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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-7428
ING Mutual Funds
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, 2012 to April 30, 2013
Item 1. Reports to Stockholders.
The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):
n ING Diversified International Fund
n ING Global Bond Fund
n ING Global Perspectives Fund
n ING International Small Cap Fund
n ING International Value Choice Fund
n ING International Value Equity Fund
(formerly, ING Global Value Choice Fund)
n ING International Value Fund
n ING Russia Fund
This report is submitted for general information to shareholders of the ING Funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds’ investment objectives, risks, charges, expenses and other information. This information should be read carefully. |
MUTUAL FUNDS |
President’s Letter | 2 | |||||
Market Perspective | 3 | |||||
Portfolio Managers’ Reports | 6 | |||||
Shareholder Expense Examples | 15 | |||||
Statements of Assets and Liabilities | 17 | |||||
Statements of Operations | 23 | |||||
Statements of Changes in Net Assets | 26 | |||||
Financial Highlights | 31 | |||||
Notes to Financial Statements | 38 | |||||
Summary Portfolios of Investments | 58 | |||||
Shareholder Meeting Information | 93 | |||||
Advisory Contract Approval Discussion | 94 |
Go Paperless with E-Delivery! | |||||||||||
Sign up now for on-line prospectuses, fund reports, and proxy statements. In less than five minutes, you can help reduce paper mail and lower fund costs. | |||||||||||
Just go to www.inginvestment.com, click on the E-Delivery icon from the home page, follow the directions and complete the quick 5 Steps to Enroll. | |||||||||||
You will be notified by e-mail when these communications become available on the internet. Documents that are not available on the internet will continue to be sent by mail. |
Financial Literacy
President and Chief Executive Officer
ING Funds
May 1, 2013
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.
Index | Description | |||||
---|---|---|---|---|---|---|
Barclays Global Aggregate Index | Provides a broad-based measure of the global investment-grade fixed-rate debt markets. | |||||
Barclays High Yield Bond — 2% Issuer Constrained Composite Index | An unmanaged index that includes all fixed income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity. | |||||
Barclays U.S. Aggregate Bond Index | An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities. | |||||
JP Morgan Corporate Emerging Markets Bond Index Diversified | A liquid global benchmark for US-dollar corporate emerging market bonds. The CEMBI DIVERSIFIED limits the weights of those index countries with larger corporate debt stocks by only including a specified portion of these countries’ eligible current face amounts of debt outstanding. The CEMBI Diversified results in well-distributed, balanced weightings for countries included in the index. | |||||
JP Morgan Emerging Markets Bond Index Global Diversified | Tracks total returns for US dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, and Eurobonds. 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. | |||||
JP Morgan Government Bond Index — Emerging Markets Global Diversified | A comprehensive, global local Emerging Markets index, and consists of regularly traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure. Weights of those countries in the index with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. | |||||
MSCI All Country World IndexSM | A free float-adjusted market capitalization index that is designed to measure equity market performance in global developed and emerging markets. | |||||
MSCI Europe, Australasia and Far East® (“MSCI EAFE”) Index | 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. | |||||
MSCI EAFE Small Cap Index | An equity index which captures small cap representation across Developed Markets countries* around the world, excluding the US and Canada. With 2,158 constituents, the index covers approximately 14% of the free float-adjusted market capitalization in each country. | |||||
MSCI Europe ex UK® Index | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK. | |||||
MSCI Japan® Index | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan. | |||||
MSCI Russia 10/40 Index | A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the Russian market taking into account the Undertakings for Collective Investment in Transferable Securities (UCITS III) directive which constrains the weight of any single group entity, as defined therein, at 10% of a fund’s total assets and the sum of the weights of all group entities representing more than 5% of the fund at 40% of the fund’s total assets. | |||||
MSCI UK® Index | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK. | |||||
MSCI World IndexSM | An unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East. |
Index | Description | |||||
---|---|---|---|---|---|---|
Russia Trading System Index | 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. | |||||
S&P Developed ex-US SmallCap Index | 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. | |||||
S&P/Case-Shiller 20-City Composite Home Price Index | A composite index of the home price index for the top 20 Metropolitan Statistical Areas in the United States. The index is published monthly by Standard & Poor’s. | |||||
S&P 500® Index | An unmanaged index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets. | |||||
S&P Target Risk Growth Index | Seeks to provide increased exposure to equities, while also using some fixed-income exposure to dampen risk. |
ING DIVERSIFIED EMERGING MARKETS DEBT FUND | PORTFOLIO MANAGERS’ REPORT |
Target Allocations as of April 30, 2013 (percent of net assets) | ||||||||||
Hard Currency | 40 | % | ||||||||
Local Currency | 40 | % | ||||||||
Corporates | 20 | % | ||||||||
Portfolio holdings are subject to change daily. The fund can deviate from these targets based on an assessment of the current market conditions or other factors. |
* | Effective March 22, 2013, Jennifer Gorgoll was removed as a portfolio manager of the Fund. Effective June 10, 2013, Marcelo Assalin was removed as a portfolio manager of the Fund and Matthew Toms and Brian Timberlake were added as portfolio managers of the Fund. |
PORTFOLIO MANAGERS’ REPORT | ING DIVERSIFIED INTERNATIONAL FUND |
Target Allocations as of April 30, 2013 (as a percentage of net assets) | ||||||||||
International Equity | 85 | % | ||||||||
Emerging Markets | 15 | % | ||||||||
Portfolio holdings are subject to change daily. |
(1) | The members of the Asset Allocation Committee are: Halvard Kvaale, Paul Zemsky and Heather Hackett. |
ING GLOBAL BOND FUND | PORTFOLIO MANAGERS’ REPORT |
Geographic Diversification as of April 30, 2013 (as a percentage of net assets) | ||||||||
United States | 44.7 | % | ||||||
Brazil | 8.2 | % | ||||||
Russia | 5.9 | % | ||||||
Netherlands | 4.8 | % | ||||||
Cayman Islands | 4.8 | % | ||||||
Germany | 3.6 | % | ||||||
United Kingdom | 2.7 | % | ||||||
Malaysia | 2.1 | % | ||||||
South Africa | 1.9 | % | ||||||
Peru | 1.8 | % | ||||||
Countries between 0.0%–1.4%ˆ | 18.6 | % | ||||||
Assets in Excess of Other Liabilities* | 0.9 | % | ||||||
Net Assets | 100.0 | % | ||||||
* | Includes short-term investments and purchased options. | |||||||
ˆ | Includes 56 countries, which each represents 0.0%–1.4% of net assets. | |||||||
Portfolio holdings are subject to change daily. |
Top Ten Holdings as of April 30, 2013 (as a percentage of net assets) |
* | Effective May 31, 2013, Robert Robis was removed as a portfolio manager of the Fund and Brian Timberlake was added as a portfolio manager of the Fund. |
PORTFOLIO MANAGERS’ REPORT | ING GLOBAL PERSPECTIVES FUND |
Target Allocations as of April 30, 2013 (percent of net assets) | ||||||||||
U.S. Large Cap Equities | 10 | % | ||||||||
U.S. Mid Cap Equities | 10 | % | ||||||||
U.S. Small Cap Equities | 10 | % | ||||||||
Global Real Estate | 10 | % | ||||||||
International Equities | 10 | % | ||||||||
Emerging Market Equities | 10 | % | ||||||||
U.S. Investment Grade Bonds | 10 | % | ||||||||
U.S. Government Bonds | 10 | % | ||||||||
Global Bonds | 10 | % | ||||||||
U.S. High Yield Bonds | 10 | % | ||||||||
Portfolio holdings are subject to change daily. |
ING INTERNATIONAL SMALL CAP FUND | PORTFOLIO MANAGERS’ REPORT |
Geographic Diversification as of April 30, 2013 (as a percentage of net assets) | ||||||||
Japan | 29.5 | % | ||||||
United Kingdom | 14.5 | % | ||||||
Germany | 8.5 | % | ||||||
France | 5.7 | % | ||||||
Italy | 4.5 | % | ||||||
Australia | 4.3 | % | ||||||
Canada | 4.2 | % | ||||||
Switzerland | 3.0 | % | ||||||
South Korea | 2.2 | % | ||||||
Hong Kong | 2.2 | % | ||||||
Countries between 0.0%–1.9%ˆ | 16.9 | % | ||||||
Assets in Excess of Other Liabilities* | 4.5 | % | ||||||
Net Assets | 100.0 | % | ||||||
* | Includes short-term investments. | |||||||
ˆ | Includes 36 countries, which each represents 0.0%–1.9% of net assets. | |||||||
Portfolio holdings are subject to change daily. |
Top Ten Holdings as of April 30, 2013 (as a percentage of net assets) | |||||||
Nikkiso Co., Ltd. | 1.1 | % | |||||
Shionogi & Co., Ltd. | 1.1 | % | |||||
Draegerwerk AG & Co. KGaA | 0.9 | % | |||||
Safilo Group SpA | 0.9 | % | |||||
Deutsche Lufthansa AG | 0.9 | % | |||||
Kanematsu Corp. | 0.8 | % | |||||
Thanachart Capital PCL | 0.8 | % | |||||
Yuasa Trading Co., Ltd. | 0.8 | % | |||||
MTU Aero Engines Holding AG | 0.8 | % | |||||
Babcock International Group | 0.8 | % | |||||
Portfolio holdings are subject to change daily. |
* | On March 7, 2013, the Fund’s Board of Trustees (“Board”) approved replacing Schroder Investment Management North America Inc. (“Schroder”) as a sub-adviser to the Fund with Wellington Management Company, LLP (“Wellington Management”) effective beginning April 30, 2013. Prior to April 14, 2013, Schroder was one of the Sub-Advisers to the Fund. From the close of business on April 14, 2013 through the close of business on April 29, 2013, the Fund used a transition manager for the portion of the Fund’s assets managed by Schroder. |
PORTFOLIO MANAGERS’ REPORT | ING INTERNATIONAL VALUE CHOICE FUND |
Geographic Diversification as of April 30, 2013 (as a percentage of net assets) | ||||||||
Japan | 21.2 | % | ||||||
United Kingdom | 15.0 | % | ||||||
France | 12.7 | % | ||||||
Switzerland | 9.0 | % | ||||||
Netherlands | 8.6 | % | ||||||
Germany | 7.0 | % | ||||||
Italy | 4.3 | % | ||||||
Hong Kong | 4.3 | % | ||||||
Spain | 3.0 | % | ||||||
United States | 2.5 | % | ||||||
Countries between 0.3%–2.1%ˆ | 12.1 | % | ||||||
Assets in Excess of Other Liabilities* | 0.3 | % | ||||||
Net Assets | 100.0 | % | ||||||
* | Includes short-term investments. | |||||||
ˆ | Includes 10 countries, which each represents 0.3%–2.1% of net assets. | |||||||
Portfolio holdings are subject to change daily. |
Top Ten Holdings as of April 30, 2013 (as a percentage of net assets) | |||||||
Royal Dutch Shell PLC — Class A | 3.1 | % | |||||
Roche Holding AG — Genusschein | 3.1 | % | |||||
Novartis AG | 2.7 | % | |||||
Vodafone Group PLC | 2.5 | % | |||||
Sumitomo Mitsui Financial Group, Inc. | 2.3 | % | |||||
Siemens AG | 2.1 | % | |||||
Nestle S.A. | 2.0 | % | |||||
Sanofi | 2.0 | % | |||||
Barclays PLC | 1.9 | % | |||||
Tokio Marine Holdings, Inc. | 1.7 | % | |||||
Portfolio holdings are subject to change daily. |
* | On September 6, 2012, the Fund’s Board of Trustees approved a change to the Fund’s sub-adviser and principal investment strategies. Additionally, the Board of Trustees approved a proposal to reorganize the Fund with and into ING International Value Equity Fund. Prior to November 13, 2012, the Fund was managed by Tradewinds Global Investors, LLC. From the close of business on November 13, 2012 through the close of business on November 30, 2012, the Fund was managed by a transition manager in preparation for a sub-adviser change. Effective November 30, 2012, the Fund is managed by ING Investment Management Co. LLC. Shareholders have approved the merger of the Fund with and into ING International Value Equity Fund. The merger is expected to take place on or about July 13, 2013. |
ING INTERNATIONAL VALUE EQUITY FUND | PORTFOLIO MANAGERS’ REPORT |
Geographic Diversification as of April 30, 2013 (as a percentage of net assets) | ||||||||
Japan | 21.3 | % | ||||||
United Kingdom | 14.8 | % | ||||||
France | 12.8 | % | ||||||
Switzerland | 8.9 | % | ||||||
Netherlands | 8.5 | % | ||||||
Germany | 6.9 | % | ||||||
Italy | 4.4 | % | ||||||
Hong Kong | 4.4 | % | ||||||
Spain | 2.9 | % | ||||||
United States | 2.5 | % | ||||||
Countries between 0.1%–2.1%ˆ | 12.1 | % | ||||||
Assets in Excess of Other Liabilities* | 0.5 | % | ||||||
Net Assets | 100.0 | % | ||||||
* | Includes short-term investments. | |||||||
ˆ | Includes 11 countries, which each represents 0.1%–2.1% of net assets. | |||||||
Portfolio holdings are subject to change daily. |
Top Ten Holdings as of April 30, 2013 (as a percentage of net assets) | |||||||
Roche Holding AG — Genusschein | 3.1 | % | |||||
Royal Dutch Shell PLC — Class A | 3.1 | % | |||||
Novartis AG | 2.6 | % | |||||
Vodafone Group PLC | 2.5 | % | |||||
Sumitomo Mitsui Financial Group, Inc. | 2.2 | % | |||||
Siemens AG | 2.1 | % | |||||
Sanofi | 2.0 | % | |||||
Nestle S.A. | 2.0 | % | |||||
Barclays PLC | 1.9 | % | |||||
Tokio Marine Holdings, Inc. | 1.7 | % | |||||
Portfolio holdings are subject to change daily. | |||||||
* | On September 6, 2012, the Fund’s Board of Trustees approved a change with respect to the Fund’s sub-adviser, name, principal investment strategies and benchmark. The Fund was renamed ING International Value Equity Fund. Prior to November 13, 2012, the Fund was managed by Tradewinds Global Investors, LLC. From the close of business on November 13, 2012 through the close of business on November 30, 2012, the Fund was managed by a transition manager in preparation for a sub-adviser change. Effective November 30, 2012, the Fund is managed by ING Investment Management Co. LLC. |
PORTFOLIO MANAGERS’ REPORT | ING INTERNATIONAL VALUE FUND |
Geographic Diversification as of April 30, 2013 (as a percentage of net assets) | ||||||||
Japan | 21.3 | % | ||||||
United Kingdom | 14.7 | % | ||||||
France | 12.0 | % | ||||||
Switzerland | 8.9 | % | ||||||
Netherlands | 8.4 | % | ||||||
Germany | 6.9 | % | ||||||
Italy | 4.3 | % | ||||||
Hong Kong | 4.1 | % | ||||||
Spain | 2.9 | % | ||||||
United States | 2.4 | % | ||||||
Countries between 0.3%–2.1%ˆ | 11.7 | % | ||||||
Assets in Excess of Other Liabilities* | 2.4 | % | ||||||
Net Assets | 100.0 | % | ||||||
* | Includes short-term investments. | |||||||
ˆ | Includes 10 countries, which each represents 0.3%–2.1% of net assets. | |||||||
Portfolio holdings are subject to change daily. |
Top Ten Holdings as of April 30, 2013 (as a percentage of net assets) | ||||||
Roche Holding AG — Genusschein | 3.1 | % | ||||
Royal Dutch Shell PLC — Class A | 3.0 | % | ||||
Novartis AG | 2.7 | % | ||||
Vodafone Group PLC | 2.5 | % | ||||
Sumitomo Mitsui Financial Group, Inc. | 2.3 | % | ||||
Siemens AG | 2.1 | % | ||||
Nestle S.A. | 1.9 | % | ||||
Sanofi | 1.9 | % | ||||
Barclays PLC | 1.9 | % | ||||
Tokio Marine Holdings, Inc. | 1.7 | % | ||||
Portfolio holdings are subject to change daily. |
* | On January 10, 2013, the Fund’s Board of Trustees approved the removal of Brandes Investment Partners, L.P. (“Brandes”) and del Rey Global Investors, LLC, (“del Rey”) as sub-advisers to portions of the Fund (each a “Sleeve”) effective on the close of business on March 26, 2013. Brandes and del Rey each previously managed approximately 25% of the Fund’s assets, respectively, and approximately 50% of the Fund’s assets were managed by (“ING IM”). From the close of business on March 26, 2013 through the close of business on April 10, 2013, the Fund was managed by a transition manager. Effective on or about April 11, 2013, ING IM is the sole sub-adviser managing all of the Fund’s assets. In addition, the Fund’s Board approved a proposal to reorganize the Fund with and into ING International Value Equity Fund (the “Reorganization”), subject to shareholder approval. A shareholder meeting is scheduled to be held on or about June 25, 2013. If shareholder approval of the proposal is obtained, the Reorganization of the Fund with and into International Value Equity Fund is expected to take place on or about July 13, 2013. |
ING RUSSIA FUND | PORTFOLIO MANAGERS’ REPORT |
Sector Diversification as of April 30, 2013 (as a percentage of net assets) | ||||||||
Energy | 39.1 | % | ||||||
Financials | 17.6 | % | ||||||
Materials | 14.4 | % | ||||||
Telecommunication Services | 13.2 | % | ||||||
Consumer Staples | 9.2 | % | ||||||
Utilities | 2.7 | % | ||||||
Information Technology | 1.3 | % | ||||||
Health Care | 1.0 | % | ||||||
Consumer Discretionary | 0.5 | % | ||||||
Assets in Excess of Other Liabilities* | 1.0 | % | ||||||
Net Assets | 100.0 | % | ||||||
* | Includes short-term investments. | |||||||
Portfolio holdings are subject to change daily. |
Top Ten Holdings as of April 30, 2013 (as a percentage of net assets) | |||||||
Lukoil OAO ADR | 11.3 | % | |||||
Sberbank | 8.4 | % | |||||
Mobile Telesystems OJSC ADR | 8.1 | % | |||||
Magnit OAO | 6.3 | % | |||||
Gazprom OAO | 4.5 | % | |||||
NovaTek OAO GDR | 4.5 | % | |||||
Transneft | 4.5 | % | |||||
Surgutneftegas OJSC | 3.6 | % | |||||
Tatneft ADR | 3.6 | % | |||||
Rosneft Oil Co. GDR | 3.5 | % | |||||
Portfolio holdings are subject to change daily. |
Actual Fund Return | | Hypothetical (5% return before expenses) | | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Account Value November 1, 2012 | Ending Account Value April 30, 2013 | Annualized Expense Ratio | Expenses Paid During the Period Ended April 30, 2013* | Beginning Account Value November 1, 2012 | Ending Account Value April 30, 2013 | Annualized Expense Ratio | Expenses Paid During the Period Ended April 30, 2013* | ||||||||||||||||||||||||||||
ING Diversified Emerging Market Debt Fund** | |||||||||||||||||||||||||||||||||||
Class A(1) | $ | 1,000.00 | $ | 1,045.60 | 1.11 | % | $ | 5.60 | $ | 1,000.00 | $ | 1,019.29 | 1.11 | % | $ | 5.56 | |||||||||||||||||||
Class C(1) | 1,000.00 | 1,041.40 | 1.86 | 9.36 | 1,000.00 | 1,015.57 | 1.86 | 9.30 | |||||||||||||||||||||||||||
Class I(1) | 1,000.00 | 1,048.10 | 0.81 | 4.09 | 1,000.00 | 1,020.78 | 0.81 | 4.06 | |||||||||||||||||||||||||||
Class W(1) | 1,000.00 | 1,046.00 | 0.86 | 4.34 | 1,000.00 | 1,020.53 | 0.86 | 4.31 | |||||||||||||||||||||||||||
ING Diversified International Fund** | |||||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,122.20 | 0.50 | 2.63 | 1,000.00 | 1,022.32 | 0.50 | 2.51 | |||||||||||||||||||||||||||
Class B | 1,000.00 | 12,740.00 | 1.25 | 42.58 | 1,000.00 | 1,018.60 | 1.25 | 6.26 | |||||||||||||||||||||||||||
Class C | 1,000.00 | 12,690.00 | 1.25 | 42.43 | 1,000.00 | 1,018.60 | 1.25 | 6.26 | |||||||||||||||||||||||||||
Class I | 1,000.00 | 13,310.00 | 0.25 | 8.87 | 1,000.00 | 1,023.55 | 0.25 | 1.25 | |||||||||||||||||||||||||||
Class O | 1,000.00 | 13,220.00 | 0.50 | 17.63 | 1,000.00 | 1,022.32 | 0.50 | 2.51 | |||||||||||||||||||||||||||
Class R | 1,000.00 | 13,030.00 | 0.75 | 26.09 | 1,000.00 | 1,021.08 | 0.75 | 3.76 | |||||||||||||||||||||||||||
Class W | 1,000.00 | 13,290.00 | 0.25 | 8.86 | 1,000.00 | 1,023.55 | 0.25 | 1.25 |
* | 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. |
** | The annualized expense ratios do not include expenses of underlying funds. |
(1) | Commencement of operations was November 2, 2012. Expenses paid for the actual Fund’s return reflect the 180-day period ended April 30, 2013. |
Actual Fund Return | | Hypothetical (5% return before expenses) | | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Account Value November 1, 2012 | Ending Account Value April 30, 2013 | Annualized Expense Ratio | Expenses Paid During the Period Ended April 30, 2013* | Beginning Account Value November 1, 2012 | Ending Account Value April 30, 2013 | Annualized Expense Ratio | Expenses Paid During the Period Ended April 30, 2013* | ||||||||||||||||||||||||||||
ING Global Bond Fund | �� | ||||||||||||||||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,011.50 | 0.90 | % | $ | 4.49 | $ | 1,000.00 | $ | 1,020.33 | 0.90 | % | $ | 4.51 | |||||||||||||||||||
Class B | 1,000.00 | 1,008.60 | 1.65 | 8.22 | 1,000.00 | 1,016.61 | 1.65 | 8.25 | |||||||||||||||||||||||||||
Class C | 1,000.00 | 1,007.80 | 1.65 | 8.21 | 1,000.00 | 1,016.61 | 1.65 | 8.25 | |||||||||||||||||||||||||||
Class I | 1,000.00 | 1,013.10 | 0.60 | 2.99 | 1,000.00 | 1,021.82 | 0.60 | 3.01 | |||||||||||||||||||||||||||
Class O | 1,000.00 | 1,011.80 | 0.90 | 4.49 | 1,000.00 | 1,020.33 | 0.90 | 4.51 | |||||||||||||||||||||||||||
Class R | 1,000.00 | 1,010.30 | 1.15 | 5.73 | 1,000.00 | 1,019.09 | 1.15 | 5.76 | |||||||||||||||||||||||||||
Class W | 1,000.00 | 1,013.00 | 0.65 | 3.24 | 1,000.00 | 1,021.57 | 0.65 | 3.26 | |||||||||||||||||||||||||||
ING Global Perspective Fund** | |||||||||||||||||||||||||||||||||||
Class A(2) | 1,000.00 | 1,020.00 | 0.40 | 0.38 | 1,000.00 | 1,022.81 | 0.40 | 2.01 | |||||||||||||||||||||||||||
Class C(2) | 1,000.00 | 1,019.00 | 1.15 | 1.08 | 1,000.00 | 1,019.09 | 1.15 | 5.76 | |||||||||||||||||||||||||||
Class I(2) | 1,000.00 | 1,017.00 | 0.11 | 0.10 | 1,000.00 | 1,024.25 | 0.11 | 0.55 | |||||||||||||||||||||||||||
Class R(2) | 1,000.00 | 1,017.00 | 0.65 | 0.61 | 1,000.00 | 1,021.57 | 0.65 | 3.26 | |||||||||||||||||||||||||||
Class W(2) | 1,000.00 | 1,018.00 | 0.15 | 0.14 | 1,000.00 | 1,024.05 | 0.15 | 0.75 | |||||||||||||||||||||||||||
ING International Small Cap Fund | |||||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,166.90 | 1.76 | 9.47 | 1,000.00 | 1,016.05 | 1.76 | 8.81 | |||||||||||||||||||||||||||
Class B | 1,000.00 | 1,162.90 | 2.41 | 12.92 | 1,000.00 | 1,012.84 | 2.41 | 12.03 | |||||||||||||||||||||||||||
Class C | 1,000.00 | 1,163.10 | 2.41 | 12.93 | 1,000.00 | 1,012.84 | 2.41 | 12.03 | |||||||||||||||||||||||||||
Class I | 1,000.00 | 1,169.30 | 1.29 | 6.94 | 1,000.00 | 1,018.40 | 1.29 | 6.46 | |||||||||||||||||||||||||||
Class O | 1,000.00 | 1,167.30 | 1.66 | 8.92 | 1,000.00 | 1,016.56 | 1.66 | 8.30 | |||||||||||||||||||||||||||
Class W | 1,000.00 | 1,168.80 | 1.41 | 7.58 | 1,000.00 | 1,017.80 | 1.41 | 7.05 | |||||||||||||||||||||||||||
ING International Value Choice Fund | |||||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,113.10 | 1.39 | 7.28 | 1,000.00 | 1,017.90 | 1.39 | 6.95 | |||||||||||||||||||||||||||
Class B | 1,000.00 | 1,109.70 | 2.14 | 11.19 | 1,000.00 | 1,014.18 | 2.14 | 10.69 | |||||||||||||||||||||||||||
Class C | 1,000.00 | 1,109.40 | 2.14 | 11.19 | 1,000.00 | 1,014.18 | 2.14 | 10.69 | |||||||||||||||||||||||||||
Class I | 1,000.00 | 1,115.00 | 1.14 | 5.98 | 1,000.00 | 1,019.14 | 1.14 | 5.71 | |||||||||||||||||||||||||||
Class W | 1,000.00 | 1,115.10 | 1.14 | 5.98 | 1,000.00 | 1,019.14 | 1.14 | 5.71 | |||||||||||||||||||||||||||
ING International Value Equity Fund | |||||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,099.10 | 1.38 | 7.18 | 1,000.00 | 1,017.95 | 1.38 | 6.90 | |||||||||||||||||||||||||||
Class B | 1,000.00 | 1,094.60 | 2.13 | 11.06 | 1,000.00 | 1,014.23 | 2.13 | 10.64 | |||||||||||||||||||||||||||
Class C | 1,000.00 | 1,094.40 | 2.13 | 11.06 | 1,000.00 | 1,014.23 | 2.13 | 10.64 | |||||||||||||||||||||||||||
Class I | 1,000.00 | 1,100.40 | 1.13 | 5.88 | 1,000.00 | 1,019.19 | 1.13 | 5.66 | |||||||||||||||||||||||||||
Class W | 1,000.00 | 1,100.40 | 1.13 | 5.88 | 1,000.00 | 1,019.19 | 1.13 | 5.66 | |||||||||||||||||||||||||||
ING International Value Fund | |||||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,139.50 | 1.52 | 8.06 | 1,000.00 | 1,017.26 | 1.52 | 7.60 | |||||||||||||||||||||||||||
Class B | 1,000.00 | 1,135.90 | 2.22 | 11.76 | 1,000.00 | 1,013.79 | 2.22 | 11.08 | |||||||||||||||||||||||||||
Class C | 1,000.00 | 1,136.20 | 2.22 | 11.76 | 1,000.00 | 1,013.79 | 2.22 | 11.08 | |||||||||||||||||||||||||||
Class I | 1,000.00 | 1,143.20 | 1.10 | 5.85 | 1,000.00 | 1,019.34 | 1.10 | 5.51 | |||||||||||||||||||||||||||
Class W | 1,000.00 | 1,141.20 | 1.22 | 6.48 | 1,000.00 | 1,018.74 | 1.22 | 6.11 | |||||||||||||||||||||||||||
ING Russia Fund | |||||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,013.70 | 2.00 | 9.99 | 1,000.00 | 1,014.88 | 2.00 | 9.99 | |||||||||||||||||||||||||||
Class I | 1,000.00 | 1,013.30 | 1.85 | 9.23 | 1,000.00 | 1,015.62 | 1.85 | 9.25 | |||||||||||||||||||||||||||
Class W | 1,000.00 | 1,015.00 | 1.75 | 8.74 | 1,000.00 | 1,016.12 | 1.75 | 8.75 |
* | 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. |
** | The annualized expense ratios do not include expenses of underlying funds. |
(2) | Commencement of operations was March 28, 2013. Expenses paid for the actual Fund’s return reflect the 34-day period ended April 30, 2013. |
ING Diversified Emerging Markets Debt Fund | ING Diversified International Fund | ING Global Bond Fund | ING Global Perspectives Fund | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS: | ||||||||||||||||||
Investments in securities at fair value* | $ | — | $ | 4,038,504 | $ | 824,208,357 | $ | — | ||||||||||
Investments in affiliated underlying funds at fair value** | 914,418 | 87,241,010 | — | 204,481 | ||||||||||||||
Short-term investments at fair value*** | 47,000 | — | 16,984,031 | — | ||||||||||||||
Total Investments at fair value | 961,418 | 91,279,514 | 841,192,388 | 204,481 | ||||||||||||||
Cash | 847 | 196,051 | 1,093,497 | — | ||||||||||||||
Cash collateral for futures | — | — | 3,579,247 | — | ||||||||||||||
Foreign currencies at value**** | — | — | 23,850,366 | — | ||||||||||||||
Foreign cash collateral for futures***** | — | — | 180,147 | — | ||||||||||||||
Receivable for derivatives collateral (Note 2) | — | — | 8,802,000 | — | ||||||||||||||
Receivables: | ||||||||||||||||||
Investment in affiliated underlying funds sold | — | 870,226 | — | — | ||||||||||||||
Investment securities sold | — | — | 106,108,675 | — | ||||||||||||||
Investment securities sold on a delayed-delivery or when-issued basis | — | — | 9,793,537 | — | ||||||||||||||
Fund shares sold | — | 17,634 | 2,718,674 | 3,650 | ||||||||||||||
Dividends | 3 | — | 465 | 1 | ||||||||||||||
Interest | — | — | 8,341,730 | — | ||||||||||||||
Unrealized appreciation on forward foreign currency contracts | — | — | 8,915,977 | — | ||||||||||||||
Unrealized appreciation on OTC swap agreements | — | — | 31,460 | — | ||||||||||||||
Prepaid expenses | 5,560 | 45,297 | 53,767 | — | ||||||||||||||
Prepaid offering | 59,234 | — | — | 92,055 | ||||||||||||||
Reimbursement due from manager | 34,885 | 10,191 | 12,999 | 10,927 | ||||||||||||||
Total assets | 1,061,947 | 92,418,913 | 1,014,674,929 | 311,114 | ||||||||||||||
LIABILITIES: | ||||||||||||||||||
Payable for investments in affiliated underlying funds purchased | — | 712,618 | — | 3,650 | ||||||||||||||
Payable for investment securities purchased | — | — | 123,652,512 | — | ||||||||||||||
Payable for investment securities purchased on a delayed-delivery or when-issued basis | — | — | 40,100,451 | — | ||||||||||||||
Payable for fund shares redeemed | — | 233,564 | 4,201,323 | — | ||||||||||||||
Unrealized depreciation on forward foreign currency contracts | — | — | 10,543,938 | — | ||||||||||||||
Unrealized depreciation on OTC swap agreements | — | — | 5,541,797 | — | ||||||||||||||
Payable for derivatives collateral (Note 2) | — | — | 370,000 | — | ||||||||||||||
Payable for investment management fees | 598 | — | 271,861 | 11 | ||||||||||||||
Payable for administrative fees | 86 | 7,345 | 67,965 | 12 | ||||||||||||||
Payable for distribution and shareholder service fees | 4 | 37,501 | 130,529 | 36 | ||||||||||||||
Payable for trustee fees | 5 | 467 | 4,048 | 1 | ||||||||||||||
Other accrued expenses and liabilities | 10,989 | 172,493 | 146,173 | 102,975 | ||||||||||||||
Written options, at fair valueˆ | — | — | 822,734 | — | ||||||||||||||
Total liabilities | 11,682 | 1,163,988 | 185,853,331 | 106,685 | ||||||||||||||
NET ASSETS | $ | 1,050,265 | $ | 91,254,925 | $ | 828,821,598 | $ | 204,429 | ||||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||||
Paid-in capital | $ | 1,011,062 | $ | 241,159,257 | $ | 823,018,735 | $ | 200,354 | ||||||||||
Undistributed (distributions in excess of) net investment income | 7,979 | (288,249 | ) | (6,358,850 | ) | 55 | ||||||||||||
Accumulated net realized gain (loss) | 8,109 | (162,745,696 | ) | (1,793,227 | ) | — | ||||||||||||
Net unrealized appreciation | 23,115 | 13,129,613 | 13,954,940 | 4,020 | ||||||||||||||
NET ASSETS | $ | 1,050,265 | $ | 91,254,925 | $ | 828,821,598 | $ | 204,429 | ||||||||||
________________ | ||||||||||||||||||
* Cost of investments in securities | $ | — | $ | 3,602,870 | $ | 804,750,794 | $ | — | ||||||||||
** Cost of investments in affiliated underlying funds | $ | 891,303 | $ | 74,547,031 | $ | — | $ | 200,461 | ||||||||||
*** Cost of short-term investments | $ | 47,000 | $ | — | $ | 16,878,280 | $ | — | ||||||||||
**** Cost of foreign currencies | $ | — | $ | — | $ | 23,778,070 | $ | — | ||||||||||
***** Cost of foreign cash collateral for futures | $ | — | $ | — | $ | 180,147 | $ | — | ||||||||||
ˆ Premiums received on written options | $ | — | $ | — | $ | 1,369,315 | $ | — |
ING Diversified Emerging Markets Debt Fund | ING Diversified International Fund | ING Global Bond Fund | ING Global Perspectives Fund | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | ||||||||||||||||||
Net assets | $ | 5,256 | $ | 41,433,282 | $ | 198,697,218 | $ | 95,620 | ||||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||||
Shares outstanding | 507 | 4,216,721 | 17,231,822 | 9,371 | ||||||||||||||
Net asset value and redemption price per share | $ | 10.37 | $ | 9.83 | $ | 11.53 | $ | 10.20 | ||||||||||
Maximum offering price per share (5.75%)(1) | $ | 11.00 | $ | 10.43 | $ | 11.83 | (2) | $ | 10.82 | |||||||||
Class B | ||||||||||||||||||
Net assets | n/a | $ | 7,588,214 | $ | 1,077,679 | n/a | ||||||||||||
Shares authorized | n/a | unlimited | unlimited | n/a | ||||||||||||||
Par value | n/a | $ | — | $ | — | n/a | ||||||||||||
Shares outstanding | n/a | 771,868 | 94,377 | n/a | ||||||||||||||
Net asset value and redemption price per share† | n/a | $ | 9.83 | $ | 11.42 | n/a | ||||||||||||
Class C | ||||||||||||||||||
Net assets | $ | 3,134 | $ | 27,239,192 | $ | 105,687,289 | $ | 34,357 | ||||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||||
Shares outstanding | 303 | 2,775,289 | 9,221,225 | 3,371 | ||||||||||||||
Net asset value and redemption price per share† | $ | 10.34 | $ | 9.81 | $ | 11.46 | $ | 10.19 | ||||||||||
Class I | ||||||||||||||||||
Net assets | $ | 1,038,726 | $ | 9,126,059 | $ | 481,093,043 | $ | 20,462 | ||||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||||
Shares outstanding | 99,973 | 932,564 | 41,861,407 | 2,011 | ||||||||||||||
Net asset value and redemption price per share | $ | 10.39 | $ | 9.79 | $ | 11.49 | $ | 10.17 | ||||||||||
Class O | ||||||||||||||||||
Net assets | n/a | $ | 5,279,219 | $ | 3,923,307 | n/a | ||||||||||||
Shares authorized | n/a | unlimited | unlimited | n/a | ||||||||||||||
Par value | n/a | $ | — | $ | — | n/a | ||||||||||||
Shares outstanding | n/a | 542,557 | 346,669 | n/a | ||||||||||||||
Net asset value and redemption price per share | n/a | $ | 9.73 | $ | 11.32 | n/a | ||||||||||||
Class R | ||||||||||||||||||
Net assets | n/a | $ | 104,517 | $ | 242,332 | $ | 20,454 | |||||||||||
Shares authorized | n/a | unlimited | unlimited | unlimited | ||||||||||||||
Par value | n/a | $ | — | $ | — | $ | — | |||||||||||
Shares outstanding | n/a | 10,770 | 21,048 | 2,011 | ||||||||||||||
Net asset value and redemption price per share | n/a | $ | 9.70 | $ | 11.51 | $ | 10.17 | |||||||||||
Class W | ||||||||||||||||||
Net assets | $ | 3,149 | $ | 484,442 | $ | 38,100,730 | $ | 33,536 | ||||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||||
Shares outstanding | 304 | 49,638 | 3,368,182 | 3,295 | ||||||||||||||
Net asset value and redemption price per share | $ | 10.37 | $ | 9.76 | $ | 11.31 | $ | 10.18 |
________________
(1) | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $100,000 or more, the offering price is reduced. | |||||||||||||||||||
(2) | 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. | |||||||||||||||||||
† | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
ING International Small Cap Fund | ING International Value Choice Fund | ING International Value Equity Fund | ING International Value Fund | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS: | ||||||||||||||||||
Investments in securities at fair value+* | $ | 244,097,815 | $ | 14,524,250 | $ | 145,147,705 | $ | 333,231,066 | ||||||||||
Short-term investments at fair value** | 3,659,692 | 95,000 | 1,386,266 | 1,498,000 | ||||||||||||||
Total Investments at fair value | 247,757,507 | 14,619,250 | 146,533,971 | 334,729,066 | ||||||||||||||
Cash | 12,153,594 | 836 | 601 | 65,502,199 | ||||||||||||||
Foreign currencies at value*** | 452,257 | 7,760 | 77,661 | 3,104,172 | ||||||||||||||
Receivables: | ||||||||||||||||||
Investment securities sold | 1,190,645 | 224,624 | 2,089,456 | 102,413,135 | ||||||||||||||
Fund shares sold | 116,484 | 1,127 | 11,086 | 16,424 | ||||||||||||||
Dividends | 976,450 | 42,482 | 420,149 | 2,135,677 | ||||||||||||||
Interest | 2,247 | — | — | — | ||||||||||||||
Foreign tax reclaims | 282,266 | 25,965 | 108,470 | 1,969,288 | ||||||||||||||
Unrealized appreciation on forward foreign currency contracts | 652 | — | — | — | ||||||||||||||
Prepaid expenses | 41,550 | 6,615 | 34,140 | 44,556 | ||||||||||||||
Reimbursement due from manager | 7,946 | 2,107 | 22,067 | 41,341 | ||||||||||||||
Total assets | 262,981,598 | 14,930,766 | 149,297,601 | 509,955,858 | ||||||||||||||
LIABILITIES: | ||||||||||||||||||
Payable for investment securities purchased | 1,774,862 | 153,582 | 1,464,530 | 71,259,394 | ||||||||||||||
Payable for fund shares redeemed | 288,861 | 120,203 | 792,083 | 96,223,915 | ||||||||||||||
Payable upon receipt of securities loaned | 3,655,571 | — | 588,266 | — | ||||||||||||||
Payable for investment management fees | 200,840 | 10,644 | 106,488 | 345,821 | ||||||||||||||
Payable for administrative fees | 20,599 | 1,182 | 11,832 | 35,230 | ||||||||||||||
Payable for distribution and shareholder service fees | 42,979 | 4,211 | 52,128 | 119,513 | ||||||||||||||
Payable for trustee fees | 1,243 | 99 | 792 | 2,233 | ||||||||||||||
Payable for borrowings against line of credit | 1,010,000 | — | — | — | ||||||||||||||
Other accrued expenses and liabilities | 204,369 | 73,726 | 279,831 | 580,100 | ||||||||||||||
Total liabilities | 7,199,324 | 363,647 | 3,295,950 | 168,566,206 | ||||||||||||||
NET ASSETS | $ | 255,782,274 | $ | 14,567,119 | $ | 146,001,651 | $ | 341,389,652 | ||||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||||
Paid-in capital | $ | 488,287,356 | $ | 32,347,843 | $ | 194,022,293 | $ | 1,285,042,161 | ||||||||||
Undistributed net investment income | 470,049 | 101,260 | 840,564 | 2,572,222 | ||||||||||||||
Accumulated net realized loss | (251,682,431 | ) | (20,054,652 | ) | (65,551,121 | ) | (992,663,313 | ) | ||||||||||
Net unrealized appreciation | 18,707,300 | 2,172,668 | 16,689,915 | 46,438,582 | ||||||||||||||
NET ASSETS | $ | 255,782,274 | $ | 14,567,119 | $ | 146,001,651 | $ | 341,389,652 | ||||||||||
________________ | ||||||||||||||||||
+ Including securities loaned at value | $ | 3,445,324 | $ | — | $ | 575,291 | $ | — | ||||||||||
* Cost of investments in securities | $ | 225,369,831 | $ | 12,350,672 | $ | 128,451,316 | $ | 286,666,054 | ||||||||||
** Cost of short-term investments | $ | 3,659,692 | $ | 95,000 | $ | 1,386,266 | $ | 1,498,000 | ||||||||||
*** Cost of foreign currencies | $ | 448,286 | $ | 7,760 | $ | 77,661 | $ | 3,103,996 |
ING International Small Cap Fund | ING International Value Choice Fund | ING International Value Equity Fund | ING International Value Fund | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Class A | ||||||||||||||||||
