of the Funds and Underlying Funds are expensed as incurred. Costs incurred with the offering of shares of the Funds and Underlying Funds are deferred and amortized over a twelve-month period on a straight-line basis.


I.	Repurchase Agreements. Each Fund and Underlying Fund may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Fund and Underlying Fund will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by the Fund or Underlying Fund. The underlying collateral is valued daily on a mark to market basis to assure that the value, including accrued interest is at least equal to the repurchase price. There would be potential loss to the Fund or Underlying Fund in the event the Fund or Underlying Fund is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral.


J.	Securities Lending. Each Fund and Underlying Fund has the option to temporarily loan up to 30% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. The borrower is required to fully collateralize the loans with cash or U.S. government securities. Generally, in the event of counterparty default, each Fund and Underlying Fund has the right to use collateral to offset losses incurred. There would be potential loss to a Fund or Underlying Fund in the event the Fund or Underlying Fund is delayed or prevented from exercising its right to dispose of the collateral. Each Fund and Underlying Fund bears the risk of loss with respect to the investment of collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Fund or Underlying Fund.

K.	Options Contracts. The Funds may purchase put and call options and may write (sell) put options and covered call options. The Funds may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the proceeds of the premium received by the Funds upon the writing of a put or call option is included in the Statements of Assets and Liabilities as an asset and equivalent liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Funds will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that the Funds give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Funds pay a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market of from the inability of counterparties to meet the terms of the contract.

L.	Swap Agreements. Certain Funds may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). The swap agreement will specify the “notional” amount of the asset or non-asset reference to which the contract relates. Subsequent changes in market value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. A Fund may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported following each Fund’s Portfolio of Investments.

Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The value of the swap contract is recorded on each Fund’s Statements of Assets or Liabilities. During the term of the swap, changes in the value of the

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

swap, if any, are recorded as unrealized gains or losses on the Statements of Operations. Upfront payments paid or received by a Fund when entering into the agreements are reported on the Statements of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statements of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on each Fund’s Statement of Operations upon termination or maturity of the swap. A Fund also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statements of Operations.

Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on each Fund’s Statements of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.

Credit Default Swap Contracts. A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Fund will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.

A Fund is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Fund may execute these contracts to manage its exposure to the market or certain sectors of the market. A Fund may also enter into credit default swaps to speculate on changes in an issuer’s credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).

Certain Funds may sell credit default swaps which expose these Funds to the risk of loss from credit risk- related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will generally either (i) 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 (ii) 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. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) 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 (ii) 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. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Implied credit spreads, represented in absolute terms, utilized in determining the market value

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Fund’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 market 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.

The maximum amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of April 30, 2009, for which a Fund is seller of protection, are disclosed in each Fund’s Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.


M.	Illiquid and Restricted Securities. Each Fund and Underlying Fund may not invest more than 15% of its net assets in illiquid securities. Illiquid securities are not readily marketable. Disposing of illiquid investments may involve time-consuming negotiation and legal expenses, and it may be difficult or impossible for the Funds and Underlying Funds to sell them promptly at an acceptable price. Each Fund and Underlying Fund may also invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933 (“1933 Act”) or securities offered pursuant to Section 4(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Certain restricted securities may be considered liquid pursuant to procedures adopted by the Board or may be deemed illiquid because they may not be readily marketable. Illiquid and restricted securities are valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

N.	Delayed-Delivery or When-Issued Transaction. The Funds and Underlying Funds may purchase or sell securities on a when-issued or forward commitment basis. The price of the securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The market value of these securities is identified in each Fund’s Portfolio of Investments. Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Funds and Underlying Funds are required to segregate liquid assets sufficient to cover the purchase price.

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

NOTE 3 — INVESTMENT TRANSACTIONS

For the six months ended April 30, 2009, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities, were as follows:


	Purchases		Sales

Global Equity Dividend	$	58,149,659	$	76,276,141
Global Natural Resources		33,028,006		32,771,488
Global Real Estate		374,428,620		351,112,488
Global Value Choice		70,880,516		38,196,914
Asia-Pacific Real Estate		1,058,674		4,785,733
Disciplined International SmallCap		126,156,935		116,281,619
Emerging Countries		71,347,372		80,123,475

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 3 — INVESTMENT TRANSACTIONS (continued)


	Purchases		Sales

European Real Estate	$	1,428,805	$	1,419,915
Foreign		249,731,483		308,246,792
Greater China		17,501,647		21,165,064
Index Plus International Equity		84,184,863		87,377,026
International Capital Appreciation		20,727,866		23,741,618
International Equity Dividend		11,282,989		21,484,412
International Growth Opportunities		37,593,432		53,160,263
International Real Estate		100,830,033		81,921,497
International SmallCap Multi-Manager		119,593,525		226,026,685
International Value		713,641,314		1,047,930,709
International Value Choice		9,732,455		23,431,197
Russia		51,904,091		46,900,301
Emerging Markets Fixed Income		99,247,359		64,958,766
Global Bond		158,761,419		93,794,680
Diversified International		34,987,144		87,450,701

Purchases and sales of long-term U.S. government securities not included above were as follows:


	Purchases		Sales

Global Bond	$	234,398,454	$	239,942,712

NOTE 4 — REDEMPTION FEES

A 2% redemption fee is charged on shares of Russia that are redeemed (including in connection with an exchange) within 365 days or less from their date of purchase. The redemption fee is recorded as an addition to paid-in capital. Total redemption fee proceeds for the six months ended April 30, 2009 and year ended October 31, 2008 were $230,232 and $1,344,090, respectively, and are set forth in the Statements of Changes in Net Assets.

NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES

Each of the Funds has entered into an investment management agreement (“Management Agreements”) with ING Investments, LLC (“ING Investments” or “Investment Adviser”). The Management Agreements compensate the Investment Adviser with a fee, computed daily and payable monthly, based on the average daily net assets of each Fund, at the following annual rates:


		As a Percentage of Average
		Daily Net Assets

Global Equity Dividend		0.70%
Global Natural Resources		1.00% on first $50 million; and 0.75% thereafter
Global Real Estate		0.80% on the first $250 million; 0.775% on the next $250 million; and 0.70% thereafter
Global Value Choice		0.90% on the first $500 million; 0.80% on the next $500 million; and 0.75% thereafter
Asia-Pacific Real Estate		1.00% on the first $250 million; 0.90% on the next $250 million; 0.80% thereafter
Disciplined International SmallCap		0.60%
Emerging Countries⁽¹⁾		1.25%
European Real Estate		1.00% on the first $250 million; 0.90% on the next $250 million; 0.80% thereafter
Foreign⁽¹⁾		1.00% on the first $500 million; and 0.90% thereafter
Greater China		1.15% on the first $100 million; 1.05% on the next $150 million; and 0.95% thereafter
Index Plus International Equity		0.55%
International Capital Appreciation		0.85% on the first $500 million; 0.80% on the next $500 million; and 0.75% thereafter
International Equity Dividend		0.75%
International Growth Opportunities		1.00%
International Real Estate		1.00% on the first $250 million; 0.90% on the next $250 million; and 0.80% thereafter
International SmallCap Multi-Manager		1.00% on first $500 million; 0.90% on next $500 million; and 0.85% thereafter
International Value		1.00% on the first $5 billion; 0.95% on the next $2.5 billion; 0.90% on the next $2.5 billion; and 0.85% of assets in excess of $10 billion (applied to all assets of the Fund)
International Value Choice		1.00%
Russia		1.25%
Emerging Markets Fixed Income		0.65% on the first $250 million; 0.60% on the next $250 million; and 0.55% thereafter
Global Bond		0.40%
Diversified International		0.00%


⁽¹⁾	ING Investments has contractually agreed to waive a portion of the advisory fee for ING Emerging Countries Fund and ING Foreign Fund. These advisory fee waivers will continue through at least March 1, 2010. There is no guarantee that these waivers will continue after this date. These agreements will only renew if ING Investments elects to renew them.

ING Investments has contractually agreed to waive a portion of the advisory fee for Emerging Countries and Foreign. The waiver is calculated as 50% of the difference between the former sub-advisory fee minus the new sub-advisory fee.

For the six months ended April 30, 2009, ING Investments waived $64,743 and $12,832 in advisory fees for Emerging Countries and Foreign, respectively.

ING Investment Management Advisors B.V. (“IIMA”), a registered investment adviser, serves as the Sub-Adviser to Global Equity Dividend, Emerging Countries, Index Plus International Equity, International Equity

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES (continued)

Dividend, Russia and Emerging Markets Fixed Income pursuant to a sub-advisory agreement between the Investment Adviser and IIMA.

ING Clarion Real Estate Securities L.P. (“ING CRES”) a registered investment adviser, serves as the Sub-Adviser to Asia-Pacific Real Estate, European Real Estate, Global Real Estate and International Real Estate pursuant to a sub-advisory agreement between the Investment Adviser and ING CRES.

Tradewinds Global Investors, LLC (“Tradewinds”), a registered investment adviser, serves as the Sub-Adviser to Global Value Choice and International Value Choice pursuant to a sub-advisory agreement between the Investment Adviser and Tradewinds.

Brandes Investment Partners, L.P. (“Brandes”), a registered investment adviser, serves as one of the Sub-Advisers to International Value pursuant to a sub-advisory agreement between the Investment Adviser and Brandes.

Artio Global Investment Management LLC, a registered investment adviser, serves as the Sub-Adviser to Foreign pursuant to a sub-advisory agreement between the Investment Adviser and the sub-adviser.

ING Investment Management Co. (“ING IM”), a registered investment adviser, serves as sub-adviser to Disciplined International SmallCap, Global Natural Resources, International Growth Opportunities and Global Bond and as one of the Sub-Advisers to International Value, pursuant to a sub-advisory agreement between the Investment Adviser and ING IM.

Acadian Asset Management LLC (“Acadian”), a registered investment adviser, serves as one of the Sub-Advisers to International SmallCap Multi-Manager pursuant to a sub-advisory agreement between the Investment Adviser and Acadian. Batterymarch Financial Management, Inc. (“Batterymarch”) serves as the second Sub-Adviser to International SmallCap Multi-Manager pursuant to a sub-advisory agreement between the Investment Adviser and Batterymarch. Schroder Investment Management North America, Inc. (“Schroders”), serves as the third Sub-Adviser to International SmallCap Multi-Manager pursuant to a sub-advisory agreement between the Investment Adviser and Schroders.

ING Investment Management Asia/Pacific (Hong Kong) Limited (“ING Asia”), a registered investment adviser, serves as the Sub-Adviser to Greater China pursuant to a sub-advisory agreement between the Investment Adviser and ING Asia.

Hansberger Global Investors, Inc. (“HGI”), a registered investment adviser, serves as the Sub-Adviser to International Capital Appreciation pursuant to a sub-advisory agreement between the Investment Adviser and HGI.

For Diversified International, ING Investment Management Co. (the “Consultant” or “ING IM”) is a consultant to the Investment Adviser. The Consultant provides tactical allocation recommendations to the Investment Adviser. The Investment Adviser has set up an Investment Committee made up of a team of professionals to consider, review and implement the recommendations of the Consultant, and retains discretion over implementation of the Consultant’s recommendations. The Consultant provides ongoing recommendations to the Investment Committee of the Investment Adviser quarterly or as warranted by market conditions.

ING Funds are permitted to invest end-of-day cash balances into ING Institutional Prime Money Market Fund. Investment management fees paid by the Funds will be reduced by an amount equal to the management fees paid indirectly to ING Institutional Prime Money Market Fund with respect to assets invested by the Funds. For the six months ended April 30, 2009, the following funds waived such management fees which are not subject to recoupment:


Global Natural Resources	$	324
Global Real Estate		9,282
Global Value Choice		3,329
Asia-Pacific Real Estate		13
European Real Estate		31
Foreign		3,826
International Growth Opportunities		285
International Real Estate		3,035
International SmallCap Multi-Manager		372
International Value		13,354
International Value Choice		464
Global Bond		8,100

ING Funds Services, LLC (the “Administrator”), serves as administrator to each Fund. The Funds pay the Administrator a fee calculated at an annual rate of 0.10% of each Fund’s average daily net assets.

International Value also pays the Administrator an annual shareholder account-servicing fee of $5.00 for each account of beneficial owners of shares.

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES (continued)

The Investment Adviser, ING IM, ING CRES, IIMA, ING Asia and the Administrator are indirect, wholly-owned subsidiaries of ING Groep N.V. (“ING Groep”). ING Groep is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services.

On October 19, 2008, ING Groep announced that it reached an agreement with the Dutch government to strengthen its capital position. ING Groep issued non-voting core Tier-1 securities for a total consideration of EUR 10 billion to the Dutch State. The transaction boosts ING Bank’s core Tier-1 ratio, strengthens the insurance balance sheet and reduces ING Groep’s Debt/Equity ratio.

NOTE 6 — DISTRIBUTION AND SERVICE FEES

Each share class of the Funds, except Class I and Class W, has adopted a Plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plans”), whereby ING Funds Distributor, LLC (“IFD” or the “Distributor”), an indirect, wholly-owned subsidiary of ING Groep, is reimbursed or compensated (depending on the class of shares) by the Funds for expenses incurred in the distribution of each Funds’ shares (“Distribution Fees”). Pursuant to the 12b-1 Plans, the Distributor is entitled to a payment each month for expenses incurred in the distribution and promotion of each Fund’s shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees (“Service Fees”) paid to securities dealers who have executed a distribution agreement with the Distributor. Under the 12b-1 Plans, each class of shares of a Fund pays the Distributor a Distribution and/or Service Fee based on average daily net assets at the following annual rates:


	Class A			Class B			Class C			Class O			Class Q			Class R

Global Equity Dividend		0.25%			1.00	%		1.00	%		0.25	%		N/A			N/A
Global Natural Resources		0.25%			N/A			N/A			N/A			N/A			N/A
Global Real Estate		0.25%			1.00	%		1.00	%		0.25	%		N/A			N/A
Global Value Choice		0.25%			1.00	%		1.00	%		N/A			0.25	%		N/A
Asia-Pacific Real Estate		0.25%			1.00	%		1.00	%		N/A			N/A			N/A
Disciplined International SmallCap		0.25%			1.00	%		1.00	%		N/A			N/A			N/A
Emerging Countries		0.35%	⁽¹⁾		1.00	%		1.00	%		N/A			0.25	%		N/A
European Real Estate		0.25%			1.00	%		1.00	%		N/A			N/A			N/A
Foreign		0.25%			1.00	%		1.00	%		N/A			0.25	%		N/A
Greater China		0.25%			1.00	%		1.00	%		0.25	%		N/A			N/A
Index Plus International Equity		0.25%			1.00	%		1.00	%		0.25	%		N/A			N/A
International Capital Appreciation		0.25%			1.00	%		1.00	%		N/A			N/A			N/A
International Equity Dividend		0.25%			1.00	%		1.00	%		N/A			N/A			N/A
International Growth Opportunities		0.25%			1.00	%		1.00	%		N/A			0.25	%		N/A
International Real Estate		0.25%			1.00	%		1.00	%		N/A			N/A			N/A
International SmallCap Multi-Manager		0.35%			1.00	%		1.00	%		0.25	%		0.25	%		N/A
International Value		0.30%			1.00	%		1.00	%		N/A			0.25	%		N/A
International Value Choice		0.25%			1.00	%		1.00	%		N/A			N/A			N/A
Russia		0.25%			N/A			N/A			N/A			N/A			N/A
Emerging Markets Fixed Income		0.25%			1.00	%		1.00	%		N/A			N/A			N/A
Global Bond		0.25%			1.00	%		1.00	%		0.25	%		N/A			N/A
Diversified International		0.25%			1.00	%		1.00	%		0.25	%		N/A			0.50	%


⁽¹⁾	The Distributor has agreed to waive 0.10% of the Distribution Fee for Class A shares of Emerging Countries for the period from January 1, 2009 through March 1, 2010.

The Distributor also receives the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares, and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the six months ended April 30, 2009, the Distributor retained the following amounts in sales charges for the Funds:


	Class A		Class C
	Shares		Shares

Initial Sales Charges:
Global Equity Dividend	$	3,006		N/A
Global Natural Resources		6,757		N/A
Global Real Estate		19,745		N/A
Global Value Choice		4,374		N/A
Asia-Pacific Real Estate		—		N/A
Disciplined International SmallCap		—		N/A
Emerging Countries		1,984		N/A
European Real Estate		17		N/A
Foreign		2,870		N/A
Greater China		5,605		N/A
Index Plus International Equity		105		N/A
International Capital Appreciation		168		N/A
International Equity Dividend		108		N/A
International Growth Opportunities		901		N/A
International Real Estate		1,856		N/A
International SmallCap Multi-Manager		3,261		N/A
International Value		3,548		N/A
International Value Choice		416		N/A
Russia		52,251		N/A
Emerging Markets Fixed Income		157		N/A
Global Bond		8,060		N/A
Diversified International		6,930		N/A

Contingent Deferred Sales Charges:
Global Equity Dividend		37	$	1,355
Global Natural Resources		287		—
Global Real Estate		9,609		26,780
Global Value Choice		—		2,124
Asia-Pacific Real Estate		—		32
Disciplined International SmallCap		—		—

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 6 — DISTRIBUTION AND SERVICE FEES (continued)


	Class A		Class C
	Shares		Shares

Emerging Countries		—		830
European Real Estate		—		15
Foreign		428		6,120
Greater China		315		1,114
Index Plus International Equity		—		33
International Capital Appreciation		—		—
International Equity Dividend		—		15
International Growth Opportunities		—		342
International Real Estate		4,334		2,565
International SmallCap Multi-Manager		5,746		2,578
International Value		1,465		1,743
International Value Choice		—		976
Russia		110,650		—
Emerging Markets Fixed Income		—		133
Global Bond		8,043		9,368
Diversified International		267		8,179

NOTE 7 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At April 30, 2009, the Funds had the following amounts recorded in payable to affiliates on the accompanying Statements of Assets and Liabilities (See Notes 5 and 6):


					Accrued
	Accrued				Shareholder
	Investment		Accrued		Service and		Accrued
Fund	Management Fees		Administrative Fees		Distribution Fees		Recoupment		Total

Global Equity Dividend	$	61,853	$	8,836	$	50,843	$	—	$	121,532
Global Natural Resources		58,409		6,427		16,001		—		80,837
Global Real Estate		631,415		85,296		213,554		—		930,265
Global Value Choice		94,750		10,606		27,113		1,950		134,419
Asia-Pacific Real Estate		2,323		233		923		—		3,479
Disciplined International SmallCap		110,375		18,396		83		—		128,854
Emerging Countries		101,689		8,135		26,504		—		136,328
European Real Estate		2,214		221		588		—		3,023
Foreign		187,590		18,807		89,333		—		295,730
Greater China		27,055		2,353		9,346		—		38,754
Index Plus International Equity		41,396		7,527		10,813		—		59,736
International Capital Appreciation		32,537		3,828		455		—		36,820
International Equity Dividend		13,673		1,823		829		7,294		23,619
International Growth Opportunities		36,982		3,698		13,492		—		54,172
International Real Estate		302,537		31,401		33,020		170,100		537,058
International SmallCap Multi-Manager		245,339		24,548		70,323		—		340,210
International Value		1,270,852		127,232		406,571		—		1,804,655
International Value Choice		30,592		3,067		5,306		—		38,965
Russia		226,227		18,098		45,245		—		289,570
Emerging Markets Fixed Income		133,840		20,607		1,495		65,629		221,571
Global Bond		58,406		15,096		44,805		—		118,307
Diversified International		—		16,118		87,687		—		103,805

At April 30, 2009, the following indirect, wholly owned subsidiaries of ING Groep owned the following Funds:


ING Diversified International —		Emerging Countries (12.10%); Foreign (19.90%); Index Plus International Equity (21.00%); International Capital Appreciation (97.70%); International Equity Dividend (92.20%). International SmallCap Multi-Manager (7.10%); International Value Choice (52.90%).


ING Life Insurance and Annuity Company —		Asia-Pacific Real Estate (71.30%); European Real Estate (84.20%); International SmallCap Multi-Manager (9.00%).


ING LifeStyle Aggressive Growth Portfolio —		Disciplined International SmallCap (13.50%).


ING LifeStyle Growth Portfolio —		Disciplined International SmallCap (40.90%); Emerging Markets Fixed Income (40.00%).


ING LifeStyle Moderate Portfolio —		Disciplined International SmallCap (14.30%); Emerging Markets Fixed Income (24.10%).


ING LifeStyle Moderate Growth Portfolio —		Disciplined International SmallCap (29.40%); Emerging Markets Fixed Income (29.60%).


ING Luxenbourg SA —		International Real Estate (11.40%).


ING National Trust —		International Growth Opportunities (18.70%); International Value (7.40%).


ING Solution 2015 Portfolio —		Global Bond (13.60%).

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 7 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)




ING Solution 2025 Portfolio —	��	Global Bond (12.90%).


ING Solution 2035 Portfolio —		Global Bond (10.10%).


ING Strategic Allocation Growth —		Index Plus International Equity (10.20%).

ING Strategic Allocation Moderate —		Index Plus International Equity (7.70%).

Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. The 1940 Act defines affiliates as companies that are under common control. Therefore, because the Funds have a common owner that owns over 25% of the outstanding securities of the Funds, they may be deemed to be affiliates of each other. Investment activities of these shareholders could have a material impact on the Funds.

The Investment Adviser may request that the Funds’ portfolio managers use their best efforts (subject to obtaining best execution of each transaction) to allocate a portfolio’s equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Fund. Any amounts credited to a Fund are reflected as a reimbursement of expenses in the Statements of Operations.

The Registrants have adopted a Retirement Policy covering all independent trustees of the Funds who will have served as an independent trustee for at least five years at the time of retirement. Benefits under this plan are based on an annual rate as defined in the plan agreement.

The following Funds placed a portion of their portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were:


	Affiliated	Commissions
Fund	Brokers	Paid

Global Equity Dividend	ING Baring LLC	$	555
Global Real Estate	ING Baring LLC		39,761
Asia-Pacific Real Estate	ING Baring LLC		47
Emerging Countries	ING Baring LLC		6,906
Foreign	ING Baring LLC		51
Greater China	ING Baring LLC		6,929
International Equity Dividend	ING Baring LLC		305
International Real Estate	ING Baring LLC		23,321
International SmallCap Multi-Manager	ING Baring LLC		1,683
International Value Choice	ING Baring LLC		306

NOTE 8 — OTHER ACCRUED EXPENSES AND LIABILITIES

At April 30, 2009, the Funds had the following payables included in Other Accrued Expenses and Liabilities on the Statements of Assets and Liabilities that exceeded 5% of total liabilities:


Fund	Accrued Expenses	Amount

Global Equity Dividend Fund	Transfer Agent	$	50,365
	Printing		53,045
Global Natural Resources Fund	Transfer Agent		26,743
Asia-Pacific Real Estate Fund	Custody		8,421
	Audit		4,388
European Real Estate Fund	Custody		8,201
	Audit		4,081
	Miscellaneous		3,783
Index Plus International Equity Fund	Custody		30,122
	Transfer Agent		56,059
	Audit		48,366
	Printing		43,471
International Capital Appreciation Fund	Custody		20,218
	Printing		13,841
International Equity Dividend Fund	Custody		10,624
	Audit		7,018
	Printing		6,619
Diversified International Fund	Transfer Agent		132,781
	Printing		67,577

NOTE 9 — EXPENSE LIMITATION AGREEMENTS

The Investment Adviser and/or Distributor have agreed to limit expenses, excluding interest expense, taxes, brokerage commissions and extraordinary expenses (and acquired fund fees and expenses) to the levels listed below:

Maximum Operating Expense Limit (as a percentage of average net assets)


	Class A			Class B			Class C			Class I			Class O			Class Q			Class R		Class W

Global Equity Dividend		1.40	%		2.15	%		2.15	%		1.15	%		1.40	%		N/A			N/A		1.15	%
Global Natural Resources		2.75	%		N/A			N/A			2.50	%		N/A			N/A			N/A		2.50	%
Global Real Estate		1.75	%		2.50	%		2.50	%		1.50	%		1.75	%		N/A			N/A		1.50	%
Global Value Choice		1.50	%		2.25	%		2.25	%		1.25	%		N/A			1.50	%		N/A		N/A
Asia-Pacific Real Estate		1.75	%		2.50	%		2.50	%		1.50	%		N/A			N/A			N/A		N/A
Disciplined International SmallCap		1.20	%		1.95	%		1.95	%		0.95	%		N/A			N/A			N/A		N/A
Emerging Countries⁽¹⁾		2.25	%		2.90	%		2.90	%		1.75	%⁽²⁾		N/A			2.15	%		N/A		1.90	%
European Real Estate		1.75	%		2.50	%		2.50	%		1.50	%		N/A			N/A			N/A		N/A
Foreign⁽³⁾		1.95	%		2.70	%		2.70	%		1.60	%		N/A			1.85	%		N/A		1.45	%
Greater China⁽⁴⁾		N/A			N/A			N/A			N/A			N/A			N/A			N/A		N/A
Index Plus International Equity		1.15	%		1.90	%		1.90	%		0.90	%		1.15	%		N/A			N/A		N/A
International Capital Appreciation		1.50	%		2.25	%		2.25	%		1.25	%		N/A			N/A			N/A		N/A
International Equity Dividend		1.40	%		2.15	%		2.15	%		1.15	%		N/A			N/A			N/A		1.15	%
International Growth Opportunities⁽⁵⁾		1.55	%		2.30	%		2.30	%		1.30	%		N/A			1.55	%		N/A		N/A
International Real Estate		1.50	%		2.25	%		2.25	%		1.25	%		N/A			N/A			N/A		1.25	%
International SmallCap Multi-Manager		1.95	%		2.60	%		2.60	%		1.40	%		1.85	%		1.85	%		N/A		1.60	%

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 9 — EXPENSE LIMITATION AGREEMENTS (continued)


	Class A			Class B			Class C			Class I			Class O			Class Q		Class R			Class W

International Value		N/A			N/A			N/A			N/A			N/A			N/A		N/A			N/A
International Value Choice		1.70	%		2.45	%		2.45	%		1.45	%		N/A			N/A		N/A			N/A
Russia		3.35	%		N/A			N/A			N/A			N/A			N/A		N/A			N/A
Emerging Markets Fixed Income		1.25	%		2.00	%		2.00	%		1.00	%		N/A			N/A		N/A			N/A
Global Bond		0.90	%		1.65	%		1.65	%		0.61	%		0.90	%		N/A		N/A			N/A
Diversified International⁽⁶⁾		0.50	%		1.25	%		1.25	%		0.25	%		0.35	%		N/A		0.75	%		0.10	%


⁽¹⁾	Effective March 1, 2009, pursuant to a side agreement, ING Investments has lowered the expense limits for Emerging Countries through at least March 1, 2010. The expense limits for Emerging Countries are 2.10%, 2.85%, 2.85% and 2.10% for Class A, B, C and Q shares, respectively. If, after March 1, 2010, ING Investments elects not to renew the side agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that this side agreement will continue after that date. The side agreement will only renew if ING Investments elects to renew it. Any fees waived pursuant to the side agreement shall not be eligible for recoupment.
⁽²⁾	The expense limit for Class I shares of Emerging Countries was revised from 1.90% to limit set forth in the table above.
⁽³⁾	Pursuant to a side agreement dated March 1, 2009, ING Investments has lowered the expense limits for Foreign through at least March 1, 2010. The expense limits for Foreign are 1.70%, 2.45%, 2.45%, 1.35% and 1.60% for Class A, B, C, I and Q shares, respectively. If, after March 1, 2010, ING Investments elects not to renew the side agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that this side agreement will continue after that date. The side agreement will only renew if ING Investments elects to renew it.
⁽⁴⁾	Pursuant to a side agreement dated March 1, 2009, the expense limits for Greater China are 2.10%, 2.85%, 2.85% and 1.85% for Class A, B, C and I shares, respectively, through March 1, 2010. Pursuant to a side agreement dated May 30, 2008, the expense limit for Class O shares is 2.10% through March 1, 2010. There is no guarantee that these side agreements will continue after that date. These side agreements will only renew if ING Investments elects to renew them. Any fees waived pursuant to the side agreement shall not be eligible for recoupment.
⁽⁵⁾	Effective January 31, 2009, the expense limits for International Growth Opportunities Class A, Class B, Class C, Class I and Class Q were revised from 2.75%, 3.50%, 3.50%, 2.50% and 2.75%, respectively to limits set forth in the table above.
⁽⁶⁾	The operating expense limits for Diversified International set out above apply only at the fund level and do not limit the fees payable by the underlying investment companies in which the fund invests. The operating expense limits for Class O and Class W of Diversified International will increase to 0.50% and 0.25%, respectively, at the fund level, effective March 1, 2010. Effective March 1, 2009, the expense limits for Class A, B, C and R were revised from 0.35%, 1.10%, 1.10%, 0.25% and 0.60%, respectively to limits set forth in the table above.

The Investment Adviser may at a later date recoup from a Fund management and/or class specific fees waived and other expenses assumed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Fund’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations for each Fund. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities for each Fund.

As of April 30, 2009, the amounts of waived or reimbursed fees that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, are as follows:


	2010		2011		2012		Total

Global Equity Dividend	$	—	$	—	$	136,428	$	136,428
Asia-Pacific Real Estate		—		56,041		147,808		203,849
Emerging Countries		—		—		29,862		29,862
European Real Estate		—		49,810		133,948		183,758
Foreign		—		—		109,024		109,024
Greater China		—		—		61,455		61,455
Index Plus International Equity		—		—		1,112,051		1,112,051
International Capital Appreciation		—		—		48,695		48,695
International Equity Dividend		—		70,934		131,609		202,543
International Real Estate		—		—		95,456		95,456
International Growth Opportunities		—		—		83,792		83,792
International SmallCap Multi-Manager		—		—		197,395		197,395
International Value Choice		—		—		26,792		26,792
Emerging Markets Fixed Income		—		—		1,801		1,801
Global Bond		127,119		68,205		180,782		376,106
Diversified International		680,452		1,546,287		1,429,314		3,656,053

The expense limitation agreements are contractual and shall renew automatically for one-year terms unless ING Investments or IMF provides written notice of the termination of the expense limitation agreement at least 90 days prior to the end of the then current term.

NOTE 10 — WRITTEN OPTIONS

Transactions in written options for Global Bond for the six months ended April 30, 2009 were as follows:


	USD
	Notional			Premium

Balance at 10/31/08		—		$	—
Options Written		7,311,000			80,791
Options Terminated in Closing Purchase Transactions		(4,446,000	)		(40,056	)
Options Expired		(2,865,000	)		(40,735	)

Balance at 04/30/09		—		$	—

NOTE 11 — LINE OF CREDIT

All of the Funds included in this report, in addition to certain other funds managed by the Investment Adviser or an affiliate of the investment advisor,

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 11 — LINE OF CREDIT (continued)

have entered into an unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $125,000,000. The proceeds may be used only to: (1) temporarily finance the purchase and sale of securities; (2) finance the redemption of shares of an investor in the Funds; and (3) enable the Funds to meet other emergency expenses as defined in the Credit Agreement. The Funds to which the line of credit is available paid a commitment fee equal to 0.07% per annum on the daily unused portion of the committed line amount payable quarterly in arrears for the period ended April 30, 2009.

The following Funds utilized the line of credit during the period ended April 30, 2009:


					Approximate
			Approximate		Weighted
			Average		Average
			Daily Balance		Interest Rate
	Days		for Days		for Days
Fund	Utilized		Utilized		Utilized

Global Equity Dividend		27	$	3,295,185		0.69	%
Global Natural Resources		13		323,846		0.75	%
Global Real Estate		8		1,075,000		0.67	%
Global Value Choice		8		2,762,500		0.69	%
Asia-Pacific Real Estate		29		474,138		0.81	%
Disciplined International SmallCap		33		842,121		0.72	%
Foreign		12		1,477,500		0.61	%
Greater China		49		1,432,653		0.62	%
Index Plus International Equity		18		1,790,556		0.71	%
International Capital Appreciation		64		586,250		0.73	%
International Growth Opportunities⁽¹⁾		81		1,064,815		0.73	%
International Real Estate		12		4,130,000		0.60	%
International SmallCap		153		2,356,235		0.76	%
International Value		79		10,141,139		0.76	%
Emerging Markets Fixed Income		16		5,610,625		0.84	%
Global Bond		2		1,210,000		0.74	%
Diversified International		1		3,640,000		1.09	%


⁽¹⁾	At April 30, 2009, International Growth Opportunities had an outstanding balance of $730,000.

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 12 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:


			Proceeds								Net increase					Proceeds										Net increase
			from shares								(decrease) in					from shares					Redemption					(decrease) in
	Shares		issued in		Reinvestment			Shares			shares			Shares		issued in		Reinvestment			fee		Shares			shares
Year or	sold		merger		of distributions			redeemed			outstanding			sold		merger		of distributions			proceeds		redeemed			outstanding
period ended	#		#		#			#			#			($)		($)		($)			($)		($)			($)

Global Equity Dividend

Class A

04-30-09		566,601		—		53,198			(2,124,956	)		(1,505,157	)		4,226,355		—		418,865			—		(16,043,122	)		(11,397,902	)
10-31-08		1,684,371		—		898,653			(6,232,831	)		(3,649,807	)		22,771,615		—		12,354,667			—		(80,691,472	)		(45,565,190	)

Class B

04-30-09		54,583		—		12,107			(522,998	)		(456,308	)		427,066		—		95,999			—		(3,867,138	)		(3,344,073	)
10-31-08		209,008		—		285,087			(1,516,147	)		(1,022,052	)		2,887,159		—		3,919,259			—		(19,421,680	)		(12,615,262	)

Class C

04-30-09		257,054		—		22,007			(1,332,044	)		(1,052,983	)		1,994,768		—		174,072			—		(9,909,856	)		(7,741,016	)
10-31-08		939,460		—		532,700			(3,351,816	)		(1,879,656	)		12,444,478		—		7,312,315			—		(42,088,864	)		(22,332,071	)

Class I

04-30-09		78,897		—		2,111			(27,999	)		53,009			603,867		—		16,437			—		(210,895	)		409,409
10-31-08		138,648		—		1,647			(2,887	)		137,408			1,611,488		—		17,934			—		(27,782	)		1,601,640

Class O

04-30-09		147,574		—		1,495			(217,385	)		(68,316	)		1,110,679		—		11,917			—		(1,616,446	)		(493,850	)
10-31-08		782,090		—		191,680			(706,072	)		267,698			10,540,572		—		2,607,486			—		(9,001,556	)		4,146,502

Class W

04-30-09		447,806		—		816			(22,636	)		425,986			3,517,348		—		6,292			—		(179,123	)		3,344,517
02-12-08⁽¹⁾-10-31-08		7,672		—		89			(418	)		7,343			100,945		—		1,106			—		(4,290	)		97,761

Global Natural Resources

Class A

04-30-09		841,796		—		787,696			(1,141,583	)		487,909			5,021,278		—		4,962,490			—		(6,740,424	)		3,243,344
10-31-08		1,790,153		—		2,336,443			(2,810,465	)		1,316,131			20,032,450		—		25,092,175			—		(29,521,523	)		15,603,102

Class I

04-30-09		52,686		—		1,015			(6,386	)		47,315			315,158		—		6,371			—		(37,945	)		283,584
10-31-08		7		—		20			(83	)		(56	)		100		—		209			—		(913	)		(604	)

Class W

04-30-09		7,076		—		204			—			7,280			52,081		—		1,612			—		—			53,693
02-12-08⁽¹⁾-10-31-08		4,103		—		(1	)		(840	)		3,262			49,821		—		(14	)		—		(9,597	)		40,210

Global Real Estate

Class A

04-30-09		18,008,379		—		846,077			(31,577,897	)		(12,723,441	)		183,475,486		—		8,871,993			—		(314,984,382	)		(122,636,903	)
10-31-08		51,167,781		—		1,640,309			(32,356,404	)		20,451,686			937,189,621		—		31,783,397			—		(577,604,547	)		391,368,471

Class B

04-30-09		75,669		—		29,678			(407,548	)		(302,201	)		681,143		—		261,822			—		(3,385,987	)		(2,443,022	)
10-31-08		352,926		—		77,469			(1,008,421	)		(578,026	)		5,817,538		—		1,303,042			—		(15,872,425	)		(8,751,845	)

Class C

04-30-09		976,945		—		149,483			(3,583,566	)		(2,457,138	)		9,127,741		—		1,388,047			—		(32,041,714	)		(21,525,926	)
10-31-08		5,702,611		—		352,125			(6,377,998	)		(323,262	)		98,932,052		—		6,199,754			—		(104,028,388	)		1,103,418

Class I

04-30-09		14,579,368		—		489,813			(7,469,381	)		7,599,800			151,504,350		—		5,070,221			—		(76,462,045	)		80,112,526
10-31-08		17,361,717		—		287,474			(2,851,439	)		14,797,752			322,700,380		—		5,302,392			—		(47,800,551	)		280,202,221

Class O

04-30-09		85,421		—		1,308			(141,941	)		(55,212	)		866,820		—		13,963			—		(1,444,348	)		(563,565	)
10-31-08		353,337		—		38,884			(456,536	)		(64,315	)		6,903,345		—		762,024			—		(8,610,674	)		(945,305	)

Class W

04-30-09		8,089,699		—		129,013			(2,438,167	)		5,780,545			81,132,721		—		1,276,463			—		(23,984,167	)		58,425,017
02-12-08⁽¹⁾-10-31-08		4,363,284		—		36,962			(411,336	)		3,988,910			81,150,156		—		636,668			—		(6,448,716	)		75,338,108

Global Value Choice

Class A

04-30-09		4,292,933		—		—			(1,897,482	)		2,395,451			77,018,032		—		—			—		(32,953,133	)		44,064,899
10-31-08		1,396,794		—		7,665			(1,196,047	)		208,412			34,725,305		—		197,906			—		(27,864,080	)		7,059,131

Class B

04-30-09		27,637		—		—			(153,469	)		(125,832	)		502,769		—		—			—		(2,817,272	)		(2,314,503	)
10-31-08		108,879		—		—			(458,496	)		(349,617	)		2,970,432		—		—			—		(12,293,459	)		(9,323,027	)

Class C

04-30-09		288,136		—		—			(218,858	)		69,278			4,898,116		—		—			—		(3,544,554	)		1,353,562
10-31-08		271,913		—		565			(418,092	)		(145,614	)		6,485,007		—		14,032			—		(9,480,420	)		(2,981,381	)

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 12 — CAPITAL SHARES (continued)


										Net increase														Net increase
			Payments							(decrease) in					Payments				Redemption					(decrease) in
	Shares		by affiliate		Reinvestment		Shares			shares			Shares		by affiliate		Reinvestment		fee		Shares			shares
Year or	sold		(Note 19)		of distributions		redeemed			outstanding			sold		(Note 19)		of distributions		proceeds		redeemed			outstanding
period ended	#		#		#		#			#			($)		($)		($)		($)		($)			($)

Global Value Choice (continued)

Class I

04-30-09		100,478		—		—		(119,309	)		(18,831	)		1,718,672		—		—		—		(2,213,827	)		(495,155	)
10-31-08		164,533		—		3,007		(99,756	)		67,784			4,158,310		—		77,786		—		(2,306,604	)		1,929,492

Class Q

04-30-09		83,285		—		—		(15,935	)		67,350			1,760,648		—		—		—		(331,140	)		1,429,508
10-31-08		17,033		—		511		(29,161	)		(11,617	)		484,802		—		15,493		—		(816,263	)		(315,968	)

Asia-Pacific Real Estate

Class A

04-30-09		1,267		—		848		(136,766	)		(134,651	)		5,004		—		3,586		—		(540,164	)		(531,574	)
10-31-08		780,760		—		980		(84,459	)		697,281			6,996,175		—		6,748		—		(456,097	)		6,546,826

Class B

04-30-09		—		—		56		(8	)		48			—		—		238		—		(34	)		204
10-31-08		4,402		—		26		(382	)		4,046			35,352		—		201		—		(3,153	)		32,400

Class C

04-30-09		3,457		—		158		(654,334	)		(650,719	)		13,719		—		680		—		(2,713,706	)		(2,699,307	)
10-31-08		974,716		—		110		(189,935	)		784,891			6,392,882		—		803		—		(834,587	)		5,559,098

Class I

04-30-09		—		—		—		—			—			—		—		—		—		—			—
10-31-08		102		—		—		(1	)		101			1,020		—		—		—		(10	)		1,010

Disciplined International SmallCap

Class A

04-30-09		2,119		—		461		(1,929	)		651			10,463		—		2,488		—		(9,104	)		3,847
10-31-08		19,758		—		191		(12,354	)		7,595			202,660		—		1,955		—		(131,071	)		73,544

Class B

04-30-09		1,175		—		5		(207	)		973			4,897		—		25		—		(1,114	)		3,808
10-31-08		217		—		7		(120	)		104			2,108		—		67		—		(1,189	)		986

Class C

04-30-09		4,482		—		546		(3,292	)		1,736			22,341		—		2,927		—		(14,619	)		10,649
10-31-08		12,431		—		88		(4,187	)		8,332			107,822		—		897		—		(38,859	)		69,860

Class I

04-30-09		6,356,776		—		1,549,491		(4,002,583	)		3,903,684			30,766,140		—		8,382,749		—		(19,849,302	)		19,299,587
10-31-08		21,115,273		—		1,061,868		(20,578,255	)		1,598,886			185,110,629		—		10,882,081		—		(203,193,132	)		(7,200,422	)

Emerging Countries

Class A

04-30-09		211,978		—		94,935		(747,304	)		(440,391	)		3,226,285		252,464		1,498,911		—		(11,022,706	)		(6,045,046	)
10-31-08		822,906		—		176,088		(2,002,850	)		(1,003,856	)		28,711,056		—		6,292,464		—		(63,446,626	)		(28,443,106	)

Class B

04-30-09		7,513		—		2,330		(67,402	)		(57,559	)		118,406		17,731		36,664		—		(999,035	)		(826,234	)
10-31-08		48,419		—		12,124		(195,755	)		(135,212	)		1,665,983		—		427,641		—		(5,956,437	)		(3,862,813	)

Class C

04-30-09		58,071		—		10,848		(212,341	)		(143,422	)		823,702		62,327		160,382		—		(2,941,150	)		(1,894,739	)
10-31-08		173,763		—		40,672		(631,418	)		(416,983	)		5,571,813		—		1,351,224		—		(17,685,013	)		(10,761,976	)

Class I

04-30-09		429,134		—		46,082		(417,153	)		58,063			6,528,136		83,471		725,836		—		(6,304,362	)		1,033,081
10-31-08		1,116,587		—		48,781		(1,019,536	)		145,832			36,867,641		—		1,745,240		—		(33,127,020	)		5,485,861

Class Q

04-30-09		94,822		—		8,656		(131,507	)		(28,029	)		1,565,624		21,652		141,928		—		(2,098,612	)		(369,408	)
10-31-08		108,895		—		20,139		(316,696	)		(187,662	)		3,902,063		—		745,231		—		(10,326,260	)		(5,678,966	)

Class W

04-30-09		537		—		56		(1,357	)		(764	)		8,352		118		928		—		(21,466	)		(12,068	)
02-12-08⁽¹⁾-10-31-08		4,607		—		1		(2,479	)		2,129			162,983		—		11		—		(78,082	)		84,912

European Real Estate

Class A

04-30-09		6,580		—		3,384		(20,456	)		(10,492	)		28,253		—		15,796		—		(90,024	)		(45,975	)
10-31-08		693,672		—		1,632		(103,326	)		591,978			6,733,767		—		13,407		—		(796,654	)		5,950,520

Class B

04-30-09		1,339		—		74		(374	)		1,039			4,812		—		342		—		(1,758	)		3,396
10-31-08		3,076		—		24		(1,157	)		1,943			28,991		—		196		—		(9,393	)		19,794

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 12 — CAPITAL SHARES (continued)


			Proceeds							Net increase						Proceeds									Net increase
			from shares							(decrease) in						from shares				Redemption					(decrease) in
	Shares		issued in		Reinvestment		Shares			shares			Shares			issued in		Reinvestment		fee		Shares			shares
Year or	sold		merger		of distributions		redeemed			outstanding			sold			merger		of distributions		proceeds		redeemed			outstanding
period ended	#		#		#		#			#			($)			($)		($)		($)		($)			($)

European Real Estate (continued)

Class C

04-30-09		158		—		298		(319	)		137			664			—		1,393		—		(1,479	)		578
10-31-08		19,205		—		66		(10,195	)		9,076			181,711			—		545		—		(89,452	)		92,804

Class I

04-30-09		—		—		—		—			—			—			—		—		—		—			—
10-31-08		102		—		—		(1	)		101			1,020			—		—		—		(10	)		1,010

Foreign

Class A

04-30-09		980,760		—		269,209		(5,321,693	)		(4,071,724	)		10,490,290			—		3,082,437		—		(54,547,909	)		(40,975,182	)
10-31-08		4,911,276		—		689,975		(7,518,393	)		(1,917,142	)		94,565,312			—		14,109,997		—		(128,973,992	)		(20,298,683	)

Class B

04-30-09		43,684		—		28,125		(415,305	)		(343,496	)		455,989			—		311,908		—		(4,034,138	)		(3,266,241	)
10-31-08		239,123		—		113,030		(876,325	)		(524,172	)		4,648,104			—		2,230,091		—		(15,036,348	)		(8,158,153	)

Class C

04-30-09		490,034		—		154,867		(2,291,079	)		(1,646,178	)		5,114,527			—		1,717,477		—		(22,220,876	)		(15,388,872	)
10-31-08		1,811,561		—		458,623		(3,336,522	)		(1,066,338	)		33,659,479			—		9,062,384		—		(57,534,479	)		(14,812,616	)

Class I

04-30-09		1,391,218		—		266,085		(2,289,031	)		(631,728	)		15,409,331			—		3,091,911		—		(23,556,109	)		(5,054,867	)
10-31-08		2,258,533		—		317,295		(1,415,836	)		1,159,992			44,056,759			—		6,602,918		—		(22,601,262	)		28,058,415

Class Q															��

04-30-09		—		—		53		(3,072	)		(3,019	)		—			—		618		—		(30,521	)		(29,903	)
10-31-08		—		—		2,445		(33,010	)		(30,565	)		—			—		50,214		—		(440,821	)		(390,607	)

Class W

04-30-09		19,479		—		937		(10,299	)		10,117			219,207			—		11,637		—		(114,256	)		116,588
02-12-08⁽¹⁾-10-31-08		42,471		—		—		(19,175	)		23,296			878,887			—		—		—		(309,649	)		569,238

Greater China

Class A

04-30-09		657,626		—		123,699		(878,854	)		(97,529	)		6,420,168			—		1,239,461		—		(8,274,414	)		(614,785	)
10-31-08		947,515		—		239,370		(1,990,551	)		(803,666	)		16,713,689			—		4,242,198		—		(31,428,443	)		(10,472,556	)

Class B

04-30-09		35,425		—		11,348		(39,077	)		7,696			331,063			—		113,136		—		(358,758	)		85,441
10-31-08		92,034		—		29,578		(219,342	)		(97,730	)		1,652,070			—		517,910		—		(3,355,264	)		(1,185,284	)

Class C

04-30-09		81,820		—		14,271		(77,478	)		18,613			802,656			—		142,714		—		(699,969	)		245,401
10-31-08		173,882		—		49,298		(439,357	)		(216,177	)		3,131,398			—		863,707		—		(7,284,343	)		(3,289,238	)

Class I

04-30-09		7,081		—		480		(116	)		7,445			70,497			—		4,797		—		(1,208	)		74,086
10-31-08		1,864		—		255		(31	)		2,088			28,250			—		4,518		—		(628	)		32,140

Class O

04-30-09		84,684		—		—		(17,011	)		67,673			824,386			—		—		—		(161,457	)		662,929
06-04-08⁽¹⁾-10-31-08		29,666		—		—		(7,455	)		22,211			389,817			—		—		—		(95,367	)		294,450

Index Plus International Equity

Class A

04-30-09		57,286		—		50,580		(264,220	)		(156,354	)		330,448			—		316,123		—		(1,484,994	)		(838,423	)
10-31-08		127,395		2,083,276		15,616		(898,337	)		1,327,950			1,262,851			24,809,468		183,797		—		(9,088,911	)		17,167,205

Class B

04-30-09		12,616		—		3,810		(83,731	)		(67,305	)		76,856			—		23,930		—		(484,658	)		(383,872	)
10-31-08		12,177		355,813		6,215		(177,202	)		197,003			132,214			4,223,697		72,966		—		(1,667,340	)		2,761,537

Class C

04-30-09		22,453		—		3,268		(40,028	)		(14,307	)		132,571			—		20,424		—		(223,642	)		(70,647	)
10-31-08		30,434		197,636		5,787		(106,330	)		127,527			324,453			2,343,627		67,879		—		(1,040,718	)		1,695,241

Class I

04-30-09		1,426,525		—		437,590		(2,456,731	)		(592,616	)		8,939,984			—		2,730,559		—		(14,033,678	)		(2,363,135	)
10-31-08		8,828,357		523,573		1,189,238		(10,454,928	)		86,240			95,723,393			6,258,727		14,056,792		—		(102,148,610	)		13,890,302

Class O

04-30-09		433,983		—		33,354		(649,713	)		(182,376	)		2,512,443			—		206,799		—		(3,619,047	)		(899,805	)
11-09-07⁽¹⁾-10-31-08		1,292,028		7,673,371		62		(2,385,102	)		6,580,359			13,220,056			90,795,795		730		—		(22,842,487	)		81,174,094

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 12 — CAPITAL SHARES (continued)


										Net increase														Net increase
			Payments							(decrease) in					Payments				Redemption					(decrease) in
	Shares		by affiliate		Reinvestment		Shares			shares			Shares		by affiliate		Reinvestment		fee		Shares			shares
Year or	sold		(Note 19)		of distributions		redeemed			outstanding			sold		(Note 19)		of distributions		proceeds		redeemed			outstanding
period ended	#		#		#		#			#			($)		($)		($)		($)		($)			($)


International Capital Appreciation

Class A

04-30-09		5,355		—		1,258		(154,210	)		(147,597	)		34,835		—		8,252		—		(971,160	)		(928,073	)
10-31-08		96,218		—		4,821		(169,646	)		(68,607	)		1,239,482		—		62,381		—		(1,327,786	)		(25,923	)

Class B

04-30-09		—		—		—		(25,989	)		(25,989	)		—		—		—		—		(164,535	)		(164,535	)
10-31-08		46,616		—		2,138		(70,820	)		(22,066	)		580,009		—		27,323		—		(807,705	)		(200,373	)

Class C

04-30-09		5,202		—		—		(13,190	)		(7,988	)		34,198		—		—		—		(80,381	)		(46,183	)
10-31-08		53,113		—		1,936		(67,450	)		(12,401	)		645,740		—		24,821		—		(714,775	)		(44,214	)

Class I

04-30-09		1,781,707		—		168,377		(2,189,831	)		(239,747	)		10,979,106		—		1,099,501		—		(13,122,023	)		(1,043,416	)
10-31-08		1,662,796		—		515,675		(4,514,825	)		(2,336,354	)		21,649,973		—		6,677,994		—		(49,010,622	)		(20,682,655	)

International Equity Dividend

Class A

04-30-09		15,114		—		1,440		(109,785	)		(93,231	)		74,416		—		7,337		—		(506,818	)		(425,065	)
10-31-08		131,103		—		13,987		(251,121	)		(106,031	)		1,187,362		—		119,484		—		(2,057,092	)		(750,246	)

Class B

04-30-09		6,919		—		59		(12,471	)		(5,493	)		36,172		—		303		—		(64,398	)		(27,923	)
10-31-08		10,393		—		134		(2,364	)		8,163			97,508		—		1,126		—		(16,666	)		81,968

Class C

04-30-09		45,303		—		584		(43,890	)		1,997			224,221		—		2,949		—		(209,209	)		17,961
10-31-08		81,875		—		5,557		(77,315	)		10,117			786,475		—		47,456		—		(635,175	)		198,756

Class I

04-30-09		177,070		—		54,376		(2,271,035	)		(2,039,589	)		913,609		—		274,559		—		(10,749,274	)		(9,561,106	)
10-31-08		2,645,507		—		307,787		(1,936,510	)		1,016,784			22,644,879		—		2,559,356		—		(15,129,428	)		10,074,807

Class W

04-30-09		2,181		—		22		(333	)		1,870			9,400		—		102		—		(1,569	)		7,933
02-12-08⁽¹⁾-10-31-08		2,222		—		67		(104	)		2,185			21,015		—		511		—		(895	)		20,631

International Growth Opportunities

Class A

04-30-09		283,932		—		7,553		(1,017,771	)		(726,286	)		1,529,993		76,090		43,503		—		(5,347,028	)		(3,697,442	)
10-31-08		689,059		—		724,639		(1,288,594	)		125,104			7,810,339		—		8,779,114		—		(13,206,986	)		3,382,467

Class B

04-30-09		7,122		—		—		(214,215	)		(207,093	)		35,521		13,422		—		—		(1,060,657	)		(1,011,714	)
10-31-08		78,682		—		184,188		(614,692	)		(351,822	)		878,212		—		2,121,081		—		(6,290,257	)		(3,290,964	)

Class C

04-30-09		26,651		—		—		(229,362	)		(202,711	)		129,587		20,426		—		—		(1,150,989	)		(1,000,976	)
10-31-08		215,015		—		136,334		(431,904	)		(80,555	)		2,394,268		—		1,571,233		—		(3,806,058	)		159,443

Class I

04-30-09		416,710		—		17,276		(2,371,842	)		(1,937,856	)		2,236,210		52,560		99,162		—		(12,708,521	)		(10,320,589	)
10-31-08		2,932,823		—		129,807		(834,771	)		2,227,859			31,597,804		—		1,563,352		—		(7,367,699	)		25,793,457

Class Q

04-30-09		122,628		—		7,138		(207,229	)		(77,463	)		676,898		32,032		40,688		—		(1,051,468	)		(301,850	)
10-31-08		476,814		—		394,356		(1,261,072	)		(389,902	)		5,537,379		—		4,722,652		—		(13,486,319	)		(3,226,288	)

International Real Estate

Class A

04-30-09		3,481,505		—		101,762		(5,752,828	)		(2,169,561	)		20,282,591		—		608,926		—		(33,260,771	)		(12,369,254	)
10-31-08		8,574,151		—		545,171		(14,791,771	)		(5,672,449	)		100,590,258		—		6,416,280		—		(154,954,852	)		(47,948,314	)

Class B

04-30-09		17,096		—		3,581		(114,068	)		(93,391	)		101,676		—		21,409		—		(645,818	)		(522,733	)
10-31-08		71,839		—		23,566		(329,118	)		(233,713	)		857,933		—		282,366		—		(3,544,764	)		(2,404,465	)

Class C

04-30-09		180,634		—		20,452		(2,110,576	)		(1,909,490	)		1,099,243		—		122,361		—		(12,255,425	)		(11,033,821	)
10-31-08		2,194,498		—		169,409		(5,422,977	)		(3,059,070	)		25,813,659		—		2,032,768		—		(56,377,064	)		(28,530,637	)

Class I

04-30-09		18,978,895		—		212,374		(12,661,022	)		6,530,247			114,109,801		—		1,274,116		—		(76,356,831	)		39,027,086
10-31-08		43,441,169		—		428,870		(10,642,891	)		33,227,148			481,407,853		—		4,893,801		—		(95,017,074	)		391,284,580

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 12 — CAPITAL SHARES (continued)


										Net increase														Net increase
			Payments							(decrease) in					Payments				Redemption					(decrease) in
	Shares		by affiliate		Reinvestment		Shares			shares			Shares		by affiliate		Reinvestment		fee		Shares			shares
Year or	sold		(Note 19)		of distributions		redeemed			outstanding			sold		(Note 19)		of distributions		proceeds		redeemed			outstanding
period ended	#		#		#		#			#			($)		($)		($)		($)		($)			($)

International Real Estate (continued)

Class W

04-30-09		58,259		—		777		(8,573	)		50,463			373,121		—		4,684		—		(53,100	)		324,705
02-12-08⁽¹⁾-10-31-08		52,809		—		124		(8,553	)		44,380			568,699		—		1,157		—		(58,832	)		511,024

International SmallCap Multi-Manager

Class A

04-30-09		704,025		—		150,477		(1,827,820	)		(973,318	)		14,809,865		457,206		3,373,881		—		(38,045,868	)		(19,404,916	)
10-31-08		2,979,636		—		998,861		(4,779,374	)		(800,877	)		136,744,112		—		47,137,719		—		(202,990,223	)		(19,108,392	)

Class B

04-30-09		5,024		—		2,719		(182,753	)		(175,010	)		113,505		31,479		64,369		—		(3,996,849	)		(3,787,496	)
10-31-08		50,690		—		118,804		(623,581	)		(454,087	)		2,540,227		—		5,829,623		—		(28,106,960	)		(19,737,110	)

Class C

04-30-09		36,979		—		20,386		(255,862	)		(198,497	)		729,312		84,280		429,751		—		(4,995,769	)		(3,752,426	)
10-31-08		219,882		—		221,078		(703,134	)		(262,174	)		9,721,747		—		9,767,028		—		(27,322,204	)		(7,833,429	)

Class I

04-30-09		797,346		—		105,575		(2,387,989	)		(1,485,068	)		16,686,304		317,424		2,362,922		—		(50,182,244	)		(30,815,594	)
10-31-08		1,741,676		—		627,880		(1,922,882	)		446,674			77,860,724		—		29,679,191		—		(82,207,122	)		25,332,793

Class O

04-30-09		9,616		—		—		(2,120	)		7,496			201,890		267		—		—		(45,674	)		156,483
06-04-08⁽¹⁾-10-31-08		4,615		—		—		(1,899	)		2,716			150,303		—		—		—		(54,844	)		95,459

Class Q

04-30-09		96,278		—		42,371		(969,482	)		(830,833	)		2,179,528		106,756		1,035,594		—		(22,260,813	)		(18,938,935	)
10-31-08		441,947		—		273,392		(796,120	)		(80,781	)		21,564,716		—		14,027,428		—		(36,553,425	)		(961,281	)

Class W

04-30-09		74,175		—		13,008		(167,933	)		(80,750	)		1,818,132		30,891		343,560		—		(4,120,155	)		(1,927,572	)
02-12-08⁽¹⁾-10-31-08		424,319		—		2		(38,041	)		386,280			19,393,949		—		126		—		(1,389,064	)		18,005,011

International Value

Class A

04-30-09		11,142,296		—		13,240,763		(31,180,429	)		(6,797,370	)		97,871,303		24,739		125,310,400		—		(263,975,574	)		(40,769,132	)
10-31-08		15,008,226		—		13,738,713		(37,372,970	)		(8,626,031	)		263,356,450		—		253,006,563		—		(604,941,068	)		(88,578,055	)

Class B

04-30-09		102,612		—		1,111,861		(3,197,906	)		(1,983,433	)		899,494		2,111		10,444,144		—		(26,772,017	)		(15,426,268	)
10-31-08		413,342		—		1,777,035		(7,626,050	)		(5,435,673	)		7,656,523		—		32,199,846		—		(129,928,893	)		(90,072,524	)

Class C

04-30-09		1,613,733		—		4,284,938		(6,990,581	)		(1,091,910	)		14,530,364		8,560		39,564,402		—		(57,769,552	)		(3,666,226	)
10-31-08		1,347,145		—		4,567,631		(9,292,377	)		(3,377,601	)		24,318,686		—		81,988,970		—		(144,620,438	)		(38,312,782	)

Class I

04-30-09		14,589,241		—		8,057,767		(26,704,769	)		(4,057,761	)		128,413,273		19,561		75,935,416		—		(235,975,573	)		(31,607,323	)
10-31-08		21,346,501		—		12,048,408		(61,196,377	)		(27,801,468	)		374,519,708		—		221,811,196		—		(1,025,849,999	)		(429,519,095	)

Class Q

04-30-09		799,801		—		178,994		(322,039	)		656,756			6,249,844		307		1,690,451		—		(2,734,334	)		5,206,268
10-31-08		80,922		—		168,251		(258,323	)		(9,150	)		1,352,835		—		3,102,544		—		(4,062,976	)		392,403

International Value Choice

Class A

04-30-09		203,400		—		9,558		(231,738	)		(18,780	)		1,595,473		—		78,920		—		(1,732,053	)		(57,660	)
10-31-08		686,849		—		176,805		(795,921	)		67,733			7,157,841		—		2,075,696		—		(7,750,036	)		1,483,501

Class B

04-30-09		19,224		—		40		(59,009	)		(39,745	)		144,907		—		332		—		(443,267	)		(298,028	)
10-31-08		42,499		—		29,707		(97,833	)		(25,627	)		499,053		—		345,496		—		(1,061,670	)		(217,121	)

Class C

04-30-09		134,748		—		67		(86,761	)		48,054			1,059,499		—		557		—		(652,358	)		407,698
10-31-08		63,426		—		39,133		(133,854	)		(31,295	)		741,122		—		456,287		—		(1,515,447	)		(318,038	)

Class I

04-30-09		321,022		—		64,604		(2,121,954	)		(1,736,328	)		2,466,067		—		532,021		—		(16,126,303	)		(13,128,215	)
10-31-08		1,789,120		—		775,006		(1,843,757	)		720,369			21,092,150		—		9,083,070		—		(19,635,694	)		10,539,526

Russia Fund

Class A

04-30-09		1,556,554		—		3,839,001		(3,030,523	)		2,365,032			24,972,730		—		71,291,236		230,232		(42,584,713	)		53,909,485
10-31-08		3,508,454		—		1,701,980		(6,816,631	)		(1,606,197	)		221,879,155		—		116,874,956		1,344,090		(348,756,344	)		(8,658,143	)

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 12 — CAPITAL SHARES (continued)


			Proceeds							Net increase					Proceeds									Net increase
			from shares							(decrease) in					from shares				Redemption					(decrease) in
	Shares		issued in		Reinvestment		Shares			shares			Shares		issued in		Reinvestment		fee		Shares			shares
Year or	sold		merger		of distributions		redeemed			outstanding			sold		merger		of distributions		proceeds		redeemed			outstanding
period ended	#		#		#		#			#			($)		($)		($)		($)		($)			($)


Emerging Markets Fixed Income

Class A

04-30-09		19,803		—		6,753		(109,341	)		(82,785	)		148,853		—		46,601		—		(742,019	)		(546,565	)
10-31-08		252,204		—		26,782		(878,847	)		(599,861	)		2,502,888		—		263,152		—		(8,666,811	)		(5,900,771	)

Class B

04-30-09		11,438		—		592		(19,184	)		(7,154	)		82,816		—		4,110		—		(129,291	)		(42,365	)
10-31-08		3,762		—		1,607		(13,009	)		(7,640	)		36,830		—		15,738		—		(118,714	)		(66,146	)

Class C

04-30-09		19,531		—		1,973		(37,573	)		(16,069	)		142,193		—		13,596		—		(259,384	)		(103,595	)
10-31-08		71,595		—		6,655		(77,077	)		1,173			714,968		—		64,586		—		(688,196	)		91,358

Class I

04-30-09		6,040,508		—		855,557		(7,178,454	)		(282,389	)		43,478,354		—		5,885,202		—		(48,872,572	)		490,984
10-31-08		14,539,689		—		2,018,022		(11,690,948	)		4,866,763			129,868,071		—		19,732,368		—		(114,548,390	)		35,052,049

Global Bond

Class A

04-30-09		1,965,465		—		101,216		(3,672,910	)		(1,606,229	)		21,370,692		—		1,114,027		—		(39,024,748	)		(16,540,029	)
10-31-08		7,456,121		—		137,999		(2,528,202	)		5,065,918			80,606,536		—		1,503,470		—		(26,720,683	)		55,389,323

Class B

04-30-09		108,889		—		6,880		(78,936	)		36,833			1,174,828		—		75,456		—		(844,148	)		406,136
10-31-08		482,365		—		7,800		(120,595	)		369,570			5,209,000		—		84,783		—		(1,265,336	)		4,028,447

Class C

04-30-09		664,612		—		52,481		(607,588	)		109,505			7,191,429		—		577,912		—		(6,516,725	)		1,252,616
10-31-08		3,471,699		—		50,068		(831,577	)		2,690,190			37,418,779		—		547,180		—		(8,772,866	)		29,193,093

Class I

04-30-09		7,214,489		—		16,013		(114,535	)		7,115,967			76,263,295		—		169,493		—		(1,230,375	)		75,202,413
10-31-08		146,220		—		511		(97,562	)		49,169			1,585,456		—		5,482		—		(1,042,215	)		548,723

Class O

04-30-09		116,494		—		—		(22,383	)		94,111			1,244,511		—		—		—		(238,060	)		1,006,451
06-04-08⁽¹⁾-10-31-08		27,965		—		2		(6,112	)		21,855			292,477		—		21		—		(63,489	)		229,009

Diversified International

Class A

04-30-09		1,516,290		—		1,998,133		(8,493,819	)		(4,979,396	)		9,742,842		—		13,047,254		—		(53,060,907	)		(30,270,811	)
10-31-08		8,841,423		—		515,063		(12,019,529	)		(2,663,043	)		111,719,950		—		6,979,408		—		(131,771,713	)		(13,072,355	)

Class B

04-30-09		108,681		—		252,791		(549,349	)		(187,877	)		677,424		—		1,650,743		—		(3,331,544	)		(1,003,377	)
10-31-08		654,048		—		48,497		(851,393	)		(148,848	)		8,251,659		—		654,909		—		(9,548,622	)		(642,054	)

Class C

04-30-09		930,137		—		901,364		(2,729,257	)		(897,756	)		5,972,654		—		5,877,016		—		(16,679,450	)		(4,829,780	)
10-31-08		3,391,624		—		164,842		(3,992,949	)		(436,483	)		42,957,806		—		2,222,086		—		(43,316,760	)		1,863,132

Class I

04-30-09		738,826		—		90,151		(290,389	)		538,588			4,928,577		—		585,985		—		(1,751,632	)		3,762,930
10-31-08		7		—		57		(47	)		17			100		—		766		—		(640	)		226

Class O

04-30-09		112,413		—		—		(19,320	)		93,093			688,147		—		—		—		(115,717	)		572,430
06-04-08⁽¹⁾-10-31-08		29,313		—		—		(10,096	)		19,217			279,607		—		—		—		(91,526	)		188,081

Class R

04-30-09		29		—		3,254		(4,062	)		(779	)		170		—		21,053		—		(23,415	)		(2,192	)
10-31-08		1,146		—		655		(5,672	)		(3,871	)		14,594		—		8,800		—		(68,665	)		(45,271	)

Class W

04-30-09		86,090		—		16,022		(60,694	)		41,418			519,890		—		103,822		—		(359,749	)		263,963
02-12-08⁽¹⁾-10-31-08		294,208		—		—		(87,719	)		206,489			3,322,579		—		—		—		(772,445	)		2,550,134


⁽¹⁾	Commencement of operations.

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 13 — ILLIQUID SECURITIES

Pursuant to guidelines adopted by the Funds’ Board, the following securities have been deemed to be illiquid. The Funds currently limit investments in illiquid securities to 15% of a Fund’s net assets, at market value, at time of purchase. Fair value for certain securities was determined by ING Funds Valuation Committee appointed by the Funds’ Board and in accordance with the methods specifically authorized by the Board.


				Initial
				Acquisition						Percent of Net
Fund	Security	Shares		Date		Cost		Value		Assets

Global Real Estate	Safestore Holdings Ltd.		2,818,865		03/09/07	$	11,285,365	$	3,266,355		0.3	%

						$	11,285,365	$	3,266,355		0.3	%

Global Value Choice	Lighthouse Caledonia		32,139		07/09/07	$	38,264	$	17,134		0.0	%

						$	38,264	$	17,134		0.0	%

Foreign	GOME Electrical Appliances Holdings Ltd.		652,303		01/31/07	$	171,037	$	65,651		0.0	%
	Inter Rao Ues OAO GDR		14,630		08/28/08		92,169		50,816		0.0	%
	Kusbassenergo OJSC GDR		4,865		08/28/08		25,663		9,625		0.0	%
	Mosenergo OAO — Spon GDR		23,485		08/28/08		114,489		57,491		0.1	%
	OGK-1 OAO GDR		67,340		08/28/08		153,199		41,797		0.1	%
	OGK-2 OAO GDR		17,500		08/28/08		76,125		25,900		0.0	%
	OGK-3 OJSC GDR		28,770		08/28/08		97,099		44,317		0.0	%
	OGK-6 OAO GDR		20,405		08/28/08		71,418		26,686		0.0	%
	RAO Energy System of East OAO		3,500,000		08/28/08		84,000		9,450		0.0	%
	Rolls-Royce Group PLC — C Shares Entitlement		5,254,563		09/30/05		9,413		7,773		0.0	%
	Territorial Generating Co. 1 GDR		26,740		08/28/08		72,867		21,806		0.0	%
	TGK-14 GDR		1,120		08/28/08		9,072		2,436		0.0	%
	TGK-2 GDR		4,515		08/28/08		44,473		6,409		0.0	%
	TGK-4 GDR		11,095		08/28/08		57,417		11,561		0.0	%
	TGK-9 OAO GDR		11,760		08/28/08		35,280		12,787		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		35		11/21/07		13,706		10,826		0.0	%
	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		35		11/21/07		374,865		92,232		0.0	%
	Volga Territorial Generating Co. GDR		11,690		08/28/08		63,711		13,417		0.0	%
	Yenisei Territorial — Spon GDR		12,040		08/28/08		26,789		7,582		0.0	%

						$	1,592,790	$	518,562		0.2	%

International Growth Opportunities	TNK-BP Holding		517,845		05/11/06	$	1,469,547	$	378,027		0.8	%

						$	1,469,547	$	378,027		0.8	%

International Real Estate	Central Pattana PCL		1,929,000		03/01/06	$	1,293,212	$	776,880		0.2	%
	Challenger Diversified Property Group		3,293,700		11/07/06		2,693,825		963,670		0.2	%
	Safestore Holdings Ltd.		1,351,100		03/09/07		4,641,072		1,565,585		0.4	%
	Yatra Capital Ltd.		90,700		11/27/06		1,191,305		280,812		0.1	%

						$	9,819,414	$	3,586,947		0.9	%

International SmallCap Multi-Manager	Hutchison Telecommunications Hong Kong Holdings Ltd.		933,000		01/29/09	$	76,570	$	87,882		0.0	%
	Oridion Systems Ltd.		59,474		05/23/08		526,591		295,110		0.1	%

						$	603,160	$	382,992		0.1	%

Russia	Bank St. Petersburg BRD — Class S		1,709,000		11/02/07	$	8,893,549	$	1,473,765		0.6	%
	LSR Group GDR		811,680		11/09/07		11,769,360		1,623,360		0.7	%
	Moscow City Telephone		135,000		04/18/02		1,079,980		1,590,181		0.7	%
	Novorossiysk Sea Trade Port BRD		6,060,000		11/02/07		1,551,360		454,500		0.2	%
	Open Investments		33,000		11/07/07		9,071,850		1,419,000		0.6	%
	RBC Information Systems		1,324,122		06/16/04		7,874,627		1,324,122		0.6	%
	RenShares Utilities Ltd.		1,899,872		08/26/05		2,744,925		1,786,279		0.8	%
	Uralsvyazinform		68,909,100		06/18/99		1,335,399		730,712		0.3	%

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 13 — ILLIQUID SECURITIES (continued)


				Initial
				Acquisition						Percent of Net
Fund	Security	Shares		Date		Cost		Value		Assets

	VolgaTelecom		2,225,000		11/11/98	$	6,464,739	$	1,775,628		0.8	%
	Vsmpo-Avisma Corp.		32,800		04/06/04		4,214,442		1,213,600		0.5	%

						$	55,000,231	$	13,391,147		5.8	%

Emerging Markets Fixed Income	Alfa Bond Issuance PLC for OJSC Alfa Bank, 8.635%, due 02/22/17		1,200,000		05/02/07	$	1,202,592	$	690,120		0.3	%
	Alto Parana SA, 6.375%, due 06/09/17		620,000		06/07/07		615,660		556,946		0.2	%
	Banco Safra Ltd., 10.875%, due 04/03/17		2,400,000		06/11/07		1,270,004		941,548		0.4	%
	Banco Votorantim, 10.625%, due 04/10/14		250,000		03/29/07		121,869		49,199		0.0	%
	Banco Votorantim, 10.625%, due 04/10/14		2,300,000		06/11/07		1,231,889		975,867		0.4	%
	Belize Government International Bond, 4.250% (step rate 6.000%), due 02/20/29		330,000		05/02/07		289,182		109,725		0.0	%
	Bosnia & Herzegovina Government International Bond, 17.290%, due 12/11/17		750,000		08/29/06		437,761		251,147		0.1	%
	City of Kiev Ukraine, 8.000%, due 11/06/15		550,000		02/17/06		572,950		219,629		0.1	%
	El Salvador Government International Bond, 7.650%, due 06/15/35		1,230,000		04/25/07		1,415,483		990,150		0.4	%
	Credit Suisse First Boston International for CJSC The EXIM of Ukraine, 6.800%, due 10/04/12		1,400,000		05/01/07		1,387,514		833,000		0.3	%
	Interoceanica IV Finance Ltd., 7.080%, due 11/30/18		320,000		05/03/07		226,541		166,080		0.1	%
	Interoceanica IV Finance Ltd., 6.720%, due 11/30/25		1,161,806		05/03/07		621,361		395,014		0.1	%
	Kazkommerts International BV — REG S, 7.500%, due 11/29/16		1,200,000		03/19/07		1,150,156		678,000		0.3	%
	Kazkommerts International BV, 7.500%, due 11/29/16		210,000		11/21/06		207,526		111,300		0.0	%
	Kuznetski Capital for Bank of Moscow, 7.500%, due 11/25/15		1,500,000		10/20/06		1,547,617		1,027,500		0.4	%
	Lebanon Government International Bond, 8.250%, due 04/12/21		210,000		01/18/07		207,468		199,143		0.1	%
	Majapahit Holding BV, 7.875%, due 06/29/37		1,060,000		06/21/07		1,035,898		710,200		0.3	%
	Province of Mendoza, 5.500%, due 09/04/18		752,097		10/24/06		583,905		285,797		0.1	%
	Standard Bank (Nak), 8.125%, due 09/30/09		500,000		05/02/07		501,663		430,000		0.2	%
	National Power Corp., 9.625%, due 05/15/28		450,000		02/01/06		493,297		432,000		0.2	%
	Pakistan Government International Bond, 7.125%, due 03/31/16		610,000		10/31/07		579,209		348,180		0.1	%
	Islamic Republic of Pakistan, 6.875%, due 06/01/17		3,695,000		07/25/07		3,293,750		1,967,588		0.7	%
	Peru Enhanced Pass-through Finance Ltd., 6.700%, due 05/31/18		2,906,401		06/28/07		2,085,000		1,613,053		0.6	%
	Peru Enhanced Pass-through Finance Ltd., 6.590%, due 05/31/18		242,200		12/14/06		173,045		134,421		0.1	%
	Petroleum Co. of Trinidad & Tobago Ltd., 6.000%, due 05/08/22		2,515,000		06/28/07		2,423,305		1,797,722		0.7	%
	Province of Buenos Aires Argentina, 3.000% (step rate 4.000%), due 05/15/35		5,600,000		05/30/06		2,604,836		1,122,800		0.4	%
	Province of Buenos Aires Argentina, 9.375%, due 09/14/18		2,480,000		07/30/07		2,161,436		700,600		0.3	%
	Province of Buenos Aires Argentina, 9.625%, due 04/18/28		4,130,000		05/01/07		4,124,438		1,166,725		0.4	%
	Provincia Del Neuquen Titulo Provincial, 8.656%, due 10/18/14		407,500		05/21/07		420,424		372,863		0.1	%
	Sibacademfinance PLC for URSA Bank, 9.125%, due 02/26/10		25,000,000		06/04/07		977,081		702,234		0.3	%
	Standard Bank PLC, 16.000%, due 07/20/09		143,584		01/26/07		143,584		132,791		0.1	%
	Standard Bank PLC, 15.000%, due 03/12/12		2,025,785		06/28/07		2,025,785		1,441,875		0.5	%

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 13 — ILLIQUID SECURITIES (continued)


				Initial
				Acquisition						Percent of Net
Fund	Security	Shares		Date		Cost		Value		Assets

	Transportadora Gas del Norte, 8.000%, due 12/31/12		1,285,000		05/24/07	$	1,270,865	$	282,700		0.1	%
	Transportadora Gas del Norte, 6.500%, due 12/31/12		40,368		10/31/06		39,226		8,881		0.0	%
	Transportadora Gas del Norte, 7.500%, due 12/31/12		200,000		04/16/09		200,000		44,000		0.0	%
	TuranAlem Finance BV, 8.250%, due 01/22/37		1,500,000		08/30/07		1,307,087		352,500		0.1	%
	UBS AG, 9.850%, due 08/02/17		2,000,000		07/26/07		1,997,040		1,663,807		0.6	%
	UBS AG, 12.000%, due 09/04/17		1,200,000		12/13/07		1,198,466		1,036,376		0.4	%
	UBS AG, due 12/27/13		400,000		01/05/07		397,866		347,490		0.1	%
	UK SPV Credit Finance PLC for JSC Commercial Bank Privatbank, 8.000%, due 02/06/12		2,800,000		01/25/07		2,779,693		1,050,000		0.4	%

						$	45,322,471	$	26,338,972		10.0	%

NOTE 14 — REORGANIZATION

On December 9, 2007, Index Plus International Equity, as listed below (“Acquiring Fund”), acquired the assets and certain liabilities of ING International Equity Fund, also listed below (“Acquired Fund”), in a tax-free reorganization in exchange for shares of the Acquiring Fund, pursuant to a plan of reorganization approved by the Acquired Fund’s shareholders. The number and value of shares issued by the Acquiring Fund are presented in Note 12 — Capital Share Transactions. Net assets and unrealized appreciation as of the reorganization date were as follows:

Acquired

Capital Loss

Acquired Fund

Acquiring

Acquired

Total Net Assets of

Carry forwards

Unrealized

Conversion

Fund

Acquired Fund (000’s)

Acquiring Fund (000’s)

(000’s)

Depreciation (000’s)

Ratio

Index Plus
International
Equity

ING International
Equity Fund

128,431

122,957

13,594

3,120

1.0243

The net assets of Index Plus International Equity after the acquisition were $251,388,007.

NOTE 15 — CONCENTRATION OF RISKS

Diversified International is also affected by other kinds of risks, depending on the types of securities held or strategies used by an Underlying Fund.

Investment by Funds-of-Funds (Diversified International). Each of the Underlying Funds’ shares may be purchased by other investment companies. In some cases, an Underlying Fund may experience large inflows or redemptions due to allocations or rebalancings. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on portfolio management. The Investment Adviser will monitor transactions by each Underlying Fund and will attempt to minimize any adverse effects on the Underlying Funds and the Fund as a result of these transactions. So long as an Underlying Fund accepts investments by other investment companies, it will not purchase securities of other investment companies, except to the extent permitted by the 1940 Act or under the terms of an exemptive order granted by the SEC.

Foreign Securities (All Funds). Investments in foreign securities may entail risks not present in domestic investments. Since securities in which the Funds and Underlying Funds may invest are denominated in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds and Underlying Funds. Foreign investments may also subject the Funds and Underlying Funds to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, as well as changes vis-a-vis the U.S. dollar from movements in currency, and changes in security value and interest rate, all of which could affect the market and/or credit risk of the Funds’ and Underlying Funds’ investments.

Emerging Markets Investments (All Funds except Index Plus International Equity). Because of less developed markets and economies and, in some countries, less mature governments and governmental institutions, the risks of investing in foreign securities can be

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 15 — CONCENTRATION OF RISKS (continued)

intensified in the case of investments in issuers domiciled or doing substantial business in emerging market countries.

Industry Concentration (Global Natural Resources, Global Real Estate, Asia-Pacific Real Estate, European Real Estate and International Real Estate). As a result of each Fund and each Underlying Fund concentrating its assets in securities related to a particular industry, each Fund or Underlying Fund may be subject to greater market fluctuation than a fund that invests in securities representing a broader range of investment alternatives.

Geographic Concentration (Asia-Pacific Real Estate, European Real Estate, Greater China and Russia). As a result of each Fund concentrating its assets in a single region of the world, each Fund’s performance may be more volatile than that of a fund that invests globally. If securities in the region that each Fund is concentrated fall out of favor, it may cause a Fund to underperform in relation to funds that focus on other types of stocks.

Non-Diversified (Global Natural Resources, Global Real Estate, Asia-Pacific Real Estate, Disciplined International SmallCap, European Real Estate, Greater China, International Real Estate, Russia, Emerging Markets Fixed Income and Global Bond). The Funds and Underlying Funds are each classified as non-diversified investment companies under the 1940 Act, which means that each Fund or Underlying Fund is not limited by the 1940 Act in the proportion of assets that they may invest in the obligations of a single issuer. Declines in the value of that single company can significantly impact the value of a Fund or Underlying Fund. The investment of a large percentage of a Fund’s or Underlying Fund’s assets in the securities of a small number of issuers may cause a Fund’s share price to fluctuate more than that of a diversified investment company. Conversely, even though classified as non-diversified, a Fund or Underlying Fund may actually maintain a portfolio that is diversified with a large number of issuers. In such an event, a Fund or Underlying Fund would benefit less from appreciation in a single corporate issuer than if it had greater exposure to that issuer.

Restricted and Illiquid Securities (All Funds). If a security is illiquid, a Fund or Underlying Fund may not be able to sell the security at a time when the Investment Adviser or a Sub-Adviser might wish to sell, and the security could have the effect of decreasing the overall level of a Fund’s or Underlying Fund’s liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount a Fund or Underlying Fund could realize upon disposition. Restricted securities, i.e., securities subject to legal or contractual restrictions on resale, may be illiquid. However, some restricted securities may be treated as liquid, although they may be less liquid than registered securities traded on established secondary markets.

Rule 144A Securities (Global Real Estate, Global Value Choice, Asia-Pacific Real Estate, European Real Estate, Greater China, International Real Estate and International Value Choice). Rule 144A securities are securities that are not registered, but which are bought and sold solely by institutional investors. Each Fund generally considers Rule 144A securities to be “liquid” although the market for such securities typically is less active than public securities markets and may lead to less ability to sell these securities.

During the period, Lehman Brothers Holdings, Inc. (LBHI) and certain of its affiliates sought protection under the insolvency laws of their jurisdictions of organization, including the United States, the United Kingdom and Japan. For the period ended April 30, 2009, Global Bond had outstanding securities trades with counterparties affiliated with LBHI. As a result of these events, LBHI’s affiliates were unable to fulfill their commitments and, in certain cases, Global Bond may have terminated its trades and related agreements with the relevant entities and, where appropriate, is in the process of initiating claims for damages. Management has determined that the financial impact to the Funds relating to these events is immaterial.

NOTE 16 — SECURITIES LENDING

Under an agreement with The Bank of New York Mellon (“BNY”), the Funds can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned when the transaction is entered into and is adjusted daily for changes in the market values of the securities on loan. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with BNY (the “Agreement”). The Funds bear the risk of loss with respect to the investment of collateral. Currently, the cash collateral is invested in the Bank of New York Mellon Corp.

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 16 — SECURITIES LENDING (continued)

Institutional Cash Reserves Fund (“BICR Fund”). BNY serves as investment manager, custodian and operational trustee of the BICR Fund. As of April 30, 2009, the BICR Fund held certain defaulted securities that had market values significantly below amortized cost. The investment in the BICR Fund is included in the Portfolio of Investments under Securities Lending Collateral and the unrealized loss on such investment is included in Net Unrealized Depreciation on the Statements of Assets and Liabilities. The Funds agreed to the terms of capital support extended by The Bank of New York Mellon Corporation (“BNYC”), an affiliated company of BNY, for the certain defaulted securities held by the BICR Fund. BNYC will support the value of these securities up to a certain amount and subject, in part, to the Funds’ continued lending of securities. The recorded value of each Fund’s investment in the BICR Fund includes the value of the underlying securities held by the BICR Fund and the estimated value of the support to be provided by BNYC.

Generally, in the event of counterparty default, the Funds have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss to the Funds in the event the Funds are delayed or prevented from exercising their right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Fund. At April 30, 2009, the following Funds had securities on loan with the following market values:


	Value of		Cash
	Securities		Collateral
	Loaned		Received*

Global Equity Dividend	$	168,546	$	182,453
Global Real Estate		18,320,386		18,940,357
Global Value Choice		8,341,134		8,846,571
Emerging Countries		5,527,055		5,561,927
Foreign		5,563,125		5,587,351
International Growth Opportunities		2,447,685		2,434,322
International SmallCap Multi-Manager		3,171,349		3,412,553
International Value		50,966,124		53,303,120
Russia		19,549,284		20,911,094


*	Cash collateral received was invested in the BICR , the fair value of which is presented in the respective Fund’s Portfolio of Investments.

NOTE 17 — FEDERAL INCOME TAXES

The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 17 — FEDERAL INCOME TAXES (continued)

Dividends paid by the Funds from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders. The tax composition of dividends and distributions to shareholders was as follows:


	Six Months Ended April 30, 2009							Year Ended October 31, 2008
														Dividends Paid
	Ordinary		Long-Term			Return of		Ordinary		Long-Term		Return of		Deduction on
	Income		Capital Gains			Capital		Income		Capital Gains		Capital		Redemptions

Global Equity Dividend	$	1,198,778	$	—		$	—	$	16,829,413	$	20,212,116	$	987,059	$	—
Global Natural Resources		254,842	��	5,303,256			—		20,465,025		7,709,284		—		2,046,138
Global Real Estate⁽¹⁾		9,432,885		1,490,719			10,014,713		54,457,206		3,823,017		—		4,315,681
Global Value Choice		—		—			—		453,191		—		—		—
Asia-Pacific Real Estate		48,728		—			—		68,616		—		—		—
Disciplined International SmallCap		8,388,431		—			—		10,885,408		—		—		—
Emerging Countries		2,865,900		—			—		3,353,946		8,984,526		—		—
European Real Estate		123,585		—			—		77,180		—		—		—
Foreign		10,717,034		—			—		4,162,876		40,260,324		—		—
Greater China		1,755,328		256,607			—		6,807,369		1,427,245		—		704,722
Index Plus International Equity		4,688,144		—			—		11,803,802		2,716,188		—		—
International Capital Appreciation		1,122,718		—			—		5,739,016		1,233,537		—		—
International Equity Dividend		288,905		—			—		2,583,013		—		197,865		—
International Growth Opportunities		187,976		—			—		10,559,321		10,794,409		—		—
International Real Estate		5,140,116		—			—		18,504,346		—		9,785,496		—
International SmallCap Multi-Manager		11,110,978		—			—		78,413,094		66,294,175		—		—
International Value		96,496,970		257,259,802			—		169,348,535		657,984,681		—		122,133,081
International Value Choice		620,515		—			—		4,885,936		7,696,698		—		—
Russia		—		82,435,953	��		—		—		137,654,710		—		54,251,300
Emerging Markets Fixed Income		5,967,322		—			—		14,743,967		—		5,503,726		—
Global Bond		2,648,234		—			—		4,587,274		—		—		—
Diversified International		27,653,909		—			—		11,317,059		1,925,350		—		—


⁽¹⁾	Composition of dividends and distributions presented herein is based on the Fund’s tax year-end of December 31.

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 17 — FEDERAL INCOME TAXES (continued)

The tax-basis components of distributable earnings and the expiration dates of the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of October 31, 2008 were:


	Undistributed		Undistributed		Unrealized			Post-October
	Ordinary		Long-Term		Appreciation/			Capital Loss			Capital Loss			Expiration
	Income		Capital Gains		(Depreciation)			Deferred			Carryforwards			Dates

Global Equity Dividend	$	—	$	—	$	(81,657,462	)	$	—		$	(24,895,240	)		2016
Global Natural Resources		—		5,302,516		(38,744,976	)		—			—			—
Global Real Estate⁽¹⁾		—		—		(604,939,340	)		(102,875,210	)		(164,232,218	)		2016
Global Value Choice		—		—		(40,890,857	)		—			(60,707,345	)		2009
												(81,779,077	)		2010
												(6,183,953	)		2011

											$	(148,670,375	)

Asia-Pacific Real Estate		10,095		—		(4,117,756	)		—			(1,331,831	)		2016
Disciplined International SmallCap		7,938,474		—		(146,070,521	)		—			(73,249,417	)		2016
Emerging Countries		2,746,170		—		(64,756,716	)		—			(53,090,356	)		2016
European Real Estate		95,760		—		(2,067,073	)		—			(872,339	)		2016
Foreign		10,422,707		—		(70,517,583	)		—			(72,680,314	)		2016
Greater China		1,754,292		255,507		(15,228,755	)		—			—			—
Index Plus International Equity		4,340,365		—		(66,977,435	)		—			(37,732,800	)		2016
International Capital Appreciation		1,054,798		—		(38,079,789	)		—			(6,257,099	)		2016
International Equity Dividend		—		—		(21,245,454	)		—			(9,689,793	)		2016
International Growth Opportunities		187,257		—		(52,137,198	)		—			(4,921,856	)		2016
International Real Estate		—		—		(276,937,528	)		—			(26,312	)		2014
												(2,515,843	)		2015
												(68,924,625	)		2016

											$	(71,466,780	)

International SmallCap Multi-Manager		10,691,669		—		(304,493,075	)		—			(153,055,822	)		2016
International Value		94,762,532		257,239,139		(1,228,441,276	)		—			—			—
International Value Choice		568,651		—		(28,080,682	)		—			(195,990	)		2016
Russia		—		82,386,197		(227,135,851	)		—			—			—
Emerging Markets Fixed Income		—		—		(98,866,204	)		—			(593,649	)		2015
												(7,586,987	)		2016

											$	(8,180,636	)

Global Bond		1,841,225		—		(7,144,137	)		—			—			—
Diversified International		20,777,313		—		(190,744,358	)		—			(28,060,058	)		2016


⁽¹⁾	As of the Fund’s tax year ended December 31, 2008.

The Funds’ major tax jurisdictions are federal and Arizona. The earliest tax year that remains subject to examination by these jurisdictions is 2003.

As of April 30, 2009, no provisions for income tax would be required in the Funds’ financial statements as a result of tax positions taken on federal income tax returns for open tax years. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue.

100

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 18 — OTHER ACCOUNTING PRONOUNCEMENTS

On March 19, 2008, the FASB issued Statement of Financial Accounting Standards No. 161 (“SFAS No. 161”), “Disclosure about Derivative Instruments and Hedging Activities.” This new accounting statement requires enhanced disclosures about an entity’s derivative and hedging activities. Entities are required to provide enhanced disclosures about (a) how and why an entity invests in derivatives, (b) how derivatives are accounted for under SFAS No. 133, and (c) how derivatives affect an entity’s financial position, financial performance, and cash flows. SFAS No. 161 also requires enhanced disclosures regarding credit-risk-related contingent features of derivative instruments. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. As of April 30, 2009, management of the Funds is currently assessing the impact of the expanded financial statement disclosures that will result from adopting SFAS No. 161.

NOTE 19 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS

As discussed in earlier supplements that were previously filed with the SEC, ING Investments, the adviser to the ING Funds, has reported to the Boards of Directors/Trustees (the “Boards”) of the ING Funds that, like many U.S. financial services companies, ING Investments and certain of its U.S. affiliates have received informal and formal requests for information since September 2003 from various governmental and self-regulatory agencies in connection with investigations related to mutual funds and variable insurance products. ING Investments has advised the Boards that it and its affiliates have cooperated fully with each request.

In addition to responding to regulatory and governmental requests, ING Investments reported that management of U.S. affiliates of ING Groep N.V., including ING Investments (collectively, “ING”), on their own initiative, have conducted, through independent special counsel and a national accounting firm, an extensive internal review of trading in ING insurance, retirement, and mutual fund products. ING’s internal review related to mutual fund trading has been completed. ING has reported that, of the millions of customer relationships that ING maintains, the internal review identified several isolated arrangements allowing third parties to engage in frequent trading of mutual funds within ING’s variable insurance and mutual fund products, and identified other circumstances where frequent trading occurred, despite measures taken by ING intended to combat market timing. ING further reported that each of these arrangements has been terminated and fully disclosed to regulators. The results of the internal review were also reported to the independent members of the Boards.

ING Investments has advised the Boards that most of the identified arrangements were initiated prior to ING’s acquisition of the businesses in question in the U.S. ING Investments further reported that the companies in question did not receive special benefits in return for any of these arrangements, which have all been terminated.

Based on the internal review, ING Investments has advised the Boards that the identified arrangements do not represent a systemic problem in any of the companies that were involved.

Despite the extensive internal review conducted through independent special counsel and a national accounting firm, there can be no assurance that the instances of inappropriate trading reported to the Boards are the only instances of such trading respecting the ING Funds.

ING Investments reported to the Boards that ING is committed to conducting its business with the highest standards of ethical conduct with zero tolerance for noncompliance. Accordingly, ING Investments advised the Boards that ING management was disappointed that its voluntary internal review identified these situations. Viewed in the context of the breadth and magnitude of its U.S. business as a whole, ING management does not believe that ING’s acquired companies had systemic ethical or compliance issues in these areas. Nonetheless, ING Investments reported that given ING’s refusal to tolerate any lapses, it has taken the steps noted below, and will continue to seek opportunities to further strengthen the internal controls of its affiliates.

•

ING has agreed with the ING Funds to indemnify and hold harmless the ING Funds from all damages resulting from wrongful conduct by ING or its employees or from ING’s internal investigation, any investigations conducted by any governmental or self-regulatory agencies, litigation or other formal proceedings, including any proceedings by the SEC. ING Investments reported to the Boards that the indemnification commitments made by ING Funds related to mutual fund trading have been settled and restitution amounts prepared by an independent consultant have been paid to the affected ING Funds. The net aggregate settlement

101

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 19 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS (continued)

amounts received by the Funds on December 17, 2008 are as follows:


Emerging Countries	$	437,763
International Growth Opportunities	$	194,530
International SmallCap Multi-Manager	$	1,028,303
International Value	$	55,278


•	ING updated its Code of Conduct for employees reinforcing its employees’ obligation to conduct personal trading activity consistent with the law, disclosed limits, and other requirements.

Other Regulatory Matters

The New York Attorney General and other federal and state regulators are also conducting broad inquiries and investigations involving the insurance industry. These initiatives currently focus on, among other things, compensation and other sales incentives; potential conflicts of interest; potential anti-competitive activity; reinsurance; marketing practices (including suitability); specific product types (including group annuities and indexed annuities); fund selection for investment products and brokerage sales; and disclosure. It is likely that the scope of these industry investigations will further broaden before they conclude. ING has received formal and informal requests in connection with such investigations, and is cooperating fully with each request.

Other federal and state regulators could initiate similar actions in this or other areas of ING’s businesses. These regulatory initiatives may result in new legislation and regulation that could significantly affect the financial services industry, including businesses in which ING is engaged. In light of these and other developments, ING continuously reviews whether modifications to its business practices are appropriate. At this time, in light of the current regulatory factors, ING U.S. is actively engaged in reviewing whether any modifications in our practices are appropriate for the future.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares, or other adverse consequences to ING Funds.

102

NOTES TO FINANCIAL STATEMENTS as of April 30, 2009 (Unaudited) (continued)

NOTE 20 — SUBSEQUENT EVENTS

Subsequent to April 30, 2009, the following Fund paid dividends from net investment income:

Per Share

Payable

Record

Amount

Date

Emerging Markets Fixed Income

Class A

0.0300

June 2, 2009

May 29, 2009

Class B

0.0193

June 2, 2009

May 29, 2009

Class C

0.0224

June 2, 2009

May 29, 2009

Class I

0.0325

June 2, 2009

May 29, 2009

Effective June 2, 2009, the terms of the Funds’ Line of Credit Agreement have changed. Each of the Funds included in this report, with the exception of Diversified International, in addition to certain other funds managed by the Investment Adviser or an affiliate of the Investment Adviser, have entered into an unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $125,000,000. The proceeds may be used only to: (1) temporarily finance the purchase and sale of securities; or (2) finance the redemption of shares of an investor in the Funds. The Funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.

103

PORTFOLIO OF INVESTMENTS

ING Global Equity Dividend Fund

as of April 30, 2009 (Unaudited)


Shares				Value



COMMON STOCK: 95.2%

			Australia:5.2%
	86,212		Australia & New Zealand Banking Group Ltd.	$	994,215
	287,165		Foster’s Group Ltd.		1,098,009
	415,904		Insurance Australia Group		1,048,148
	413,472		Macquarie Airports Management Ltd.		545,000
	184,934		Suncorp-Metway Ltd.		789,075
	77,087		Wesfarmers Ltd.		1,266,514

					5,740,961


			Brazil: 2.1%
	88,084		Cia Vale do Rio Doce ADR		1,209,393
	18,598		Petroleo Brasileiro SA ADR		501,774
	37,356		Tele Norte Leste Participacoes SA ADR		580,886

					2,292,053


			Canada: 2.9%
	44,583		Enerplus Resources Fund		841,727
	27,318		Toronto Dominion Bank		1,078,252
	50,052		TransCanada Corp.		1,249,098

					3,169,077


			Finland: 1.1%
	88,165		Nokia OYJ		1,252,249

					1,252,249


			France: 6.0%
	25,571		Accor SA		1,081,951
	20,032		Sanofi-Aventis		1,160,096
	33,464		Total SA		1,674,398
	27,474		Vinci SA		1,230,848
	55,708		Vivendi		1,497,937

					6,645,230


			Germany: 4.8%
	13,722		Deutsche Boerse AG		1,013,709
	37,873		E.ON AG		1,280,751
	5,800		Muenchener Rueckversicherungs AG		801,388
	17,880		Siemens AG		1,202,159
	47,742		ThyssenKrupp AG		1,021,380

					5,319,387


			Hong Kong: 0.9%
	22,720		China Mobile Ltd. ADR		980,595

					980,595


			Italy: 4.4%
	44,411		Banche Popolari Unite Scpa		612,354
	82,537		ENI S.p.A.		1,771,174
	78,399		Italcementi S.p.A. RSP		496,968
	212,119		Mediaset S.p.A.		1,191,593
	206,062		Snam Rete Gas S.p.A.		816,091

					4,888,180


			Japan: 5.4%
	94,000		Mitsui OSK Lines Ltd.		537,162
	6,000		Nintendo Co., Ltd.		1,613,167
	17,600		Sumitomo Mitsui Financial Group, Inc.		610,389
	129,000		Sumitomo Trust & Banking Co., Ltd.		539,823
	28,900		Takeda Pharmaceutical Co., Ltd.		1,024,931
	27,400		Toyota Motor Corp.		1,084,458
	18,000	@	Trend Micro, Inc.		548,114

					5,958,044


			Netherlands: 3.4%
	13,768		Akzo Nobel NV		575,781
	50,022		Royal Dutch Shell PLC		1,147,242
	61,480		TNT NV		1,133,046
	42,163		Unilever NV		834,298

					3,690,367


			New Zealand: 0.6%
	403,625		Telecom Corp. of New Zealand Ltd.		645,388

					645,388


			Poland: 0.9%
	179,668		Telekomunikacja Polska SA		943,879

					943,879


			Singapore: 0.8%
	142,500		DBS Group Holdings Ltd.		905,920

					905,920


			South Korea: 1.1%
	39,684	@,L	KT Corp. ADR		568,275
	12,584		S-Oil Corp.		587,316

					1,155,591


			Spain: 3.0%
	102,605		Banco Bilbao Vizcaya Argentaria SA		1,111,999
	121,863		Banco Santander Central Hispano SA		1,172,194
	50,463		Telefonica SA		969,466

					3,253,659


			Switzerland: 2.8%
	10,218		Alcon, Inc.		940,158
	56,478		Compagnie Financiere Richemont SA		1,011,047
	29,427		Novartis AG		1,113,762

					3,064,967


			Taiwan: 1.0%
	109,235		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,154,614

					1,154,614


			Thailand: 0.5%
	170,800		Siam Cement PCL		587,713

					587,713


			United Kingdom: 7.3%
	31,750		AstraZeneca PLC		1,111,741
	248,899		BP PLC		1,758,882
	71,442		GlaxoSmithKline PLC		1,100,438
	148,997		HSBC Holdings PLC		1,059,587
	68,286		Scottish & Southern Energy PLC		1,112,816
	201,959		Tate & Lyle PLC		818,566
	601,196		Vodafone Group PLC		1,104,981

					8,067,011


			United States: 41.0%
	39,789		AGL Resources, Inc.		1,240,223
	8,756		Air Products & Chemicals, Inc.		577,020
	27,599		Altria Group, Inc.		450,692
	41,086		American Electric Power Co., Inc.		1,083,849
	45,648		Arthur J. Gallagher & Co.		1,026,167
	59,551		AT&T, Inc.		1,525,697
	47,520		Bristol-Myers Squibb Co.		912,384
	22,245		Chevron Corp.		1,470,395
	33,763		Coca-Cola Co.		1,453,497
	28,079		Consolidated Edison, Inc.		1,042,573
	102,908		Dow Chemical Co.		1,646,528
	41,739		Duke Energy Corp.		576,416
	41,907		EI Du Pont de Nemours & Co.		1,169,205
	34,463		Emerson Electric Co.		1,173,121
	21,596		Exelon Corp.		996,223
	15,261		ExxonMobil Corp.		1,017,451
	78,531		General Electric Co.		993,417

See Accompanying Notes to Financial Statements

104

PORTFOLIO OF INVESTMENTS

ING Global Equity Dividend Fund

as of April 30, 2009 (Unaudited) (continued)


Shares						Value


			United States (continued)
	33,557		H&R Block, Inc.			$	508,053
	21,161		Home Depot, Inc.				556,958
	34,493		Honeywell International, Inc.				1,076,527
	66,277		Intel Corp.				1,045,851
	21,065		Johnson & Johnson				1,102,963
	21,511		Kimberly-Clark Corp.				1,057,051
	10,581	@	Kinder Morgan Energy Partners LP				505,349
	70,890		Kraft Foods, Inc.				1,658,826
	56,123		Leggett & Platt, Inc.				805,926
	17,116		Lorillard, Inc.				1,080,533
	87,666		Mattel, Inc.				1,311,483
	42,548		MeadWestvaco Corp.				666,302
	41,362		Merck & Co., Inc.				1,002,615
	85,569		Microsoft Corp.				1,733,628
	109,496		Newell Rubbermaid, Inc.				1,144,233
	100,106		NiSource, Inc.				1,100,165
	51,514		NYSE Euronext				1,193,579
	119,897		Pfizer, Inc.				1,601,824
	27,456		Philip Morris International, Inc.				993,907
	42,583		Pitney Bowes, Inc.				1,044,987
	15,776		Procter & Gamble Co.				779,965
	28,086		Reynolds American, Inc.				1,066,706
	125,056		Sara Lee Corp.				1,040,466
	32,177		Southern Co.				929,272
	56,777		Spectra Energy Corp.				823,267
	22,922		Wyeth				971,893

							45,157,187

			Total Common Stock (Cost $128,832,125 )				104,872,072


REAL ESTATE INVESTMENT TRUSTS: 1.5%

			Australia: 0.5%
	67,127		Westfield Group				523,974

							523,974


			Netherlands: 0.5%
	12,736		Corio NV				565,269

							565,269


			United States: 0.5%
	14,833		Rayonier, Inc.				572,850

							572,850

			Total Real Estate Investment Trusts (Cost $2,817,855 )				1,662,093


RIGHTS: 0.2%

			Italy: 0.2%
	206,062		Snam Rete Gas S.p.A.				158,132

			Total Rights (Cost $217,364 )				158,132

			Total Long-Term Investments (Cost $131,867,344)				106,692,297

Principal
Amount						Value



SHORT-TERM INVESTMENTS: 0.1%

			Securities Lending Collateral^cc: 0.1%
$	182,453		Bank of New York Mellon Corp. Institutional Cash Reserves			$	157,673

			Total Short-Term Investments (Cost $182,453)				157,673

		Total Investments in Securities
		(Cost $132,049,797)*		97.0	%		106,849,970
		Other Assets and Liabilities - Net		3.0			3,317,912

		Net Assets		100.0	%	$	110,167,882


@		Non-income producing security
ADR		American Depositary Receipt
L		Loaned security, a portion or all of the security is on loan at April 30, 2009.