Net assets | $ | 86,273,566 | $ | 11,116,338 | $ | 68,347,968 | $ | 166,000,556 | ||||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||||
Shares outstanding | 2,028,277 | 1,105,837 | 2,365,119 | 14,361,015 | ||||||||||||||
Net asset value and redemption price per share | $ | 42.54 | $ | 10.05 | $ | 28.90 | $ | 11.56 | ||||||||||
Maximum offering price per share (5.75%)(1) | $ | 45.14 | $ | 10.66 | $ | 30.66 | $ | 12.27 | ||||||||||
Class B | ||||||||||||||||||
Net assets | $ | 1,653,587 | $ | 330,432 | $ | 2,808,114 | $ | 572,777 | ||||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||||
Shares outstanding | 36,677 | 33,045 | 90,242 | 48,775 | ||||||||||||||
Net asset value and redemption price per share† | $ | 45.08 | $ | 10.00 | $ | 31.12 | $ | 11.74 | ||||||||||
Class C | ||||||||||||||||||
Net assets | $ | 21,148,926 | $ | 2,068,412 | $ | 44,349,202 | $ | 98,521,976 | ||||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||||
Shares outstanding | 533,838 | 207,190 | 1,642,324 | 8,784,147 | ||||||||||||||
Net asset value and redemption price per share† | $ | 39.62 | $ | 9.98 | $ | 27.00 | $ | 11.22 | ||||||||||
Class I | ||||||||||||||||||
Net assets | $ | 102,967,273 | $ | 984,668 | $ | 24,125,798 | $ | 76,153,499 | ||||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||||
Shares outstanding | 2,421,443 | 97,655 | 827,419 | 6,620,884 | ||||||||||||||
Net asset value and redemption price per share | $ | 42.52 | $ | 10.08 | $ | 29.16 | $ | 11.50 | ||||||||||
Class O | ||||||||||||||||||
Net assets | $ | 2,104,343 | 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 | 49,960 | n/a | n/a | n/a | ||||||||||||||
Net asset value and redemption price per share | $ | 42.12 | n/a | n/a | n/a | |||||||||||||
Class W | ||||||||||||||||||
Net assets | $ | 41,634,579 | $ | 67,269 | $ | 6,370,569 | $ | 140,844 | ||||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||||
Shares outstanding | 821,256 | 6,550 | 218,742 | 12,234 | ||||||||||||||
Net asset value and redemption price per share | $ | 50.70 | $ | 10.27 | $ | 29.12 | $ | 11.51 |
________________
(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. | |||||||||||||||||||
† | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
ING Russia Fund | ||||||
---|---|---|---|---|---|---|
ASSETS: | ||||||
Investments in securities at fair value+* | $ | 205,606,026 | ||||
Short-term investments at fair value** | 7,684,288 | |||||
Total Investments at fair value | 213,290,314 | |||||
Cash | 1,954,119 | |||||
Foreign currencies at value*** | 1,553 | |||||
Receivables: | ||||||
Investment securities sold | 173,111 | |||||
Fund shares sold | 46,324 | |||||
Dividends | 958,100 | |||||
Prepaid expenses | 19,246 | |||||
Total assets | 216,442,767 | |||||
LIABILITIES: | ||||||
Payable for investment securities purchased | 167,917 | |||||
Payable for fund shares redeemed | 360,216 | |||||
Payable upon receipt of securities loaned | 7,684,288 | |||||
Payable for investment management fees | 213,276 | |||||
Payable for administrative fees | 17,015 | |||||
Payable for distribution and shareholder service fees | 41,054 | |||||
Payable for trustee fees | 1,086 | |||||
Other accrued expenses and liabilities | 255,886 | |||||
Total liabilities | 8,740,738 | |||||
NET ASSETS | $ | 207,702,029 | ||||
NET ASSETS WERE COMPRISED OF: | ||||||
Paid-in capital | $ | 253,297,028 | ||||
Distributions in excess of net investment income | (974,634 | ) | ||||
Accumulated net realized loss | (94,679,515 | ) | ||||
Net unrealized appreciation | 50,059,150 | |||||
NET ASSETS | $ | 207,702,029 | ||||
________________ | ||||||
+ Including securities loaned at value | $ | 6,530,864 | ||||
* Cost of investments in securities | $ | 155,546,301 | ||||
** Cost of short-term investments | $ | 7,684,288 | ||||
*** Cost of foreign currencies | $ | 1,515 |
ING Russia Fund | |||||||
---|---|---|---|---|---|---|---|
Class A | |||||||
Net assets | $ | 199,883,482 | |||||
Shares authorized | unlimited | ||||||
Par value | $ | — | |||||
Shares outstanding | 6,315,307 | ||||||
Net asset value and redemption price per share | $ | 31.65 | |||||
Maximum offering price per share (5.75%)(1) | $ | 33.58 | |||||
Class I | |||||||
Net assets | $ | 7,731,473 | |||||
Shares authorized | unlimited | ||||||
Par value | $ | — | |||||
Shares outstanding | 242,112 | ||||||
Net asset value and redemption price per share | $ | 31.93 | |||||
Class W | |||||||
Net assets | $ | 87,074 | |||||
Shares authorized | unlimited | ||||||
Par value | $ | — | |||||
Shares outstanding | 2,736 | ||||||
Net asset value and redemption price per share | $ | 31.83 | |||||
________________ | |||||||
(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. |
ING Diversified Emerging Markets Debt Fund | ING Diversified International Fund | ING Global Bond Fund | ING Global Perspectives Fund | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
November 2, 2012(1) to April 30, 2013 | March 28, 2013(1) to April 30, 2013 | |||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||
Dividends from affiliated underlying funds | $ | 20,988 | $ | 1,467,632 | $ | — | $ | 108 | ||||||||||
Dividends | — | — | 4,620 | — | ||||||||||||||
Interest, net of foreign taxes withheld* | — | — | 17,053,283 | — | ||||||||||||||
Total investment income | 20,988 | 1,467,632 | 17,057,903 | 108 | ||||||||||||||
EXPENSES: | ||||||||||||||||||
Investment management fees | 3,462 | — | 1,605,936 | 11 | ||||||||||||||
Distribution and shareholder service fees: | ||||||||||||||||||
Class A | 4 | 54,038 | 262,761 | 10 | ||||||||||||||
Class B | — | 38,238 | 6,466 | — | ||||||||||||||
Class C | 14 | 136,021 | 539,703 | 18 | ||||||||||||||
Class O | — | 5,493 | 4,986 | — | ||||||||||||||
Class R | — | 248 | 670 | 8 | ||||||||||||||
Transfer agent fees: | ||||||||||||||||||
Class A | 8 | 47,273 | 75,638 | 7 | ||||||||||||||
Class B | — | 8,447 | 461 | — | ||||||||||||||
Class C | 6 | 30,037 | 38,917 | 3 | ||||||||||||||
Class I | 147 | 6,782 | 51,244 | 2 | ||||||||||||||
Class O | — | 4,812 | 1,437 | — | ||||||||||||||
Class R | — | 110 | 97 | 2 | ||||||||||||||
Class W | 6 | 536 | 13,627 | 4 | ||||||||||||||
Administrative service fees | 495 | 46,297 | 401,481 | 12 | ||||||||||||||
Shareholder reporting expense | 177 | 33,348 | 45,920 | 551 | ||||||||||||||
Registration fees | 1,109 | 40,504 | 70,433 | — | ||||||||||||||
Professional fees | 354 | 7,138 | 35,396 | 1,334 | ||||||||||||||
Custody and accounting expense | 394 | 4,966 | 207,800 | 551 | ||||||||||||||
Trustee fees | 25 | 2,334 | 20,240 | 3 | ||||||||||||||
Offering expense | 55,766 | — | — | 7,945 | ||||||||||||||
Miscellaneous expense | 4 | 3,409 | 10,583 | 519 | ||||||||||||||
Interest expense | — | 24 | 3,304 | — | ||||||||||||||
Total expenses | 61,971 | 470,055 | 3,397,100 | 10,980 | ||||||||||||||
Net waived and reimbursed fees | (57,926 | ) | (120,006 | ) | (75,820 | ) | (10,927 | ) | ||||||||||
Net expenses | 4,045 | 350,049 | 3,321,280 | 53 | ||||||||||||||
Net investment income | 16,943 | 1,117,583 | 13,736,623 | 55 | ||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||
Investments | — | 184,390 | 13,330,623 | — | ||||||||||||||
Capital gain distributions from affiliated underlying funds | 1,952 | 192,712 | — | — | ||||||||||||||
Capital gain distributions from unaffiliated underlying funds | — | — | 59 | — | ||||||||||||||
Sale of affiliated underlying funds | 7,869 | 594,769 | — | — | ||||||||||||||
Foreign currency related transactions | (1,712 | ) | — | (9,402,658 | ) | — | ||||||||||||
Futures | — | — | (1,586,774 | ) | — | |||||||||||||
Swaps | — | — | (4,076,773 | ) | — | |||||||||||||
Written options | — | — | 1,045,228 | — | ||||||||||||||
Net realized gain (loss) | 8,109 | 971,871 | (690,295 | ) | — | |||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||
Investments | — | — | (1,649,233 | ) | — | |||||||||||||
Affiliated underlying funds | 23,115 | 8,529,413 | — | 4,020 | ||||||||||||||
Foreign currency related transactions | — | — | (5,101,678 | ) | — | |||||||||||||
Futures | — | — | 1,139,374 | — | ||||||||||||||
Swaps | — | — | 2,968,383 | — | ||||||||||||||
Written options | — | — | (245,982 | ) | — | |||||||||||||
Net change in unrealized appreciation (depreciation) | 23,115 | 8,529,413 | (2,889,136 | ) | 4,020 | |||||||||||||
Net realized and unrealized gain (loss) | 31,224 | 9,501,284 | (3,579,431 | ) | 4,020 | |||||||||||||
Increase in net assets resulting from operations | $ | 48,167 | $ | 10,618,867 | $ | 10,157,192 | $ | 4,075 | ||||||||||
________________ | ||||||||||||||||||
* Foreign taxes withheld | $ | — | $ | — | $ | 18,591 | $ | — | ||||||||||
(1) Commencement of operations. |
ING International Small Cap Fund | ING International Value Choice Fund | ING International Value Equity Fund | ING International Value Fund | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
INVESTMENT INCOME: | ||||||||||||||||||
Dividends, net of foreign taxes withheld* | $ | 2,500,767 | $ | 252,678 | $ | 2,063,925 | $ | 6,331,015 | ||||||||||
Interest, net of foreign taxes withheld* | 6,351 | — | — | — | ||||||||||||||
Securities lending income, net | 28,771 | — | 5,056 | 2,868 | ||||||||||||||
Total investment income | 2,535,889 | 252,678 | 2,068,981 | 6,333,883 | ||||||||||||||
EXPENSES: | ||||||||||||||||||
Investment management fees | 1,232,827 | 97,922 | 706,392 | 2,214,987 | ||||||||||||||
Distribution and shareholder service fees: | ||||||||||||||||||
Class A | 146,235 | 19,704 | 91,571 | 261,418 | ||||||||||||||
Class B | 8,660 | 1,609 | 14,374 | 2,890 | ||||||||||||||
Class C | 103,301 | 11,608 | 237,694 | 491,976 | ||||||||||||||
Class O | 2,242 | — | — | — | ||||||||||||||
Transfer agent fees: | ||||||||||||||||||
Class A | 56,480 | 9,961 | 70,516 | 113,509 | ||||||||||||||
Class B | 1,168 | 211 | 2,767 | 376 | ||||||||||||||
Class C | 13,961 | 1,516 | 45,759 | 64,023 | ||||||||||||||
Class I | 9,139 | 2,637 | 20,341 | 8,131 | ||||||||||||||
Class O | 1,217 | — | — | — | ||||||||||||||
Class W | 26,195 | 42 | 6,886 | 92 | ||||||||||||||
Administrative service fees | 123,281 | 9,792 | 78,487 | 221,496 | ||||||||||||||
Shareholder reporting expense | 31,765 | 1,520 | 35,430 | 14,461 | ||||||||||||||
Registration fees | 43,107 | 61,122 | 35,095 | 35,217 | ||||||||||||||
Professional fees | 23,705 | 9,410 | 13,869 | 17,134 | ||||||||||||||
Custody and accounting expense | 123,873 | 15,029 | 28,001 | 77,652 | ||||||||||||||
Trustee fees | 6,215 | 493 | 3,955 | 11,167 | ||||||||||||||
Proxy and solicitation cost (note 7) | 51,000 | 124,200 | 157,200 | 259,062 | ||||||||||||||
Miscellaneous expense | 6,386 | 2,630 | 9,163 | 3,676 | ||||||||||||||
Interest expense | 2,168 | 143 | 390 | 2,733 | ||||||||||||||
Total expenses | 2,012,925 | 369,549 | 1,557,890 | 3,800,000 | ||||||||||||||
Net waived and reimbursed fees | (71,009 | ) | (224,358 | ) | (329,443 | ) | (444,122 | ) | ||||||||||
Brokerage commission recapture | — | (250 | ) | (4,066 | ) | (2,923 | ) | |||||||||||
Net expenses | 1,941,916 | 144,941 | 1,224,381 | 3,352,955 | ||||||||||||||
Net investment income | 593,973 | 107,737 | 844,600 | 2,980,928 | ||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||
Investments (net of Indian capital gains tax withheldˆ) | 33,217,062 | (1,487,022 | ) | (27,683,453 | ) | (27,214,484 | ) | |||||||||||
Capital gain distributions from underlying funds | — | — | 10 | 34 | ||||||||||||||
Foreign currency related transactions | 43,597 | (12,209 | ) | (110,824 | ) | (230,751 | ) | |||||||||||
Net realized gain (loss) | 33,260,659 | (1,499,231 | ) | (27,794,267 | ) | (27,445,201 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||
Investments (net of Indian capital gains tax accrued#) | 4,671,338 | 3,296,747 | 41,146,363 | 81,191,946 | ||||||||||||||
Foreign currency related transactions | (4,464 | ) | 1,808 | 4,365 | (213,199 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) | 4,666,874 | 3,298,555 | 41,150,728 | 80,978,747 | ||||||||||||||
Net realized and unrealized gain | 37,927,533 | 1,799,324 | 13,356,461 | 53,533,546 | ||||||||||||||
Increase in net assets resulting from operations | $ | 38,521,506 | $ | 1,907,061 | $ | 14,201,061 | $ | 56,514,474 | ||||||||||
________________ | ||||||||||||||||||
* Foreign taxes withheld | $ | 171,814 | $ | 24,188 | $ | 204,676 | $ | 372,142 | ||||||||||
ˆ Foreign taxes on sale of Indian investments | $ | 4,282 | $ | — | $ | — | $ | — | ||||||||||
# Foreign taxes accrued on Indian investments | $ | 1,606 | $ | — | $ | — | $ | — |
ING Russia Fund | ||||||
---|---|---|---|---|---|---|
INVESTMENT INCOME: | ||||||
Dividends, net of foreign taxes withheld* | $ | 2,058,056 | ||||
Securities lending income, net | 29,521 | |||||
Total investment income | 2,087,577 | |||||
EXPENSES: | ||||||
Investment management fees | 1,458,076 | |||||
Distribution and shareholder service fees: | ||||||
Class A | 280,697 | |||||
Transfer agent fees: | ||||||
Class A | 185,343 | |||||
Class I | 11,403 | |||||
Class W | 55 | |||||
Administrative service fees | 116,435 | |||||
Shareholder reporting expense | 29,707 | |||||
Registration fees | 24,320 | |||||
Professional fees | 30,203 | |||||
Custody and accounting expense | 171,125 | |||||
Trustee fees | 5,881 | |||||
Miscellaneous expense | 11,732 | |||||
Interest expense | 1,047 | |||||
Total expenses | 2,326,024 | |||||
Net investment loss | (238,447 | ) | ||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||
Net realized gain (loss) on: | ||||||
Investments | 5,584,939 | |||||
Foreign currency related transactions | (2,034 | ) | ||||
Net realized gain | 5,582,905 | |||||
Net change in unrealized appreciation (depreciation) on: | ||||||
Investments | (867,671 | ) | ||||
Foreign currency related transactions | (4,343 | ) | ||||
Net change in unrealized appreciation (depreciation) | (872,014 | ) | ||||
Net realized and unrealized gain | 4,710,891 | |||||
Increase in net assets resulting from operations | $ | 4,472,444 | ||||
________________ | ||||||
* Foreign taxes withheld | $ | 342,600 |
ING Diversified Emerging Markets Debt Fund | ING Diversified International Fund | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
November 2, 2012(1) to April 30, 2013 | Six Months Ended April 30, 2013 | Year Ended October 31, 2012 | |||||||||||||
FROM OPERATIONS: | |||||||||||||||
Net investment income | $ | 16,943 | $ | 1,117,583 | $ | 1,275,607 | |||||||||
Net realized gain (loss) | 8,109 | 971,871 | (262,281 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | 23,115 | 8,529,413 | 3,400,195 | ||||||||||||
Increase in net assets resulting from operations | 48,167 | 10,618,867 | 4,413,521 | ||||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | |||||||||||||||
Net investment income: | |||||||||||||||
Class A | (26 | ) | (933,473 | ) | (702,513 | ) | |||||||||
Class B | — | (108,940 | ) | (25,317 | ) | ||||||||||
Class C | (22 | ) | (365,430 | ) | (95,652 | ) | |||||||||
Class I | (8,889 | ) | (236,711 | ) | (173,157 | ) | |||||||||
Class O | — | (91,620 | ) | (47,020 | ) | ||||||||||
Class R | — | (2,051 | ) | (1,361 | ) | ||||||||||
Class W | (27 | ) | (11,530 | ) | (14,983 | ) | |||||||||
Total distributions | (8,964 | ) | (1,749,755 | ) | (1,060,003 | ) | |||||||||
FROM CAPITAL SHARE TRANSACTIONS: | |||||||||||||||
Net proceeds from sale of shares | 1,002,098 | 3,367,814 | 6,351,082 | ||||||||||||
Reinvestment of distributions | 8,964 | 1,392,450 | 865,547 | ||||||||||||
1,011,062 | 4,760,264 | 7,216,629 | |||||||||||||
Cost of shares redeemed | — | (19,106,565 | ) | (40,900,474 | ) | ||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 1,011,062 | (14,346,301 | ) | (33,683,845 | ) | ||||||||||
Net increase (decrease) in net assets | 1,050,265 | (5,477,189 | ) | (30,330,327 | ) | ||||||||||
NET ASSETS: | |||||||||||||||
Beginning of year or period | — | 96,732,114 | 127,062,441 | ||||||||||||
End of year or period | $ | 1,050,265 | $ | 91,254,925 | $ | 96,732,114 | |||||||||
Undistributed (distributions in excess of) net investment income at end of year or period | $ | 7,979 | $ | (288,249 | ) | $ | 343,923 | ||||||||
________________ | |||||||||||||||
(1) Commencement of operations. |
ING Global Bond Fund | ING Global Perspectives Fund | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Six Months Ended April 30, 2013 | Year Ended October 31, 2012 | March 28, 2013(1) to April 30, 2013 | |||||||||||||
FROM OPERATIONS: | �� | ||||||||||||||
Net investment income | $ | 13,736,623 | $ | 24,765,610 | $ | 55 | |||||||||
Net realized loss | (690,295 | ) | (8,026,186 | ) | — | ||||||||||
Net change in unrealized appreciation (depreciation) | (2,889,136 | ) | 21,528,154 | 4,020 | |||||||||||
Increase in net assets resulting from operations | 10,157,192 | 38,267,578 | 4,075 | ||||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | |||||||||||||||
Net investment income: | |||||||||||||||
Class A | (4,283,893 | ) | (2,973,693 | ) | — | ||||||||||
Class B | (22,328 | ) | (10,812 | ) | — | ||||||||||
Class C | (1,792,224 | ) | (453,531 | ) | — | ||||||||||
Class I | (9,689,685 | ) | (4,757,431 | ) | — | ||||||||||
Class O | (82,645 | ) | (51,069 | ) | — | ||||||||||
Class R | (5,157 | ) | (592 | ) | — | ||||||||||
Class W | (811,870 | ) | (379,070 | ) | — | ||||||||||
Net realized gains: | |||||||||||||||
Class A | — | (9,453,922 | ) | — | |||||||||||
Class B | — | (77,080 | ) | — | |||||||||||
Class C | — | (3,749,885 | ) | — | |||||||||||
Class I | — | (11,707,244 | ) | — | |||||||||||
Class O | — | (159,667 | ) | — | |||||||||||
Class R | — | (3,022 | ) | — | |||||||||||
Class W | — | (986,134 | ) | — | |||||||||||
Return of capital: | |||||||||||||||
Class A | — | (2,892,533 | ) | — | |||||||||||
Class B | — | (26,356 | ) | — | |||||||||||
Class C | — | (1,459,959 | ) | — | |||||||||||
Class I | — | (5,236,765 | ) | — | |||||||||||
Class O | — | (60,046 | ) | — | |||||||||||
Class R | — | (2,655 | ) | — | |||||||||||
Class W | — | (400,311 | ) | — | |||||||||||
Total distributions | (16,687,802 | ) | (44,841,777 | ) | — | ||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | |||||||||||||||
Net proceeds from sale of shares | 224,469,269 | 509,177,465 | 200,354 | ||||||||||||
Reinvestment of distributions | 14,106,249 | 37,756,214 | — | ||||||||||||
238,575,518 | 546,933,679 | 200,354 | |||||||||||||
Cost of shares redeemed | (207,203,941 | ) | (371,164,423 | ) | — | ||||||||||
Net increase in net assets resulting from capital share transactions | 31,371,577 | 175,769,256 | 200,354 | ||||||||||||
Net increase in net assets | 24,840,967 | 169,195,057 | 204,429 | ||||||||||||
NET ASSETS: | |||||||||||||||
Beginning of year or period | 803,980,631 | 634,785,574 | — | ||||||||||||
End of year or period | $ | 828,821,598 | $ | 803,980,631 | $ | 204,429 | |||||||||
Undistributed (distributions in excess of) net investment income at end of year or period | $ | (6,358,850 | ) | $ | (3,407,671 | ) | $ | 55 | |||||||
________________ | |||||||||||||||
(1) Commencement of operations. |
ING International Small Cap Fund | ING International Value Choice Fund | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Six Months Ended April 30, 2013 | Year Ended October 31, 2012 | Six Months Ended April 30, 2013 | Year Ended October 31, 2012 | ||||||||||||||||
FROM OPERATIONS: | |||||||||||||||||||
Net investment income | $ | 593,973 | $ | 3,487,467 | $ | 107,737 | $ | 431,484 | |||||||||||
Net realized gain (loss) | 33,260,659 | (884,643 | ) | (1,499,231 | ) | (2,448,801 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) | 4,666,874 | 10,619,358 | 3,298,555 | 108,873 | |||||||||||||||
Increase (decrease) in net assets resulting from operations | 38,521,506 | 13,222,182 | 1,907,061 | (1,908,444 | ) | ||||||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | |||||||||||||||||||
Net investment income: | |||||||||||||||||||
Class A | (1,359,524 | ) | (1,557,769 | ) | (328,085 | ) | (562,622 | ) | |||||||||||
Class B | (16,313 | ) | (10,775 | ) | (3,252 | ) | (7,167 | ) | |||||||||||
Class C | (258,802 | ) | (230,441 | ) | (21,227 | ) | (80,404 | ) | |||||||||||
Class I | (2,092,006 | ) | (3,055,854 | ) | (19,361 | ) | (122,252 | ) | |||||||||||
Class O | (29,554 | ) | (25,934 | ) | — | — | |||||||||||||
Class W | (637,682 | ) | (458,648 | ) | — | (1,980 | ) | ||||||||||||
Total distributions | (4,393,881 | ) | (5,339,421 | ) | (371,925 | ) | (774,425 | ) | |||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | |||||||||||||||||||
Net proceeds from sale of shares | 27,512,562 | 29,267,070 | 1,180,192 | 13,499,438 | |||||||||||||||
Payment from distribution/payment by affiliate | — | 821,983 | — | — | |||||||||||||||
Reinvestment of distributions | 3,684,760 | 3,263,088 | 351,300 | 677,136 | |||||||||||||||
31,197,322 | 33,352,141 | 1,531,492 | 14,176,574 | ||||||||||||||||
Cost of shares redeemed | (51,715,903 | ) | (106,730,639 | ) | (11,523,830 | ) | (18,392,169 | ) | |||||||||||
Net decrease in net assets resulting from capital share transactions | (20,518,581 | ) | (73,378,498 | ) | (9,992,338 | ) | (4,215,595 | ) | |||||||||||
Net increase (decrease) in net assets | 13,609,044 | (65,495,737 | ) | (8,457,202 | ) | (6,898,464 | ) | ||||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of year or period | 242,173,230 | 307,668,967 | 23,024,321 | 29,922,785 | |||||||||||||||
End of year or period | $ | 255,782,274 | $ | 242,173,230 | $ | 14,567,119 | $ | 23,024,321 | |||||||||||
Undistributed net investment income at end of year or period | $ | 470,049 | $ | 4,269,957 | $ | 101,260 | $ | 365,448 |
ING International Value Equity Fund | ING International Value Fund | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Six Months Ended April 30, 2013 | Year Ended October 31, 2012 | Six Months Ended April 30, 2013 | Year Ended October 31, 2012 | ||||||||||||||||
FROM OPERATIONS: | |||||||||||||||||||
Net investment income | $ | 844,600 | $ | 3,021,333 | $ | 2,980,928 | $ | 11,760,505 | |||||||||||
Net realized loss | (27,794,267 | ) | (34,832,397 | ) | (27,445,201 | ) | (57,627,771 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | 41,150,728 | (7,498,513 | ) | 80,978,747 | 44,269,093 | ||||||||||||||
Increase (decrease) in net assets resulting from operations | 14,201,061 | (39,309,577 | ) | 56,514,474 | (1,598,173 | ) | |||||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | |||||||||||||||||||
Net investment income: | |||||||||||||||||||
Class A | (424,512 | ) | (2,085,360 | ) | (4,695,909 | ) | (7,601,085 | ) | |||||||||||
Class B | — | — | (8,429 | ) | (20,538 | ) | |||||||||||||
Class C | — | (366,940 | ) | (1,958,517 | ) | (2,495,707 | ) | ||||||||||||
Class I | (194,919 | ) | (2,716,720 | ) | (5,102,875 | ) | (7,967,223 | ) | |||||||||||
Class W | (62,989 | ) | (288,923 | ) | (3,987 | ) | (9,108 | ) | |||||||||||
Net realized gains: | |||||||||||||||||||
Class A | — | (20,838,644 | ) | — | — | ||||||||||||||
Class B | — | (485,497 | ) | — | — | ||||||||||||||
Class C | — | (13,221,207 | ) | — | — | ||||||||||||||
Class I | — | (19,281,134 | ) | — | — | ||||||||||||||
Class W | — | (2,277,810 | ) | — | — | ||||||||||||||
Total distributions | (682,420 | ) | (61,562,235 | ) | (11,769,717 | ) | (18,093,661 | ) | |||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | |||||||||||||||||||
Net proceeds from sale of shares | 5,417,989 | 54,481,797 | 12,032,388 | 36,063,881 | |||||||||||||||
Payment from distribution/payment by affiliate | — | 364,932 | — | 860,591 | |||||||||||||||
Reinvestment of distributions | 538,761 | 36,770,617 | 10,040,289 | 14,532,214 | |||||||||||||||
5,956,750 | 91,617,346 | 22,072,677 | 51,456,686 | ||||||||||||||||
Cost of shares redeemed | (51,055,396 | ) | (453,328,903 | ) | (208,011,335 | ) | (252,961,793 | ) | |||||||||||
Net decrease in net assets resulting from capital share transactions | (45,098,646 | ) | (361,711,557 | ) | (185,938,658 | ) | (201,505,107 | ) | |||||||||||
Net decrease in net assets | (31,580,005 | ) | (462,583,369 | ) | (141,193,901 | ) | (221,196,941 | ) | |||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of year or period | 177,581,656 | 640,165,025 | 482,583,553 | 703,780,494 | |||||||||||||||
End of year or period | $ | 146,001,651 | $ | 177,581,656 | $ | 341,389,652 | $ | 482,583,553 | |||||||||||
Undistributed net investment income at end of year or period | $ | 840,564 | $ | 678,384 | $ | 2,572,222 | $ | 11,361,011 |
ING Russia Fund | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Six Months Ended April 30, 2013 | Year Ended October 31, 2012 | ||||||||||
FROM OPERATIONS: | |||||||||||
Net investment income (loss) | $ | (238,447 | ) | $ | 1,234,539 | ||||||
Net realized gain (loss) | 5,582,905 | (2,514,104 | ) | ||||||||
Net change in unrealized (depreciation) | (872,014 | ) | (19,656,224 | ) | |||||||
Increase (decrease) in net assets resulting from operations | 4,472,444 | (20,935,789 | ) | ||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | |||||||||||
Net investment income: | |||||||||||
Class A | (1,638,073 | ) | — | ||||||||
Class I | (71,291 | ) | — | ||||||||
Class W | (715 | ) | — | ||||||||
Total distributions | (1,710,079 | ) | — | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | |||||||||||
Net proceeds from sale of shares | 5,985,356 | 24,129,463 | |||||||||
Reinvestment of distributions | 1,486,487 | — | |||||||||
7,471,843 | 24,129,463 | ||||||||||
Redemption fee proceeds | 21,766 | 133,331 | |||||||||
Cost of shares redeemed | (46,915,420 | ) | (87,210,483 | ) | |||||||
Net decrease in net assets resulting from capital share transactions | (39,421,811 | ) | (62,947,689 | ) | |||||||
Net decrease in net assets | (36,659,446 | ) | (83,883,478 | ) | |||||||
NET ASSETS: | |||||||||||
Beginning of year or period | 244,361,475 | 328,244,953 | |||||||||
End of year or period | $ | 207,702,029 | $ | 244,361,475 | |||||||
Undistributed (distributions in excess of) net investment income at end of year or period | $ | (974,634 | ) | $ | 973,892 |
Income (loss) from investment operations | | Less distributions | | Ratios to average net assets | Supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net asset value, beginning of year or period | | Net investment income (loss) | | Net realized and unrealized gain (loss) | | Total from investment operations | | From net investment income | | From net realized gains | | From return of capital | | Total distributions | | Payment from Distribution settlement/ affiliate | | Net asset value, end of year or period | | Total Return (1) | | Expenses before reductions/ additions (2)(3) | | Expenses net of fee waivers and/or recoupments if any (2)(3) | | Expenses net of all reductions/ additions (2)(3) | | Net investment income (loss) (2)(3) | | Net assets, end of year or period | | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
Year or period ended | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%) | | (%) | | (%) | | (%) | | (%) | | ($000’s) | | (%) | ||||||||||||||||||||||||||||||||||||||
ING Diversified Emerging Markets Debt Fund(4) | �� | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-02-12(5)–04-30-13 | 10.00 | 0.12 | 0.33 | 0.45 | 0.08 | — | — | 0.08 | — | 10.37 | 4.56 | 13.15 | 1.11 | 1.11 | 2.73 | 5 | 53 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-02-12(5)–04-30-13 | 10.00 | 0.12 | 0.29 | 0.41 | 0.07 | — | — | 0.07 | — | 10.34 | 4.14 | 13.90 | 1.86 | 1.86 | 2.38 | 3 | 53 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-02-12(5)–04-30-13 | 10.00 | 0.17 | 0.31 | 0.48 | 0.09 | — | — | 0.09 | — | 10.39 | 4.81 | 12.52 | 0.81 | 0.81 | 3.43 | 1,039 | 53 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-02-12(5)–04-30-13 | 10.00 | 0.17 | 0.29 | 0.46 | 0.09 | — | — | 0.09 | — | 10.37 | 4.60 | 12.90 | 0.86 | 0.86 | 3.39 | 3 | 53 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Diversified International Fund(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 8.95 | 0.13 | 0.95 | 1.08 | 0.20 | — | — | 0.20 | — | 9.83 | 12.22 | 0.77 | 0.50 | 0.50 | 2.78 | 41,433 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 8.62 | 0.12 | 0.32 | 0.44 | 0.11 | — | — | 0.11 | — | 8.95 | 5.19 | 0.73 | 0.50 | 0.50 | 1.47 | 46,504 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 9.33 | 0.08 | (0.70 | ) | (0.62 | ) | 0.08 | — | 0.01 | 0.09 | — | 8.62 | (6.73 | ) | 0.68 | 0.50 | 0.50 | 0.97 | 61,325 | 112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 8.27 | 0.06 | 1.07 | 1.13 | 0.06 | — | 0.01 | 0.07 | — | 9.33 | 13.71 | 0.63 | 0.39 | 0.39 | 0.76 | 102,460 | 49 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 7.30 | 0.24 | • | 1.59 | 1.83 | 0.86 | — | — | 0.86 | — | 8.27 | 28.22 | 0.76 | 0.38 | 0.38 | 3.45 | 129,966 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 8.92 | 0.09 | 0.95 | 1.04 | 0.13 | — | — | 0.13 | — | 9.83 | 11.74 | 1.52 | 1.25 | 1.25 | 1.87 | 7,588 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 8.57 | 0.06 | 0.31 | 0.37 | 0.02 | — | — | 0.02 | — | 8.92 | 4.37 | 1.48 | 1.25 | 1.25 | 0.70 | 7,795 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 9.27 | 0.02 | (0.71 | ) | (0.69 | ) | 0.00 | * | — | 0.01 | 0.01 | — | 8.57 | (7.42 | ) | 1.43 | 1.25 | 1.25 | 0.18 | 10,193 | 112 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 8.23 | (0.00 | )* | 1.05 | 1.05 | — | — | 0.01 | 0.01 | — | 9.27 | 12.78 | 1.38 | 1.14 | 1.14 | (0.03 | ) | 16,616 | 49 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 7.22 | 0.17 | • | 1.61 | 1.78 | 0.77 | — | — | 0.77 | — | 8.23 | 27.46 | 1.51 | 1.13 | 1.13 | 2.43 | 19,919 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 8.90 | 0.09 | 0.94 | 1.03 | 0.12 | — | — | 0.12 | — | 9.81 | 11.69 | 1.52 | 1.25 | 1.25 | 1.84 | 27,239 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 8.55 | 0.06 | 0.31 | 0.37 | 0.02 | — | — | 0.02 | — | 8.90 | 4.39 | 1.48 | 1.25 | 1.25 | 0.70 | 27,903 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 9.26 | 0.01 | (0.70 | ) | (0.69 | ) | 0.01 | — | 0.01 | 0.02 | — | 8.55 | (7.51 | ) | 1.43 | 1.25 | 1.25 | 0.15 | 38,542 | 112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 8.21 | (0.00 | )* | 1.06 | 1.06 | — | — | 0.01 | 0.01 | — | 9.26 | 12.88 | 1.38 | 1.14 | 1.14 | (0.01 | ) | 59,015 | 49 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 7.21 | 0.17 | • | 1.60 | 1.77 | 0.77 | — | — | 0.77 | — | 8.21 | 27.32 | 1.51 | 1.13 | 1.13 | 2.54 | 71,831 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 8.93 | 0.13 | 0.95 | 1.08 | 0.22 | — | — | �� | 0.22 | — | 9.79 | 12.31 | 0.44 | 0.25 | 0.25 | 2.94 | 9,126 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 8.61 | 0.13 | 0.32 | 0.45 | 0.13 | — | — | 0.13 | — | 8.93 | 5.43 | 0.48 | 0.25 | 0.25 | 1.63 | 9,953 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 9.32 | 0.08 | • | (0.67 | ) | (0.59 | ) | 0.11 | — | 0.01 | 0.12 | — | 8.61 | (6.46 | ) | 0.28 | 0.25 | 0.25 | 0.81 | 11,957 | 112 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 8.26 | 0.03 | • | 1.12 | 1.15 | 0.08 | — | 0.01 | 0.09 | — | 9.32 | 13.98 | 0.35 | 0.14 | 0.14 | 0.36 | 9,188 | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 7.30 | 0.31 | • | 1.55 | 1.86 | 0.90 | — | — | 0.90 | — | 8.26 | 28.78 | 0.48 | 0.10 | 0.10 | 4.55 | 3,209 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 8.87 | 0.10 | • | 0.97 | 1.07 | 0.21 | — | — | 0.21 | — | 9.73 | 12.22 | 0.77 | 0.50 | 0.50 | 2.15 | 5,279 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 8.56 | 0.11 | 0.31 | 0.42 | 0.11 | — | — | 0.11 | — | 8.87 | 5.09 | 0.73 | 0.50 | 0.50 | 1.25 | 3,833 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 9.28 | 0.07 | (0.69 | ) | (0.62 | ) | 0.09 | — | 0.01 | 0.10 | — | 8.56 | (6.75 | ) | 0.68 | 0.50 | 0.50 | 0.62 | 3,516 | 112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 8.24 | 0.05 | • | 1.08 | 1.13 | 0.08 | — | 0.01 | 0.09 | — | 9.28 | 13.81 | 0.63 | 0.34 | 0.34 | 0.55 | 2,947 | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 7.29 | 0.10 | • | 1.74 | 1.84 | 0.89 | — | — | 0.89 | — | 8.24 | 28.45 | 0.76 | 0.38 | 0.38 | 1.30 | 1,911 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-04-08(5)–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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 8.84 | 0.10 | 0.95 | 1.05 | 0.19 | — | — | 0.19 | — | 9.70 | 12.03 | 1.02 | 0.75 | 0.75 | 2.24 | 105 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 8.52 | 0.14 | • | 0.27 | 0.41 | 0.09 | — | — | 0.09 | — | 8.84 | 4.87 | 0.98 | 0.75 | 0.75 | 1.67 | 96 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 9.22 | 0.05 | (0.68 | ) | (0.63 | ) | 0.06 | — | 0.01 | 0.07 | — | 8.52 | (6.89 | ) | 0.93 | 0.75 | 0.75 | 0.58 | 137 | 112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 8.18 | 0.04 | • | 1.05 | 1.09 | 0.04 | — | 0.01 | 0.05 | — | 9.22 | 13.40 | 0.88 | 0.64 | 0.64 | 0.47 | 173 | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 7.22 | 0.20 | 1.60 | 1.80 | 0.84 | — | — | 0.84 | — | 8.18 | 28.13 | 1.01 | 0.63 | 0.63 | 2.94 | 198 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
Income (loss) from investment operations | | Less distributions | | Ratios to average net assets | Supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net asset value, beginning of year or period | | Net investment income (loss) | | Net realized and unrealized gain (loss) | | Total from investment operations | | From net investment income | | From net realized gains | | From return of capital | | Total distributions | | Payment from Distribution settlement/ affiliate | | Net asset value, end of year or period | | Total Return (1) | | Expenses before reductions/ additions (2)(3) | | Expenses net of fee waivers and/or recoupments if any (2)(3) | | Expenses net of all reductions/ additions (2)(3) | | Net investment income (loss) (2)(3) | | Net assets, end of year or period | | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
Year or period ended | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%) | | (%) | | (%) | | (%) | | (%) | | ($000’s) | | (%) | ||||||||||||||||||||||||||||||||||||||
ING Diversified International Fund(4) (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 8.90 | 0.13 | • | 0.95 | 1.08 | 0.22 | — | — | 0.22 | — | 9.76 | 12.29 | 0.52 | 0.25 | 0.25 | 2.74 | 484 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 8.58 | 0.15 | 0.30 | 0.45 | 0.13 | — | — | 0.13 | — | 8.90 | 5.48 | 0.48 | 0.25 | 0.25 | 1.86 | 647 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 9.30 | 0.12 | • | (0.72 | ) | (0.60 | ) | 0.11 | — | 0.01 | 0.12 | — | 8.58 | (6.55 | ) | 0.43 | 0.25 | 0.25 | 1.29 | 1,392 | 112 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 8.25 | 0.09 | • | 1.06 | 1.15 | 0.09 | — | 0.01 | 0.10 | — | �� | 9.30 | 14.07 | 0.38 | 0.09 | 0.09 | 1.03 | 2,440 | 49 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 7.29 | 0.21 | • | 1.65 | 1.86 | 0.90 | — | — | 0.90 | — | 8.25 | 28.84 | 0.48 | 0.10 | 0.10 | 2.96 | 2,545 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-12-08(5)–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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
ING Global Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 11.63 | 0.18 | (0.05 | ) | 0.13 | 0.23 | — | — | 0.23 | — | 11.53 | 1.15 | 0.92 | 0.90 | 0.90 | 3.36 | 198,697 | 295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 11.76 | 0.40 | • | 0.22 | 0.62 | 0.14 | 0.45 | 0.16 | 0.75 | — | 11.63 | 5.69 | 0.93 | 0.90 | 0.90 | 3.46 | 219,276 | 609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 12.32 | 0.46 | • | (0.32 | ) | 0.14 | 0.59 | 0.11 | — | 0.70 | — | 11.76 | 1.32 | 0.96 | 0.90 | † | 0.90 | † | 3.88 | † | 266,155 | 440 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 12.25 | 0.53 | • | 0.30 | 0.83 | 0.71 | 0.05 | �� | — | 0.76 | — | 12.32 | 7.14 | 1.00 | 0.90 | † | 0.90 | † | 4.43 | † | 192,384 | 440 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 10.19 | 0.32 | 2.13 | 2.45 | 0.15 | 0.24 | — | 0.39 | — | 12.25 | 24.43 | 1.06 | 0.91 | † | 0.91 | † | 3.30 | † | 103,255 | 396 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 11.51 | 0.15 | • | (0.05 | ) | 0.10 | 0.19 | — | — | 0.19 | — | 11.42 | 0.86 | 1.67 | 1.65 | 1.65 | 2.61 | 1,078 | 295 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 11.66 | 0.32 | • | 0.20 | 0.52 | 0.06 | 0.45 | 0.16 | 0.67 | — | 11.51 | 4.78 | 1.68 | 1.65 | 1.65 | 2.77 | 1,587 | 609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 12.21 | 0.42 | (0.36 | ) | 0.06 | 0.50 | 0.11 | — | 0.61 | — | 11.66 | 0.65 | 1.71 | 1.65 | † | 1.65 | † | 3.33 | † | 2,086 | 440 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 12.16 | 0.46 | 0.27 | 0.73 | 0.63 | 0.05 | — | 0.68 | — | 12.21 | 6.22 | 1.75 | 1.65 | † | 1.65 | † | 3.79 | † | 4,125 | 440 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 10.16 | 0.29 | 2.07 | 2.36 | 0.12 | 0.24 | — | 0.36 | — | 12.16 | 23.56 | 1.81 | 1.66 | † | 1.66 | † | 2.59 | † | 5,135 | 396 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 11.56 | 0.14 | (0.05 | ) | 0.09 | 0.19 | — | — | 0.19 | — | 11.46 | 0.78 | 1.67 | 1.65 | 1.65 | 2.59 | 105,687 | 295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 11.70 | 0.32 | • | 0.21 | 0.53 | 0.06 | 0.45 | 0.16 | 0.67 | — | 11.56 | 4.86 | 1.68 | 1.65 | 1.65 | 2.77 | 109,381 | 609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 12.25 | 0.38 | (0.31 | ) | 0.07 | 0.51 | 0.11 | — | 0.62 | — | 11.70 | 0.65 | 1.71 | 1.65 | † | 1.65 | † | 3.25 | † | 89,510 | 440 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 12.20 | 0.43 | • | 0.30 | 0.73 | 0.63 | 0.05 | — | 0.68 | — | 12.25 | 6.23 | 1.75 | 1.65 | † | 1.65 | † | 3.65 | † | 90,458 | 440 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 10.20 | 0.28 | • | 2.08 | 2.36 | 0.12 | 0.24 | — | 0.36 | — | 12.20 | 23.48 | 1.81 | 1.66 | † | 1.66 | † | 2.54 | † | 45,773 | 396 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 11.59 | 0.21 | (0.06 | ) | 0.15 | 0.25 | — | — | 0.25 | — | 11.49 | 1.31 | 0.62 | 0.60 | 0.60 | 3.65 | 481,093 | 295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 11.73 | 0.44 | • | 0.21 | 0.65 | 0.18 | 0.45 | 0.16 | 0.79 | — | 11.59 | 5.94 | 0.63 | 0.60 | 0.60 | 3.82 | 437,620 | 609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 12.28 | 0.51 | • | (0.32 | ) | 0.19 | 0.63 | 0.11 | — | 0.74 | — | 11.73 | 1.75 | 0.62 | 0.56 | † | 0.56 | † | 4.34 | † | 251,112 | 440 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 12.22 | 0.56 | • | 0.31 | 0.87 | 0.76 | 0.05 | — | 0.81 | — | 12.28 | 7.44 | 0.65 | 0.55 | † | 0.55 | † | 4.73 | † | 222,123 | 440 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 10.21 | 0.45 | • | 2.04 | 2.49 | 0.24 | 0.24 | — | 0.48 | — | 12.22 | 24.94 | 0.71 | 0.56 | † | 0.56 | † | 3.89 | † | 136,178 | 396 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 11.42 | 0.18 | (0.05 | ) | 0.13 | 0.23 | — | — | 0.23 | — | 11.32 | 1.18 | 0.92 | 0.90 | 0.90 | 3.30 | 3,923 | 295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 11.57 | 0.40 | 0.21 | 0.61 | 0.15 | 0.45 | 0.16 | 0.76 | — | 11.42 | 5.62 | 0.93 | 0.90 | 0.90 | 3.52 | 4,117 | 609 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 12.12 | 0.46 | • | (0.31 | ) | 0.15 | 0.59 | 0.11 | — | 0.70 | — | 11.57 | 1.43 | 0.96 | 0.90 | † | 0.90 | † | 3.98 | † | 3,985 | 440 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 12.06 | 0.53 | • | 0.29 | 0.82 | 0.71 | 0.05 | — | 0.76 | — | 12.12 | 7.17 | 1.00 | 0.90 | † | 0.90 | † | 4.53 | † | 3,578 | 440 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 10.15 | 0.37 | • | 2.04 | 2.41 | 0.26 | 0.24 | — | 0.50 | — | 12.06 | 24.26 | 1.06 | 0.91 | † | 0.91 | † | 3.30 | † | 3,126 | 396 | |||||||||||||||||||||||||||||||||||||||||||||||||||
06-04-08(5)–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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 11.61 | 0.21 | (0.09 | ) | 0.12 | 0.22 | — | — | 0.22 | — | 11.51 | 1.03 | 1.17 | 1.15 | 1.15 | 3.81 | 242 | 295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 11.75 | 0.39 | • | 0.19 | 0.58 | 0.11 | 0.45 | 0.16 | 0.72 | — | 11.61 | 5.30 | 1.18 | 1.15 | 1.15 | 3.42 | 276 | 609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
08-05-11(5)–10-31-11 | 12.06 | 0.12 | • | (0.31 | ) | (0.19 | ) | 0.11 | 0.01 | — | 0.12 | — | 11.75 | (1.59 | ) | 1.21 | 1.15 | † | 1.15 | † | 4.22 | † | 3 | 440 |
Income (loss) from investment operations | | Less distributions | | Ratios to average net assets | Supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net asset value, beginning of year or period | | Net investment income (loss) | | Net realized and unrealized gain (loss) | | Total from investment operations | | From net investment income | | From net realized gains | | From return of capital | | Total distributions | | Payment from Distribution settlement/ affiliate | | Net asset value, end of year or period | | Total Return (1) | | Expenses before reductions/ additions (2)(3) | | Expenses net of fee waivers and/or recoupments if any (2)(3) | | Expenses net of all reductions/ additions (2)(3) | | Net investment income (loss) (2)(3) | | Net assets, end of year or period | | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
Year or period ended | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%) | | (%) | | (%) | | (%) | | (%) | | ($000’s) | | (%) | ||||||||||||||||||||||||||||||||||||||
ING Global Bond Fund (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 11.41 | 0.21 | (0.06 | ) | 0.15 | 0.25 | — | — | 0.25 | — | 11.31 | 1.30 | 0.67 | 0.65 | 0.65 | 3.56 | 38,101 | 295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 11.56 | 0.43 | • | 0.20 | 0.63 | 0.17 | 0.45 | 0.16 | 0.78 | — | 11.41 | 5.89 | 0.68 | 0.65 | 0.65 | 3.79 | 31,723 | 609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 12.12 | 0.48 | (0.31 | ) | 0.17 | 0.62 | 0.11 | — | 0.73 | — | 11.56 | 1.60 | 0.71 | 0.65 | † | 0.65 | † | 4.07 | † | 21,934 | 440 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 12.06 | 0.52 | • | 0.34 | 0.86 | 0.75 | 0.05 | — | 0.80 | — | 12.12 | 7.45 | 0.75 | 0.65 | † | 0.65 | † | 4.44 | † | 14,142 | 440 | |||||||||||||||||||||||||||||||||||||||||||||||||||
06-01-09(5)–10-31-09 | 11.22 | 0.14 | • | 1.03 | 1.17 | 0.33 | — | — | 0.33 | — | 12.06 | 10.54 | 0.71 | 0.56 | † | 0.56 | † | 2.85 | † | 1,533 | 396 | |||||||||||||||||||||||||||||||||||||||||||||||||||
ING Global Perspectives Fund(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-28-13(5)–04-30-13 | 10.00 | 0.00 | * | 0.20 | 0.20 | — | — | — | — | — | 10.20 | 2.00 | 95.75 | 0.40 | 0.40 | 0.55 | 96 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-28-13(5)–04-30-13 | 10.00 | (0.00 | )* | 0.19 | 0.19 | — | — | — | — | — | 10.19 | 1.90 | 96.50 | 1.15 | 1.15 | (0.24 | ) | 34 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-28-13(5)–04-30-13 | 10.00 | 0.01 | 0.16 | 0.17 | — | — | — | — | — | 10.17 | 1.70 | 95.46 | 0.11 | 0.11 | 0.78 | 20 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-28-13(5)–04-30-13 | 10.00 | 0.00 | * | 0.17 | 0.17 | — | — | — | — | — | 10.17 | 1.70 | 96.00 | 0.65 | 0.65 | 0.24 | 20 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-28-13(5)–04-30-13 | 10.00 | 0.01 | 0.17 | 0.18 | — | — | — | — | — | 10.18 | 1.80 | 95.50 | 0.15 | 0.15 | 0.74 | 34 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING International Small Cap Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 37.07 | 0.06 | • | 6.05 | 6.11 | 0.64 | — | — | 0.64 | — | 42.54 | 16.69 | 1.82 | �� | 1.76 | 1.76 | 0.29 | 86,274 | 85 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 35.39 | 0.42 | • | 1.73 | 2.15 | 0.57 | — | — | 0.57 | 0.10 | 37.07 | 6.62 | (a) | 1.77 | 1.74 | 1.74 | 1.20 | 81,948 | 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 37.55 | 0.29 | • | (2.32 | ) | (2.03 | ) | 0.14 | — | — | 0.14 | 0.01 | 35.39 | (5.41 | )(b) | 1.72 | 1.70 | 1.70 | 0.74 | 99,873 | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 31.45 | 0.14 | • | 6.28 | 6.42 | 0.40 | — | — | 0.40 | 0.08 | 37.55 | 20.85 | (c) | 1.81 | 1.79 | † | 1.79 | † | 0.42 | † | 144,594 | 63 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 22.73 | 0.21 | • | 9.04 | 9.25 | 0.71 | — | — | 0.71 | 0.18 | 31.45 | 42.73 | (d) | 1.95 | 1.95 | † | 1.95 | † | 0.85 | † | 177,914 | 103 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 66.43 | 0.65 | (36.15 | ) | (35.50 | ) | 0.32 | 7.88 | — | 8.20 | — | 22.73 | (59.84 | ) | 1.71 | 1.71 | 1.70 | 1.27 | 160,869 | 84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 39.12 | (0.09 | )• | 6.41 | 6.32 | 0.36 | — | — | 0.36 | — | 45.08 | 16.29 | 2.47 | 2.41 | 2.41 | (0.42 | ) | 1,654 | 85 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 37.10 | 0.19 | • | 1.90 | 2.09 | 0.17 | — | — | 0.17 | 0.10 | 39.12 | 5.96 | (a) | 2.42 | 2.39 | 2.39 | 0.51 | 1,888 | 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 39.49 | (0.00 | )*• | (2.41 | ) | (2.41 | ) | 0.00 | * | — | — | 0.00 | * | 0.02 | 37.10 | (6.05 | )(b) | 2.37 | 2.35 | 2.35 | (0.01 | ) | 2,592 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 33.01 | (0.09 | )• | 6.62 | 6.53 | 0.13 | — | — | 0.13 | 0.08 | 39.49 | 20.07 | (c) | 2.46 | 2.44 | † | 2.44 | † | (0.27 | )† | 5,120 | 63 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 23.48 | 0.06 | • | 9.45 | 9.51 | 0.17 | — | — | 0.17 | 0.19 | 33.01 | 41.60 | (d) | 2.60 | 2.60 | † | 2.60 | † | 0.24 | † | 8,383 | 103 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 34.50 | (0.07 | )• | 5.64 | 5.57 | 0.45 | — | — | 0.45 | — | 39.62 | 16.31 | 2.47 | 2.41 | 2.41 | (0.36 | ) | 21,149 | 85 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 32.93 | 0.18 | • | 1.63 | 1.81 | 0.33 | — | — | 0.33 | 0.09 | 34.50 | 5.94 | (a) | 2.42 | 2.39 | 2.39 | 0.55 | 20,351 | 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 35.04 | 0.04 | • | (2.16 | ) | (2.12 | ) | 0.00 | * | — | — | 0.00 | * | 0.01 | 32.93 | (6.02 | )(b) | 2.37 | 2.35 | 2.35 | 0.11 | 23,410 | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 29.41 | (0.07 | )• | 5.87 | 5.80 | 0.24 | — | — | 0.24 | 0.07 | 35.04 | 20.05 | (c) | 2.46 | 2.44 | † | 2.44 | † | (0.23 | )† | 31,078 | 63 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 21.15 | 0.05 | • | 8.46 | 8.51 | 0.42 | — | — | 0.42 | 0.17 | 29.41 | 41.80 | (d) | 2.60 | 2.60 | † | 2.60 | † | 0.21 | † | 31,928 | 103 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 62.48 | 0.34 | (33.79 | ) | (33.45 | ) | — | 7.88 | — | 7.88 | — | 21.12 | (60.11 | ) | 2.35 | 2.35 | 2.35 | 0.58 | 29,760 | 84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 37.14 | 0.15 | • | 6.03 | 6.18 | 0.80 | — | — | 0.80 | — | 42.52 | 16.93 | 1.35 | 1.29 | 1.29 | 0.76 | 102,967 | 85 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 35.50 | 0.57 | 1.74 | 2.31 | 0.77 | — | — | 0.77 | 0.10 | 37.14 | 7.15 | (a) | 1.29 | 1.26 | 1.26 | 1.61 | 100,952 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 37.66 | 0.50 | • | (2.35 | ) | (1.85 | ) | 0.32 | — | — | 0.32 | 0.01 | 35.50 | (4.97 | )(b) | 1.27 | 1.25 | 1.25 | 1.26 | 153,676 | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 31.53 | 0.33 | 6.27 | 6.60 | 0.55 | — | — | 0.55 | 0.08 | 37.66 | 21.45 | (c) | 1.28 | 1.26 | † | 1.26 | † | 0.99 | † | 210,965 | 63 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 22.85 | 0.32 | • | 9.09 | 9.41 | 0.91 | — | — | 0.91 | 0.18 | 31.53 | 43.57 | (d) | 1.45 | 1.45 | † | 1.45 | † | 1.29 | † | 164,985 | 103 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
Income (loss) from investment operations | | Less distributions | | Ratios to average net assets | Supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net asset value, beginning of year or period | | Net investment income (loss) | | Net realized and unrealized gain (loss) | | Total from investment operations | | From net investment income | | From net realized gains | | From return of capital | | Total distributions | | Payment from Distribution settlement/ affiliate | | Net asset value, end of year or period | | Total Return (1) | | Expenses before reductions/ additions (2)(3) | | Expenses net of fee waivers and/or recoupments if any (2)(3) | | Expenses net of all reductions/ additions (2)(3) | | Net investment income (loss) (2)(3) | | Net assets, end of year or period | | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
Year or period ended | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%) | | (%) | | (%) | | (%) | | (%) | | ($000’s) | | (%) | ||||||||||||||||||||||||||||||||||||||
ING International Small Cap Fund (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 36.75 | 0.09 | 5.97 | 6.06 | 0.69 | — | — | 0.69 | — | 42.12 | 16.73 | 1.72 | 1.66 | 1.66 | 0.48 | 2,104 | 85 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 35.13 | 0.50 | 1.67 | 2.17 | 0.65 | — | — | 0.65 | 0.10 | 36.75 | 6.75 | (a) | 1.67 | 1.64 | 1.64 | 1.37 | 1,573 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 37.30 | 0.39 | • | (2.37 | ) | (1.98 | ) | 0.20 | — | — | 0.20 | 0.01 | 35.13 | (5.32 | )(b) | 1.62 | 1.60 | 1.60 | 1.00 | 1,425 | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 31.28 | 0.19 | 6.22 | 6.41 | 0.47 | — | — | 0.47 | 0.08 | 37.30 | 20.95 | (c) | 1.71 | 1.69 | † | 1.69 | † | 0.66 | † | 1,164 | 63 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 22.75 | 0.18 | • | 9.07 | 9.25 | 0.90 | — | — | 0.90 | 0.18 | 31.28 | 43.07 | (d) | 0.19 | 0.19 | † | 0.19 | † | 0.69 | † | 565 | 103 | ||||||||||||||||||||||||||||||||||||||||||||||||||
06-04-08(5)–10-31-08 | 47.28 | 0.18 | • | (24.71 | ) | (24.53 | ) | — | 0.00 | * | — | — | — | 22.75 | (51.88 | ) | 1.60 | 1.60 | 1.60 | 1.39 | 62 | 84 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 44.11 | 0.15 | • | 7.20 | 7.35 | 0.76 | — | — | 0.76 | — | 50.70 | 16.88 | 1.47 | 1.41 | 1.41 | 0.66 | 41,635 | 85 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 42.00 | 0.66 | 2.05 | 2.71 | 0.72 | — | — | 0.72 | 0.12 | 44.11 | 7.02 | (a) | 1.42 | 1.39 | 1.39 | 1.61 | 35,461 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 44.49 | 0.53 | • | (2.79 | ) | (2.26 | ) | 0.25 | — | — | 0.25 | 0.02 | 42.00 | (5.08 | )(b) | 1.37 | 1.35 | 1.35 | 1.14 | 26,693 | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 37.21 | 0.32 | • | 7.41 | 7.73 | 0.54 | — | — | 0.54 | 0.09 | 44.49 | 21.24 | (c) | 1.46 | 1.44 | † | 1.44 | † | 0.82 | † | 42,257 | 63 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 26.83 | 0.37 | 10.71 | �� | 11.08 | 0.92 | — | — | 0.92 | 0.22 | 37.21 | 43.54 | (d) | 1.45 | 1.45 | † | 1.45 | † | 1.32 | † | 12,096 | 103 | ||||||||||||||||||||||||||||||||||||||||||||||||||
02-12-08(5)–10-31-08 | 50.70 | 0.50 | • | (24.37 | ) | (23.87 | ) | — | 0.00 | * | — | — | — | 26.83 | (47.08 | ) | 1.29 | 1.29 | 1.29 | 1.80 | 10,366 | 84 | ||||||||||||||||||||||||||||||||||||||||||||||||||
ING International Value Choice Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 9.20 | 0.05 | • | 0.98 | 1.03 | 0.18 | — | — | 0.18 | — | 10.05 | 11.31 | 3.67 | 1.39 | 1.39 | 1.17 | 11,116 | 126 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 10.13 | 0.16 | (0.82 | ) | (0.66 | ) | 0.27 | — | — | 0.27 | — | 9.20 | (6.42 | ) | 1.94 | 1.56 | 1.53 | 1.64 | 18,559 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 10.96 | 0.16 | (0.90 | ) | (0.74 | ) | 0.09 | — | — | 0.09 | — | 10.13 | (6.82 | ) | 1.82 | 1.60 | † | 1.60 | † | 1.42 | † | 21,037 | 48 | |||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 9.68 | 0.08 | • | 1.26 | 1.34 | 0.06 | — | — | 0.06 | — | 10.96 | 13.95 | 1.78 | 1.70 | † | 1.70 | † | 0.77 | † | 22,683 | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 7.56 | 0.06 | 2.14 | 2.20 | 0.08 | — | — | 0.08 | — | 9.68 | 29.22 | 1.83 | 1.70 | † | 1.70 | † | 0.86 | † | 15,615 | 44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 9.10 | 0.04 | 0.95 | 0.99 | 0.09 | — | — | 0.09 | — | 10.00 | 10.97 | 4.42 | 2.14 | 2.14 | 0.64 | 330 | 126 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 9.95 | 0.09 | • | (0.79 | ) | (0.70 | ) | 0.15 | — | — | 0.15 | — | 9.10 | (7.02 | ) | 2.69 | 2.31 | 2.28 | 0.95 | 325 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 10.77 | 0.08 | • | (0.90 | ) | (0.82 | ) | — | — | — | — | — | 9.95 | (7.61 | ) | 2.57 | 2.35 | † | 2.35 | † | 0.58 | † | 481 | 48 | ||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 9.53 | 0.01 | • | 1.24 | 1.25 | 0.01 | — | — | 0.01 | — | 10.77 | 13.11 | 2.53 | 2.45 | † | 2.45 | † | 0.09 | † | 1,160 | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 7.44 | 0.02 | • | 2.07 | 2.09 | 0.00 | * | — | — | 0.00 | * | — | 9.53 | 28.13 | 2.58 | 2.45 | † | 2.45 | † | 0.18 | † | 1,786 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 9.07 | 0.02 | • | 0.97 | 0.99 | 0.08 | — | — | 0.08 | — | 9.98 | 10.94 | 4.42 | 2.14 | 2.14 | 0.54 | 2,068 | 126 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 9.96 | 0.09 | • | (0.80 | ) | (0.71 | ) | 0.18 | — | — | 0.18 | — | 9.07 | (7.06 | ) | 2.69 | 2.31 | 2.28 | 0.96 | 2,642 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 10.80 | 0.09 | (0.90 | ) | (0.81 | ) | 0.03 | — | — | 0.03 | — | 9.96 | (7.55 | ) | 2.57 | 2.35 | † | 2.35 | † | 0.69 | † | 4,449 | 48 | |||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 9.56 | 0.01 | • | 1.24 | 1.25 | 0.01 | — | — | 0.01 | — | 10.80 | 13.07 | 2.53 | 2.45 | † | 2.45 | † | 0.06 | † | 5,195 | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 7.46 | 0.01 | • | 2.09 | 2.10 | 0.00 | * | — | — | 0.00 | * | — | 9.56 | 28.19 | 2.58 | 2.45 | † | 2.45 | † | 0.14 | † | 4,091 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 9.20 | 0.07 | • | 0.97 | 1.04 | 0.16 | — | — | 0.16 | — | 10.08 | 11.50 | 3.77 | 1.14 | 1.14 | 1.50 | 985 | 126 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 10.14 | 0.19 | (0.83 | ) | (0.64 | ) | 0.30 | — | — | 0.30 | — | 9.20 | (6.20 | ) | 1.73 | 1.35 | 1.32 | 1.85 | 1,425 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 10.96 | 0.23 | • | (0.93 | ) | (0.70 | ) | 0.12 | — | — | 0.12 | — | 10.14 | (6.50 | ) | 1.38 | 1.28 | † | 1.28 | † | 1.82 | † | 3,892 | 48 | ||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 9.67 | 0.12 | • | 1.25 | 1.37 | 0.08 | — | — | 0.08 | — | 10.96 | 14.26 | 1.35 | 1.35 | † | 1.35 | † | 1.24 | † | 17,722 | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 7.57 | 0.10 | • | 2.12 | 2.22 | 0.12 | — | — | 0.12 | — | 9.67 | 29.58 | 1.39 | 1.39 | † | 1.39 | † | 1.19 | † | 27,654 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 9.21 | 0.08 | • | 0.98 | 1.06 | — | — | — | — | — | 10.27 | 11.51 | 3.42 | 1.14 | 1.14 | 1.64 | 67 | 126 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 10.14 | 0.21 | • | (0.84 | ) | (0.63 | ) | 0.30 | — | — | 0.30 | — | 9.21 | (6.11 | ) | 1.69 | 1.31 | 1.28 | 2.43 | 73 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 10.97 | 0.22 | (0.94 | ) | (0.72 | ) | 0.11 | — | — | 0.11 | — | 10.14 | (6.62 | ) | 1.57 | 1.35 | † | 1.35 | † | 2.06 | † | 63 | 48 | |||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 9.68 | 0.12 | • | 1.25 | 1.37 | 0.08 | — | — | 0.08 | — | 10.97 | 14.27 | 1.53 | 1.45 | † | 1.45 | † | 1.15 | † | 34 | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||
06-01-09(5)–10-31-09 | 9.18 | 0.01 | • | 0.49 | 0.50 | — | — | — | — | — | 9.68 | 5.45 | 1.39 | 1.39 | † | 1.39 | † | 0.30 | † | 3 | 44 |
Income (loss) from investment operations | | Less distributions | | Ratios to average net assets | Supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Net asset value, beginning of year or period | | Net investment income (loss) | | Net realized and unrealized gain (loss) | | Total from investment operations | | From net investment income | | From net realized gains | | From return of capital | | Total distributions | | Payment from Distribution settlement/ affiliate | | Net asset value, end of year or period | | Total Return (1) | | Expenses before reductions/ additions (2)(3) | | Expenses net of fee waivers and/or recoupments if any (2)(3) | | Expenses net of all reductions/ additions (2)(3) | | Net investment income (loss) (2)(3) | | Net assets, end of year or period | | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
Year or period ended | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%) | | (%) | | (%) | | (%) | | (%) | | ($000’s) | | (%) | ||||||||||||||||||||||||||||||||||||||
ING International Value Equity Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 26.44 | 0.17 | • | 2.44 | 2.61 | 0.15 | — | — | 0.15 | — | 28.90 | 9.91 | 1.80 | 1.38 | 1.37 | 1.26 | 68,348 | 125 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 32.23 | 0.29 | • | (2.74 | ) | (2.45 | ) | 0.31 | 3.05 | — | 3.36 | 0.02 | 26.44 | (7.71 | )(a) | 1.58 | 1.51 | 1.47 | 1.05 | 82,688 | 35 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 31.83 | 0.21 | 0.66 | 0.87 | 0.47 | — | — | 0.47 | — | 32.23 | 2.69 | 1.43 | 1.43 | 1.42 | 0.70 | 233,166 | 67 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 26.25 | 0.10 | 5.61 | 5.71 | 0.17 | — | — | 0.17 | 0.04 | 31.83 | 21.97 | (e) | 1.50 | 1.49 | 1.48 | 0.44 | 200,835 | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 16.84 | 0.12 | • | 9.29 | 9.41 | — | — | — | — | — | 26.25 | 55.88 | 1.58 | 1.50 | † | 1.49 | † | 0.56 | † | 107,499 | 81 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 28.43 | 0.08 | • | 2.61 | 2.69 | — | — | — | — | — | 31.12 | 9.46 | 2.55 | 2.13 | 2.12 | 0.54 | 2,808 | 125 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 34.28 | 0.12 | • | (2.94 | ) | (2.82 | ) | — | 3.05 | — | 3.05 | 0.02 | 28.43 | (8.35 | )(a) | 2.33 | 2.26 | 2.22 | 0.42 | 3,256 | 35 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 33.82 | (0.04 | )• | 0.70 | 0.66 | 0.20 | — | — | 0.20 | — | 34.28 | 1.94 | 2.18 | 2.18 | 2.17 | (0.12 | ) | 5,771 | 67 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 28.00 | (0.11 | ) | 5.96 | 5.85 | 0.07 | — | — | 0.07 | 0.04 | 33.82 | 21.07 | (e) | 2.25 | 2.24 | 2.23 | (0.34 | ) | 7,557 | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 18.10 | (0.05 | ) | 9.95 | 9.90 | — | — | — | — | — | 28.00 | 54.70 | 2.33 | 2.25 | † | 2.24 | † | (0.19 | )† | 7,105 | 81 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 24.67 | 0.07 | • | 2.26 | 2.33 | — | — | — | — | — | 27.00 | 9.44 | 2.55 | 2.13 | 2.12 | 0.53 | 44,349 | 125 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 30.27 | 0.08 | • | (2.57 | ) | (2.49 | ) | 0.08 | 3.05 | — | 3.13 | 0.02 | 24.67 | (8.36 | )(a) | 2.33 | 2.26 | 2.22 | 0.32 | 52,628 | 35 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 30.03 | (0.01 | )• | 0.60 | 0.59 | 0.35 | — | — | 0.35 | — | 30.27 | 1.93 | 2.18 | 2.18 | 2.17 | (0.05 | ) | 134,665 | 67 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 24.88 | (0.09 | )• | 5.28 | 5.19 | 0.08 | — | — | 0.08 | 0.04 | 30.03 | 21.04 | (e) | 2.25 | 2.24 | 2.23 | (0.33 | ) | 103,709 | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 16.08 | (0.05 | ) | 8.85 | 8.80 | — | — | — | — | — | 24.88 | 54.73 | 2.33 | 2.25 | † | 2.24 | † | (0.30 | )† | 48,308 | 81 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 26.69 | 0.20 | • | 2.46 | 2.66 | 0.19 | — | — | 0.19 | — | 29.16 | 10.04 | 1.52 | 1.13 | 1.12 | 1.51 | 24,126 | 125 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 32.58 | 0.26 | • | (2.69 | ) | (2.43 | ) | 0.43 | 3.05 | — | 3.48 | 0.02 | 26.69 | (7.54 | )(a) | 1.26 | 1.26 | 1.22 | 0.90 | 30,701 | 35 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 32.14 | 0.37 | • | 0.62 | 0.99 | 0.55 | — | — | 0.55 | — | 32.58 | 3.04 | 1.08 | 1.08 | 1.07 | 1.09 | 241,105 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 26.46 | 0.25 | • | 5.63 | 5.88 | 0.24 | — | — | 0.24 | 0.04 | 32.14 | 22.49 | (e) | 1.12 | 1.11 | 1.10 | 0.84 | 152,120 | 49 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 16.92 | 0.18 | • | 9.36 | 9.54 | — | — | — | — | — | 26.46 | 56.38 | 1.18 | 1.17 | † | 1.16 | † | 0.82 | † | 10,388 | 81 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 26.69 | 0.20 | • | 2.45 | 2.65 | 0.22 | — | — | 0.22 | — | 29.12 | 10.01 | 1.55 | 1.13 | 1.12 | 1.49 | 6,371 | 125 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 32.50 | 0.37 | • | (2.76 | ) | (2.39 | ) | 0.39 | 3.05 | — | 3.44 | 0.02 | 26.69 | (7.43 | )(a) | 1.33 | 1.26 | 1.22 | 1.32 | 8,308 | 35 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 32.07 | 0.29 | • | 0.68 | 0.97 | 0.54 | — | — | 0.54 | — | 32.50 | 2.98 | 1.18 | 1.18 | 1.17 | 0.87 | 25,458 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 26.46 | 0.21 | • | 5.60 | 5.81 | 0.24 | — | — | 0.24 | 0.04 | 32.07 | 22.23 | (e) | 1.25 | 1.24 | 1.23 | 0.73 | 30,105 | 49 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
06-01-09(5)–10-31-09 | 24.24 | (0.08 | )• | 2.30 | 2.22 | — | — | — | — | — | 26.46 | 9.16 | 1.18 | 1.17 | † | 1.16 | † | (0.79 | )† | 250 | 81 | |||||||||||||||||||||||||||||||||||||||||||||||||||
ING International Value Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 10.41 | 0.07 | • | 1.36 | 1.43 | 0.28 | — | — | 0.28 | — | 11.56 | 13.95 | 1.72 | 1.52 | 1.52 | 1.32 | 166,001 | 104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 10.59 | 0.21 | • | (0.12 | ) | 0.09 | 0.28 | — | — | 0.28 | 0.01 | 10.41 | 1.20 | (a) | 1.67 | 1.61 | 1.61 | 2.05 | 185,195 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 11.78 | 0.20 | • | (1.16 | ) | (0.96 | ) | 0.23 | — | — | 0.23 | 0.00 | * | 10.59 | (8.33 | )(f) | 1.65 | 1.64 | 1.64 | 1.68 | 306,024 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 11.30 | 0.18 | • | 0.45 | 0.63 | 0.17 | — | — | 0.17 | 0.02 | 11.78 | 5.78 | (g) | 1.62 | 1.62 | † | 1.62 | † | 1.63 | † | 549,016 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 11.13 | 0.14 | 1.88 | 2.02 | 0.35 | 1.51 | — | 1.86 | 0.01 | 11.30 | 21.74 | (h) | 1.75 | 1.75 | † | 1.75 | † | 1.25 | † | 725,329 | 92 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 10.48 | 0.03 | • | 1.38 | 1.41 | 0.15 | — | — | 0.15 | — | 11.74 | 13.59 | 2.42 | 2.22 | 2.22 | 0.63 | 573 | 104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 10.61 | 0.13 | • | (0.11 | ) | 0.02 | 0.16 | — | — | 0.16 | 0.01 | 10.48 | 0.45 | (a) | 2.37 | 2.31 | 2.31 | 1.29 | 635 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 11.66 | 0.11 | • | (1.16 | ) | (1.05 | ) | 0.00 | * | — | — | 0.00 | * | 0.00 | * | 10.61 | (9.00 | )(f) | 2.35 | 2.34 | 2.34 | 0.94 | 1,430 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 11.14 | 0.11 | • | 0.43 | 0.54 | 0.04 | — | — | 0.04 | 0.02 | 11.66 | 5.07 | (g) | 2.32 | 2.32 | † | 2.32 | † | 0.96 | † | 3,132 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 10.88 | 0.06 | • | 1.87 | 1.93 | 0.17 | 1.51 | — | 1.68 | 0.01 | 11.14 | 20.91 | (h) | 2.45 | 2.45 | † | 2.45 | † | 0.65 | † | 37,743 | 92 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
Income (loss) from investment operations | | Less distributions | | Ratios to average net assets | Supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net asset value, beginning of year or period | | Net investment income (loss) | | Net realized and unrealized gain (loss) | | Total from investment operations | | From net investment income | | From net realized gains | | From return of capital | | Total distributions | | Payment from Distribution settlement/ affiliate | | Net asset value, end of year or period | | Total Return (1) | | Expenses before reductions/ additions (2)(3) | | Expenses net of fee waivers and/or recoupments if any (2)(3) | | Expenses net of all reductions/ additions (2)(3) | | Net investment income (loss) (2)(3) | | Net assets, end of year or period | | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
Year or period ended | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%) | | (%) | | (%) | | (%) | | (%) | | ($000’s) | | (%) | ||||||||||||||||||||||||||||||||||||||
ING International Value Fund (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 10.07 | 0.03 | • | 1.32 | 1.35 | 0.20 | — | — | 0.20 | — | 11.22 | 13.62 | 2.42 | 2.22 | 2.22 | 0.65 | 98,522 | 104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 10.23 | 0.14 | • | (0.12 | ) | 0.02 | 0.19 | — | — | 0.19 | 0.01 | 10.07 | 0.51 | (a) | 2.37 | 2.31 | 2.31 | 1.38 | 101,301 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 11.40 | 0.11 | • | (1.12 | ) | (1.01 | ) | 0.16 | — | — | 0.16 | 0.00 | * | 10.23 | (8.98 | )(f) | 2.35 | 2.34 | 2.34 | 0.98 | 137,199 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 10.95 | 0.11 | • | 0.43 | 0.54 | 0.11 | — | — | 0.11 | 0.02 | 11.40 | 5.07 | (g) | 2.32 | 2.26 | † | 2.26 | † | 0.99 | † | 210,574 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 10.79 | 0.05 | • | 1.85 | 1.90 | 0.24 | 1.51 | — | 1.75 | 0.01 | 10.95 | 20.92 | (h) | 2.45 | 2.40 | † | 2.40 | † | 0.58 | † | 279,060 | 92 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 22.52 | 0.27 | (8.57 | ) | (8.30 | ) | 0.08 | 3.35 | — | 3.43 | — | 10.79 | (72.94 | ) | 2.28 | 2.18 | † | 2.17 | † | 1.34 | † | 326,812 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 10.38 | 0.10 | • | 1.35 | 1.45 | 0.33 | — | — | 0.33 | — | 11.50 | 14.32 | 1.30 | 1.10 | 1.10 | 1.77 | 76,153 | 104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 10.58 | 0.27 | (0.15 | ) | 0.12 | 0.33 | — | — | 0.33 | 0.01 | 10.38 | 1.57 | (a) | 1.23 | 1.17 | 1.17 | 2.50 | 195,304 | 33 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 11.77 | 0.23 | • | (1.16 | ) | (0.93 | ) | 0.26 | — | — | 0.26 | 0.00 | * | 10.58 | (8.04 | )(f) | 1.29 | 1.28 | 1.28 | 1.97 | 258,683 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 11.30 | 0.23 | • | 0.44 | 0.67 | 0.22 | — | — | 0.22 | 0.02 | 11.77 | 6.15 | (g) | 1.27 | 1.27 | † | 1.27 | † | 2.02 | † | 449,321 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 11.16 | 0.16 | • | 1.90 | 2.06 | 0.42 | 1.51 | — | 1.93 | 0.01 | 11.30 | 22.23 | (h) | 1.33 | 1.33 | † | 1.33 | † | 1.65 | † | 607,517 | 92 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 10.38 | 0.09 | • | 1.35 | 1.44 | 0.31 | — | — | 0.31 | — | 11.51 | 14.12 | 1.42 | 1.22 | 1.22 | 1.67 | 141 | 104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 10.57 | 0.26 | • | (0.15 | ) | 0.11 | 0.31 | — | — | 0.31 | 0.01 | 10.38 | 1.49 | (a) | 1.37 | 1.31 | 1.31 | 2.54 | 149 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 11.76 | 0.08 | • | (1.01 | ) | (0.93 | ) | 0.26 | — | — | 0.26 | 0.00 | * | 10.57 | (8.06 | )(f) | 1.35 | 1.34 | 1.34 | 0.70 | 445 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 11.30 | 0.22 | 0.44 | 0.66 | 0.22 | — | — | 0.22 | 0.02 | 11.76 | 6.04 | (g) | 1.32 | 1.32 | † | 1.32 | † | 1.99 | † | 24,507 | 81 | |||||||||||||||||||||||||||||||||||||||||||||||||||
07-20-09(5)–10-31-09 | 10.42 | 0.01 | • | 0.87 | 0.88 | — | — | — | — | — | 11.30 | 8.45 | (h) | 1.33 | 1.33 | † | 1.33 | † | 0.20 | † | 3 | 92 | ||||||||||||||||||||||||||||||||||||||||||||||||||
ING Russia Fund(i) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 31.44 | (0.04 | ) | 0.48 | 0.44 | 0.23 | — | — | 0.23 | — | 31.65 | 1.37 | 2.00 | 2.00 | 2.00 | (0.21 | ) | 199,883 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 33.52 | 0.15 | (2.23 | ) | (2.08 | ) | — | — | — | — | — | 31.44 | (6.21 | ) | 2.14 | 2.14 | 2.14 | 0.43 | 235,622 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 36.52 | (0.12 | )• | (2.88 | ) | (0.30 | ) | — | — | — | — | — | 33.52 | (8.21 | ) | 2.03 | 2.03 | 2.03 | (0.29 | ) | 317,715 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 29.53 | (0.33 | )• | 7.32 | 6.99 | — | — | — | — | — | 36.52 | 23.67 | 2.11 | 2.11 | 2.11 | (0.98 | ) | 418,162 | 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 25.60 | (0.19 | ) | 12.20 | 12.01 | — | 8.08 | — | 8.08 | — | 29.53 | 65.55 | 2.21 | 2.21 | 2.21 | (0.98 | ) | 373,249 | 46 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 31.76 | (0.01 | )• | 0.44 | 0.43 | 0.26 | — | — | 0.26 | — | 31.93 | 1.33 | 1.85 | 1.85 | 1.85 | (0.08 | ) | 7,731 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 33.79 | 0.25 | • | (2.28 | ) | (2.03 | ) | — | — | — | — | — | 31.76 | (6.01 | ) | 1.96 | 1.96 | 1.96 | 0.77 | 8,675 | 46 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 36.64 | (0.02 | ) | (2.83 | ) | (2.85 | ) | — | — | — | — | — | 33.79 | (7.78 | ) | 1.73 | 1.73 | 1.73 | (0.04 | ) | 10,528 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 29.54 | (0.10 | ) | 7.20 | 7.10 | — | — | — | — | — | 36.64 | 24.04 | 1.71 | 1.71 | 1.71 | (0.38 | ) | 8,151 | 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
09-30-09(5)–10-31-09 | 28.27 | (0.04 | )• | 1.31 | 1.27 | — | — | — | — | — | 29.54 | 4.49 | 1.68 | 1.68 | 1.68 | (1.68 | ) | 3 | 46 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 31.72 | 0.04 | • | 0.45 | 0.49 | 0.38 | — | — | 0.38 | — | 31.83 | 1.50 | 1.75 | 1.75 | 1.75 | 0.26 | 87 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 33.74 | 0.47 | • | (2.49 | ) | (2.02 | ) | — | — | — | — | — | 31.72 | (5.99 | ) | 1.89 | 1.89 | 1.89 | 1.51 | 64 | 46 | |||||||||||||||||||||||||||||||||||||||||||||||||||
08-05-11(5)–10-31-11 | 39.53 | (0.03 | ) | (5.76 | ) | (5.79 | ) | — | — | — | — | — | 33.74 | (14.65 | ) | 1.78 | 1.78 | 1.78 | (0.41 | ) | 3 | 31 |
(1) | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges. Total return for periods less than one year is not annualized. | |
(2) | Annualized for periods less than one year. | |
(3) | Expense ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by an Investment Adviser and/or Distributor but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions. | |
(4) | Expense ratios do not include expenses of underlying funds. | |
(5) | Commencement of operations. | |
(a) | Excluding a distribution payment from settlement of a regulatory matter during the year ended October 31, 2012, total return for International Value Equity would have been (7.77)%, (8.42)%, (8.43)%, (7.61)% and (7.50)% on Classes A, B, C, I and W; International Small Cap total return would have been 6.33%, 5.68%, 5.64%, 6.85%, 6.46% and 6.72% on Classes A, B, C, I, O and W; and International Value total return would have been 1.07%, 0.32%, 0.38%, 1.44% and 1.36% on Classes A, B, C, I and W, respectively. |
(b) | Excluding a payment from distribution settlement in the fiscal year ended October 31, 2011, International Small Cap total return would have been (5.45)%, (6.09)%, (6.06)%, (5.01)%, (5.36)% and (5.12)% on Classes A,B,C,I, O and W, respectively. | |
(c) | Excluding a payment from distribution settlement in the fiscal year ended October 31, 2010, International Small Cap total return would have been 20.60%, 19.82%, 19.80%, 21.20%, 20.70% and 20.98% on Classes A,B,C,I,O and W, respectively. | |
(d) | Excluding a payment by affiliate in the fiscal year ended October 31, 2009, International Small Cap total return would have been 41.91%, 40.78%, 40.97%, 42.75%, 42.20% and 42.70% on Classes A,B,C,I,O and W, respectively. | |
(e) | Excluding a payment from distribution settlement in the fiscal year ended October 31, 2010, International Value Equity total return would have been 21.82%, 20.92%, 20.89%, 22.34% and 22.08% on Classes A,B,C,I and W, respectively. | |
(f) | Excluding a payment from distribution settlement in the fiscal year ended October 31, 2011, International Value total return would have been (8.34)%, (9.02)%, (9.00)%, (8.05)% and (8.07)% on Classes A,B,C,I and W, respectively. | |
(g) | Excluding a payment from distribution settlement in the fiscal year ended October 31, 2010, International Value total return would have been 5.61%, 4.90%, 4.90%, 5.98% and 5.87% on Classes A,B,C,I, and W, respectively. | |
(h) | Excluding a payment by affiliate in the fiscal year ended October 31, 2009, International Value total return would have been 21.64%, 20.80%, 20.81% and 22.12% on Classes A,B,C and I, respectively. | |
(i) | For the year ended October 31, 2008, Class A redemption fees applied to capital were less than $0.005. | |
• | Calculated using average number of shares outstanding throughout the period. | |
* | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. | |
† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income or loss ratio. |
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.
quoted prices for an asset or liability 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. Short-term securities of sufficient credit quality which are valued at amortized cost, which approximates fair value, are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Funds’ investments under these levels of classification is included following the Summary Portfolios of Investments.