*		Cost for federal income tax purposes is $139,942,327.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	3,912,942
Gross Unrealized Depreciation		(37,005,299	)

Net Unrealized Depreciation	$	(33,092,357	)

See Accompanying Notes to Financial Statements

105

PORTFOLIO OF INVESTMENTS

ING Global Equity Dividend Fund

as of April 30, 2009 (Unaudited) (continued)


	Percentage of
Industry	Net Assets


Agriculture		3.3	%
Auto Manufacturers		1.0
Banks		8.1
Beverages		2.3
Building Materials		1.0
Chemicals		3.6
Commercial Services		0.5
Cosmetics/Personal Care		0.7
Diversified		0.5
Diversified Financial Services		2.0
Electric		6.4
Electrical Components & Equipment		1.1
Engineering & Construction		1.6
Food		3.9
Forest Products & Paper		0.6
Gas		3.0
Healthcare — Products		1.8
Household Products/Wares		1.0
Housewares		1.0
Insurance		2.6
Internet		0.5
Iron/Steel		0.9
Lodging		1.0
Media		2.4
Mining		1.1
Miscellaneous Manufacturers		3.7
Office/Business Equipment		0.9
Oil & Gas		9.8
Paper & Related Products		0.5
Pharmaceuticals		9.1
Pipelines		2.3
Retail		2.6
Semiconductors		2.0
Shopping Centers		0.5
Software		1.6
Telecommunications		7.8
Toys/Games/Hobbies		2.6
Transportation		1.5
Short-Term Investments		0.1
Other Assets and Liabilities — Net		3.0

Net Assets		100.0	%

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*
Level 1 — Quoted Prices	$	58,294,697	$	—
Level 2 — Other Significant Observable Inputs†		48,555,273		—
Level 3 — Significant Unobservable Inputs		—		—

Total	$	106,849,970	$	—

“Fair value” for purposes of SFAS 157 is different from “fair value” as used in the 1940 Act. The former generally implies market value, and can include market quotations as a source of value, and the latter refers to determinations of value in absence of available market quotations.

*Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end.

†The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Fund’s investments are categorized as Level 2 investments.

See Accompanying Notes to Financial Statements

106

PORTFOLIO OF INVESTMENTS

ING Global Natural Resources Fund

as of April 30, 2009 (Unaudited)


Shares						Value



COMMON STOCK: 99.5%

			Australia: 2.2%
	23,398		BHP Billiton Ltd. ADR			$	1,126,380
	12,972		Santos Ltd.				152,898
	105,772	@	Sino Gold Ltd.				417,409
	62,874	@	White Energy Co., Ltd.				70,526

							1,767,213


			Brazil: 0.6%
	30,763		Cia Vale do Rio Doce ADR				507,897

							507,897


			Canada: 22.4%
	17,517		Agnico-Eagle Mines Ltd.				772,675
	56,431		Barrick Gold Corp.				1,642,142
	50,751		Canadian Natural Resources Ltd.				2,340,129
	61,901	@	Eldorado Gold Corp. (Canadian Denominated Security)				491,764
	83,789		EnCana Corp.				3,831,669
	29,788		GoldCorp, Inc.				819,766
	60,105		Kinross Gold Corp.				928,622
	11,198		Major Drilling Group International				126,966
	99,202		Nexen, Inc.				1,894,758
	8,100		Potash Corp. of Saskatchewan				700,569
	63,670		Suncor Energy, Inc.				1,614,671
	172,197		Talisman Energy, Inc.				2,159,350
	68,195		Yamana Gold, Inc.				539,422

							17,862,503


			France: 0.3%
	5,518		Total SA ADR				274,355

							274,355


			Italy: 0.5%
	8,700		ENI S.p.A. ADR				371,403

							371,403


			Netherlands: 1.0%
	17,310		Royal Dutch Shell PLC ADR — Class A				790,721

							790,721


			South Africa: 0.9%
	14,837		Anglogold Ashanti Ltd. ADR				456,980
	27,107		Gold Fields Ltd. ADR				281,913

							738,893


			United Kingdom: 1.9%
	27,837		Anglo American PLC ADR				299,804
	7,589		Rio Tinto PLC ADR				1,236,628

							1,536,432


			United States: 69.7%
	108,000		Alcoa, Inc.				979,560
	31,800	@	Alpha Natural Resources, Inc.				651,264
	45,549		Anadarko Petroleum Corp.				1,961,340
	46,246		Apache Corp.				3,369,484
	72,888		Arch Coal, Inc.				1,018,245
	7,331		Basic Energy Services, Inc.				74,776
	100,691		BJ Services Co.				1,398,598
	16,600		Cameron International Corp.				424,628
	70,415		Chevron Corp.				4,654,432
	39,731		Cimarex Energy Co.				1,068,764
	10,498		Cliffs Natural Resources, Inc.				242,084
	75,706		ConocoPhillips				3,103,946
	11,590		Consol Energy, Inc.				362,535
	2,500		Core Laboratories NV				208,075
	46,748		Devon Energy Corp.				2,423,884
	7,400		Energen Corp.				267,288
	26,800		ENSCO International, Inc.				757,904
	20,949		EOG Resources, Inc.				1,329,843
	78,552		ExxonMobil Corp.				5,237,062
	32,784		Freeport-McMoRan Copper & Gold, Inc.				1,398,238
	70,224		Halliburton Co.				1,419,929
	15,596		Hess Corp.				854,505

	19,400		International Paper Co.				245,604
	91,194		Marathon Oil Corp.				2,708,462
	59,400	@	National Oilwell Varco, Inc.				1,798,632
	16,466		Newmont Mining Corp.				662,592
	3,500		Nucor Corp.				142,415
	66,097		Occidental Petroleum Corp.				3,720,600
	9,800		Oil States International, Inc.				185,220
	14,600		Pactiv Corp.				319,156
	103,769		Patterson-UTI Energy, Inc.				1,318,904
	25,163		Peabody Energy Corp.				664,052
	69,038		Schlumberger Ltd.				3,382,172
	41,165		Smith International, Inc.				1,064,115
	11,700		Tidewater, Inc.				506,025
	16,761	@	Transocean, Ltd.				1,131,032
	14,000		Ultra Petroleum Corp.				599,200
	11,912		United States Steel Corp.				316,264
	49,200		Valero Energy Corp.				976,128
	39,682		W&T Offshore, Inc.				368,249
	85,863		Williams Cos., Inc.				1,210,668
	32,802		XTO Energy, Inc.				1,136,917

							55,662,791

			Total Common Stock (Cost $96,890,026)				79,512,208


SHORT-TERM INVESTMENTS: 0.9%

			Affiliated Mutual Fund: 0.9%
	732,000		ING Institutional Prime Money Market Fund — Class I				732,000

			Total Short-Term Investments (Cost $732,000)				732,000

		Total Investments in Securities
		(Cost $97,622,026)*		100.4	%	$	80,244,208
		Other Assets and Liabilities - Net		(0.4	)		(348,823	)

		Net Assets		100.0	%	$	79,895,385


@		Non-income producing security
ADR		American Depositary Receipt

*		Cost for federal income tax purposes is $100,892,970.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	4,471,445
Gross Unrealized Depreciation		(25,120,207	)

Net Unrealized Depreciation	$	(20,648,762	)


	Percentage of
Industry	Net Assets


Chemicals		0.9	%
Coal		3.5
Forest Products & Paper		0.3
Gas		0.3
Iron/Steel		0.9
Mining		15.9
Oil & Gas		62.8
Oil & Gas Services		12.4
Packaging & Containers		0.4
Pipelines		1.5
Transportation		0.6
Short-Term Investments		0.9
Other Assets and Liabilities — Net		(0.4	)

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

107

PORTFOLIO OF INVESTMENTS

ING Global Natural Resources Fund

as of April 30, 2009 (Unaudited) (continued)

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*
Level 1 — Quoted Prices	$	79,603,375	$	—
Level 2 — Other Significant Observable Inputs		640,833		—
Level 3 — Significant Unobservable Inputs		—		—

Total	$	80,244,208	$	—

See Accompanying Notes to Financial Statements

108

PORTFOLIO OF INVESTMENTS

ING Global Real Estate Fund

as of April 30, 2009 (Unaudited)


Shares					Value



COMMON STOCK: 29.1%

				Brazil: 0.5%
	665,200		@	BR Malls Participacoes SA	$	4,977,718

						4,977,718


				Germany: 0.2%
	76,207			Deutsche Euroshop AG		2,160,859

		��				2,160,859


				Hong Kong: 13.7%
	3,266,457			Cheung Kong Holdings Ltd.		33,695,457
	2,854,000			Hang Lung Group Ltd.		10,452,524
	5,637,000			Hang Lung Properties Ltd.		15,832,631
	1,452,000			Henderson Land Development Co., Ltd.		6,763,439
	2,116,700			Hongkong Land Holdings Ltd.		5,228,052
	1,679,000			Hysan Development Co., Ltd.		3,049,286
	3,474,800			Kerry Properties Ltd.		10,492,640
	3,243,700			Sino Land Co.		4,131,463
	5,188,400			Sun Hung Kai Properties Ltd.		53,636,411
	1,601,075			Wharf Holdings Ltd.		5,267,919

						148,549,822


				India: 0.1%
	1,023,600			Unitech Ltd. (Global Instrument, Issuer: Macquarie Group Ltd.)		901,161

						901,161


				Japan: 11.2%
	276,300			Aeon Mall Co., Ltd.		3,616,909
	255,000			Daito Trust Construction Co., Ltd.		10,633,024
	3,421,400			Mitsubishi Estate Co., Ltd.		44,721,632
	2,999,600			Mitsui Fudosan Co., Ltd.		37,742,351
	2,048			NTT Urban Development Corp.		1,660,269
	1,949,400			Sumitomo Realty & Development Co., Ltd.		23,383,649

						121,757,834


				Singapore: 1.7%
	9,678,900			CapitaLand Ltd.		17,854,697

						17,854,697


				Sweden: 0.6%
	789,310			Castellum AB		4,977,590
	323,537			Hufvudstaden AB		1,932,263

						6,909,853


				Switzerland: 0.8%
	195,369		@	PSP Swiss Property AG		9,182,618

						9,182,618


				United Kingdom: 0.3%
	2,818,865		I	Safestore Holdings Ltd.		3,266,355

						3,266,355

				Total Common Stock (Cost $406,826,604)		315,560,917


REAL ESTATE INVESTMENT TRUSTS: 69.3%

				Australia: 8.6%
	5,714,200			CFS Retail Property Trust		6,831,911
	33,976,545			Dexus Property Group		17,968,636
	7,397,600			GPT Group		2,519,686
	17,938,276			Macquarie Goodman Group		4,801,340
	9,207,478			Mirvac Group		6,985,689
	2,221,300			Stockland		5,067,773
	6,274,554			Westfield Group		48,977,317

						93,152,352


				Belgium: 0.0%
	450			Cofinimmo		49,348

						49,348


				Canada: 1.9%
	494,200		@,#	Calloway Real Estate Investment Trust		4,410,651
	273,700			Canadian Real Estate Investment Trust		4,472,597
	261,700			Primaris Retail Real Estate		2,289,573
	820,900			RioCan Real Estate Investment Trust		9,410,804

						20,583,625


				France: 6.0%
	397			Fonciere Des Regions		21,739
	72,510			ICADE		5,609,289
	433,252			Klepierre		9,631,821
	104,037			Mercialys		3,194,817
	36,743			Societe Immobiliere de Location pour l’Industrie et le Commerce		3,091,238
	295,486			Unibail		44,064,554

						65,613,458


				Hong Kong: 1.4%
	7,761,200			Link Real Estate Investment Trust		15,087,443

						15,087,443


				Japan: 4.8%
	727			Frontier Real Estate Investment Corp.		4,010,436
	296			Japan Logistics Fund, Inc.		1,768,917
	2,219			Japan Real Estate Investment Corp.		15,700,170
	694			Japan Retail Fund Investment Corp.		2,426,974
	331			Nippon Accommodations Fund, Inc.		1,462,436
	1,832			Nippon Building Fund, Inc.		14,884,492
	496			Nomura Real Estate Office Fund, Inc.		2,570,011
	761			Orix JREIT, Inc.		2,854,673
	586			Tokyu Real Estate Investment Trust, Inc.		2,701,026
	751			United Urban Investment Corp.		3,393,516

						51,772,651


				Netherlands: 2.3%
	326,286			Corio NV		14,481,735
	167,949			Eurocommercial Properties NV		4,949,708
	45,480			Vastned Retail NV		2,008,702
	46,178			Wereldhave NV		3,168,144

						24,608,289


				Singapore: 1.9%
	8,863,466		@	Ascendas Real Estate Investment Trust		7,962,739
	13,866,101		@	CapitaMall Trust		11,603,065
	3,605,600		@	Macquarie MEAG Prime Real Estate Investment Trust		1,165,212

						20,731,016


				United Kingdom: 4.4%
	1,621,366			British Land Co. PLC		10,230,741
	183,060			Derwent Valley Holdings PLC		2,254,826
	508,596			Great Portland Estates PLC		2,293,976
	1,662,076			Hammerson PLC		7,701,096

See Accompanying Notes to Financial Statements

109

PORTFOLIO OF INVESTMENTS

ING Global Real Estate Fund

as of April 30, 2009 (Unaudited) (continued)


Shares						Value


			United Kingdom (continued)
	2,710,527		Land Securities Group PLC			$	22,352,707
	491,559		Liberty International PLC				2,881,202

							47,714,548


			United States: 38.0%
	266,361		Acadia Realty Trust				3,862,235
	224,400	L	Alexandria Real Estate Equities, Inc.				8,186,112
	574,200		AMB Property Corp.				10,961,478
	248,771		AvalonBay Communities, Inc.				14,132,681
	219,400		BioMed Realty Trust, Inc.				2,503,354
	359,900		Boston Properties, Inc.				17,786,258
	317,900		BRE Properties, Inc.				7,810,803
	133,100		Corporate Office Properties Trust SBI MD				4,067,536
	311,810	L	Digital Realty Trust, Inc.				11,228,278
	404,000		Duke Realty Corp.				3,947,080
	48,100		Equity Lifestyle Properties, Inc.				1,908,127
	739,200		Equity Residential				16,920,288
	124,700		Essex Property Trust, Inc.				7,917,203
	397,300		Extra Space Storage, Inc.				2,824,803
	360,400		Federal Realty Investment Trust				19,894,080
	600,500		HCP, Inc.				13,180,975
	335,400		Health Care Real Estate Investment Trust, Inc.				11,427,078
	281,500		Highwoods Properties, Inc.				6,753,185
	135,300	L	Home Properties, Inc.				4,930,332
	212,100		Hospitality Properties Trust				2,596,104
	2,054,910		Host Hotels & Resorts, Inc.				15,802,258
	290,500		Kimco Realty Corp.				3,491,810
	97,400		LaSalle Hotel Properties				1,164,904
	566,075		Liberty Property Trust				13,778,266
	1,053,700		Macerich Co.				18,471,361
	537,900		Nationwide Health Properties, Inc.				13,280,751
	400,800		Omega Healthcare Investors, Inc.				6,300,576
	1,503,200		Prologis				13,694,152
	391,454		Public Storage, Inc.				26,172,614
	263,300		Regency Centers Corp.				9,860,585
	935,105		Simon Property Group, Inc.				48,251,419
	164,600	L	SL Green Realty Corp.				2,906,836
	258,300		Tanger Factory Outlet Centers, Inc.				8,606,556
	255,300	L	Taubman Centers, Inc.				6,081,246
	850,409	L	UDR, Inc.				8,563,619
	489,600		Ventas, Inc.				14,022,144
	530,662		Vornado Realty Trust				25,944,067
	168,600	L	Weingarten Realty Investors				2,620,044

							411,851,198

			Total Real Estate Investment Trusts (Cost $1,000,048,842)				751,163,928


MUTUAL FUNDS: 0.1%

			United Kingdom: 0.1%
	1,266,400	**	ING UK Real Estate Income Trust Ltd.				520,418

			Total Mutual Funds (Cost $2,242,416)				520,418

			Total Long-Term Investments (Cost $1,409,117,862)				1,067,245,263


SHORT-TERM INVESTMENTS: 3.3%

			Affiliated Mutual Fund: 1.6%
	17,326,717		ING Institutional Prime Money Market Fund — Class I				17,326,717

			Total Mutual Fund (Cost $17,326,717)				17,326,717

Principal
Amount						Value



			Securities Lending Collateral^CC: 1.7%
$	18,940,357		Bank of New York Mellon Corp. Institutional Cash Reserves			$	18,391,293

			Total Securities Lending Collateral (Cost $18,940,357)				18,391,293

			Total Short-Term Investments (Cost $36,267,074)				35,718,010

		Total Investments in Securities
		(Cost $1,445,384,936)*		101.8	%	$	1,102,963,273
		Other Assets and Liabilities - Net		(1.8	)		(19,135,980	)

		Net Assets		100.0	%	$	1,083,827,293


@		Non-income producing security
#		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. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
cc		Securities purchased with cash collateral for securities loaned.
**		Investment in affiliate
I		Illiquid security
L		Loaned security, a portion or all of the security is on loan at April 30, 2009.

*		Cost for federal income tax purposes is $1,633,881,927.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	7,860,221
Gross Unrealized Depreciation		(538,778,875	)

Net Unrealized Depreciation	$	(530,918,654	)


	Percentage of
Industry	Net Assets


Apartments		5.7	%
Closed-End Funds		0.1
Diversified		21.5
Engineering & Construction		0.1
Health Care		5.4
Holding Companies — Diversified		0.5
Hotels		1.8
Manufactured Homes		0.2
Office Property		8.5
Real Estate		28.2
Regional Malls		6.7
Shopping Centers		0.4
Shopping Centers		14.0
Storage		2.7
Storage/Warehousing		0.3
Warehouse/Industrial		2.4
Short-Term Investments		3.3
Other Assets and Liabilities — Net		(1.8	)

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

110

PORTFOLIO OF INVESTMENTS

ING Global Real Estate Fund

as of April 30, 2009 (Unaudited) (continued)

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*
Level 1 — Quoted Prices	$	454,739,258	$	—
Level 2 — Other Significant Observable Inputs†		648,224,015		—
Level 3 — Significant Unobservable Inputs		—		—

Total	$	1,102,963,273	$	—

See Accompanying Notes to Financial Statements

111

PORTFOLIO OF INVESTMENTS

ING Global Value Choice Fund

as of April 30, 2009 (Unaudited)


Shares				Value



COMMON STOCK: 89.3%

			Australia: 2.0%
	263,075	L	Alumina Ltd. ADR	$	973,378
	1,848,250		Minara Resources Ltd.		771,317
	400,500	@	Mineral Deposits Ltd.		214,954
	304,600	@	Moto Goldmines Ltd.		722,382

					2,682,031


			Brazil: 3.7%
	222,200		Centrais Eletricas Brasileiras SA ADR — Class B		2,837,494
	46,000		Cia de Saneamento Basico do Estado de Sao Paulo ADR		1,298,120
	57,842		Vivo Participacoes SA		980,350

					5,115,964


			Canada: 8.4%
	178,200		Barrick Gold Corp.		5,185,620
	150,297		Cameco Corp.		3,425,269
	1,527,375	@	Eastern Platinum Ltd.		703,977
	279,300	@	Gabriel Resources Ltd.		547,693
	50,100	@	Ivanhoe Mines Ltd.		321,141
	48,900		Suncor Energy, Inc.		1,240,104

					11,423,804


			Cayman Islands: 0.6%
	673,645		Endeavour Financial Corp.		807,268

					807,268


			China: 0.7%
	11,120	L	PetroChina Co., Ltd. ADR		966,439

					966,439


			Finland: 0.9%
	131,500		UPM-Kymmene OYJ		1,176,779

					1,176,779


			France: 5.8%
	13,500		Electricite de France		625,331
	116,000		Sanofi-Aventis ADR		3,331,520
	37,750		Technip SA		1,621,748
	57,575		Thales SA		2,388,485

					7,967,084


			India: 2.8%
	89,550	L	ICICI Bank Ltd. ADR		1,847,417
	260,100	L	Tata Motors Ltd. ADR		2,005,371

					3,852,788


			Italy: 1.9%
	97,050		ERG S.p.A.		1,495,166
	1,227,600		Telecom Italia S.p.A. RNC		1,096,698

					2,591,864


			Japan: 12.5%
	87,200		Advantest Corp.		1,380,501
	300		Fields Corp.		397,444
	5,800		Hakuhodo DY Holdings, Inc.		266,083
	42,400		JS Group Corp.		515,962
	116,000		Kao Corp.		2,169,574
	90,000		Kirin Brewery Co., Ltd.		990,270
	123,000		Mitsui & Co., Ltd.		1,304,607
	315,000		Nippon Oil Corp.		1,639,163
	90,425		Nippon Telegraph & Telephone Corp. ADR		1,699,990
	31,700		Paramount Bed Co., Ltd.		418,765
	284,000		Sekisui House Ltd.		2,451,016
	191,000		Sumitomo Trust & Banking Co., Ltd.		799,273
	262,000		Toppan Printing Co., Ltd.		1,985,343
	8,300		Toppan Printing Co., Ltd. ADR		307,100
	7,100		Toyo Seikan Kaisha Ltd.		117,577
	452		TV Asahi Corp.		575,176

					17,017,844


			Netherlands: 0.7%
	48,918		TNT NV		901,534

					901,534


			Norway: 3.5%
	8,025,825	@,L	Marine Harvest		3,616,418
	64,000	L	Statoil ASA ADR		1,190,400

					4,806,818


			Papua New Guinea: 3.4%
	2,131,579	@	Lihir Gold Ltd.		4,606,047

					4,606,047


			Russia: 0.9%
	70,700		OAO Gazprom ADR		1,240,427

					1,240,427


			South Africa: 3.6%
	79,115		Anglogold Ashanti Ltd. ADR		2,436,742
	236,500		Gold Fields Ltd.		2,459,908

					4,896,650


			South Korea: 1.9%
	196,850	@	Korea Electric Power Corp. ADR		2,102,358
	35,200	@,L	KT Corp. ADR		504,064

					2,606,422


			Switzerland: 2.7%
	50,100		Addax Petroleum Corp.		1,378,768
	165,200	@	UBS AG — Reg		2,253,328

					3,632,096


			Thailand: 1.6%
	424,300		Bangkok Bank PCL		1,024,708
	7,421,000		Krung Thai Bank PCL		1,107,834

					2,132,542


			Turkey: 0.5%
	51,100		Turkcell Iletisim Hizmet AS ADR		648,970

					648,970


			United Kingdom: 5.4%
	32,125		AstraZeneca PLC ADR		1,123,411
	29,900		BP PLC ADR		1,269,554
	366,347		Mondi PLC		949,999
	313,500		Stolt-Nielsen SA		2,736,657
	67,700		Vodafone Group PLC ADR		1,242,295

					7,321,916


			United States: 25.8%
	82,900	@	AGCO Corp.		2,014,470
	86,200		Alcoa, Inc.		781,834
	48,525		Ameren Corp.		1,117,046
	119,050		BJ Services Co.		1,653,605
	23,400		ConocoPhillips		959,400
	38,800		Consol Energy, Inc.		1,213,664
	159,450	@	eBay, Inc.		2,626,142
	113,050		Microsoft Corp.		2,290,393
	127,500		Newmont Mining Corp.		5,130,600
	78,400		Peabody Energy Corp.		2,068,976
	83,775		Pfizer, Inc.		1,119,234
	233,750	@,L	Smithfield Foods, Inc.		2,019,600
	291,300	@	Sprint Nextel Corp.		1,270,068
	63,300	@	Tech Data Corp.		1,822,407
	35,900		Tesoro Corp.		547,475
	303,400		Tyson Foods, Inc.		3,197,836

See Accompanying Notes to Financial Statements

112

PORTFOLIO OF INVESTMENTS

ING Global Value Choice Fund

as of April 30, 2009 (Unaudited) (continued)


Shares						Value


			United States (continued)
	65,030		Union Pacific Corp.			$	3,195,574
	111,400	@	Viacom — Class B				2,143,336

							35,171,660

			Total Common Stock (Cost $125,127,856)				121,566,947

PREFERRED STOCK: 0.8%

			Brazil: 0.8%
	660,200		Tim Participacoes SA				1,103,877

			Total Preferred Stock (Cost $915,644)				1,103,877


RIGHTS: 0.0%

			Brazil: 0.0%
	1,301		Tim Participacoes SA				400

							400


			Norway: 0.0%
	32,139	I	Lighthouse Caledonia				17,134

							17,134

			Total Rights (Cost $38,264)				17,534

WARRANTS: 0.1%

			Cayman Islands: 0.1%
	336,822		Endeavour Financial Corp.				138,308

			Total Warrants (Cost $139,231)				138,308

			Total Long-Term Investments (Cost $126,220,995)				122,826,666


SHORT-TERM INVESTMENTS: 15.6%

			Affiliated Mutual Fund: 9.2%
	12,468,394		ING Institutional Prime Money Market Fund — Class I				12,468,394

			Total Mutual Fund (Cost $12,468,394)				12,468,394

Principal
Amount						Value



			Securities Lending Collateral^CC: 6.4%
$	8,846,571		Bank of New York Mellon Corp. Institutional Cash Reserves			$	8,789,017

			Total Securities Lending Collateral (Cost $8,846,571)				8,789,017

			Total Short-Term Investments (Cost $21,314,965)				21,257,411

		Total Investments in Securities
		(Cost $147,535,960)*		105.8	%	$	144,084,077
		Other Assets and Liabilities - Net		(5.8	)		(7,837,685	)

		Net Assets		100.0	%	$	136,246,392


@		Non-income producing security
I		Illiquid Security
ADR		American Depositary Receipt
cc		Securities purchased with cash collateral for securities loaned.
L		Loaned security, a portion or all of the security is on loan at April 30, 2009.
*		Cost for federal income tax purposes is $154,357,631.
		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	12,856,930
Gross Unrealized Depreciation		(23,130,484	)

Net Unrealized Depreciation	$	(10,273,554	)


	Percentage of
Industry	Net Assets


Advertising		0.2	%
Aerospace/Defense		1.7
Auto Manufacturers		1.5
Banks		5.2
Beverages		0.7
Building Materials		0.4
Coal		2.4
Commercial Services		1.7
Cosmetics/Personal Care		1.6
Distribution/Wholesale		2.3
Electric		4.9
Electronics		1.0
Food		6.5
Forest Products & Paper		1.6
Healthcare — Products		0.3
Home Builders		1.8
Internet		1.9
Investment Companies		0.7
Leisure Time		0.3
Machinery — Diversified		1.5
Media		2.0
Mining		20.8
Oil & Gas		8.7
Oil & Gas Services		2.4
Packaging & Containers		0.1
Pharmaceuticals		4.1
Software		1.7
Telecommunications		6.3
Transportation		5.0
Water		0.9
Short-Term Investments		15.6
Other Assets and Liabilities — Net		(5.8	)

Net Assets		100.0	%

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*
Level 1 — Quoted Prices	$	92,094,454	$	—
Level 2 — Other Significant Observable Inputs†		51,989,623		—
Level 3 — Significant Unobservable Inputs		—		—

Total	$	144,084,077	$	—

See Accompanying Notes to Financial Statements

113

PORTFOLIO OF INVESTMENTS

ING Asia-Pacific Real Estate Fund

as of April 30, 2009 (Unaudited)


Shares						Value



COMMON STOCK: 59.3%

			Australia: 0.6%
	3,200		Lend Lease Corp., Ltd.			$	16,762

							16,762


			China: 0.3%
	12,000		Sino-Ocean Land Holdings Ltd.				8,818

							8,818


			Hong Kong: 31.1%
	20,602		Cheung Kong Holdings Ltd.				212,522
	3,400		China Overseas Land & Investment Ltd.				5,922
	7,000		China Resources Land Ltd.				12,519
	14,000		Hang Lung Group Ltd.				51,274
	34,000		Hang Lung Properties Ltd.				95,496
	13,600		Henderson Land Development Co., Ltd.				63,349
	14,600		Hongkong Land Holdings Ltd.				36,061
	4,000		Hopewell Holdings				10,297
	2,000		Hysan Development Co., Ltd.				3,632
	18,000		Kerry Properties Ltd.				54,353
	24,000		Sino Land Co.				30,569
	26,100		Sun Hung Kai Properties Ltd.				269,816
	12,000		Wharf Holdings Ltd.				39,483

							885,293


			Japan: 23.1%
	3,000		Aeon Mall Co., Ltd.				39,272
	1,199		Daito Trust Construction Co., Ltd.				49,996
	18,100		Mitsubishi Estate Co., Ltd.				236,588
	15,900		Mitsui Fudosan Co., Ltd.				200,061
	43		NTT Urban Development Corp.				34,859
	8,000		Sumitomo Realty & Development Co., Ltd.				95,962

							656,738


			Singapore: 4.2%
	48,150		CapitaLand Ltd.				88,822
	7,000		City Developments Ltd.				30,295

							119,117

			Total Common Stock (Cost $2,258,230)				1,686,728


REAL ESTATE INVESTMENT TRUSTS: 37.3%

			Australia: 17.7%
	45,400		CFS Retail Property Trust				54,280
	19,100		Commonwealth Property Office Fund				11,298
	114,300		Dexus Property Group				60,448
	22,997		GPT Group				7,833
	187,311		Macquarie Goodman Group				50,135
	50,196		Mirvac Group				38,084
	14,846		Stockland				33,870
	31,761		Westfield Group				247,917

							503,865


			Hong Kong: 2.6%
	38,000		Link Real Estate Investment Trust				73,870

							73,870


			Japan: 11.9%
	8		Frontier Real Estate Investment Corp.				44,131
	5		Fukuoka Real Estate Investment Trust Corp.				19,351
	9		Japan Real Estate Investment Corp.				63,678
	4		Kenedix Realty Investment Corp.				9,528
	6		Nippon Accommodations Fund, Inc.				26,509
	8		Nippon Building Fund, Inc.				64,998
	6		Nomura Real Estate Office Fund, Inc.				31,089
	5		Orix JREIT, Inc.				18,756
	7		Tokyu Real Estate Investment Trust, Inc.				32,265
	6		United Urban Investment Corp.				27,112

							337,417


			New Zealand: 1.1%
	60,000		Kiwi Income Property Trust				31,524

							31,524


			Singapore: 4.0%
	47,133	@	Ascendas Real Estate Investment Trust				42,343
	58,480	@	CapitaMall Trust				48,936
	58,000	@	Fortune Real Estate Investment Trust				22,417

							113,696

			Total Real Estate Investment Trusts (Cost $1,302,519)				1,060,372

			Total Long-Term Investments (Cost $3,560,749)				2,747,100


SHORT-TERM INVESTMENTS: 3.1%

			Affiliated Mutual Fund: 3.1%
	86,629		ING Institutional Prime Money Market Fund — Class I				86,629

			Total Short-Term Investments (Cost $86,629)				86,629

		Total Investments in Securities
		(Cost $3,647,378)*		99.7	%	$	2,833,729
		Other Assets and Liabilities - Net		0.3			9,766

		Net Assets		100.0	%	$	2,843,495


@		Non-income producing security

*		Cost for federal income tax purposes is $4,594,850.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	71,829
Gross Unrealized Depreciation		(1,832,950	)

Net Unrealized Depreciation	$	(1,761,121	)


	Percentage of
Industry	Net Assets


Apartments		0.9	%
Diversified		11.2
Holding Companies — Diversified		1.4
Lodging		1.1
Office Property		7.8
Real Estate		56.8
Shopping Centers		17.3
Short-Term Investments		3.1
Other Assets and Liabilities — Net		0.4

Net Assets		100.0	%

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*


Level 1 — Quoted Prices	$	86,629	$	—
Level 2 — Other Significant Observable Inputs†		2,747,100		—
Level 3 — Significant Unobservable Inputs		—		—

Total	$	2,833,729	$	—

See Accompanying Notes to Financial Statements

114

PORTFOLIO OF INVESTMENTS

ING Asia-Pacific Real Estate Fund

as of April 30, 2009 (Unaudited) (continued)

See Accompanying Notes to Financial Statements

115

PORTFOLIO OF INVESTMENTS

ING Disciplined International SmallCap Fund

as of April 30, 2009 (Unaudited)


Shares				Value



COMMON STOCK: 92.5%

			Australia: 3.9%
	193,480		Ansell Ltd.	$	1,175,981
	54,400		Aquarius Platinum Ltd.		198,972
	111,258		Ausenco Ltd.		282,995
	405,795		Australian Infrastructure Fund		444,757
	575,404	@	Australian Worldwide Exploration Ltd.		1,011,983
	164,719		Computershare Ltd.		1,091,930
	40,104		Felix Resources Ltd.		322,779
	8,046		Goodman Fielder Ltd.		6,702
	411,083		Incitec Pivot Ltd.		624,847
	394,719		Macmahon Holdings Ltd.		97,456
	119,777		Macquarie Media Group Ltd.		107,344
	308,982		Metcash Ltd.		933,202
	31,003		Monadelphous Group Ltd.		227,132
	67,247	@	Octaviar Ltd.		—
	1,635,809		Pacific Brands Ltd.		828,461
	941,354		Sigma Pharmaceuticals Ltd.		765,822
	448,705		Tattersall’s Ltd.		899,745

					9,020,108


			Belgium: 0.9%
	27,321		Euronav NV		393,260
	35,319		Omega Pharma SA		938,882
	29,905		Tessenderlo Chemie NV		887,880

					2,220,022


			Bermuda: 1.4%
	376,574		Catlin Group Ltd.		1,948,740
	69,781	@	Global Sources Ltd.		310,525
	153,455		Lancashire Holdings Ltd.		1,081,889

					3,341,154


			Canada: 6.9%
	121,800		Aecon Group, Inc.		1,158,493
	49,400		AGF Management Ltd.		476,075
	156,100		Alamos Gold, Inc.		1,013,806
	11,900		Astral Media Inc.		314,328
	19,300		Atco Ltd.		555,564
	124,700		Biovail Corp.		1,363,727
	298,100	@	Celestica, Inc.		1,793,646
	50,500		Chemtrade Logistics Income Fund		217,946
	22,600		Cogeco Cable, Inc.		553,968
	152,100		Daylight Resources Trust		917,724
	39,400		Emera, Inc.		652,429
	9,600		Empire Co., Ltd.		400,959
	33,400		Enerflex Systems Income Fund		283,255
	105,100		Gerdau AmeriSteel Corp.		553,112
	120,400		Jazz Air Income Fund		264,349
	42,000		Labrador Iron Ore Royalty Income Fund		950,306
	18,000		Laurentian Bank of Canada		434,426
	206,300	@	Northgate Minerals Corp.		293,899
	114,900		Nova Chemicals Corp.		664,384
	85,800		Russel Metals, Inc.		903,082
	56,900		Silvercorp Metals, Inc.		132,082
	54,250		Trilogy Energy Trust		271,409
	42,700		Vermilion Energy Trust		966,144
	142,500		Viterra, Inc.		1,038,926

					16,174,039


			Denmark: 0.2%
	15,700		East Asiatic Co., Ltd. A/S		495,392

					495,392


			Finland: 0.8%
	58,430		KCI Konecranes OYJ		1,187,196
	45,264		Orion OYJ		655,526

					1,842,722


			France: 9.6%
	28,682		Accor SA		1,213,583
	156,194	@	Altran Technologies SA		524,389
	13,873		Arkema		319,996
	4,771		Bacou Dalloz		240,254
	19,381		Capgemini SA		724,467
	34,556		Eurazeo		1,411,682
	50,904	@	Eutelsat Communications		1,102,261
	590		Generale de Sante		10,215
	388,629		Havas SA		1,217,659
	61,802		Ingenico		1,131,499
	33,666		IPSOS		763,996
	56,316		Lagardere SCA		1,767,927
	45,056		Legrand SA		904,473
	5,439		Nexans SA		251,985
	24,041		Remy Cointreau SA		792,516
	119,845		Safran SA		1,430,369
	67,592		Scor SA		1,418,584
	37,576		Sodexho Alliance SA		1,805,071
	17,191		Technip SA		738,529
	37,215		Teleperformance		1,072,556
	54,082	@	UbiSoft Entertainment		1,056,588
	4,646		Vilmorin & Cie		438,316
	39,212		Wendel Investissement		1,438,010
	23,776		Zodiac SA		694,393

					22,469,318


			Germany: 5.3%
	79,551		Aareal Bank AG		740,830
	8,439		Adidas AG		318,845
	28,726		Bauer AG		1,084,160
	27,423		Bilfinger Berger AG		1,302,206
	37,000		Demag Cranes AG		780,586
	114,306		Deutsche Lufthansa AG		1,458,169
	47,222	@	Freenet AG		302,267
	105,727		Gildemeister AG		1,036,374
	1,450		KWS Saat AG		181,975
	12,803		Medion AG		98,591
	22,613		MTU Aero Engines Holding AG		761,442
	8,695		MVV Energie AG		362,759
	23,583		Salzgitter AG		1,677,512
	9,611		United Internet AG		100,839
	9,685		Wacker Chemie AG		1,002,435
	22,225		Wincor Nixdorf AG		1,115,696

					12,324,686


			Greece: 0.4%
	57,700		Tsakos Energy Navigation Ltd.		903,582

					903,582


			Hong Kong: 3.8%
	1,032,000		China Pharmaceutical Group Ltd.		513,728
	2,500,000		China Travel International Inv HK		436,367
	1,660,000		Cnpc Hong Kong Ltd.		823,636
	408,000		Great Eagle Holding Co.		563,267
	277,500		Hongkong & Shanghai Hotels		210,509
	876,000		Hopson Development Holdings Ltd.		671,925
	482,000		Hysan Development Co., Ltd.		875,376
	2,705,000		Johnson Electric Holdings Ltd.		588,670
	2,010,100		Lenovo Group Ltd.		547,135
	120,300		Nam Tai Electronics, Inc.		498,042
	199,000		Pacific Basin Shipping Ltd.		98,399
	25,622,500		Shenzhen International Holding		1,278,445
	6,854,000		Shougang Concord International Enterprises Co. Ltd.		760,046
	648,000		Texwinca Holdings Ltd.		394,373
	114,000		Vtech Holdings Ltd.		570,176

					8,830,094

See Accompanying Notes to Financial Statements

116

PORTFOLIO OF INVESTMENTS

ING Disciplined International SmallCap Fund

as of April 30, 2009 (Unaudited) (continued)


Shares					Value



				Ireland: 0.7%
	518,656			Allied Irish Banks PLC	$	634,138
	1,739,858			Anglo Irish Bank Corp. PLC		—
	56,117			DCC PLC		1,014,569

						1,648,707


				Italy: 5.0%
	76,518			ACEA S.p.A.		949,153
	16,289			Buzzi Unicem S.p.A. RNC		132,210
	113,586			Cementir S.p.A.		408,776
	43,155			Danieli & Co. S.p.A.		488,034
	158,016			Davide Campari-Milano S.p.A.		1,062,679
	92,057			Exor S.p.A.		1,177,813
	221,474			Intesa Sanpaolo S.p.A.		491,855
	56,912			Lottomatica S.p.A.		1,169,910
	493,931			Maire Tecnimont S.p.A.		1,006,109
	500,000			Parmalat S.p.A		993,061
	180,567			Piaggio & C S.p.A.		303,537
	55,460			Piccolo Credito Valtellinese Scarl		434,269
	97,577			Prysmian S.p.A.		1,186,470
	174,527			Recordati S.p.A.		1,004,562
	81,550			Trevi Finanziaria S.p.A.		765,360

						11,573,798


				Japan: 21.4%
	88,000			Akita Bank Ltd.		293,714
	67,400			Alpen Co., Ltd.		1,112,966
	63,000			Asahi Diamond Industrial Co., Ltd		299,575
	70,100			Chuo Denki Kogyo Co., Ltd.		398,039
	65,700			Circle K Sunkus Co., Ltd.		922,102
	105,000			COMSYS Holdings Corp.		852,897
	53,000			Cosmos Pharmaceutical Corp.		690,923
	182,000			Daishi Bank Ltd.		685,936
	65,000			DCM Japan Holdings Co., Ltd.		334,067
	13,300			Fuji Machine Manufacturing Co., Ltd.		119,253
	33,800			Fuji Soft, Inc.		479,714
	176,000			Fujibo Holdings, Inc.		305,590
	121,000			Fukuyama Transporting Co., Ltd.		469,851
	54,000			H2O Retailing Corp.		342,294
	295,000			Hanwa Co., Ltd.		834,807
	75,700			Hitachi Capital Corp.		835,522
	40,700			Hitachi Information Systems Ltd.		720,298
	34,200			Hitachi Software Engineering Co., Ltd.		421,740
	168,000			Hokkoku Bank Ltd.		568,919
	66,900			House Foods Corp.		909,585
	94,000			Hyakugo Bank Ltd.		474,957
	141,100			Inui Steamship Co., Ltd.		927,080
	33,700			Itochu Enex Co., Ltd.		186,351
	20,000			Japan Digital Laboratory Co.		179,486
	108,000			Japan Radio Co., Ltd.		225,893
	123,900			Japan Securities Finance Co. Ltd.		685,239
	188,000			JFE Shoji Holdings, Inc.		533,369
	101,000			Kagoshima Bank Ltd.		676,868
	83,000			Kaken Pharmaceutical Co., Ltd.		691,020
	136,000			Kandenko Co., Ltd.		867,103
	33,000			Kanto Auto Works Ltd.		359,271
	4,067			Kenedix, Inc.		629,353
	102,000			Kinden Corp.		851,005
	113,000			Kyowa Exeo Corp.		884,928
	57,000			Kyudenko Corp.		354,422
	56,400			Matsumotokiyoshi Holdings Co., Ltd.		979,819
	89,800			Mimasu Semiconductor Industry Co., Ltd.		1,030,638
	28,700			Ministop Co., Ltd.		407,490
	182,000			Mitsubishi Steel Manufacturing Co., Ltd.		382,636
	738,000			Mitsui Mining Co., Ltd.		791,397
	119,000			Mitsui Sugar Co., Ltd.		319,673
	52,200			NEC Networks & System Integration Corp.		494,638
	29,100			Nifco, Inc.		385,974
	97,000			Nihon Parkerizing Co., Ltd.		808,662
	78,000			Nippon Chemical Industrial Co., Ltd.		146,902
	292,000			Nippon Denko Co., Ltd.		1,244,927
	94,600			Nippon Shinyaku Co., Ltd.		844,497
	180,000			Nippon Soda Co., Ltd.		590,630
	154,000			Nissan Shatai Co., Ltd.		971,534
	369,000			Nitto Boseki Co., Ltd.		708,135
	72,000			Nohmi Bosai Ltd.		536,841
	82,100			NSD CO., Ltd.		646,156
	132,000			O-M Ltd.		483,014
	31,000			Osaka Steel Co., Ltd.		497,280
	21,170			Point, Inc.		943,369
	56,700		��	Right On Co., Ltd.		391,136
	2,100			Risa Partners, Inc.		977,337
	31,400			Ryosan Co., Ltd.		662,304
	239,000			Sanden Corp.		538,783
	115,000			San-In Godo Bank Ltd.		891,029
	33,000			Sanken Electric Co., Ltd.		103,308
	70,000			Sanki Engineering Co., Ltd.		472,234
	353,000			Shikibo Ltd.		803,786
	83,800	@		Suruga Corp.		—
	54,000			Taihei Dengyo Kaisha Ltd.		472,020
	121,000			Taihei Kogyo Co., Ltd.		397,185
	59,500			Taikisha Ltd.		678,574
	132,000			Takaoka Electric Manufacturing Co. Ltd.		315,564
	164,030			Takefuji Corp.		881,712
	84,000			Tamura Corp.		166,021
	50,000			Tochigi Bank Ltd.		231,337
	92,600			Tokai Rika Co., Ltd.		1,216,405
	355,000			Tokyo Tatemono Co., Ltd.		1,205,638
	138,000			Tomy Co., Ltd.		560,366
	173,000			Toyo Engineering Corp.		550,538
	47,000			Toyo Kohan Co., Ltd.		185,843
	44,000			Toyo Suisan Kaisha Ltd.		860,250
	117,000			TS Tech Co., Ltd.		1,445,505
	30,900			Tsuruha Holdings, Inc.		771,789
	23,600			Unipres Corp.		173,007
	90,000			Yamaguchi Financial Group, Inc.		869,536
	37,000			Yamato Kogyo Co., Ltd.		840,417

						49,999,973


				Luxembourg: 0.4%
	864,791			Regus PLC		979,166

						979,166


				Malaysia: 0.2%
	131,500			Tanjong PLC		518,657

						518,657


				Netherlands: 0.7%
	40,324			Boskalis Westminster		940,207
	30,701	@		Crucell NV		642,622

						1,582,829


				Norway: 0.9%
	144,400	@		Ementor ASA		439,522
	57,000			Tandberg ASA		801,977
	70,000	@		TGS Nopec Geophysical Co. ASA		516,890
	70,358			Veidekke ASA		334,326

						2,092,715


				Portugal: 0.2%
	94,139			REN — Redes Energeticas Nacionais SA		389,536

						389,536


				Singapore: 0.3%
	518,000			United Overseas Land Ltd.		771,357

						771,357

See Accompanying Notes to Financial Statements

117

PORTFOLIO OF INVESTMENTS

ING Disciplined International SmallCap Fund

as of April 30, 2009 (Unaudited) (continued)


Shares				Value



			South Korea: 3.3%
	113,202	@	Asiana Airlines	$	366,203
	40,000		AtlasBX Co. Ltd.		577,001
	6,410	@	Binggrae Co., Ltd.		201,287
	229,750	@	Daou Technology, Inc.		1,419,227
	14,170	@	Dongkuk Steel Mill Co., Ltd.		322,722
	33,000		Global & Yuasa Battery Co., Ltd.		767,299
	27,060	@	Huchems Fine Chemical Corp.		542,665
	10,708	@	Korea Zinc Co., Ltd.		1,157,611
	55,880	@	LG Telecom Ltd.		392,006
	31,160	@	Lotte Midopa Co., Ltd.		329,941
	1,685	@	Lotte Samkang Co., Ltd.		226,744
	67,470	@	S&T Dynamics Co., Ltd.		763,560
	23,213	@	TK Corp.		638,715

					7,704,981


			Spain: 2.7%
	28,334		Corporacion Financiera Alba SA		1,220,679
	47,238		Enagas		821,275
	292,277		Iberia Lineas Aereas de Espana		545,629
	131,164		Laboratorios Almirall SA		1,195,713
	31,753		Prosegur Cia de Seguridad SA		906,779
	14,849		Red Electrica de Espana		621,469
	49,512		Viscofan SA		919,223

					6,230,767


			Sweden: 1.5%
	90,000	@	Betsson AB		1,031,822
	5,275		Lundbergforetagen AB — B Shares		201,806
	238,469		Swedbank AB		1,342,874
	76,900		Wihlborgs Fastigheter AB		966,263

					3,542,765


			Switzerland: 6.3%
	52,145		Adecco SA		2,052,351
	317		Athris Holding AG		214,972
	20,039		Baloise Holding AG		1,471,096
	2,051		Flughafen Zuerich AG		430,609
	4,361		Galenica AG		1,255,362
	2,530		Geberit AG — Reg		269,635
	1,585		Jelmoli Holding AG		524,931
	18,208		Pargesa Holding SA		1,151,777
	25,746	@	PSP Swiss Property AG		1,210,098
	28,524		Schindler Holding AG		1,495,328
	18,100		Schindler Holding AG — Reg		935,862
	2,889		Schweizerhall Holding AG		429,408
	19,692		Sulzer AG		1,070,269
	13,790	@	Swiss Life Holding		1,066,868
	23,257	@	Swiss Prime Site AG		1,089,629
	107		Vetropack Holding AG		120,749

					14,788,944


			United Kingdom: 15.1%
	60,925		Aggreko PLC		516,705
	104,504		Amec PLC		951,290
	392,412		ARM Holdings PLC		689,211
	196,344		Balfour Beatty PLC		969,574
	752,753		BBA Aviation PLC		1,162,212
	731,110		Beazley Group PLC		1,088,480
	427,358		Brit Insurance Holdings PLC		1,160,851
	216,720		Cable & Wireless PLC		477,264
	293,036		Carillion PLC		1,144,507
	216,899	@	Colt Telecom Group SA		301,956
	1,953,418		Cookson Group PLC		557,997
	100,000		Croda International		797,834
	1,195,888		Dimension Data Holdings PLC		897,821
	87,917		Drax Group PLC		666,708
	137,428		eaga PLC		271,640
	263,526		Filtrona PLC		463,561
	1,028,540		Friends Provident PLC		967,794
	576,741		Game Group PLC		1,677,656
	5,386		Greggs PLC		274,376
	131,742		Informa PLC		575,807
	174,500		Intercontinental Hotels Group PLC		1,657,904
	199,504		JKX Oil & Gas PLC		597,743
	35,957		Keller Group PLC		314,629
	506,231		Ladbrokes PLC		1,748,666
	416,822		Michael Page International PLC		1,690,755
	197,302		Micro Focus International PLC		926,896
	70,997		Mondi PLC		184,107
	35,895		Morgan Sindall PLC		323,833
	25,000		Next PLC		597,959
	129,274		Petrofac Ltd.		1,090,508
	367,784		Premier Farnell PLC		832,579
	161,412		PV Crystalox Solar PLC		268,102
	195,732		Spectris PLC		1,698,484
	660,796		Spirent Communications PLC		548,922
	400,000	@	Sportingbet PLC		324,801
	569,281		Stagecoach Group PLC		1,095,471
	309,250		Thomas Cook Group PLC		1,193,776
	700,000		Tomkins PLC		1,787,069
	103,727		Weir Group PLC		735,839
	241,141		WH Smith PLC		1,486,165
	156,066		William Hill PLC		501,125