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. |
or losses on such securities are recorded net of foreign withholding tax.
arrangements, established within the Funds’ International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain over-the-counter (“OTC”) derivative and forward foreign currency contracts, entered into by the Funds and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.
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.
income tax or excise tax provision is not 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 the capital loss carryforwards have been fully utilized or expire.
Purchases | Sales | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Diversified Emerging Markets Debt | $ | 1,387,933 | $ | 506,452 | ||||||
Diversified International | 3,560,089 | 18,802,453 | ||||||||
Global Bond | 1,188,193,238 | 1,136,701,451 | ||||||||
Global Perspectives | 200,461 | — | ||||||||
International Small Cap | 204,982,959 | 235,801,599 | ||||||||
International Value Choice | 24,291,717 | 34,291,353 | ||||||||
International Value Equity | 196,568,723 | 236,051,909 | ||||||||
International Value | 444,665,803 | 640,012,591 | ||||||||
Russia | 29,768,196 | 72,988,481 |
Purchases | Sales | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Global Bond | $ | 1,232,213,132 | $ | 1,213,334,170 |
Fund | As a Percentage of Average Daily Net Assets | |||||
---|---|---|---|---|---|---|
Diversified Emerging Markets Debt | 0.70% | |||||
Diversified International | 0.00% | |||||
Global Bond | 0.40% | |||||
Global Perspectives | 0.30% Direct Investments; 0.10% Underlying Funds | |||||
International Small Cap(1) | 1.00% on first $500 million; 0.90% on next $500 million; and 0.85% thereafter | |||||
International Value Choice(2) | 1.00% | |||||
International Value Equity | 0.90% on the first $500 million; 0.80% on the next $500 million; and 0.75% thereafter | |||||
International Value(1) | 1.00% on the first $1.5 billion; 0.70% on the next $750 million; and 0.65% thereafter | |||||
Russia | 1.25% |
(1) | ING Investments has contractually agreed to waive a portion of the advisory fee for International Small Cap and International Value. These agreements will only renew if ING Investments elects to renew them. |
(2) | Pursuant to a side agreement, ING Investments has agreed to waive 0.10% of the advisory fee for International Value Choice. The waiver agreement will only renew if ING Investments elects to renew it. |
Fund | Sub-Adviser | |||||
---|---|---|---|---|---|---|
Diversified Emerging Markets Debt | ING Investment Management Co. LLC* | |||||
Global Bond | ING Investment Management Co. LLC* | |||||
Global Perspectives | ING Investment Management Co. LLC* | |||||
International Small Cap(1) | Acadian Asset Management LLC and Wellington Management Company, LLP | |||||
International Value Choice(2) | ING Investment Management Co. LLC* | |||||
International Value Equity(2) | ING Investment Management Co. LLC* | |||||
International Value(3) | ING Investment Management Co. LLC* | |||||
Russia | ING Investment Management Advisors B.V.* |
(1) | Effective April 30, 2013, Wellington Management Company, LLP replaced Schroder Investment Management North America Inc. as the sub-adviser. |
(2) | Effective November 15, 2012, Tradewinds Global Investors, LLC was removed as the sub-adviser and effective November 30, 2012, ING Investment Management Co. LLC was added as the interim sub-adviser with a permanent sub-advisory agreement approved by shareholders on March 14, 2013 and April 11, 2013 for International Value Choice and International Value Equity, respectively. |
(3) | Effective March 26, 2013, Brandes Investment Partners, L.P. and del Rey Global Investors, LLC were removed as sub-advisers. |
Fund | Class A | Class B | Class C | Class O | Class R | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Diversified Emerging Markets Debt | 0.25 | % | N/A | 1.00 | % | N/A | N/A | |||||||||||||||
Diversified International | 0.25 | % | 1.00 | % | 1.00 | % | 0.25 | % | 0.50 | % | ||||||||||||
Global Bond | 0.25 | % | 1.00 | % | 1.00 | % | 0.25 | % | 0.50 | % | ||||||||||||
Global Perspectives | 0.25 | % | N/A | 1.00 | % | N/A | 0.50 | % | ||||||||||||||
International Small Cap | 0.35 | % | 1.00 | % | 1.00 | % | 0.25 | % | N/A | |||||||||||||
International Value Choice | 0.25 | % | 1.00 | % | 1.00 | % | N/A | N/A | ||||||||||||||
International Value Equity | 0.25 | % | 1.00 | % | 1.00 | % | N/A | N/A | ||||||||||||||
International Value | 0.30 | % | 1.00 | % | 1.00 | % | N/A | N/A | ||||||||||||||
Russia | 0.25 | % | N/A | N/A | N/A | N/A |
Class A | Class C | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Initial Sales Charges: | ||||||||||
Diversified International | $ | 1,395 | $ | — | ||||||
Global Bond | 16,396 | — | ||||||||
International Small Cap | 867 | — | ||||||||
International Value Choice | 138 | — | ||||||||
International Value Equity | 1,114 | — | ||||||||
International Value | 596 | — | ||||||||
Russia | 10,849 | — | ||||||||
Contingent Deferred Sales Charges: | ||||||||||
Diversified International | $ | — | $ | 161 | ||||||
Global Bond | — | 1,048 | ||||||||
International Small Cap | 2,000 | 7 | ||||||||
International Value Equity | 864 | 543 | ||||||||
International Value | 883 | 205 | ||||||||
Russia | 4,677 | — |
Affiliated Investment Company/Subsidiary | Fund | Percentage | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
ING Investment Management Company LLC | Diversified Emerging Markets Debt | 99.79 | % | |||||||
Global Perspectives | 50.10 | |||||||||
ING Life Insurance and Annuity Company | International Small Cap | 7.15 | ||||||||
ING National Trust | International Value Choice | 11.78 | ||||||||
International Value | 10.79 | |||||||||
ING Solution 2015 Portfolio | Global Bond | 5.48 | ||||||||
ING Solution 2025 Portfolio | Global Bond | 9.52 |
Fund | Accrued Expenses | Amount | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Diversified Emerging Markets Debt | Offering | $ | 10,697 | |||||||
Diversified International | Postage | 83,833 | ||||||||
Global Perspectives | Offering | 100,000 | ||||||||
International Value Choice | Proxy and solicitation | 55,095 |
Fund | Class A | Class B | Class C | Class I | Class O | Class R | Class W | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Diversified Emerging Markets Debt(1) | 1.25 | % | N/A | 2.00 | % | 0.95 | % | N/A | N/A | 1.00 | % | |||||||||||||||||||
Diversified International(2) | 0.50 | % | 1.25 | % | 1.25 | % | 0.25 | % | 0.50 | % | 0.75 | % | 0.25 | % | ||||||||||||||||
Global Bond(3) | 0.90 | % | 1.65 | % | 1.65 | % | 0.65 | % | 0.90 | % | 1.15 | % | 0.65 | % | ||||||||||||||||
Global Perspectives(1) | 1.23 | % | N/A | 1.98 | % | 0.98 | % | N/A | 1.48 | % | 0.98 | % | ||||||||||||||||||
International Small Cap | 1.95 | % | 2.60 | % | 2.60 | % | 1.40 | % | 1.85 | % | N/A | 1.60 | % | |||||||||||||||||
International Value Choice | 1.70 | % | 2.45 | % | 2.45 | % | 1.45 | % | N/A | N/A | 1.45 | % | ||||||||||||||||||
International Value Equity(4) | 1.35 | % | 2.10 | % | 2.10 | % | 1.10 | % | N/A | N/A | 1.10 | % | ||||||||||||||||||
International Value | 1.80 | % | 2.50 | % | 2.50 | % | 1.50 | % | N/A | N/A | 1.50 | % | ||||||||||||||||||
Russia | 2.75 | % | N/A | N/A | 2.50 | % | N/A | N/A | 2.50 | % |
(1) | For Diversified Emerging Markets Debt and Global Perspectives, the total expense limits include the expenses of the underlying investment companies. |
(2) | 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. Including the expenses of the underlying investment companies, the expense limits for Diversified International are 1.65%, 2.40%, 2.40%, 1.40%, 1.65%, 1.90% and 1.40% for Class A, B, C, I, O, R and W shares, respectively. |
(3) | Prior to March 1, 2013, the expense limit was 0.61% for Class I respectively. |
(4) | Prior to November 30, 2012, the expense limit was 1.50%, 2.25%, 2.25%, 1.25% and 1.25% for Classes A,B,C,I and W respectively. |
Fund | Class A | Class B | Class C | Class I | Class O | Class R | Class W | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
International SmallCap(1) | 1.80 | % | 2.45 | % | 2.45 | % | 1.25 | % | 1.70 | % | N/A | 1.45 | % | |||||||||||||||||
International Value Choice(2) | 1.35 | % | 2.10 | % | 2.10 | % | 1.10 | % | N/A | N/A | 1.10 | % | ||||||||||||||||||
International Value(1)(3) | 1.50 | % | 2.20 | % | 2.20 | % | 1.20 | % | N/A | N/A | 1.20 | % | ||||||||||||||||||
Russia(1) | 2.25 | % | N/A | N/A | 2.00 | % | N/A | N/A | 2.00 | % |
(1) | Any fees waived pursuant to the side agreement shall not be eligible for recoupment. |
(2) | Prior to November 30, 2012, pursuant to a side letter agreement, the expense limit was 1.60%, 2.35%, 2.35%, 1.35% and 1.35% for Classes A,B,C,I and W respectively. |
(3) | Prior to January 1, 2013, pursuant to a side letter agreement, the expense limit was 1.60%, 2.30%, 2.30%, 1.30% and 1.30% for Classes A,B,C,I and W respectively. |
April 30, | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2014 | 2015 | 2016 | Total | ||||||||||||||||
Diversified Emerging Markets Debt | $ | — | $ | — | $ | 57,910 | $ | 57,910 | |||||||||||
Diversified International | 214,342 | 102,739 | 229,578 | 546,659 | |||||||||||||||
Global Bond | 467,756 | 147,364 | 252,402 | 867,522 | |||||||||||||||
Global Perspectives | — | — | 10,927 | 10,927 | |||||||||||||||
International Small Cap | — | — | 40,779 | 40,779 | |||||||||||||||
International Value Choice | — | 35,695 | 251,866 | 287,561 | |||||||||||||||
International Value Equity | — | — | 304,771 | 304,771 |
April 30, | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2014 | 2015 | 2016 | Total | ||||||||||||||||
Diversified Emerging Markets Debt | |||||||||||||||||||
Class A | $ | — | $ | — | $ | 6 | $ | 6 | |||||||||||
Class C | — | — | 5 | 5 | |||||||||||||||
Class W | — | — | 5 | 5 | |||||||||||||||
Diversified International | |||||||||||||||||||
Class A | $ | 31,517 | $ | 102,828 | $ | 16,562 | $ | 150,907 | |||||||||||
Class B | 5,039 | 16,427 | 3,030 | 24,496 | |||||||||||||||
Class C | 18,076 | 60,857 | 10,740 | 89,673 | |||||||||||||||
Class O | 1,122 | 4,110 | 1,746 | 6,978 | |||||||||||||||
Class R | 56 | 191 | 40 | 287 | |||||||||||||||
Class W | 753 | 2,519 | 186 | 3,458 | |||||||||||||||
International Value Choice | |||||||||||||||||||
Class A | $ | 26,517 | $ | 16,571 | $ | — | $ | 43,088 | |||||||||||
Class B | 1,536 | 490 | — | 2,026 | |||||||||||||||
Class C | 6,113 | 3,671 | — | 9,784 | |||||||||||||||
Class I | — | — | 1,947 | 1,947 | |||||||||||||||
Class W | 90 | — | — | 90 | |||||||||||||||
International Value Equity | |||||||||||||||||||
Class A | $ | — | $ | 34,704 | $ | 77,294 | $ | 111,998 | |||||||||||
Class B | — | 1,275 | 2,153 | 3,428 | |||||||||||||||
Class C | — | 24,112 | 45,907 | 70,019 | |||||||||||||||
Class W | — | 5,028 | 7,700 | 12,728 |
USD Notional | Cost | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Balance at 10/31/12 | 112,500,000 | $ | 1,600,459 | |||||||
Options Purchased | 302,900,000 | 4,181,696 | ||||||||
Options Terminated in Closing Sell Transactions | (37,600,000 | ) | (166,192 | ) | ||||||
Options Expired | (115,800,000 | ) | (1,679,667 | ) | ||||||
Balance at 4/30/13 | 262,000,000 | $ | 3,936,296 |
Number of Contracts | Cost | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Balance at 10/31/12 | 111,594,000 | $ | 2,800,493 | |||||||
Options Purchased | — | — | ||||||||
Options Terminated in Closing Sell Transactions | (111,594,000 | ) | (2,800,493 | ) | ||||||
Options Expired | — | — | ||||||||
Balance at 4/30/13 | — | $ | — |
USD Notional | Premiums Received | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Balance at 10/31/12 | 94,700,000 | $ | 861,932 | |||||||
Options Written | 286,700,000 | 1,451,115 | ||||||||
Options Terminated in Closing Purchase Transactions | — | — | ||||||||
Options Expired | (135,600,000 | ) | (943,732 | ) | ||||||
Balance at 4/30/13 | 245,800,000 | $ | 1,369,315 |
Number of Contracts | Premiums Received | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Balance at 10/31/12 | 8,712,000 | $ | 148,435 | |||||||
Options Written | — | — | ||||||||
Options Terminated in Closing Purchase Transactions | (8,712,000 | ) | (148,435 | ) | ||||||
Options Expired | — | — | ||||||||
Balance at 4/30/13 | — | $ | — |
Fund | Days Utilized | Approximate Average Daily Balance For Days Utilized | Approximate Weighted Average Interest Rate For Days Utilized | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Global Bond | 7 | $ | 12,552,857 | 1.12 | % | |||||||||
International Small Cap | 24 | 2,665,833 | 1.16 | |||||||||||
International Value Choice | 2 | 1,425,000 | 1.14 | |||||||||||
International Value Equity | 20 | 572,750 | 1.13 | |||||||||||
International Value | 40 | 1,444,625 | 1.13 | |||||||||||
Russia | 21 | 1,595,714 | 1.14 |
Year or | Shares sold | Shares issued in merger | Reinvestment of distributions | Shares redeemed | Shares converted | Net increase (decrease) in shares outstanding | Shares sold | Payments from Distribution settlement/ affiliate (Note 16) | Proceeds from shares issued in merger | Reinvestment of distributions | Redemption fee proceeds | Shares redeemed | Shares converted | Net increase (decrease) | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
period ended | # | # | # | # | # | # | ($) | $ | ($) | ($) | $ | ($) | $ | ($) | |||||||||||||||||||||||||||||||||||||||||||||
Diversified Emerging Markets Debt | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/2/2012(1)-4/30/2013 | 505 | — | 2 | — | — | 507 | 5,068 | — | — | 26 | — | — | — | 5,094 | |||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/2/2012(1)-4/30/2013 | 301 | — | 2 | — | — | 303 | 3,010 | — | — | 22 | — | — | — | 3,032 | |||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/2/2012(1)-4/30/2013 | 99,101 | — | 872 | — | — | 99,973 | 991,010 | — | — | 8,889 | — | — | — | 999,899 | |||||||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/2/2012(1)-4/30/2013 | 301 | — | 3 | — | — | 304 | 3,010 | — | — | 27 | — | — | — | 3,037 | |||||||||||||||||||||||||||||||||||||||||||||
Diversified International | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 110,897 | — | 89,342 | (1,179,463 | ) | — | (979,224 | ) | 1,043,982 | — | — | 827,305 | — | (11,050,713 | ) | — | (9,179,426 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 278,532 | — | 78,991 | (2,272,947 | ) | — | (1,915,424 | ) | 2,428,890 | — | — | 635,082 | — | (19,511,436 | ) | — | (16,447,464 | ) | |||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 1,570 | — | 10,025 | (113,615 | ) | — | (102,020 | ) | 14,722 | — | — | 92,918 | — | (1,062,185 | ) | — | (954,545 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 254 | — | 2,703 | (318,203 | ) | — | (315,246 | ) | 5,008 | — | — | 21,787 | — | (2,723,845 | ) | — | (2,697,050 | ) | |||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 48,448 | — | 30,789 | (439,028 | ) | — | (359,791 | ) | 454,318 | — | — | 285,415 | — | (4,074,838 | ) | — | (3,335,105 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 86,850 | — | 9,250 | (1,467,463 | ) | — | (1,371,363 | ) | 750,958 | — | — | 74,369 | — | (12,439,046 | ) | — | (11,613,719 | ) | |||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 36,863 | — | 18,809 | (238,306 | ) | — | (182,634 | ) | 339,082 | — | — | 173,231 | — | (2,225,271 | ) | — | (1,712,958 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 213,907 | — | 14,745 | (501,901 | ) | — | (273,249 | ) | 1,844,184 | — | — | 117,965 | — | (4,289,264 | ) | — | (2,327,115 | ) | |||||||||||||||||||||||||||||||||||||||||
Class O | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 155,812 | — | — | (45,248 | ) | — | 110,564 | 1,460,710 | — | — | — | — | (420,396 | ) | — | 1,040,314 | |||||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 136,747 | — | — | (115,597 | ) | — | 21,150 | 1,167,904 | — | — | — | — | (984,343 | ) | — | 183,561 | |||||||||||||||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | — | — | 224 | (271 | ) | — | (47 | ) | — | — | — | 2,051 | — | (2,494 | ) | — | (443 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | — | — | 171 | (5,471 | ) | — | (5,300 | ) | 40 | — | — | 1,361 | — | (45,113 | ) | — | (43,712 | ) | |||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 5,914 | — | 1,255 | (30,244 | ) | — | (23,075 | ) | 55,000 | — | — | 11,530 | — | (270,668 | ) | — | (204,138 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 17,972 | — | 1,880 | (109,342 | ) | — | (89,490 | ) | 154,098 | — | — | 14,983 | — | (907,427 | ) | — | (738,346 | ) | |||||||||||||||||||||||||||||||||||||||||
Global Bond | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 3,261,861 | — | 322,068 | (5,212,210 | ) | — | (1,628,281 | ) | 37,589,977 | — | — | 3,704,603 | — | (60,057,952 | ) | — | (18,763,372 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 9,035,461 | — | 1,193,493 | (13,995,278 | ) | — | (3,766,324 | ) | 103,953,667 | — | — | 13,612,253 | — | (159,105,530 | ) | — | (41,539,610 | ) | |||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 3,524 | — | 1,256 | (48,208 | ) | — | (43,428 | ) | 40,400 | — | — | 14,319 | — | (550,256 | ) | — | (495,537 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 23,090 | — | 7,023 | (71,270 | ) | — | (41,157 | ) | 262,298 | — | — | 79,346 | — | (809,356 | ) | — | (467,712 | ) | |||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 1,318,882 | — | 105,003 | (1,666,675 | ) | — | (242,790 | ) | 15,111,410 | — | — | 1,200,976 | — | (19,031,071 | ) | — | (2,718,685 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 3,840,728 | — | 317,969 | (2,344,774 | ) | — | 1,813,923 | 43,980,999 | — | — | 3,607,338 | — | (26,798,110 | ) | — | 20,790,227 | |||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 13,311,421 | — | 732,211 | (9,945,193 | ) | — | 4,098,439 | 152,309,819 | — | — | 8,388,884 | — | (113,944,535 | ) | — | 46,754,168 | |||||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 29,561,113 | — | 1,644,408 | (14,854,236 | ) | — | 16,351,285 | 338,194,865 | — | — | 18,739,776 | — | (170,391,313 | ) | — | 186,543,328 | |||||||||||||||||||||||||||||||||||||||||||
Class O | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 48,519 | — | 5 | (62,492 | ) | — | (13,968 | ) | 547,172 | — | — | 52 | — | (705,097 | ) | — | (157,873 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 136,364 | — | 6 | (120,315 | ) | — | 16,055 | 1,540,069 | — | — | 72 | — | (1,360,024 | ) | — | 180,117 | |||||||||||||||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 899 | — | 449 | (4,061 | ) | — | (2,713 | ) | 10,316 | — | — | 5,157 | — | (46,515 | ) | — | (31,042 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 23,244 | — | 535 | (267 | ) | — | 23,512 | 268,156 | — | — | 6,125 | — | (3,004 | ) | — | 271,277 | |||||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 1,667,547 | — | 70,315 | (1,149,785 | ) | — | 588,077 | 18,860,175 | — | — | 792,258 | — | (12,868,515 | ) | — | 6,783,918 | |||||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 1,857,931 | — | 152,609 | (1,127,707 | ) | — | 882,833 | 20,977,411 | — | — | 1,711,304 | — | (12,697,086 | ) | — | 9,991,629 |
(1) | Commencement of operations. |
Year or | Shares sold | Shares issued in merger | Reinvestment of distributions | Shares redeemed | Shares converted | Net increase (decrease) in shares outstanding | Shares sold | Payments from Distribution settlement/ affiliate (Note 16) | Proceeds from shares issued in merger | Reinvestment of distributions | Redemption fee proceeds | Shares redeemed | Shares converted | Net increase (decrease) | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
period ended | # | # | # | # | # | # | ($) | $ | ($) | ($) | $ | ($) | $ | ($) | |||||||||||||||||||||||||||||||||||||||||||||
Global Perspectives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/28/2013(1)-4/30/2013 | 9,371 | — | — | — | — | 9,371 | 93,925 | — | — | — | — | — | — | 93,925 | |||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/28/2013(1)-4/30/2013 | 3,371 | — | — | — | — | 3,371 | 33,660 | — | — | — | — | — | — | 33,660 | |||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/28/2013(1)-4/30/2013 | 2,011 | — | — | — | — | 2,011 | 20,010 | — | — | — | — | — | — | 20,010 | |||||||||||||||||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/28/2013(1)-4/30/2013 | 2,011 | — | — | — | — | 2,011 | 20,010 | — | — | — | — | — | — | 20,010 | |||||||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/28/2013(1)-4/30/2013 | 3,295 | — | — | — | — | 3,295 | 32,749 | — | — | — | — | — | — | 32,749 | |||||||||||||||||||||||||||||||||||||||||||||
International Small Cap | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 191,777 | — | 29,435 | (403,273 | ) | — | (182,061 | ) | 7,634,104 | — | — | 1,108,523 | — | (16,019,164 | ) | — | (7,276,537 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 270,854 | — | 40,026 | (922,903 | ) | — | (612,023 | ) | 9,713,889 | 270,209 | — | 1,274,839 | — | (32,531,269 | ) | — | (21,272,332 | ) | |||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 256 | — | 343 | (12,174 | ) | — | (11,575 | ) | 10,251 | — | — | 13,727 | — | (506,403 | ) | — | (482,425 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 14 | — | 282 | (21,905 | ) | — | (21,609 | ) | 498 | 6,794 | — | 9,527 | — | (830,403 | ) | — | (813,584 | ) | |||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 6,750 | — | 6,221 | (68,935 | ) | — | (55,964 | ) | 245,663 | — | — | 218,739 | — | (2,548,830 | ) | — | (2,084,428 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 18,540 | — | �� | 6,506 | (146,218 | ) | — | (121,172 | ) | 617,771 | 64,016 | — | 193,956 | — | (4,823,984 | ) | — | (3,948,241 | ) | ||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 195,125 | — | 45,724 | (537,469 | ) | — | (296,620 | ) | 7,471,347 | — | — | 1,718,300 | — | (20,827,461 | ) | — | (11,637,814 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 259,424 | — | 42,183 | (1,912,885 | ) | — | (1,611,278 | ) | 9,074,359 | 402,185 | — | 1,340,152 | — | (64,850,016 | ) | — | (54,033,320 | ) | |||||||||||||||||||||||||||||||||||||||||
Class O | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 12,386 | — | — | (5,237 | ) | — | 7,149 | 487,866 | — | — | — | — | (204,984 | ) | — | 282,882 | |||||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 16,552 | — | — | (14,297 | ) | — | 2,255 | 587,931 | 3,932 | — | — | — | (498,432 | ) | — | 93,431 | |||||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 254,781 | — | 13,955 | (251,331 | ) | — | 17,405 | 11,663,331 | — | — | 625,471 | — | (11,609,061 | ) | — | 679,741 | |||||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 231,450 | — | 11,768 | (74,946 | ) | — | 168,272 | 9,272,622 | 74,847 | — | 444,614 | — | (3,196,535 | ) | — | 6,595,548 | |||||||||||||||||||||||||||||||||||||||||||
International Value Choice | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 105,459 | — | 34,660 | (1,052,016 | ) | — | (911,897 | ) | 1,000,267 | — | — | 321,993 | — | (9,940,896 | ) | — | (8,618,636 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 857,977 | — | 61,290 | (979,205 | ) | — | (59,938 | ) | 7,602,647 | — | — | 549,769 | — | (8,868,341 | ) | — | (715,925 | ) | |||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 65 | — | 281 | (3,042 | ) | — | (2,696 | ) | 604 | — | — | 2,600 | — | (29,320 | ) | — | (26,116 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 143 | — | 641 | (13,367 | ) | — | (12,583 | ) | 1,279 | — | — | 5,729 | — | (121,644 | ) | — | (114,636 | ) | |||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 2,889 | — | 1,683 | (88,718 | ) | — | (84,146 | ) | 27,051 | — | — | 15,571 | — | (837,462 | ) | — | (794,840 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 32,738 | — | 6,462 | (194,465 | ) | — | (155,265 | ) | 297,645 | — | — | 57,515 | — | �� | (1,754,257 | ) | — | (1,399,097 | ) | ||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 16,080 | — | 1,197 | (74,620 | ) | — | (57,343 | ) | 151,987 | — | — | 11,136 | — | (703,303 | ) | — | (540,180 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 148,611 | — | 6,943 | (384,488 | ) | — | (228,934 | ) | 1,368,545 | — | — | 62,143 | — | (3,475,314 | ) | — | (2,044,626 | ) | |||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 29 | — | — | (1,390 | ) | — | (1,361 | ) | 283 | — | — | — | — | (12,849 | ) | — | (12,566 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 472,053 | — | 221 | (470,611 | ) | — | 1,663 | 4,229,322 | — | — | 1,980 | — | (4,172,613 | ) | — | 58,689 | |||||||||||||||||||||||||||||||||||||||||||
International Value Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 81,710 | — | 12,529 | (856,003 | ) | — | (761,764 | ) | 2,217,581 | — | — | 334,035 | — | (23,191,618 | ) | — | (20,640,002 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 593,626 | — | 716,446 | (5,418,363 | ) | — | (4,108,291 | ) | 16,405,098 | 137,703 | — | 19,236,587 | — | (145,549,018 | ) | — | (109,769,630 | ) | |||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | — | — | — | (24,319 | ) | — | (24,319 | ) | — | — | — | — | — | (700,614 | ) | — | (700,614 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 1,439 | — | 14,886 | (70,107 | ) | — | (53,782 | ) | 41,253 | 3,331 | — | 432,452 | — | (2,024,962 | ) | — | (1,547,926 | ) | |||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 21,718 | — | — | (512,884 | ) | — | (491,166 | ) | 552,257 | — | — | — | — | (13,033,485 | ) | — | (12,481,228 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 247,916 | — | 300,547 | (2,863,809 | ) | — | (2,315,346 | ) | 6,344,252 | 79,799 | — | 7,576,794 | — | (71,018,084 | ) | — | (57,017,239 | ) |
(1) | Commencement of operations. |
Year or | Shares sold | Shares issued in merger | Reinvestment of distributions | Shares redeemed | Shares converted | Net increase (decrease) in shares outstanding | Shares sold | Payments from Distribution settlement/ affiliate (Note 16) | Proceeds from shares issued in merger | Reinvestment of distributions | Redemption fee proceeds | Shares redeemed | Shares converted | Net increase (decrease) | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
period ended | # | # | # | # | # | # | ($) | $ | ($) | ($) | $ | ($) | $ | ($) | |||||||||||||||||||||||||||||||||||||||||||||
International Value Equity (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 68,489 | — | 5,321 | (396,578 | ) | — | (322,768 | ) | 1,869,677 | — | — | 143,031 | — | (10,759,324 | ) | — | (8,746,616 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 1,072,101 | — | 258,211 | (7,581,198 | ) | — | (6,250,886 | ) | 29,635,295 | 129,275 | — | 6,989,762 | — | (217,824,290 | ) | — | (181,069,958 | ) | |||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 27,848 | — | 2,299 | (122,670 | ) | — | (92,523 | ) | 778,474 | — | — | 61,695 | — | (3,370,355 | ) | — | (2,530,186 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 73,824 | — | 93,751 | (639,520 | ) | — | (471,945 | ) | 2,055,899 | 14,824 | — | 2,535,022 | — | (16,912,549 | ) | — | (12,306,804 | ) | |||||||||||||||||||||||||||||||||||||||||
International Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 389,098 | — | 346,909 | (4,173,570 | ) | — | (3,437,563 | ) | 4,233,761 | — | — | 3,671,746 | — | (45,381,625 | ) | — | (37,476,118 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 1,592,206 | — | 624,185 | (13,328,059 | ) | — | (11,111,668 | ) | 15,911,710 | 370,454 | — | 5,904,795 | — | (133,988,233 | ) | — | (111,801,274 | ) | |||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 1,070 | — | 679 | (13,510 | ) | — | (11,761 | ) | 11,895 | — | — | 7,319 | — | (147,113 | ) | — | (127,899 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 3,308 | — | 1,473 | (79,061 | ) | — | (74,280 | ) | 33,148 | 1,679 | — | 14,127 | — | (811,502 | ) | — | (762,548 | ) | |||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 48,051 | — | 142,475 | (1,468,312 | ) | — | (1,277,786 | ) | 496,853 | — | — | 1,468,254 | — | (15,417,816 | ) | — | (13,452,709 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 88,634 | — | 203,326 | (3,641,870 | ) | — | (3,349,910 | ) | 836,062 | 166,718 | — | 1,872,630 | — | (35,566,726 | ) | — | (32,691,316 | ) | |||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 674,746 | — | 465,200 | (13,325,935 | ) | — | (12,185,989 | ) | 7,289,879 | — | — | 4,890,891 | — | (147,039,853 | ) | — | (134,859,083 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 1,900,630 | — | 716,678 | (8,267,004 | ) | — | (5,649,696 | ) | 19,262,272 | 321,337 | — | 6,736,773 | — | (82,295,214 | ) | — | (55,974,832 | ) | |||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | — | — | 197 | (2,322 | ) | — | (2,125 | ) | — | — | — | 2,079 | — | (24,928 | ) | — | (22,849 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 2,195 | — | 413 | (30,318 | ) | — | (27,710 | ) | 20,689 | 403 | — | 3,889 | — | (300,118 | ) | — | (275,137 | ) | |||||||||||||||||||||||||||||||||||||||||
Russia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 129,162 | — | 44,011 | (1,352,437 | ) | — | (1,179,264 | ) | 4,325,666 | — | — | 1,447,130 | 21,581 | (44,215,168 | ) | — | (38,420,791 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 486,919 | — | — | (2,470,645 | ) | — | (1,983,726 | ) | 15,853,700 | — | — | — | 122,278 | (77,879,747 | ) | — | (61,903,769 | ) | |||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 48,985 | — | 1,175 | (81,189 | ) | — | (31,029 | ) | 1,620,568 | — | — | 38,949 | — | (2,683,595 | ) | — | (1,024,078 | ) | |||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 252,713 | — | — | (291,136 | ) | — | (38,423 | ) | 8,205,811 | — | — | — | 10,849 | (9,318,184 | ) | — | (1,101,524 | ) | |||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 1,210 | — | 12 | (517 | ) | — | 705 | 39,122 | — | — | 408 | 185 | (16,657 | ) | — | 23,058 | |||||||||||||||||||||||||||||||||||||||||||
10/31/2012 | 2,374 | — | — | (419 | ) | — | 1,955 | 69,952 | — | — | — | 204 | (12,552 | ) | — | 57,604 |
Fund | Value of Securities Loaned | Cash Collateral Received | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
International Small Cap | $ | 3,445,324 | $ | 3,655,571 | ||||||
International Value Equity | 575,291 | 588,266 | ||||||||
Russia | 6,530,864 | 7,684,288 |
Six Months Ended April 30, 2013 | Year Ended October 31, 2012 | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ordinary Income | Ordinary Income | Long-term Capital Gain | Return of Capital | ||||||||||||||||
Diversified Emerging Markets Debt | $ | 8,964 | $ | — | $ | — | $ | — | |||||||||||
Diversified International | 1,749,755 | 1,060,003 | — | — | |||||||||||||||
Global Bond | 16,687,802 | 27,988,289 | 6,774,863 | 10,078,625 | |||||||||||||||
International Small Cap | 4,393,881 | 5,339,421 | — | — | |||||||||||||||
International Value Choice | 371,925 | 774,425 | — | — | |||||||||||||||
International Value Equity | 682,420 | 32,521,474 | 29,040,761 | — | |||||||||||||||
International Value | 11,769,717 | 18,093,661 | — | — | |||||||||||||||
Russia | 1,710,079 | — | — | — |
Capital Loss Carryforwards | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Undistributed Ordinary Income | Late Year Ordinary Losses Deferred | Unrealized Appreciation/ (Depreciation) | Amount | Character | Expiration | ||||||||||||||||||||||
Diversified International | $ | 526,968 | $ | (178,380 | ) | $ | 2,898,366 | $ | (28,060,058 | ) | Short-term | 2016 | |||||||||||||||
(93,445,922 | ) | Short-term | 2017 | ||||||||||||||||||||||||
(33,117,873 | ) | Short-term | 2018 | ||||||||||||||||||||||||
(824,702 | ) | Short-term | 2019 | ||||||||||||||||||||||||
(418,596 | ) | Short-term | None | ||||||||||||||||||||||||
(6,148,582 | ) | Long-term | None | ||||||||||||||||||||||||
$ | (162,015,733 | ) | |||||||||||||||||||||||||
Global Bond | — | — | 12,336,465 | — | N/A | N/A | |||||||||||||||||||||
International Small Cap | 4,278,857 | — | 11,334,106 | (77,906,737 | ) | Short-term | 2016 | ||||||||||||||||||||
(202,973,948 | ) | Short-term | 2017 | ||||||||||||||||||||||||
(1,355,837 | ) | Short-term | None | ||||||||||||||||||||||||
$ | (282,236,522 | ) | |||||||||||||||||||||||||
International Value Choice | 365,853 | — | (2,284,541 | ) | (14,545,893 | ) | Short-term | 2017 | |||||||||||||||||||
(359,381 | ) | Short-term | 2019 | ||||||||||||||||||||||||
(2,490,915 | ) | Long-term | None | ||||||||||||||||||||||||
$ | (17,396,189 | ) | |||||||||||||||||||||||||
International Value Equity | 681,489 | — | (27,177,137 | ) | (9,135,728 | ) | Short-term | None | |||||||||||||||||||
(25,904,849 | ) | Long-term | None | ||||||||||||||||||||||||
$ | (35,040,577 | ) | |||||||||||||||||||||||||
International Value | 11,410,427 | — | (45,848,330 | ) | (810,539,013 | ) | Short-term | 2017 | |||||||||||||||||||
(70,133,094 | ) | Short-term | 2018 | ||||||||||||||||||||||||
(8,757,263 | ) | Short-term | 2019 | ||||||||||||||||||||||||
(12,866,873 | ) | Short-term | None | ||||||||||||||||||||||||
(51,613,608 | ) | Long-term | None | ||||||||||||||||||||||||
$ | (953,909,851 | ) | |||||||||||||||||||||||||
Russia | 982,885 | — | 41,515,751 | (66,111,223 | ) | Short-term | 2017 | ||||||||||||||||||||
(21,810,157 | ) | Short-term | 2018 | ||||||||||||||||||||||||
(2,925,627 | ) | Short-term | None | ||||||||||||||||||||||||
$ | (90,847,007 | ) |
International Small Cap | $ | 821,983 | ||||
International Value Equity | $ | 364,932 | ||||
International Value | $ | 860,591 |
Per Share Amount | Payable Date | Record Date | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Global Bond | ||||||||||||||
Class A | $0.0353 | May 2, 2013 | April 30, 2013 | |||||||||||
Class B | $0.0281 | May 2, 2013 | April 30, 2013 | |||||||||||
Class C | $0.0283 | May 2, 2013 | April 30, 2013 | |||||||||||
Class I | $0.0383 | May 2, 2013 | April 30, 2013 | |||||||||||
Class O | $0.0354 | May 2, 2013 | April 30, 2013 | |||||||||||
Class R | $0.0328 | May 2, 2013 | April 30, 2013 | |||||||||||
Class W | $0.0377 | May 2, 2013 | April 30, 2013 | |||||||||||
Class A | $0.0353 | June 4, 2013 | May 31, 2013 | |||||||||||
Class B | $0.0283 | June 4, 2013 | May 31, 2013 | |||||||||||
Class C | $0.0282 | June 4, 2013 | May 31, 2013 | |||||||||||
Class I | $0.0384 | June 4, 2013 | May 31, 2013 | |||||||||||
Class O | $0.0355 | June 4, 2013 | May 31, 2013 | |||||||||||
Class R | $0.0335 | June 4, 2013 | May 31, 2013 | |||||||||||
Class W | $0.0379 | June 4, 2013 | May 31, 2013 |
AS OF APRIL 30, 2013 (UNAUDITED)
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUTUAL FUNDS: 87.0% | |||||||||||||||||||
Affiliated Investment Companies: 87.0% | |||||||||||||||||||
8,361 | ING Emerging Markets Corporate Debt Fund — Class P | $ | 88,372 | 8.4 | |||||||||||||||
41,572 | ING Emerging Markets Hard Currency Sovereign Debt Fund — Class P | 430,267 | 40.9 | ||||||||||||||||
37,550 | ING Emerging Markets Local Currency Debt Fund — Class P | 395,779 | 37.7 | ||||||||||||||||
Total Mutual Funds | |||||||||||||||||||
(Cost $891,303) | 914,418 | 87.0 | |||||||||||||||||
SHORT-TERM INVESTMENTS: 4.5% | |||||||||||||||||||
Mutual Funds: 4.5% | |||||||||||||||||||
47,000 | BlackRock Liquidity Funds, TempFund, Institutional Class | ||||||||||||||||||
(Cost $47,000) | $ | 47,000 | 4.5 | ||||||||||||||||
Total Short-Term Investments | |||||||||||||||||||
(Cost $47,000) | 47,000 | 4.5 | |||||||||||||||||
Total Investments in Securities (Cost $938,303) | $ | 961,418 | 91.5 | ||||||||||||||||
Assets in Excess of Other Liabilities | 88,847 | 8.5 | |||||||||||||||||
Net Assets | $ | 1,050,265 | 100.0 |
Cost for federal income tax purposes is $938,420. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 22,998 | ||||
Gross Unrealized Depreciation | — | |||||
Net Unrealized Appreciation | $ | 22,998 |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at April 30, 2013 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at fair value | ||||||||||||||||||
Mutual Funds | $ | 914,418 | $ | — | $ | — | $ | 914,418 | ||||||||||
Short-Term Investments | 47,000 | — | — | 47,000 | ||||||||||||||
Total Investments, at fair value | $ | 961,418 | $ | — | $ | — | $ | 961,418 |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
AS OF APRIL 30, 2013 (UNAUDITED)
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
EXCHANGE-TRADED FUNDS: 4.4% | |||||||||||||||||||
76,400 | iShares MSCI EAFE Value Index | $ | 4,038,504 | 4.4 | |||||||||||||||
Total Exchange- Traded Funds | |||||||||||||||||||
(Cost $3,602,870) | 4,038,504 | 4.4 | |||||||||||||||||
MUTUAL FUNDS: 95.6% | |||||||||||||||||||
Affiliated Investment Companies: 95.6% | |||||||||||||||||||
1,193,495 | ING Emerging Markets Equity Fund — Class I | 13,796,804 | 15.1 | ||||||||||||||||
3,550,944 | ING International Core Fund — Class I | 36,574,719 | 40.1 | ||||||||||||||||
1,662,037 | ING International Growth Fund — Class I | 18,265,783 | 20.0 | ||||||||||||||||
107,812 | ING International SmallCap Fund — Class I | 4,584,158 | 5.0 | ||||||||||||||||
1,219,091 | ING International Value Fund — Class I | 14,019,546 | 15.4 | ||||||||||||||||
Total Mutual Funds | |||||||||||||||||||
(Cost $74,547,031) | 87,241,010 | 95.6 | |||||||||||||||||
Total Investments in Securities (Cost $78,149,901) | $ | 91,279,514 | 100.0 | ||||||||||||||||
Liabilities in Excess of Other Assets | (24,589 | ) | — | ||||||||||||||||
Net Assets | $ | 91,254,925 | 100.0 |
Cost for federal income tax purposes is $79,666,648. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 11,612,866 | ||||
Gross Unrealized Depreciation | — | |||||
Net Unrealized Appreciation | $ | 11,612,866 |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at April 30, 2013 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at fair value | ||||||||||||||||||
Exchange-Traded Funds | $ | 4,038,504 | $ | — | $ | — | $ | 4,038,504 | ||||||||||
Mutual Funds | 87,241,010 | — | — | 87,241,010 | ||||||||||||||
Total Investments, at fair value | $ | 91,279,514 | $ | — | $ | — | $ | 91,279,514 |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
Issuer | Beginning Market Value at 10/31/12 | Purchases at Cost | Sales at Cost | Change in Unrealized Appreciated/ (Depreciation) | Ending Market Value at 4/30/13 | Investment Income | Realized Gains/ (Losses) | Net Capital Gain Distributions | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ING Emerging Markets Equity Fund — Class I | $ | 14,559,150 | $ | 797,061 | $ | (2,298,115 | ) | $ | 738,708 | $ | 13,796,804 | $ | 23,976 | $ | 258,860 | $ | — | |||||||||||||||||
ING International Core Fund — Class I | 38,882,434 | 912,723 | (7,008,999 | ) | 3,788,561 | 36,574,719 | 527,047 | (190,398 | ) | 192,712 | ||||||||||||||||||||||||
ING International Growth Fund — Class I | 19,418,723 | 537,131 | (3,630,931 | ) | 1,940,860 | 18,265,783 | 311,635 | 69,752 | — | |||||||||||||||||||||||||
$ | 72,860,307 | $ | 2,246,915 | $ | (12,938,045 | ) | $ | 6,468,129 | $ | 68,637,306 | $ | 862,658 | $ | 138,214 | $ | 192,712 |
AS OF APRIL 30, 2013 (UNAUDITED)
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CORPORATE BONDS/NOTES: 20.0% | |||||||||||||||||||
Bermuda: 0.1% | |||||||||||||||||||
1,000,000 | # | NCL Corp. Ltd., 5.000%, 02/15/18 | $ | 1,043,750 | 0.1 | ||||||||||||||
Brazil: 1.2% | |||||||||||||||||||
BRL 4,000,000 | # | Banco Votorantim SA, 6.250%, 05/16/16 | 2,341,570 | 0.3 | |||||||||||||||
2,400,000 | # | BC Luxco 1 SA, 7.375%, 01/29/20 | 2,508,000 | 0.3 | |||||||||||||||
1,575,000 | # | Itau Unibanco Holding SA/Cayman Island, 5.125%, 05/13/23 | 1,639,969 | 0.2 | |||||||||||||||
500,000 | # | JBS USA LLC/JBS USA Finance, Inc., 8.250%, 02/01/20 | 555,000 | 0.1 | |||||||||||||||
1,028,750 | # | QGOG Atlantic/Alaskan Rigs Ltd., 5.250%, 07/30/18 | 1,078,644 | 0.1 | |||||||||||||||
1,340,000 | Other Securities | 1,459,848 | 0.2 | ||||||||||||||||
9,583,031 | 1.2 | ||||||||||||||||||
Canada: 0.2% | |||||||||||||||||||
1,000,000 | # | Bombardier, Inc., 6.125%, 01/15/23 | 1,086,250 | 0.1 | |||||||||||||||
822,000 | Other Securities | 830,937 | 0.1 | ||||||||||||||||
1,917,187 | 0.2 | ||||||||||||||||||
Cayman Islands: 0.2% | |||||||||||||||||||
665,000 | # | Sable International Finance Ltd., 8.750%, 02/01/20 | 756,437 | 0.1 | |||||||||||||||
750,000 | Other Securities | 818,438 | 0.1 | ||||||||||||||||
1,574,875 | 0.2 | ||||||||||||||||||
Chile: 0.1% | |||||||||||||||||||
375,000 | # | Automotores Gildemeister SA, 6.750%, 01/15/23 | 385,313 | 0.1 | |||||||||||||||
China: 0.0% | |||||||||||||||||||
250,000 | # | Mega Advance Investments Ltd., 6.375%, 05/12/41 | 324,636 | 0.0 | |||||||||||||||
Colombia: 0.3% | |||||||||||||||||||
1,500,000 | # | Colombia Telecomunicaciones SA ESP, 5.375%, 09/27/22 | 1,507,500 | 0.2 | |||||||||||||||
719,000 | # | Empresa de Energia de Bogota SA, 6.125%, 11/10/21 | 803,483 | 0.1 | |||||||||||||||
2,310,983 | 0.3 | ||||||||||||||||||
Dominican Republic: 0.1% | |||||||||||||||||||
1,000,000 | # | Banco de Reservas de LA Republica Dominicana, 7.000%, 02/01/23 | 1,028,500 | 0.1 | |||||||||||||||
Hong Kong: 0.2% | |||||||||||||||||||
1,500,000 | # | Hutchison Whampoa International 12 Ltd., 6.000%, 05/29/49 | 1,616,250 | 0.2 | |||||||||||||||
India: 0.3% | |||||||||||||||||||
1,300,000 | # | ICICI Bank Ltd./Dubai, 4.700%, 02/21/18 | 1,384,799 | 0.2 | |||||||||||||||
1,392,000 | # | Reliance Industries Ltd., 5.875%, 12/31/49 | 1,381,560 | 0.1 | |||||||||||||||
2,766,359 | 0.3 | ||||||||||||||||||
Ireland: 0.0% | |||||||||||||||||||
250,000 | # | Ardagh Packaging Finance PLC, 7.375%, 10/15/17 | 276,562 | 0.0 | |||||||||||||||
Italy: 0.0% | |||||||||||||||||||
277,000 | Other Securities | 291,251 | 0.0 | ||||||||||||||||
Kazakhstan: 0.2% | |||||||||||||||||||
1,000,000 | # | Development Bank of Kazakhstan JSC, 4.125%, 12/10/22 | 990,500 | 0.1 | |||||||||||||||
750,000 | # | KazMunayGas National Co. JSC, 4.400%, 04/30/23 | 754,366 | 0.1 | |||||||||||||||
1,744,866 | 0.2 | ||||||||||||||||||
Mexico: 0.3% | |||||||||||||||||||
875,000 | # | BBVA, 6.750%, 09/30/22 | 1,008,438 | 0.1 | |||||||||||||||
1,175,000 | # | Mexichem SAB de CV, 4.875%, 09/19/22 | 1,280,750 | 0.2 | |||||||||||||||
2,289,188 | 0.3 | ||||||||||||||||||
Netherlands: 0.2% | |||||||||||||||||||
325,000 | # | Carlson Wagonlit BV, 6.875%, 06/15/19 | 346,125 | 0.0 | |||||||||||||||
1,133,000 | Other Securities | 1,289,899 | 0.2 | ||||||||||||||||
1,636,024 | 0.2 | ||||||||||||||||||
Paraguay: 0.3% | |||||||||||||||||||
2,600,000 | # | Telefonica Celular del Paraguay SA, 6.750%, 12/13/22 | 2,840,500 | 0.3 | |||||||||||||||
Russia: 0.4% | |||||||||||||||||||
1,150,000 | # | EuroChem Mineral & Chemical Co. OJSC via EuroChem GI Ltd., 5.125%, 12/12/17 | 1,183,350 | 0.1 | |||||||||||||||
1,300,000 | # | Rosneft Oil Co. via Rosneft International Finance Ltd., 4.199%, 03/06/22 | 1,309,750 | 0.2 | |||||||||||||||
400,000 | # | Gazprom OAO Via Gaz Capital SA, 5.999%, 01/23/21 | 456,500 | 0.1 | |||||||||||||||
2,949,600 | 0.4 | ||||||||||||||||||
South Africa: 0.0% | |||||||||||||||||||
100,000 | Other Securities | 100,923 | 0.0 | ||||||||||||||||
Switzerland: 0.2% | |||||||||||||||||||
1,143,000 | Other Securities | 1,327,809 | 0.2 |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CORPORATE BONDS/NOTES: (continued) | |||||||||||||||||||
Turkey: 0.1% | |||||||||||||||||||
500,000 | # | Turkiye Is Bankasi, 6.000%, 10/24/22 | $ | 548,750 | 0.1 | ||||||||||||||
United Arab Emirates: 0.6% | |||||||||||||||||||
1,100,000 | # | Abu Dhabi National Energy Co., 2.500%, 01/12/18 | 1,118,700 | 0.1 | |||||||||||||||
1,080,000 | # | Abu Dhabi National Energy Co., 5.875%, 12/13/21 | 1,291,950 | 0.2 | |||||||||||||||
732,000 | # | Dolphin Energy Ltd., 5.500%, 12/15/21 | 869,250 | 0.1 | |||||||||||||||
1,611,000 | # | IPIC GMTN Ltd., 5.500%, 03/01/22 | 1,913,062 | 0.2 | |||||||||||||||
5,192,962 | 0.6 | ||||||||||||||||||
United Kingdom: 1.0% | |||||||||||||||||||
627,000 | # | Barclays Bank PLC, 6.050%, 12/04/17 | 712,782 | 0.1 | |||||||||||||||
250,000 | # | Ineos Finance PLC, 8.375%, 02/15/19 | 282,813 | 0.0 | |||||||||||||||
665,000 | # | Lloyds TSB Bank PLC, 6.500%, 09/14/20 | �� | 761,067 | 0.1 | ||||||||||||||
936,000 | # | Standard Chartered PLC, 3.950%, 01/11/23 | 958,337 | 0.1 | |||||||||||||||
5,500,000 | Other Securities | 5,691,537 | 0.7 | ||||||||||||||||
8,406,536 | 1.0 | ||||||||||||||||||
United States: 14.0% | |||||||||||||||||||
3,762,000 | AT&T, Inc., 2.500%–5.350%, 08/15/15–09/01/40 | 4,074,367 | 0.5 | ||||||||||||||||
1,750,000 | Bank of America Corp., 5.420%–5.625%, 03/15/17–07/01/20 | 2,064,393 | 0.2 | ||||||||||||||||
2,749,000 | # | Barrick North America Finance LLC, 5.750%, 05/01/43 | 2,772,996 | 0.3 | |||||||||||||||
250,000 | # | Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 7.125%, 11/15/19 | 258,750 | 0.0 | |||||||||||||||
3,423,000 | Citigroup, Inc., 4.050%–8.500%, 09/15/14–07/30/22 | 3,691,299 | 0.4 | ||||||||||||||||
2,641,000 | Comcast Corp., 5.700%–6.550%, 05/15/18–07/01/39 | 3,315,722 | 0.4 | ||||||||||||||||
2,159,000 | # | COX Communications, Inc., 2.950%, 06/30/23 | 2,159,274 | 0.3 | |||||||||||||||
560,000 | # | DISH DBS Corp., 4.250%, 04/01/18 | 553,000 | 0.1 | |||||||||||||||
1,000,000 | # | Eagle Spinco, Inc., 4.625%, 02/15/21 | 1,053,750 | 0.1 | |||||||||||||||
1,128,000 | # | Freeport-McMoRan Copper & Gold, Inc., 3.875%, 03/15/23 | 1,139,461 | 0.1 | |||||||||||||||
600,000 | # | Fresenius Medical Care US Finance II, Inc., 5.625%, 07/31/19 | 673,500 | 0.1 | |||||||||||||||
2,493,000 | General Electric Capital Corp., 4.375%, 09/16/20 | 2,833,075 | 0.3 | ||||||||||||||||
549,000 | General Electric Capital Corp., 6.750%, 03/15/32 | 720,826 | 0.1 | ||||||||||||||||
1,601,000 | General Electric Co., 2.700%, 10/09/22 | 1,652,539 | 0.2 | ||||||||||||||||
991,000 | # | Hyatt Hotels Corp., 6.875%, 08/15/19 | 1,184,227 | 0.1 | |||||||||||||||
3,625,000 | JPMorgan Chase & Co., 3.375%–5.875%, 06/13/16–05/01/23 | 3,933,674 | 0.5 | ||||||||||||||||
500,000 | # | Kinder Morgan Finance Co., LLC, 6.000%, 01/15/18 | 557,903 | 0.1 | |||||||||||||||
500,000 | # | Lennar Corp., 4.125%, 12/01/18 | 511,250 | 0.1 | |||||||||||||||
2,153,000 | Morgan Stanley, 3.750%–7.300%, 05/13/19–02/25/23 | 2,353,970 | 0.3 | ||||||||||||||||
1,000,000 | # | Nielsen Finance, LLC/ Nielsen Finance Co., 4.500%, 10/01/20 | 1,026,250 | 0.1 | |||||||||||||||
1,100,000 | # | Sealed Air Corp., 8.375%, 09/15/21 | 1,292,500 | 0.2 | |||||||||||||||
2,186,000 | Time Warner, Inc., 5.875%–6.500%, 11/15/36–11/15/40 | 2,650,868 | 0.3 | ||||||||||||||||
1,325,000 | # | Turlock Corp., 4.150%, 11/02/42 | 1,352,523 | 0.2 | |||||||||||||||
400,000 | # | Valeant Pharmaceuticals International, 7.000%, 10/01/20 | 444,000 | 0.1 | |||||||||||||||
720,000 | # | Valeant Pharmaceuticals International, 7.250%, 07/15/22 | 819,000 | 0.1 | |||||||||||||||
735,000 | # | XM Satellite Radio, Inc., 7.625%, 11/01/18 | 819,525 | 0.1 | |||||||||||||||
65,176,000 | Other Securities | 72,095,080 | 8.7 | ||||||||||||||||
116,003,722 | 14.0 | ||||||||||||||||||
Total Corporate Bonds/Notes | |||||||||||||||||||
(Cost $155,316,488) | 166,159,577 | 20.0 | |||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: 7.9% | |||||||||||||||||||
United States: 7.9% | |||||||||||||||||||
1,685,000 | # | American General Mortgage Loan Trust, 5.750%, 09/25/48 | 1,787,806 | 0.2 | |||||||||||||||
1,578,283 | Banc of America Alternative Loan Trust, 4.750%, 02/25/19 | 1,590,324 | 0.2 |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |||||||||||||||||||
United States: (continued) | |||||||||||||||||||
710,000 | Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.359%, 09/10/47 | $ | 763,963 | 0.1 | |||||||||||||||
309,839 | Banc of America Funding Corp., 5.750%, 10/25/35–11/25/35 | 310,966 | 0.0 | ||||||||||||||||
2,030,000 | # | BB-UBS Trust, 2.892%, 06/05/30 | 2,087,853 | 0.3 | |||||||||||||||
770,857 | Bear Stearns Adjustable Rate Mortgage Trust, 2.643%, 08/25/35 | 776,490 | 0.1 | ||||||||||||||||
2,644,200 | # | Bear Stearns Commercial Mortgage Securities, 5.483%, 07/11/42 | 2,726,179 | 0.3 | |||||||||||||||
1,033,000 | # | Bear Stearns Commercial Mortgage Securities, 5.765%, 04/12/38 | 1,094,011 | 0.2 | |||||||||||||||
5,940,333 | ˆ | COMM 2013-LC6 Mortgage Trust, 1.959%, 01/10/46 | 657,572 | 0.1 | |||||||||||||||
5,462,647 | ˆ | Commercial Mortgage Pass Through Certificates, 2.090%, 12/10/45 | 668,818 | 0.1 | |||||||||||||||
5,942,491 | ˆ | Commercial Mortgage Pass Through Certificates, 2.173%, 10/15/45 | 781,622 | 0.1 | |||||||||||||||
8,041,966 | ˆ | Commercial Mortgage Pass Through Certificates, 2.429%, 05/15/45 | 1,102,389 | 0.1 | |||||||||||||||
1,434,062 | # | Credit Suisse Mortgage Capital Certificates, 4.677%, 07/27/37 | 1,446,010 | 0.2 | |||||||||||||||
660,000 | # | CSMC Series 2009-RR3, 5.342%, 12/15/43 | 749,090 | 0.1 | |||||||||||||||
531,118 | # | First Union National Bank Commercial Mortgage, 6.000%, 12/12/33 | 533,798 | 0.1 | |||||||||||||||
553,000 | GS Mort Sec Corp. II Commercial Mort Ps Thr Cert Ser 2004-GG2, 5.826%, 08/10/38 | 512,072 | 0.1 | ||||||||||||||||
6,038,246 | ˆ | GS Mortgage Securities Corp. II, 2.567%, 11/10/45 | 911,509 | 0.1 | |||||||||||||||
1,620,000 | # | GS MTG, 1.048%, 11/08/29 | 1,632,141 | 0.2 | |||||||||||||||
1,630,000 | # | Heller Financial Commercial Mortgage Asset, 6.500%, 05/15/31 | 1,652,755 | 0.2 | |||||||||||||||
1,090,000 | # | JP Morgan Chase Com Mort Sec Corp. Ps Thr Certs Ser 2003-LN1, 5.690%, 10/15/37 | 947,084 | 0.1 | |||||||||||||||
9,219,645 | ˆ | JP Morgan Chase Commercial Mortgage Securities Corp., 2.102%, 12/15/47 | 1,117,474 | 0.2 | |||||||||||||||
5,440,000 | #,ˆ | JP Morgan Chase Commercial Mortgage Securities Corp., 0.447%, 12/15/47 | 166,126 | 0.0 | |||||||||||||||
111,043 | JP Morgan Chase Commerical Mortgage Securities Corp., 5.247%, 01/12/43 | 112,005 | 0.0 | ||||||||||||||||
269,156 | # | JPMorgan Chase Commerical Mortgage Securities Corp., 6.135%, 07/12/37 | 269,939 | 0.0 | |||||||||||||||
156,356 | JP Morgan Chase Commercial Mortgage Securities Corp., 4.903%, 10/15/42 | 156,273 | 0.0 | ||||||||||||||||
850,000 | LB-UBS Commercial Mortgage Trust 2005-C3, 5.013%, 07/15/40 | 728,492 | 0.1 | ||||||||||||||||
1,180,000 | # | LB-UBS Commercial Mortgage Trust, 5.224%, 07/15/37 | 1,161,965 | 0.1 | |||||||||||||||
453,000 | # | LB-UBS Commercial Mortgage Trust, 5.413%, 02/15/40 | 410,418 | 0.1 | |||||||||||||||
4,549,455 | LB-UBS Commercial Mortgage Trust, 4.943%–6.082%, 10/15/36–07/15/40 | 4,708,823 | 0.5 | ||||||||||||||||
GBP 2,841,000 | MBNA Credit Card Master Note Trust, 6.100%, 10/19/15 | 4,428,790 | 0.5 | ||||||||||||||||
8,260,617 | ˆ | Morgan Stanley Bank of America Merrill Lynch Trust, 1.666%, 12/15/48 | 700,628 | 0.1 | |||||||||||||||
1,520,000 | Morgan Stanley Capital I, Inc., 5.542%, 06/15/38 | 1,569,110 | 0.2 | ||||||||||||||||
1,450,000 | # | Morgan Stanley Capital I, Inc., 3.629%, 01/11/32 | 1,486,844 | 0.2 | |||||||||||||||
1,020,000 | # | Morgan Stanley Capital I, 5.420%, 09/15/47 | 1,130,938 | 0.1 | |||||||||||||||
930,000 | # | Morgan Stanley Capital I, 5.420%, 09/15/47 | 1,008,616 | 0.1 | |||||||||||||||
1,330,000 | # | Morgan Stanley Capital I, 5.626%, 01/13/41 | 1,346,263 | 0.2 | |||||||||||||||
2,650,000 | # | Morgan Stanley Reremic Trust, 5.466%, 12/17/43 | 2,706,825 | 0.3 |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | |||||||||||||||||||
United States: (continued) | |||||||||||||||||||
3,582,252 | Morgan Stanley Capital I, 5.172%–5.763%, 01/14/42–04/12/49 | $ | 3,696,637 | 0.4 | |||||||||||||||
370,000 | # | Motel 6 Trust, 1.948%, 10/05/25 | 376,407 | 0.0 | |||||||||||||||
960,000 | # | RBSCF Trust, 5.305%, 01/16/49 | 973,089 | 0.1 | |||||||||||||||
2,080,000 | # | Salomon Brothers Mortgage Securities VII, Inc., 7.000%, 05/18/32 | 2,105,109 | 0.3 | |||||||||||||||
11,888,710 | #, ˆ | UBS-Barclays Commercial Mortgage Trust, 2.359%, 08/10/49 | 1,675,023 | 0.2 | |||||||||||||||
11,198,846 | #, ˆ | Wells Fargo Commercial Mortgage Trust, 2.314%, 10/15/45 | 1,525,031 | 0.2 | |||||||||||||||
377,042 | Wells Fargo Mortgage Backed Securities Trust, 5.000%, 11/25/36 | 389,107 | 0.0 | ||||||||||||||||
5,217,807 | #, ˆ | Wells Fargo Mortgage Backed Securities Trust, 2.410%, 08/15/45 | 694,912 | 0.1 | |||||||||||||||
1,430,255 | Wells Fargo Mortgage-Backed Securities Trust, 5.330%, 08/25/35 | 1,442,773 | 0.2 | ||||||||||||||||
6,406,784 | Other Securities | 6,442,949 | 0.8 | ||||||||||||||||
Total Collateralized Mortgage Obligations | |||||||||||||||||||
(Cost $64,112,350) | 65,263,018 | 7.9 | |||||||||||||||||
FOREIGN GOVERNMENT BONDS: 43.8% | |||||||||||||||||||
Angola: 0.1% | |||||||||||||||||||
1,000,000 | Other Securities | 1,102,500 | 0.1 | ||||||||||||||||
Argentina: 0.5% | |||||||||||||||||||
880,000 | City of Buenos Aires, 9.950%, 03/01/17 | 783,200 | 0.1 | ||||||||||||||||
5,929,826 | Argentina Government International Bond, 2.500%–8.280%, 09/12/13–12/31/38 | 3,605,422 | 0.4 | ||||||||||||||||
4,388,622 | 0.5 | ||||||||||||||||||
Aruba: 0.1% | |||||||||||||||||||
470,000 | # | Aruba Government Bond, 4.625%, 09/14/23 | 489,505 | 0.1 | |||||||||||||||
Austria: 0.9% | |||||||||||||||||||
EUR 4,940,000 | # | Austria Government Bond, 3.200%, 02/20/17 | 7,210,749 | 0.9 | |||||||||||||||
Azerbaijan: 0.1% | |||||||||||||||||||
840,000 | Other Securities | 905,100 | 0.1 | ||||||||||||||||
Belarus: 0.3% | |||||||||||||||||||
2,373,000 | Other Securities | 2,506,968 | 0.3 | ||||||||||||||||
Belgium: 1.1% | |||||||||||||||||||
EUR 7,030,000 | Belgium Government Bond, 1.250%, 06/22/18 | 9,456,749 | 1.1 | ||||||||||||||||
Belize: 0.1% | |||||||||||||||||||
1,486,000 | # | Belize Government International Bond, 5.000%, 02/20/38 | 1,051,345 | 0.1 | |||||||||||||||
Brazil: 7.0% | |||||||||||||||||||
BRL 106,917,000 | Brazil Notas do Tesouro Nacional Series F, 10.000%, 01/01/23 | 54,470,639 | 6.6 | ||||||||||||||||
3,615,000 | Brazilian Government International Bond, 2.625%, 01/05/23 | 3,613,192 | 0.4 | ||||||||||||||||
320,000 | Other Securities | 334,237 | 0.0 | ||||||||||||||||
58,418,068 | 7.0 | ||||||||||||||||||
Canada: 0.0% | |||||||||||||||||||
CAD 30,000 | Other Securities | 39,677 | 0.0 | ||||||||||||||||
Chile: 0.2% | |||||||||||||||||||
450,000 | # | Corp Nacional del Cobre de Chile, 4.250%, 07/17/42 | 440,176 | 0.1 | |||||||||||||||
770,000 | Other Securities | 832,840 | 0.1 | ||||||||||||||||
1,273,016 | 0.2 | ||||||||||||||||||
Colombia: 0.3% | |||||||||||||||||||
1,543,000 | Other Securities | 2,115,097 | 0.3 | ||||||||||||||||
Costa Rica: 0.1% | |||||||||||||||||||
750,000 | # | Costa Rica Government International Bond, 4.250%–5.625%, 01/26/23–04/30/43 | 770,200 | 0.1 | |||||||||||||||
Croatia: 0.3% | |||||||||||||||||||
2,400,000 | # | Hrvatska Elektroprivreda, 6.000%, 11/09/17 | 2,562,000 | 0.3 | |||||||||||||||
300,000 | Other Securities | 340,500 | 0.0 | ||||||||||||||||
2,902,500 | 0.3 | ||||||||||||||||||
Dominican Republic: 1.0% | |||||||||||||||||||
DOP 50,000,000 | Dominican Republic International Bond, 14.000%, 10/18/19 | 1,301,003 | 0.1 | ||||||||||||||||
DOP 116,000,000 | Dominican Republic International Bond, 15.500%, 04/19/19 | 3,182,434 | 0.4 | ||||||||||||||||
DOP 158,000,000 | # | Dominican Republic International Bond, 14.000%, 10/18/19 | 4,111,169 | 0.5 | |||||||||||||||
8,594,606 | 1.0 |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
FOREIGN GOVERNMENT BONDS: (continued) | |||||||||||||||||||
Ecuador: 0.1% | |||||||||||||||||||
800,000 | Other Securities | $ | 844,000 | 0.1 | |||||||||||||||
Gabon: 0.2% | |||||||||||||||||||
1,200,000 | Other Securities | 1,470,000 | 0.2 | ||||||||||||||||
Germany: 3.6% | |||||||||||||||||||
EUR 4,470,000 | Bundesrepublik Deutschland, 1.500%, 09/04/22 | 6,079,113 | 0.7 | ||||||||||||||||
EUR 5,120,000 | Bundesrepublik Deutschland, 2.500%, 07/04/44 | 7,385,111 | 0.9 | ||||||||||||||||
EUR 10,590,000 | Bundesrepublik Deutschland, 4.000%, 01/04/18 | 16,358,065 | 2.0 | ||||||||||||||||
29,822,289 | 3.6 | ||||||||||||||||||
Guatemala: 0.2% | |||||||||||||||||||
744,000 | Guatemala Government Bond, 8.125%, 10/06/34 | 1,004,400 | 0.1 | ||||||||||||||||
400,000 | # | Guatemala Government Bond, 4.875%, 02/13/28 | 408,000 | 0.1 | |||||||||||||||
1,412,400 | 0.2 | ||||||||||||||||||
Hungary: 0.2% | |||||||||||||||||||
1,804,000 | Other Securities | 1,973,765 | 0.2 | ||||||||||||||||
Indonesia: 0.4% | |||||||||||||||||||
2,485,000 | Indonesia Government International Bond, 5.250%–11.625%, 03/04/19–01/17/42 | 3,343,938 | 0.4 | ||||||||||||||||
Iraq: 0.1% | |||||||||||||||||||
700,000 | Other Securities | 644,000 | 0.1 | ||||||||||||||||
Ivory Coast: 0.1% | |||||||||||||||||||
1,232,000 | Other Securities(a) | 1,185,800 | 0.1 | ||||||||||||||||
Japan: 1.3% | |||||||||||||||||||
JPY 980,700,000 | Japan Government Thirty Year Bond, 1.800%, 03/20/43 | 10,474,421 | 1.3 | ||||||||||||||||
Kazakhstan: 0.1% | |||||||||||||||||||
670,000 | # | Kazakhstan Temir Zholy Finance BV, 6.950%, 07/10/42 | 795,625 | 0.1 | |||||||||||||||
Latvia: 0.1% | |||||||||||||||||||
600,000 | # | Republic of Latvia, 2.750%, 01/12/20 | 601,500 | 0.1 | |||||||||||||||
Lebanon: 0.2% | |||||||||||||||||||
1,725,000 | Other Securities | 1,770,500 | 0.2 | ||||||||||||||||
Lithuania: 0.2% | |||||||||||||||||||
800,000 | # | Lithuania Government International Bond, 5.125%, 09/14/17 | 903,000 | 0.1 | |||||||||||||||
600,000 | Other Securities | 768,150 | 0.1 | ||||||||||||||||
1,671,150 | 0.2 | ||||||||||||||||||
Malaysia: 2.1% | |||||||||||||||||||
MYR 14,139,000 | Z | Bank Negara Malaysia Monetary Notes, 2.790%, 10/22/13 | 4,585,037 | 0.5 | |||||||||||||||
MYR 40,020,000 | Malaysia Government Bond, 3.461%, 07/31/13 | 13,167,310 | 1.6 | ||||||||||||||||
17,752,347 | 2.1 | ||||||||||||||||||
Mexico: 0.7% | |||||||||||||||||||
359,000 | # | Comision Federal de Electricidad, 5.750%, 02/14/42 | 407,465 | 0.0 | |||||||||||||||
2,520,000 | Pemex Project Funding Master Trust, 6.625%, 06/15/35–06/15/38 | 3,188,943 | 0.4 | ||||||||||||||||
514,000 | # | Petroleos Mexicanos, 3.500%, 01/30/23 | 524,280 | 0.1 | |||||||||||||||
1,358,000 | Other Securities | 1,625,805 | 0.2 | ||||||||||||||||
5,746,493 | 0.7 | ||||||||||||||||||
Mongolia: 0.0% | |||||||||||||||||||
200,000 | # | Mongolia Government International Bond, 5.125%, 12/05/22 | 190,000 | 0.0 | |||||||||||||||
Morocco: 0.2% | |||||||||||||||||||
1,000,000 | # | Morocco Government International Bond, 4.250%, 12/11/22 | 1,041,250 | 0.1 | |||||||||||||||
500,000 | Other Securities | 520,625 | 0.1 | ||||||||||||||||
1,561,875 | 0.2 | ||||||||||||||||||
Namibia: 0.1% | |||||||||||||||||||
600,000 | Other Securities | 673,500 | 0.1 | ||||||||||||||||
Netherlands: 4.6% | |||||||||||||||||||
EUR 28,140,000 | # | Netherlands Government Bond, 1.250%, 01/15/18 | 38,257,103 | 4.6 | |||||||||||||||
Nigeria: 1.1% | |||||||||||||||||||
NGN 1,280,500,000 | Z | Nigeria Government Bond, 7.000%–11.440%, 09/26/13–10/23/19 | 7,291,361 | 0.9 | |||||||||||||||
NGN 257,300,000 | Other Securities | 1,627,597 | 0.2 | ||||||||||||||||
8,918,958 | 1.1 | ||||||||||||||||||
Panama: 0.2% | |||||||||||||||||||
1,425,000 | Other Securities | 1,676,813 | 0.2 | ||||||||||||||||
Paraguay: 0.2% | |||||||||||||||||||
1,800,000 | # | Republic of Paraguay, 4.625%, 01/25/23 | 1,845,000 | 0.2 |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
FOREIGN GOVERNMENT BONDS: (continued) | |||||||||||||||||||
Peru: 1.8% | |||||||||||||||||||
2,000,000 | # | El Fondo Mivivienda SA, 3.500%, 01/31/23 | $ | 1,996,000 | 0.3 | ||||||||||||||
PEN 4,200,000 | # | Peruvian Government International Bond, 6.950%, 08/12/31 | 1,983,360 | 0.2 | |||||||||||||||
PEN 8,400,000 | # | Peruvian Government International Bond, 7.840%, 08/12/20 | 3,984,518 | 0.5 | |||||||||||||||
PEN 11,350,000 | # | Peruvian Government International Bond, 8.200%, 08/12/26 | 5,987,380 | 0.7 | |||||||||||||||
510,000 | Peruvian Government International Bond, 5.625%, 11/18/50 | 656,625 | 0.1 | ||||||||||||||||
14,607,883 | 1.8 | ||||||||||||||||||
Philippines: 0.5% | |||||||||||||||||||
2,306,000 | Philippine Government International Bond, 4.000%–6.375%, 01/15/21–01/15/32 | 2,766,644 | 0.4 | ||||||||||||||||
650,000 | Other Securities | 987,187 | 0.1 | ||||||||||||||||
3,753,831 | 0.5 | ||||||||||||||||||
Poland: 0.2% | |||||||||||||||||||
1,645,000 | Other Securities | 1,730,014 | 0.2 | ||||||||||||||||
Republic Of Serbia: 0.1% | |||||||||||||||||||
1,100,000 | # | Republic of Serbia, 4.875%–5.250%, 11/21/17–02/25/20 | 1,158,150 | 0.1 | |||||||||||||||
Romania: 0.2% | |||||||||||||||||||
570,000 | # | Romanian Government International Bond, 4.375%, 08/22/23 | 592,771 | 0.1 | |||||||||||||||
808,000 | Other Securities | 993,315 | 0.1 | ||||||||||||||||
1,586,086 | 0.2 | ||||||||||||||||||
Russia: 5.5% | |||||||||||||||||||
RUB 155,100,000 | # | AHML Finance Ltd., 7.750%, 02/13/18 | 5,073,813 | 0.6 | |||||||||||||||
750,000 | Russian Agricultural Bank OJSC Via RSHB Capital SA, 5.298%, 12/27/17 | 804,000 | 0.1 | ||||||||||||||||
2,400,000 | # | Russian Agricultural Bank OJSC Via RSHB Capital SA, 5.298%, 12/27/17 | 2,572,800 | 0.3 | |||||||||||||||
RUB 787,697,000 | Russian Federal Bond — OFZ, 7.050%, 01/19/28 | 26,096,966 | 3.2 | ||||||||||||||||
RUB 223,332,000 | Russian Federal Bond — OFZ, 8.150%, 02/03/27 | 8,134,401 | 1.0 | ||||||||||||||||
1,480,250 | Russian Foreign Bond — Eurobond, 5.625%–7.500%, 03/31/30–04/04/42 | 1,838,115 | 0.2 | ||||||||||||||||
600,000 | Other Securities | 668,250 | 0.1 | ||||||||||||||||
45,188,345 | 5.5 | ||||||||||||||||||
Rwanda: 0.1% | |||||||||||||||||||
750,000 | # | Rwanda International Government Bond, 6.625%, 05/02/23 | 736,026 | 0.1 | |||||||||||||||
South Africa: 1.9% | |||||||||||||||||||
ZAR 5,000,000 | South Africa Government Bond, 7.250%, 01/15/20 | 597,615 | 0.0 | ||||||||||||||||
ZAR 105,479,700 | South Africa Government Bond, 8.750%, 02/28/48 | 13,149,140 | 1.6 | ||||||||||||||||
2,400,000 | # | Transnet SOC Ltd., 4.000%, 07/26/22 | 2,396,472 | 0.3 | |||||||||||||||
16,143,227 | 1.9 | ||||||||||||||||||
South Korea: 0.1% | |||||||||||||||||||
500,000 | # | Korea Housing Finance Corp., 4.125%, 12/15/15 | 538,570 | 0.1 | |||||||||||||||
Sri Lanka: 0.1% | |||||||||||||||||||
600,000 | # | Sri Lanka Government International Bond, 5.875%, 07/25/22 | 637,500 | 0.1 | |||||||||||||||
Tanzania: 0.2% | |||||||||||||||||||
1,200,000 | Other Securities | 1,261,500 | 0.2 | ||||||||||||||||
Thailand: 1.3% | |||||||||||||||||||
THB 227,800,000 | Thailand Government Bond, 3.125%, 12/11/15 | 7,819,773 | 0.9 | ||||||||||||||||
THB 97,027,000 | Thailand Government Bond, 3.775%, 06/25/32 | 3,288,934 | 0.4 | ||||||||||||||||
THB 1,600,000 | Thailand Government Bond, 5.250%, 05/12/14 | 55,894 | 0.0 | ||||||||||||||||
11,164,601 | 1.3 | ||||||||||||||||||
Trinidad And Tobago: 0.2% | |||||||||||||||||||
1,295,958 | Other Securities | 1,406,115 | 0.2 | ||||||||||||||||
Turkey: 0.5% | |||||||||||||||||||
2,556,000 | Turkey Government Bond, 7.375%, 02/05/25 | 3,418,650 | 0.4 | ||||||||||||||||
800,000 | Turkey Government International Bond, 4.875%, 04/16/43 | 826,000 | 0.1 | ||||||||||||||||
4,244,650 | 0.5 | ||||||||||||||||||
Ukraine: 0.4% | |||||||||||||||||||
2,350,000 | Ukraine Government International Bond, 9.250%, 07/24/17 | 2,520,375 | 0.3 | ||||||||||||||||