					35,218,577


			United States: 0.6%
	6,400		Core Laboratories NV		532,672
	138,000		Playtech Ltd.		929,141

					1,461,813

			Total Common Stock (Cost $270,359,045)		216,125,702


REAL ESTATE INVESTMENT TRUSTS: 2.0%

			Australia: 0.2%
	671,495		Commonwealth Property Office Fund		397,201

					397,201


			France: 0.9%
	10,910		Fonciere Des Regions		597,419
	28,793		Gecina SA		1,575,843

					2,173,262


			Japan: 0.5%
	237		DA Office Investment Corp.		421,755
	700		Nippon Commercial Investment Corp.		652,498

					1,074,253


			Singapore: 0.4%
	1,917,000	@	Suntec Real Estate Investment Trust		947,579

					947,579

			Total Real Estate Investment Trusts (Cost $8,341,717)		4,592,295


EXCHANGE-TRADED FUNDS: 3.4%

			Developed Markets: 3.4%
	189,200		iShares MSCI EAFE Index Fund		7,931,264

			Total Exchange-Traded Funds (Cost $7,336,313)		7,931,264


MUTUAL FUNDS: 0.1%

			United Kingdom: 0.1%
	11,117		Caledonia Investments PLC		218,319

			Total Mutual Funds (Cost $450,345)		218,319

See Accompanying Notes to Financial Statements

118

PORTFOLIO OF INVESTMENTS

ING Disciplined International SmallCap Fund

as of April 30, 2009 (Unaudited) (continued)


Shares						Value



PREFERRED STOCK: 1.0%

			Germany: 0.5%
	17,512		Draegerwerk AG			$	433,007
	17,879		Fuchs Petrolub AG				860,827

							1,293,834


			Italy: 0.5%
	143,580	@	Instituto Finanziario Industriale S.p.A.				1,175,196

							1,175,196

			Total Preferred Stock (Cost $4,254,872)				2,469,030

		Total Investments in Securities
		(Cost $290,742,292)*		99.0	%	$	231,336,610
		Other Assets and Liabilities - Net		1.0			2,328,353

		Net Assets		100.0	%	$	233,664,963


@		Non-income producing security

*		Cost for federal income tax purposes is $294,617,596.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	15,396,690
Gross Unrealized Depreciation		(78,677,676	)

Net Unrealized Depreciation	$	(63,280,986	)


	Percentage of
Industry	Net Assets


Advertising		1.3	%
Aerospace/Defense		1.7
Agriculture		0.3
Airlines		1.1
Apparel		0.5
Auto Manufacturers		0.6
Auto Parts & Equipment		1.9
Banks		3.8
Beverages		0.8
Biotechnology		0.3
Building Materials		0.8
Chemicals		2.9
Closed-End Funds		0.1
Coal		0.1
Commercial Services		3.2
Computers		2.7
Distribution/Wholesale		0.4
Diversified		1.4
Diversified Financial Services		1.9
Electric		1.7
Electrical Components & Equipment		2.0
Electronics		2.4
Energy — Alternate Sources		0.1
Engineering & Construction		6.4
Entertainment		2.4
Environmental Control		0.1
Food		2.8
Food Service		0.8
Forest Products & Paper		0.1
Gas		0.4
Hand/Machine Tools		2.1
Healthcare — Products		0.2
Healthcare — Services		0.0
Holding Companies — Diversified		1.9
Household Products/Wares		0.4
Insurance		4.4
Internet		1.0
Investment Companies		1.9
Iron/Steel		3.0
Leisure Time		0.8
Lodging		1.3
Machinery — Construction & Mining		0.2
Machinery — Diversified		0.9
Media		1.4
Metal Fabricate/Hardware		0.6
Mining		2.4
Miscellaneous Manufacturers		2.1
Office Property		0.6
Oil & Gas		2.7
Oil & Gas Services		2.2
Packaging & Containers		0.1
Pharmaceuticals		4.1
Real Estate		3.7
Retail		4.9
Semiconductors		0.9
Software		1.9
Telecommunications		2.0
Textiles		0.6
Toys/Games/Hobbies		0.2
Transportation		2.1
Other Long-Term Investments		3.4
Other Assets and Liabilities — Net		1.0

Net Assets		100.0	%

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*
Level 1 — Quoted Prices	$	31,039,396	$	—
Level 2 — Other Significant Observable Inputs†		200,297,214		—
Level 3 — Significant Unobservable Inputs		—		—

Total	$	231,336,610	$	—

See Accompanying Notes to Financial Statements

119

PORTFOLIO OF INVESTMENTS

ING Emerging Countries Fund

as of April 30, 2009 (Unaudited)


Shares				Value



COMMON STOCK: 86.4%


			Bermuda: 1.0%
	19,542		Credicorp Ltd.	$	977,491

					977,491


			Brazil: 12.9%
	144,594		BM&F BOVESPA S.A.		594,507
	81,395		Centrais Eletricas Brasileiras SA		1,077,607
	17,006		Cia de Bebidas das Americas ADR		958,798
	64,497		Cia Siderurgica Nacional SA		1,190,378
	108,372		CIA Vale do Rio Doce		1,802,116
	70,022		Cia Vale do Rio Doce ADR		1,156,063
	16,497		Cia Vale do Rio Doce SP ADR		226,504
	124,456		Itau Unibanco Banco Multiplo SA ADR		1,708,781
	164,746		Petroleo Brasileiro SA		2,773,426
	50,993		Petroleo Brasileiro SA ADR		1,375,791
	18,098		Redecard SA		227,780

					13,091,751


			Chile: 1.3%
	7,647		Empresa Nacional de Telecom		90,042
	42,055		Enersis SA ADR		630,404
	20,555		Sociedad Quimica y Minera de Chile SA ADR		647,688

					1,368,134


			China: 10.1%
	3,697,000		Bank of China Ltd.		1,370,757
	412,500		China Life Insurance Co., Ltd.		1,448,665
	1,633,000		China Petroleum & Chemical Corp.		1,269,239
	643,500		China Shenhua Energy Co., Ltd.		1,779,160
	3,352,500		China Telecom Corp., Ltd.		1,650,326
	4,778,000		Industrial and Commercial Bank of China Ltd.		2,718,119

					10,236,266


			Hong Kong: 7.4%
	329,000		Beijing Enterprises Holdings Ltd.		1,446,282
	250,500		China Mobile Ltd.		2,163,126
	1,353,840		China Overseas Land & Investment Ltd.		2,358,004
	1,372,000		CNOOC Ltd.		1,531,590

					7,499,002


			Hungary: 0.7%
	52,500	@	OTP Bank Nyrt		676,187

					676,187


			India: 8.5%
	31,252		Bharat Heavy Electricals		1,040,969
	149,395	@	Bharti Airtel Ltd.		2,262,816
	47,284		Housing Development Finance Corp.		1,643,524
	174,270		ICICI Bank Ltd.		1,686,548
	31,170		Larsen & Toubro Ltd.		552,955
	39,832		Reliance Industries Ltd.		1,450,869

					8,637,681


			Indonesia: 0.9%
	1,278,000		Telekomunikasi Indonesia Tbk PT		928,575

					928,575


			Israel: 3.5%
	80,051		Teva Pharmaceutical Industries Ltd. ADR		3,513,438

					3,513,438


			Mauritius: 0.4%
	1,893,600		Golden Agri-Resources Ltd.		467,268

					467,268


			Mexico: 3.5%
	31,019		America Movil SA de CV — Series L ADR		1,018,974
	332,643	@	Empresas ICA S.A.B. de C.V.		604,762
	285,343		Grupo Financiero Banorte SA de CV		440,229
	37,584		Grupo Televisa SA ADR		581,800
	329,097		Wal-Mart de Mexico SA de CV		893,897

					3,539,662


			Poland: 0.6%
	18,400		Bank Pekao SA		658,896

					658,896


			Russia: 7.3%
	14,980		Mobile Telesystems Finance SA ADR		496,437
	241,601		OAO Gazprom ADR		4,238,869
	394,950	@	OAO Rosneft Oil Co. GDR		2,037,509
	742,600		Sberbank RF		617,274

					7,390,089


			South Africa: 4.2%
	95,200		ABSA Group Ltd.		1,097,917
	38,136		Sasol Ltd.		1,148,284
	67,718		Standard Bank Group Ltd.		654,306
	106,600		Telkom SA Ltd.		1,343,137

					4,243,644


			South Korea: 11.3%
	24,610		Hyundai Mobis		1,888,627
	23,821	@	KT&G Corp.		1,313,281
	19,940		LG Corp.		882,670
	9,143		Samsung Electronics Co., Ltd.		4,221,846
	27,006	@	Samsung Techwin Co., Ltd.		1,251,239
	3,099	@	Shinsegae Co., Ltd.		1,105,392
	5,515		SK Telecom Co., Ltd.		786,199

					11,449,254


			Taiwan: 8.7%
	157,000		Chinatrust Financial Holding Co., Ltd.		71,761
	997,223		Chunghwa Telecom Co., Ltd.		1,899,515
	397,000		HON HAI Precision Industry Co., Ltd.		1,146,154
	144,190		Hon Hai Precision Industry Co., Ltd. — GDR		881,042
	52,000		MediaTek, Inc.		540,804
	1,985,722		Taiwan Semiconductor Manufacturing Co., Ltd.		3,360,322
	902,000		Uni-President Enterprises Corp.		905,754

					8,805,352


			Turkey: 2.9%
	197,002		Haci Omer Sabanci Holding A/S		503,778
	1,161,415	@	Turkiye Garanti Bankasi A/S		2,435,004

					2,938,782


			United Kingdom: 1.2%
	148,355		Antofagasta PLC		1,273,189

					1,273,189

			Total Common Stock (Cost $84,636,302)		87,694,661


EXCHANGE-TRADED FUNDS: 7.2%

			Brazil: 0.7%
	16,200	L	iShares MSCI Brazil Index Fund		730,620


					730,620


			China: 2.5%
	78,562	L	iShares FTSE/Xinhua China 25 Index Fund		2,512,413

					2,512,413

See Accompanying Notes to Financial Statements

120

PORTFOLIO OF INVESTMENTS

ING Emerging Countries Fund

as of April 30, 2009 (Unaudited) (continued)


Shares						Value



			South Korea: 1.7%
	50,289		iShares MSCI South Korea Index Fund			$	1,720,890

							1,720,890


			Taiwan: 2.3%
	229,000	L	iShares MSCI Taiwan Index Fund				2,340,380

							2,340,380

			Total Exchange-Traded Funds (Cost $5,680,079)				7,304,303


PREFERRED STOCK: 1.1%


			Brazil: 1.1%
	92,208		CIA Energetica de Minas Gerais				1,114,182

			Total Preferred Stock (Cost $1,066,624)				1,114,182

			Total Long-Term Investments (Cost $91,383,005)				96,113,146

Principal
Amount						Value



SHORT-TERM INVESTMENTS: 5.5%

			Securities Lending Collateral^CC: 5.5%
$	5,561,927		Bank of New York Mellon Corp. Institutional Cash Reserves			$	5,529,603

			Total Short-Term Investments (Cost $5,561,927)				5,529,603

		Total Investments in Securities
		(Cost $96,944,932)*		100.2	%	$	101,642,749
		Other Assets and Liabilities - Net		(0.2	)		(155,186	)

		Net Assets		100.0	%	$	101,487,563


@		Non-income producing security
ADR		American Depositary Receipt
GDR		Global Depositary Receipt
cc		Securities purchased with cash collateral for securities loaned.
L		Loaned security, a portion or all of the security is on loan at April 30, 2009.

*		Cost for federal income tax purposes is $108,392,635.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	11,660,664
Gross Unrealized Depreciation		(18,410,550	)

Net Unrealized Depreciation	$	(6,749,886	)


	Percentage of
Industry	Net Assets


Agriculture		1.8	%
Auto Parts & Equipment		1.9
Banks		14.4
Beverages		0.9
Chemicals		0.6
Coal		1.7
Diversified Financial Services		2.9
Electric		2.8
Electrical Components & Equipment		1.0
Electronics		2.0
Engineering & Construction		1.1
Food		0.9
Gas		1.4
Holding Companies — Diversified		1.4
Insurance		1.4
Iron/Steel		1.2
Media		0.6
Mining		4.4
Oil & Gas		15.6
Pharmaceuticals		3.5
Real Estate		2.3
Retail		2.0
Semiconductors		9.2
Telecommunications		12.5
Other Long-Term Investments		7.2
Short-Term Investments		5.5
Other Assets and Liabilities — Net		(0.2	)

Net Assets		100.0	%

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*

Level 1 — Quoted Prices	$	27,934,747	$	—
Level 2 — Other Significant Observable Inputs†		73,708,002		—
Level 3 — Significant Unobservable Inputs		—		—

Total	$	101,642,749	$	—

See Accompanying Notes to Financial Statements

121

PORTFOLIO OF INVESTMENTS

ING European Real Estate Fund

as of April 30, 2009 (Unaudited)


Shares						Value



COMMON STOCK: 17.1%


			Austria: 3.2%
	2,870		CA Immobilien Anlagen AG			$	22,757
	14,210		Immoeast Immobilien Anlagen AG				32,032
	17,710	@	Immofinanz Immobilien Anlagen AG				34,284

							89,073


			Finland: 0.8%
	5,230		Sponda OYJ				21,219

							21,219


			Germany: 1.9%
	870		Deutsche Euroshop AG				24,669
	3,240		IVG Immobilien AG				27,975

							52,644


			Sweden: 4.2%
	13,890		Castellum AB				87,594
	4,480		Hufvudstaden AB				26,756

							114,350


			Switzerland: 4.2%
	2,460	@	PSP Swiss Property AG				115,623

							115,623


			United Kingdom: 2.8%
	5,043		Helical Bar PLC				25,255
	44,040		Safestore Holdings Ltd.				51,031

							76,286

			Total Common Stock (Cost $543,064)				469,195


REAL ESTATE INVESTMENT TRUSTS: 78.6%


			Belgium: 2.4%
	595		Cofinimmo				65,249

							65,249


			France: 34.6%
	480		Fonciere Des Regions				26,284
	1,240		ICADE				95,925
	5,358		Klepierre				119,116
	2,700		Mercialys				82,913
	360		Societe Immobiliere de Location pour l’Industrie et le Commerce				30,287
	4,000		Unibail				596,503

							951,028


			Netherlands: 13.0%
	2,875		Corio NV				127,602
	3,380		Eurocommercial Properties NV				99,614
	580		Vastned Retail NV				25,617
	1,539		Wereldhave NV				105,587

							358,420


			United Kingdom: 28.6%
	30,576		British Land Co. PLC				192,933
	3,130		Derwent Valley Holdings PLC				38,554
	4,480		Great Portland Estates PLC				20,207
	34,779		Hammerson PLC				161,144
	29,961		Land Securities Group PLC				247,077
	7,740		Liberty International PLC				45,367
	178,830		Segro PLC				62,715
	3,840		Shaftesbury PLC				19,808

							787,805

			Total Real Estate Investment Trusts (Cost $2,951,676)				2,162,502


MUTUAL FUNDS: 0.5%


			Luxembourg: 0.5%
	5,520		Prologis European Properties				14,340

			Total Mutual Funds (Cost $11,793)				14,340

			Total Long-Term Investments (Cost $3,506,533)				2,646,037


SHORT-TERM INVESTMENTS: 1.4%


			Affiliated Mutual Fund: 1.4%
	38,263		ING Institutional Prime Money Market Fund — Class I				38,263

			Total Short-Term Investments (Cost $38,263)				38,263

		Total Investments in Securities
		(Cost $3,544,796)*		97.6	%	$	2,684,300
		Other Assets and Liabilities - Net		2.4			65,133

		Net Assets		100.0	%	$	2,749,433


@		Non-income producing security

*		Cost for federal income tax purposes is $4,172,658.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	57,434
Gross Unrealized Depreciation		(1,545,792	)

Net Unrealized Depreciation	$	(1,488,358	)


	Percentage of
Industry	Net Assets


Closed-End Funds		0.5	%
Diversified		70.0
Office Property		7.7
Real Estate		15.2
Shopping Centers		0.9
Storage/Warehousing		1.9
Short-Term Investments		1.4
Other Assets and Liabilities — Net		2.4

Net Assets		100.0	%

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*

Level 1 — Quoted Prices	$	38,263	$	—
Level 2 — Other Significant Observable Inputs†		2,646,037		—
Level 3 — Significant Unobservable Inputs		—		—

Total	$	2,684,300	$	—

See Accompanying Notes to Financial Statements

122

PORTFOLIO OF INVESTMENTS

ING European Real Estate Fund

as of April 30, 2009 (Unaudited) (continued)

See Accompanying Notes to Financial Statements

123

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of April 30, 2009 (Unaudited)


Shares				Value



COMMON STOCK: 84.6%


			Australia: 5.3%
	154,615		BHP Billiton Ltd.	$	3,735,122
	61,600		Foster’s Group Ltd.		235,535
	526,045		Macquarie Airports Management Ltd.		693,383
	107,116		Rio Tinto Ltd.		4,988,019
	190,142		Telstra Corp., Ltd.		459,366
	23,444		Wesfarmers Ltd.		385,177
	41,781		Woodside Petroleum Ltd.		1,148,721
	36,986		Woolworths Ltd.		717,498

					12,362,821


			Austria: 0.6%
	39,159		OMV AG		1,213,150
	10,285		Telekom Austria AG		135,285

					1,348,435


			Brazil: 0.8%
	108,582		Cia Vale do Rio Doce ADR		1,792,689

					1,792,689


			Canada: 2.6%
	13,094		Canadian Natural Resources Ltd.		603,621
	49,910		EnCana Corp.		2,287,420
	39,681		Petro-Canada		1,252,314
	5,089	@	Research In Motion Ltd.		353,686
	22,762		Suncor Energy, Inc.		572,817
	80,562		Talisman Energy, Inc.		1,009,304

					6,079,162


			China: 2.3%
	908,000		Bank of China Ltd.		336,664
	534,732		Beijing Capital International Airport Co., Ltd.		337,689
	989,000		China Construction Bank		570,968
	160,000		China Life Insurance Co., Ltd.		561,906
	1,814,000		China Petroleum & Chemical Corp.		1,409,920
	330,000		China Telecom Corp., Ltd.		162,448
	998,000		Industrial and Commercial Bank of China Ltd.		567,744
	1,344,000		PetroChina Co., Ltd.		1,171,389
	33,500		Ping An Insurance Group Co. of China Ltd.		206,946

					5,325,674


			Czech Republic: 1.8%
	30,420	S	Komercni Banka A/S		4,087,631

					4,087,631


			Denmark: 0.5%
	2,008	@	ALK-Abello A/S		120,667
	23		AP Moller — Maersk A/S — Class B		133,599
	4,460		Danske Bank A/S		48,918
	16,526		Novo-Nordisk A/S		786,321
	1,030		Vestas Wind Systems		67,967
	1,902	@	Vestas Wind Systems A/S		123,462

					1,280,934


			Finland: 0.6%
	5,439		Kone OYJ		148,573
	49,400		Nokia OYJ		701,651
	18,341		Orion OYJ		265,620
	2,583		Sampo OYJ		48,185
	23,715		Stora Enso OYJ (Euro Denominated Security)		135,362
	14,037		UPM-Kymmene OYJ		125,616

					1,425,007


			France: 9.9%
	3,019		Accor SA		127,739
	14,658		ADP		843,960
	6,671		Air Liquide		542,810
	9,205		Alstom		573,817
	20,161		AXA SA		338,739
	20,485		BNP Paribas		1,078,410
	7,640		Bouygues SA		325,921
	14,954		Carrefour SA		606,340
	7,930		Casino Guichard Perrachon SA		494,699
	9,069		Cie de Saint-Gobain		325,352
	13,601		Compagnie Generale des Etablissements Michelin		696,214
	18,425		Credit Agricole SA		269,402
	87,426		France Telecom SA		1,940,860
	60,338		Gaz de France		2,166,996
	49,823		Groupe Danone		2,369,915
	9,946		LVMH Moet Hennessy Louis Vuitton SA		750,912
	4,755		Peugeot SA		109,806
	3,700		PPR		283,468
	9,191		Publicis Groupe		280,922
	23,250		Renault SA		745,505
	22,383		Sanofi-Aventis		1,296,248
	8,781		Schneider Electric SA		668,221
	9,722		Societe Generale		496,878
	12,292	@	Suez Environnement SA		187,372
	68,239	S	Total SA		3,414,393
	613		Vallourec		67,002
	31,787		Vinci SA		1,424,072
	28,658		Vivendi		770,587

					23,196,560


			Germany: 8.4%
	7,259		Adidas AG		274,262
	10,859		Allianz AG		1,001,993
	19,083		BASF AG		720,147
	19,867		Bayer AG		987,539
	32,480		Bayerische Motoren Werke AG		1,125,403
	17,057		Commerzbank AG		115,971
	54,534		DaimlerChrysler AG		1,955,053
	2,628		Deutsche Boerse AG		194,143
	20,155		Deutsche Post AG		232,544
	5,719		Deutsche Postbank AG		122,208
	70,207		Deutsche Telekom AG		849,024
	51,192		E.ON AG		1,731,159
	70,799		Fraport AG Frankfurt Airport Services Worldwide		2,853,723
	10,168		Fresenius AG		420,337
	3,775		K+S AG		227,092
	2,059		Linde AG		164,201
	11,426		MAN AG		708,231
	2,981		Merck KGaA		267,293
	6,416		Metro AG		272,920
	5,119		Muenchener Rueckversicherungs AG		707,294
	12,663		RWE AG		912,857
	19,584		SAP AG		752,932
	40,562		Siemens AG		2,727,181
	12,776	@	UkrTelecom GDR		24,511
	1,314		Wacker Chemie AG		136,004

					19,484,022


			Greece: 0.1%
	20,089		Hellenic Telecommunications Organization SA		305,850

					305,850


			Hong Kong: 1.8%
	34,000		Cheung Kong Holdings Ltd.		350,730
	197,461		China Merchants Holdings International Co., Ltd.		464,481
	143,000		China Mobile Ltd.		1,234,838
	418,000		CNOOC Ltd.		466,621

See Accompanying Notes to Financial Statements

124

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of April 30, 2009 (Unaudited) (continued)


Shares				Value


			Hong Kong (continued)
	29,800		Esprit Holdings Ltd.	$	182,592
	652,303	I	GOME Electrical Appliances Holdings Ltd.		65,651
	184,000		Hutchison Whampoa Ltd.		1,083,754
	31,000		Sun Hung Kai Properties Ltd.		320,470

					4,169,137


			Hungary: 1.4%
	256,403	@,S, L	OTP Bank Nyrt		3,302,406

					3,302,406


			India: 0.1%
	3,316		Reliance Industries Ltd.		120,784

					120,784


			Ireland: 1.6%
	148,084		CRH PLC		3,820,689

					3,820,689


			Italy: 2.5%
	17,981		Assicurazioni Generali S.p.A.		365,839
	2,133		Banche Popolari Unite Scpa		29,411
	110,529		Enel S.p.A.		599,121
	140,309		ENI S.p.A.		3,010,913
	188,681		Intesa Sanpaolo S.p.A.		601,112
	9,601		Mediobanca S.p.A.		110,772
	3,246		Saipem S.p.A.		69,381
	13,283		Snam Rete Gas S.p.A.		52,606
	287,287		Telecom Italia S.p.A.		363,274
	293,101		UniCredito Italiano S.p.A.		713,694

					5,916,123


			Japan: 7.3%
	10,601		Aisin Seiki Co., Ltd.		217,706
	11,700		Bridgestone Corp.		174,398
	19,705	S	Canon, Inc.		589,686
	39		Central Japan Railway Co.		231,166
	5,700		Daikin Industries Ltd.		153,346
	15,888		Denso Corp.		375,574
	6,900		East Japan Railway Co.		388,810
	4,600		Eisai Co., Ltd.		123,444
	11,200		Fanuc Ltd.		808,217
	91		Fuji Television Network, Inc.		101,454
	57,328	S	Honda Motor Co., Ltd.		1,680,108
	136,000		Itochu Corp.		729,238
	8,400		JFE Holdings, Inc.		229,431
	47		KDDI Corp.		211,360
	18,505		Komatsu Ltd.		230,875
	8,319		Kubota Corp.		50,001
	3,000		Kyocera Corp.		232,993
	2,900		Makita Corp.		66,966
	35,484		Matsushita Electric Industrial Co., Ltd.		520,003
	101,000		Mitsubishi Corp.		1,554,335
	31,000		Mitsubishi Electric Corp.		165,100
	136,300		Mitsui & Co., Ltd.		1,445,674
	19,000		NGK Insulators Ltd.		291,389
	10,500		Nidec Corp.		583,374
	1,601		Nintendo Co., Ltd.		430,447
	4,800		Nippon Telegraph & Telephone Corp.		180,866
	49,700		Nissan Motor Co., Ltd.		259,408
	174		NTT DoCoMo, Inc.		242,798
	19,000		Ricoh Co., Ltd.		234,914
	3,400		Shin-Etsu Chemical Co., Ltd.		165,249
	8,033		Sony Corp.		208,730
	72,000		Sumitomo Metal Industries Ltd.		168,662
	31,800		Suzuki Motor Corp.		599,776
	4,500		Takeda Pharmaceutical Co., Ltd.		159,591
	79,900	S	Toyota Motor Corp.		3,162,343

					16,967,432


			Luxembourg: 1.0%
	94,908	L	ArcelorMittal		2,223,160

					2,223,160


			Mexico: 0.1%
	7,863		America Movil SA de CV — Series L ADR		258,300
	34,422		Grupo Cementos Chihuahua		74,798

					333,098


			Netherlands: 3.2%
	16,134		Aegon NV		81,148
	3,116		European Aeronautic Defence and Space Co. NV		44,975
	40,796		Heineken NV		1,212,300
	26,679		Koninklijke Philips Electronics NV		481,369
	1,778		Randstad Holdings NV		40,796
	49,597		Reed Elsevier NV		544,910
	105,467		Royal Dutch Shell PLC		2,418,859
	122,008		Royal KPN NV		1,466,820
	13,451		TNT NV		247,895
	46,049		Unilever NV		911,192

					7,450,264


			New Zealand: 0.0%
	1,830		Auckland International Airport Ltd.		1,717

					1,717


			Norway: 0.9%
	7,951		DnB NOR ASA		49,489
	10,325		Norsk Hydro ASA		45,526
	101,987		Statoil ASA		1,900,782
	4,288		Yara International ASA		114,921

					2,110,718


			Portugal: 0.1%
	37,399		Energias de Portugal SA		136,022

					136,022


			Russia: 1.7%
	15,943		Deutsche Bank AG		850,197
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		92,232
	35	I	Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR)		10,826
	14,630	@,#,I	Inter Rao Ues OAO GDR		50,816
	4,865	@,#,I	Kusbassenergo OJSC GDR		9,625
	17,100		Lukoil-Spon ADR		750,389
	66,788		MMC Norilsk Nickel ADR		548,629
	23,485	@,#,I	Mosenergo OAO — Spon GDR		57,491
	57,600		OAO Gazprom ADR		1,010,588
	50,200	@	OAO Rosneft Oil Co. GDR		258,977
	67,340	@,#,I	OGK-1 OAO GDR		41,797
	17,500	@,#,I	OGK-2 OAO GDR		25,900
	28,770	@,#,I	OGK-3 OJSC GDR		44,317
	20,405	@,#,I	OGK-6 OAO GDR		26,686
	3,500,000	@,I	RAO Energy System of East OAO		9,450
	39,939	@,#	Sistema-Hals GDR		16,375
	26,740	@,#,I	Territorial Generating Co. 1 GDR		21,806
	1,120	@,#,I	TGK-14 GDR		2,436
	4,515	@,#,I	TGK-2 GDR		6,409
	11,095	@,#,I	TGK-4 GDR		11,561

See Accompanying Notes to Financial Statements

125

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of April 30, 2009 (Unaudited) (continued)


Shares				Value


			Russia (continued)
	11,760	@,#,I	TGK-9 OAO GDR	$	12,787
	11,690	@,#,I	Volga Territorial Generating Co. GDR		13,417
	12,040	@,#,I	Yenisei Territorial — Spon GDR		7,582

					3,880,293


			South Africa: 0.1%
	6,059		Impala Platinum Holdings Ltd.		115,770

					115,770


			South Korea: 3.6%
	3,693		Hyundai Heavy Industries		662,123
	25,224		Hyundai Motor Co.		1,347,843
	5,520	@	Korea Electric Power Corp.		119,237
	3,880		KT Corp.		112,819
	8,584	@	KT&G Corp.		473,246
	903	@	NHN Corp.		109,204
	4,051		Posco		1,249,249
	7,916	L	Posco ADR		609,295
	4,709		Samsung Electronics Co., Ltd.		2,174,414
	1,650	@	Shinsegae Co., Ltd.		588,544
	4,886		SK Telecom Co., Ltd.		696,531
	21,526	L	SK Telecom Co., Ltd. ADR		337,312

					8,479,817


			Spain: 3.1%
	87,179		Banco Bilbao Vizcaya Argentaria SA		944,817
	17,024		Banco Popular Espanol SA		140,311
	183,046		Banco Santander Central Hispano SA		1,760,710
	38,247	@	EDP Renovaveis SA		311,853
	4,138		Gamesa Corp. Tecnologica SA		78,103
	46,799	@	Iberdrola Renovables		190,042
	90,228		Iberdrola SA		719,866
	33,089		Inditex SA		1,410,842
	87,671		Telefonica SA		1,684,285

					7,240,829


			Sweden: 1.8%
	66,421		Atlas Copco AB — Class A		617,467
	18,699		Getinge AB		217,210
	21,966		Hennes & Mauritz AB		977,924
	139,346		Sandvik AB		915,155
	10,660		Skanska AB		114,979
	65,374		SKF AB — B Shares		716,859
	44,630		Svenska Cellulosa AB — B Shares		430,314
	40,210		TeliaSonera AB		188,664
	11,072		Volvo AB		72,192

					4,250,764


			Switzerland: 8.5%
	110,568	@	ABB Ltd.		1,565,238
	2,909		Adecco SA		114,494
	24,754		Credit Suisse Group		967,300
	2,390		Flughafen Zuerich AG		501,782
	385		Givaudan		243,750
	7,525		Holcim Ltd.		381,686
	161,148		Nestle SA		5,252,898
	4,267		Nobel Biocare Holding AG		86,988
	57,107		Novartis AG		2,161,404
	9,545		Roche Holding AG		1,203,664
	872		Swatch Group AG — BR		121,325
	4,969		Swiss Reinsurance		117,950
	1,836		Swisscom AG		478,750
	4,752		Syngenta AG		1,014,507
	27,213	@	UBS AG — Reg		373,811
	530,010		Xstrata PLC		4,672,659
	3,400		Zurich Financial Services AG		631,824

					19,890,030


			Taiwan: 0.9%
	589		Cathay Financial Holding Co., Ltd. GDR		6,598
	179,102		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,893,108
	39,971	L	United Microelectron ADR		121,912

					2,021,618


			Ukraine: 0.3%
	5,090,724	@	JSCB Ukrsotsbank		108,858
	3,938,839	@	Raiffeisen Bank Aval		84,227
	11,482	@	Ukrnafta Oil Co. ADR		155,982
	10,545,713		UkrTelecom		413,205

					762,272


			United Kingdom: 11.7%
	63,399		Anglo American PLC		1,364,239
	182,089		Barclays PLC		739,299
	198,449		BHP Billiton PLC		4,118,812
	432,917		BP PLC		3,059,277
	29,670		British American Tobacco PLC		715,547
	91,534		BT Group PLC		126,145
	29,353	S	Diageo PLC		350,175
	43,298		GlaxoSmithKline PLC		666,929
	32,400		HSBC Holdings PLC — Hong Kong		227,108
	265,318		HSBC Holdings PLC		1,886,800
	20,172		Imperial Tobacco Group PLC		460,250
	222,229		Lloyds TSB Group PLC		360,457
	118,422		Marks & Spencer Group PLC		586,693
	27,262		National Grid PLC		226,505
	45,369		Old Mutual PLC		45,201
	56,849		Pearson PLC		586,605
	34,635		Prudential PLC		199,071
	93,923		Rio Tinto PLC		3,816,222
	61,242	@	Rolls-Royce Group PLC		303,600
	5,254,563	@,I	Rolls-Royce Group PLC — C Shares Entitlement		7,773
	475,931		Royal Bank of Scotland Group PLC		290,463
	13,556		Scottish & Southern Energy PLC		220,914
	17,902		Smith & Nephew PLC		125,952
	18,014		Standard Chartered PLC		286,530
	413,002		Tesco PLC		2,046,353
	1,805,718	S	Vodafone Group PLC		3,318,859
	66,507		WM Morrison Supermarkets PLC		240,909
	1,678		Wolseley PLC		30,095
	130,126		WPP PLC		890,315

					27,297,098

			Total Common Stock (Cost $194,288,532)		197,178,826


EXCHANGE-TRADED FUNDS: 9.9%


			Eurozone: 0.5%
	36,967		iShares DJ Euro STOXX 50		1,173,866

					1,173,866


			Hong Kong: 0.5%
	104,200		Hang Seng Investment Index Funds Series — H-Share Index ETF		1,223,502

					1,223,502


			India: 1.1%
	592,600		iShares MSCI India		2,471,142

					2,471,142

See Accompanying Notes to Financial Statements

126

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of April 30, 2009 (Unaudited) (continued)


Shares						Value



			Japan: 6.7%
	50,493	@	Nomura ETF — Nikkei 225 Exchange Traded Fund			$	4,654,039
	1,251,550	@	Nomura TOPIX Exchange Traded Fund				10,990,086

							15,644,125


			Taiwan: 1.1%
	256,809	L	iShares MSCI Taiwan Index Fund				2,624,588

							2,624,588

			Total Exchange-Traded Funds (Cost $23,025,533)				23,137,223


PREFERRED STOCK: 0.1%


			Germany: 0.1%
	1,539		Volkswagen AG				96,497

			Total Preferred Stock (Cost $71,102)				96,497


RIGHTS: 0.0%


			Italy: 0.0%
	13,283		Snam Rete Gas S.p.A.				10,193

			Total Rights (Cost $11,398)				10,193

			Total Long-Term Investments (Cost $217,396,565)				220,422,739


SHORT-TERM INVESTMENTS: 8.6%


			Affiliated Mutual Fund: 6.2%
	14,570,578		ING Institutional Prime Money Market Fund — Class I				14,570,578

			Total Mutual Fund (Cost $14,570,578)				14,570,578

Principal
Amount						Value



			Securities Lending Collateral^CC: 2.4%
$	5,587,351		Bank of New York Mellon Corp. Institutional Cash Reserves			$	5,552,610

			Total Securities Lending Collateral (Cost $5,587,351)				5,552,610

			Total Short-Term Investments (Cost $20,157,929)				20,123,188

		Total Investments in Securities
		(Cost $237,554,494)*		103.2	%	$	240,545,927
		Other Assets and Liabilities - Net		(3.2	)		(7,372,051	)

		Net Assets		100.0	%	$	233,173,876


@		Non-income producing security
ADR		American Depositary Receipt
GDR		Global Depositary Receipt
#		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. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
cc		Securities purchased with cash collateral for securities loaned.
I		Illiquid Security
S		All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities.
L		Loaned security, a portion or all of the security is on loan at April 30, 2009.



*		Cost for federal income tax purposes is $248,173,074.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	22,901,970
Gross Unrealized Depreciation		(30,529,117	)

Net Unrealized Depreciation	$	(7,627,147	)


	Percentage of
Industry	Net Assets


Advertising		0.1	%
Aerospace/Defense		0.2
Agriculture		0.7
Apparel		0.1
Auto Manufacturers		4.8
Auto Parts & Equipment		0.6
Banks		9.2
Beverages		0.8
Building Materials		2.0
Chemicals		1.9
Commercial Services		0.1
Computers		0.2
Distribution/Wholesale		1.6
Diversified Financial Services		0.1
Electric		3.1
Electrical Components & Equipment		0.5
Electronics		0.7
Energy — Alternate Sources		0.2
Engineering & Construction		3.7
Food		5.5
Forest Products & Paper		0.3
Gas		0.0
Hand/Machine Tools		0.4
Healthcare — Products		0.4
Holding Companies — Diversified		1.0
Home Furnishings		0.3
Insurance		1.9
Internet		0.0
Iron/Steel		1.9
Lodging		0.1
Machinery — Construction & Mining		0.4
Machinery — Diversified		1.0
Media		1.2
Metal Fabricate/Hardware		0.3
Mining		10.8
Miscellaneous Manufacturers		1.2
Office/Business Equipment		0.4
Oil & Gas		11.6
Oil & Gas Services		0.1
Pharmaceuticals		3.0
Real Estate		0.3
Retail		2.0
Semiconductors		1.8
Shipbuilding		0.3
Software		0.3
Telecommunications		6.8
Toys/Games/Hobbies		0.2
Transportation		0.5
Water		0.1
Other Long-Term Investments		9.9
Short-Term Investments		8.6
Other Assets and Liabilities — Net		(3.2	)

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

127

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of April 30, 2009 (Unaudited) (continued)

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*

Level 1 — Quoted Prices	$	57,746,645	$	—
Level 2 — Other Significant Observable Inputs†		182,696,224		270,725
Level 3 — Significant Unobservable Inputs		103,058		—

Total	$	240,545,927	$	270,725

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the six months ended April 30, 2009 was as follows:


	Investments in		Other Financial
	Securities		Instruments*

Beginning Balance at 10/31/08	$	58,849	$	—
Net Purchases/(Sales)		—		—
Accrued Discounts/(Premiums)		—		—
Total Realized Gain/(Loss)		—		—
Total Unrealized Appreciation/(Depreciation)		44,209		—
Net Transfers In/(Out) of Level 3		—		—

Ending Balance at 04/30/09	$	103,058	$	—

For the six months ended April 30, 2009, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $44,209. Total unrealized gain (loss) for all securities (including Level 1 and Level 2) can be found on the accompanying Statement of Operations.

At April 30, 2009 the following foreign currency contracts were outstanding for the ING Foreign Fund:


					In				Unrealized
			Settlement		Exchange				Appreciation
Currency	Buy/Sell		Date		For		Value		(Depreciation)
					USD

Canadian Dollar CAD 3,808,545		BUY		6/17/09		3,143,389		3,192,357	$	48,968
Canadian Dollar CAD 2,704,173		BUY		6/17/09		2,221,348		2,266,662		45,314
Canadian Dollar CAD 1,104,372		BUY		6/17/09		907,604		925,695		18,091
Czech Koruna CZK 6,808,033		BUY		5/21/09		295,090		336,447		41,357
Czech Koruna CZK 3,042,813		BUY		7/14/09		131,881		150,080		18,199
Czech Koruna CZK 3,054,421		BUY		10/14/09		132,398		150,385		17,987
Czech Koruna CZK 12,308,990		BUY		10/27/09		666,071		605,903		(60,168	)
Hungarian Forint HUF 606,381,056		BUY		5/12/09		2,949,611		2,774,388		(175,223	)
Hungarian Forint HUF 116,723,400		BUY		5/12/09		605,412		534,047		(71,365	)
Hungarian Forint HUF 231,997,172		BUY		5/12/09		1,041,701		1,061,462		19,761
Hungarian Forint HUF 231,735,633		BUY		5/12/09		967,904		1,060,265		92,361
Polish Zloty PLN 2,063,865		BUY		5/7/09		655,070		616,847		(38,223	)
Polish Zloty PLN 4,783,923		BUY		5/7/09		1,418,005		1,429,817		11,812
Polish Zloty PLN 290,635		BUY		5/7/09		79,287		86,865		7,578
Polish Zloty PLN 1,183,176		BUY		5/11/09		321,778		353,532		31,754
Polish Zloty PLN 2,297,933		BUY		5/11/09		613,764		686,620		72,856
Polish Zloty PLN 1,874,528		BUY		5/11/09		533,597		560,107		26,510
Polish Zloty PLN 2,314,831		BUY		5/11/09		672,525		691,669		19,144
Polish Zloty PLN 2,295,056		BUY		5/11/09		694,800		685,760		(9,040	)
Polish Zloty PLN 2,213,835		BUY		5/21/09		740,289		661,045		(79,244	)
Polish Zloty PLN 626,449		BUY		5/21/09		170,277		187,056		16,779
Polish Zloty PLN 8,649,028		BUY		10/20/09		2,487,302		1,970,810		(516,492	)
Polish Zloty PLN 12,744,984		BUY		11/19/09		4,714,975		3,776,594		(938,381	)

									$	(1,399,665	)

Czech Koruna CZK 6,808,033		SELL		5/21/09		338,287		336,447	$	1,840
Czech Koruna CZK 9,200,131		SELL		5/21/09		450,589		454,663		(3,974	)
Czech Koruna CZK 3,042,813		SELL		7/14/09		165,821		150,080		15,741
Czech Koruna CZK 3,054,420		SELL		10/14/09		165,821		150,385		15,436
Czech Koruna CZK 28,781,239		SELL		10/27/09		1,435,975		1,416,741		19,234
Czech Koruna CZK 22,736,958		SELL		10/27/09		1,153,867		1,119,215		34,652
Czech Koruna CZK 5,668,374		SELL		10/27/09		288,467		279,023		9,444
Hungarian Forint HUF 946,088,119		SELL		5/12/09		4,418,908		4,328,657		90,251
Hungarian Forint HUF 606,381,057		SELL		5/12/09		2,804,897		2,774,388		30,509
Polish Zloty PLN 4,797,375		SELL		5/7/09		1,720,599		1,433,837		286,762
Polish Zloty PLN 2,341,048		SELL		5/7/09		860,300		699,691		160,609
Polish Zloty PLN 4,899,966		SELL		5/11/09		1,720,599		1,464,104		256,495
Polish Zloty PLN 5,065,558		SELL		5/11/09		1,758,777		1,513,583		245,194
Polish Zloty PLN 237,888		SELL		5/21/09		77,312		71,033		6,279
Polish Zloty PLN 2,602,396		SELL		5/21/09		845,758		777,068		68,690
Polish Zloty PLN 6,649,028		SELL		10/20/09		2,120,564		1,970,810		149,754
Polish Zloty PLN 3,070,417		SELL		11/19/09		973,885		909,826		64,059
Polish Zloty PLN 9,674,567		SELL		11/19/09		3,086,183		2,866,768		219,415

									$	1,670,390

See Accompanying Notes to Financial Statements

128

PORTFOLIO OF INVESTMENTS

ING Greater China Fund

as of April 30, 2009 (Unaudited)


Shares						Value



COMMON STOCK: 92.7%

			China: 30.4%
	266,000		Aluminum Corp. of China Ltd.			$	203,714
	1,759,000		Bank of China Ltd.				652,194
	677,000		China Citic Bank				307,424
	1,612,000		China Construction Bank				930,637
	263,000		China High Speed Transmission Equipment Group Co., Ltd.				469,874
	357,000		China Life Insurance Co., Ltd.				1,253,753
	1,410,000		China Petroleum & Chemical Corp.				1,095,913
	223,000		China Railway Group Ltd.				152,157
	133,500		China Shenhua Energy Co., Ltd.				369,103
	904,000		Datang International Power Generation Co., Ltd.				433,779
	148,000		Fujian Zijin Mining Industry Co., Ltd.				113,354
	92,000		Guangzhou R&F Properties Co., Ltd.				147,932
	1,967,000		Industrial and Commercial Bank of China Ltd.				1,118,991
	962,000		Kwg Property Holding Ltd.				368,059
	1,014,000		PetroChina Co., Ltd.				883,771
	49,500		Ping An Insurance Group Co. of China Ltd.				305,786
	173,000		Real Gold Mining Ltd.				127,684
	38,000		Tencent Holdings Ltd.				335,867

							9,269,992


			Hong Kong: 37.8%
	43,440		Bank of East Asia Ltd.				103,108
	86,000		Cheung Kong Holdings Ltd.				887,141
	300,500		China Mobile Ltd.				2,594,887
	534,160		China Overseas Land & Investment Ltd.				930,355
	548,000		Chow Sang Sang Holdings International Ltd.				329,144
	1,036,000		CNOOC Ltd.				1,156,508
	45,700		Esprit Holdings Ltd.				280,015
	53,000		Henderson Land Development Co., Ltd.				246,875
	81,600		Hong Kong Exchanges and Clearing Ltd.				939,900
	137,500		HongKong Electric Holdings				811,731
	106,000		Hysan Development Co., Ltd.				192,510
	140,500		MTR Corp.				355,633
	145,000		New World Development Ltd.				189,651
	199,000		Ports Design Ltd.				302,194
	557,000		Shui On Land Ltd.				238,751
	488,000		Sino Land Co.				621,560
	108,000		Sun Hung Kai Properties Ltd.				1,116,478
	62,000		Wharf Holdings Ltd.				203,995

							11,500,436


			Taiwan: 24.5%
	487,998		AU Optronics Corp.				519,174
	109,000		Catcher Technology Co., Ltd.				274,189
	640,000		Chi Mei Optoelectronics Corp.				318,341
	410,000		China Steel Corp.				317,215
	21,700		Chunghwa Telecom Co. Ltd. ADR				410,130
	83,038		Chunghwa Telecom Co., Ltd.				158,171
	606,280		Far Eastern Textile Co., Ltd.				565,635
	119,000		First Financial Holding Co., Ltd.				62,856
	31,000		High Tech Computer Corp.				419,791
	164,200		Hon Hai Precision Industry Co., Ltd. — GDR				1,003,309
	181,000		Huaku Development Co. Ltd.				314,016
	259,000		Hung Poo Real Estate Development Corp.				239,862
	165,000		Prince Housing Development Corp.				44,699
	313,742		Radium Life Tech Co., Ltd.				137,662
	482,180		Taiwan Cement Corp.				460,669
	295,000		Taiwan Fertilizer Co., Ltd.				676,992
	564,512		Taiwan Semiconductor Manufacturing Co., Ltd.				955,291
	1,560,000		United Microelectronics Corp.				589,216

							7,467,218

			Total Common Stock (Cost $26,724,114)				28,237,646


REAL ESTATE INVESTMENT TRUSTS: 0.6%

			Hong Kong: 0.6%
	87,000		Link Real Estate Investment Trust				169,124

			Total Real Estate Investment Trusts (Cost $170,661)				169,124

		Total Investments in Securities
		(Cost $26,894,775)*		93.3	%	$	28,406,770
		Other Assets and Liabilities - Net		6.7			2,049,221

		Net Assets		100.0	%	$	30,455,991


ADR		American Depositary Receipt
GDR		Global Depositary Receipt

*		Cost for federal income tax purposes is $28,656,547.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	3,961,320
Gross Unrealized Depreciation		(4,211,097	)

Net Unrealized Depreciation	$	(249,777	)


	Percentage of
Industry	Net Assets


Apparel		1.9	%
Banks		10.2
Building Materials		1.5
Chemicals		2.2
Coal		1.2
Computers		1.4
Diversified Financial Services		3.3
Electric		4.1
Electrical Components & Equipment		1.5
Electronics		6.0
Engineering & Construction		0.5
Holding Companies — Diversified		0.7
Insurance		5.1
Internet		1.1
Iron/Steel		1.0
Metal Fabricate/Hardware		0.9
Mining		1.5
Oil & Gas		10.3
Real Estate		18.6
Retail		3.0
Semiconductors		5.1
Shopping Centers		0.6
Telecommunications		10.4
Transportation		1.2
Other Assets and Liabilities — Net		6.7

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

129

PORTFOLIO OF INVESTMENTS

ING Greater China Fund

as of April 30, 2009 (Unaudited) (continued)

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*

Level 1 — Quoted Prices	$	537,814	$	—
Level 2 — Other Significant Observable Inputs†		27,868,956		—
Level 3 — Significant Unobservable Inputs		—		—

Total	$	28,406,770	$	—

See Accompanying Notes to Financial Statements

130

PORTFOLIO OF INVESTMENTS

ING Index Plus International Equity Fund

as of April 30, 2009 (Unaudited)


Shares				Value



COMMON STOCK: 96.6%

			Australia: 6.5%
	22,921		AMP Ltd.	$	86,281
	6,156		ASX Ltd.		145,936
	32,717		Australia & New Zealand Banking Group Ltd.		377,299
	18,327		Bendigo Bank Ltd.		91,259
	34,609		BHP Billiton Ltd.		836,069
	9,950		Billabong International Ltd.		75,506
	25,176		BlueScope Steel Ltd.		42,591
	26,704		Brambles Ltd.		114,594
	8,515		Caltex Australia Ltd.		60,803
	1,117		Cochlear Ltd.		40,292
	21,831		Commonwealth Bank of Australia		557,807
	11,444		Computershare Ltd.		75,863
	8,642		CSL Ltd.		215,358
	135,814		Incitec Pivot Ltd.		206,438
	62,633		Insurance Australia Group		157,846
	31,290		Lion Nathan Ltd.		266,422
	3,017		Macquarie Group Ltd.		73,408
	81,590		Metcash Ltd.		246,422
	17,835		National Australia Bank Ltd.		266,727
	14,145		Newcrest Mining Ltd.		305,509
	12,638		Nufarm Ltd.		121,343
	108,144		Qantas Airways Ltd.		156,018
	18,585		QBE Insurance Group Ltd.		293,918
	16,940		Tattersall’s Ltd.		33,968
	136,389		Telstra Corp., Ltd.		329,504
	40,996		Westpac Banking Corp.		571,548
	12,389		Woodside Petroleum Ltd.		340,621
	1,463		WorleyParsons Ltd.		19,297

					6,108,647


			Austria: 1.1%
	14,716		OMV AG		455,903
	28,782		Voestalpine AG		550,678

					1,006,581


			Belgium: 1.0%
	5,792		Anheuser-Busch InBev NV		177,306
	24,344	@	Anheuser-Busch InBev NV		64
	215		Colruyt SA		48,869
	31,638		Dexia		153,445
	18,236		Fortis		44,826
	4,142	@	Fortis — STRIP VVPR		5
	2,006		Groupe Bruxelles Lambert SA		144,614
	6,901		KBC Groep NV		151,694
	3,140		Mobistar SA		187,901
	1,017		Nationale A Portefeuille		49,021

					957,745


			Bermuda: 0.1%
	8,200		SeaDrill Ltd. ADR		87,517

					87,517


			Denmark: 0.4%
	14		AP Moller — Maersk A/S — Class B		81,321
	6,833		Novo-Nordisk A/S		325,120

					406,441


			Finland: 0.8%
	10,676		Elisa OYJ		141,347
	33,563		Nokia OYJ		476,711
	15,955		OKO Bank		118,091

					736,149


			France: 10.6%
	42,601		Air France-KLM		472,988
	25,428		AXA SA		427,234
	499		BioMerieux		37,377
	8,386		BNP Paribas		441,472
	13,588		Bouygues SA		579,662
	6,775		Capgemini SA		253,251
	18,517		Carrefour SA		750,809
	2,896		Christian Dior SA		194,054
	35,898	@	Compagnie Generale de Geophysique SA		518,623
	9,435		Compagnie Generale des Etablissements Michelin		482,963
	13,387		Credit Agricole SA		195,739
	6,465		Electricite de France		299,464
	2,624		Eurazeo		107,196
	22,897		France Telecom SA		508,314
	1,343		Gaz de France		48,233
	8,931		Lafarge SA		503,963
	9,247		Lagardere SCA		290,291
	23,074		Natixis		52,243
	9,490		Pernod-Ricard SA		560,547
	20,099		Peugeot SA		464,141
	16,035		Sanofi-Aventis		928,621
	8,707		Schneider Electric SA		662,590
	850		Societe BIC SA		45,631
	4,135		Societe Generale		211,334
	17,823		Total SA		891,788
	823		Vallourec		89,955

					10,018,483


			Germany: 7.6%
	1,570		Adidas AG		59,318
	6,357		Allianz AG		586,580
	13,162		Bayer AG		654,250
	1,119		Beiersdorf AG		46,106
	4,872		Deutsche Bank AG		259,810
	1,136		Deutsche Boerse AG		83,922
	39,424		Deutsche Lufthansa AG		502,921
	9,538		Deutsche Post AG		110,048
	49,411		Deutsche Telekom AG		597,534
	38,065		E.ON AG		1,287,244
	3,100		Fresenius Medical Care AG & Co. KGaA		120,299
	12,747		Metro AG		542,224
	3,191		Muenchener Rueckversicherungs AG		440,901
	279		Puma AG Rudolf Dassler Sport		59,790
	8,094		RWE AG		583,484
	1,660		Salzgitter AG		118,080
	5,903		SAP AG		226,948
	3,966		Siemens AG		266,653
	21,017		ThyssenKrupp AG		449,632
	10,902		United Internet AG		114,385
	630		Wacker Chemie AG		65,207

					7,175,336


			Greece: 0.5%
	3,770		Alpha Bank AE		36,721
	10,700		National Bank of Greece SA		222,516
	2,785		OPAP SA		85,918
	16,119		Piraeus Bank SA		147,803

					492,958


			Hong Kong: 2.3%
	8,000		Cheung Kong Holdings Ltd.		82,525
	25,500		CLP Holdings Ltd.		172,082
	36,500		Esprit Holdings Ltd.		223,645
	30,000		Hang Lung Group Ltd.		109,872
	35,000		Hang Lung Properties Ltd.		98,304
	17,570		Hang Seng Bank Ltd.		194,741
	49,767		Hong Kong & China Gas		92,561
	5,200		Hong Kong Aircraft Engineerg Co., Ltd.		48,761
	5,300		Hong Kong Exchanges and Clearing Ltd.		61,047
	36,500		HongKong Electric Holdings		215,478
	34,500		Hopewell Holdings		88,812
	81,000		Hutchison Telecommunications Hong Kong Holdings Ltd.		7,630
	81,000	@	Hutchison Telecommunications International Ltd.		14,946

See Accompanying Notes to Financial Statements

131

PORTFOLIO OF INVESTMENTS

ING Index Plus International Equity Fund

as of April 30, 2009 (Unaudited) (continued)


Shares			Value


		Hong Kong (continued)
	76,162	Hutchison Whampoa Ltd.	$	448,592
	26,000	Sun Hung Kai Properties Ltd.		268,782

				2,127,778


		Italy: 4.7%
	9,220	Assicurazioni Generali S.p.A.		187,589
	12,705	Banca Monte dei Paschi di Siena S.p.A.		20,330
	13,940	Banche Popolari Unite Scpa		192,210
	20,474	Banco Popolare Scarl		134,506
	141,984	Enel S.p.A.		769,623
	13,115	ENI S.p.A.		281,437
	8,859	Fiat S.p.A		86,609
	19,316	Finmeccanica S.p.A.		272,108
	8,321	Fondiaria-Sai S.p.A.		138,379
	121,225	Intesa Sanpaolo S.p.A.		386,206
	10,065	Lottomatica S.p.A.		206,901
	13,501	Mediobanca S.p.A.		155,768
	234,133	Parmalat S.p.A		465,017
	501,499	Pirelli & C S.p.A.		195,099
	250,937	Telecom Italia S.p.A.		317,309
	144,200	Telecom Italia S.p.A. RNC		128,824
	188,379	UniCredito Italiano S.p.A.		458,698
	47,926	Unipol S.p.A.		59,560

				4,456,173


		Japan: 22.8%
	3,732	Acom Co., Ltd.		89,576
	6,700	Aeon Mall Co., Ltd.		87,706
	900	Alfresa Holdings Corp.		34,911
	7,300	Astellas Pharma, Inc.		237,375
	5,000	Bank of Kyoto Ltd.		40,133
	1,100	Benesse Corp.		42,096
	33,485	Bridgestone Corp.		499,122
	56,927	Brother Industries Ltd.		462,693
	2,700	Canon Sales Co., Inc.		32,648
	8,232	Chubu Electric Power Co., Inc.		180,981
	2,800	Chugai Pharmaceutical Co., Ltd.		52,002
	1,100	Coca-Cola West Holdings Co., Ltd.		18,084
	8,000	Dai Nippon Printing Co., Ltd.		84,687
	24,419	Daihatsu Motor Co., Ltd.		220,728
	2,700	Daiichi Sankyo Co., Ltd.		45,147
	3,122	Daito Trust Construction Co., Ltd.		130,182
	17,000	Daiwa House Industry Co., Ltd.		148,469
	2,990	Diamond Lease Co., Ltd.		69,160
	7,800	East Japan Railway Co.		439,525
	6,700	FamilyMart Co., Ltd.		184,367
	34	Fuji Television Network, Inc.		37,906
	850	Hakuhodo DY Holdings, Inc.		38,995
	800	Hisamitsu Pharmaceutical Co., Inc.		22,582
	1,400	Hitachi Chemical Co. Ltd.		18,782
	4,900	Hitachi High-Technologies Corp.		68,580
	4,700	Honda Motor Co., Ltd.		137,743
	35	Inpex Holdings, Inc.		222,728
	52,660	Itochu Corp.		282,365
	11,364	Iyo Bank Ltd.		113,370
	400	Japan Petroleum Exploration Co.		15,789
	22,000	Japan Steel Works Ltd.		238,273
	17,000	JGC Corp.		222,908
	28,000	Joyo Bank Ltd.		129,357
	15,000	JSR Corp.		182,766
	18,000	Kamigumi Co., Ltd.		115,612
	900	Kansai Electric Power Co., Inc.		18,327
	9,614	Kansai Paint Co., Ltd.		51,343
	13,483	Kao Corp.		252,176
	56,000	Kawasaki Kisen Kaisha Ltd.		210,998
	114	KDDI Corp.		512,660
	40,000	Keisei Electric Railway Co., Ltd.		190,189
	1,100	Keyence Corp.		194,256
	13,676	Kinden Corp.		114,101
	59,411	Konica Minolta Holdings, Inc.		490,767
	3,500	Kurita Water Industries Ltd.		85,257
	900	Lawson, Inc.		35,002
	12,401	Leopalace21 Corp.		90,841
	72,000	Marubeni Corp.		261,737
	1,800	Mediceo Paltac Holdings Co., Ltd.		18,211
	4,900	Mitsubishi Corp.		75,408
	26,000	Mitsubishi Electric Corp.		138,471
	9,000	Mitsubishi Estate Co., Ltd.		117,640
	120,697	Mitsubishi UFJ Financial Group, Inc.		658,386
	37,192	Mitsui & Co., Ltd.		394,479
	17,452	Mitsui Fudosan Co., Ltd.		219,589
	1,700	Mitsui Sumitomo Insurance Group Holdings, Inc.		46,382
	154,024	Mizuho Financial Group, Inc.		324,789
	7,300	Namco Bandai Holdings, Inc.		72,637
	13,736	NGK Insulators Ltd.		210,659
	600	Nidec Corp.		33,336
	33,587	Nippon Electric Glass Co., Ltd.		273,312
	63,664	Nippon Express Co., Ltd.		227,044
	4,000	Nippon Oil Corp.		20,815
	46,966	Nishi-Nippon City Bank Ltd.		94,681
	2,600	Nissin Food Products Co., Ltd.		70,660
	23,101	Nitto Denko Corp.		538,042
	16,100	Nomura Holdings, Inc.		97,156
	1,900	Nomura Real Estate Holdings, Inc.		31,103
	32	NTT Data Corp.		84,128
	199	NTT DoCoMo, Inc.		277,683
	107	NTT Urban Development Corp.		86,743
	1,600	Ono Pharmaceutical Co., Ltd.		67,883
	82,231	Osaka Gas Co., Ltd.		260,584
	5,400	Otsuka Corp.		200,840
	2,200	Resona Holdings, Inc.		29,561
	10,600	Sankyo Co., Ltd.		537,716
	1,300	Santen Pharmaceutical Co., Ltd.		36,715
	2,600	Secom Co., Ltd.		96,018
	15,500	Seven & I Holdings Co., Ltd.		350,248
	38	Seven Bank Ltd.		89,740
	9,000	Shikoku Electric Power Co.		246,697
	70,116	Shimadzu Corp.		428,597
	6,399	Shin-Etsu Chemical Co., Ltd.		311,009
	14,000	Shionogi & Co., Ltd.		240,858
	15,989	Shiseido Co., Ltd.		280,710
	17,000	Shizuoka Bank Ltd.		153,164
	700	SMC Corp.		68,668
	30,374	Sony Corp.		789,238
	28,300	Sumitomo Electric Industries Ltd.		275,697
	6,300	Sumitomo Mitsui Financial Group, Inc.		218,491
	11,000	Sumitomo Realty & Development Co., Ltd.		131,948
	60,605	Sumitomo Rubber Industries, Inc.		417,725
	1,800	Sumitomo Titanium Corp.		54,425
	12,802	Suruga Bank Ltd.		109,762
	16,400	Suzuki Motor Corp.		309,318
	2,000	Taisho Pharmaceutical Co., Ltd.		36,592
	15,251	Takeda Pharmaceutical Co., Ltd.		540,873
	1,500	THK Co., Ltd.		20,803
	2,600	Toho Co., Ltd.		34,342
	44,985	Toho Gas Co., Ltd.		191,499
	4,200	Tohoku Electric Power Co., Inc.		87,600
	5,249	Tokio Marine Holdings, Inc.		138,433
	47,000	Tokuyama Corp.		280,269
	7,900	Tokyo Electric Power Co., Inc.		185,062
	81,099	Tokyo Gas Co., Ltd.		307,463
	5,800	Tokyo Steel Manufacturing Co., Ltd.		59,405
	4,000	TonenGeneral Sekiyu KK		38,044
	11,100	Toyota Boshoku Corp.		140,749
	22,490	Toyota Motor Corp.		890,126
	14,500	Toyota Tsusho Corp.		171,241
	2,700	Ushio, Inc.		35,033
	5,025	USS Co., Ltd.		227,713
	1,811	Yahoo! Japan Corp.		452,088
	11,000	Yamaguchi Financial Group, Inc.		106,277
	7,000	Yamato Holdings Co., Ltd.		78,010
	11,400	Yamato Kogyo Co., Ltd.		258,939
	11,000	Yaskawa Electric Corp.		51,191

				21,603,720

See Accompanying Notes to Financial Statements

132

PORTFOLIO OF INVESTMENTS

ING Index Plus International Equity Fund

as of April 30, 2009 (Unaudited) (continued)


Shares				Value



			Luxembourg: 0.7%
	1,490		ArcelorMittal	$	36,668
	27,494		ArcelorMittal		644,030

					680,698


			Mauritius: 0.4%
	1,667,259		Golden Agri-Resources Ltd.		411,416

					411,416


			Netherlands: 4.6%
	13,379		Fugro NV		478,995
	4,567		Heineken Holding NV		107,835
	35,424		Koninklijke Philips Electronics NV		639,155
	48,509		Reed Elsevier NV		532,956
	525		Royal Dutch Shell PLC		12,041
	45,678		Royal Dutch Shell PLC — Class A		1,051,630
	50,059		Royal Dutch Shell PLC — Class B		1,132,865
	8,433		Royal KPN NV		101,384
	19,423		SNS Reaal		109,330
	7,039		Unilever NV		139,284

					4,305,475


			New Zealand: 0.1%
	31,623		Fletcher Building Ltd.		119,479

					119,479


			Norway: 0.3%
	40,600		Telenor ASA		252,495

					252,495


			Singapore: 0.4%
	8,000		DBS Group Holdings Ltd.		50,859
	15,000		Jardine Cycle & Carriage Ltd.		143,467
	5,000		Oversea-Chinese Banking Corp.		19,706
	9,000		Singapore Airlines Ltd.		64,729
	7,000		United Overseas Bank Ltd.		53,954
	35,000		United Overseas Land Ltd.		52,119

					384,834


			Spain: 5.5%
	11,925		ACS Actividades de Construccion y Servicios SA		596,420
	53,741		Banco Bilbao Vizcaya Argentaria SA		582,427
	26,247		Banco De Sabadell SA		151,462
	21,270		Banco Popular Espanol SA		175,307
	113,170		Banco Santander Central Hispano SA		1,088,576
	34,196		Gas Natural SDG SA		542,232
	20,917		Gestevision Telecinco SA		197,204
	19,019		Grupo Ferrovial		551,515
	10,105		Indra Sistemas SA		199,859
	13,871		Repsol YPF SA		263,656
	44,080		Telefonica SA		846,840
	2,297		Zardoya-Otis SA		47,081

					5,242,579


			Sweden: 1.4%
	6,485		Hennes & Mauritz AB		288,711
	11,209		Modern Times Group AB		303,236
	26,585		Nordea Bank AB		197,748
	1,076		Svenska Handelsbanken AB		18,744
	25,043		Swedbank AB		141,023
	41,628		Telefonaktiebolaget LM Ericsson		353,584

					1,303,046


			Switzerland: 7.5%
	982		Actelion Ltd. — Reg		44,740
	10,624		Credit Suisse Group		415,149
	6,625		EFG International		80,150
	800		Geberit AG — Reg		85,260
	12,931		Holcim Ltd.		655,891
	25		Lindt & Spruengli AG		40,014
	11		Lindt & Spruengli AG — REG		210,456
	18,233		Logitech International SA		243,670
	34,669		Nestle SA		1,130,096
	34,397		Novartis AG		1,301,868
	1,841		Pargesa Holding SA		116,455
	7,445		Roche Holding AG		938,845
	60		SGS SA		67,285
	8,766		Swiss Reinsurance		208,079
	2,366		Synthes, Inc.		239,383
	29,546	@	UBS AG — Reg		405,858
	79,581		Xstrata PLC		701,599
	1,263		Zurich Financial Services AG		234,704

					7,119,502


			United Kingdom: 17.3%
	4,946		3i Group PLC		23,265
	7,753		Admiral Group PLC		103,681
	6,685		Amec PLC		60,853
	2,598		Anglo American PLC		55,905
	23,094		AstraZeneca PLC		808,647
	3,832	@	Autonomy Corp. PLC		80,392
	57,091		Aviva PLC		262,849
	57,949		BAE Systems PLC		304,827
	139,823		Barclays PLC		567,695
	27,102		BG Group PLC		432,762
	38,441		BHP Billiton PLC		797,844
	214,306		BP PLC		1,514,430
	8,749		British American Tobacco PLC		210,998
	96,582		BT Group PLC		133,102
	14,218		Burberry Group PLC		84,630
	117,241		Cable & Wireless PLC		258,190
	3,340	@	Cairn Energy PLC		104,719
	33,662		Capita Group PLC		339,403
	456		Carnival PLC		12,531
	124,674		Carphone Warehouse Group		273,027
	85,076		Centrica PLC		284,440
	18,768		Compass Group PLC		89,242
	80,634		Daily Mail & General Trust		391,500
	64,676		Diageo PLC		771,571
	5,525		Drax Group PLC		41,898
	10,665		Experian Group Ltd.		70,225
	60,538		GlaxoSmithKline PLC		932,481
	13,617		Home Retail Group		50,107
	202,835		HSBC Holdings PLC		1,442,454
	27,768		Imperial Tobacco Group PLC		633,562
	154,123		International Power PLC		563,240
	11,849		Investec PLC		56,755
	104,382		J Sainsbury PLC		505,838
	15,148		Ladbrokes PLC		52,326
	181,719		Legal & General Group PLC		154,385
	46,764		Lloyds TSB Group PLC		75,851
	36,605		Man Group PLC		135,302
	13,432		Marks & Spencer Group PLC		66,546
	149,911		Old Mutual PLC		149,356
	17,704		Prudential PLC		101,757
	1,586		Reckitt Benckiser PLC		62,259
	7,805		Rio Tinto PLC		317,128
	420,604		Royal Bank of Scotland Group PLC		256,697
	17,438		Sage Group PLC		47,487
	3,731		Shire PLC		46,652
	27,110		Standard Chartered PLC		419,373
	18,425		Standard Life PLC		51,229
	112,101		Tate & Lyle PLC		454,360
	20,389		Tesco PLC		101,024
	6,990		Unilever PLC		136,106
	559,162		Vodafone Group PLC		1,027,724
	15,331		Wolseley PLC		274,959
	30,917		WPP PLC		211,532

					16,405,116

			Total Common Stock (Cost $110,522,985)		91,402,168

See Accompanying Notes to Financial Statements

133

PORTFOLIO OF INVESTMENTS

ING Index Plus International Equity Fund

as of April 30, 2009 (Unaudited) (continued)


Shares						Value



REAL ESTATE INVESTMENT TRUSTS: 1.2%

			Australia: 0.5%
	93,717		CFS Retail Property Trust			$	112,048
	227,244		GPT Group				77,401
	36,976		Westfield Group				288,624

							478,073


			France: 0.3%
	1,584		Unibail				236,215

							236,215


			Hong Kong: 0.1%
	72,000		Link Real Estate Investment Trust				139,965

							139,965


			Japan: 0.3%
	24		Japan Prime Realty Investment Corp.				41,341
	25		Japan Retail Fund Investment Corp.				87,427
	10		Nippon Building Fund, Inc.				81,247
	9		Nomura Real Estate Office Fund, Inc.				46,633

							256,648


			Singapore: 0.0%
	49,000	@	Ascendas Real Estate Investment Trust				44,021

							44,021

			Total Real Estate Investment Trusts (Cost $1,265,274)				1,154,922


PREFERRED STOCK: 0.7%

			Germany: 0.7%
	8,897		Porsche AG				633,970

							633,970


			Italy: 0.0%
	28,851		Unipol S.p.A.				23,977

							23,977

			Total Preferred Stock (Cost $646,003)				657,947


RIGHTS: 0.0%

			Belgium: 0.0%
	5,625		Fortis				—

			Total Rights (Cost $–)				—

		Total Investments in Securities
		(Cost $112,434,262)*		98.5	%	$	93,215,037
		Other Assets and Liabilities - Net		1.5			1,411,112

		Net Assets		100.0	%	$	94,626,149


@		Non-income producing security
ADR		American Depositary Receipt
STRIP		Separate Trading of Registered Interest and Principal of Securities

*		Cost for federal income tax purposes is $122,809,270.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	3,490,894
Gross Unrealized Depreciation		(33,085,127	)

Net Unrealized Depreciation	$	(29,594,233	)


	Percentage of
Industry	Net Assets


Advertising		0.0	%
Aerospace/Defense		0.6
Agriculture		1.3
Airlines		1.3
Apparel		0.5
Auto Manufacturers		2.9
Auto Parts & Equipment		2.1
Banks		14.4
Beverages		2.0
Biotechnology		0.2
Building Materials		1.4
Chemicals		2.6
Commercial Services		1.0
Computers		1.1
Cosmetics/Personal Care		0.6
Distribution/Wholesale		1.8
Diversified		0.4
Diversified Financial Services		0.9
Electric		4.9
Electrical Components & Equipment		1.4
Electronics		1.5
Engineering & Construction		2.3
Entertainment		1.0
Environmental Control		0.1
Food		5.1
Food Service		0.1
Gas		1.8
Hand/Machine Tools		0.1
Healthcare — Products		0.8
Healthcare — Services		0.2
Holding Companies — Diversified		0.7
Home Builders		0.2
Home Furnishings		0.8
Household Products/Wares		0.1
Insurance		4.1
Internet		0.6
Investment Companies		0.4
Iron/Steel		2.3
Leisure Time		0.0
Machinery — Diversified		0.3
Media		2.1
Metal Fabricate/Hardware		0.1
Mining		3.2
Miscellaneous Manufacturers		0.8
Office Property		0.2
Oil & Gas		7.3
Oil & Gas Services		1.1
Pharmaceuticals		7.0
Real Estate		1.7
Retail		1.8
Shopping Centers		0.6
Software		0.4
Telecommunications		6.8
Toys/Games/Hobbies		0.1
Transportation		1.4
Venture Capital		0.0
Other Assets and Liabilities — Net		1.5

Net Assets		100.0	%

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*
Level 1 — Quoted Prices	$	4,596,016	$	—
Level 2 — Other Significant Observable Inputs†		88,619,016		—
Level 3 — Significant Unobservable Inputs		5		—

Total	$	93,215,037	$	—

See Accompanying Notes to Financial Statements

134

PORTFOLIO OF INVESTMENTS

ING Index Plus International Equity Fund

as of April 30, 2009 (Unaudited) (continued)

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the six months ended April 30, 2009 was as follows:


	Investments in		Other Financial
	Securities		Instruments*

Beginning Balance at 10/31/08	$	—	$	—
Net Purchases/(Sales)		—		—
Accrued Discounts/(Premiums)		—		—
Total Realized Gain/(Loss)		—		—
Total Unrealized Appreciation/(Depreciation)		—		—
Net Transfers In/(Out) of Level 3		5		—

Ending Balance at 04/30/09	$	5	$	—

For the six months ended April 30, 2009, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $(47). Total unrealized gain (loss) for all securities (including Level 1 and Level 2) can be found on the accompanying Statement of Operations.

See Accompanying Notes to Financial Statements

135

PORTFOLIO OF INVESTMENTS

ING International Capital Appreciation Fund

as of April 30, 2009 (Unaudited)


Shares				Value



COMMON STOCK: 98.3%

			Australia: 4.4%
	28,377		BHP Billiton Ltd.	$	685,519
	24,384		CSL Ltd.		607,648
	18,065		Rio Tinto Ltd.		841,224

					2,134,391


			Belgium: 1.1%
	16,902		Anheuser-Busch InBev NV		517,408

					517,408


			Brazil: 4.9%
	49,568		Cia Vale do Rio Doce ADR		818,368
	43,566		Itau Unibanco Banco Multiplo SA ADR		598,161
	29,313		Petroleo Brasileiro SA ADR		984,037

					2,400,566


			Canada: 8.1%
	52,127		Cameco Corp.		1,187,974
	45,775		Manulife Financial Corp.		782,753
	26,904		Rogers Communications, Inc.		661,045
	14,323		Shoppers Drug Mart Corp.		517,923
	31,394		Suncor Energy, Inc.		796,152

					3,945,847


			China: 3.8%
	544,000		China Communications Construction Co., Ltd.		645,227
	263,500		China Merchants Bank Co., Ltd.		470,802
	82,600		Tencent Holdings Ltd.		730,070

					1,846,099


			Denmark: 2.3%
	17,322	@	Vestas Wind Systems A/S		1,124,397

					1,124,397


			France: 6.2%
	45,001		AXA SA		756,093
	13,775		Electricite de France		638,069
	11,302		Groupe Danone		537,599
	10,384		Iliad SA		1,090,661

					3,022,422


			Germany: 7.2%
	16,187		Adidas AG		611,583
	10,704		Deutsche Boerse AG		790,755
	22,214		E.ON AG		751,211
	16,754		SAP AG ADR		638,160
	7,144		Wacker Chemie AG		739,432

					3,531,141


			Hong Kong: 5.0%
	1,060,000		Agile Property Holdings Ltd.		788,278
	140,800		Esprit Holdings Ltd.		862,716
	278,000		Li & Fung Ltd.		781,017

					2,432,011


			India: 2.5%
	8,346		HDFC Bank Ltd. ADR		617,771
	19,876		Infosys Technologies Ltd. ADR		612,380

					1,230,151


			Israel: 1.2%
	12,851		Teva Pharmaceutical Industries Ltd. ADR		564,030

					564,030


			Italy: 1.7%
	38,952		Saipem S.p.A.		832,572

					832,572


			Japan: 10.6%
	10,200		Fanuc Ltd.		736,055
	733		Jupiter Telecommunications Co.		515,787
	39,000		NGK Insulators Ltd.		598,114
	1,600		Nintendo Co., Ltd.		430,178
	9,200		Shin-Etsu Chemical Co., Ltd.		447,146
	187		Sony Financial Holdings, Inc.		588,344
	13,900		Terumo Corp.		525,906
	22,000		Toyota Motor Corp.		870,733
	10,170		Yamada Denki Co., Ltd.		468,446

					5,180,709


			Luxembourg: 1.7%
	17,477	@	Millicom International Cellular SA		846,935

					846,935


			Mexico: 1.1%
	20,365		Wal-Mart de Mexico SA de CV ADR		558,117

					558,117


			Netherlands: 1.1%
	30,493		Koninklijke Philips Electronics NV- NY Shares		548,264

					548,264


			Norway: 1.2%
	66,676	@	Renewable Energy Corp. A/S		602,317

					602,317


			Russia: 1.4%
	38,705		OAO Gazprom ADR		679,077

					679,077


			Singapore: 1.2%
	153,000		Keppel Corp., Ltd.		610,826

					610,826


			South Africa: 1.2%
	43,677		MTN Group Ltd.		567,067

					567,067


			South Korea: 1.2%
	2,574	#	Samsung Electronics Co., Ltd. GDR		593,846

					593,846


			Spain: 5.9%
	61,888		Banco Bilbao Vizcaya Argentaria SA		670,722
	72,419		Banco Santander Central Hispano SA		696,595
	36,908		Gamesa Corp. Tecnologica SA		696,619
	43,521		Telefonica SA		836,000

					2,899,936


			Switzerland: 8.0%
	39,196	@	ABB Ltd.		554,872
	22,737		Credit Suisse Group		888,483
	19,455		Nestle SA		634,169
	27,062		Nobel Biocare Holding AG		551,692
	12,760		Novartis AG		482,944
	6,166		Roche Holding AG		777,558

					3,889,718


			United Kingdom: 15.3%
	377,244		ARM Holdings PLC		662,571
	58,990	@	Autonomy Corp. PLC		1,237,559
	52,431		BG Group PLC		837,212
	85,858		British Sky Broadcasting PLC		611,224
	138,017		ICAP PLC		754,454
	133,273		Prudential PLC		766,011
	78,179		Smith & Nephew PLC		550,040
	39,735		Standard Chartered PLC		614,673

See Accompanying Notes to Financial Statements

136

PORTFOLIO OF INVESTMENTS

ING International Capital Appreciation Fund

as of April 30, 2009 (Unaudited) (continued)


Shares						Value


			United Kingdom (continued)
	127,538		Tesco PLC			$	631,929
	51,451		Vedanta Resources PLC				804,793

							7,470,466

			Total Common Stock (Cost $61,902,797)				48,028,313


EXCHANGE-TRADED FUNDS: 1.2%

			Developed Markets: 1.0%
	11,264		iShares MSCI EAFE Index Fund				472,187

							472,187


			Emerging Markets: 0.2%
	3,315		iShares MSCI Emerging Markets Index Fund				94,975

							94,975

			Total Exchange-Traded Funds (Cost $544,237)				567,162

		Total Investments in Securities
		(Cost $62,447,034)*		99.5	%	$	48,595,475
		Other Assets and Liabilities - Net		0.5			232,936

		Net Assets		100.0	%	$	48,828,411


@		Non-income producing security
ADR		American Depositary Receipt
GDR		Global Depositary Receipt
#		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. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.

*		Cost for federal income tax purposes is $69,730,969.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	1,170,566
Gross Unrealized Depreciation		(22,306,060	)

Net Unrealized Depreciation	$	(21,135,494	)


	Percentage of
Industry	Net Assets


Apparel		1.3	%
Auto Manufacturers		1.8
Banks		9.3
Beverages		1.1
Biotechnology		1.2
Chemicals		2.4
Computers		1.3
Distribution/Wholesale		1.6
Diversified Financial Services		3.2
Electric		2.8
Electrical Components & Equipment		3.7
Electronics		2.3
Energy — Alternate Sources		1.2
Engineering & Construction		2.5
Food		3.7
Healthcare — Products		3.3
Holding Companies — Diversified		1.3
Insurance		5.9
Internet		3.7
Machinery — Diversified		1.5
Media		3.7
Mining		8.9
Oil & Gas		6.8
Oil & Gas Services		1.7
Pharmaceuticals		3.7
Real Estate		1.6
Retail		4.9
Semiconductors		2.6
Software		3.8
Telecommunications		4.6
Toys/Games/Hobbies		0.9
Other Long-Term Investments		1.2
Other Assets and Liabilities — Net		0.5

Net Assets		100.0	%

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*
Level 1 — Quoted Prices	$	13,715,995	$	—
Level 2 — Other Significant Observable Inputs†		34,879,480		—
Level 3 — Significant Unobservable Inputs		—		—

Total	$	48,595,475	$	—

See Accompanying Notes to Financial Statements

137

PORTFOLIO OF INVESTMENTS

ING International Equity Dividend Fund

as of April 30, 2009 (Unaudited)


Shares				Value



COMMON STOCK: 94.5%

			Australia: 6.5%
	24,530		Australia & New Zealand Banking Group Ltd.	$	282,885
	80,412		Foster’s Group Ltd.		307,465
	89,725		Insurance Australia Group		226,122
	147,879		Macquarie Airports Management Ltd.		194,920
	48,272		Suncorp-Metway Ltd.		205,967
	16,248		Wesfarmers Ltd.		266,949

					1,484,308


			Brazil: 2.2%
	18,913		Cia Vale do Rio Doce ADR		259,675
	3,979		Petroleo Brasileiro SA ADR		107,353
	8,591		Tele Norte Leste Participacoes SA ADR		133,590

					500,618


			Canada: 3.2%
	12,892		Enerplus Resources Fund		243,401
	5,846		Toronto Dominion Bank		230,744
	10,477		TransCanada Corp.		261,464

					735,609


			Finland: 1.6%
	16,285		Nokia OYJ		231,303
	15,950		UPM-Kymmene OYJ		142,735

					374,038


			France: 7.4%
	5,637		Accor SA		238,511
	5,672		Carrefour SA		229,983
	5,644		Sanofi-Aventis		326,856
	6,222		Total SA		311,323
	8,199		Vinci SA		367,319
	7,834		Vivendi		210,649

					1,684,641


			Germany: 10.6%
	2,032		Allianz AG		187,499
	6,096		Bayer AG		303,017
	3,897		Deutsche Boerse AG		287,890
	14,710		E.ON AG		497,448
	4,789		MAN AG		296,842
	2,500		Muenchener Rueckversicherungs AG		345,406
	3,484		Siemens AG		234,246
	12,057		ThyssenKrupp AG		257,944

					2,410,292


			Hong Kong: 1.4%
	4,763		China Mobile Ltd. ADR		205,571
	15,605		CLP Holdings Ltd.		105,307

					310,878


			Italy: 9.4%
	7,321		Autostrade S.p.A.		129,150
	24,493		Banche Popolari Unite Scpa		337,718
	88,073		Enel S.p.A.		477,399
	16,181		ENI S.p.A.		347,231
	32,627		Italcementi S.p.A. RSP		206,821
	46,367		Mediaset S.p.A.		260,470
	64,495		Milano Assicurazioni S.p.A.		197,128
	62,924		Saras S.p.A.		184,263

					2,140,180


			Japan: 7.1%
	19,000		Mitsui OSK Lines Ltd.		108,575
	1,100		Nintendo Co., Ltd.		295,747
	5,300		Sumitomo Mitsui Financial Group, Inc.		183,810
	51,000		Sumitomo Trust & Banking Co., Ltd.		213,418
	8,500		Takeda Pharmaceutical Co., Ltd.		301,450
	8,700		Toyota Motor Corp.		344,335
	5,500	@	Trend Micro, Inc.		167,479

					1,614,814


			Netherlands: 6.8%
	4,462		Akzo Nobel NV		186,602
	5,528		Heineken NV		164,271
	13,997		Reed Elsevier NV		153,782
	20,615		Royal Dutch Shell PLC		472,800
	14,407		TNT NV		265,514
	16,242		Unilever NV		321,388

					1,564,357


			New Zealand: 0.9%
	132,240		Telecom Corp. of New Zealand Ltd.		211,449

					211,449


			Poland: 0.6%
	28,209		Telekomunikacja Polska SA		148,195

					148,195


			Singapore: 0.8%
	28,500		DBS Group Holdings Ltd.		181,184

					181,184


			South Korea: 1.5%
	11,331	@	KT Corp. ADR		162,260
	3,743		S-Oil Corp.		174,692

					336,952


			Spain: 8.2%
	42,507		Banco Bilbao Vizcaya Argentaria SA		460,677
	49,507		Banco Santander Central Hispano SA		476,205
	55,954		Iberdrola SA		446,418
	5,867		Inditex SA		250,156
	13,062		Telefonica SA		250,940

					1,884,396


			Switzerland: 5.8%
	16,557	@	ABB Ltd.		234,387
	13,233		Compagnie Financiere Richemont SA		236,892
	6,330		Nestle SA		206,337
	8,343		Novartis AG		315,768
	1,842		Zurich Financial Services AG		342,300

					1,335,684


			Taiwan: 1.2%
	25,263		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		267,030

					267,030


			Thailand: 0.9%
	57,100		Siam Cement PCL		196,478

					196,478


			United Kingdom: 18.4%
	9,552		AstraZeneca PLC		334,468
	46,825		BP PLC		330,896
	6,823		British American Tobacco PLC		164,549
	178,135		BT Group PLC		245,492
	15,042		Diageo PLC		179,448
	21,610		GlaxoSmithKline PLC		332,864
	13,116		Greene King PLC		120,388
	61,549		HSBC Holdings PLC		437,704
	6,496		Johnson Matthey PLC		114,711
	102,838		Kingfisher PLC		279,948
	40,167		Rexam PLC		186,055
	25,574		Scottish & Southern Energy PLC		416,764
	71,689		Stagecoach Group PLC		137,952
	38,652		Tate & Lyle PLC		156,662
	31,689		United Utilities Group PLC		236,982

See Accompanying Notes to Financial Statements

138

PORTFOLIO OF INVESTMENTS

ING International Equity Dividend Fund

as of April 30, 2009 (Unaudited) (continued)


Shares						Value


			United Kingdom (continued)
	181,631		Vodafone Group PLC			$	333,833
	28,832		WPP PLC				197,267

							4,205,983

			Total Common Stock (Cost $26,995,519)				21,587,086


REAL ESTATE INVESTMENT TRUSTS: 1.0%

			Australia: 0.5%
	15,845		Westfield Group				123,681

							123,681


			Netherlands: 0.5%
	2,629		Corio NV				116,684

							116,684

			Total Real Estate Investment Trusts (Cost $487,884)				240,365

		Total Investments in Securities
		(Cost $27,483,403)*		95.5	%	$	21,827,451
		Other Assets and Liabilities - Net		4.5			1,016,685

		Net Assets		100.0	%	$	22,844,136


@		Non-income producing security
ADR		American Depositary Receipt

*		Cost for federal income tax purposes is $29,598,259.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	1,144,580
Gross Unrealized Depreciation		(8,915,388	)

Net Unrealized Depreciation	$	(7,770,808	)


	Percentage of
Industry	Net Assets


Agriculture		0.7	%
Auto Manufacturers		1.5
Banks		13.2
Beverages		2.9
Building Materials		1.8
Chemicals		2.7
Commercial Services		0.6
Diversified		0.5
Diversified Financial Services		1.3
Electric		8.5
Engineering & Construction		3.5
Food		4.0
Forest Products & Paper		0.6
Insurance		5.7
Internet		0.7
Iron/Steel		1.1
Lodging		1.0
Machinery — Diversified		1.3
Media		3.6
Mining		1.1
Miscellaneous Manufacturers		1.0
Oil & Gas		9.5
Packaging & Containers		0.8
Pharmaceuticals		7.1
Pipelines		1.1
Retail		5.1
Semiconductors		1.2
Shopping Centers		0.5
Telecommunications		8.4
Toys/Games/Hobbies		1.3
Transportation		2.2
Water		1.0
Other Assets and Liabilities — Net		4.5

Net Assets		100.0	%

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*

Level 1 — Quoted Prices	$	3,559,006	$	—
Level 2 — Other Significant Observable Inputs†		18,268,445		—
Level 3 — Significant Unobservable Inputs		—		—

Total	$	21,827,451	$	—

See Accompanying Notes to Financial Statements

139

PORTFOLIO OF INVESTMENTS

ING International Growth Opportunities Fund

as of April 30, 2009 (Unaudited)


Shares							Value



COMMON STOCK: 97.4%

				Brazil: 5.8%
	81,500			Banco Bradesco SA ADR			$	1,000,820
	128,900		@	Cosan SA Industria e Comercio				785,548
	27,100			Petroleo Brasileiro SA ADR				909,747

								2,696,115


				Canada: 10.6%
	68,900			Barrick Gold Corp.				2,004,990
	19,800			EnCana Corp.				907,452
	35,277			Nexen, Inc.				673,791
	106,358			Talisman Energy, Inc.				1,333,729

								4,919,962


				China: 3.4%
	55,933		L	Aluminum Corp. of China Ltd. ADR				1,075,592
	310,800			Guangzhou R&F Properties Co., Ltd.				499,752

								1,575,344


				Finland: 1.5%
	31,997			Outotec OYJ				678,579

								678,579


				France: 7.3%
	19,952			Alstom				1,243,758
	12,454			PPR				954,139
	27,788			Technip SA				1,193,779

								3,391,676


				Germany: 3.7%
	21,147			Bayerische Motoren Werke AG				732,725
	76,036			GEA Group AG				1,000,057

								1,732,782


				Hong Kong: 8.4%
	520,000			China Overseas Land & Investment Ltd.				905,692
	348,000			Li & Fung Ltd.				977,676
	805,000			New World Development Ltd.				1,052,889
	95,000			Sun Hung Kai Properties Ltd.				982,087

								3,918,344


				India: 1.6%
	23,478			Infosys Technologies Ltd. ADR				723,357

								723,357


				Indonesia: 4.5%
	15,244,500			Bumi Resources Tbk PT				2,096,547

								2,096,547


				Israel: 1.6%
	16,600			Teva Pharmaceutical Industries Ltd. ADR				728,574

								728,574


				Italy: 1.9%
	73,472			Prysmian S.p.A.				893,370

								893,370


				Japan: 10.7%
	40,100			Capcom Co., Ltd.				699,388
	41,000			Denso Corp.				969,194
	494			Japan Tobacco, Inc.				1,241,122
	155,000			Mitsui OSK Lines Ltd.				885,746
	4,500			Nintendo Co., Ltd.				1,209,875

								5,005,325


				Luxembourg: 2.3%
	22,544		@,L	Millicom International Cellular SA				1,092,482

								1,092,482


				Russia: 3.5%
	103,821			Mechel OAO ADR				552,328
	61,864			OAO Gazprom ADR				1,085,400

								1,637,728


				South Korea: 2.5%
	37,834		@	Hyundai Development Co.				1,178,219

								1,178,219


				Switzerland: 7.7%
	86,671	��	@	ABB Ltd.				1,226,944
	265,055			Xstrata PLC				2,336,769

								3,563,713


				Taiwan: 2.0%
	90,100			Taiwan Semiconductor Manufacturing Co., Ltd. ADR				952,357

								952,357


				United Kingdom: 18.4%
	43,231			Anglo American PLC				930,258
	178,342			Compass Group PLC				848,014
	776,593			Hays PLC				1,030,883
	66,007			Imperial Tobacco Group PLC				1,506,033
	36,315			Reckitt Benckiser PLC				1,425,553
	10,600		L	Rio Tinto PLC ADR				1,727,270
	217,710			Tesco PLC				1,078,715

								8,546,726

				Total Common Stock (Cost $53,672,045)				45,331,200


PREFERRED STOCK: 0.8%

				Russia: 0.8%
	517,845		I	TNK-BP Holding				378,027

				Total Preferred Stock (Cost $1,469,547)				378,027

				Total Long-Term Investments (Cost $55,141,592)				45,709,227

Principal
Amount							Value



SHORT-TERM INVESTMENTS: 5.2%

				Securities Lending Collateral^cc: 5.2%
$	2,434,322			Bank of New York Mellon Corp. Institutional Cash Reserves			$	2,418,369

				Total Short-Term Investments (Cost $2,434,322)				2,418,369

			Total Investments in Securities
			(Cost $57,575,914)*		103.4	%	$	48,127,596
			Other Assets and Liabilities - Net		(3.4	)		(1,577,638	)

			Net Assets		100.0	%	$	46,549,958

See Accompanying Notes to Financial Statements

140

PORTFOLIO OF INVESTMENTS

ING International Growth Opportunities Fund

as of April 30, 2009 (Unaudited) (continued)


@		Non-income producing security
ADR		American Depositary Receipt
cc		Securities purchased with cash collateral for securities loaned.
L		Loaned security, a portion or all of the security is on loan at April 30, 2009.
I		Illiquid Security

*		Cost for federal income tax purposes is $61,109,975.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	5,869,136
Gross Unrealized Depreciation		(18,851,515	)

Net Unrealized Depreciation	$	(12,982,379	)


	Percentage of
Industry	Net Assets


Agriculture		5.9	%
Auto Manufacturers		1.6
Auto Parts & Equipment		2.1
Banks		2.2
Coal		4.5
Commercial Services		2.2
Computers		1.6
Distribution/Wholesale		2.1
Electrical Components & Equipment		1.9
Engineering & Construction		2.6
Food		4.0
Food Service		1.8
Holding Companies — Diversified		2.1
Home Builders		2.5
Household Products/Wares		3.1
Iron/Steel		1.2
Machinery — Construction & Mining		1.5
Machinery — Diversified		2.7
Mining		17.3
Oil & Gas		11.3
Oil & Gas Services		2.6
Pharmaceuticals		1.6
Real Estate		7.4
Retail		2.1
Semiconductors		2.0
Software		1.5
Telecommunications		2.3
Toys/Games/Hobbies		2.6
Transportation		1.9
Short-Term Investments		5.2
Other Assets and Liabilities — Net		(3.4	)

Net Assets		100.0	%

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*

Level 1 — Quoted Prices	$	14,846,064	$	—
Level 2 — Other Significant Observable Inputs†		33,281,532		—
Level 3 — Significant Unobservable Inputs		—		—

Total	$	48,127,596	$	—

See Accompanying Notes to Financial Statements

141

PORTFOLIO OF INVESTMENTS

ING International Real Estate Fund

as of April 30, 2009 (Unaudited)


Shares				Value



COMMON STOCK: 45.1%

			Australia: 0.8%
	567,100		Lend Lease Corp., Ltd.	$	2,970,459

					2,970,459


			Brazil: 0.8%
	426,800	@	BR Malls Participacoes SA		3,193,761

					3,193,761


			Canada: 0.2%
	129,250		Brookfield Properties Co.		965,498

					965,498


			Germany: 0.3%
	41,059		Deutsche Euroshop AG		1,164,233

					1,164,233


			Hong Kong: 20.2%
	1,814,265		Cheung Kong Holdings Ltd.		18,715,228
	1,851,200		Hang Lung Group Ltd.		6,779,857
	2,796,400		Hang Lung Properties Ltd.		7,854,243
	1,028,000		Henderson Land Development Co., Ltd.		4,788,441
	1,519,600		Hongkong Land Holdings Ltd.		3,753,271
	1,653,100		Kerry Properties Ltd.		4,991,764
	1,807,700		Sino Land Co.		2,302,446
	2,500,800		Sun Hung Kai Properties Ltd.		25,852,659
	917,850		Wharf Holdings Ltd.		3,019,946

					78,057,855


			India: 0.1%
	382,800		Unitech Ltd. (Global Instrument, Issuer: Macquarie Group Ltd.)		337,011

					337,011


			Japan: 17.3%
	146,100		Aeon Mall Co., Ltd.		1,912,524
	123,200		Daito Trust Construction Co., Ltd.		5,137,210
	1,961,900		Mitsubishi Estate Co., Ltd.		25,644,289
	1,682,700		Mitsui Fudosan Co., Ltd.		21,172,507
	1,975		NTT Urban Development Corp.		1,601,090
	934,300		Sumitomo Realty & Development Co., Ltd.		11,207,214

					66,674,834


			Philippines: 0.3%
	8,527,200		Ayala Land, Inc.		1,125,794

					1,125,794


			Singapore: 2.3%
	4,764,700		CapitaLand Ltd.		8,789,457

					8,789,457


			Sweden: 0.9%
	346,897		Castellum AB		2,187,621
	230,223		Hufvudstaden AB		1,374,963

					3,562,584


			Switzerland: 1.2%
	97,040	@	PSP Swiss Property AG		4,561,017

					4,561,017


			Thailand: 0.2%
	1,929,000	I	Central Pattana PCL		776,880

					776,880


			United Kingdom: 0.5%
	1,351,100	I	Safestore Holdings Ltd.		1,565,585
	90,700	@,I	Yatra Capital Ltd.		280,812

					1,846,397

			Total Common Stock (Cost $248,730,510)		174,025,780


REAL ESTATE INVESTMENT TRUSTS: 51.8%

			Australia: 13.6%
	4,693,900		CFS Retail Property Trust		5,612,038
	3,293,700	I	Challenger Diversified Property Group		963,670
	1,548,100		Charter Hall Group		415,086
	2,318,100		Commonwealth Property Office Fund		1,371,198
	13,419,257		Dexus Property Group		7,096,829
	4,555,100		GPT Group		1,551,506
	8,360,758		Macquarie Goodman Group		2,237,831
	4,405,226		Mirvac Group		3,342,233
	1,151,000		Stockland		2,625,943
	3,507,339		Westfield Group		27,377,257

					52,593,591


			Belgium: 0.1%
	5,833		Cofinimmo		639,658

					639,658


			Canada: 3.7%
	228,900	@,#	Calloway Real Estate Investment Trust		2,042,894
	127,700		Canadian Real Estate Investment Trust		2,086,776
	354,500		Cominar Real Estate Investment Trust		3,942,190
	532,600		RioCan Real Estate Investment Trust		6,105,730

					14,177,590


			France: 9.8%
	208		Fonciere Des Regions		11,390
	32,760		ICADE		2,534,275
	197,520		Klepierre		4,391,156
	103,928		Mercialys		3,191,470
	18,019		Societe Immobiliere de Location pour l’Industrie et le Commerce		1,515,963
	175,182		Unibail		26,124,137

					37,768,391


			Germany: 0.2%
	130,700		Alstria Office AG		811,255

					811,255


			Hong Kong: 2.5%
	4,919,200		Link Real Estate Investment Trust		9,562,716

					9,562,716


			Japan: 7.9%
	339		Frontier Real Estate Investment Corp.		1,870,066
	281		Japan Logistics Fund, Inc.		1,679,276
	1,075		Japan Real Estate Investment Corp.		7,605,986
	367		Japan Retail Fund Investment Corp.		1,283,428
	118		Nippon Accommodations Fund, Inc.		521,352
	1,058		Nippon Building Fund, Inc.		8,595,956
	221		Nomura Real Estate Office Fund, Inc.		1,145,106
	468		Orix JREIT, Inc.		1,755,568

See Accompanying Notes to Financial Statements

142

PORTFOLIO OF INVESTMENTS

ING International Real Estate Fund

as of April 30, 2009 (Unaudited) (continued)


Shares							Value


				Japan (continued)
	924			Tokyu Real Estate Investment Trust, Inc.			$	4,258,955
	368			United Urban Investment Corp.				1,662,868

								30,378,561


				Netherlands: 3.6%
	154,440			Corio NV				6,854,597
	75,683			Eurocommercial Properties NV				2,230,491
	25,110	��		Vastned Retail NV				1,109,026
	53,200			Wereldhave NV				3,649,904

								13,844,018


				Singapore: 2.6%
	3,801,553		@	Ascendas Real Estate Investment Trust				3,415,230
	6,558,383		@	CapitaMall Trust				5,488,013
	3,667,500		@	Macquarie MEAG Prime Real Estate Investment Trust				1,185,216

								10,088,459


				United Kingdom: 7.8%
	1,004,516			British Land Co. PLC				6,338,447
	143,810			Derwent Valley Holdings PLC				1,771,368
	206,100			Great Portland Estates PLC				929,595
	1,182,998			Hammerson PLC				5,481,327
	1,425,401			Land Securities Group PLC				11,754,752
	388,000			Liberty International PLC				2,274,206
	2,555,800			Segro PLC				896,305
	154,400			Shaftesbury PLC				796,434

								30,242,434

				Total Real Estate Investment Trusts (Cost $317,866,793)				200,106,673

				Total Long-Term Investments (Cost $566,597,303)				374,132,453


SHORT-TERM INVESTMENTS: 2.8%

				Affiliated Mutual Fund: 2.8%
	10,737,182			ING Institutional Prime Money Market Fund — Class I				10,737,182

				Total Short-Term Investments (Cost $10,737,182)				10,737,182


			Total Investments in Securities
			(Cost $577,334,485)*		99.7	%	$	384,869,635
			Other Assets and Liabilities - Net		0.3			1,083,811

			Net Assets		100.0	%	$	385,953,446


@		Non-income producing security
#		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. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
I		Illiquid Security

*		Cost for federal income tax purposes is $619,187,912.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	1,839,126
Gross Unrealized Depreciation		(236,157,403	)

Net Unrealized Depreciation	$	(234,318,277	)


	Percentage of
Industry	Net Assets


Apartments		0.1	%
Diversified		27.2
Engineering & Construction		0.1
Holding Companies — Diversified		0.8
Office Property		8.1
Real Estate		43.8
Shopping Centers		0.5
Shopping Centers		15.5
Storage/Warehousing		0.4
Warehouse/Industrial		0.4
Short-Term Investments		2.8
Other Assets and Liabilities — Net		0.3

Net Assets		100.0	%

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*

Level 1 — Quoted Prices	$	29,354,843	$	—
Level 2 — Other Significant Observable Inputs†		355,514,792		—
Level 3 — Significant Unobservable Inputs		—		—

Total	$	384,869,635	$	—

See Accompanying Notes to Financial Statements

143

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2009 (Unaudited)