800,000 | # | Ukraine Government International Bond, 7.500%, 04/17/23 | 776,000 | 0.1 | |||||||||||||||
3,296,375 | 0.4 |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
FOREIGN GOVERNMENT BONDS: (continued) | |||||||||||||||||||
United Kingdom: 1.7% | |||||||||||||||||||
GBP 2,280,000 | United Kingdom Gilt, 1.000%, 09/07/17 | $ | 3,601,215 | 0.4 | |||||||||||||||
GBP 2,700,000 | United Kingdom Gilt, 1.750%, 09/07/22 | 4,223,612 | 0.5 | ||||||||||||||||
GBP 3,180,000 | United Kingdom Gilt, 4.500%, 12/07/42 | 6,387,672 | 0.8 | ||||||||||||||||
GBP 10,000 | United Kingdom Gilt, 5.000%, 09/07/14 | 16,532 | 0.0 | ||||||||||||||||
14,229,031 | 1.7 | ||||||||||||||||||
Uruguay: 0.1% | |||||||||||||||||||
493,404 | Other Securities | 749,234 | 0.1 | ||||||||||||||||
Venezuela: 0.7% | |||||||||||||||||||
3,280,400 | Petroleos de Venezuela SA, 9.000%, 11/17/21 | 3,108,179 | 0.4 | ||||||||||||||||
3,058,900 | Petroleos de Venezuela SA, 4.900%–8.500%, 10/28/14–11/02/17 | 2,960,627 | 0.3 | ||||||||||||||||
6,068,806 | 0.7 | ||||||||||||||||||
Vietnam: 0.1% | |||||||||||||||||||
440,000 | Other Securities | 524,700 | 0.1 | ||||||||||||||||
Total Foreign Government Bonds | |||||||||||||||||||
(Cost $356,975,514) | 362,880,823 | 43.8 | |||||||||||||||||
ASSET-BACKED SECURITIES: 4.6% | |||||||||||||||||||
Cayman Islands: 4.6% | |||||||||||||||||||
2,000,000 | # | Apidos CDO II, 1.076%, 12/21/18 | 1,887,224 | 0.2 | |||||||||||||||
1,570,000 | # | Ares XII CLO Ltd., 2.288%, 11/25/20 | 1,510,707 | 0.2 | |||||||||||||||
2,561,377 | # | Avalon Capital Ltd. 3, 0.558%, 02/24/19 | 2,551,480 | 0.3 | |||||||||||||||
2,195,000 | # | BlackRock Senior Income Series, 1.330%, 09/15/16 | 2,177,157 | 0.3 | |||||||||||||||
3,445,266 | # | Emporia Preferred Funding II Corp., 0.557%, 10/18/18 | 3,414,241 | 0.4 | |||||||||||||||
3,375,000 | # | Gulf Stream — Compass CLO 2005-II Ltd, 1.075%, 01/24/20 | 3,211,896 | 0.4 | |||||||||||||||
1,000,000 | # | Halcyon Structured Asset Management CLO I Ltd., 1.989%, 05/21/18 | 980,633 | 0.1 | |||||||||||||||
825,000 | # | Halcyon Structured Asset Management Long Secured/Short Unsecured 2007-1 Ltd., 0.723%, 08/07/21 | 789,950 | 0.1 | |||||||||||||||
184,657 | # | Landmark III CDO Ltd, 2.027%, 01/15/16 | 184,726 | 0.0 | |||||||||||||||
1,225,000 | # | Landmark IV CDO Ltd, 1.380%, 12/15/16 | 1,224,827 | 0.1 | |||||||||||||||
2,175,000 | # | Landmark IV CDO Ltd, 2.430%, 12/15/16 | 2,163,712 | 0.3 | |||||||||||||||
764,423 | # | Lightpoint CLO Ltd., 0.540%, 09/15/17 | 756,676 | 0.1 | |||||||||||||||
3,785,000 | # | Madison Park Funding I Ltd., 1.045%, 05/10/19 | 3,719,565 | 0.5 | |||||||||||||||
3,460,000 | # | Madison Park Funding I Ltd., 2.175%, 05/10/19 | 3,396,543 | 0.4 | |||||||||||||||
2,418,760 | # | Sagamore CLO Ltd, 1.777%, 10/15/15 | 2,419,930 | 0.3 | |||||||||||||||
600,000 | # | Stanfield Bristol CLO Ltd, 0.740%, 10/15/19 | 579,589 | 0.1 | |||||||||||||||
2,000,000 | # | Venture III CDO Ltd, 1.876%, 01/21/16 | 2,001,532 | 0.2 | |||||||||||||||
3,275,000 | # | Venture IV CDO Ltd, 1.440%, 08/15/16 | 3,254,829 | 0.4 | |||||||||||||||
1,900,000 | # | Whitney CLO Ltd, 2.387%, 03/01/17 | 1,898,980 | 0.2 | |||||||||||||||
Total Asset-Backed Securities | |||||||||||||||||||
(Cost $38,096,894) | 38,124,197 | 4.6 | |||||||||||||||||
U.S. TREASURY OBLIGATIONS: 12.2% | |||||||||||||||||||
U.S. Treasury Bonds: 4.2% | |||||||||||||||||||
13,858,000 | 2.000%, due 02/15/23 | 14,267,241 | 1.7 | ||||||||||||||||
21,661,000 | 2.750%, due 11/15/42 | 21,048,405 | 2.5 | ||||||||||||||||
35,315,646 | 4.2 | ||||||||||||||||||
U.S. Treasury Notes: 8.0% | |||||||||||||||||||
7,683,000 | 0.125%, due 04/30/15 | 7,670,999 | 0.9 | ||||||||||||||||
8,749,000 | 0.250%, due 04/15/16 | 8,735,334 | 1.1 | ||||||||||||||||
11,758,000 | 0.625%, due 04/30/18 | 11,730,439 | 1.4 | ||||||||||||||||
11,913,000 | 0.750%, due 03/31/18 | 11,966,978 | 1.4 | ||||||||||||||||
11,276,000 | 1.125%, due 03/31/20 | 11,305,949 | 1.4 | ||||||||||||||||
14,797,000 | 1.125%, due 04/30/20 | 14,833,993 | 1.8 | ||||||||||||||||
66,243,692 | 8.0 | ||||||||||||||||||
Total U.S. Treasury Obligations | |||||||||||||||||||
(Cost $100,598,610) | 101,559,338 | 12.2 | |||||||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 10.6% | |||||||||||||||||||
Federal Home Loan Mortgage Corporation: 2.6%## | |||||||||||||||||||
2,854,594 | 0.599%, due 08/15/36 | 2,880,920 | 0.3 | ||||||||||||||||
4,525,228 | 0.649%, due 06/15/37 | 4,566,559 | 0.6 | ||||||||||||||||
4,701,509 | ˆ | 5.000%, due 02/15/40 | 809,003 | 0.1 | |||||||||||||||
11,659,051 | ˆ | 5.801%, due 05/15/36 | 1,555,350 | 0.2 | |||||||||||||||
8,304,880 | ˆ | 5.851%, due 07/15/40 | 1,492,315 | 0.2 | |||||||||||||||
17,070,811 | ˆ | 6.351%, due 05/15/41 | 3,824,582 | 0.5 | |||||||||||||||
13,560,507 | ˆ | 6.451%, due 02/15/41 | 2,595,313 | 0.3 | |||||||||||||||
3,109,753 | 3.500%–5.500%, due 11/15/32–04/01/43 | 3,339,504 | 0.4 | ||||||||||||||||
21,063,546 | 2.6 |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | |||||||||||||||||||
Federal National Mortgage Association: 5.2%## | |||||||||||||||||||
4,860,120 | 0.820%, due 12/25/36 | $ | 4,916,878 | 0.6 | |||||||||||||||
3,000,000 | 3.000%, due 01/25/38 | 3,252,270 | 0.4 | ||||||||||||||||
19,522,000 | W | 3.500%, due 12/25/40 | 20,806,183 | 2.5 | |||||||||||||||
7,981,839 | ˆ | 5.000%, due 05/25/18 | 591,869 | 0.1 | |||||||||||||||
4,529,394 | ˆ | 6.250%, due 02/25/42 | 1,086,998 | 0.1 | |||||||||||||||
11,049,370 | 4.500%–32.449%, due 04/25/33–09/01/41 | 12,683,786 | 1.5 | ||||||||||||||||
43,337,984 | 5.2 | ||||||||||||||||||
Government National Mortgage Association: 2.8% | |||||||||||||||||||
9,246,000 | W | 3.000%, due 06/01/43 | 9,813,762 | 1.2 | |||||||||||||||
19,729,364 | ˆ | 4.000%, due 08/16/26 | 2,157,300 | 0.2 | |||||||||||||||
5,983,733 | ˆ | 4.000%, due 04/20/38 | 700,993 | 0.1 | |||||||||||||||
12,574,265 | ˆ | 4.500%, due 12/20/37 | 1,441,896 | 0.2 | |||||||||||||||
3,966,481 | ˆ | 5.000%, due 11/20/39 | 551,351 | 0.1 | |||||||||||||||
8,610,459 | ˆ | 5.000%, due 10/20/40 | 1,030,488 | 0.1 | |||||||||||||||
6,477,919 | 0.719%–24.568%, due 03/20/37–10/20/60 | 7,725,056 | 0.9 | ||||||||||||||||
23,420,846 | 2.8 | ||||||||||||||||||
Total U.S. Government Agency Obligations | |||||||||||||||||||
(Cost $85,714,642) | 87,822,376 | 10.6 |
# of Contracts | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
PURCHASED OPTIONS: 0.3% | |||||||||||||||||||
Options on Currencies: 0.3% | |||||||||||||||||||
81,800,000 | @ | EUR Put vs. USD Call Currency Option, Strike @ 1.280, Exp. 09/09/13 Counterparty: Barclays Bank PLC | 825,333 | 0.1 | |||||||||||||||
16,200,000 | @ | USD Put vs. JPY Call Currency Option, Strike @ 91.000, Exp. 06/10/13 Counterparty: Deutsche Bank AG | 15,002 | 0.0 | |||||||||||||||
40,800,000 | @ | USD Put vs. JPY Call Currency Option, Strike @ 90.000, Exp. 05/16/13 Counterparty: Deutsche Bank AG | 1,175 | 0.0 | |||||||||||||||
40,300,000 | @ | USD Put vs. JPY Call Currency Option, Strike @ 92.500, Exp. 06/13/13 Counterparty: Barclays Bank PLC | 88,678 | 0.0 | |||||||||||||||
41,200,000 | @ | USD Put vs. JPY Call Currency Option, Strike @ 96.000, Exp. 10/29/13 Counterparty: Deutsche Bank AG | 1,029,748 | 0.1 | |||||||||||||||
41,700,000 | @ | USD Put vs. JPY Call Currency Option, Strike @ 95.000, Exp. 07/15/13 Counterparty: Barclays Bank PLC | 439,092 | 0.1 | |||||||||||||||
2,399,028 | 0.3 | ||||||||||||||||||
Total Purchased Options | |||||||||||||||||||
(Cost $3,936,296) | 2,399,028 | 0.3 | |||||||||||||||||
Total Long-Term Investments | |||||||||||||||||||
(Cost $804,750,794) | 824,208,357 | 99.4 |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: 2.1% | |||||||||||||||||||
Foreign Government Bonds: 1.9% | |||||||||||||||||||
MYR 1,700,000 | Z | Bank Negara Malaysia Monetary Notes, 2.850%, 07/18/13 | 555,283 | 0.1 | |||||||||||||||
MXN 97,000,000 | Z | Mexico Cetes, 3.810%, 09/19/13 | 7,870,370 | 1.0 | |||||||||||||||
NGN 294,145,000 | Z | Nigeria Treasury Bill, 10.260%, 10/24/13 | 1,772,261 | 0.2 | |||||||||||||||
NGN 809,687,000 | Z | Nigeria Treasury Bill, 10.550%, 05/09/13 | 5,111,117 | 0.6 | |||||||||||||||
15,309,031 | 1.9 |
Shares | | | | Value | | Percentage of Net Assets | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mutual Funds: 0.2% | ||||||||||||||||||
1,675,000 | BlackRock Liquidity Funds, TempFund, Institutional Class | |||||||||||||||||
(Cost $1,675,000) | 1,675,000 | 0.2 | ||||||||||||||||
Total Short-Term Investments | ||||||||||||||||||
(Cost $16,878,280) | 16,984,031 | 2.1 | ||||||||||||||||
Total Investments in Securities (Cost $821,629,074) | $ | 841,192,388 | 101.5 | |||||||||||||||
Liabilities in Excess of Other Assets | (12,370,790 | ) | (1.5 | ) | ||||||||||||||
Net Assets | $ | 828,821,598 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
## | On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship and the U.S. Treasury guaranteed the debt issued by those organizations. |
@ | Non-income producing security |
W | Settlement is on a when-issued or delayed-delivery basis. |
ˆ | Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security. |
Z | Indicates Zero Coupon Bond; rate shown reflects current effective yield. |
(a) | The grouping contains securities in default. |
BRL | Brazilian Real |
CAD | Canadian Dollar |
DOP | Dominican Peso |
EUR | EU Euro |
GBP | British Pound |
JPY | Japanese Yen |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
NGN | Nigerian Naira |
PEN | Peruvian Nuevo Sol |
RUB | Russian Ruble |
THB | Thai Baht |
ZAR | South African Rand |
Cost for federal income tax purposes is $822,163,620. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 23,778,451 | ||||
Gross Unrealized Depreciation | (4,749,683 | ) | ||||
Net Unrealized Appreciation | $ | 19,028,768 |
Sector Diversification | Percentage of Net Assets | |||||
---|---|---|---|---|---|---|
Foreign Government Bonds | 44.4 | % | ||||
U.S. Treasury Obligations | 8.0 | |||||
Collateralized Mortgage Obligations | 7.9 | |||||
Financials | 6.8 | |||||
Federal National Mortgage Association | 4.8 | |||||
Asset-Backed Securities | 4.5 | |||||
U.S. Treasury Bonds | 4.2 | |||||
U.S. Government Agency Obligations | 2.9 | |||||
Consumer Discretionary | 2.1 | |||||
Energy | 2.0 | |||||
Telecommunication Services | 1.8 | |||||
Federal Home Loan Mortgage Corporation | 1.5 | |||||
Utilities | 1.5 | |||||
Government National Mortgage Association | 1.4 | |||||
Industrials | 1.2 | |||||
Information Technology | 1.2 | |||||
Corporate Bonds/Notes | 1.2 | |||||
Consumer Staples | 1.1 | |||||
Materials | 1.0 | |||||
Health Care | 0.8 | |||||
Options on Currencies | 0.3 | |||||
Other Asset-Backed Securities | 0.1 | |||||
Short-Term Investments | 0.2 | |||||
Foreign Government Securities | 0.6 | |||||
Liabilities in Excess of Other Assets | (1.5 | ) | ||||
Net Assets | 100.0 | % |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at April 30, 2013 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at fair value | ||||||||||||||||||
Purchased Options | $ | — | $ | 2,399,028 | $ | — | $ | 2,399,028 | ||||||||||
Corporate Bonds/Notes | — | 166,159,577 | — | 166,159,577 | ||||||||||||||
Collateralized Mortgage Obligations | — | 65,263,018 | — | 65,263,018 | ||||||||||||||
U.S. Treasury Obligations | — | 101,559,338 | — | 101,559,338 | ||||||||||||||
Foreign Government Bonds | — | 362,880,823 | — | 362,880,823 | ||||||||||||||
Short-Term Investments | 1,675,000 | 15,309,031 | — | 16,984,031 | ||||||||||||||
U.S. Government Agency Obligations | — | 87,822,376 | — | 87,822,376 | ||||||||||||||
Asset-Backed Securities | — | 38,124,197 | — | 38,124,197 | ||||||||||||||
Total Investments, at fair value | $ | 1,675,000 | $ | 839,517,388 | $ | — | $ | 841,192,388 | ||||||||||
Other Financial Instruments+ | ||||||||||||||||||
Swaps | — | 31,460 | — | 31,460 | ||||||||||||||
Futures | 2,558,621 | — | — | 2,558,621 | ||||||||||||||
Forward Foreign Currency Contracts | — | 8,915,977 | — | 8,915,977 | ||||||||||||||
Total Assets | $ | 4,233,621 | $ | 848,464,825 | $ | — | $ | 852,698,446 |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at April 30, 2013 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Liabilities Table | ||||||||||||||||||
Other Financial Instruments+ | ||||||||||||||||||
Swaps | $ | — | $ | (5,541,797 | ) | $ | — | $ | (5,541,797 | ) | ||||||||
Futures | (1,560,060 | ) | — | — | (1,560,060 | ) | ||||||||||||
Written Options | — | (822,734 | ) | — | (822,734 | ) | ||||||||||||
Forward Foreign Currency Contracts | — | (10,543,938 | ) | — | (10,543,938 | ) | ||||||||||||
Total Liabilities | $ | (1,560,060 | ) | $ | (16,908,469 | ) | $ | — | $ | (18,468,529 | ) |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
+ | Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, equity forwards, futures, swaps, and written options. Forward foreign currency contracts, equity forwards and futures are valued at the unrealized gain (loss) on the instrument. Swaps and written options are valued at the fair value of the instrument. |
Counterparty | Currency | Contract Amount | Buy/Sell | Settlement Date | In Exchange For | Fair Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Barclays Bank PLC | South Korean Won | 20,246,232,600 | Buy | 06/14/13 | $ | 18,098,000 | $ | 18,354,080 | $ | 256,080 | ||||||||||||||||||||
Barclays Bank PLC | British Pound | 4,921,959 | Buy | 07/12/13 | 7,619,000 | 7,642,239 | 23,239 | |||||||||||||||||||||||
Barclays Bank PLC | New Zealand Dollar | 11,190,890 | Buy | 07/12/13 | 9,495,000 | 9,544,987 | 49,987 | |||||||||||||||||||||||
Barclays Bank PLC | Canadian Dollar | 51,357,611 | Buy | 07/12/13 | 50,804,352 | 50,892,628 | 88,276 | |||||||||||||||||||||||
Barclays Bank PLC | Canadian Dollar | 5,337,327 | Buy | 07/12/13 | 5,268,000 | 5,289,004 | 21,004 | |||||||||||||||||||||||
Barclays Bank PLC | British Pound | 15,087,130 | Buy | 07/12/13 | 23,209,483 | 23,425,524 | 216,041 | |||||||||||||||||||||||
Barclays Bank PLC | Canadian Dollar | 177,028 | Buy | 07/12/13 | 174,000 | 175,425 | 1,425 | |||||||||||||||||||||||
Barclays Bank PLC | Colombian Peso | 15,155,199,000 | Buy | 07/12/13 | 8,241,000 | 8,254,719 | 13,719 | |||||||||||||||||||||||
Barclays Bank PLC | Czech Koruna | 467,421,809 | Buy | 06/14/13 | 23,718,267 | 23,869,539 | 151,272 | |||||||||||||||||||||||
Barclays Bank PLC | Peruvian Nuevo Sol | 3,797,175 | Buy | 06/14/13 | 1,462,139 | 1,432,531 | (29,608 | ) | ||||||||||||||||||||||
Barclays Bank PLC | South African Rand | 37,339,792 | Buy | 06/14/13 | 4,088,000 | 4,136,607 | 48,607 | |||||||||||||||||||||||
Citigroup, Inc. | Hungarian Forint | 2,725,589,165 | Buy | 06/14/13 | 11,893,032 | 11,936,576 | 43,544 | |||||||||||||||||||||||
Citigroup, Inc. | Polish Zloty | 194,008 | Buy | 06/14/13 | 61,216 | 61,201 | (15 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Russian Ruble | 13,502,771 | Buy | 06/14/13 | 432,262 | 430,372 | (1,890 | ) | ||||||||||||||||||||||
Citigroup, Inc. | South Korean Won | 4,936,927,000 | Buy | 06/14/13 | 4,324,000 | 4,475,537 | 151,537 | |||||||||||||||||||||||
Citigroup, Inc. | Mexican Peso | 102,549,539 | Buy | 06/14/13 | 8,239,000 | 8,414,990 | 175,990 | |||||||||||||||||||||||
Citigroup, Inc. | Japanese Yen | 1,445,229,016 | Buy | 07/12/13 | 14,840,000 | 14,830,921 | (9,079 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Canadian Dollar | 1,594,139 | Buy | 07/12/13 | 1,574,000 | 1,579,706 | 5,706 | |||||||||||||||||||||||
Citigroup, Inc. | Mexican Peso | 35,535,141 | Buy | 06/14/13 | 2,866,000 | 2,915,936 | 49,936 | |||||||||||||||||||||||
Citigroup, Inc. | EU Euro | 8,873,121 | Buy | 07/12/13 | 11,570,000 | 11,691,194 | 121,194 | |||||||||||||||||||||||
Citigroup, Inc. | Australian Dollar | 8,317,949 | Buy | 07/12/13 | 8,529,000 | 8,577,319 | 48,319 | |||||||||||||||||||||||
Citigroup, Inc. | Polish Zloty | 13,143,197 | Buy | 06/14/13 | 4,020,000 | 4,146,068 | 126,068 | |||||||||||||||||||||||
Citigroup, Inc. | Australian Dollar | 5,430,085 | Buy | 07/12/13 | 5,553,000 | 5,599,406 | 46,406 | |||||||||||||||||||||||
Citigroup, Inc. | EU Euro | 3,584,316 | Buy | 07/12/13 | 4,678,578 | 4,722,681 | 44,103 | |||||||||||||||||||||||
Citigroup, Inc. | Australian Dollar | 2,337,239 | Buy | 07/12/13 | 2,390,000 | 2,410,119 | 20,119 | |||||||||||||||||||||||
Citigroup, Inc. | Polish Zloty | 25,903,200 | Buy | 06/14/13 | 7,992,836 | 8,171,256 | 178,420 | |||||||||||||||||||||||
Citigroup, Inc. | Australian Dollar | 15,987,879 | Buy | 07/12/13 | 16,672,000 | 16,486,413 | (185,587 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Canadian Dollar | 3,149,852 | Buy | 07/12/13 | 3,103,000 | 3,121,334 | 18,334 | |||||||||||||||||||||||
Citigroup, Inc. | Romanian New Leu | 15,274,599 | Buy | 06/14/13 | 4,503,656 | 4,627,988 | 124,332 | |||||||||||||||||||||||
Citigroup, Inc. | Australian Dollar | 16,806,865 | Buy | 07/12/13 | 17,657,208 | 17,330,937 | (326,271 | ) | ||||||||||||||||||||||
Citigroup, Inc. | EU Euro | 40,757,424 | Buy | 07/12/13 | 53,549,142 | 53,701,842 | 152,700 | |||||||||||||||||||||||
Citigroup, Inc. | Norwegian Krone | 8,870,439 | Buy | 07/12/13 | 1,551,000 | 1,534,056 | (16,944 | ) | ||||||||||||||||||||||
Citigroup, Inc. | New Zealand Dollar | 20,851,607 | Buy | 07/12/13 | 17,943,850 | 17,784,851 | (158,999 | ) | ||||||||||||||||||||||
Citigroup, Inc. | New Zealand Dollar | 24,882,225 | Buy | 07/12/13 | 21,354,000 | 21,222,665 | (131,335 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Swedish Krona | 136,837,164 | Buy | 07/12/13 | 21,559,135 | 21,079,532 | (479,603 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Swedish Krona | 3,349,575 | Buy | 07/12/13 | 527,000 | 515,996 | (11,004 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Polish Zloty | 12,979,752 | Buy | 06/14/13 | 4,040,000 | 4,094,509 | 54,509 | |||||||||||||||||||||||
Citigroup, Inc. | South African Rand | 38,094,575 | Buy | 06/14/13 | 4,064,000 | 4,220,224 | 156,224 | |||||||||||||||||||||||
Citigroup, Inc. | Polish Zloty | 13,031,289 | Buy | 06/14/13 | 4,060,000 | 4,110,766 | 50,766 | |||||||||||||||||||||||
Citigroup, Inc. | Indian Rupee | 609,266,323 | Buy | 06/14/13 | 10,871,990 | 11,213,152 | 341,162 | |||||||||||||||||||||||
Citigroup, Inc. | Philippine Peso | 425,123,020 | Buy | 07/12/13 | 10,444,000 | 10,297,880 | (146,120 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Romanian New Leu | 12,685,186 | Buy | �� | 06/14/13 | 3,733,683 | 3,843,433 | 109,750 |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Counterparty | Currency | Contract Amount | Buy/Sell | Settlement Date | In Exchange For | Fair Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Citigroup, Inc. | Hong Kong Sar Dollar | 31,520,898 | Buy | 06/14/13 | $ | 4,066,024 | $ | 4,062,823 | $ | (3,201 | ) | |||||||||||||||||||
Citigroup, Inc. | Mexican Peso | 50,849,790 | Buy | 06/14/13 | 3,924,000 | 4,172,622 | 248,622 | |||||||||||||||||||||||
Citigroup, Inc. | Mexican Peso | 192,737,834 | Buy | 06/14/13 | 14,933,429 | 15,815,643 | 882,214 | |||||||||||||||||||||||
Citigroup, Inc. | Singapore Dollar | 4,805,932 | Buy | 06/14/13 | 3,876,408 | 3,901,910 | 25,502 | |||||||||||||||||||||||
Citigroup, Inc. | South African Rand | 21,065,367 | Buy | 06/14/13 | 2,288,000 | 2,333,680 | 45,680 | |||||||||||||||||||||||
Citigroup, Inc. | Polish Zloty | 13,615,728 | Buy | 06/14/13 | 4,251,000 | 4,295,130 | 44,130 | |||||||||||||||||||||||
Citigroup, Inc. | Indian Rupee | 224,223,852 | Buy | 06/14/13 | 4,084,000 | 4,126,695 | 42,695 | |||||||||||||||||||||||
Citigroup, Inc. | Chinese Yuan | 24,596,098 | Buy | 08/09/13 | 3,904,000 | 3,969,532 | 65,532 | |||||||||||||||||||||||
Citigroup, Inc. | Chinese Yuan | 52,653,279 | Buy | 08/09/13 | 8,357,000 | 8,497,643 | 140,643 | |||||||||||||||||||||||
Credi Suisse Group AG | Mexican Peso | 103,758,221 | Buy | 06/14/13 | 8,405,000 | 8,514,171 | 109,171 | |||||||||||||||||||||||
Credi Suisse Group AG | Swiss Franc | 4,957,544 | Buy | 07/12/13 | 5,345,084 | 5,335,638 | (9,446 | ) | ||||||||||||||||||||||
Credi Suisse Group AG | Japanese Yen | 69,605,327 | Buy | 07/12/13 | 699,540 | 714,289 | 14,749 | |||||||||||||||||||||||
Credi Suisse Group AG | Norwegian Krone | 155,692,352 | Buy | 07/12/13 | 27,218,424 | 26,925,479 | (292,945 | ) | ||||||||||||||||||||||
Credi Suisse Group AG | Swedish Krona | 301,258 | Buy | 07/12/13 | 47,000 | 46,408 | (592 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Chinese Offshore Yuan | 49,330,698 | Buy | 01/14/14 | 7,834,000 | 7,934,410 | 100,410 | |||||||||||||||||||||||
Deutsche Bank AG | Hungarian Forint | 2,725,589,165 | Buy | 06/14/13 | 11,923,792 | 11,936,576 | 12,784 | |||||||||||||||||||||||
Deutsche Bank AG | South African Rand | 605,997 | Buy | 06/14/13 | 67,131 | 67,134 | 3 | |||||||||||||||||||||||
Deutsche Bank AG | Hungarian Forint | 119,727,322 | Buy | 06/14/13 | 528,028 | 524,340 | (3,688 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Hungarian Forint | 2,274,819,113 | Buy | 06/14/13 | 10,024,855 | 9,962,452 | (62,403 | ) | ||||||||||||||||||||||
Deutsche Bank AG | South African Rand | 25,897,939 | Buy | 06/14/13 | 2,874,590 | 2,869,046 | (5,544 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Turkish Lira | 38,538,997 | Buy | 06/14/13 | 21,424,003 | 21,398,702 | (25,301 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Japanese Yen | 190,893,580 | Buy | 07/12/13 | 1,959,000 | 1,958,947 | (53 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Indian Rupee | 380,436,960 | Buy | 06/14/13 | 6,882,000 | 7,001,696 | 119,696 | |||||||||||||||||||||||
Deutsche Bank AG | Romanian New Leu | 3,426,595 | Buy | 06/14/13 | 987,000 | 1,038,210 | 51,210 | |||||||||||||||||||||||
Deutsche Bank AG | Japanese Yen | 434,282,790 | Buy | 07/12/13 | 4,444,000 | 4,456,604 | 12,604 | |||||||||||||||||||||||
Deutsche Bank AG | Peruvian Nuevo Sol | 25,619,061 | Buy | 06/14/13 | 9,903,000 | 9,665,108 | (237,892 | ) | ||||||||||||||||||||||
Deutsche Bank AG | New Zealand Dollar | 3,978,092 | Buy | 07/12/13 | 3,336,000 | 3,393,013 | 57,013 | |||||||||||||||||||||||
Deutsche Bank AG | Polish Zloty | 13,089,060 | Buy | 06/14/13 | 4,016,000 | 4,128,990 | 112,990 | |||||||||||||||||||||||
Deutsche Bank AG | South African Rand | 37,782,636 | Buy | 06/14/13 | 4,028,000 | 4,185,666 | 157,666 | |||||||||||||||||||||||
Deutsche Bank AG | Japanese Yen | 503,436,190 | Buy | 07/12/13 | 5,150,000 | 5,166,256 | 16,256 | |||||||||||||||||||||||
Deutsche Bank AG | South African Rand | 97,339,595 | Buy | 06/14/13 | 10,391,393 | 10,783,554 | 392,161 | |||||||||||||||||||||||
Deutsche Bank AG | Polish Zloty | 13,012,440 | Buy | 06/14/13 | 4,064,000 | 4,104,821 | 40,821 | |||||||||||||||||||||||
Deutsche Bank AG | South African Rand | 37,653,354 | Buy | 06/14/13 | 4,064,000 | 4,171,344 | 107,344 | |||||||||||||||||||||||
Deutsche Bank AG | Indonesian Rupiah | 64,643,058,000 | Buy | 06/14/13 | 6,592,867 | 6,612,985 | 20,118 | |||||||||||||||||||||||
Deutsche Bank AG | Polish Zloty | 44,006,168 | Buy | 06/14/13 | 13,714,427 | 13,881,902 | 167,475 | |||||||||||||||||||||||
Deutsche Bank AG | Turkish Lira | 26,469,153 | Buy | 06/14/13 | 14,518,562 | 14,696,945 | 178,383 | |||||||||||||||||||||||
Deutsche Bank AG | Israeli New Shekel | 4,880,313 | Buy | 06/14/13 | 1,301,816 | 1,359,218 | 57,402 | |||||||||||||||||||||||
Deutsche Bank AG | Turkish Lira | 13,826,292 | Buy | 06/14/13 | 7,569,000 | 7,677,022 | 108,022 | |||||||||||||||||||||||
Deutsche Bank AG | Philippine Peso | 1,026,759,052 | Buy | 07/12/13 | 25,196,541 | 24,871,485 | (325,056 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Colombian Peso | 16,201,958,500 | Buy | 07/12/13 | 8,827,000 | 8,824,867 | (2,133 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Colombian Peso | 3,682,646,983 | Buy | 07/12/13 | 2,026,561 | 2,005,860 | (20,701 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Chinese Yuan | 50,722,335 | Buy | 08/09/13 | 8,055,000 | 8,186,010 | 131,010 | |||||||||||||||||||||||
Goldman Sachs & Co. | Mexican Peso | 30,318 | Buy | 06/14/13 | 2,444 | 2,488 | 44 | |||||||||||||||||||||||
Goldman Sachs & Co. | Norwegian Krone | 43,373,300 | Buy | 07/12/13 | 7,444,000 | 7,500,991 | 56,991 | |||||||||||||||||||||||
Goldman Sachs & Co. | Swedish Krona | 24,510,674 | Buy | 07/12/13 | 3,709,000 | 3,775,827 | 66,827 | |||||||||||||||||||||||
Goldman Sachs & Co. | Norwegian Krone | 22,872,567 | Buy | 07/12/13 | 3,866,000 | 3,955,588 | 89,588 | |||||||||||||||||||||||
Goldman Sachs & Co. | Norwegian Krone | 20,203,409 | Buy | 07/12/13 | 3,440,000 | 3,493,983 | 53,983 | |||||||||||||||||||||||
Goldman Sachs & Co. | Polish Zloty | 13,667,710 | Buy | 06/14/13 | 4,239,183 | 4,311,528 | 72,345 | |||||||||||||||||||||||
Goldman Sachs & Co. | Australian Dollar | 8,151,084 | Buy | 07/12/13 | 8,513,000 | 8,405,251 | (107,749 | ) | ||||||||||||||||||||||
Goldman Sachs & Co. | EU Euro | 2,888,360 | Buy | 07/12/13 | 3,785,000 | 3,805,694 | 20,694 | |||||||||||||||||||||||
Goldman Sachs & Co. | Chilean Peso | 4,403,069,418 | Buy | 07/12/13 | 9,255,007 | 9,256,432 | 1,425 | |||||||||||||||||||||||
Goldman Sachs & Co. | Japanese Yen | 99,083,638 | Buy | 07/12/13 | 992,000 | 1,016,795 | 24,795 | |||||||||||||||||||||||
JPMorgan Chase & Co. | New Zealand Dollar | 5,200,160 | Buy | 07/12/13 | 4,437,000 | 4,435,345 | (1,655 | ) | ||||||||||||||||||||||
JPMorgan Chase & Co. | Australian Dollar | 1,119,572 | Buy | 07/12/13 | 1,153,000 | 1,154,482 | 1,482 | |||||||||||||||||||||||
JPMorgan Chase & Co. | Japanese Yen | 355,252,274 | Buy | 07/12/13 | 3,626,000 | 3,645,594 | 19,594 | |||||||||||||||||||||||
JPMorgan Chase & Co. | Malaysian Ringgit | 8,921,512 | Buy | 06/14/13 | 2,878,000 | 2,922,848 | 44,848 | |||||||||||||||||||||||
JPMorgan Chase & Co. | Swedish Krona | 54,869,181 | Buy | 07/12/13 | 8,380,000 | 8,452,504 | 72,504 | |||||||||||||||||||||||
JPMorgan Chase & Co. | Australian Dollar | 2,803,507 | Buy | 07/12/13 | 2,866,000 | 2,890,926 | 24,926 | |||||||||||||||||||||||
JPMorgan Chase & Co. | Norwegian Krone | 48,293,321 | Buy | 07/12/13 | 8,287,000 | 8,351,860 | 64,860 | |||||||||||||||||||||||
JPMorgan Chase & Co. | British Pound | 8,524,745 | Buy | 07/12/13 | 13,045,000 | 13,236,223 | 191,223 | |||||||||||||||||||||||
JPMorgan Chase & Co. | Japanese Yen | 162,240,936 | Buy | 07/12/13 | 1,640,000 | 1,664,914 | 24,914 | |||||||||||||||||||||||
JPMorgan Chase & Co. | Danish Krone | 11,481,481 | Buy | 07/12/13 | 2,024,772 | 2,029,729 | 4,957 | |||||||||||||||||||||||
JPMorgan Chase & Co. | Australian Dollar | 3,380,566 | Buy | 07/12/13 | 3,539,000 | 3,485,979 | (53,021 | ) | ||||||||||||||||||||||
JPMorgan Chase & Co. | British Pound | 3,166,124 | Buy | 07/12/13 | 4,848,000 | 4,915,985 | 67,985 |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Counterparty | Currency | Contract Amount | Buy/Sell | Settlement Date | In Exchange For | Fair Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
JPMorgan Chase & Co. | Mexican Peso | 152,213,396 | Buy | 06/14/13 | $ | 12,059,563 | $ | 12,490,296 | $ | 430,733 | ||||||||||||||||||||
JPMorgan Chase & Co. | Taiwan New Dollar | 72,116,656 | Buy | 07/12/13 | 2,441,735 | 2,445,959 | 4,224 | |||||||||||||||||||||||
UBS Warburg LLC | Singapore Dollar | 10,066,342 | Buy | 06/14/13 | 8,162,000 | 8,172,808 | 10,808 | |||||||||||||||||||||||
UBS Warburg LLC | Hungarian Forint | 1,007,911,992 | Buy | 06/14/13 | 4,467,000 | 4,414,098 | (52,902 | ) | ||||||||||||||||||||||
UBS Warburg LLC | Japanese Yen | 1,610,635,627 | Buy | 07/12/13 | 16,489,000 | 16,528,322 | 39,322 | |||||||||||||||||||||||
UBS Warburg LLC | Polish Zloty | 3,767,996 | Buy | 06/14/13 | 1,151,000 | 1,188,628 | 37,628 | |||||||||||||||||||||||
UBS Warburg LLC | Swedish Krona | 33,359,266 | Buy | 07/12/13 | 5,091,000 | 5,138,938 | 47,938 | |||||||||||||||||||||||
UBS Warburg LLC | Japanese Yen | 664,318,678 | Buy | 07/12/13 | 6,687,000 | 6,817,230 | 130,230 | |||||||||||||||||||||||
UBS Warburg LLC | Norwegian Krone | 17,107,502 | Buy | 07/12/13 | 2,932,000 | 2,958,576 | 26,576 | |||||||||||||||||||||||
UBS Warburg LLC | EU Euro | 14,759,414 | Buy | 07/12/13 | 19,304,000 | 19,446,953 | 142,953 | |||||||||||||||||||||||
UBS Warburg LLC | EU Euro | 2,357,608 | Buy | 07/12/13 | 3,081,000 | 3,106,376 | 25,376 | |||||||||||||||||||||||
$ | 5,450,111 | |||||||||||||||||||||||||||||
Barclays Bank PLC | Russian Ruble | 119,998,420 | Sell | 06/14/13 | $ | 3,755,467 | $ | 3,824,694 | $ | (69,227 | ) | |||||||||||||||||||
Barclays Bank PLC | Russian Ruble | 890,934,501 | Sell | 06/14/13 | 28,619,344 | 28,396,633 | 222,711 | |||||||||||||||||||||||
Barclays Bank PLC | Hungarian Forint | 5,145,133,157 | Sell | 06/14/13 | 22,578,257 | 22,532,843 | 45,414 | |||||||||||||||||||||||
Barclays Bank PLC | South Korean Won | 10,348,433,900 | Sell | 06/14/13 | 9,149,000 | 9,381,300 | (232,300 | ) | ||||||||||||||||||||||
Barclays Bank PLC | Swedish Krona | 33,816,852 | Sell | 07/12/13 | 5,167,000 | 5,209,428 | (42,428 | ) | ||||||||||||||||||||||
Barclays Bank PLC | EU Euro | 4,465,671 | Sell | 07/12/13 | 5,815,000 | 5,883,952 | (68,952 | ) | ||||||||||||||||||||||
Barclays Bank PLC | Mexican Peso | 12,299,998 | Sell | 06/14/13 | 968,000 | 1,009,311 | (41,311 | ) | ||||||||||||||||||||||
Barclays Bank PLC | South African Rand | 67,488,697 | Sell | 06/14/13 | 7,334,213 | 7,476,587 | (142,374 | ) | ||||||||||||||||||||||
Barclays Bank PLC | Indian Rupee | 147,584,860 | Sell | 06/14/13 | 2,627,000 | 2,716,204 | (89,204 | ) | ||||||||||||||||||||||
Citigroup, Inc. | EU Euro | 13,972,464 | Sell | 07/12/13 | 18,298,884 | 18,410,071 | (111,187 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Norwegian Krone | 4,218,205 | Sell | 07/12/13 | 719,000 | 729,498 | (10,498 | ) | ||||||||||||||||||||||
Citigroup, Inc. | South African Rand | 37,382,751 | Sell | 06/14/13 | 4,016,000 | 4,141,366 | (125,366 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Canadian Dollar | 2,303,338 | Sell | 07/12/13 | 2,255,000 | 2,282,484 | (27,484 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Malaysian Ringgit | 13,050,713 | Sell | 06/14/13 | 4,193,000 | 4,275,649 | (82,649 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Indian Rupee | 213,789,800 | Sell | 06/14/13 | 3,866,000 | 3,934,663 | (68,663 | ) | ||||||||||||||||||||||
Citigroup, Inc. | British Pound | 1,947,812 | Sell | 07/12/13 | 2,971,000 | 3,024,334 | (53,334 | ) | ||||||||||||||||||||||
Citigroup, Inc. | British Pound | 2,183,080 | Sell | 07/12/13 | 3,331,000 | 3,389,630 | (58,630 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Polish Zloty | 13,064,598 | Sell | 06/14/13 | 4,020,000 | 4,121,274 | (101,274 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Canadian Dollar | 10,822,510 | Sell | 07/12/13 | 10,525,000 | 10,724,525 | (199,525 | ) | ||||||||||||||||||||||
Citigroup, Inc. | British Pound | 4,693,769 | Sell | 07/12/13 | 7,171,000 | 7,287,934 | (116,934 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Japanese Yen | 1,018,885,901 | Sell | 07/12/13 | 10,402,952 | 10,455,794 | (52,842 | ) | ||||||||||||||||||||||
Citigroup, Inc. | EU Euro | 4,369,686 | Sell | 07/12/13 | 5,737,000 | 5,757,483 | (20,483 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Norwegian Krone | 16,510,116 | Sell | 07/12/13 | 2,834,000 | 2,855,264 | (21,264 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Canadian Dollar | 10,402,656 | Sell | 07/12/13 | 10,102,000 | 10,308,472 | (206,472 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Canadian Dollar | 10,565,508 | Sell | 07/12/13 | 10,323,000 | 10,469,850 | (146,850 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Australian Dollar | 8,360,792 | Sell | 07/12/13 | 8,622,000 | 8,621,499 | 501 | |||||||||||||||||||||||
Citigroup, Inc. | Swedish Krona | 38,629,857 | Sell | 07/12/13 | 6,036,000 | 5,950,863 | 85,137 | |||||||||||||||||||||||
Citigroup, Inc. | New Zealand Dollar | 6,053,296 | Sell | 07/12/13 | 5,164,000 | 5,163,006 | 994 | |||||||||||||||||||||||
Citigroup, Inc. | Japanese Yen | 818,969,611 | Sell | 07/12/13 | 8,346,000 | 8,404,256 | (58,256 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Singapore Dollar | 5,038,833 | Sell | 06/14/13 | 4,029,000 | 4,091,001 | (62,001 | ) | ||||||||||||||||||||||
Citigroup, Inc. | British Pound | 4,300,366 | Sell | 07/12/13 | 6,615,000 | 6,677,104 | (62,104 | ) | ||||||||||||||||||||||
Citigroup, Inc. | South African Rand | 39,876,204 | Sell | 06/14/13 | 4,307,000 | 4,417,598 | (110,598 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Mexican Peso | 50,989,269 | Sell | 06/14/13 | 4,032,000 | 4,184,067 | (152,067 | ) | ||||||||||||||||||||||
Citigroup, Inc. | South African Rand | 37,295,360 | Sell | 06/14/13 | 4,027,000 | 4,131,685 | (104,685 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Polish Zloty | 12,933,950 | Sell | 06/14/13 | 4,050,000 | 4,080,061 | (30,061 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Mexican Peso | 51,001,466 | Sell | 06/14/13 | 4,032,000 | 4,185,068 | (153,068 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Mexican Peso | 51,374,914 | Sell | 06/14/13 | 4,064,000 | 4,215,712 | (151,712 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Polish Zloty | 3,110,998 | Sell | 06/14/13 | 968,000 | 981,375 | (13,375 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Colombian Peso | 15,380,205,440 | Sell | 07/12/13 | 8,332,000 | 8,377,275 | (45,275 | ) | ||||||||||||||||||||||
Citigroup, Inc. | South African Rand | 34,567,900 | Sell | 06/14/13 | 3,774,000 | 3,829,529 | (55,529 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Mexican Peso | 52,753,494 | Sell | 06/14/13 | 4,088,000 | 4,328,836 | (240,836 | ) | ||||||||||||||||||||||
Citigroup, Inc. | Malaysian Ringgit | 15,257,251 | Sell | 06/14/13 | 4,877,638 | 4,998,551 | (120,913 | ) | ||||||||||||||||||||||
Credi Suisse Group AG | Japanese Yen | 824,534,085 | Sell | 07/12/13 | 8,430,000 | 8,461,358 | (31,358 | ) | ||||||||||||||||||||||
Credi Suisse Group AG | Turkish Lira | 20,013,095 | Sell | 06/14/13 | 10,887,937 | 11,112,232 | (224,295 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Mexican Peso | 101,909,909 | Sell | 06/14/13 | 8,263,000 | 8,362,503 | (99,503 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Turkish Lira | 17,837,635 | Sell | 06/14/13 | 9,778,129 | 9,904,311 | (126,182 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Indian Rupee | 691,875,240 | Sell | 06/14/13 | 12,417,000 | 12,733,515 | (316,515 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Australian Dollar | 2,314,238 | Sell | 07/12/13 | 2,385,000 | 2,386,400 | (1,400 | ) | ||||||||||||||||||||||
Deutsche Bank AG | British Pound | 5,472,202 | Sell | 07/12/13 | 8,396,000 | 8,496,593 | (100,593 | ) | ||||||||||||||||||||||
Deutsche Bank AG | EU Euro | 12,547,152 | Sell | 07/12/13 | 16,332,000 | 16,532,084 | (200,084 | ) |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Counterparty | Currency | Contract Amount | Buy/Sell | Settlement Date | In Exchange For | Fair Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Deutsche Bank AG | Polish Zloty | 12,909,166 | Sell | 06/14/13 | $ | 4,040,000 | $ | 4,072,242 | $ | (32,242 | ) | |||||||||||||||||||
Deutsche Bank AG | South African Rand | 37,905,846 | Sell | 06/14/13 | 4,064,000 | 4,199,316 | (135,316 | ) | ||||||||||||||||||||||
Deutsche Bank AG | South Korean Won | 4,281,394,000 | Sell | 06/14/13 | 3,835,000 | 3,881,268 | (46,268 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Singapore Dollar | 4,635,533 | Sell | 06/14/13 | 3,707,000 | 3,763,564 | (56,564 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Polish Zloty | 13,069,671 | Sell | 06/14/13 | 4,040,000 | 4,122,874 | (82,874 | ) | ||||||||||||||||||||||
Deutsche Bank AG | South African Rand | 37,436,593 | Sell | 06/14/13 | 4,064,000 | 4,147,331 | (83,331 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Polish Zloty | 13,000,171 | Sell | 06/14/13 | 4,064,000 | 4,100,950 | (36,950 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Philippine Peso | 425,100,900 | Sell | 07/12/13 | 10,293,000 | 10,297,344 | (4,344 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Mexican Peso | 92,294,367 | Sell | 06/14/13 | 7,183,000 | 7,573,473 | (390,473 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Turkish Lira | 14,448,557 | Sell | 06/14/13 | 7,951,000 | 8,022,533 | (71,533 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Thai Baht | 106,092,471 | Sell | 06/14/13 | 3,538,244 | 3,605,631 | (67,387 | ) | ||||||||||||||||||||||
Deutsche Bank AG | South Korean Won | 2,064,049,595 | Sell | 06/14/13 | 1,881,454 | 1,871,149 | 10,305 | |||||||||||||||||||||||
Deutsche Bank AG | Malaysian Ringgit | 7,961,671 | Sell | 06/14/13 | 2,551,000 | 2,608,387 | (57,387 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Czech Koruna | 427,800,824 | Sell | 06/14/13 | 21,846,636 | 21,846,238 | 398 | |||||||||||||||||||||||
Deutsche Bank AG | Mexican Peso | 50,522,230 | Sell | 06/14/13 | 3,924,000 | 4,145,743 | (221,743 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Brazilian Real | 17,574,225 | Sell | 07/12/13 | 8,610,595 | 8,699,068 | (88,473 | ) | ||||||||||||||||||||||
Deutsche Bank AG | Philippine Peso | 420,089,250 | Sell | 07/12/13 | 10,290,000 | 10,175,945 | 114,055 | |||||||||||||||||||||||
Deutsche Bank AG | Philippine Peso | 244,205,760 | Sell | 07/12/13 | 6,009,000 | 5,915,468 | 93,532 | |||||||||||||||||||||||
Goldman Sachs & Co. | Hungarian Forint | 148,039,844 | Sell | 06/14/13 | 635,125 | 648,332 | (13,207 | ) | ||||||||||||||||||||||
Goldman Sachs & Co. | EU Euro | 5,889,748 | Sell | 07/12/13 | 7,716,000 | 7,760,312 | (44,312 | ) | ||||||||||||||||||||||
Goldman Sachs & Co. | Canadian Dollar | 2,684,891 | Sell | 07/12/13 | 2,635,000 | 2,660,583 | (25,583 | ) | ||||||||||||||||||||||
Goldman Sachs & Co. | British Pound | 5,448,668 | Sell | 07/12/13 | 8,360,000 | 8,460,051 | (100,051 | ) | ||||||||||||||||||||||
Goldman Sachs & Co. | British Pound | 8,163,233 | Sell | 07/12/13 | 12,430,000 | 12,674,909 | (244,909 | ) | ||||||||||||||||||||||
Goldman Sachs & Co. | Norwegian Krone | 20,057,463 | Sell | 07/12/13 | 3,493,000 | 3,468,743 | 24,257 | |||||||||||||||||||||||
Goldman Sachs & Co. | South African Rand | 40,531,627 | Sell | 06/14/13 | 4,454,167 | 4,490,207 | (36,040 | ) | ||||||||||||||||||||||
HSBC | British Pound | 10,860,324 | Sell | 07/12/13 | 16,543,000 | 16,862,636 | (319,636 | ) | ||||||||||||||||||||||
JPMorgan Chase & Co. | Russian Ruble | 43,959,350 | Sell | 06/14/13 | 1,399,000 | 1,401,110 | (2,110 | ) | ||||||||||||||||||||||
JPMorgan Chase & Co. | Polish Zloty | 28,777,764 | Sell | 06/14/13 | 8,904,000 | 9,078,048 | (174,048 | ) | ||||||||||||||||||||||
JPMorgan Chase & Co. | Turkish Lira | 2,099,786 | Sell | 06/14/13 | 1,149,000 | 1,165,902 | (16,902 | ) | ||||||||||||||||||||||
JPMorgan Chase & Co. | British Pound | 6,284,881 | Sell | 07/12/13 | 9,731,000 | 9,758,424 | (27,424 | ) | ||||||||||||||||||||||
JPMorgan Chase & Co. | New Zealand Dollar | 12,535,511 | Sell | 07/12/13 | 10,599,000 | 10,691,847 | (92,847 | ) | ||||||||||||||||||||||
JPMorgan Chase & Co. | Australian Dollar | 8,162,750 | Sell | 07/12/13 | 8,339,000 | 8,417,281 | (78,281 | ) | ||||||||||||||||||||||
JPMorgan Chase & Co. | Norwegian Krone | 49,697,863 | Sell | 07/12/13 | 8,449,000 | 8,594,762 | (145,762 | ) | ||||||||||||||||||||||
JPMorgan Chase & Co. | Swedish Krona | 54,029,251 | Sell | 07/12/13 | 8,287,000 | 8,323,114 | (36,114 | ) | ||||||||||||||||||||||
JPMorgan Chase & Co. | Australian Dollar | 8,060,830 | Sell | 07/12/13 | 8,272,000 | 8,312,184 | (40,184 | ) | ||||||||||||||||||||||
JPMorgan Chase & Co. | Australian Dollar | 8,091,729 | Sell | 07/12/13 | 8,309,000 | 8,344,046 | (35,046 | ) | ||||||||||||||||||||||
JPMorgan Chase & Co. | Norwegian Krone | 85,651,004 | Sell | 07/12/13 | 14,873,000 | 14,812,508 | 60,492 | |||||||||||||||||||||||
JPMorgan Chase & Co. | British Pound | 6,408,431 | Sell | 07/12/13 | 9,837,000 | 9,950,260 | (113,260 | ) | ||||||||||||||||||||||
JPMorgan Chase & Co. | Australian Dollar | 3,839,149 | Sell | 07/12/13 | 4,022,000 | 3,958,861 | 63,139 | |||||||||||||||||||||||
JPMorgan Chase & Co. | New Zealand Dollar | 72,778 | Sell | 07/12/13 | 62,000 | 62,074 | (74 | ) | ||||||||||||||||||||||
UBS Warburg LLC | New Zealand Dollar | 3,853,422 | Sell | 07/12/13 | 3,232,000 | 3,286,679 | (54,679 | ) | ||||||||||||||||||||||
UBS Warburg LLC | New Zealand Dollar | 12,837,172 | Sell | 07/12/13 | 10,798,000 | 10,949,141 | (151,141 | ) | ||||||||||||||||||||||
UBS Warburg LLC | New Zealand Dollar | 19,701,012 | Sell | 07/12/13 | 16,763,000 | 16,803,480 | (40,480 | ) | ||||||||||||||||||||||
UBS Warburg LLC | Swedish Krona | 16,883,054 | Sell | 07/12/13 | 2,645,000 | 2,600,806 | 44,194 | |||||||||||||||||||||||
UBS Warburg LLC | EU Euro | 22,594,598 | Sell | 07/12/13 | 29,644,000 | 29,770,565 | (126,565 | ) | ||||||||||||||||||||||
$ | (7,078,072 | ) |
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Contracts | ||||||||||||||||||
30-year German Government Bond | 22 | 06/06/13 | $ | 4,016,225 | $ | 158,378 | ||||||||||||
Australia 10-Year Bond | 34 | 06/17/13 | 4,403,108 | 172,787 | ||||||||||||||
Australia 3-Year Bond | 62 | 06/17/13 | 7,064,079 | 80,203 | ||||||||||||||
Canada 10-Year Bond | 124 | 06/19/13 | 16,830,374 | 219,641 | ||||||||||||||
Euro-Bobl 5-Year | 163 | 06/06/13 | 27,204,233 | 120,753 | ||||||||||||||
Euro-Schatz | 491 | 06/06/13 | 71,613,462 | 24,275 | ||||||||||||||
Long Gilt | 288 | 06/26/13 | 53,688,243 | 1,745,534 | ||||||||||||||
Short Gilt | 98 | 06/26/13 | 15,889,588 | (556 | ) | |||||||||||||
U.S. Treasury 2-Year Note | 259 | 06/28/13 | 57,141,875 | 37,050 | ||||||||||||||
$ | 257,851,187 | $ | 2,558,065 |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Contract Description | Number of Contracts | Expiration Date | Notional Value | Unrealized Appreciation/ (Depreciation) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Short Contracts | ||||||||||||||||||
Euro-Bund | (140 | ) | 06/06/13 | $ | (27,025,404 | ) | $ | (206,632 | ) | |||||||||
Medium Gilt | (151 | ) | 06/26/13 | (26,983,302 | ) | (300,300 | ) | |||||||||||
U.S. Treasury 10-Year Note | (422 | ) | 06/19/13 | (56,277,658 | ) | (502,182 | ) | |||||||||||
U.S. Treasury 5-Year Note | (518 | ) | 06/28/13 | (64,563,846 | ) | (393,286 | ) | |||||||||||
U.S. Treasury Long Bond | (26 | ) | 06/19/13 | (3,857,750 | ) | (18,886 | ) | |||||||||||
U.S. Treasury Ultra Long Bond | (173 | ) | 06/19/13 | (28,431,469 | ) | (138,218 | ) | |||||||||||
$ | (207,139,429 | ) | $ | (1,559,504 | ) |
Termination Date | Notional Amount | Fair Value | Upfront Payments Paid/ (Received) | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Receive a floating rate based on the Brazil Cetip Interbank Deposit Rate Annualized and pay a fixed rate equal to 10.365% Counterparty: Deutsche Bank AG | 01/02/17 | BRL 47,000,000 | $ | (1,439,939 | ) | $ | — | $ | (1,439,939 | ) | ||||||||||||
Receive a fixed rate equal to 8.860% and pay a floating rate based on the Brazil Cetip Interbank Deposit Rate Counterparty: Deutsche Bank AG | 01/02/17 | BRL 7,000,000 | 31,460 | — | 31,460 | |||||||||||||||||
Receive a floating rate based on the Brazil Cetip Interbank Deposit Rate Annualized and pay a fixed rate equal to 10.360% Counterparty: Morgan Stanley | 01/02/17 | BRL 48,000,000 | (1,467,079 | ) | — | (1,467,079 | ) | |||||||||||||||
Receive a floating rate based on the 3-month KRW-CD-KSDA-Bloomberg and pay a fixed rate equal to 3.665% Counterparty: Bank of America | 04/05/17 | KRW 17,000,000,000 | (642,212 | ) | — | (642,212 | ) | |||||||||||||||
Receive a floating rate based on the 3-month KRW-CD-KSDA-Bloomberg and pay a fixed rate equal to 3.660% Counterparty: Credit Suisse Group AG | 03/26/17 | KRW 17,000,000,000 | (635,363 | ) | — | (635,363 | ) | |||||||||||||||
Receive a floating rate based on the 6-month PLN-WIBOR-WIBO and pay a fixed rate equal to 4.800% Counterparty: Deutsche Bank AG | 06/04/17 | PLN 54,500,000 | (1,357,204 | ) | — | (1,357,204 | ) | |||||||||||||||
$ | (5,510,337 | ) | $ | — | $ | (5,510,337 | ) |
Notional Amount | Counterparty | Description | Exercise Price | Expiration Date | Premiums Received | Fair Value | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Options on Currencies | ||||||||||||||||||||||||||
81,800,000 | Barclays Bank PLC | EUR Put vs. USD Call Currency Option | 1.220 USD | 09/09/13 | $ | 654,400 | $ | (264,982 | ) | |||||||||||||||||
40,300,000 | Barclays Bank PLC | USD Put vs. JPY Call Currency Option | 88.500 USD | 06/13/13 | 137,020 | (12,439 | ) | |||||||||||||||||||
41,700,000 | Barclays Bank PLC | USD Put vs. JPY Call Currency Option | 90.000 USD | 07/15/13 | 114,675 | (78,039 | ) | |||||||||||||||||||
40,800,000 | Deutsche Bank AG | USD Put vs. JPY Call Currency Option | 86.000 USD | 05/16/13 | 110,548 | (38 | ) | |||||||||||||||||||
41,200,000 | Deutsche Bank AG | USD Put vs. JPY Call Currency Option | 92.000 USD | 10/29/13 | 352,672 | (467,236 | ) | |||||||||||||||||||
Total Written OTC Options | $ | 1,369,315 | $ | (822,734 | ) |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Asset Derivatives | ||||||||||
Foreign exchange contracts | Investments in securities at value* | $ | 2,399,028 | |||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 8,915,977 | ||||||||
Interest rate contracts | Unrealized appreciation on OTC swap agreements | 31,460 | ||||||||
Interest rate contracts | Net Assets — Unrealized appreciation** | 2,558,621 | ||||||||
Total Asset Derivatives | $ | 13,905,086 | ||||||||
Liability Derivatives | ||||||||||
Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $ | 10,543,938 | |||||||
Interest rate contracts | Unrealized depreciation on OTC swap agreements | 5,541,797 | ||||||||
Interest rate contracts | Net Assets — Unrealized depreciation** | 1,560,060 | ||||||||
Foreign exchange contracts | Written options, at fair value | 822,734 | ||||||||
Total Liability Derivatives | $ | 18,468,529 |
* | Includes purchased options. |
** | Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Summary Portfolio of Investments. |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Investments* | Foreign currency related transactions** | Futures | Swaps | Written options | Total | |||||||||||||||||||||
Credit contracts | $ | — | $ | — | $ | — | $ | (59,132 | ) | $ | — | $ | (59,132 | ) | |||||||||||||
Foreign exchange contracts | (1,023,922 | ) | (10,261,499 | ) | — | — | 943,732 | (10,341,689 | ) | ||||||||||||||||||
Interest rate contracts | (801,413 | ) | — | (1,586,774 | ) | (4,017,641 | ) | 101,496 | (6,304,332 | ) | |||||||||||||||||
Total | $ | (1,825,335 | ) | $ | (10,261,499 | ) | $ | (1,586,774 | ) | $ | (4,076,773 | ) | $ | 1,045,228 | $ | (16,705,153 | ) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Investments* | Foreign currency related transactions** | Futures | Swaps | Written options | Total | |||||||||||||||||||||
Credit contracts | $ | — | $ | — | $ | — | $ | (386 | ) | $ | — | $ | (386 | ) | |||||||||||||
Foreign exchange contracts | (687,755 | ) | (5,124,262 | ) | — | — | (219,919 | ) | (6,031,936 | ) | |||||||||||||||||
Interest rate contracts | 102,851 | — | 1,139,374 | 2,968,769 | (26,063 | ) | 4,184,931 | ||||||||||||||||||||
Total | $ | (584,904 | ) | $ | (5,124,262 | ) | $ | 1,139,374 | $ | 2,968,383 | $ | (245,982 | ) | $ | (1,847,391 | ) |
* | Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments. |
** | Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions. |
AS OF APRIL 30, 2013 (UNAUDITED)
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUTUAL FUNDS: 100.0% | |||||||||||||||||||
Affiliated Investment Companies: 100.0% | |||||||||||||||||||
1,382 | ING Core Equity Research Fund — Class I | $ | 20,385 | 10.0 | |||||||||||||||
1,769 | ING Emerging Markets Equity Fund — Class I | 20,454 | 10.0 | ||||||||||||||||
1,771 | ING Global Bond Fund — Class I | 20,348 | 10.0 | ||||||||||||||||
1,049 | ING Global Real Estate Fund — Class I | 21,168 | 10.4 | ||||||||||||||||
2,238 | ING GNMA Income Fund — Class I | 20,099 | 9.8 | ||||||||||||||||
2,407 | ING High Yield Bond Fund — Class I | 20,339 | 9.9 | ||||||||||||||||
1,982 | ING Intermediate Bond Fund — Class I | 20,236 | 9.9 | ||||||||||||||||
2,018 | ING International Core Fund — Class I | 20,790 | 10.2 | ||||||||||||||||
852 | ING MidCap Opportunities Fund — Class I | 20,335 | 9.9 | ||||||||||||||||
1,264 | ING Small Company Fund — Class I | 20,327 | 9.9 | ||||||||||||||||
Total Mutual Funds (Cost $200,461) | 204,481 | 100.0 | |||||||||||||||||
Liabilities in Excess of Other Assets | (52 | ) | — | ||||||||||||||||
Net Assets | $ | 204,429 | 100.0 |
Cost for federal income tax purposes is the same as for financial statement purposes. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 4,020 | ||||
Gross Unrealized Depreciation | — | |||||
Net Unrealized Appreciation | $ | 4,020 |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at April 30, 2013 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at fair value | ||||||||||||||||||
Mutual Funds | $ | 204,481 | $ | — | $ | — | $ | 204,481 | ||||||||||
Total Investments, at fair value | $ | 204,481 | $ | — | $ | — | $ | 204,481 |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
AS OF APRIL 30, 2013 (UNAUDITED)
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 95.4% | |||||||||||||||||||
Australia: 4.3% | |||||||||||||||||||
97,932 | Domino’s Pizza Enterprises Ltd. | $ | 1,331,006 | 0.5 | |||||||||||||||
339,526 | SAI Global Ltd. | 1,240,766 | 0.5 | ||||||||||||||||
4,356,110 | Other Securities | 8,401,620 | 3.3 | ||||||||||||||||
10,973,392 | 4.3 | ||||||||||||||||||
Austria: 1.4% | |||||||||||||||||||
13,617 | Schoeller-Bleckmann Oilfield Equipment AG | 1,331,956 | 0.5 | ||||||||||||||||
124,642 | Other Securities | 2,332,349 | 0.9 | ||||||||||||||||
3,664,305 | 1.4 | ||||||||||||||||||
Belgium: 1.9% | |||||||||||||||||||
43,523 | D’ieteren SA | 2,006,117 | 0.8 | ||||||||||||||||
294,105 | Other Securities | 2,852,476 | 1.1 | ||||||||||||||||
4,858,593 | 1.9 | ||||||||||||||||||
Bermuda: 0.0% | |||||||||||||||||||
26,861 | Other Securities | 91,744 | 0.0 | ||||||||||||||||
Brazil: 0.5% | |||||||||||||||||||
158,400 | Other Securities | 1,297,756 | 0.5 | ||||||||||||||||
British Virgin Islands: 0.0% | |||||||||||||||||||
84,324 | Other Securities | 25,542 | 0.0 | ||||||||||||||||
Canada: 4.2% | |||||||||||||||||||
39,600 | Dorel Industries, Inc. | 1,709,861 | 0.7 | ||||||||||||||||
89,404 | Parkland Fuel Corp. | 1,477,569 | 0.6 | ||||||||||||||||
608,248 | Other Securities | 7,460,382 | 2.9 | ||||||||||||||||
10,647,812 | 4.2 | ||||||||||||||||||
Cayman Islands: 0.0% | |||||||||||||||||||
20,843 | Other Securities | 26,715 | 0.0 | ||||||||||||||||
China: 0.9% | |||||||||||||||||||
5,519,022 | Other Securities | 2,341,118 | 0.9 | ||||||||||||||||
Colombia: 0.0% | |||||||||||||||||||
11,218 | Other Securities | 61,911 | 0.0 | ||||||||||||||||
Denmark: 1.3% | |||||||||||||||||||
63,316 | DSV A/S | 1,594,841 | 0.6 | ||||||||||||||||
41,619 | Other Securities | 1,665,461 | 0.7 | ||||||||||||||||
3,260,302 | 1.3 | ||||||||||||||||||
Finland: 0.7% | |||||||||||||||||||
120,644 | Other Securities | 1,715,926 | 0.7 | ||||||||||||||||
France: 5.7% | |||||||||||||||||||
25,344 | Eurazeo | 1,344,759 | 0.5 | ||||||||||||||||
22,232 | Imerys S.A. | 1,463,761 | 0.6 | ||||||||||||||||
45,238 | Teleperformance | 1,989,499 | 0.8 | ||||||||||||||||
126,063 | @ | UbiSoft Entertainment | 1,408,471 | 0.5 | |||||||||||||||
11,906 | Wendel | 1,290,427 | 0.5 | ||||||||||||||||
592,798 | Other Securities | 7,056,858 | 2.8 | ||||||||||||||||
14,553,775 | 5.7 | ||||||||||||||||||
Gabon: 0.0% | |||||||||||||||||||
106 | Other Securities | 64,911 | 0.0 | ||||||||||||||||
COMMON STOCK: (continued) | |||||||||||||||||||
Germany: 8.5% | |||||||||||||||||||
25,231 | Aurubis AG | $ | 1,591,750 | 0.6 | |||||||||||||||
112,637 | Deutsche Lufthansa AG | 2,255,263 | 0.9 | ||||||||||||||||
18,414 | Draegerwerk AG & Co. KGaA | 2,272,458 | 0.9 | ||||||||||||||||
33,479 | Jungheinrich AG | 1,382,407 | 0.6 | ||||||||||||||||
21,841 | MTU Aero Engines Holding AG | 2,068,922 | 0.8 | ||||||||||||||||
29,981 | Stratec Biomedical Systems AG | 1,350,928 | 0.5 | ||||||||||||||||
577,049 | Other Securities | 10,749,283 | 4.2 | ||||||||||||||||
21,671,011 | 8.5 | ||||||||||||||||||
Greece: 0.0% | |||||||||||||||||||
8,887 | Other Securities | 91,892 | 0.0 | ||||||||||||||||
Guernsey: 0.0% | |||||||||||||||||||
28,845 | Other Securities | 32,709 | 0.0 | ||||||||||||||||
Hong Kong: 2.2% | |||||||||||||||||||
36,689,264 | Other Securities | 5,584,313 | 2.2 | ||||||||||||||||
Hungary: 0.0% | |||||||||||||||||||
1,028 | Other Securities | 81,244 | 0.0 | ||||||||||||||||
India: 0.5% | |||||||||||||||||||
516,921 | Other Securities | 1,341,464 | 0.5 | ||||||||||||||||
Indonesia: 0.1% | |||||||||||||||||||
7,394,462 | Other Securities | 342,203 | 0.1 | ||||||||||||||||
Ireland: 0.3% | |||||||||||||||||||
42,009 | Other Securities | 638,537 | 0.3 | ||||||||||||||||
Israel: 0.1% | |||||||||||||||||||
37,040 | Other Securities | 116,054 | 0.1 | ||||||||||||||||
Italy: 4.5% | |||||||||||||||||||
137,886 | @ | Safilo Group SpA | 2,259,840 | 0.9 | |||||||||||||||
1,001,235 | Other Securities | 9,208,228 | 3.6 | ||||||||||||||||
11,468,068 | 4.5 | ||||||||||||||||||
Japan: 29.5% | |||||||||||||||||||
200,000 | Amada Co., Ltd. | 1,604,852 | 0.6 | ||||||||||||||||
33,200 | Don Quijote Co., Ltd. | 1,809,069 | 0.7 | ||||||||||||||||
39,800 | Hoshizaki Electric Co., Ltd. | 1,325,576 | 0.5 | ||||||||||||||||
514,000 | IHI Corp. | 1,916,675 | 0.8 | ||||||||||||||||
60,300 | Kakaku.com, Inc. | 1,558,873 | 0.6 | ||||||||||||||||
1,513,000 | @ | Kanematsu Corp. | 2,098,356 | 0.8 | |||||||||||||||
443 | Message Co., Ltd. | 1,308,755 | 0.5 | ||||||||||||||||
320,400 | Mitsubishi UFJ Lease & Finance Co., Ltd. | 1,809,811 | 0.7 | ||||||||||||||||
103,900 | Mori Seiki Co., Ltd. | 1,305,703 | 0.5 | ||||||||||||||||
141,000 | Nihon Nohyaku Co., Ltd. | 1,341,252 | 0.5 | ||||||||||||||||
199,000 | Nikkiso Co., Ltd. | 2,820,096 | 1.1 | ||||||||||||||||
91,000 | Nippo Corp. | 1,363,749 | 0.5 | ||||||||||||||||
21,600 | Pigeon Corp. | 1,858,232 | 0.7 | ||||||||||||||||
109,700 | Shionogi & Co., Ltd. | 2,698,286 | 1.1 | ||||||||||||||||
156,000 | Yaskawa Electric Corp. | 1,908,770 | 0.8 |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: (continued) | |||||||||||||||||||
Japan: (continued) | |||||||||||||||||||
982,000 | Yuasa Trading Co., Ltd. | $ | 2,077,871 | 0.8 | |||||||||||||||
5,723,780 | Other Securities | 46,694,800 | 18.3 | ||||||||||||||||
75,500,726 | 29.5 | ||||||||||||||||||
Liechtenstein: 0.0% | |||||||||||||||||||
404 | Other Securities | 32,370 | 0.0 | ||||||||||||||||
Luxembourg: 1.1% | |||||||||||||||||||
73,837 | # | O’Key Group SA GDR | 886,044 | 0.3 | |||||||||||||||
70,000 | @ | Reinet Investments SCA | 1,405,845 | 0.6 | |||||||||||||||
81,643 | Other Securities | 439,800 | 0.2 | ||||||||||||||||
2,731,689 | 1.1 | ||||||||||||||||||
Malaysia: 0.5% | |||||||||||||||||||
1,710,695 | Other Securities | 1,288,453 | 0.5 | ||||||||||||||||
Mexico: 0.3% | |||||||||||||||||||
274,681 | Other Securities | 760,368 | 0.3 | ||||||||||||||||
Netherlands: 0.3% | |||||||||||||||||||
580,569 | Other Securities | 851,278 | 0.3 | ||||||||||||||||
Norway: 1.3% | |||||||||||||||||||
1,156,860 | Other Securities | 3,346,839 | 1.3 | ||||||||||||||||
Pakistan: 0.1% | |||||||||||||||||||
1,375,131 | Other Securities | 218,857 | 0.1 | ||||||||||||||||
Philippines: 0.1% | |||||||||||||||||||
679,400 | Other Securities | 150,714 | 0.1 | ||||||||||||||||
Poland: 0.2% | |||||||||||||||||||
84,601 | Other Securities | 507,158 | 0.2 | ||||||||||||||||
Portugal: 0.2% | |||||||||||||||||||
148,596 | Other Securities | 404,332 | 0.2 | ||||||||||||||||
Singapore: 1.0% | |||||||||||||||||||
3,970,392 | Other Securities | 2,590,751 | 1.0 | ||||||||||||||||
South Africa: 0.3% | |||||||||||||||||||
443,551 | Other Securities | 806,803 | 0.3 | ||||||||||||||||
South Korea: 2.2% | |||||||||||||||||||
371,863 | Other Securities | 5,693,621 | 2.2 | ||||||||||||||||
Spain: 0.1% | |||||||||||||||||||
39,315 | Other Securities | 244,866 | 0.1 | ||||||||||||||||
Sweden: 0.2% | |||||||||||||||||||
72,741 | Other Securities | 548,852 | 0.2 | ||||||||||||||||
Switzerland: 3.0% | |||||||||||||||||||
9,599 | @ | Dufry Group | 1,278,812 | 0.5 | |||||||||||||||
4,870 | Partners Group | 1,249,471 | 0.5 | ||||||||||||||||
15,057 | Tecan Group AG | 1,400,764 | 0.5 | ||||||||||||||||
84,424 | Other Securities | 3,775,568 | 1.5 | ||||||||||||||||
7,704,615 | 3.0 | ||||||||||||||||||
COMMON STOCK: (continued) | |||||||||||||||||||
Taiwan: 1.4% | |||||||||||||||||||
5,519,065 | Other Securities | $ | 3,490,560 | 1.4 | |||||||||||||||
Thailand: 1.5% | |||||||||||||||||||
1,751,000 | Krung Thai Bank PCL | 1,482,231 | 0.6 | ||||||||||||||||
1,274,500 | Thanachart Capital PCL | 2,078,270 | 0.8 | ||||||||||||||||
122,400 | Other Securities | 164,481 | 0.1 | ||||||||||||||||
3,724,982 | 1.5 | ||||||||||||||||||
Turkey: 0.5% | |||||||||||||||||||
830,965 | Other Securities | 1,260,224 | 0.5 | ||||||||||||||||
United Kingdom: 14.5% | |||||||||||||||||||
122,218 | Babcock International Group | 2,033,715 | 0.8 | ||||||||||||||||
38,709 | Berkeley Group Holdings PLC | 1,255,112 | 0.5 | ||||||||||||||||
129,010 | Domino’s Pizza Group PLC | 1,305,782 | 0.5 | ||||||||||||||||
734,199 | @ | EnQuest PLC | 1,470,948 | 0.6 | |||||||||||||||
513,154 | Home Retail Group | 1,242,756 | 0.5 | ||||||||||||||||
146,571 | IG Group Holdings PLC | 1,227,644 | 0.5 | ||||||||||||||||
243,603 | Interserve PLC | 1,793,299 | 0.7 | ||||||||||||||||
83,724 | Kier Group PLC | 1,525,121 | 0.6 | ||||||||||||||||
127,091 | Mondi PLC | 1,688,975 | 0.6 | ||||||||||||||||
86,989 | Persimmon PLC | 1,461,302 | 0.6 | ||||||||||||||||
86,989 | @ | Persimmon PLC — B/C shares | 101,343 | 0.0 | |||||||||||||||
7,664,888 | Other Securities | 22,094,848 | 8.6 | ||||||||||||||||
37,200,845 | 14.5 | ||||||||||||||||||
Total Common Stock (Cost $225,300,246) | 244,010,200 | 95.4 | |||||||||||||||||
RIGHTS: 0.0% | |||||||||||||||||||
Israel: 0.0% | |||||||||||||||||||
774 | Other Securities | 2,555 | 0.0 | ||||||||||||||||
South Korea: 0.0% | |||||||||||||||||||
550 | Other Securities | 15,906 | 0.0 | ||||||||||||||||
Total Rights (Cost $—) | 18,461 | 0.0 | |||||||||||||||||
ASSET MANAGEMENT: 0.1% | |||||||||||||||||||
Bermuda: 0.1% | |||||||||||||||||||
504,000 | Other Securities | 69,154 | 0.1 | ||||||||||||||||
Total Asset Management (Cost $69,585) | 69,154 | 0.1 | |||||||||||||||||
Total Long-Term Investments (Cost $225,369,831) | 244,097,815 | 95.5 |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: 1.4% | |||||||||||||||||||
Securities Lending Collateralcc(1): 1.4% | |||||||||||||||||||
1,000,000 | Cantor Fitzgerald, Repurchase Agreement dated 04/30/13, 0.20%, due 05/01/13 (Repurchase Amount $1,000,005, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.350%–6.430%, Market Value plus accrued interest $1,018,823, due 02/28/14–05/01/51) | $ | 1,000,000 | 0.4 | |||||||||||||||
1,000,000 | Citigroup, Inc., Repurchase Agreement dated 04/30/13, 0.18%, due 05/01/13 (Repurchase Amount $1,000,005, collateralized by various U.S. Government Agency Obligations, 0.841%–6.500%, Market Value plus accrued interest $1,020,439, due 11/01/18–03/15/53) | 1,000,000 | 0.4 | ||||||||||||||||
1,000,000 | Daiwa Capital Markets, Repurchase Agreement dated 03/28/13, 0.20%, due 05/01/13 (Repurchase Amount $1,000,186, collateralized by various U.S. Government Agency Obligations, 1.378%–6.500%, Market Value plus accrued interest $1,020,101, due 06/01/17–03/01/48) | 1,000,000 | 0.4 | ||||||||||||||||
655,571 | JPMorgan Chase & Co., Repurchase Agreement dated 04/30/13, 0.14%, due 05/01/13 (Repurchase Amount $655,574, collateralized by various U.S. Government Securities, 0.625%–3.625%, Market Value plus accrued interest $668,693, due 01/15/25–02/15/43) | 655,571 | 0.2 | ||||||||||||||||
3,655,571 | 1.4 |
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: (continued) | |||||||||||||||||||
Mutual Funds: 0.0% | |||||||||||||||||||
4,121 | BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $4,121) | $ | 4,121 | 0.0 | |||||||||||||||
Total Short-Term Investments (Cost $3,659,692) | 3,659,692 | 1.4 | |||||||||||||||||
Total Investments in Securities (Cost $229,029,523) | $ | 247,757,507 | 96.9 | ||||||||||||||||
Assets in Excess of Other Liabilities | 8,024,767 | 3.1 | |||||||||||||||||
Net Assets | $ | 255,782,274 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
@ | Non-income producing security |
GDR | Global Depositary Receipt |
cc | Securities purchased with cash collateral for securities loaned. |
(1) | Collateral received from brokers for securities lending was invested into these short-term investments. |
Cost for federal income tax purposes is $230,256,523. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 32,967,621 | ||||
Gross Unrealized Depreciation | (15,466,637 | ) | ||||
Net Unrealized Appreciation | $ | 17,500,984 |
Sector Diversification | Percentage of Net Assets | |||||
---|---|---|---|---|---|---|
Industrials | 26.2 | % | ||||
Consumer Discretionary | 18.2 | |||||
Financials | 12.9 | |||||
Information Technology | 10.5 | |||||
Materials | 9.6 | |||||
Health Care | 6.8 | |||||
Energy | 6.2 | |||||
Consumer Staples | 4.1 | |||||
Utilities | 0.9 | |||||
Telecommunication Services | 0.1 | |||||
Rights | 0.0 | |||||
Short-Term Investments | 1.4 | |||||
Assets in Excess of Other Liabilities | 3.1 | |||||
Net Assets | 100.0 | % |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at April 30, 2013 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at fair value | ||||||||||||||||||
Common Stock | ||||||||||||||||||
Australia | $ | 1,476,042 | $ | 9,058,647 | $ | 438,703 | $ | 10,973,392 | ||||||||||
Austria | — | 3,664,305 | — | 3,664,305 | ||||||||||||||
Belgium | 3,465,286 | 1,393,307 | — | 4,858,593 | ||||||||||||||
Bermuda | 91,744 | — | — | 91,744 | ||||||||||||||
Brazil | 1,297,756 | — | — | 1,297,756 | ||||||||||||||
British Virgin Islands | 25,542 | — | — | 25,542 | ||||||||||||||
Canada | 10,647,812 | — | — | 10,647,812 | ||||||||||||||
Cayman Islands | — | 26,715 | — | 26,715 | ||||||||||||||
China | 1,038,988 | 1,276,014 | 26,116 | 2,341,118 | ||||||||||||||
Colombia | 61,911 | — | — | 61,911 | ||||||||||||||
Denmark | 723,083 | 2,537,219 | — | 3,260,302 | ||||||||||||||
Finland | 125,726 | 1,590,200 | — | 1,715,926 | ||||||||||||||
France | 2,103,816 | 12,449,959 | — | 14,553,775 | ||||||||||||||
Gabon | 64,911 | — | — | 64,911 | ||||||||||||||
Germany | 2,588,091 | 19,082,920 | — | 21,671,011 | ||||||||||||||
Greece | 91,892 | — | — | 91,892 | ||||||||||||||
Guernsey | 32,709 | — | — | 32,709 | ||||||||||||||
Hong Kong | 149,116 | 5,372,349 | 62,848 | 5,584,313 | ||||||||||||||
Hungary | — | 81,244 | — | 81,244 | ||||||||||||||
India | 427,690 | 913,774 | — | 1,341,464 | ||||||||||||||
Indonesia | — | 342,203 | — | 342,203 | ||||||||||||||
Ireland | 638,537 | — | — | 638,537 | ||||||||||||||
Israel | — | 116,054 | — | 116,054 | ||||||||||||||
Italy | — | 11,468,068 | — | 11,468,068 | ||||||||||||||
Japan | 1,381,660 | 74,119,066 | — | 75,500,726 | ||||||||||||||
Liechtenstein | 32,370 | — | — | 32,370 | ||||||||||||||
Luxembourg | 2,388,432 | 343,257 | — | 2,731,689 | ||||||||||||||