Shares					Value



COMMON STOCK: 90.9%

				Australia: 2.6%
	36,700			AJ Lucas Group Ltd.	$	68,659
	4,250			Ansell Ltd.		25,832
	2,319,494		@	Australian Worldwide Exploration Ltd.		4,079,374
	109,300			AWB Ltd.		105,658
	183,872		@	Babcock & Brown Capital Ltd.		159,971
	248,921			Beach Petroleum Ltd.		137,967
	21,850			Caltex Australia Ltd.		156,025
	53,966			Computershare Ltd.		357,743
	28,898			David Jones Ltd.		63,362
	21,626			Dominion Mining Ltd.		82,165
	67,332			Downer EDI Ltd.		246,234
	1,118,518			Emeco Holdings Ltd.		319,861
	13,500			Energy Resources of Australia Ltd.		203,892
	9,200			Felix Resources Ltd.		74,047
	368,255			Futuris Corp., Ltd.		115,932
	51,800			Healthscope Ltd.		144,957
	103,909		@	Iluka Resources Ltd.		247,126
	323,697			John Fairfax Holdings Ltd.		278,422
	49,400			Kingsgate Consolidated Ltd.		215,681
	27,300			Monadelphous Group Ltd.		200,003
	673,856		@	Octaviar Ltd.		—
	111,936		@	Pan Pacific Petroleum NL		25,934
	284,200			Sigma Pharmaceuticals Ltd.		231,206
	37,066			Sonic Healthcare Ltd.		314,401
	139,500		#	Spark Infrastructure Group		104,513
	81,318			Transpacific Industries Group Ltd.		106,376

						8,065,341


				Austria: 0.6%
	9,888			Andritz AG		336,137
	9,200		@	bwin Interactive Entertainment		290,377
	12,964			Kapsch TrafficCom AG		296,477
	16,500			Rosenbauer International AG		585,147
	11,959			Schoeller-Bleckmann Oilfield Equipment AG		371,424

						1,879,562


				Belgium: 1.0%
	134,000		@	AGFA-Gevaert NV		299,602
	4,669			Compagnie d’Entreprises CFE		158,217
	1,049			D’ieteren SA		199,773
	12,230			EVS Broadcast Equipment SA		560,665
	3,900			Mobistar SA		233,380
	73,183			Nyrstar		471,352
	14,500		@	Telenet Group Holding NV		280,612
	25,557			Tessenderlo Chemie NV		758,788

						2,962,389


				Bermuda: 1.0%
	217,171			Catlin Group Ltd.		1,123,842
	88,200			Hiscox Ltd.		436,639
	184,563			Lancashire Holdings Ltd.		1,301,206
	848,000		L	Regal Hotels International Holdings Ltd.		163,451
	8,349			Signet Jewelers Ltd.		132,254

						3,157,392


				Brazil: 0.1%
	7,742			Banco Nossa Caixa SA		253,380

						253,380


				Canada: 6.5%
	22,198		@	Aastra Technologies Ltd.		553,415
	80,389			Aecon Group, Inc.		764,615
	169,972			Alamos Gold, Inc.		1,103,899
	235,400			Alimentation Couche-Tard, Inc.		2,574,349
	5,400			Atco Ltd.		155,443
	34,400			Aurizon Mines Ltd.		127,418
	124,500			Biovail Corp.		1,361,540
	10,200			Bird Construction Income Fund		190,187
	112,500			Capstone Mining Corp.		188,553
	390,628		@	Celestica, Inc.		2,350,380
	406,466		@	CGI Group, Inc. — Class A		3,603,796
	74,561			Chemtrade Logistics Income Fund		321,788
	15,300			Corus Entertainment, Inc.		203,863
	68,900			Dorel Industries, Inc.		1,313,563
	9,300			Empire Co., Ltd.		388,429
	33,100			Enerflex Systems Income Fund		280,711
	10,000			Genivar Income Fund		189,475
	34,900		@	Highpine Oil & Gas Ltd.		159,687
	27,376			Home Capital Group Inc.		631,577
	21,500			Keyera Facilities Income Fund		278,006
	30,168			Laurentian Bank of Canada		728,097
	24,800			Maple Leaf Foods, Inc.		174,990
	31,000			Metro Inc.		961,200
	28,900		@	Open Text Corp.		951,789
	11,400		@	Rona, Inc.		126,200
	106,200			SEMAFO, Inc.		163,754
	20,600			Westjet Airlines Ltd.		200,251

						20,046,975


				China: 0.5%
	366,000			Beijing Capital International Airport Co., Ltd.		231,133
	175,000			Beijing Jingkelong Co., Ltd.		68,482
	102,000			China National Building Material Co., Ltd.		213,203
	1,000,000			China Rare Earth Holdings Ltd.		128,281
	216,000	��		China Zhongwang Holdings Ltd.		197,064
	12,135			Ctrip.com International Ltd. ADR		375,214
	334,000			Maanshan Iron & Steel		135,477
	268,000			People’s Food Holdings Ltd.		89,031
	567,000			SunVic Chemical Holdings Ltd.		51,260

						1,489,145


				Denmark: 0.5%
	22,944			East Asiatic Co., Ltd. A/S		723,966
	16,500			H Lundbeck A/S		298,523
	43,618		@	TK Development		183,799
	346		@	Topdanmark A/S		40,902
	6,509			TrygVesta A/S		356,243

						1,603,433


				Finland: 0.8%
	8,000			Elisa OYJ		105,918
	140,000			F-Secure OYJ		420,758
	58,484			KCI Konecranes OYJ		1,188,293
	85,734			Oriola-KD OYJ		248,328
	7,800			Outotec OYJ		165,419
	86,699			Sponda OYJ		351,753
	8,912			Tietoenator OYJ		114,491

						2,594,960


				France: 5.3%
	17,000		@	Alten		305,512
	64,400		@	Altran Technologies SA		216,210
	4,034			Bacou Dalloz		203,140
	4,691			BioMerieux		351,373
	8,814			Bonduelle S.C.A.		617,510
	1,399			Bongrain SA		68,622
	13,500			Bourbon SA		505,255
	1,796			Boursorama		14,784
	9,610			CNP Assurances		757,707
	24,690			Derichebourg		57,682
	1,647		@	Easydentic		17,350
	400			Faiveley SA		29,203
	168,415		@	Groupe Eurotunnel SA		867,123
	250,577			Havas SA		785,112
	25,913		@	Homair SA		75,428
	9,000			Ipsen		368,486

See Accompanying Notes to Financial Statements

144

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2009 (Unaudited) (continued)


Shares					Value


				France (continued)
	11,200			Lagardere SCA	$	351,601
	6,400			M6-Metropole Television		119,623
	3,620			Maximiles		35,060
	13,873		@	Meetic		309,352
	2,200			Neopost SA		186,301
	10,256			Nexans SA		475,153
	24,300			PagesJaunes Groupe SA		263,964
	176,109			Rallye SA		3,580,213
	6,100			Rubis		346,008
	25,164		@	Saft Groupe SA		770,191
	9,815			Scor SA		205,992
	3,986			Societe BIC SA		213,981
	4,718			Sopra Group SA		168,850
	16,264		@	Store Electronic		258,411
	21,048			Sword Group		415,358
	962,449		@	Thomson		1,295,934
	62,371			Valeo SA		1,285,249
	3,460			Virbac SA		233,231
	13,000			Zodiac SA		379,673

						16,134,642


				Germany: 6.3%
	83,847			Aareal Bank AG		780,838
	985			Bauer AG		37,175
	60,095			Bechtle AG		904,005
	15,500			Bilfinger Berger AG		736,031
	6,421			Carl Zeiss Meditec AG		76,275
	1,300			Centrotherm Photovoltaics AG		51,177
	840			CTS Eventim AG		24,143
	69,302			Demag Cranes AG		1,462,058
	2,318			Deutsche Euroshop AG		65,727
	5,127			Duerr AG		97,172
	4,832			ElringKlinger AG		69,962
	6,253			Fresenius Medical Care AG & Co. KGaA		242,655
	4,119			Gerresheimer AG		99,255
	7,771			Gesco AG		359,465
	146,760			Gildemeister AG		1,438,594
	9,064			Grenkeleasing AG		281,499
	6,950			Hannover Rueckversicheru — Reg		224,556
	6,179			Hawesko Holding AG		134,800
	22,827			Heidelberger Druckmaschinen		165,152
	5,341			Koenig & Bauer AG		56,847
	751			KWS Saat AG		94,250
	10,100			Lanxess		218,178
	110,314		L	Medion AG		849,488
	11,000		@	Morphosys AG		200,793
	177,672			MTU Aero Engines Holding AG		5,982,702
	97,562			Norddeutsche Affinerie AG		2,764,259
	904		@	Open Business Club AG		35,860
	9,050			Phoenix Solar AG		407,561
	11,900			Rheinmetall AG		503,831
	3,018			SFC Smart Fuel Cell AG		23,117
	2,300			Software AG		145,476
	10,000			Symrise		136,787
	261			Takkt AG		2,593
	4,362			Tognum AG		53,315
	8,000			United Internet AG		83,937
	2,900			Wincor Nixdorf AG		145,580
	48,548		@	Wirecard AG		402,927
	1,364			Wuestenrot & Wuerttembergische		28,857

						19,386,897


				Greece: 0.1%
	5,009			Aegean Airlines SA		21,121
	10,333			Jumbo SA		88,208
	6,190			Public Power Corp.		119,323
	8,300			Titan Cement Co. SA		211,595

						440,247


				Hong Kong: 3.0%
	578,000			Belle International Holdings		440,366
	9,528,000		@	Brilliance China Automotive		694,335
	79,000			Cheung Kong Infrastructure Holdings Ltd.		304,745
	194,000			China Everbright Ltd.		375,421
	191,000			China Insurance International Holdings Co., Ltd.		318,327
	64,000			China Mengniu Dairy Co. Ltd.		113,834
	320,000			China Pharmaceutical Group Ltd.		159,296
	310,000			China Resources Gas Group Ltd.		176,702
	474,400			Dah Sing Banking Group Ltd.		340,200
	716,500			Dickson Concepts International Ltd.		222,710
	324,000			Dynamic Energy Holdings Ltd.		37,112
	1,671,111		@	eSun Holdings Ltd.		199,345
	765,000			Geely Automobile Holdings Ltd.		102,625
	4,435,000			Genesis Energy Holdings Ltd.		159,284
	6,523,840		@	Global Green Tech Group Ltd.		225,539
	194,000			Goldlion Holdings Ltd.		38,876
	636,000			Hutchinson Telecommunications Hong Kong Holdings Ltd.		59,907
	933,000			Hutchison Telecommunications Hong Kong Holdings Ltd.		87,882
	1,836,000		@	Hutchison Telecommunications International Ltd.		338,770
	41,000			Hysan Development Co., Ltd.		74,461
	750,000			Luk Fook Holdings International Ltd.		219,851
	348,000			Midland Holdings Ltd.		142,622
	6,776,000			Minmetals Resources Ltd.		1,146,091
	103,000			MTR Corp.		260,713
	12,300			Nam Tai Electronics, Inc.		50,922
	492,000			Next Media Ltd.		65,018
	272,000			Noble Group Ltd.		235,643
	620,025			OM Holdings Ltd.		567,389
	3,345,000			Polytec Asset Holdings Ltd.		195,688
	200,508			RCG Holdings Ltd.		151,097
	2,806,000			SIM Technology Group Ltd.		222,540
	8,918,000			Sinolink Worldwide Holdings		740,773
	3,784,000			Skyworth Digital Holdings Ltd.		383,289
	1,168,000			SRE Group Ltd.		97,093
	214,000			Tai Fook Securities Group Ltd.		40,539
	18,000			Television Broadcasts Ltd.		63,600
	438,000			Texwinca Holdings Ltd.		266,567

						9,319,172


				Hungary: 0.1%
	4,550			EGIS PLC		251,551

						251,551


				India: 2.0%
	106,447			Allahabad Bank		112,349
	10,698			Bajaj Auto Ltd.		73,158
	226,599			Bank of Baroda		1,488,794
	162,940			Bank of India		770,092
	105,910			Bank of Maharashtra		49,369
	147,774			Canara Bank		584,628
	75,100			Central Bank Of India		64,673
	171,923			Chennai Petroleum Corp., Ltd.		396,632
	100,472			Dena Bank		74,826
	90,344	��		Great Eastern Shipping Co., Ltd.		374,105
	78,162			Indian Bank		158,867
	77,302			Mahanagar Telephone Nigam Ltd.		112,360
	43,126			Oriental Bank of Commerce		114,045
	140,093			Punjab National Bank Ltd.		1,349,271
	48,216			Shipping Corp of India, Ltd.		79,768
	3,115			Tata Tea Ltd.		42,411
	342,628			UCO Bank		197,468
	35,927			Union Bank of India		118,775
	152,389			Vijaya Bank		80,351

						6,241,942

See Accompanying Notes to Financial Statements

145

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2009 (Unaudited) (continued)


Shares				Value



			Ireland: 0.3%
	59,914		C&C Group PLC	$	138,132
	23,400		DCC PLC		425,066
	11,600		Kerry Group PLC		236,973

					800,171


			Israel: 0.1%
	59,474	@,I	Oridion Systems Ltd.		295,110

					295,110


			Italy: 1.8%
	29,659		ACEA S.p.A.		367,900
	69,096		Amplifon S.p.A.		175,444
	12,300		Ansaldo STS S.p.A		196,035
	172,254	@	AS Roma S.p.A.		201,376
	81,324		Azimut Holding S.p.A.		568,297
	69,100		Banca Carige S.p.A		253,116
	276,000		CIR-Compagnie Industriali Riunite S.p.A.		359,419
	9,693		ERG S.p.A.		149,332
	8,172		Esprinet S.p.A.		60,338
	103,730		Indesit Co. S.p.A.		518,956
	64,155		Landi Renzo S.p.A.		270,279
	11,800		Lottomatica S.p.A.		242,566
	98,071		Maire Tecnimont S.p.A.		199,765
	19,811		Natuzzi S.p.A. ADR		30,707
	509,318		Parmalat S.p.A		1,011,568
	8,938		Prima Industrie S.p.A.		102,438
	29,300		Prysmian S.p.A.		356,268
	53,064		Recordati S.p.A.		305,432
	21,500		Zignago Vetro SpA		102,433

					5,471,669


			Japan: 23.5%
	58,000		Adores, Inc.		103,103
	21,300		Aica Kogyo Co., Ltd.		182,279
	63,000		Aichi Machine Industry Co., Ltd.		150,076
	295,200	@	Allied Telesis Holdings KK		153,951
	11,400		Aloka Co., Ltd.		82,545
	6,700		Alpen Co., Ltd.		110,636
	111,548		Alps Electric Co., Ltd.		596,535
	32,500		Arcs Co., Ltd.		400,722
	18,800		Argo Graphics, Inc.		172,812
	94,726	@	Arrk Corp.		86,363
	7,700		Bank of the Ryukyus Ltd.		59,916
	21,400		BML, Inc.		377,936
	525,000		Calsonic Kansei Corp.		983,446
	31,500		Canon Sales Co., Inc.		380,899
	7,700		Chiyoda Co., Ltd.		106,959
	1,008,000	@,L	Chori Co., Ltd.		998,412
	6,500		Chubu Steel Plate Co., Ltd.		40,470
	67,000		Chuetsu Pulp & Paper Co., Ltd.		190,388
	77,000		Chugoku Marine Paints Ltd.		440,086
	8,000		Chuo Denki Kogyo Co., Ltd.		45,425
	19,100		Coca-Cola Central Japan Co., Ltd.		232,118
	20,000		COMSYS Holdings Corp.		162,457
	71,000		Daido Steel Co., Ltd.		236,514
	44,000		Daihatsu Diesel Manufacturing Co., Ltd.		227,646
	78,000		Daiichi Jitsugyo Co., Ltd.		188,646
	23,400		Daiichikosho Co., Ltd.		187,709
	68,000		Daishi Bank Ltd.		256,284
	235,000		Daiwa Industries Ltd.		782,994
	12,600		DC Co., Ltd.		36,722
	55,000		Dowa Holdings Co., Ltd.		218,672
	31,591		DTS Corp.		226,957
	9,700		Dydo Drinco, Inc.		257,496
	111,000		Ebara Corp.		298,266
	40,610		Eiken Chemical Co., Ltd.		319,454
	12,000		Excel Co., Ltd.		97,812
	20,100		Exedy Corp.		373,889
	1,216		Faith, Inc.		83,880
	92,000		Fuji Fire & Marine Insurance Co.		94,603
	67,600		Fuji Machine Manufacturing Co., Ltd.		606,126
	11,700		Fuji Oil Co., Ltd.		116,019
	54,727		Fuji Soft, Inc.		776,725
	37,700		Fujikura Kasei Co., Ltd.		143,215
	43		Fujishoji Co. Ltd.		37,451
	14,300		Fujitsu Frontech Ltd.		124,809
	54,000		Fukuyama Transporting Co., Ltd.		209,685
	20,100		Furuno Electric Co., Ltd.		97,139
	19,200		Futaba Corp.		342,875
	61		Gendai Agency, Inc.		43,533
	14,700		Glory Ltd.		269,762
	10,100		Goldcrest Co., Ltd.		231,542
	152		Gourmet Navigator, Inc.		337,330
	83,000		Hanwa Co., Ltd.		234,878
	21,995		Hiday Hidaka Corp.		227,265
	12,000		Higo Bank Ltd.		65,636
	74,000		Hiroshima Bank Ltd.		280,554
	33,400		HIS Co., Ltd.		527,229
	19,000		Hisaka Works Ltd.		189,964
	44,491		Hitachi Information Systems Ltd.		787,390
	83,439		Hitachi Software Engineering Co., Ltd.		1,028,935
	19,999		Hitachi Systems & Services Ltd.		209,157
	23,700		Hitachi Transport System Ltd.		243,056
	129,000		Hokugin Financial Group, Inc.		227,561
	22,200		Hosiden Corp.		272,545
	12,100		Hudson Soft Co., Ltd.		65,597
	64,575		IBJ Leasing Co., Ltd.		664,160
	4,400		Icom, Inc.		89,601
	724	@,L	IDU Co.		156,762
	111,709		Inabata & Co., Ltd.		300,528
	125,900		Ines Corp.		670,477
	4,800		Information Services International-Dentsu Ltd.		24,297
	76,800		Inui Steamship Co., Ltd.		504,605
	395,000		Itoham Foods, Inc.		1,203,568
	778,000		JFE Shoji Holdings, Inc.		2,207,239
	51,000		Jidosha Buhin Kogyo Co., Ltd.		86,979
	24,000		JMS Co., Ltd.		87,162
	42,000		J-Oil Mills, Inc.		113,161
	25,900		JSP Corp.		135,544
	35,000		Kagawa Bank Ltd.		147,542
	79,000		Kaken Pharmaceutical Co., Ltd.		657,718
	2,201,000	@	Kanematsu Corp.		1,727,476
	177,094		Kanto Auto Works Ltd.		1,928,020
	12,000		Kasumi Co., Ltd.		49,191
	20,500		Kato Sangyo Co., Ltd.		284,917
	24,600		Keiyo Co., Ltd.		110,839
	45,000		Kinden Corp.		375,444
	28,100		Kyoden Co., Ltd.		22,795
	36,000		Kyodo Printing Co., Ltd.		77,774
	436,000		Kyodo Shiryo Co., Ltd.		447,631
	7,700		Kyoei Steel Ltd.		153,637
	122,556		Kyokuyo Co., Ltd.		229,901
	53,000		Kyowa Exeo Corp.		415,055
	35,600		Lintec Corp.		489,647
	7,200		Mars Engineering Corp.		201,682
	145,000		Marudai Food Co., Ltd.		322,335
	60,400		Matsui Securities Co., Ltd.		428,168
	23,400		Matsumotokiyoshi Holdings Co., Ltd.		406,521
	15,000		Mie Bank Ltd.		42,638
	30,100		Mikuni Coca-Cola Bottling Co., Ltd.		229,952
	87,027		Mimasu Semiconductor Industry Co., Ltd.		998,812
	57,000		Minebea Co., Ltd.		220,916
	22,900		Ministop Co., Ltd.		325,140
	26,200		Miraca Holdings, Inc.		534,743
	26,000		Mitsubishi Gas Chemical Co., Inc.		121,500
	65,000		Mitsui Engineering & Shipbuilding Co., Ltd.		133,120
	15,000		Mitsui High-Tec, Inc.		120,699

See Accompanying Notes to Financial Statements

146

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2009 (Unaudited) (continued)


Shares				Value


			Japan (continued)
	264,000		Mitsui Sugar Co., Ltd.	$	709,191
	7,600		Miura Co., Ltd.		166,813
	12,700		Modec, Inc.		182,263
	28,392		Morinaga Milk Industry Co., Ltd.		87,381
	34,800		Musashi Seimitsu Industry Co., Ltd.		440,087
	53,000		Nabtesco Corp.		430,795
	22,100		Namco Bandai Holdings, Inc.		219,901
	50,583		Namura Shipbuilding Co., Ltd.		208,008
	5,557		NEC Fielding Ltd.		57,263
	6,500		NEC Leasing Ltd.		53,180
	26,800		NEC Networks & System Integration Corp.		253,952
	704		Net One systems Co., Ltd.		887,053
	18,300		Nichi-iko Pharmaceutical Co., Ltd.		494,099
	162,000		Nichirei Corp.		566,874
	18,700		Nidec Copal Corp.		121,560
	46,800		Nifco, Inc.		620,742
	19,000		Nihon Parkerizing Co., Ltd.		158,398
	36,200		Nihon Unisys Ltd.		227,531
	135,000		Nippo Corp.		1,014,634
	28,000		Nippon Chemical Industrial Co., Ltd.		52,734
	82,000		Nippon Denko Co., Ltd.		349,603
	86,000		Nippon Flour Mills Co., Ltd.		331,373
	57,786		Nippon Road Co., Ltd.		153,139
	179,000		Nippon Shinyaku Co., Ltd.		1,597,939
	22,300		Nippon Signal Co., Ltd.		134,905
	183,000		Nippon Soda Co., Ltd.		600,474
	103,000		Nippon Steel Trading Co., Ltd.		139,847
	85,000		Nippon Thompson Co., Ltd.		367,489
	49,400	@	NIS Group Co., Ltd.		21,699
	370,000		Nishimatsu Construction Co., Ltd.		318,790
	17,100		Nishimatsuya Chain Co. Ltd.		137,158
	114,000		Nishi-Nippon City Bank Ltd.		229,818
	79,000		Nisshin Oillio Group Ltd.		312,222
	25,200		Nitta Corp.		289,616
	199,000		Nittetsu Mining Co., Ltd.		680,416
	44,600		NSD CO., Ltd.		351,018
	2,700		Obic Co., Ltd.		366,530
	12,012		Oiles Corp.		138,875
	44,700		Okabe Co., Ltd.		169,219
	23,970		Okinawa Electric Power Co., Inc.		1,139,856
	4,100		Pack Corp.		52,232
	30,900		Park24 Co. Ltd.		238,479
	314		Pilot Corp.		335,619
	53,600	L	Pioneer Corp.		171,619
	3,870		Point, Inc.		172,453
	173,000	@	Prima Meat Packers Ltd.		199,837
	62,516		Ricoh Leasing Co., Ltd.		925,673
	12,100		Right On Co., Ltd.		83,470
	4,200		Rinnai Corp.		146,449
	27,200		Saizeriya Co., Ltd.		306,145
	124,000		Sanden Corp.		279,536
	11,000		San-In Godo Bank Ltd.		85,229
	103,000		Sanki Engineering Co., Ltd.		694,859
	52,354		Sanshin Electronics Co., Ltd.		323,754
	72,000		Sanyo Special Steel Co., Ltd.		255,994
	159		SBI VeriTrans Co. Ltd.		79,198
	29,300		Sega Sammy Holdings, Inc.		265,231
	53,960		Seino Holdings Co., Ltd.		294,249
	229,000		Shinmaywa Industries Ltd.		656,039
	243,000		Shinsho Corp.		377,391
	89,500		Shizuoka Gas Co., Ltd.		500,552
	27,000		Showa Shell Sekiyu KK		237,500
	72,800		Siix Corp.		261,288
	1,612		Softbank Investment Corp.		192,589
	54,330		Sorun Corp.		216,505
	30,700		Sumida Corp.		150,265
	511,000		Sumikin Bussan Corp.		1,045,822
	4,700		Sumisho Computer Systems Corp.		55,068
	53,500		Sumitomo Densetsu Co., Ltd.		258,816
	48,600		Tachi-S Co., Ltd.		312,532
	96,000		Taihei Kogyo Co., Ltd.		315,122
	66,000		Taiheiyo Cement Corp.		115,871
	25,882		Taiho Kogyo Co., Ltd.		181,146
	108,334		Taikisha Ltd.		1,235,507
	19,000		Takasago International Corp.		91,088
	3,000		Takeuchi Manufacturing Co., Ltd.		21,232
	37,000		Tamura Corp.		73,128
	87,000		TBK Co., Ltd.		127,511
	233		Telepark Corp.		284,543
	26,518		TKC Corp.		482,533
	418,000	@	Toa Corp.		503,025
	138,000		TOA Road Corp.		262,494
	65,000		Toagosei Co., Ltd.		161,980
	136,000		Tokyo Tekko Co., Ltd.		389,510
	10,700		Tokyo Tomin Bank Ltd.		149,540
	2,900		Tokyu Community Corp.		44,919
	248,000	@,L	Tonichi Carlife Group, Inc.		248,666
	204,782		Topy Industries Ltd.		316,564
	95,000		Toyo Engineering Corp.		302,319
	275,000		Toyo Kohan Co., Ltd.		1,087,377
	212,179		Toyo Securities Co., Ltd.		350,136
	50,800		Toyota Auto Body Co., Ltd.		813,983
	26,400		Trusco Nakayama Corp.		320,175
	32,500		TS Tech Co., Ltd.		401,529
	81,000		Tsubakimoto Chain Co.		265,696
	37,000		Tsudakoma Corp.		40,056
	6,500		Tsumura & Co.		178,008
	5,500		Tsuruha Holdings, Inc.		137,374
	10,800		Tsutsumi Jewelry Co., Ltd.		177,343
	82,000		Uchida Yoko Co., Ltd.		219,762
	15,200		Union Tool Co.		363,966
	47,534		Unipres Corp.		348,463
	244,588	@	Usen Corp.		289,925
	7,500		Vital KSK Holdings, Inc.		36,960
	12,500		Warabeya Nichiyo Co., Ltd.		138,084
	8,800		Waseda Academy Co., Ltd.		57,457
	11,900		Watabe Wedding Corp.		188,665
	45		Wowow, Inc.		56,496
	12,000		Yamaguchi Financial Group, Inc.		115,938
	10,000		Yamazaki Baking Co., Ltd.		102,498
	301,400		Yamazen Corp.		870,066
	31,000		Yonekyu Corp.		294,512
	10,200		Yorozu Corp.		89,499
	1,049,000		Yuasa Trading Co., Ltd.		1,027,717

					72,324,173


			Kazakhstan: 0.1%
	17,600		Eurasian Natural Resources Corp.		153,254

					153,254


			Luxembourg: 0.4%
	1,125,019		Regus PLC		1,273,811

					1,273,811


			Malaysia: 0.4%
	516,500		Kulim Malaysia BHD		802,165
	1,142,300		Lion Industries Corp. Bhd		318,143
	96,900		Telekom Malaysia BHD		103,745

					1,224,053


			Mexico: 0.2%
	211,205	@,L	Grupo Simec SAB de CV		313,610
	194,702	@	Industrias CH SA — Series B		429,004

					742,614


			Netherlands: 2.5%
	3,955		Accell Group		113,801
	20,000		Arcadis NV		294,692

See Accompanying Notes to Financial Statements

147

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2009 (Unaudited) (continued)


Shares				Value


			Netherlands (continued)
	52,768		Draka Holding	$	563,803
	12,360		Exact Holding NV		245,046
	19,500		Fugro NV		698,139
	5,200	@	Gemalto NV		163,734
	16,212		Grontmij		356,680
	1,882		Heijmans NV		12,121
	1,505		Imtech NV		23,490
	14,351		Innoconcepts		55,264
	78,031		James Hardie Industries NV		260,852
	12,400		Koninklijke DSM NV		384,552
	18,905		Koninklijke Wessanen NV		84,519
	313,964		OCE NV		1,987,044
	28,000		SBM Offshore NV		451,297
	15,415	@	Smartrac NV		189,625
	37,735		Ten Cate NV		720,135
	33,751		Unit 4 Agresso NV		408,635
	944		USG People NV		8,875
	168,944	@	Van der Moolen Holding NV		483,364
	24,324		Wavin NV		68,240

					7,573,908


			New Zealand: 0.2%
	116,987		Fisher & Paykel Healthcare Corp.		200,993
	92,588		Fletcher Building Ltd.		349,818

					550,811


			Norway: 0.3%
	29,200		Acergy SA		225,540
	127,950	@	Norske Skogindustrier ASA		299,390
	45,000	@	Pronova BioPharma AS		112,883
	59,319	@	StepStone ASA		52,882
	3,000		Tandberg ASA		42,209
	25,400	@	TGS Nopec Geophysical Co. ASA		187,557

					920,461


			Pakistan: 0.1%
	657,000		Bank Alfalah Ltd.		100,248
	601,500		Pakistan Telecommunication Co., Ltd.		130,868

					231,116


			Singapore: 4.1%
	859,000	#	ARA Asset Management Ltd.		266,896
	100,000		ComfortDelgro Corp., Ltd.		95,334
	288,000		Goodpack Ltd.		157,636
	267,000		Hong Leong Asia Ltd.		129,756
	335,000		Indofood Agri Resources Ltd.		204,209
	86,000		Jardine Cycle & Carriage Ltd.		822,544
	1,223,000		LC Development Ltd.		111,224
	3,943,000		Macquarie International Infrastructure Fund Ltd.		898,826
	216,000		Meiban Group Ltd.		24,858
	4,939,000		Mercator Lines Singapore Ltd.		545,098
	1,362,000	@	Oceanus Group Ltd.		123,009
	170,000		Olam International Ltd.		200,482
	148,000		Parkway Holdings Ltd.		119,698
	75,000		SembCorp Marine Ltd.		105,590
	3,611,000		Singapore Petroleum Co., Ltd.		8,101,922
	570,000		Singapore Post Ltd.		291,977
	190,000		SMRT Corp., Ltd.		198,311
	50,000		Super Coffeemix Manufacturing Ltd.		14,429
	223,000		Yanlord Land Group Ltd.		214,633

					12,626,432


			South Africa: 0.0%
	24,500		First Uranium Corp.		131,811

					131,811


			South Korea: 2.1%
	11,010		Chong Kun Dang Pharm Corp.		165,233
	56,420	@	Dongbu Steel Co., Ltd.		400,521
	70,420	@	From30 Co., Ltd.		186,834
	17,770		Global & Yuasa Battery Co., Ltd.		413,179
	16,400		Hanwha Chemical Corp.		147,490
	1,517	@	Hite Brewery Co., Ltd.		216,445
	5,470	@	Hite Holdings Co., Ltd.		138,169
	17,400	@	Hyundai DSF Co., Ltd.		106,456
	81,380		Hyundai Marine & Fire Insurance Co., Ltd.		942,661
	19,690	@	Korean Petrochemical Industrial Co.		636,968
	3,840		Kumho Electric, Inc.		112,536
	10,946	@	Kyeryong Construction Industrial Co., Ltd.		236,114
	17,040		LIG Non-Life Insurance Co., Ltd.		213,980
	1,626	@	NHN Corp.		196,640
	44,384		People & Telecommunication, Inc.		346,858
	15,210	@	S&T Dynamics Co., Ltd.		172,132
	4,093	@	Samsung Corp.		141,146
	41,577	@	SeAH Steel Corp.		1,415,343
	9,640		Woongjin Thinkbig Co. Ltd.		163,457
	1,358	@	Yuhan Corp.		209,928

					6,562,090


			Spain: 1.4%
	27,670		Banco Espanol de Credito SA (Banesto)		287,494
	23,300		Bankinter SA		275,416
	571		Baron de Ley		20,539
	8,225		Bolsas y Mercados Espanoles		229,772
	3,340		Construcciones y Auxiliar de Ferrocarriles SA		1,213,568
	4,645		Corp. Mapfre SA		13,240
	11,300		Corporacion Financiera Alba SA		486,824
	20,091		Enagas		349,300
	338,183	@	Ercros SA		66,750
	19,800		Indra Sistemas SA		391,609
	6,592		Laboratorios Farmaceuticos Rovi SA		47,164
	5,406		Pescanova SA		182,400
	15,310		Red Electrica de Espana		640,763
	3,023		Viscofan SA		56,124
	16,600	@	Vueling Airlines SA		110,630

					4,371,593


			Sweden: 1.6%
	123,939		BE Group AB		416,306
	35,400	@	Betsson AB		405,850
	123,762		Bure Equity AB		403,371
	6,633		Cardo AB		148,007
	27,938		D Carnegie AB		—
	133,084		JM AB		911,891
	1,326		Lundbergforetagen AB — B Shares		50,729
	237,827		NCC AB		2,086,414
	30,000		Saab AB		202,888
	30,000		Swedish Match AB		428,104

					5,053,560


			Switzerland: 4.5%
	5,000		Actelion Ltd. — Reg		227,798
	801		Advanced Digital Broadcast Holdings SA		22,466
	545		AFG Arbonia-Forster Holding		6,519
	5,000	@	Aryzta AG		144,817
	16,700	@	Aryzta AG		486,716
	6,722		Baloise Holding AG		493,473
	10,712		Bank Sarasin & Compagnie AG		255,353
	920		Banque Cantonale Vaudoise		313,945
	4,900		Bellevue Group AG		173,470
	4,600		BKW FMB Energie AG		319,878
	8,046		Bobst Group AG		200,497
	659		Bucher Industries AG		53,700
	1,701		Coltene Holding AG		57,928

See Accompanying Notes to Financial Statements

148

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2009 (Unaudited) (continued)


Shares				Value


			Switzerland (continued)
	1,435		Compagnie Financiere Tradition (CFT)	$	133,666
	2,486		Dufry Group		66,223
	1,290		Flughafen Zuerich AG		270,836
	4,809	@	Forbo Holding AG		801,105
	1,540		Galenica AG		443,306
	2,725	@	Georg Fischer AG		457,308
	4,689		Helvetia Holding AG		1,215,527
	1,061		Kuoni Reisen Holding		306,551
	30		Lindt & Spruengli AG		48,017
	4,200		Lonza Group AG		385,300
	14,949	@	Micronas Semiconductor Hold		47,983
	66,016		Mobilezone Holding AG		397,941
	6,629	@	Newave Energy Holding SA		174,152
	1,000		Partners Group		87,374
	25,293	@	PSP Swiss Property AG		1,188,807
	6,600		Schindler Holding AG		345,995
	3,000		Schweizerhall Holding AG		445,907
	200		Sika AG		181,440
	6,781	@	Swiss Life Holding		524,614
	1,294		Syngenta AG		276,257
	22,005	@	Temenos Group AG — Reg		304,677
	9,019	L	Valiant Holding		1,586,117
	7,881		Valora Holding AG		1,376,721

					13,822,384


			Taiwan: 3.0%
	405		Altek Corp.		400
	333,059	@	Chia Hsin Cement Corp.		168,173
	11,326,000		Chunghwa Picture Tubes Ltd.		1,886,906
	111,000		Fubon Financial Holding Co., Ltd.		86,038
	260,295		Gamania Digital Entertainment Co., Ltd.		269,647
	503,000		Gigabyte Technology Co., Ltd.		350,069
	121,000		Inventec Appliances Corp.		113,310
	683,000		Inventec Co., Ltd.		341,678
	451,000		KGI Securities Co., Ltd.		161,976
	236,000		Kindom Construction Co., Ltd.		86,341
	2,366,334		Macronix International		985,075
	1,112,198		Micro-Star International Co., Ltd.		682,031
	489,000		Mitac International		226,013
	769,000	@	Taiwan Business Bank		173,745
	160,022		Taiwan Surface Mounting Technology Co., Ltd.		252,747
	7,286,000	@	Tatung Co., Ltd.		1,944,088
	247,000		Tsann Kuen Enterprise Co., Ltd.		184,258
	160,000		Ttet Union Corp.		159,195
	192,000		Universal Scientific Industrial Co., Ltd.		61,406
	1,146,000	@	Winbond Electronics Corp.		206,106
	1,375,000		Yageo Corp.		311,390
	1,497,050		Yieh Phui Enterprise		484,661

					9,135,253


			Thailand: 0.2%
	522,900		Charoen Pokphand Foods PCL		49,029
	1,605,200		Krung Thai Bank PCL		239,630
	7,856,300		Tata Steel Thailand PCL		239,228

					527,887


			Turkey: 0.8%
	316,793	@	Aksa Akrilik Kimya Sanayii		389,598
	275,328		Anadolu Sigorta		185,156
	1		Bolu Cimento Sanayii		1
	199,007	@	Dogan Sriketler Grubu Holdings		79,885
	125,637		Eczacibasi Ilac Sanayi		94,908
	28,916	@	Goodyear Lastikleri TAS		136,158
	1	@	Petrol Ofisi		2
	244,931	@	Turk Hava Yollari		1,198,961
	274,687	@	Vestel Elektronik Sanayi		242,728

					2,327,397


			United Kingdom: 12.6%
	100,422		Aberdeen Asset Management PLC		194,744
	490,380		Aggreko PLC		4,158,912
	83,907		Albemarle & Bond Holdings		231,719
	70,900		Amec PLC		645,396
	137,343		Amlin PLC		726,820
	24,900	@	ASOS PLC		141,757
	77,500		AssetCo PLC		46,331
	85,214		Atkins WS PLC		768,645
	14,400	@	Autonomy Corp. PLC		302,100
	160,278		Aveva Group PLC		1,333,621
	97,047	@	Avocet Mining PLC		112,285
	807,044		Beazley Group PLC		1,201,531
	28,571		Bespak PLC		164,546
	51,448		Bodycote PLC		108,597
	341,022		Brit Insurance Holdings PLC		926,333
	66,600		British Airways PLC		144,215
	50,000		BSS Group PLC		234,925
	526,952		Chaucer Holdings PLC		319,801
	87,045		Chloride Group PLC		209,576
	28,322		Close Brothers Group PLC		261,726
	44,500		Cobham PLC		115,284
	21,962		Cranswick PLC		196,312
	23,700		Croda International		189,087
	88,021	@	CSR PLC		338,884
	50,000		Daily Mail & General Trust		242,763
	74,349		Dairy Crest Group PLC		340,293
	16,700	@	Dana Petroleum PLC		308,757
	37,417		Dechra Pharmaceuticals PLC		223,186
	398,512		Dimension Data Holdings PLC		298,148
	141,955		Drax Group PLC		1,076,498
	360,237		DS Smith PLC		411,020
	61,200		eaga PLC		120,968
	104,100		Electrocomponents PLC		242,220
	265,556		Elementis PLC		101,441
	305,249		Evolution Group PLC		538,326
	12,500		Forth Ports PLC		180,151
	217,218		Friends Provident PLC		204,389
	628,624		Future PLC		145,953
	941,131		Game Group PLC		2,737,614
	75,000		Grainger PLC		185,389
	7,223		Greggs PLC		367,958
	42,913		Group 4 Securicor PLC		118,995
	58,100		Halfords Group PLC		284,381
	42,035		Hamworthy KSE		119,859
	157,605		Healthcare Locums PLC		346,232
	368,207		HMV Group PLC		773,424
	9,700		Homeserve PLC		175,561
	25,000		Hunting PLC		170,683
	100,525		IG Group Holdings PLC		325,183
	88,100		IMI PLC		461,894
	1,196,797		Inchcape PLC		277,625
	22,700		Intertek Group PLC		340,346
	25,500		Investec PLC		122,142
	184,293		Investec PLC		888,349
	81,291		ITE Group PLC		114,535
	35,000		John Wood Group PLC		122,502
	28,814		Keller Group PLC		252,126
	19,403		Kier Group PLC		280,457
	123,152		Laird Group PLC		281,112
	75,000		Liontrust Asset Management PLC		116,398
	105,753		Micro Focus International PLC		496,813
	84,300		Misys PLC		172,058
	57,355		Mitie Group		176,640
	20,900		Next PLC		499,894
	57,634		Oxford Instruments PLC		135,133
	41,104		Pace PLC		103,060
	44,800		Petrofac Ltd.		377,916
	12,500	@	Premier Oil PLC		191,519
	50,428		Ricardo PLC		163,386
	36,800		Rightmove PLC		175,619
	25,295		Rotork PLC		302,534
	256,128		Savills PLC		1,060,009

See Accompanying Notes to Financial Statements

149

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2009 (Unaudited) (continued)


Shares						Value


			United Kingdom (continued)
	26,242	@	SDL PLC			$	126,595
	111,162		Senior PLC				57,610
	75,265		SIG PLC				178,707
	129,593		Smiths News PLC				191,284
	23,000		Spectris PLC				199,585
	20,600		Spirax-Sarco Engineering PLC				259,546
	613,933		Spirent Communications PLC				509,993
	1,478,407	@	Sportingbet PLC				1,200,469
	93,846		SSL International PLC				657,948
	18,043		St. James’s Place PLC				44,754
	82,646		Stagecoach Group PLC				159,036
	71,533		Sthree PLC				242,009
	17,314		Synergy Health PLC				99,625
	103,391		Tate & Lyle PLC				419,057
	18,643		Thomas Cook Group PLC				71,966
	121,084		Tullett Prebon PLC				474,812
	129,639		Vitec Group PLC				447,823
	30,111		VT Group PLC				204,909
	60,800		Wetherspoon (J.D.) PLC				365,962
	393,996		WH Smith PLC				2,428,218

							38,564,514


			United States: 0.3%
	114,900		Virgin Media, Inc.				887,028

							887,028

			Total Common Stock (Cost $394,719,160)				279,398,128


REAL ESTATE INVESTMENT TRUSTS: 0.5%

			France: 0.1%
	1,551		Gecina SA				84,886
	1,736		ICADE				134,295
	2,900		Klepierre				64,471
	2,476		Mercialys				76,034
	907		Societe Immobiliere de Location pour l’Industrie et le Commerce				76,307

							435,993


			Greece: 0.0%
	4,986		Eurobank Properties Real Estate Investment Co.				45,946

							45,946


			Japan: 0.1%
	10		Global One Real Estate Investment Corp.				59,403
	39		Japan Hotel and Resort, Inc.				53,436
	47		Kenedix Realty Investment Corp.				111,951

							224,790


			Netherlands: 0.0%
	12,487		Vastned Offices				143,841

							143,841


			Singapore: 0.1%
	588,000	@	Fortune Real Estate Investment Trust				227,263

							227,263


			United Kingdom: 0.2%
	19,861		Derwent Valley Holdings PLC				244,636
	629,433		Segro PLC				220,739

							465,375

			Total Real Estate Investment Trusts (Cost $1,613,316)				1,543,208


MUTUAL FUNDS: 0.1%

			Canada: 0.1%
	7,800	**	ING Canada Inc.				225,901

			Total Mutual Funds (Cost $199,039)				225,901


PREFERRED STOCK: 0.7%

			Brazil: 0.1%
	34,100		Metalurgica Gerdau SA				323,716

							323,716


			Germany: 0.4%
	32,076		Draegerwerk AG				793,120
	28,141		Jungheinrich AG				335,512

							1,128,632


			Italy: 0.2%
	89,324	@	Instituto Finanziario Industriale S.p.A.				731,113

							731,113

			Total Preferred Stock (Cost $4,152,013)				2,183,461


RIGHTS: 0.0%

			United Kingdom: 0.0%
	5,555		Premier Oil PLC				45,773

			Total Rights (Cost $38,650)				45,773

			Total Long-Term Investments (Cost $400,722,178)				283,396,471


SHORT-TERM INVESTMENTS: 2.0%

			Affiliated Mutual Fund: 0.9%
	2,761,907		ING Institutional Prime Money Market Fund — Class I				2,761,907

			Total Mutual Fund (Cost $2,761,907)				2,761,907



Principal
Amount						Value



			Securities Lending Collateral^CC: 1.1%
$	3,412,553		Bank of New York Mellon Corp. Institutional Cash Reserves			$	3,396,614

			Total Securities Lending Collateral (Cost $3,412,553)				3,396,614

			Total Short-Term Investments (Cost $6,174,460)				6,158,521

		Total Investments in Securities
		(Cost $406,896,638)*		94.2	%	$	289,554,992
		Other Assets and Liabilities - Net		5.8			17,805,639

		Net Assets		100.0	%	$	307,360,631


@		Non-income producing security
ADR		American Depositary Receipt
#		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. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.

See Accompanying Notes to Financial Statements

150

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2009 (Unaudited) (continued)


cc		Securities purchased with cash collateral for securities loaned.
**		Investment in affiliate
I		Illiquid Security
L		Loaned security, a portion or all of the security is on loan at April 30, 2009.

*		Cost for federal income tax purposes is $411,358,296.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	13,032,181
Gross Unrealized Depreciation		(134,835,485	)

Net Unrealized Depreciation	$	(121,803,304	)


	Percentage of
Industry	Net Assets


Advertising		0.3	%
Aerospace/Defense		2.2
Agriculture		0.6
Airlines		0.5
Auto Manufacturers		1.5
Auto Parts & Equipment		2.2
Banks		4.2
Beverages		0.5
Biotechnology		0.1
Building Materials		1.0
Chemicals		2.0
Coal		0.0
Commercial Services		3.2
Computers		3.8
Distribution/Wholesale		3.4
Diversified		0.3
Diversified Financial Services		2.4
Electric		0.9
Electrical Components & Equipment		1.8
Electronics		3.3
Energy — Alternate Sources		0.0
Engineering & Construction		4.5
Entertainment		0.9
Environmental Control		0.2
Food		4.1
Food Service		0.0
Forest Products & Paper		0.3
Gas		0.5
Hand/Machine Tools		1.1
Healthcare — Products		0.9
Healthcare — Services		0.5
Holding Companies — Diversified		0.9
Home Furnishings		1.4
Hotels		0.0
Household Products/Wares		0.3
Insurance		3.9
Internet		0.9
Investment Companies		1.1
Iron/Steel		1.5
Leisure Time		0.5
Lodging		0.1
Machinery — Construction & Mining		0.1
Machinery — Diversified		2.4
Media		0.9
Metal Fabricate/Hardware		2.2	��
Mining		2.1
Miscellaneous Manufacturers		1.1
Office Property		0.1
Office/Business Equipment		0.8
Oil & Gas		4.7
Oil & Gas Services		1.4
Open-End Funds		0.1
Packaging & Containers		0.1
Pharmaceuticals		3.0
Pipelines		0.0
Real Estate		1.7
Retail		6.6
Semiconductors		0.9
Shipbuilding		0.1
Shopping Centers		0.1
Software		2.4
Telecommunications		1.5
Textiles		0.1
Toys/Games/Hobbies		0.1
Transportation		1.8
Trucking & Leasing		0.1
Short-Term Investments		2.0
Other Assets and Liabilities — Net		5.8

Net Assets		100.0	%

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*

Level 1 — Quoted Prices	$	31,346,899	$	—
Level 2 — Other Significant Observable Inputs†		258,208,093		—
Level 3 — Significant Unobservable Inputs		—		—

Total	$	289,554,992	$	—

See Accompanying Notes to Financial Statements

151

PORTFOLIO OF INVESTMENTS

ING International Value Fund

as of April 30, 2009 (Unaudited)


Shares				Value



COMMON STOCK: 96.8%

			Bermuda: 1.7%
	1,080,234		Tyco Electronics Ltd.	$	18,839,281
	897,800		XL Capital, Ltd.		8,538,078

					27,377,359


			Brazil: 3.8%
	1,023,900		Banco do Brasil SA		8,770,472
	1,193,871		Centrais Eletricas Brasileiras SA ADR — Class A		15,615,833
	873,400		Cia Vale do Rio Doce ADR		14,419,834
	3,542,186	L	Contax Participacoes SA ADR		3,170,256
	555,854		Tele Norte Leste Participacoes SA ADR		8,643,530
	34,858		Telemig Celular Participation SA ADR		1,494,014
	220,358		Tim Participacoes SA ADR		3,671,164
	298,261		Vivo Participacoes SA ADR		4,760,246

					60,545,349


			Canada: 1.7%
	150,800		EnCana Corp.		6,911,298
	235,900		GoldCorp, Inc.		6,491,968
	389,600		Nexen, Inc.		7,441,360
	254,500		Suncor Energy, Inc.		6,454,120

					27,298,746


			China: 1.1%
	7,958,000		Huaneng Power International, Inc.		5,423,511
	148,800	L	PetroChina Co., Ltd. ADR		12,932,208

					18,355,719


			France: 11.6%
	361,142	L	Air France-KLM		4,009,668
	8,738,520	@	Alcatel SA		22,096,177
	211,600		BNP Paribas		11,139,444
	920,360		Carrefour SA		37,317,856
	1,356,000		Credit Agricole SA		19,826,828
	835,462		France Telecom SA		18,547,281
	5,274,228		Natixis		11,941,653
	91,800		PPR		7,033,079
	725,283		Sanofi-Aventis		42,002,695
	243,204		Total SA		12,168,907

					186,083,588


			Germany: 6.8%
	127,100		Allianz AG		11,727,910
	386,300		Bayerische Motoren Werke AG		13,384,954
	150,700	L	Deutsche Bank AG		7,901,201
	307,000	L	Deutsche Lufthansa AG		3,916,310
	394,000		Deutsche Post AG		4,545,894
	2,333,119		Deutsche Telekom AG		28,214,749
	193,060		E.ON AG		6,528,707
	3,113,300	@,L	Infineon Technologies AG		8,276,962
	140,000	L	MAN AG		8,677,788
	237,245		Siemens AG		15,951,136

					109,125,611


			Greece: 0.6%
	452,200		National Bank of Greece SA		9,403,903

					9,403,903


			Hong Kong: 1.5%
	3,314,000		Hongkong Land Holdings Ltd.		8,185,272
	2,033,000		Swire Pacific Ltd.		15,891,723

					24,076,995


			Indonesia: 0.7%
	83,944,500		Bumi Resources Tbk PT		11,544,738

					11,544,738


			Italy: 4.3%
	8,272,182		Intesa Sanpaolo S.p.A.		26,354,036
	9,779,185		Telecom Italia S.p.A.		12,365,752
	20,598,316		Telecom Italia S.p.A. RNC		18,401,862
	3,593,739		Terna S.p.A		11,540,610

					68,662,260


			Japan: 25.2%
	2,488,400		Aiful Corp.		4,917,191
	701,000		Akita Bank Ltd.		2,339,703
	307,400		Astellas Pharma, Inc.		9,995,753
	402,300	L	Canon, Inc. ADR		12,153,483
	1,621,000		Dai Nippon Printing Co., Ltd.		17,159,606
	850,436		Daiichi Sankyo Co., Ltd.		14,220,088
	376,800		Denso Corp.		8,907,125
	908,900		Fuji Photo Film Co., Ltd.		23,384,406
	2,026,700		Hitachi Ltd.		7,081,936
	5,931,200		Mitsubishi UFJ Financial Group, Inc.		32,353,913
	657,800		Mitsui Sumitomo Insurance Group Holdings, Inc.		17,947,127
	4,006,000		Mitsui Trust Holdings, Inc.		13,174,163
	6,614,700	L	Mizuho Financial Group, Inc.		13,948,377
	8,200,000		NEC Corp.		27,262,344
	518,600		Nippon Telegraph & Telephone Corp.		19,541,108
	416,000		Ono Pharmaceutical Co., Ltd.		17,649,558
	423,900		Rohm Co., Ltd.		25,997,177
	435,500		Seven & I Holdings Co., Ltd.		9,840,834
	714,000	L	Sharp Corp.		7,518,230
	1,375,600		Sony Corp.		35,743,594
	761,900		Sumitomo Corp.		6,631,982
	546,600		Sumitomo Mitsui Financial Group, Inc.		18,956,731
	270,000		Taisho Pharmaceutical Co., Ltd.		4,939,923
	874,700		Takefuji Corp.		4,701,781
	246,400		TDK Corp.		11,237,044
	644,900		Tokio Marine Holdings, Inc.		17,008,139
	335,700		Toyota Motor Corp.		13,286,591
	51,700	L	Toyota Motor Corp. ADR		4,092,572

					401,990,479


			Mexico: 1.2%
	864,465		Telefonos de Mexico SA de CV ADR		13,831,440
	445,420		Telmex Internacional SAB de CV ADR		4,623,460

					18,454,900


			Netherlands: 6.5%
	4,455,347		Aegon NV		22,408,680
	470,000		Akzo Nobel NV		19,655,496
	1,464,612		Koninklijke Ahold NV		16,046,493
	568,503		Royal KPN NV		6,834,728
	846,179		SNS Reaal		4,763,071
	1,181,700		Unilever NV		23,382,811
	618,032		Wolters Kluwer NV		10,170,098

					103,261,377


			New Zealand: 0.6%
	6,422,372		Telecom Corp. of New Zealand Ltd.		10,269,245

					10,269,245


			Portugal: 1.1%
	2,383,176		Portugal Telecom SGPS SA		18,171,698

					18,171,698


			Singapore: 0.7%
	1,441,000		United Overseas Bank Ltd.		11,106,779

					11,106,779

See Accompanying Notes to Financial Statements

152

PORTFOLIO OF INVESTMENTS

ING International Value Fund

as of April 30, 2009 (Unaudited) (continued)


Shares						Value



			South Korea: 3.1%
	68,600		Hyundai Motor Co.			$	3,665,638
	594,910	@	Korea Electric Power Corp.				12,850,541
	368,410	@,L	KT Corp. ADR				5,275,631
	33,700	L	Posco ADR				2,593,889
	21,000		Samsung Electronics Co., Ltd.				9,696,900
	104,285		SK Telecom Co., Ltd.				14,866,509

							48,949,108


			Spain: 1.0%
	795,902		Telefonica SA				15,290,417

							15,290,417


			Sweden: 1.5%
	701,400		Skanska AB				7,565,325
	1,921,060		Telefonaktiebolaget LM Ericsson				16,317,290

							23,882,615


			Switzerland: 4.2%
	210,300		Adecco SA				8,277,102
	3,914,100		STMicroelectronics NV				25,795,918
	471,310		Swiss Reinsurance				11,187,536
	53,000		Swisscom AG				13,820,114
	46,703		Zurich Financial Services AG				8,678,843

							67,759,513


			Taiwan: 1.1%
	4,045,000		HON HAI Precision Industry Co., Ltd.				11,678,065
	16,309,059		United Microelectronics Corp.				6,159,973

							17,838,038


			Turkey: 0.4%
	1,746,000		KOC Holding A/S				3,186,771
	1,348,000	@	Turkiye Garanti Bankasi A/S				2,826,195

							6,012,966


			United Kingdom: 16.4%
	989,290		AstraZeneca PLC				34,640,437
	2,221,991		Barclays PLC				9,021,503
	187,987		BP PLC ADR				7,981,928
	1,718,300		British Sky Broadcasting PLC				12,232,605
	820,464		Cadbury PLC				6,134,891
	154,100		Diageo PLC ADR				7,373,685
	1,867,380		GlaxoSmithKline PLC				28,763,694
	2,615,393		HSBC Holdings PLC				18,599,276
	31,806,626		ITV PLC				14,934,156
	950,000		Kazakhmys PLC				7,380,535
	4,637,700		Kingfisher PLC				12,624,846
	6,363,351		Marks & Spencer Group PLC				31,525,685
	345,460		Rio Tinto PLC				14,036,519
	16,436,349		Royal Bank of Scotland Group PLC				10,031,189
	5,510,300		Vodafone Group PLC				10,127,778
	4,616,631		WM Morrison Supermarkets PLC				16,722,904
	440,668		Wolseley PLC				7,903,299
	1,768,600		WPP PLC				12,100,665

							262,135,595

			Total Common Stock (Cost $2,248,446,668)				1,547,596,998


SHORT-TERM INVESTMENTS: 5.4%

			Affiliated Mutual Fund: 2.1%
	32,849,388		ING Institutional Prime Money Market Fund — Class I				32,849,388

			Total Mutual Fund (Cost $32,849,388)				32,849,388

Principal
Amount						Value



			Securities Lending Collateral^CC: 3.3%
$	53,303,120		Bank of New York Mellon Corp. Institutional Cash Reserves			$	53,062,662

			Total Securities Lending Collateral (Cost $53,303,120)				53,062,662

			Total Short-Term Investments (Cost $86,152,508)				85,912,050

		Total Investments in Securities
		(Cost $2,334,599,176)*		102.2	%	$	1,633,509,048
		Other Assets and Liabilities - Net		(2.2	)		(35,317,041	)

		Net Assets		100.0	%	$	1,598,192,007


@		Non-income producing security
ADR		American Depositary Receipt
cc		Securities purchased with cash collateral for securities loaned.
L		Loaned security, a portion or all of the security is on loan at April 30, 2009

*		Cost for federal income tax purposes is $2,423,046,122.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	124,234,521
Gross Unrealized Depreciation		(913,771,595	)

Net Unrealized Depreciation	$	(789,537,074	)


	Percentage of
Industry	Net Assets


Airlines		0.5	%
Auto Manufacturers		2.2
Auto Parts & Equipment		0.6
Banks		14.5
Beverages		0.5
Chemicals		1.2
Coal		0.7
Commercial Services		1.8
Computers		0.7
Distribution/Wholesale		0.9
Diversified Financial Services		0.6
Electric		3.3
Electrical Components & Equipment		0.4
Electronics		3.6
Engineering & Construction		0.5
Food		6.2
Holding Companies — Diversified		1.2
Home Furnishings		2.7
Insurance		6.1
Iron/Steel		0.2
Machinery — Diversified		0.5
Media		3.1
Mining		2.6
Miscellaneous Manufacturers		2.5
Office/Business Equipment		0.8
Oil & Gas		3.4
Pharmaceuticals		9.5
Real Estate		0.5
Retail		3.8
Semiconductors		4.7
Telecommunications		16.7
Transportation		0.3
Short-Term Investments		5.4
Other Assets and Liabilities — Net		(2.2	)

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

153

PORTFOLIO OF INVESTMENTS

ING International Value Fund

as of April 30, 2009 (Unaudited) (continued)

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*
Level 1 — Quoted Prices	$	337,240,273	$	—
Level 2 — Other Significant Observable Inputs†		1,296,268,775		—
Level 3 — Significant Unobservable Inputs		—		—

Total	$	1,633,509,048	$	—

See Accompanying Notes to Financial Statements

154

PORTFOLIO OF INVESTMENTS

ING International Value Choice Fund

as of April 30, 2009 (Unaudited)


Shares						Value



COMMON STOCK: 95.9%

			Australia: 1.9%
	429,986		Alumina Ltd.			$	390,615
	16,401		Newcrest Mining Ltd.				354,235

							744,850


			Belgium: 1.7%
	22,390		Belgacom SA				650,827

							650,827


			Brazil: 1.6%
	45		Centrais Eletricas Brasileiras SA				596
	46,350		Centrais Eletricas Brasileiras SA ADR — Class B				591,890

							592,486


			Canada: 10.4%

	39,246		Barrick Gold Corp.				1,142,059
	51,378	@	Ivanhoe Mines Ltd.				329,333
	36,998		Magna International, Inc.				1,256,452
	29,521		Nexen, Inc.				563,851
	26,870		Suncor Energy, Inc.				681,423

							3,973,118


			Finland: 3.4%
	38,244		Nokia OYJ ADR				540,770
	130,570		Stora Enso OYJ (Euro Denominated Security)				745,276

							1,286,046


			France: 9.6%
	170,148	@	Alcatel SA				430,235
	700		Areva SA				350,981
	18,979		Sanofi-Aventis				1,099,115
	7,781		Societe Generale				397,676
	14,901		Technip SA				640,150
	17,862		Thales SA				741,001

							3,659,158


			Germany: 2.1%
	11,928		Siemens AG				801,978

							801,978


			Italy: 2.5%
	1,090,036		Telecom Italia S.p.A. RNC				973,803

							973,803


			Japan: 34.5%
	69,400		Coca-Cola West Holdings Co., Ltd.				1,140,906
	117,000		Dai Nippon Printing Co., Ltd.				1,238,537
	46,200		Fuji Photo Film Co., Ltd.				1,188,645
	48,500		JS Group Corp.				590,193
	25,000		Mabuchi Motor Co., Ltd.				1,132,482
	29,400		Mitsui Sumitomo Insurance Group Holdings, Inc.				802,137
	56,033		Nippon Telegraph & Telephone Corp. ADR				1,053,420
	14,100		Rohm Co., Ltd.				864,733
	61,800		Sega Sammy Holdings, Inc.				559,430
	68,000		Sekisui House Ltd.				586,863
	42,800		Seven & I Holdings Co., Ltd.				967,136
	58,600		Shiseido Co., Ltd.				1,028,807
	109,000		Sumitomo Trust & Banking Co., Ltd.				456,129
	49,400		Toyo Seikan Kaisha Ltd.				818,071
	60,000		Wacoal Holdings Corp.				743,302

							13,170,791


			Netherlands: 6.2%
	24,235	@	Gemalto NV				763,096
	22,967		Royal Dutch Shell PLC ADR — Class B				1,044,999
	32,987		Wolters Kluwer NV				542,821

							2,350,916


			South Africa: 5.4%
	25,415		Anglogold Ashanti Ltd. ADR				782,782
	69,224		Gold Fields Ltd.				720,020
	30,182		Impala Platinum Holdings Ltd.				576,689

							2,079,491


			South Korea: 4.2%
	45,452	@	Korea Electric Power Corp. ADR				485,427
	71,145		SK Telecom Co., Ltd. ADR				1,114,842

							1,600,269


			Switzerland: 3.5%
	24,696		Novartis AG				934,702
	29,393	@	UBS AG — Reg				400,921

							1,335,623


			United Kingdom: 6.3%
	17,834		BP PLC ADR				757,232
	84,438		United Utilities Group PLC				631,458
	554,224		Vodafone Group PLC				1,018,648

							2,407,338


			United States: 2.6%
	24,426		Newmont Mining Corp.				982,902

							982,902

			Total Common Stock (Cost $46,465,195)				36,609,596


PREFERRED STOCK: 1.4%
			United States: 1.4%
	1,246	P	Lucent Technologies Capital Trust I				505,876

			Total Preferred Stock (Cost $406,350)				505,876

			Total Long-Term Investments (Cost $46,871,545)				37,115,472


SHORT-TERM INVESTMENTS: 3.2%

			Affiliated Mutual Fund: 3.2%
	1,230,587		ING Institutional Prime Money Market Fund — Class I				1,230,587

			Total Short-Term Investments (Cost $1,230,587)				1,230,587

		Total Investments in Securities
		(Cost $48,102,132)*		100.5	%	$	38,346,059
		Other Assets and Liabilities - Net		(0.5	)		(179,596	)

		Net Assets		100.0	%	$	38,166,463


@		Non-income producing security
ADR		American Depositary Receipt
P		Preferred Stock may be called prior to convertible date.

*		Cost for federal income tax purposes is $49,540,976.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	1,344,938
Gross Unrealized Depreciation		(12,539,855	)

Net Unrealized Depreciation	$	(11,194,917	)

See Accompanying Notes to Financial Statements

155

PORTFOLIO OF INVESTMENTS

ING International Value Choice Fund

as of April 30, 2009 (Unaudited) (continued)


	Percentage of
Industry	Net Assets


Aerospace/Defense		1.9	%
Apparel		2.0
Auto Parts & Equipment		3.3
Banks		3.3
Beverages		3.0
Building Materials		1.5
Commercial Services		3.2
Computers		2.0
Cosmetics/Personal Care		2.7
Electric		2.8
Electronics		3.0
Energy — Alternate Sources		0.9
Forest Products & Paper		2.0
Home Builders		1.5
Insurance		2.1
Leisure Time		1.5
Media		1.4
Mining		13.8
Miscellaneous Manufacturers		5.2
Oil & Gas		8.0
Oil & Gas Services		1.7
Packaging & Containers		2.1
Pharmaceuticals		5.3
Retail		2.5
Semiconductors		2.3
Telecommunications		16.6
Water		1.7
Short-Term Investments		3.2
Other Assets and Liabilities — Net		(0.5	)

Net Assets		100.0	%

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*

Level 1 — Quoted Prices	$	14,449,216	$	—
Level 2 — Other Significant Observable Inputs†		23,896,843		—
Level 3 — Significant Unobservable Inputs		—		—

Total	$	38,346,059	$	—

See Accompanying Notes to Financial Statements

156

PORTFOLIO OF INVESTMENTS

ING Russia Fund

as of April 30, 2009 (Unaudited)


Shares						Value



COMMON STOCK: 93.4%

			Banks: 7.0%
	1,709,000	I	Bank St. Petersburg BRD — Class S			$	1,473,765
	17,536,621		Sberbank RF				14,577,036

							16,050,801


			Chemicals: 1.6%
	318,000	@	Uralkali GDR				3,751,103

							3,751,103


			Coal: 0.4%
	572,600		Raspadskaya — Class S				902,438

							902,438


			Electric: 5.1%
	607,564,000	@	Federal Grid Co Unified Energy System JSC				4,070,679
	281,819,700	@	RusHydro				7,806,406

							11,877,085


			Food: 1.0%
	174,800	@	X5 Retail Group N.V. GDR				2,342,320

							2,342,320


			Internet: 0.6%
	1,324,122	@,I	RBC Information Systems				1,324,122

							1,324,122


			Iron/Steel: 3.0%
	2,571,400		Novolipetsk Steel				4,062,812
	750,000		Severstal GDR				2,873,624

							6,936,436


			Media: 0.4%
	110,000		CTC Media, Inc.				862,400

							862,400


			Metal Fabricate/Hardware: 1.6%
	344,700		TMK OAO GDR				2,417,390
	32,800	I	Vsmpo-Avisma Corp.				1,213,600

							3,630,990


			Mining: 7.2%
	632,021		MMC Norilsk Nickel ADR				5,191,730
	497,600		Polymetal GDR				2,935,840
	381,500	L	Polyus Gold Co. ZAO ADR				8,469,300

							16,596,870


			Oil & Gas: 54.3%
	811,100		Lukoil-Spon ADR				35,593,032
	334,100		Novatek OAO GDR				11,713,693
	4,239,600		OAO Gazprom				18,901,363
	605,497	L	OAO Gazprom ADR				10,623,404
	5,467,200	@,L	OAO Rosneft Oil Co. GDR				28,204,760
	1,387,400	L	Surgutneftegaz ADR				9,768,930
	171,100		Tatneft GDR				10,564,880

							125,370,062


			Pharmaceuticals: 1.7%
	384,865	@	Pharmstandard — Reg S GDR				4,043,701

							4,043,701


			Real Estate: 1.3%
	811,680	@,l	LSR Group GDR				1,623,360
	33,000	@,I	Open Investments				1,419,000

							3,042,360


			Retail: 3.5%
	246,100	@	Magnit OAO				7,972,789

							7,972,789


			Telecommunications: 4.5%
	568,400	@	Comstar United Telesystems GDR				2,474,224
	78,200		Mobile Telesystems Finance SA ADR				2,591,548
	135,000	I	Moscow City Telephone				1,590,181
	68,909,100	I	Uralsvyazinform				730,712
	128,700		Vimpel-Communications OAO ADR				1,212,354
	2,225,000	I	VolgaTelecom				1,775,628

							10,374,647


			Transportation: 0.2%
	6,060,000	I	Novorossiysk Sea Trade Port BRD				454,500

							454,500

			Total Common Stock (Cost $382,189,928)				215,532,624


MUTUAL FUNDS: 3.8%

			Alternative Investment: 0.8%
	1,899,872	@,I	RenShares Utilities Ltd.				1,786,279

							1,786,279


			Open-End Funds: 3.0%
	400,000	L	Market Vectors Russia ETF				7,032,000

							7,032,000

			Total Mutual Funds (Cost $9,086,670)				8,818,279

			Total Long-Term Investments (Cost $391,276,598)				224,350,903

Principal
Amount						Value



SHORT-TERM INVESTMENTS: 9.0%

			Securities Lending Collateral^CC: 9.0%
$	20,911,094		Bank of New York Mellon Corp. Institutional Cash Reserves			$	20,679,892

			Total Short-Term Investments (Cost $20,911,094)				20,679,892

		Total Investments in Securities
		(Cost $412,187,692)*		106.2	%	$	245,030,795
		Other Assets and Liabilities - Net		(6.2	)		(14,257,721	)

		Net Assets		100.0	%	$	230,773,074


@		Non-income producing security
ADR		American Depositary Receipt
GDR		Global Depositary Receipt
cc		Securities purchased with cash collateral for securities loaned.
L		Loaned security, a portion or all of the security is on loan at April 30, 2009.
I		Illiquid Security

*		Cost for federal income tax purposes is $412,302,011.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	6,486,951
Gross Unrealized Depreciation		(173,758,167	)

Net Unrealized Depreciation	$	(167,271,216	)

See Accompanying Notes to Financial Statements

157

PORTFOLIO OF INVESTMENTS

ING Russia Fund

as of April 30, 2009 (Unaudited) (continued)

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*

Level 1 — Quoted Prices	$	49,010,422		—
Level 2 — Other Significant Observable Inputs†		196,020,373		—
Level 3 — Significant Unobservable Inputs		—		—

Total	$	245,030,795	$	—

See Accompanying Notes to Financial Statements

158

PORTFOLIO OF INVESTMENTS

ING Emerging Markets Fixed Income Fund

as of April 30, 2009 (Unaudited)


Principal
Amount				Value



CORPORATE BONDS/NOTES: 20.3%

			Argentina: 0.2%
$	752,097	S,I	Province of Mendoza, 5.500%, due 09/04/18	$	285,797
	40,368	#,±,C,I	Transportadora Gas del Norte, 6.500%, due 12/31/12		8,881
	200,000	±,I	Transportadora Gas del Norte, 7.500%, due 12/31/12		44,000
	1,285,000	#,±,I	Transportadora Gas del Norte, 8.000%, due 12/31/12		282,700

					621,378


			Brazil: 1.6%
BRL	2,400,000	#,I	Banco Safra Ltd., 10.875%, due 04/03/17		941,548
BRL	2,300,000	I	Banco Votorantim, 10.625%, due 04/10/14		975,867
BRL	250,000	#,I	Banco Votorantim, 10.625%, due 04/10/14		49,199
$	252,290	S,	Citigroup Funding, Inc., 6.083%, due 08/17/10		315,139
	1,795,000	C	Petrobras International Finance Co., 7.875%, due 03/15/19		1,929,625

					4,211,378


			Chile: 0.2%
	620,000	#,C,I	Alto Parana SA, 6.375%, due 06/09/17		556,946

					556,946


			Cyprus: 0.4%
	1,150,000	#	Alfa MTN Invest Ltd., 9.250%, due 06/24/13		965,000

					965,000


			Dominican Republic: 0.6%
	2,025,785	#,,I	Standard Bank PLC, 15.000%, due 03/12/12		1,441,875
	143,584	,I	Standard Bank PLC, 16.000%, due 07/20/09		132,791

					1,574,666


			Indonesia: 2.1%
	4,920,000	S,	JPMorgan Chase London, 12.800%, due 06/17/21		4,712,868
	1,060,000	#,I	Majapahit Holding BV, 7.875%, due 06/29/37		710,200

					5,423,068


			Kazakhstan: 2.8%
	1,000,000	#	HSBK Europe BV, 7.250%, due 05/03/17		515,712
	1,200,000	#,I	Kazkommerts International BV — REG S, 7.500%, due 11/29/16		678,000
	210,000	#,I	Kazkommerts International BV, 7.500%, due 11/29/16		111,300
	730,000	#	KazMunaiGaz Finance Sub BV, 8.375%, due 07/02/13		653,350
	4,900,000	#	KazMunaiGaz Finance Sub BV, 9.125%, due 07/02/18		4,263,000
	990,150		Tengizchevroil Finance Co. SARL, 6.124%, due 11/15/14		802,589
	1,500,000	I	TuranAlem Finance BV, 8.250%, due 01/22/37		352,500

					7,376,451


			Mexico: 1.5%
	1,100,000	C	Grupo Televisa SA, 6.000%, due 05/15/18		1,009,813
	2,105,000	C	Pemex Project Funding Master Trust, 5.750%, due 03/01/18		1,915,550
	955,000	C	Pemex Project Funding Master Trust, 6.625%, due 06/15/35		776,997
	365,000	#,C	Petroleos Mexicanos, 8.000%, due 05/03/19		390,106

					4,092,466


			Nigeria: 1.2%
	500,000	S	Central Bank of Nigeria, 5.092%, due 01/05/10		27,500
	400,000	#,,I	UBS AG, due 12/27/13		347,490
	2,000,000	,I	UBS AG, 9.850%, due 08/02/17		1,663,807
	1,200,000	#,,I	UBS AG, 12.000%, due 09/04/17		1,036,376

					3,075,173


			Peru: 0.9%
	1,161,806	#,Z,,I	Interoceanica IV Finance Ltd., 6.720%, due 11/30/25		395,014
	320,000	#,Z,,I	Interoceanica IV Finance Ltd., 7.080%, due 11/30/18		166,080
	242,200	#,Z,I	Peru Enhanced Pass-through Finance Ltd., 6.590%, due 05/31/18		134,421

See Accompanying Notes to Financial Statements

159

PORTFOLIO OF INVESTMENTS

ING Emerging Markets Fixed Income Fund

as of April 30, 2009 (Unaudited) (continued)


Principal
Amount				Value


			Peru (continued)
$	2,906,401	Z,I	Peru Enhanced Pass-through Finance Ltd., 6.700%, due 05/31/18	$	1,613,053

					2,308,568


			Philippines: 0.2%
	450,000	S,I	National Power Corp., 9.625%, due 05/15/28		432,000

					432,000


			Russia: 4.8%
	1,200,000	C,I	Alfa Bond Issuance PLC for OJSC Alfa Bank, 8.635%, due 02/22/17		690,120
	590,000		GAZ Capital SA, 6.510%, due 03/07/22		414,475
	1,350,000	S	GAZ Capital SA, 8.625%, due 04/28/34		1,255,500
	1,500,000	C,S,I	Kuznetski Capital for Bank of Moscow, 7.500%, due 11/25/15		1,027,500
	545,000	#,C	Lukoil International Finance BV, 6.656%, due 06/07/22		410,113
	2,400,000	S	Morgan Stanley Bank AG for OAO Gazprom, 9.625%, due 03/01/13		2,352,000
	1,060,000	#	RSHB Capital SA for OJSC Russian Agricultural Bank, 7.125%, due 01/14/14		918,914
	995,000	#	RSHB Capital SA for OJSC Russian Agricultural Bank, 7.750%, due 05/29/18		812,119
RUB	25,000,000	I	Sibacademfinance PLC for URSA Bank, 9.125%, due 02/26/10		702,234
$	700,000	#	TransCapitalInvest Ltd for OJSC AK Transneft, 8.700%, due 08/07/18		615,140
	2,000,000	#	TransCapitalInvest Ltd. for OJSC AK Transneft, 6.103%, due 06/27/12		1,783,454
	200,000	#	TransCapitalInvest Ltd. for OJSC AK Transneft, 7.700%, due 08/07/13		179,134
	1,205,000		UBS Luxembourg SA for OJSC Vimpel Communications, 8.250%, due 05/23/16		852,538
	1,000,000	#	VIP FIN (Vimpelcom), 9.125%, due 04/30/18		717,500

					12,730,741


			South Korea: 0.5%
	1,200,000		Korea Development Bank, 8.000%, due 01/23/14		1,261,223

					1,261,223


			Trinidad And Tobago: 0.7%
	2,515,000	C,I	Petroleum Co. of Trinidad & Tobago Ltd., 6.000%, due 05/08/22		1,797,722

					1,797,722


			Turkey: 0.1%
TRL	400,000	S	European Investment Bank, 10.000%, due 01/28/11		248,786

					248,786


			Ukraine: 0.6%
$	550,000	S,I	City of Kiev Ukraine, 8.000%, due 11/06/15		219,629
	500,000	I	Standard Bank (Nak), 8.125%, due 09/30/09		430,000
	2,800,000	#,I	UK SPV Credit Finance PLC for JSC Commercial Bank Privatbank, 8.000%, due 02/06/12		1,050,000

					1,699,629


			Venezuela: 1.9%
	7,500,000	C,S	Petroleos de Venezuela SA, 5.250%, due 04/12/17		3,420,000
	4,315,000	C	Petroleos de Venezuela SA, 5.375%, due 04/12/27		1,665,590

					5,085,590

			Total Corporate Bonds/Notes (Cost $72,435,272 )		53,460,785


OTHER BONDS: 70.6%

			Argentina: 1.7%
	9,005,000	S	Argentina Government International Bond, due 12/15/35		308,872
	9,525,000	S	Argentina Government International Bond, due 12/15/35		271,939
	2,000,000		Argentina Government International Bond, 7.000%, due 10/03/15		551,000
	5,600,000	+,#,S,I	Province of Buenos Aires Argentina, 3.000% (step rate 4.000%), due 05/15/35		1,122,800
	2,480,000	#,S,I	Province of Buenos Aires Argentina, 9.375%, due 09/14/18		700,600

See Accompanying Notes to Financial Statements

160

PORTFOLIO OF INVESTMENTS

ING Emerging Markets Fixed Income Fund

as of April 30, 2009 (Unaudited) (continued)


Principal
Amount					Value


				Argentina (continued)
$	4,130,000	I		Province of Buenos Aires Argentina, 9.625%, due 04/18/28	$	1,166,725
	407,500	#,I		Provincia Del Neuquen Titulo Provincial, 8.656%, due 10/18/14		372,863


						4,494,799


				Belize: 0.0%
	330,000	+,C,I		Belize Government International Bond, 4.250% (step rate 6.000%), due 02/20/29		109,725

						109,725


				Bosnia and Herzegovina: 0.1%
EUR	750,000	S,Z,I		Bosnia & Herzegovina Government International Bond, 17.290%, due 12/11/17		251,147

						251,147


				Brazil: 5.7%
$	4,800,000	S		Brazil Government International Bond, 7.125%, due 01/20/37		4,992,000
	1,080,000	S		Brazil Government International Bond, 8.750%, due 02/04/25		1,282,500
	1,300,000	C,S		Brazil Government International Bond, 11.000%, due 08/17/40		1,667,250
	310,000	C		Federative Republic of Brazil, 6.000%, due 01/17/17		316,045
	3,400,000			Federative Republic of Brazil, 12.500%, due 01/05/16		1,607,620
	11,000,000	S		Federative Republic of Brazil, 12.500%, due 01/05/22		5,169,716
			��
						15,035,131


				Colombia: 5.8%
	1,915,000	S		Republic of Colombia, 7.375%, due 01/27/17		2,058,625
	1,150,000			Republic of Colombia, 7.375%, due 03/18/19		1,214,515
	355,000	S		Republic of Colombia, 8.125%, due 05/21/24		390,500
	22,000,000,000	S		Republic of Colombia, 12.000%, due 10/22/15		11,556,337

						15,219,977


				Dominican Republic: 0.9%
	2,115,000	#,S		Dominican Republic International Bond, 8.625%, due 04/20/27		1,533,375
	956,355	S		Dominican Republic International Bond, 9.040%, due 01/23/18		825,653

						2,359,028


				El Salvador: 0.4%
	1,230,000	I		El Salvador Government International Bond, 7.650%, due 06/15/35		990,150

						990,150


				Ghana: 0.3%
	900,000	#		Republic of Ghana, 8.500%, due 10/04/17		670,500

						670,500


				Hungary: 5.7%
HUF	2,450,000,000	S		Hungary Government International Bond, 6.750%, due 02/12/13		10,023,351
HUF	1,200,000,000	S		Hungary Government International Bond, 8.000%, due 02/12/15		4,911,973

						14,935,324


				Indonesia: 8.5%
$	2,415,000			Indonesia Government International Bond, 7.500%, due 01/15/16		2,318,970
	1,110,000	#		Indonesia Government International Bond, 7.750%, due 01/17/38		976,800
	1,470,000	S		Indonesia Government International Bond, 8.500%, due 10/12/35		1,359,750
	2,300,000			Indonesia Government International Bond, 11.625%, due 03/04/19		2,715,263
IDR	91,000,000,000			Indonesia Treasury Bond, 10.750%, due 05/15/16		8,263,995
IDR	43,695,000,000			Indonesia Treasury Bond, 11.250%, due 05/15/14		4,191,896
$	2,545,000	#		Perusahaan Penerbit SBSN, 8.800%, due 04/23/14		2,592,962

						22,419,636

See Accompanying Notes to Financial Statements

161

PORTFOLIO OF INVESTMENTS

ING Emerging Markets Fixed Income Fund

as of April 30, 2009 (Unaudited) (continued)


Principal
Amount				Value



			Iraq: 1.4%
$	6,350,000	C,S	Republic of Iraq, 5.800%, due 01/15/28	$	3,587,750

					3,587,750


			Lebanon: 0.1%
	210,000	I	Lebanon Government International Bond, 8.250%, due 04/12/21		199,143

					199,143


			Malaysia: 3.3%
MYR	25,000,000	S	Malaysia Government International Bond, 4.240%, due 02/07/18		7,108,490
MYR	5,000,000		Malaysia Government International Bond, 5.734%, due 07/30/19		1,583,840

					8,692,330


			Mexico: 5.7%
MXN	182,000,000	S	Mexican Bonos, 7.750%, due 12/14/17		13,321,092
$	280,000	C	Mexico Government International Bond, 5.950%, due 03/19/19		280,000
	1,300,000		Mexico Government International Bond, 8.300%, due 08/15/31		1,482,000

					15,083,092


			Pakistan: 0.9%
	3,695,000	I	Islamic Republic of Pakistan, 6.875%, due 06/01/17		1,967,588
	610,000	I	Pakistan Government International Bond, 7.125%, due 03/31/16		348,180

					2,315,768


			Panama: 0.5%
	1,000,000		Panama Government International Bond, 8.875%, due 09/30/27		1,147,500
	130,000	S	Panama Government International Bond, 9.375%, due 04/01/29		152,750

					1,300,250


			Peru: 1.6%
	1,400,000		Peru Government International Bond, 6.550%, due 03/14/37		1,361,220
PEN	5,000,000	#	Peru Government International Bond, 6.900%, due 08/12/37		1,801,986
PEN	2,700,000		Peruvian Government International Bond, 6.900%, due 08/12/37		992,487

					4,155,693


			Philippines: 1.4%
$	1,280,000		Philippine Government International Bond, 8.375%, due 06/17/19		1,420,800
	600,000		Philippine Government International Bond, 8.875%, due 03/17/15		677,250
	1,500,000		Philippine Government International Bond, 9.000%, due 02/15/13		1,727,850

					3,825,900


			Poland: 3.3%
PLN	20,000,000	S	Poland Government International Bond, 5.250%, due 04/25/13		5,882,634
PLN	10,000,000	S	Poland Government International Bond, 5.250%, due 10/25/17		2,833,182

					8,715,816


			Russia: 2.8%
RUB	3,542,400	S	Russia Government International Bond, 7.500%, due 03/31/30		3,483,880
RUB	2,800,000	S	Russia Government International Bond, 12.750%, due 06/24/28		3,975,300

					7,459,180


			South Africa: 4.0%
ZAR	60,000,000		South Africa Government International Bond, 13.500%, due 09/15/15		9,033,481
$	1,705,000		South Africa Government International Bond, 5.875%, due 05/30/22		1,540,894

					10,574,375	��

See Accompanying Notes to Financial Statements

162

PORTFOLIO OF INVESTMENTS

ING Emerging Markets Fixed Income Fund

as of April 30, 2009 (Unaudited) (continued)


Principal
Amount						Value



			South Korea: 0.5%
$	1,365,000		Republic of Korea, 7.125%, due 04/16/19			$	1,399,193

							1,399,193


			Thailand: 4.5%
THB	70,000,000	S	Thailand Government International Bond, 4.250%, due 03/13/13				2,166,842
THB	200,000,000	S	Thailand Government International Bond, 5.125%, due 03/13/18				6,604,569
THB	100,000,000	S	Thailand Government International Bond, 5.250%, due 05/12/14				3,235,242

							12,006,653


			Turkey: 7.9%
TRL	4,800,000	S,Z	Turkey Government International Bond, 0.000%, due 04/14/10				2,705,997
$	1,000,000		Turkey Government International Bond, 6.875%, due 03/17/36				865,000
	1,250,000	S	Turkey Government International Bond, 7.000%, due 02/05/25				1,212,500
	4,450,000	S	Turkey Government International Bond, 7.000%, due 09/26/16				4,516,750
TRL	4,680,000	S	Turkey Government International Bond, 10.000%, due 02/15/12				2,950,864
TRL	3,000,000		Turkey Government International Bond, 14.000%, due 09/26/12				1,895,329
TRL	7,000,000	S	Turkey Government International Bond, 16.000%, due 03/07/12				4,645,524
TRL	3,000,000		Turkey Government International Bond, 16.280%, due 06/26/13				1,971,254

							20,763,218


			Ukraine: 0.7%
$	1,400,000	I	Credit Suisse First Boston International for CJSC The EXIM of Ukraine, 6.800%, due 10/04/12				833,000
	360,000		Ukraine Government International Bond, 6.580%, due 11/21/16				223,200
	1,180,000	S	Ukraine Government International Bond, 7.650%, due 06/11/13				790,600

							1,846,800


			United Arab Emirates: 0.2%
	610,000	#	Emirate of Abu Dhabi, 6.750%, due 04/08/19				621,253

							621,253


			Uruguay: 1.0%
	314,322	S	Uruguay Government International Bond, 7.625%, due 03/21/36				270,317
	2,767,500	&	Uruguay Government International Bond, 7.875%, due 01/15/33				2,449,238

							2,719,555


			Venezuela: 1.7%
	2,900,000		Venezuela Government International Bond, 7.000%, due 12/01/18				1,587,750
	2,400,000		Venezuela Government International Bond, 7.000%, due 03/31/38				1,170,000
	160,000		Venezuela Government International Bond, 9.250%, due 05/07/28				91,248
	2,200,000		Venezuela Government International Bond, 9.375%, due 01/13/34				1,331,000
	340,000	S	Venezuela Government International Bond, 13.625%, due 08/15/18				282,200

							4,462,198

			Total Other Bonds (Cost $214,615,304)				186,213,584

			Total Long-Term Investments (Cost $287,050,576)				239,674,369

		Total Investments in Securities
		(Cost $287,050,576)*		90.9	%	$	239,674,369
		Other Assets and Liabilities - Net		9.1			24,031,850

		Net Assets		100.0	%	$	263,706,219


&		Payment-in-kind
+		Step-up basis bonds. Interest rates shown reflect current and next coupon rates.

See Accompanying Notes to Financial Statements

163

PORTFOLIO OF INVESTMENTS

ING Emerging Markets Fixed Income Fund

as of April 30, 2009 (Unaudited) (continued)


#		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. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
C		Bond may be called prior to maturity date.
I		Illiquid Security
S		All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities.
±		Defaulted security
		Structured Note
Z		Indicates Zero Coupon Bond; rate shown reflects current effective yield.
BRL		Brazilian Real
EUR		EU Euro
HUF		Hungarian Forint
IDR		Indonesian Rupiah
MXN		Mexican Peso
MYR		Malaysian Ringgit
PEN		Peruvian Nuevo Sol
PLN		Polish Zloty
RUB		Russian Ruble
THB		Thai Baht

*		Cost for federal income tax purposes is $287,746,887.

		Net unrealized depreciation consists of:



Gross Unrealized Appreciation	$	6,271,634
Gross Unrealized Depreciation		(54,344,152	)

Net Unrealized Depreciation	$	(48,072,518	)


	Percentage of
Industry	Net Assets


Banks		5.2	%
Diversified Financial Services		4.8
Electric		0.4
Foreign Government Bonds		70.6
Forest Products & Paper		0.2
Gas		0.1
Media		0.4
Multi-National		0.1
Municipal		0.1
Oil & Gas		8.4
Telecommunications		0.6
Other Assets and Liabilities — Net		9.1

Net Assets		100.0	%

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*
Level 1 — Quoted Prices	$	—	$	(306,405	)
Level 2 — Other Significant Observable Inputs		219,602,231		(57,267	)
Level 3 — Significant Unobservable Inputs		20,072,138		—

Total	$	239,674,369	$	(363,672	)

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the six months ended April 30, 2009 was as follows:


	Investments in			Other Financial
	Securities			Instruments*
Beginning Balance at 10/31/08	$	27,670,709		$	—
Net Purchases/(Sales)		(9,433,413	)		—
Accrued Discounts/(Premiums)		267,953			—
Total Realized Gain/(Loss)		(3,931,981	)		—
Total Unrealized Appreciation/(Depreciation)		5,247,723			—
Net Transfers In/(Out) of Level 3		251,147			—

Ending Balance at 04/30/09	$	20,072,138		$	—

For the six months ended April 30, 2009, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $1,754,547. Total unrealized gain (loss) for all securities (including Level 1 and Level 2) can be found on the accompanying Statement of Operations.

At April 30, 2009 the following forward foreign currency contracts were outstanding for the ING Emerging Markets Fixed Income Fund:


					In				Unrealized
			Settlement		Exchange				Appreciation
Currency	Buy/Sell		Date		For		Value		(Depreciation)
					USD

Brazilian Real BRL 6,300,000		BUY		6/15/09		2,818,792		2,843,555	$	24,763
Brazilian Real BRL 7,000,000		BUY		6/15/09		3.153,153		3,159,506		6,353
Chilean Peso CLP 3,350,000,000		BUY		5/20/09		5,638,307		5,755,849		117,542
Indonesian Rupiah IDR 15,000,000,000		BUY		6/15/09		1,305.824		1,402,395		96,571
Malaysian Ringgit MYR 7,500,000		BUY		6/9/09		2,106,742		2,103,498		(3,244	)
Polish Zloty PLN 17,000,000		BUY		6/15/09		5,111,245		5,068,070		(43,175	)
Polish Zloty PLN 6,200,000		BUY		6/15/09		1,877,081		1,848,355		(28,726	)
Polish Zloty PLN 18,500,000		BUY		6/16/09		5,545.564		5,514,913		(30,651	)
Thai Bant THB 16,000,000		BUY		6/9/09		449,817		452,234		2,417
Turkish Lira TRY 2,500,000		BUY		6/10/09		1,527,650		1,545,945		18,295
South African Rand ZAR 26,600,000		BUY		5/26/09		2,770,833		3,122,584		351,751
South African Rand ZAR 8,000.000		BUY		5/26/09		910,384		939,123		28,739

									$	540,635

Chilean Peso CLP 1,200,000,000		SELL		5/20/09		1,997,004		2,061,797	$	(64,793	)
Colombian Peso COP 11,000,000,000		SELL		5/14/09		4,571,904		4,792,546		(220,642	)
Hungarian Forint HUF 324,000,000		SELL		6/9/09		1,422,675		1,472,865		(50,190	)
Hungarian Forint HUF 1,100,000,000		SELL		6/15/09		4,891,063		4,993,868		(102,805	)
Indonesian Rupiah IDR 27,000,000,000		SELL		6/15/09		2,450,091		2,524,311		(74,220	)
Malaysian Ringgit MYR 2,100,000		SELL		6/9/09		582,896		588,979		(6,083	)
Peruvian Nuevo Sol PEN 5,500,000		SELL		5/27/09		1,735,016		1,839,706		(104,690	)
Turkish Lira TRY 3,900,000		SELL		6/10/09		2,437,195		2.411,674		25,521

									$	(597,902	)

See Accompanying Notes to Financial Statements

164

PORTFOLIO OF INVESTMENTS

ING Emerging Markets Fixed Income Fund

as of April 30, 2009 (Unaudited) (continued)

��

ING Emerging Markets Fixed Income Fund Open Futures Contracts on April 30, 2009;


					Unrealized
	Number of		Expiration		Appreciation/
Contract Description	Contracts		Date		(Depreciation)


Long Contracts

U.S. Treasury 5-Year Note		55		06/30/09	$	4,727
U.S. Treasury Long Bond		75		06/19/09		(311,132	)

					$	(306,405	)

See Accompanying Notes to Financial Statements

165

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2009 (Unaudited)


Principal
Amount				Value



CORPORATE BONDS/NOTES: 21.8%

			Agriculture: 0.8%
$	794,000		Altria Group, Inc., 10.200%, due 02/06/39	$	876,327
	498,000		Philip Morris International, Inc., 6.875%, due 03/17/14		546,522

					1,422,849


			Banks: 2.5%
	744,000		Barclays PLC, 6.050%, due 12/04/17		623,866
	573,000		Citigroup, Inc., 5.500%, due 04/11/13		511,133
	400,000		Fifth Third Bancorp., 8.250%, due 03/01/38		234,216
	518,000		Goldman Sachs Group, Inc., 5.450%, due 11/01/12		518,776
	577,000		Goldman Sachs Group, Inc., 6.000%, due 05/01/14		575,391
	250,000		JPMorgan Chase Bank NA, 5.875%, due 06/13/16		231,921
	1,050,000	C	Morgan Stanley, 6.750%, due 04/15/11		1,073,773
	3,000		National City Corp., 6.875%, due 05/15/19		2,567
	851,000		Wachovia Bank NA, 6.600%, due 01/15/38		671,416
	302,000	C	Wells Fargo & Company, 7.980%, due 02/28/49		169,338

					4,612,397


			Beverages: 1.0%
	565,000	#,C	Anheuser-Busch Cos., Inc., 7.750%, due 01/15/19		592,548
	750,000	C	Dr Pepper Snapple Group, Inc., 6.820%, due 05/01/18		731,608
	469,000	C	PepsiCo, Inc., 7.900%, due 11/01/18		567,006

					1,891,162


			Computers: 1.0%
	150,000	C	Hewlett-Packard Co., 4.750%, due 06/02/14		156,950
	576,000	C	Hewlett-Packard Co., 5.500%, due 03/01/18		604,892
	678,000	C	International Business Machines Corp., 7.625%, due 10/15/18		805,303
	256,000	C	International Business Machines Corp., 8.000%, due 10/15/38		317,382

					1,884,527


			Diversified Financial Services: 1.8%
	505,000		American Express Credit Corp., 7.300%, due 08/20/13		506,371
	331,000		FIA Card Services NA, 6.625%, due 06/15/12		304,769
	972,000		General Electric Capital Corp., 6.875%, due 01/10/39		763,646
	619,000		International Lease Finance Corp., 6.625%, due 11/15/13		386,872
	150,000		John Deere Capital Corp., 5.350%, due 04/03/18		144,936
	217,000		Merrill Lynch & Co., Inc., 4.250%, due 02/08/10		214,426
	497,000		Merrill Lynch & Co., Inc., 6.050%, due 08/15/12		457,462
	369,000	C	National Rural Utilities Cooperative Finance Corp., 10.375%, due 11/01/18		433,258

					3,211,740


			Electric: 2.8%
	64,000	C	Commonwealth Edison Co., 4.700%, due 04/15/15		59,589
	923,000	C	Commonwealth Edison Co., 6.150%, due 03/15/12		951,742
	519,000	C	Constellation Energy Group, 7.600%, due 04/01/32		439,007
	428,000	C	Duke Energy Corp., 6.300%, due 02/01/14		451,806
	438,000	C	Entergy Texas, Inc., 7.125%, due 02/01/19		435,828
	430,000	C	Indiana Michigan Power, 7.000%, due 03/15/19		426,965
	464,000	C	Metropolitan Edison, 7.700%, due 01/15/19		475,076
	711,000	C	Nevada Power Co., 7.125%, due 03/15/19		722,276
	527,000	C	Progress Energy, Inc., 6.050%, due 03/15/14		550,209
	179,000	C	Progress Energy, Inc., 7.050%, due 03/15/19		190,094
	476,000	C	Southwestern Electric Power, 5.550%, due 01/15/17		439,438

					5,142,030


			Food: 0.8%
	466,000		Kraft Foods, Inc., 6.125%, due 02/01/18		473,823
	500,000		Kraft Foods, Inc., 6.500%, due 08/11/17		519,512
	395,000	C	Unilever Capital Corp., 3.650%, due 02/15/14		401,645

					1,394,980


			Household Products/Wares: 0.5%
	785,000		Kimberly-Clark Corp., 7.500%, due 11/01/18		919,200

					919,200


			Insurance: 0.4%
	709,000	C	Metlife, Inc., 7.717%, due 02/15/19		712,344

					712,344


			Media: 2.3%
	675,000	C	Comcast Corp., 5.700%, due 05/15/18		661,073
	76,000	C	Comcast Corp., 5.900%, due 03/15/16		75,998
	250,000	C	Comcast Corp., 6.300%, due 11/15/17		254,960
	751,000	#,C	COX Communications, Inc., 6.250%, due 06/01/18		692,510
	397,000	C	News America, Inc., 6.150%, due 03/01/37		292,539
	389,000	#,C	News America, Inc., 6.900%, due 03/01/19		366,714
	159,000	C	Time Warner Cable, Inc., 6.200%, due 07/01/13		166,273
	350,000	C	Time Warner Cable, Inc., 6.750%, due 07/01/18		354,746
	303,000	C	Time Warner Cable, Inc., 8.750%, due 02/14/19		341,199

See Accompanying Notes to Financial Statements

166

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2009 (Unaudited) (continued)


Principal
Amount				Value


			Media (continued)
$	353,000	C	Time Warner, Inc., 5.500%, due 11/15/11	$	362,613
	446,000	C	Time Warner, Inc., 7.700%, due 05/01/32		407,004
	373,000	C	Viacom, Inc., 6.875%, due 04/30/36		304,995

					4,280,624


			Miscellaneous Manufacturers: 0.9%
	900,000		General Electric Co., 5.250%, due 12/06/17		853,112
	673,000	C	Tyco International Finance, 8.500%, due 01/15/19		721,581

					1,574,693


			Oil & Gas: 0.8%
	265,000	C	ConocoPhillips, 5.750%, due 02/01/19		271,023
	506,000	C	Hess Corp., 7.000%, due 02/15/14		549,253
	424,000	C	Marathon Oil Corp., 6.500%, due 02/15/14		440,389
	115,000	C	Marathon Oil Corp., 7.500%, due 02/15/19		120,707

					1,381,372


			Oil & Gas Services: 0.1%
	140,000	C	Weatherford International, Ltd., 9.625%, due 03/01/19		151,335

					151,335


			Pharmaceuticals: 1.1%
	428,000	C	Novartis Securities Investment Ltd., 5.125%, due 02/10/19		439,079
	604,000	C	Pfizer, Inc., 6.200%, due 03/15/19		650,351
	790,000	C	Pfizer, Inc., 7.200%, due 03/15/39		870,815

					1,960,245


			Pipelines: 0.5%
	411,000	C	Enbridge Energy Partners, 9.875%, due 03/01/19		441,827
	246,000	C	Energy Transfer Partners, 9.700%, due 03/15/19		273,720
	90,000	C	Trans-Canada Pipelines, 7.125%, due 01/15/19		98,885
	99,000	C	Trans-Canada Pipelines, 7.625%, due 01/15/39		108,710

					923,142


			Retail: 0.4%
	490,000	C	CVS Caremark Corp., 5.750%, due 06/01/17		493,275
	278,000	C	CVS Caremark Corp., 6.600%, due 03/15/19		294,604

					787,879


			Software: 0.1%
	159,000	C	Oracle Corp., 5.250%, due 01/15/16		163,234
	86,000	C	Oracle Corp., 5.750%, due 04/15/18		91,272

					254,506


			Telecommunications: 3.7%
	737,000	C	AT&T, Inc., 6.550%, due 02/15/39		711,048
	681,000	C	AT&T, Inc., 6.700%, due 11/15/13		755,975
	470,000	C	British Telecommunications PLC, 5.950%, due 01/15/18		392,495
	489,000	C	Cisco Systems, Inc., 5.900%, due 02/15/39		464,367
	438,000	C	Deutsche Telekom International Finance BV, 5.875%, due 08/20/13		460,082
	120,000	C	Embarq Corp., 6.738%, due 06/01/13		115,901
	387,000	C	France Telecom SA, 8.500%, due 03/01/31		493,897
	295,000		Nokia OYJ, 5.375%, due 05/15/19		292,271
	223,000		Nokia OYJ, 6.625%, due 05/15/39		221,872
	770,000	C	Telefonica Emisones SAU, 6.421%, due 06/20/16		806,707
	353,000	C	TELUS Corp., 8.000%, due 06/01/11		375,080
	376,000	C	Verizon Communications, Inc., 8.950%, due 03/01/39		454,784
	199,000	#,C	Verizon Wireless, 8.500%, due 11/15/18		238,728
	1,000,000	#,C	Verizon Wireless Capital LLC, 5.550%, due 02/01/14		1,050,118

					6,833,325


			Transportation: 0.3%
	291,000	C	Union Pacific Corp., 5.125%, due 02/15/14		287,514
	350,000	C	Union Pacific Corp., 5.700%, due 08/15/18		336,682

					624,196

			Total Corporate Bonds/Notes (Cost $38,051,847)		39,962,546


U.S. GOVERNMENT AGENCY OBLIGATIONS: 5.5%

			Federal Home Loan Mortgage Corporation^##: 1.5%
	1,275,000	W	5.000%, due 06/01/39		1,307,074
	931,000		5.500%, due 05/01/37		963,148
	343,000	W	6.000%, due 05/01/37		358,060
	100,000		6.500%, due 06/01/37		105,703

					2,733,985


			Federal National Mortgage Association^##: 3.1%
	114,000		4.000%, due 02/25/39		113,608
	515,000	W	4.500%, due 06/01/37		522,564
	1,037,000	W	5.000%, due 06/01/22-05/01/37		1,069,153
	1,032,000		5.500%, due 05/01/37		1,069,249
	363,745	S	5.500%, due 06/01/37		377,307
	646,000	W	5.500%, due 05/15/20		672,345
	1,457,000	W	6.000%, due 06/01/37		1,519,606
	375,000		6.500%, due 06/15/32		395,918

					5,739,750


			Government National Mortgage Association: 0.9%
	226,000		4.500%, due 01/15/39		229,743
	393,000	W	5.000%, due 06/15/33		405,343
	408,664		5.500%, due 03/20/39		424,492
	393,000	W	6.000%, due 05/15/34		410,009
	146,000		6.500%, due 06/15/34		153,551

					1,623,138

			Total U.S. Government Agency Obligations (Cost $10,077,327)		10,096,873

See Accompanying Notes to Financial Statements

167

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2009 (Unaudited) (continued)

Principal

Amount

Value

U.S. TREASURY OBLIGATIONS: 11.5%

U.S. Treasury Bonds: 0.9%

1,548,000

4.500%, due 05/15/38

1,666,278

U.S. Treasury Notes: 10.6%

8,219,000

0.875%, due 03/31/11

8,221,573

1,984,000

1.375%, due 04/15/12

1,985,236

4,902,000

1.750%, due 03/31/14

4,848,387

4,427,000

2.750%, due 02/15/19

4,289,334

19,344,530

Total U.S. Treasury Obligations
(Cost $21,263,621)

21,010,808

COLLATERALIZED MORTGAGE OBLIGATIONS: 0.7%

500,000

C,S

JPMorgan Chase Commercial Mortgage Securities Corp., 5.179%, due 12/15/44

432,592

500,000

C,S

LB-UBS Commercial Mortgage Trust, 5.156%, due 02/15/31

414,436

500,000

C,S

LB-UBS Commercial Mortgage Trust, 6.149%, due 04/15/41

441,113

Total Collateralized Mortgage Obligations
(Cost $1,437,415)

1,288,141

OTHER BONDS: 51.6%

Foreign Government Bonds: 51.6%

BRL 57,000,000

Brazil Notas do Tesouro Nacional Series F, 10.000%, due 01/01/12

26,048,900

EUR 4,000,000

Bundesobligation, 4.000%, due 10/11/13

5,675,147

EUR 5,000,000

Bundesrepublik Deutschland, 3.750%, due 01/04/19

6,919,899

EUR 3,340,000

Bundesrepublik Deutschland, 4.250%, due 01/04/14

4,788,998

EUR 2,665,000

Bundesrepublik Deutschland, 4.250%, due 07/04/17

3,823,894

EUR 3,200,000

Bundesrepublik Deutschland, 4.250%, due 07/04/39

4,479,920

EUR 6,500,000

Bundesschatzanweisungen, 4.000%, due 09/10/10

8,926,956

CAD 2,200,000

Canadian Government International Bond, 4.250%, due 06/01/18

2,032,709

EUR 930,000

France Government International Bond, 3.250%, due 04/25/16

1,240,508

EUR 915,000

Italy Buoni Poliennali Del Tesoro, 3.750%, due 08/01/16

1,225,733

EUR 3,000,000

Italy Buoni Poliennali Del Tesoro, 5.500%, due 11/01/10

4,198,873

JPY 800,000,000

Japan Government International Bond, 0.400%, due 03/15/11

8,118,402

JPY 500,000,000

Japan Government International Bond, 1.400%, due 12/20/11

5,192,486

JPY 370,000,000

Japan Government International Bond, 2.400%, due 09/20/38

3,942,624

UYU 6,067,000

Republica Orient Uruguay, 4.250%, due 04/05/27

159,886

GBP 2,760,000

United Kingdom Gilt, 4.750%, due 12/07/38

4,354,122

GBP 1,950,000

United Kingdom Gilt Bond, 5.000%, due 03/07/18

3,264,260

Total Other Bonds
(Cost $93,009,574)

94,393,317

Total Long-Term Investments
(Cost $163,839,784)

166,751,685

SHORT-TERM INVESTMENTS: 10.5%

Commercial Paper: 0.5%

1,000,000

Caissee, 0.700%, due 07/01/09

998,800

Total Commercial Paper
(Cost $998,800)

998,800

Value

Affiliated Mutual Fund: 10.0%

18,235,000

ING Institutional Prime Money Market Fund — Class I

18,235,000

Total Mutual Fund
(Cost $18,235,000)

18,235,000

Total Short-Term Investments
(Cost $19,233,800)

19,233,800

Total Investments in Securities

(Cost $183,073,584)*

101.6

185,985,485

Other Assets and
Liabilities - Net

(1.6

)

(2,987,402

)

Net Assets

100.0

182,998,083


#		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. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees.
C		Bond may be called prior to maturity date.
##		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.
S		All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities.
BRL		Brazilian Real
CAD		Canadian Dollar
EUR		EU Euro
GBP		British Pound
JPY		Japanese Yen

*		Cost for federal income tax purposes is $183,224,801.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	4,167,256
Gross Unrealized Depreciation		(1,406,572	)

Net Unrealized Appreciation	$	2,760,684

See Accompanying Notes to Financial Statements

168

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2009 (Unaudited) (continued)

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*
Level 1 — Quoted Prices	$	24,190,612	$	(148,336	)
Level 2 — Other Significant Observable Inputs		135,745,973		990,951
Level 3 — Significant Unobservable Inputs		26,048,900		—

Total	$	185,985,485	$	842,615

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the six months ended April 30, 2009 was as follows:


	Investments in			Other Financial
	Securities			Instruments*
Beginning Balance at 10/31/08	$	17,964,280		$	—
Net Purchases/(Sales)		9,067,046			—
Accrued Discounts/(Premiums)		(5,853	)		—
Total Realized Gain/(Loss)		(3,368,425	)		—
Total Unrealized Appreciation/(Depreciation)		2,391,852			—
Net Transfers In/(Out) of Level 3		—			—

Ending Balance at 04/30/09	$	26,048,900		$	—

For the six months ended April 30, 2009, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $175,186. Total unrealized gain (loss) for all securities (including Level 1 and Level 2) can be found on the accompanying Statement of Operations.

At April 30, 2009 the following forward foreign currency contracts were outstanding for the ING Global Bond Fund:


									Unrealized,
			Settlement		In Exchange				Appreciation
Currency	Buy/Sell		Date		For		Value		(Depreciation)
					USD

Australian Dollar
AUD 996,568		BUY		5/8/09		694,000		723,846	$	29,846
Australian Dollar
AUD 2,937,244		BUY		5/8/09		2,087,000		2,133,435		46,435
Australian Dollar
AUD 2,040,370		BUY		5/8/09		1,438,000		1,482,001		44,001
Australian Dollar
AUD 3,247,735		BUY		5/8/09		2,321 ,000		2,358,957		37,957
Australian Dollar
AUD 3,221,718		BUY		5/8/09		2,326,000		2,340,060		14,060
Brazilian Real
BRL 20,057,079		BUY		5/29/09		9,121,000		9,087,253		(33,747	)
Canadian Dollar
CAD 2,816,214		BUY		5/8/09		2,268,944		2,360,090		91,146
Canadian Dollar
CAD 40,827		BUY		5/8/09		33,000		34,215		1,215
Canadian Dollar
CAD 650,910		BUY		5/8/09		526,000		545,487		19,487
Canadian Dollar
CAD 1,885,000		BUY		5/8/09		1,551,393		1,579,699		28,306
Canadian Dollar
CAD 689,110		BUY		5/8/09		556,000		577,499		21,499
Swiss Franc
CHF 7,697,300		BUY		5/29/09		6,658,766		6,746,946		88,180
Chilean Peso
CLP 2,148,579,999		BUY		5/29/09		3,555,780		3,690,850		135,070
Danish Krone
DKK 4,186,300		BUY		5/29/09		730,946		743,056		12,110
EU Euro
EUR 9,973,328		BUY		5/8/09		13,367,231		13,195,351		(171,880	)
British Pound
GBP 938,211		BUY		5/29/09		1,375,000		1,387,888		12,888
British Pound
GBP 1,367,500		BUY		5/29/09		2,000,596		2,022,932		22,336
British Pound
GBP 658,628		BUY		5/29/09		963,000		974,303		11,303
British Pound
GBP 652,351		BUY		5/29/09		963,000		965,017		2,017
Japanese Yen
JPY 1,574,542,712		BUY		5/8/09		15,609,469		15,967,650		358,181
South Korean Won
KRW 2,093,500,000		BUY		5/15/09		1,580,000		1,632,614		52,614
New Zealand Dollar
NZD 3,328,939		BUY		5/8/09		1,909,000		1,882,224		(26,776	)
New Zealand Dollar
NZD 147,636		BUY		5/8/09		85,000		83,475		(1,525	)
New Zealand Dollar
NZD 1,351,398		BUY		5/8/09		787,000		764,097		(22,903	)
New Zealand Dollar
NZD 1,404,007		BUY		5/8/09		830,000		793,843		(36,157	)
New Zealand Dollar
NZD 1,383,738		BUY		5/8/09		807,000		782,383		(24,617	)
New Zealand Dollar
NZD 2,805,243		BUY		5/8/09		1,622,000		1,586,120		(35,880	)
Swedish Krona
SEK 22,402,700		BUY		5/29/09		2,737,562		2,784,842		47,280
Taiwan New Dollar
TWD 24,986,555		BUY		5/15/09		745,000		758,885		13,885

									$	736,331

Australian Dollar
AUD 2,269,437		SELL		5/8/09		1,611,251		1,648,381	$	(37,130	)
Australian Dollar
AUD 2,292,730		SELL		5/8/09		1,625,000		1,665,299		(40,299	)
Australian Dollar
AUD 2,446,765		SELL		5/8/09		1,727,000		1,777,181		(50,181	)
Australian Dollar
AUD 1,011,133		SELL		5/8/09		738,000		734,426		3,574
Brazilian Real
BRL 57,100,000		SELL		5/15/09		25,668,690		25,974,208		(305,518	)
Canadian Dollar
CAD 1,503,776		SELL		5/8/09		1,229,000		1,260,219		(31,219	)
Canadian Dollar
CAD 1,488,150		SELL		5/8/09		1,231,000		1,247,124		(16,124	)
EU Euro
EUR 3,898,205		SELL		5/8/09		5,171,000		5,157,575		13,425
EU Euro
EUR 780,338		SELL		5/8/09		1,033,000		1,032,437		563

See Accompanying Notes to Financial Statements

169

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2009 (Unaudited) (continued)


									Unrealized,
			Settlement		In Exchange				Appreciation
Currency	Buy/Sell		Date		For		Value		(Depreciation)
					USD

EU Euro
EUR 633,539		SELL		5/8/09		833,000		838,213		(5,213	)
EU Euro
EUR 620,263		SELL		5/8/09		830,000		820,647		9,353
EU Euro
EUR 607,898		SELL		5/8/09		807,000		804,288		2,712
EU Euro
EUR 614,422		SELL		5/8/09		811,000		812,919		(1,919	)
EU Euro
EUR 537,133		SELL		5/8/09		694,000		710,662		(16,662	)
EU Euro
EUR 1,801,054		SELL		5/8/09		2,342,000		2,382,909		(40,909	)
EU Euro
EUR 657,689		SELL		5/8/09		865,000		870,165		(5,165	)
EU Euro
EUR 516,078		SELL		5/8/09		684,000		682,804		1,196
Mexican Peso
MXN 20,477		SELL		5/8/09		1,492		1,481		11
Norwegian Krone
NOK 15,220,600		SELL		5/29/09		2,253,146		2,315,440		(62,294	)
New Zealand Dollar				��
NZD 5,453,498		SELL		5/8/09		3,197,310		3,083,476		113,834
New Zealand Dollar
NZD 1,671,433		SELL		5/8/09		927,000		945,049		(18,049	)
New Zealand Dollar
NZD 2,679,153		SELL		5/8/09		1,502,000		1,514,827		(12,827	)
New Zealand Dollar
NZD 2,634,274		SELL		5/8/09		1,505,000		1,489,451		15,549
Swedish Krona
SEK 8,991,428		SELL		5/29/09		1,100,000		1,117,709		(17,709	)
Swedish Krona
SEK 8,979,683		SELL		5/29/09		1,100,000		1,116,249		(16,249	)

									$	(517,250	)

ING Global Bond Fund Open Futures Contracts on April 30, 2009:


					Unrealized
	Number of		Expiration		Appreciation/
Contract Description	Contracts		Date		(Depreciation)

Long Contracts
Australia 3-Year Bond		25		06/15/09	$	(20,670	)
Canada 10- Year Bond		13		06/19/09		(7,252	)
Euro-Bund		72		06/08/09		(56,716	)
Euro-Schatz		8		06/08/09		(3,737	)
Japan 10-Year Bond (TSE)		11		06/11/09		(187,890	)
Long Gilt		22		06/26/09		15,030
U.S. Treasury 2-Year Note		18		06/30/09		15,705

					$	(245,530	)

Short Contracts
U.S. Treasury 5-Year Note		66		06/30/09		(28,540	)
U.S. Treasury Long Bond		33		06/19/09		125,734

					$	97,194

ING Global Bond Fund Credit Default Swap Agreements Outstanding on April 30, 2009:

Credit Default Swaps on Corporate and Sovereign Issues


														Upfront
		Buy		(Pay)/Receive			Termination		Notional		Market			Premium		Unrealized
Counterparty	Reference Entity/Obligation	Protection⁽¹⁾		Fixed Rate (%)			Date		Amount⁽²⁾		Value⁽³⁾			Paid/(Received)		Depreciation

The Royal Bank of Scotland PLC	Japan Government 2.000%, 03/21/22		Buy		(0.930	)		06/20/14		USD 9,000,000	$	(98,310	)	$	—	$	(98,310	)

											$	(98,310	)	$	—	$	(98,310	)


⁽¹⁾	If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund 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.

⁽²⁾	The maximum amount of future payments (undiscounted) that a Fund 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 market 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 market 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.

See Accompanying Notes to Financial Statements

170

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2009 (Unaudited) (continued)

ING Global Bond Fund Interest Rate Swap Agreements Outstanding on April 30, 2009:

Notional

Unrealized

Termination

Principal

Appreciation/

Date

Amount

(Depreciation)

Receive a fixed rate equal to 9.250% and pay a floating rate based on 28-day MXN-TIIE-BANXICO
Counterparty: Citibank N.A., New York

11/17/11

MXN 103,300,000

534,631

Receive a fixed rate equal to 7.800% and pay a floating rate based on 28-day MXN-TIIE-BANXICO
Counterparty: Citibank N.A., New York

03/06/12

MXN 120,000,000

321,351

Receive a fixed rate equal to 6.650% and pay a floating rate based on 28-day MXN-TIIE-BANXICO
Counterparty: Citibank N.A., New York

04/09/12

MXN 120,000,000

45,972

Receive a fixed rate equal to 6.235% and pay a floating rate based on 3-month NZD-BBR-FRA
Counterparty: UBS AG, London

04/24/19

NZD 19,000,000

(31,774

)

870,180

See Accompanying Notes to Financial Statements

171

PORTFOLIO OF INVESTMENTS

ING Diversified International Fund

as of April 30, 2009 (Unaudited)


Shares					Value



AFFILIATED INVESTMENT COMPANIES: 99.9%
	711,765	ING Emerging Countries Fund — Class I			$	12,420,305
	4,544,787	ING Foreign Fund — Class I				47,674,811
	3,368,389	ING Index Plus International Equity Fund — Class I				19,907,176
	6,881,425	ING International Capital Appreciation Fund — Class I				47,757,089
	4,234,867	ING International Equity Dividend Fund — Class I				21,047,288
	1,669,430	ING International Real Estate Fund — Class I				10,183,522
	965,106	ING International SmallCap Multi-Manager Fund — Class I				21,840,347
	2,509,325	ING International Value Choice Fund — Class I				20,200,064

		Total Investments in Securities
		(Cost $309,138,584)*	99.9	%	$	201,030,602
		Other Assets and Liabilities - Net	0.1			172,013

		Net Assets	100.0	%	$	201,202,615


*		Cost for federal income tax purposes is $340,728,683.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	—
Gross Unrealized Depreciation		(139,698,081	)

Net Unrealized Depreciation	$	(139,698,081	)

The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157:


	Investments in		Other Financial
	Securities		Instruments*

Level 1 — Quoted Prices	$	201,030,602	$	—
Level 2 — Other Significant Observable Inputs		—		—
Level 3 — Significant Unobservable Inputs		—		—

Total	$	201,030,602	$	—

See Accompanying Notes to Financial Statements

172

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

BOARD CONSIDERATION AND RE-APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”) provides that, after an initial period, the Funds’ existing investment advisory and sub-advisory contracts will remain in effect only if the Boards of Trustees (the “Board”) of ING Mutual Funds and ING Mayflower Trust (together, the “Trust”), including a majority of Board members who have no direct or indirect interest in the advisory and sub-advisory contracts, and who are not “interested persons” of the Funds, as such term is defined under the 1940 Act (the “Independent Trustees”), annually review and approve them. Thus, at a meeting held on November 14, 2008, the Board, including a majority of the Independent Trustees, considered whether to renew the investment advisory contracts (the “Advisory Contracts”) between ING Investments, LLC (the “Adviser”) and the Funds and the sub-advisory contracts (“Sub-Advisory Contracts”) with the sub-adviser to each Fund (the “Sub-Advisers”).

The Independent Trustees also held separate meetings on October 24 and November 12, 2008 to consider the renewal of the Advisory Contracts and Sub-Advisory Contracts. As a result, subsequent references herein to factors considered and determinations made by the Independent Trustees include, as applicable, factors considered and determinations made on those earlier dates by the Independent Trustees.

At its November 14, 2008 meeting, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Funds. In reaching these decisions, the Board took into account information furnished to it throughout the year at regular meetings of the Board and the Board’s committees, as well as information prepared specifically in connection with the annual renewal process. Determinations by the Independent Trustees also took into account various factors that they believed, in light of the legal advice furnished to them by K&L Gates LLP (“K&L Gates”), their independent legal counsel, and their own business judgment, to be relevant. Further, while the Advisory Contracts and Sub-Advisory Contracts for all the Funds were considered at the same Board meeting, the Trustees considered each Fund’s advisory and sub-advisory relationships separately.

Provided below is an overview of the Board’s contract approval process in general, as well as a discussion of certain specific factors that the Board considered at its renewal meeting. While the Board gave its attention to the information furnished, at its request, that was most relevant to its considerations, discussed below are a number of the primary factors relevant to the Board’s consideration as to whether to renew the Advisory and Sub-Advisory Contracts for the one-year period ending November 30, 2009. Each Board member may have accorded different weight to the various factors in reaching his or her conclusions with respect to each Fund’s advisory and sub-advisory arrangements.

Overview of the Contract Renewal and Approval Process

Several years ago, the Independent Trustees instituted a revised process by which they seek and consider relevant information when they decide whether to approve new or existing advisory and sub-advisory arrangements for the investment companies in the ING Funds complex under their jurisdiction, including the Funds’ existing Advisory and Sub-Advisory Contracts. Among other actions, the Independent Trustees: retained the services of independent consultants with experience in the mutual fund industry to assist the Independent Trustees in working with the personnel employed by the Adviser or its affiliates who administer the Funds (“Management”) to identify the types of information presented to the Board to inform its deliberations with respect to advisory and sub-advisory relationships and to help evaluate that information; established a specific format in which certain requested information is provided to the Board; and determined the process for reviewing such information in connection with Advisory and Sub-Advisory Contract renewals and approvals. The end result was an enhanced process which is currently employed by the Independent Trustees to review and analyze information in connection with their annual renewal of the ING Funds’ advisory and sub-advisory contracts, as well as their review and approval of new advisory relationships.

Since the current renewal and approval process was first implemented, the Board’s membership has changed substantially through periodic retirements of some Trustees and the appointment and election of new Trustees. In addition, throughout this period the Independent Trustees have reviewed and refined the renewal and approval process at least annually. The Board also established a Contracts Committee and two Investment Review Committees, including the International/Balanced/Fixed Income Funds Investment Review Committee (the “I/B/F IRC”). Among other matters, the Contracts Committee provides oversight

173

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

with respect to the contracts renewal process, and each Fund is assigned to the I/B/F IRC, which provides oversight regarding, among other matters, investment performance.

The type and format of the information provided to the Board or to legal counsel for the Independent Trustees in connection with the contract approval and renewal process has been codified in the Funds’ 15(c) Methodology Guide. This Guide was developed under the direction of the Independent Trustees and sets out a blueprint pursuant to which the Independent Trustees request certain information that they deem important to facilitate an informed review in connection with initial and annual approvals of advisory and sub-advisory contracts.

Management provides certain of the information requested by the 15(c) Methodology Guide in Fund Analysis and Comparison Tables (“FACT sheets”) prior to the Independent Trustees’ review of advisory and sub-advisory arrangements (including the Funds’ Advisory and Sub-Advisory Contracts). The Independent Trustees previously retained an independent firm to verify and test the accuracy of certain FACT sheet data for a representative sample of funds in the ING Funds complex. In addition, in 2007 and 2008, the Contracts Committee employed the services of an independent consultant to assist in its review and analysis of, among other matters, the 15(c) Methodology Guide, the content and format of the FACT sheets, and proposed selected peer groups of investment companies (“SPGs”) to be used by the Funds for certain comparison purposes during the renewal process.

As part of an ongoing process, the Contracts Committee recommends or considers recommendations from Management for refinements to the 15(c) Methodology Guide and other aspects of the review process, and the Board’s I/B/F IRC review benchmarks used to assess the performance of the funds in the ING Funds complex. The Investment Review Committees may apply a heightened level of scrutiny in cases where performance has lagged an ING Fund’s relevant benchmark and/or SPG.

The Board employed its process for reviewing contracts when considering the renewals of the Funds’ Advisory and Sub-Advisory Contracts that would be effective through November 30, 2009. Set forth below is a discussion of many of the Board’s primary considerations and conclusions resulting from this process.

Nature, Extent and Quality of Service

In determining whether to approve the Advisory and Sub-Advisory Contracts for the Funds for the year ending November 30, 2009, the Independent Trustees received and evaluated such information as they deemed necessary regarding the nature, extent and quality of services provided to the Funds by the Adviser and Sub-Advisers. This included information regarding the Adviser and Sub-Advisers provided throughout the year at regular meetings of the Board and its committees, as well as information furnished in connection with the contract renewal meetings.

The materials requested by and provided to the Board and/or to K&L Gates prior to the November 14, 2008 Board meeting included, among other information, the following items for each Fund: (1) FACT sheets that provided information regarding the performance and expenses of the Fund and other similarly managed funds in its SPG, as well as information regarding the Fund’s investment portfolio, objective and strategies; (2) reports providing risk and attribution analyses of the Fund; (3) the 15(c) Methodology Guide, which describes how the FACT sheets were prepared, including the manner in which each Fund’s benchmark and SPG were selected and how profitability was determined; (4) responses from the Adviser and relevant Sub-Adviser or Sub-Advisers to a series of questions posed by K&L Gates on behalf of the Trustees; (5) copies of the forms of Advisory and Sub-Advisory Contracts; (6) copies of the Forms ADV for the Adviser and Sub-Adviser; (7) financial statements for the Adviser and Sub-Adviser; (8) a draft of a narrative summary addressing key factors the Board customarily considers in evaluating the renewals of the ING Funds’ (including the Funds’) advisory contracts and sub-advisory contracts, including a written analysis for each Fund of how performance, fees and expenses compare to its SPG and/or designated benchmark; (9) independent analyses of Fund performance by the Trust’s Chief Investment Risk Officer; (10) information regarding net asset flows into and out of the Fund; and (11) other information relevant to the Board’s evaluations.

For each Fund, Class A shares were used for purposes of certain comparisons to the funds in its SPG. Class A shares generally were selected so that the Fund’s share class with the longest performance history was compared to the analogous class of shares for each fund in its SPG. The mutual funds included in the Funds’

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SPGs were selected based upon criteria designed to mirror the Fund share class being compared to the SPG.

In arriving at its conclusions with respect to the Advisory Contracts, the Board was mindful of the “manager-of-managers” platform of the ING Funds that has been developed by Management. The Board also considered the techniques that the Adviser has developed, at the Board’s direction, to screen and perform due diligence on the Sub-Advisers that are recommended to the Board to manage the investment portfolios of the funds in the ING Funds complex. The Board noted the resources that the Adviser has committed to the Board and the I/B/F IRC to assist the Board and the I/B/F IRC with their assessment of the investment performance of the Funds on an ongoing basis throughout the year. This includes the appointment of a Chief Investment Risk Officer and his staff, who report directly to the Board and who have developed attribution analyses and other metrics used by the Board’s Investment Review Committees to analyze the key factors underlying investment performance for the funds in the ING Funds complex.

The Board also noted the techniques used by the Adviser to monitor the performance of the Sub-Advisers and the proactive approach that the Adviser, working in cooperation with the I/B/F IRC, has taken to advocate or recommend, when it believed appropriate, changes designed to assist in improving the Funds’ performance.

In considering the Funds’ Advisory Contracts, the Board also considered the extent of benefits provided to the Funds’ shareholders, beyond advisory services, from being part of the ING family of funds. This includes, in most cases, the right to exchange or transfer investments, without a sales charge, between the same class of shares of such funds or among ING Funds available on a product platform, and the wide range of ING Funds available for exchange or transfer. The Board also took into account the Adviser’s efforts in recent years to reduce the expenses of the ING Funds through renegotiated arrangements with the ING Funds’ service providers.

Further, the Board received periodic reports showing that the investment policies and restrictions for each Fund were consistently complied with and other periodic reports covering matters such as compliance by Adviser and Sub-Adviser personnel with codes of ethics. The Board considered reports from the Trust’s Chief Compliance Officer (“CCO”) evaluating whether the regulatory compliance systems and procedures of the Adviser and each Sub-Adviser are reasonably designed to assure compliance with the federal securities laws, including those related to, among others, late trading and market timing, best execution, fair value pricing, proxy voting and trade allocation practices. The Board also took into account the CCO’s annual and periodic reports and recommendations with respect to service provider compliance programs. In this regard, the Board also considered the policies and procedures developed by the CCO in consultation with the Board’s Compliance Committee that guide the CCO’s compliance oversight function.

The Board reviewed the level of staffing, quality and experience of each Fund’s portfolio management team. The Board took into account the respective resources and reputations of the Adviser and Sub-Adviser, and evaluated the ability of the Adviser and the Sub-Advisers to attract and retain qualified investment advisory personnel. The Board also considered the adequacy of the resources committed to the Funds (and other relevant funds in the ING Funds complex) by the Adviser and Sub-Adviser, and whether those resources are commensurate with the needs of the Funds and are sufficient to sustain appropriate levels of performance and compliance needs.

Based on their deliberations and the materials presented to them, the Board concluded that the advisory and related services provided by the Adviser and each Sub-Adviser are appropriate in light of the Funds’ operations, the competitive landscape of the investment company business, and investor needs, and that the nature and quality of the overall services provided by the Adviser and the Sub-Advisers were appropriate.

Fund Performance

In assessing advisory and sub-advisory relationships, the Board placed emphasis on the net investment returns of each Fund. While the Board considered the performance reports and discussions with portfolio managers at Board and committee meetings during the year, particular attention in assessing performance was given to the FACT sheets furnished in connection with the renewal process. The FACT sheet prepared for each Fund included its investment performance compared to the Fund’s Morningstar category median and/or Lipper category median, SPG and primary benchmark. The FACT sheet performance data was as of June 30, 2008. In addition, the Board also considered at its November 14, 2008 meeting certain additional data regarding

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performance and Fund asset levels as of October 31, 2008. The Board’s findings specific to each Fund’s performance are discussed under “Fund-by-Fund Analysis” below.

Economies of Scale

When evaluating the reasonableness of advisory fee rates, the Board also considered whether economies of scale will be realized by the Adviser and Sub-Adviser as a Fund grows larger and the extent to which any such economies are reflected in contractual fee rates. In this regard, the Board noted any breakpoints in advisory fee schedules that will result in a lower advisory fee rate when a Fund achieves sufficient asset levels to receive a breakpoint discount. In the case of sub-advisory fees, the Board considered that breakpoints would inure to the benefit of the Adviser, except to the extent that there are corresponding advisory fee breakpoints or waivers. For a Fund that did not have advisory fee breakpoints, but did benefit from waivers or reimbursements of advisory or other fees, the Board also considered the extent to which economies of scale could be realized through waivers, reimbursements or expense reductions.

In evaluating economies of scale, the Independent Trustees also considered prior periodic management reports and industry information on this topic, and the Independent Trustees who were Board members at that time also considered a November 2006 evaluation and analysis presented to them by an independent consultant regarding fee breakpoint arrangements and economies of scale.

The Board also considered that the Funds have experienced material declines in assets, especially during October 2008, due to general market declines precipitated by the credit crises and other generally adverse market developments. As a result of this asset decline, the Board considered that there were fewer opportunities to realize economies of scale.

Information Regarding Services to Other Clients

The Board requested and considered information regarding the nature of services and fee rates offered by the Adviser and Sub-Advisers to other clients, including other registered investment companies and institutional accounts. When fee rates offered to other clients differed materially from those charged to the Funds, the Board considered any underlying rationale provided by the Adviser or a Sub-Adviser for these differences. For unaffiliated Sub-Advisers, the Board did not view this information as being a key factor in its deliberations because of the arms-length nature of negotiations between the Adviser and unaffiliated Sub-Advisers with respect to sub-advisory fee rates. The Board also noted that the fee rates charged to the Funds and other institutional clients of the Adviser or a Sub-Adviser (including other investment companies) may differ materially due to, among other reasons: differences in services; different regulatory requirements associated with registered investment companies, such as the Funds, as compared to non-registered investment company clients; market differences in fee rates that existed when a Fund first was organized; differences in the original sponsors of Funds that now are managed by the Adviser; investment capacity constraints that existed when certain contracts were first agreed upon or that might exist at present; and different pricing structures that are necessary to be competitive in different marketing channels.

Fee Rates and Profitability

The Board reviewed and considered each contractual investment advisory fee rate, combined with the administrative fee rate, payable by each Fund to the Adviser. The Board also considered the contractual sub-advisory fee rate payable by the Adviser to each Sub-Adviser for sub-advisory services for each Fund. In addition, the Board considered fee waivers and expense limitations applicable to the fees payable by the Funds.

The Board considered the fee structure of each Fund as it relates to the services provided under the contracts and the potential fall-out benefits to the Adviser and the Sub-Advisers and their respective affiliates from their association with the Funds. For each Fund, the Board determined that the fees payable to the Adviser and the Sub-Advisers are reasonable for the services that each performs, which were considered in light of the nature and quality of the services that each has performed and is expected to perform.

For each Fund, the Board considered information on revenues, costs and profits realized by the Adviser, which was prepared by Management in accordance with the allocation methodology (including related assumptions) specified in the 15(c) Methodology Guide. In analyzing the profitability of the Adviser in connection with its services to a Fund, the Board took into account the sub-advisory fee rate payable by the Adviser to each Sub-Adviser. The Board also considered

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information that it requested and was provided by Management with respect to the profitability of service providers affiliated with the Adviser, as well as information provided by certain Sub-Advisers with respect to their profitability. In the case of non-affiliated Sub-Advisers, the Board gave less weight to profitability considerations, or did not view this data as imperative to its deliberations, given the arm’s-length nature of the relationship between the Adviser and these Sub-Advisers with respect to the negotiation of sub-advisory fee rates. Further, the Board considered that the decline in asset levels of many Funds caused by recent adverse economic conditions was likely to cause a similar decline in any profits realized by the Adviser and Sub-Advisers.

The Board determined that it had requested and received sufficient information to gain a reasonable understanding regarding the Adviser’s and affiliated Sub-Adviser’s profitability. The Board also recognized that profitability analysis is not an exact science and there is no uniform methodology for determining profitability for this purpose. In this context, the Board realized that Management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Funds’ operations may not be fully reflected in the expenses allocated to each Fund in determining profitability, and that the information presented may not portray all of the costs borne by Management or capture Management’s entrepreneurial risk associated with offering and managing a mutual fund complex in the current regulatory and market environment.

In their review of advisory fee rates, the Independent Trustees have, from time to time, requested the Adviser, and the Adviser has agreed to implement remedial actions for certain Funds. These remedial actions have included, among others: reductions in fee rates; changes in Sub-Advisers or portfolio managers; and strategy modifications.

Based on the information on revenues, costs, and profitability considered by the Board, and after considering the factors described in this section, the Board concluded that the profits, if any, realized by the Adviser and affiliated Sub-Adviser were not excessive. In making its determinations, the Board based its conclusions on the reasonableness of the advisory and sub-advisory fees of the Adviser and affiliated Sub-Adviser primarily on the factors described for each Fund below.

Fund-by-Fund Analysis

The following paragraphs outline certain of the specific factors that the Board considered, and the conclusions reached, at its November 14, 2008 meeting in relation to renewing each Fund’s current Advisory and Sub-Advisory Contracts for the year ending November 30, 2009. These specific factors are in addition to those considerations discussed above. In each case, the Fund’s performance was compared to its Morningstar category median, except for ING Classic Money Market Fund and ING Institutional Prime Money Market Fund, which were compared to their Lipper category medians, and 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. Each Fund’s management fee and expense ratio were compared to the fees and expense ratios of the funds in its SPG.

ING Asia-Pacific Real Estate Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Asia-Pacific Real Estate Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund underperformed its Morningstar category median for the most recent calendar quarter and year-to-date periods; (2) the Fund outperformed its primary benchmark for the year-to-date period, but underperformed for the most recent calendar quarter; and (3) the Fund is ranked in the fourth quintile of its Morningstar category for the most recent calendar quarter, and the fifth (lowest) quintile for the year-to-date period.

In analyzing this performance data, the Board took into account that the Fund was launched in November 2007 and therefore had a limited operating history for purposes of evaluating performance.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund as compared to its SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median

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and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

In analyzing this fee data, the Board took into account Management’s representations that the Fund’s management fee and expense ratio are appropriate in light of its niche regional focus and the recognized expertise of its Sub-Adviser in real estate investment management. The Board also considered Management’s representation that the Fund is priced lower than two other competitor funds that have a similar regional focus.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund was launched in November 2007 and it is reasonable to permit it to establish a longer operating history for the purpose of evaluating performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Disciplined International SmallCap Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Disciplined International SmallCap Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund underperformed its Morningstar category median for all periods presented; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the third quintile of its Morningstar category for the year-to-date period, the fourth quintile for the one-year period, and the fifth (lowest) quintile for the most recent calendar quarter.

In analyzing this performance data, the Board took into account that: (1) the Fund launched in December 2006, and therefore had a limited operating history for the purpose of analyzing its performance; and (2) Management would continue to monitor, and the Board or its IRC would periodically review, the Fund’s performance. The Board also noted that the Fund employs a quantitative investment management strategy that is difficult to manage in the current volatile markets. The Board determined to monitor closely the performance of the Fund.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund was launched in December 2006, and it is reasonable to permit the Fund to establish a longer operating history for the purposes of evaluating performance; (4) the Board will continue to closely monitor the quantitative investment strategy employed by the Fund; and (5) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Diversified International Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Diversified International Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund underperformed its Morningstar category median for all periods presented; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the third quintile of its Morningstar

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category for the year-to-date period, and the fourth quintile for the most recent calendar quarter and one-year periods.

In analyzing this performance data, the Board took into account Management’s analysis regarding the rationale for underperformance, including its analysis regarding the underperformance of certain of the underlying funds in which the Fund invests. The Board also considered recent actions taken by these underlying funds in order to improve those funds’ performance.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints, but where there may be breakpoint discounts at the underlying fund level; (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) taking into account that the Board or its Investment Review Committee will continue to actively monitor the Fund’s performance, the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Emerging Countries Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Emerging Countries Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund underperformed its Morningstar category median for all periods presented; (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed; and (3) the Fund is ranked in the third quintile of its Morningstar category for the year-to-date period, and the fifth (lowest) quintile for the most recent calendar quarter, one-year, three-year, five-year, and ten-year periods.

In analyzing this performance data, the Board took into account Management’s representations that, in order to address the Board’s concerns regarding the Fund’s performance, in June 2008 there was a change in the Fund’s Sub-Adviser.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees 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 SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) in June 2008 there was a change in the Fund’s Sub-Adviser, and it is reasonable to permit the Fund to establish a longer operating history for purposes of evaluating performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Emerging Markets Fixed Income Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Emerging

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Markets Fixed Income Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund underperformed its Morningstar category median for all periods presented; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the fourth quintile of its Morningstar category for all periods presented.

In analyzing this performance data, the Board took into account: (1) in September 2008, the Fund had a strategy change that allows the Fund greater freedom to allocate between hard and local currencies; and (2) Management’s representation that the new investment strategy provides the Fund with the increased flexibility necessary to seek to improve the Fund’s performance.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s advisory fees, which result in lower fees at higher asset levels; (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is below the median and above the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the board; (3) in September 2008, the Fund’s investment strategy was modified, and it is reasonable to permit the Sub-Adviser to continue to manage the Fund for purposes of evaluating performance; (4) the Board will continue to actively monitor the Fund’s performance; and (5) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING European Real Estate Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING European Real Estate Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund underperformed its Morningstar category median for the most recent calendar quarter and year-to-date periods; (2) the Fund outperformed its primary benchmark for the most recent calendar quarter and year-to-date periods; and (3) the Fund is ranked in the third quintile of its Morningstar category for the year-to-date period, and the fifth (lowest) quintile for the most recent calendar quarter.

In analyzing this performance data, the Board took into account that the Fund launched in November 2007 and therefore had a limited operating history for the purposes of performance comparisons.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

In analyzing this fee data, the Board took into account Management’s representations that the Fund’s management fee and expense ratio are appropriate in light of it niche regional focus. The Board also considered Management’s representation that the Fund is priced lower than two other competitor funds that have similar regional focus.

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reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Foreign Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Foreign Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund outperformed its Morningstar category median for all periods presented, with the exception of the year-to-date period, during which it underperformed; (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it outperformed; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the three-year period, the third quintile for the most recent calendar quarter and one-year periods, and the fourth quintile for the year-to-date period.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s advisory fees, which result in lower fees at higher asset levels; (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

In analyzing this fee data, the Board took into account that in July 2007, Management implemented a fee waiver agreement under which savings from underlying sub-advisory fee reductions were shared with the Fund.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Global Bond Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Bond Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund outperformed its Morningstar category median for all periods presented, with the exception of the most recent calendar quarter, during which it underperformed; (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the most recent calendar quarter, during which it underperformed; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the year-to-date and one-year periods, and the third quintile for the most recent calendar quarter.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees 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 SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

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conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Global Equity Dividend Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Equity Dividend Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund underperformed its Morningstar category median for all periods presented; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the fourth quintile of its Morningstar category for the year-to-date period, and the fifth (lowest) quintile for the most recent calendar quarter, one-year, and three-year periods.

In analyzing this performance data, the Board took into account: (1) Management’s analysis of the negative effect of sector and country weightings on the Fund’s performance; and (2) Management’s expectation that the Fund’s longer-term performance will improve.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Global Natural Resources Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Natural Resources Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund underperformed its Morningstar category median for all periods presented, with the exception of the three-year and ten-year periods, during which it outperformed; (2) the Fund outperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the three-year period, the second quintile for the ten-year period, and the fourth quintile for the most recent calendar quarter, year-to-date, one-year, and five-year periods.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s advisory fees, which result in lower fees at higher asset levels; (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and equal to the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board

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members may have given different weight to different individual factors and related conclusions.

ING Global Real Estate Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Real Estate Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund outperformed its Morningstar category median for all periods presented, with the exception of the most recent calendar quarter and year-to-date periods, during which it underperformed; (2) the Fund outperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the three-year and five-year periods, the third quintile for the one-year period, and the fourth quintile for the most recent calendar quarter and year-to-date periods.

In analyzing this performance data, the Board took into account: (1) the Fund’s rankings in Morningstar’s recently-introduced “Global Real Estate” category; and (2) Management’s representations that the Fund’s longer-term performance had been reasonable.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s advisory fees, which result in lower fees at higher asset levels; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is above the median and equal to the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

In analyzing this fee data, the Board took into account that, in June 2008, the Sub-Adviser reduced its fee rate for the Fund.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Global Value Choice Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Value Choice Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund outperformed its Morningstar category median for all periods presented; (2) the Fund outperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the most recent calendar quarter, year-to-date, one-year, and three-year periods, the second quintile for the five-year period, and the third quintile for the ten-year period.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of the advisory fee and a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

In analyzing this fee data, the Board took into account that: (1) in January 2008, the Fund’s management fee was lowered and the expense limits were reduced; (2) for Class A shares, the Fund’s service fee was reduced; and (3) in September 2007, the Fund’s sub-advisory fee rate was reduced as a result of renegotiations with the Sub-Adviser.

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(4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Greater China Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Greater China Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund outperformed its Morningstar category median for all periods presented, with the exception of the most recent calendar quarter, during which it underperformed; (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the most recent calendar quarter, during which it underperformed; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the year-to-date and one-year periods, and the fourth quintile for the most recent calendar quarter.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

In analyzing this fee data, the Board took into account the advisory fee waivers that Management put into place in November 2007, which lowered the effective management fee rate payable by the Fund.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Index Plus International Equity Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Index Plus International Equity Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund underperformed its Morningstar category median for all periods presented; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the fourth quintile of its Morningstar category for the year-to-date period, and the fifth (lowest) quintile for the most recent calendar quarter and one-year periods.

In analyzing this performance data, the Board noted that the Fund employs a quantitative investment management strategy that is difficult to manage in the current volatile markets. The Board also took into account that it would continue to monitor, and the Board or its Investment Review Committee would periodically review, the performance of the Fund.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

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to monitor the quantitative investment strategy employed by the Fund, the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING International Capital Appreciation Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International Capital Appreciation Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund underperformed its Morningstar category median for all periods presented, with the exception of the most recent calendar quarter period, during which it outperformed; (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the most recent calendar quarter period, during which it outperformed; and (3) the Fund is ranked in the second quintile of its Morningstar category for the most recent calendar quarter, the third quintile for the one-year period, and the fourth quintile for the year-to-date period.

In analyzing this performance data, the Board took into account: (1) Management’s analysis regarding underperformance during certain periods, including its analysis regarding the negative effect of stock selection and sector allocation on the Fund’s performance during the first quarter of 2008; and (2) that Management will continue to monitor, and the Board or its IRC would periodically review, the Fund’s investment performance.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is below the median and above the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) taking into account that the Board will continue to monitor the Fund’s performance, the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING International Equity Dividend Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International Equity Dividend Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund underperformed its Morningstar category median for all periods presented; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the fourth quintile of its Morningstar category for the year-to-date and one-year periods, and the fifth (lowest) quintile for the most recent calendar quarter.

In analyzing this performance data, the Board took into account the Fund launched in June 2007, and therefore had a limited operating history for the purpose of analyzing its performance.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees 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 SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is below the median and the average management fees of the

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funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund was launched in June 2007, and it is reasonable to permit the Fund to establish a longer operating history for the purposes of evaluating performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING International Growth Opportunities Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International Growth Opportunities Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund underperformed its Morningstar category median for all periods presented, with the exceptions of the one-year and ten-year periods, during which it outperformed; (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the ten-year period, during which it outperformed; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the ten-year period, the second quintile for the one-year period, the third quintile for the year-to-date period, and the fourth quintile for the most recent calendar quarter, three-year, and five-year periods.

In analyzing this performance data, the Board took into account: (1) in April 2006, the Fund’s Portfolio Manager changed; and (2) Management’s representations that the Fund changed its investment strategy in February 2007.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees 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 SPG, including that: (a) the management fee (inclusive of 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

In analyzing this fee data, at the Board’s direction Management implemented an advisory fee waiver which will lower the effective management fee rate payable by the Fund.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) in April 2006, the Fund’s Portfolio Manager changed, and in February 2007, the Fund’s investment strategy was modified, and it is reasonable to permit the Sub-Adviser to continue to manage the Fund for purposes of evaluating performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING International Real Estate Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International Real Estate Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund underperformed its Morningstar category median for all periods presented; (2) the Fund outperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the third quintile of its Morningstar category for the one-year period, and the fifth (lowest) quintile for the most recent calendar quarter and year-to-date periods.

In analyzing this performance data, the Board took into account: (1) the Fund launched in February 2006, and therefore had a limited operating history for the purpose of analyzing its performance; (2) Management’s representation that, due to the fact that the Fund’s investment strategy is more

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heavily weighted in foreign real estate investment trusts than the comparable funds in its Morningstar category, peer group comparisons are difficult; and (3) Management’s confidence in the Fund’s Portfolio Management team and Management’s expectation that the Fund’s longer-term performance will improve.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s advisory fees, which result in lower fees at higher asset levels; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of the advisory fee and a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is equal to the median and above the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the board; (3) the Fund was launched in February 2006, and it is reasonable to permit the Fund to establish a longer operating history for the purposes of evaluating performance; (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING International SmallCap Multi-Manager Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International SmallCap Multi-Manager Fund (formerly ING International SmallCap Fund), the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund outperformed its Morningstar category median for all periods presented, with the exception of the one-year period, during which it underperformed; (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the one-year and five-year periods, during which it underperformed; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the three-year period, the second quintile for the most recent calendar quarter, year-to-date, five-year, and ten-year periods, and the third quintile for the one-year period.

In analyzing this performance data, the Board took into account that in December 2007 a third Sub-Adviser was engaged to manage the Fund’s assets. The Board noted that two of the Fund’s sub-advisers employ a quantitative investment management strategy that is difficult to manage in the current volatile markets. The Board also took into account that it would monitor, and the Board or its Investment Review Committee would periodically review, the performance of the Fund.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s advisory fees, which result in lower fees at higher asset levels; (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Board will continue to monitor the quantitative investment strategy employed by two of the Fund’s three sub-advisers; and (4) the sub-advisory fee rate payable by the Adviser to each Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

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ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

ING International Value Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for the ING International Value Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund outperformed its Morningstar category median for the most recent calendar quarter, five-year, and ten-year periods, but underperformed for the year-to-date, one-year, and three-year periods; (2) the Fund outperformed its primary benchmark for the most recent calendar quarter, five-year, and ten-year periods, but underperformed for the year-to-date, one-year, and three-year periods; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the ten-year period, the second quintile for the most recent calendar quarter and five-year periods, the third quintile for the three-year period, and the fourth quintile for the year-to-date and one-year periods.

In analyzing this performance data, the Board took into account: (1) in October 2008, a new sleeve, managed by ING Investment Management Co., was added to the Fund to address capacity constraints and the Fund was re-opened to new and existing investors; (2) Management’s analysis regarding the rationale for underperformance in certain periods; and (3) Management’s expectation that the Fund’s longer-term performance will improve.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; (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 above the average management fees of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and above the average expense ratios of the funds in its Selected Peer Group.

In analyzing this fee data, the Board took into consideration that, in October 2008, breakpoints were added to the Fund’s advisory fee structure in conjunction with the addition of the new sleeve.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the board; (3) taking into account that Management will continue to monitor, and the Board or its IRC will periodically review, its performance, the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING International Value Choice Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International Value Choice Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund outperformed its Morningstar category median for all periods presented; (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it underperformed; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the most recent calendar quarter, year-to-date, and one-year periods, the second quintile for the three-year period.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees 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 SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

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the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Russia Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Russia Fund, the Board considered that, based on performance data for the periods ended June 30, 2008: (1) the Fund outperformed its Morningstar category median for all periods presented; (2) the Fund outperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for all periods presented.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees 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 SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

In analyzing this fee data, the Board took into account that the Fund is one of just three pure Russia funds offered in the market and, as such, a higher management fee and expense ratio is charged due to the Sub-Adviser’s unique experience in this developing market.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2009. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

189

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

Domestic Equity and Income Funds

ING Balanced Fund

ING Growth and Income Fund

ING Real Estate Fund

Domestic Equity Funds-of-Funds

ING Strategic Allocation Conservative Fund

ING Strategic Allocation Growth Fund

ING Strategic Allocation Moderate Fund

Domestic Equity Growth Funds

ING Corporate Leaders 100 Fund

ING Equity Dividend Fund

ING Growth Opportunities Fund

ING MidCap Opportunities Fund

ING Opportunistic LargeCap Fund

ING Small Company Fund

ING SmallCap Opportunities Fund

ING Tactical Asset Allocation Fund

Domestic Equity Index Funds

ING Index Plus LargeCap Equity Fund VIII

ING Index Plus LargeCap Equity Fund IX

ING Index Plus LargeCap Fund

ING Index Plus MidCap Fund

ING Index Plus SmallCap Fund

Domestic Equity Value Funds

ING SmallCap Value Multi-Manager Fund

ING Value Choice Fund

Fixed-Income Funds

ING GNMA Income Fund

ING High Yield Bond Fund

ING Intermediate Bond Fund

Global Equity Funds

ING Global Equity Dividend Fund

ING Global Natural Resources Fund

ING Global Real Estate Fund

ING Global Value Choice Fund

International Equity Funds

ING Alternative Beta Fund

ING Asia-Pacific Real Estate Fund

ING Disciplined International SmallCap Fund

ING Emerging Countries Fund

ING European Real Estate Fund

ING Foreign Fund

ING Greater China Fund

ING Index Plus International Equity Fund

ING International Capital Appreciation Fund

ING International Equity Dividend Fund

ING International Growth Opportunities Fund

ING International Real Estate Fund

ING International SmallCap Multi-Manager Fund

ING International Value Fund

ING International Value Choice Fund

ING Russia Fund

Global and International Fixed-Income Funds

ING Emerging Markets Fixed Income Fund

ING Global Bond Fund

International Funds-of-Funds

ING Diversified International Fund

ING Global Target Payment Fund

Loan Participation Fund

ING Senior Income Fund

Money Market Funds*

ING Money Market Fund

ING Classic Money Market Fund

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

Investment Adviser

ING Investments, LLC

7337 East Doubletree Ranch Road

Scottsdale, Arizona 85258

Administrator

ING Funds Services, LLC

7337 East Doubletree Ranch Road

Scottsdale, Arizona 85258

Distributor

ING Funds Distributor, LLC

7337 East Doubletree Ranch Road

Scottsdale, Arizona 85258

Transfer Agent

PNC Global Investment Servicing (U.S.) Inc.

301 Bellevue Parkway

Wilmington, Delaware 19809

Custodian

The Bank of New York Mellon

One Wall Street

New York, New York 10286

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

For more complete information, or to obtain a prospectus on any ING Fund, please call your Investment Professional or ING Funds Distributor, LLC at (800) 992-0180 or log on to www.ingfunds.com. The prospectus should be read carefully before investing. Consider the fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund.

PRSAR-UINTALL (0409-062409)

(ING FUNDS LOGO)

Item 2. Code of Ethics.

Not required for semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not required for semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not required for semi-annual filing.

Item 5. Audit Committee Of Listed Registrants.

Not required for semi-annual filing.

Item 6. Schedule of Investments.

Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-end Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-end Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-end Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Board has a Nominating Committee for the purpose of considering and presenting to the Board candidates it proposes for nomination to fill Independent Trustee vacancies on the Board. The Committee currently consists of all Independent Trustees of the Board. (6 individuals). The Nominating Committee operates pursuant to a Charter approved by the Board. The primary purpose of the Nominating Committee is to consider and present to the Board the candidates it proposes for nomination to fill vacancies on the Board. In evaluating candidates, the Nominating Committee may consider a variety of factors, but it has not at this time set any specific minium qualifications that must be met. 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 its own nominees. A shareholder nominee for director should be submitted in writing to the Fund’s Secretary. Any such shareholder nomination should include at a minimum the following information as to each individual proposed for nomination as trustee: such individual’s written consent to be named in the proxy statement as a nominee (if nominated) and to serve as a trustee (if elected), and all information relating to such individual that is required to be disclosed in the solicitation of proxies for election of trustees, 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 Securities and Exchange Commission.

Item 11. 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 12. Exhibits.

(a)(1)	The Code of Ethics is not required for the semi-annual filing.

(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

(a)(3)	Not required for semi-annual filing.

(b)	The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

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 Mutual Funds


By		/s/ Shaun P. Mathews

		Shaun P. Mathews President and Chief Executive Officer

Date:		July 7, 2009

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:		July 7, 2009


By		/s/ Todd Modic

		Todd Modic Senior Vice President and Chief Financial Officer

Date:		July 7, 2009

Voya MUTUAL FUNDS N-CSRSCertified semi-annual shareholder report (management investment company)