Malaysia | 865,780 | 422,673 | — | 1,288,453 | ||||||||||||||
Mexico | 760,368 | — | — | 760,368 | ||||||||||||||
Netherlands | 233,371 | 617,907 | — | 851,278 | ||||||||||||||
Norway | 1,205,465 | 2,141,374 | — | 3,346,839 | ||||||||||||||
Pakistan | 218,857 | — | — | 218,857 | ||||||||||||||
Philippines | — | 150,714 | — | 150,714 | ||||||||||||||
Poland | — | 507,158 | — | 507,158 | ||||||||||||||
Portugal | 309,429 | 94,903 | — | 404,332 | ||||||||||||||
Singapore | 6,946 | 2,583,805 | — | 2,590,751 | ||||||||||||||
South Africa | 476,830 | 329,973 | — | 806,803 | ||||||||||||||
South Korea | 159,428 | 5,534,193 | — | 5,693,621 | ||||||||||||||
Spain | — | 244,866 | — | 244,866 | ||||||||||||||
Sweden | — | 548,852 | — | 548,852 | ||||||||||||||
Switzerland | 2,005,945 | 5,698,670 | — | 7,704,615 | ||||||||||||||
Taiwan | 740,103 | 2,750,457 | — | 3,490,560 | ||||||||||||||
Thailand | — | 3,724,982 | — | 3,724,982 | ||||||||||||||
Turkey | — | 1,260,224 | — | 1,260,224 | ||||||||||||||
United Kingdom | 9,368,200 | 27,832,645 | — | 37,200,845 | ||||||||||||||
Total Common Stock | 45,203,836 | 198,278,697 | 527,667 | 244,010,200 | ||||||||||||||
Rights | — | 18,461 | — | 18,461 | ||||||||||||||
Short-Term Investments | 4,121 | 3,655,571 | — | 3,659,692 | ||||||||||||||
Asset Management | 69,154 | — | — | 69,154 | ||||||||||||||
Total Investments, at fair value | $ | 45,277,111 | $ | 201,952,729 | $ | 527,667 | $ | 247,757,507 | ||||||||||
Other Financial Instruments+ | ||||||||||||||||||
Forward Foreign Currency Contracts | — | 652 | — | 652 | ||||||||||||||
Total Assets | $ | 45,277,111 | $ | 201,953,381 | $ | 527,667 | $ | 247,758,159 |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
# | 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 portion of the Fund’s investments are categorized as Level 2 investments. |
Counterparty | Currency | Contract Amount | Buy/Sell | Settlement Date | In Exchange For | Fair Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
State Street Bank | South African Rand | 332,861 | Buy | 05/02/13 | $ | 3,626,257 | $ | 3,626,909 | $ | 652 | ||||||||||||||||||||
$ | 652 |
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | |||||||
---|---|---|---|---|---|---|---|---|---|
Asset Derivatives | |||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 652 | ||||||
Total Asset Derivatives | $ | 652 |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | ||||||
---|---|---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Foreign currency related transactions* | |||||
Foreign exchange contracts | $ | (141,498 | ) | |||
Total | $ | (141,498 | ) |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | ||||||
---|---|---|---|---|---|---|
Derivatives not accounted for as hedging instruments | Foreign currency related transactions* | |||||
Foreign exchange contracts | $ | 652 | ||||
Total | $ | 652 |
* | Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions. |
AS OF APRIL 30, 2013 (UNAUDITED)
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 99.7% | |||||||||||||||||||
Australia: 1.5% | |||||||||||||||||||
6,497 | Australia & New Zealand Banking Group Ltd. | $ | 214,708 | 1.5 | |||||||||||||||
Belgium: 1.4% | |||||||||||||||||||
5,128 | KBC Groep NV | 200,715 | 1.4 | ||||||||||||||||
Canada: 0.3% | |||||||||||||||||||
2,500 | Other Securities | 49,275 | 0.3 | ||||||||||||||||
Denmark: 1.4% | |||||||||||||||||||
10,442 | @ | Danske Bank A/S | 197,738 | 1.4 | |||||||||||||||
Finland: 0.8% | |||||||||||||||||||
6,508 | Other Securities | 120,967 | 0.8 | ||||||||||||||||
France: 12.7% | |||||||||||||||||||
11,039 | AXA S.A. | 206,723 | 1.4 | ||||||||||||||||
6,241 | Carrefour S.A. | 185,353 | 1.3 | ||||||||||||||||
861 | PPR | 189,653 | 1.3 | ||||||||||||||||
2,081 | Renault S.A. | 143,620 | 1.0 | ||||||||||||||||
2,659 | Sanofi | 287,480 | 2.0 | ||||||||||||||||
4,591 | @ | Societe Generale | 166,777 | 1.1 | |||||||||||||||
10,052 | Suez Environnement S.A. | 144,258 | 1.0 | ||||||||||||||||
7,376 | Other Securities | 534,285 | 3.6 | ||||||||||||||||
1,858,149 | 12.7 | ||||||||||||||||||
Germany: 7.0% | |||||||||||||||||||
2,179 | Bayer AG | 227,807 | 1.6 | ||||||||||||||||
9,643 | Deutsche Post AG | 229,223 | 1.6 | ||||||||||||||||
2,937 | Siemens AG | 306,878 | 2.1 | ||||||||||||||||
2,720 | Other Securities | 253,217 | 1.7 | ||||||||||||||||
1,017,125 | 7.0 | ||||||||||||||||||
Hong Kong: 4.3% | |||||||||||||||||||
16,000 | Power Assets Holdings Ltd. | 156,461 | 1.1 | ||||||||||||||||
23,000 | Wharf Holdings Ltd. | 205,438 | 1.4 | ||||||||||||||||
90,000 | Other Securities | 269,973 | 1.8 | ||||||||||||||||
631,872 | 4.3 | ||||||||||||||||||
Italy: 4.3% | |||||||||||||||||||
8,619 | ENI S.p.A. | 205,705 | 1.4 | ||||||||||||||||
14,375 | Fiat Industrial SpA | 162,327 | 1.1 | ||||||||||||||||
161,400 | Telecom Italia S.p.A. | 137,093 | 0.9 | ||||||||||||||||
32,785 | Other Securities | 126,792 | 0.9 | ||||||||||||||||
631,917 | 4.3 | ||||||||||||||||||
Japan: 21.2% | |||||||||||||||||||
15,000 | Ajinomoto Co., Inc. | 205,866 | 1.4 | ||||||||||||||||
2,000 | East Japan Railway Co. | 168,834 | 1.2 | ||||||||||||||||
32,000 | Hitachi Ltd. | 204,507 | 1.4 | ||||||||||||||||
7,300 | Hoya Corp. | 146,265 | 1.0 | ||||||||||||||||
4,700 | Japan Tobacco, Inc. | 177,666 | 1.2 | ||||||||||||||||
5,800 | Komatsu Ltd. | 158,908 | 1.1 | ||||||||||||||||
6,600 | Mitsubishi Corp. | 118,815 | 0.8 | ||||||||||||||||
6,000 | Mitsubishi Estate Co., Ltd. | 195,427 | 1.3 | ||||||||||||||||
7,300 | Omron Corp. | 230,606 | 1.6 | ||||||||||||||||
COMMON STOCK: (continued) | |||||||||||||||||||
Japan: (continued) | |||||||||||||||||||
7,000 | Sumitomo Mitsui Financial Group, Inc. | $ | 330,871 | 2.3 | |||||||||||||||
2,000 | Sumitomo Realty & Development Co., Ltd. | 94,523 | 0.6 | ||||||||||||||||
7,700 | Tokio Marine Holdings, Inc. | 244,704 | 1.7 | ||||||||||||||||
3,400 | Tokyo Electron Ltd. | 174,026 | 1.2 | ||||||||||||||||
3,400 | Toyota Motor Corp. | 197,329 | 1.4 | ||||||||||||||||
32,600 | Other Securities | 440,988 | 3.0 | ||||||||||||||||
3,089,335 | 21.2 | ||||||||||||||||||
Luxembourg: 0.4% | |||||||||||||||||||
4,300 | Other Securities | 53,707 | 0.4 | ||||||||||||||||
Netherlands: 8.6% | |||||||||||||||||||
27,043 | Aegon NV | 180,640 | 1.3 | ||||||||||||||||
2,062 | Koninklijke DSM NV | 132,908 | 0.9 | ||||||||||||||||
7,465 | Koninklijke Philips Electronics NV | 206,617 | 1.4 | ||||||||||||||||
8,414 | Reed Elsevier NV | 136,566 | 1.0 | ||||||||||||||||
13,405 | Royal Dutch Shell PLC — Class A | 456,377 | 3.1 | ||||||||||||||||
2,540 | Other Securities | 134,192 | 0.9 | ||||||||||||||||
1,247,300 | 8.6 | ||||||||||||||||||
New Zealand: 1.1% | |||||||||||||||||||
72,678 | Telecom Corp. of New Zealand Ltd. | 162,290 | 1.1 | ||||||||||||||||
Norway: 2.1% | |||||||||||||||||||
9,771 | @ | DnB NOR ASA | 160,005 | 1.1 | |||||||||||||||
6,020 | Statoil ASA | 147,378 | 1.0 | ||||||||||||||||
307,383 | 2.1 | ||||||||||||||||||
Singapore: 1.2% | |||||||||||||||||||
55,000 | Singapore Telecommunications Ltd. | 175,687 | 1.2 | ||||||||||||||||
Spain: 3.0% | |||||||||||||||||||
17,780 | Banco Bilbao Vizcaya Argentaria S.A. | 173,081 | 1.2 | ||||||||||||||||
7,343 | Gas Natural SDG S.A. | 153,760 | 1.1 | ||||||||||||||||
135,686 | Other Securities | 105,645 | 0.7 | ||||||||||||||||
432,486 | 3.0 | ||||||||||||||||||
Sweden: 1.9% | |||||||||||||||||||
12,885 | Telefonaktiebolaget LM Ericsson | 160,243 | 1.1 | ||||||||||||||||
9,518 | Other Securities | 114,530 | 0.8 | ||||||||||||||||
274,773 | 1.9 | ||||||||||||||||||
Switzerland: 9.0% | |||||||||||||||||||
6,422 | Credit Suisse Group | 178,343 | 1.2 | ||||||||||||||||
4,050 | Nestle S.A. | 288,816 | 2.0 | ||||||||||||||||
5,255 | Novartis AG | 389,015 | 2.7 | ||||||||||||||||
1,806 | Roche Holding AG — Genusschein | 452,115 | 3.1 | ||||||||||||||||
1,308,289 | 9.0 |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: (continued) | |||||||||||||||||||
United Kingdom: 15.0% | |||||||||||||||||||
62,192 | Barclays PLC | $ | 277,531 | 1.9 | |||||||||||||||
8,428 | BHP Billiton PLC | 237,103 | 1.6 | ||||||||||||||||
3,200 | BP PLC ADR | 139,520 | 1.0 | ||||||||||||||||
7,591 | GlaxoSmithKline PLC | 195,859 | 1.4 | ||||||||||||||||
17,023 | HSBC Holdings PLC | 186,436 | 1.3 | ||||||||||||||||
3,867 | Rio Tinto PLC | 177,573 | 1.2 | ||||||||||||||||
35,787 | Tesco PLC | 203,556 | 1.4 | ||||||||||||||||
121,392 | Vodafone Group PLC | 370,403 | 2.5 | ||||||||||||||||
9,697 | WPP PLC | 160,314 | 1.1 | ||||||||||||||||
18,170 | Other Securities | 239,943 | 1.6 | ||||||||||||||||
2,188,238 | 15.0 | ||||||||||||||||||
United States: 2.5% | |||||||||||||||||||
10,200 | Other Securities | 362,296 | 2.5 | ||||||||||||||||
Total Common Stock (Cost $12,350,672) | 14,524,250 | 99.7 | |||||||||||||||||
SHORT-TERM INVESTMENTS: 0.7% | |||||||||||||||||||
Mutual Funds: 0.7% | |||||||||||||||||||
95,000 | BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $95,000) | 95,000 | 0.7 | ||||||||||||||||
Total Short-Term Investments (Cost $95,000) | 95,000 | 0.7 | |||||||||||||||||
Total Investments in Securities (Cost $12,445,672) | $ | 14,619,250 | 100.4 | ||||||||||||||||
Liabilities in Excess of Other Assets | (52,131 | ) | (0.4 | ) | |||||||||||||||
Net Assets | $ | 14,567,119 | 100.0 |
@ | Non-income producing security |
ADR | American Depositary Receipt |
Cost for federal income tax purposes is $12,464,912. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 2,349,123 | ||||
Gross Unrealized Depreciation | (194,785 | ) | ||||
Net Unrealized Appreciation | $ | 2,154,338 |
Sector Diversification | Percentage of Net Assets | |||||
---|---|---|---|---|---|---|
Financials | 26.1 | % | ||||
Health Care | 10.8 | |||||
Industrials | 10.2 | |||||
Consumer Staples | 9.8 | |||||
Energy | 9.7 | |||||
Consumer Discretionary | 8.3 | |||||
Materials | 7.3 | |||||
Information Technology | 6.9 | |||||
Telecommunication Services | 5.7 | |||||
Utilities | 4.9 | |||||
Short-Term Investments | 0.7 | |||||
Liabilities in Excess of Other Assets | (0.4 | ) | ||||
Net Assets | 100.0 | % |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at April 30, 2013 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at fair value | ||||||||||||||||||
Common Stock | ||||||||||||||||||
Australia | $ | — | $ | 214,708 | $ | — | $ | 214,708 | ||||||||||
Belgium | — | 200,715 | — | 200,715 | ||||||||||||||
Canada | 49,275 | — | — | 49,275 | ||||||||||||||
Denmark | — | 197,738 | — | 197,738 | ||||||||||||||
Finland | — | 120,967 | — | 120,967 | ||||||||||||||
France | — | 1,858,149 | — | 1,858,149 | ||||||||||||||
Germany | — | 1,017,125 | — | 1,017,125 | ||||||||||||||
Hong Kong | — | 631,872 | — | 631,872 | ||||||||||||||
Italy | — | 631,917 | — | 631,917 | ||||||||||||||
Japan | — | 3,089,335 | — | 3,089,335 | ||||||||||||||
Luxembourg | 53,707 | — | — | 53,707 | ||||||||||||||
Netherlands | — | 1,247,300 | — | 1,247,300 | ||||||||||||||
New Zealand | — | 162,290 | — | 162,290 | ||||||||||||||
Norway | — | 307,383 | — | 307,383 | ||||||||||||||
Singapore | — | 175,687 | — | 175,687 | ||||||||||||||
Spain | — | 432,486 | — | 432,486 | ||||||||||||||
Sweden | — | 274,773 | — | 274,773 | ||||||||||||||
Switzerland | — | 1,308,289 | — | 1,308,289 | ||||||||||||||
United Kingdom | 139,520 | 2,048,718 | — | 2,188,238 | ||||||||||||||
United States | 362,296 | — | — | 362,296 | ||||||||||||||
Total Common Stock | 604,798 | 13,919,452 | — | 14,524,250 | ||||||||||||||
Short-Term Investments | 95,000 | — | — | 95,000 | ||||||||||||||
Total Investments, at fair value | $ | 699,798 | $ | 13,919,452 | $ | — | $ | 14,619,250 |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
# | 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 portion of the Fund’s investments are categorized as Level 2 investments. |
AS OF APRIL 30, 2013 (UNAUDITED)
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 99.5% | |||||||||||||||||||
Australia: 1.5% | |||||||||||||||||||
65,256 | Australia & New Zealand Banking Group Ltd. | $ | 2,156,527 | 1.5 | |||||||||||||||
Belgium: 1.4% | |||||||||||||||||||
51,154 | KBC Groep NV | 2,002,216 | 1.4 | ||||||||||||||||
Canada: 0.4% | |||||||||||||||||||
25,900 | Other Securities | 510,489 | 0.4 | ||||||||||||||||
China: 0.0% | |||||||||||||||||||
12,100,000 | Other Securities | 70,609 | 0.0 | ||||||||||||||||
Denmark: 1.3% | |||||||||||||||||||
101,018 | @ | Danske Bank A/S | 1,912,960 | 1.3 | |||||||||||||||
Finland: 0.8% | |||||||||||||||||||
65,285 | Other Securities | 1,213,484 | 0.8 | ||||||||||||||||
France: 12.8% | |||||||||||||||||||
112,244 | AXA S.A. | 2,101,952 | 1.4 | ||||||||||||||||
62,675 | Carrefour S.A. | 1,861,393 | 1.3 | ||||||||||||||||
8,326 | PPR | 1,833,976 | 1.2 | ||||||||||||||||
21,150 | Renault S.A. | 1,459,664 | 1.0 | ||||||||||||||||
26,841 | Sanofi | 2,901,932 | 2.0 | ||||||||||||||||
46,651 | @ | Societe Generale | 1,694,691 | 1.2 | |||||||||||||||
100,964 | Suez Environnement S.A. | 1,448,954 | 1.0 | ||||||||||||||||
73,760 | Other Securities | 5,350,660 | 3.7 | ||||||||||||||||
18,653,222 | 12.8 | ||||||||||||||||||
Germany: 6.9% | |||||||||||||||||||
21,675 | Bayer AG | 2,266,046 | 1.5 | ||||||||||||||||
95,963 | Deutsche Post AG | 2,281,132 | 1.6 | ||||||||||||||||
28,975 | Siemens AG | 3,027,512 | 2.1 | ||||||||||||||||
27,392 | Other Securities | 2,550,167 | 1.7 | ||||||||||||||||
10,124,857 | 6.9 | ||||||||||||||||||
Hong Kong: 4.4% | |||||||||||||||||||
159,000 | Power Assets Holdings Ltd. | 1,554,832 | 1.1 | ||||||||||||||||
231,000 | Wharf Holdings Ltd. | 2,063,315 | 1.4 | ||||||||||||||||
913,800 | Other Securities | 2,747,963 | 1.9 | ||||||||||||||||
6,366,110 | 4.4 | ||||||||||||||||||
Italy: 4.4% | |||||||||||||||||||
89,351 | ENI S.p.A. | 2,132,488 | 1.5 | ||||||||||||||||
138,838 | Fiat Industrial SpA | 1,567,800 | 1.1 | ||||||||||||||||
1,945,761 | Other Securities | 2,677,487 | 1.8 | ||||||||||||||||
6,377,775 | 4.4 | ||||||||||||||||||
Japan: 21.3% | |||||||||||||||||||
153,000 | Ajinomoto Co., Inc. | 2,099,835 | 1.4 | ||||||||||||||||
20,000 | East Japan Railway Co. | 1,688,335 | 1.2 | ||||||||||||||||
318,000 | Hitachi Ltd. | 2,032,289 | 1.4 | ||||||||||||||||
73,600 | Hoya Corp. | 1,474,675 | 1.0 | ||||||||||||||||
46,800 | Japan Tobacco, Inc. | 1,769,098 | 1.2 | ||||||||||||||||
55,900 | Komatsu Ltd. | 1,531,547 | 1.0 | ||||||||||||||||
65,800 | Mitsubishi Corp. | 1,184,549 | 0.8 | ||||||||||||||||
61,000 | Mitsubishi Estate Co., Ltd. | 1,986,839 | 1.4 | ||||||||||||||||
72,700 | Omron Corp. | 2,296,585 | 1.6 | ||||||||||||||||
COMMON STOCK: (continued) | |||||||||||||||||||
Japan: (continued) | |||||||||||||||||||
69,200 | Sumitomo Mitsui Financial Group, Inc. | $ | 3,270,901 | 2.2 | |||||||||||||||
76,700 | Tokio Marine Holdings, Inc. | 2,437,502 | 1.7 | ||||||||||||||||
34,200 | Tokyo Electron Ltd. | 1,750,499 | 1.2 | ||||||||||||||||
34,500 | Toyota Motor Corp. | 2,002,306 | 1.4 | ||||||||||||||||
351,300 | Other Securities | 5,604,257 | 3.8 | ||||||||||||||||
31,129,217 | 21.3 | ||||||||||||||||||
Luxembourg: 0.4% | |||||||||||||||||||
46,600 | Other Securities | 582,034 | 0.4 | ||||||||||||||||
Netherlands: 8.5% | |||||||||||||||||||
271,269 | Aegon NV | 1,812,009 | 1.2 | ||||||||||||||||
21,520 | Koninklijke DSM NV | 1,387,087 | 1.0 | ||||||||||||||||
72,793 | Koninklijke Philips Electronics NV | 2,014,769 | 1.4 | ||||||||||||||||
131,288 | Royal Dutch Shell PLC — Class A | 4,469,736 | 3.1 | ||||||||||||||||
108,848 | Other Securities | 2,697,856 | 1.8 | ||||||||||||||||
12,381,457 | 8.5 | ||||||||||||||||||
New Zealand: 1.1% | |||||||||||||||||||
697,488 | Telecom Corp. of New Zealand Ltd. | 1,557,495 | 1.1 | ||||||||||||||||
Norway: 2.1% | |||||||||||||||||||
92,748 | @ | DnB NOR ASA | 1,518,796 | 1.1 | |||||||||||||||
61,251 | Statoil ASA | 1,499,509 | 1.0 | ||||||||||||||||
3,018,305 | 2.1 | ||||||||||||||||||
Singapore: 1.2% | |||||||||||||||||||
568,000 | Singapore Telecommunications Ltd. | 1,814,365 | 1.2 | ||||||||||||||||
Spain: 2.9% | |||||||||||||||||||
176,565 | Banco Bilbao Vizcaya Argentaria S.A. | 1,718,784 | 1.2 | ||||||||||||||||
74,180 | Gas Natural SDG S.A. | 1,553,304 | 1.0 | ||||||||||||||||
1,292,079 | Other Securities | 1,006,011 | 0.7 | ||||||||||||||||
4,278,099 | 2.9 | ||||||||||||||||||
Sweden: 1.9% | |||||||||||||||||||
129,257 | Telefonaktiebolaget LM Ericsson | 1,607,488 | 1.1 | ||||||||||||||||
94,798 | Other Securities | 1,140,707 | 0.8 | ||||||||||||||||
2,748,195 | 1.9 | ||||||||||||||||||
Switzerland: 8.9% | |||||||||||||||||||
64,423 | Credit Suisse Group | 1,789,091 | 1.2 | ||||||||||||||||
40,479 | Nestle S.A. | 2,886,659 | 2.0 | ||||||||||||||||
52,300 | Novartis AG | 3,871,643 | 2.6 | ||||||||||||||||
17,969 | Roche Holding AG — Genusschein | 4,498,370 | 3.1 | ||||||||||||||||
13,045,763 | 8.9 | ||||||||||||||||||
United Kingdom: 14.8% | |||||||||||||||||||
620,240 | Barclays PLC | 2,767,808 | 1.9 | ||||||||||||||||
83,847 | BHP Billiton PLC | 2,358,850 | 1.6 | ||||||||||||||||
77,025 | GlaxoSmithKline PLC | 1,987,360 | 1.4 |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: (continued) | |||||||||||||||||||
United Kingdom: (continued) | |||||||||||||||||||
170,038 | HSBC Holdings PLC | $ | 1,862,254 | 1.3 | |||||||||||||||
38,474 | Rio Tinto PLC | 1,766,729 | 1.2 | ||||||||||||||||
356,141 | Tesco PLC | 2,025,725 | 1.4 | ||||||||||||||||
1,203,282 | Vodafone Group PLC | 3,671,570 | 2.5 | ||||||||||||||||
87,667 | WPP PLC | 1,449,340 | 1.0 | ||||||||||||||||
212,538 | Other Securities | 3,727,974 | 2.5 | ||||||||||||||||
21,617,610 | 14.8 | ||||||||||||||||||
United States: 2.5% | |||||||||||||||||||
38,300 | Coca-Cola Enterprises, Inc. | 1,402,929 | 1.0 | ||||||||||||||||
62,600 | Other Securities | 2,183,987 | 1.5 | ||||||||||||||||
3,586,916 | 2.5 | ||||||||||||||||||
Total Common Stock (Cost $128,451,316) | 145,147,705 | 99.5 |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: 0.9% | |||||||||||||||||||
Securities Lending Collateralcc(1): 0.4% | |||||||||||||||||||
588,266 | Citigroup, Inc., Repurchase Agreement dated 04/30/13, 0.14%, due 05/01/13 (Repurchase Amount $588,268, collateralized by various U.S. Government Securities, 0.125%–6.000%, Market Value plus accrued interest $600,031, due 07/31/13–11/15/42) (Cost $588,266) | 588,266 | 0.4 |
Shares | | | | Value | | Percentage of Net Assets | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mutual Funds: 0.5% | ||||||||||||||||||
798,000 | BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $798,000) | 798,000 | 0.5 | |||||||||||||||
Total Short-Term Investments (Cost $1,386,266) | 1,386,266 | 0.9 | ||||||||||||||||
Total Investments in Securities (Cost $129,837,582) | $ | 146,533,971 | 100.4 | |||||||||||||||
Liabilities in Excess of Other Assets | (532,320 | ) | (0.4 | ) | ||||||||||||||
Net Assets | $ | 146,001,651 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
@ | Non-income producing security |
cc | Securities purchased with cash collateral for securities loaned. |
(1) | Collateral received from brokers for securities lending was invested into these short-term investments. |
Cost for federal income tax purposes is $129,855,881. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 19,837,480 | ||||
Gross Unrealized Depreciation | (3,159,390 | ) | ||||
Net Unrealized Appreciation | $ | 16,678,090 |
Sector Diversification | Percentage of Net Assets | |||||
---|---|---|---|---|---|---|
Financials | 26.2 | % | ||||
Health Care | 10.6 | |||||
Industrials | 10.1 | |||||
Consumer Staples | 9.9 | |||||
Energy | 9.6 | |||||
Consumer Discretionary | 8.0 | |||||
Materials | 7.6 | |||||
Information Technology | 7.0 | |||||
Telecommunication Services | 5.7 | |||||
Utilities | 4.8 | |||||
Short-Term Investments | 0.9 | |||||
Liabilities in Excess of Other Assets | (0.4 | ) | ||||
Net Assets | 100.0 | % |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at April 30, 2013 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at fair value | ||||||||||||||||||
Common Stock | ||||||||||||||||||
Australia | $ | — | $ | 2,156,527 | $ | — | $ | 2,156,527 | ||||||||||
Belgium | — | 2,002,216 | — | 2,002,216 | ||||||||||||||
Canada | 510,489 | — | — | 510,489 | ||||||||||||||
China | — | — | 70,609 | 70,609 | ||||||||||||||
Denmark | — | 1,912,960 | — | 1,912,960 | ||||||||||||||
Finland | — | 1,213,484 | — | 1,213,484 | ||||||||||||||
France | — | 18,653,222 | — | 18,653,222 | ||||||||||||||
Germany | — | 10,124,857 | — | 10,124,857 | ||||||||||||||
Hong Kong | — | 6,366,110 | — | 6,366,110 | ||||||||||||||
Italy | — | 6,377,775 | — | 6,377,775 | ||||||||||||||
Japan | — | 31,129,217 | — | 31,129,217 | ||||||||||||||
Luxembourg | 582,034 | — | — | 582,034 | ||||||||||||||
Netherlands | — | 12,381,457 | — | 12,381,457 | ||||||||||||||
New Zealand | — | 1,557,495 | — | 1,557,495 | ||||||||||||||
Norway | — | 3,018,305 | — | 3,018,305 | ||||||||||||||
Singapore | — | 1,814,365 | — | 1,814,365 | ||||||||||||||
Spain | — | 4,278,099 | — | 4,278,099 | ||||||||||||||
Sweden | — | 2,748,195 | — | 2,748,195 | ||||||||||||||
Switzerland | — | 13,045,763 | — | 13,045,763 | ||||||||||||||
United Kingdom | 1,355,960 | 20,261,650 | — | 21,617,610 | ||||||||||||||
United States | 3,586,916 | — | — | 3,586,916 | ||||||||||||||
Total Common Stock | 6,035,399 | 139,041,697 | 70,609 | 145,147,705 | ||||||||||||||
Short-Term Investments | 798,000 | 588,266 | — | 1,386,266 | ||||||||||||||
Total Investments, at fair value | $ | 6,833,399 | $ | 139,629,963 | $ | 70,609 | $ | 146,533,971 |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
# | 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 portion of the Fund’s investments are categorized as Level 2 investments. |
AS OF APRIL 30, 2013 (UNAUDITED)
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 97.6% | |||||||||||||||||||
Australia: 1.4% | |||||||||||||||||||
144,768 | Australia & New Zealand Banking Group Ltd. | $ | 4,784,176 | 1.4 | |||||||||||||||
Belgium: 1.4% | |||||||||||||||||||
117,589 | KBC Groep NV | 4,602,546 | 1.4 | ||||||||||||||||
Canada: 0.3% | |||||||||||||||||||
58,900 | Other Securities | 1,160,919 | 0.3 | ||||||||||||||||
Denmark: 1.3% | |||||||||||||||||||
232,320 | @ | Danske Bank A/S | 4,399,403 | 1.3 | |||||||||||||||
Finland: 0.8% | |||||||||||||||||||
152,754 | Other Securities | 2,839,313 | 0.8 | ||||||||||||||||
France: 12.0% | |||||||||||||||||||
249,803 | AXA S.A. | 4,677,968 | 1.4 | ||||||||||||||||
145,699 | Carrefour S.A. | 4,327,135 | 1.3 | ||||||||||||||||
19,422 | PPR | 4,278,102 | 1.2 | ||||||||||||||||
48,993 | Renault S.A. | 3,381,245 | 1.0 | ||||||||||||||||
61,212 | Sanofi | 6,617,974 | 1.9 | ||||||||||||||||
108,758 | @ | Societe Generale | 3,950,852 | 1.1 | |||||||||||||||
231,830 | Suez Environnement S.A. | 3,327,037 | 1.0 | ||||||||||||||||
149,987 | Other Securities | 10,480,903 | 3.1 | ||||||||||||||||
41,041,216 | 12.0 | ||||||||||||||||||
Germany: 6.9% | |||||||||||||||||||
50,948 | Bayer AG | 5,326,436 | 1.5 | ||||||||||||||||
226,263 | Deutsche Post AG | 5,378,487 | 1.6 | ||||||||||||||||
68,075 | Siemens AG | 7,112,955 | 2.1 | ||||||||||||||||
63,027 | Other Securities | 5,867,453 | 1.7 | ||||||||||||||||
23,685,331 | 6.9 | ||||||||||||||||||
Hong Kong: 4.1% | |||||||||||||||||||
530,000 | Wharf Holdings Ltd. | 4,734,014 | 1.4 | ||||||||||||||||
8,852,400 | Other Securities | 9,125,095 | 2.7 | ||||||||||||||||
13,859,109 | 4.1 | ||||||||||||||||||
Italy: 4.3% | |||||||||||||||||||
200,077 | ENI S.p.A. | 4,775,120 | 1.4 | ||||||||||||||||
326,759 | Fiat Industrial SpA | 3,689,860 | 1.1 | ||||||||||||||||
4,455,266 | Other Securities | 6,137,631 | 1.8 | ||||||||||||||||
14,602,611 | 4.3 | ||||||||||||||||||
Japan: 21.3% | |||||||||||||||||||
351,000 | Ajinomoto Co., Inc. | 4,817,268 | 1.4 | ||||||||||||||||
45,800 | East Japan Railway Co. | 3,866,288 | 1.1 | ||||||||||||||||
749,888 | Hitachi Ltd. | 4,792,418 | 1.4 | ||||||||||||||||
170,700 | Hoya Corp. | 3,420,205 | 1.0 | ||||||||||||||||
107,000 | Japan Tobacco, Inc. | 4,044,733 | 1.2 | ||||||||||||||||
130,900 | Komatsu Ltd. | 3,586,394 | 1.0 | ||||||||||||||||
151,100 | Mitsubishi Corp. | 2,720,142 | 0.8 | ||||||||||||||||
140,000 | Mitsubishi Estate Co., Ltd. | 4,559,958 | 1.3 | ||||||||||||||||
168,500 | Omron Corp. | 5,322,896 | 1.6 | ||||||||||||||||
165,400 | Sumitomo Mitsui Financial Group, Inc. | 7,818,021 | 2.3 | ||||||||||||||||
177,900 | Tokio Marine Holdings, Inc. | 5,653,605 | 1.7 | ||||||||||||||||
COMMON STOCK: (continued) | |||||||||||||||||||
Japan: (continued) | |||||||||||||||||||
79,900 | Tokyo Electron Ltd. | $ | 4,089,617 | 1.2 | |||||||||||||||
77,800 | Toyota Motor Corp. | 4,515,345 | 1.3 | ||||||||||||||||
1,167,948 | Other Securities | 13,497,923 | 4.0 | ||||||||||||||||
72,704,813 | 21.3 | ||||||||||||||||||
Luxembourg: 0.3% | |||||||||||||||||||
94,000 | Other Securities | 1,174,060 | 0.3 | ||||||||||||||||
Netherlands: 8.4% | |||||||||||||||||||
639,109 | Aegon NV | 4,269,088 | 1.3 | ||||||||||||||||
49,727 | Koninklijke DSM NV | 3,205,190 | 0.9 | ||||||||||||||||
167,822 | Koninklijke Philips Electronics NV | 4,644,987 | 1.4 | ||||||||||||||||
303,835 | Royal Dutch Shell PLC — Class A | 10,344,146 | 3.0 | ||||||||||||||||
252,346 | Other Securities | 6,182,875 | 1.8 | ||||||||||||||||
28,646,286 | 8.4 | ||||||||||||||||||
New Zealand: 1.1% | |||||||||||||||||||
1,623,436 | Telecom Corp. of New Zealand Ltd. | 3,625,143 | 1.1 | ||||||||||||||||
Norway: 2.1% | |||||||||||||||||||
221,917 | @ | DnB NOR ASA | 3,634,006 | 1.1 | |||||||||||||||
138,880 | Statoil ASA | 3,399,973 | 1.0 | ||||||||||||||||
7,033,979 | 2.1 | ||||||||||||||||||
Singapore: 1.2% | |||||||||||||||||||
1,278,100 | Singapore Telecommunications Ltd. | 4,082,640 | 1.2 | ||||||||||||||||
Spain: 2.9% | |||||||||||||||||||
411,477 | Banco Bilbao Vizcaya Argentaria S.A. | 4,005,551 | 1.2 | ||||||||||||||||
169,228 | Gas Natural SDG S.A. | 3,543,578 | 1.0 | ||||||||||||||||
2,894,975 | Other Securities | 2,254,022 | 0.7 | ||||||||||||||||
9,803,151 | 2.9 | ||||||||||||||||||
Sweden: 1.8% | |||||||||||||||||||
295,500 | Telefonaktiebolaget LM Ericsson | 3,674,948 | 1.1 | ||||||||||||||||
217,174 | Other Securities | 2,613,261 | 0.7 | ||||||||||||||||
6,288,209 | 1.8 | ||||||||||||||||||
Switzerland: 8.9% | |||||||||||||||||||
147,982 | Credit Suisse Group | 4,109,622 | 1.2 | ||||||||||||||||
93,663 | Nestle S.A. | 6,679,343 | 1.9 | ||||||||||||||||
122,691 | Novartis AG | 9,082,518 | 2.7 | ||||||||||||||||
42,287 | Roche Holding AG — Genusschein | 10,586,154 | 3.1 | ||||||||||||||||
30,457,637 | 8.9 | ||||||||||||||||||
United Kingdom: 14.7% | |||||||||||||||||||
1,436,444 | Barclays PLC | 6,410,101 | 1.9 | ||||||||||||||||
192,885 | BHP Billiton PLC | 5,426,393 | 1.6 | ||||||||||||||||
179,421 | GlaxoSmithKline PLC | 4,629,329 | 1.4 | ||||||||||||||||
387,745 | HSBC Holdings PLC | 4,246,579 | 1.2 | ||||||||||||||||
88,506 | Rio Tinto PLC | 4,064,203 | 1.2 | ||||||||||||||||
837,889 | Tesco PLC | 4,765,900 | 1.4 |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: (continued) | |||||||||||||||||||
United Kingdom: (continued) | |||||||||||||||||||
2,766,511 | Vodafone Group PLC | $ | 8,441,445 | 2.5 | |||||||||||||||
212,477 | WPP PLC | 3,512,740 | 1.0 | ||||||||||||||||
496,191 | Other Securities | 8,647,796 | 2.5 | ||||||||||||||||
50,144,486 | 14.7 | ||||||||||||||||||
United States: 2.4% | |||||||||||||||||||
233,200 | Other Securities | 8,296,038 | 2.4 | ||||||||||||||||
Total Common Stock (Cost $286,666,054) | 333,231,066 | 97.6 | |||||||||||||||||
SHORT-TERM INVESTMENTS: 0.4% | |||||||||||||||||||
Mutual Funds: 0.4% | |||||||||||||||||||
1,498,000 | BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $1,498,000) | 1,498,000 | 0.4 | ||||||||||||||||
Total Short-Term Investments (Cost $1,498,000) | 1,498,000 | 0.4 | |||||||||||||||||
Total Investments in Securities (Cost $288,164,054) | $ | 334,729,066 | 98.0 | ||||||||||||||||
Assets in Excess of Other Liabilities | 6,660,586 | 2.0 | |||||||||||||||||
Net Assets | $ | 341,389,652 | 100.0 |
@ | Non-income producing security |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 52,622,864 | ||||
Gross Unrealized Depreciation | (14,189,062 | ) | ||||
Net Unrealized Appreciation | $ | 38,433,802 |
Sector Diversification | Percentage of Net Assets | |||||
---|---|---|---|---|---|---|
Financials | 26.0 | % | ||||
Health Care | 10.6 | |||||
Industrials | 10.0 | |||||
Consumer Staples | 9.8 | |||||
Energy | 9.4 | |||||
Consumer Discretionary | 8.0 | |||||
Information Technology | 6.9 | |||||
Materials | 6.7 | |||||
Telecommunication Services | 5.7 | |||||
Utilities | 4.5 | |||||
Short-Term Investments | 0.4 | |||||
Assets in Excess of Other Liabilities | 2.0 | |||||
Net Assets | �� | 100.0 | % |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at April 30, 2013 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at fair value | ||||||||||||||||||
Common Stock | ||||||||||||||||||
Australia | $ | — | $ | 4,784,176 | $ | — | $ | 4,784,176 | ||||||||||
Belgium | — | 4,602,546 | — | 4,602,546 | ||||||||||||||
Canada | 1,160,919 | — | — | 1,160,919 | ||||||||||||||
Denmark | — | 4,399,403 | — | 4,399,403 | ||||||||||||||
Finland | — | 2,839,313 | — | 2,839,313 | ||||||||||||||
France | — | 41,041,216 | — | 41,041,216 | ||||||||||||||
Germany | — | 23,685,331 | — | 23,685,331 | ||||||||||||||
Hong Kong | — | 13,553,046 | 306,063 | 13,859,109 | ||||||||||||||
Italy | — | 14,602,611 | — | 14,602,611 | ||||||||||||||
Japan | 601,656 | 72,103,157 | — | 72,704,813 | ||||||||||||||
Luxembourg | 1,174,060 | — | — | 1,174,060 | ||||||||||||||
Netherlands | — | 28,646,286 | — | 28,646,286 | ||||||||||||||
New Zealand | — | 3,625,143 | — | 3,625,143 | ||||||||||||||
Norway | — | 7,033,979 | — | 7,033,979 | ||||||||||||||
Singapore | — | 4,082,640 | — | 4,082,640 | ||||||||||||||
Spain | 2,254,022 | 7,549,129 | — | 9,803,151 | ||||||||||||||
Sweden | — | 6,288,209 | — | 6,288,209 | ||||||||||||||
Switzerland | — | 30,457,637 | — | 30,457,637 | ||||||||||||||
United Kingdom | 3,121,760 | 47,022,726 | — | 50,144,486 | ||||||||||||||
United States | 8,296,038 | — | — | 8,296,038 | ||||||||||||||
Total Common Stock | 16,608,455 | 316,316,548 | 306,063 | 333,231,066 | ||||||||||||||
Short-Term Investments | 1,498,000 | — | — | 1,498,000 | ||||||||||||||
Total Investments, at fair value | $ | 18,106,455 | $ | 316,316,548 | $ | 306,063 | $ | 334,729,066 |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
# | 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 portion of the Fund’s investments are categorized as Level 2 investments. |
AS OF APRIL 30, 2013 (UNAUDITED)
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 96.9% | |||||||||||||||||||
Consumer Discretionary: 0.5% | |||||||||||||||||||
130,840 | M Video | $ | 1,032,247 | 0.5 | |||||||||||||||
Consumer Staples: 9.2% | |||||||||||||||||||
13,230 | @ | DIXY Group OJSC | 169,750 | 0.1 | |||||||||||||||
60,860 | Magnit OAO | 13,055,064 | 6.3 | ||||||||||||||||
20,940 | Magnit OJSC | 4,491,834 | 2.2 | ||||||||||||||||
70,000 | #, @ | MHP SA GDR | 1,295,000 | 0.6 | |||||||||||||||
19,011,648 | 9.2 | ||||||||||||||||||
Energy: 39.1% | |||||||||||||||||||
40,000 | Eurasia Drilling Co. Ltd. GDR | 1,567,054 | 0.8 | ||||||||||||||||
2,363,800 | @ | Gazprom OAO | 9,444,062 | 4.5 | |||||||||||||||
369,970 | Lukoil OAO ADR | 23,456,098 | 11.3 | ||||||||||||||||
93,000 | NovaTek OAO GDR | 9,440,674 | 4.5 | ||||||||||||||||
1,056,100 | Rosneft Oil Co. GDR | 7,243,300 | 3.5 | ||||||||||||||||
497,000 | L | Surgutneftegas OJSC ADR | 4,240,206 | 2.0 | |||||||||||||||
10,698,600 | Surgutneftegas OJSC | 7,563,115 | 3.6 | ||||||||||||||||
470,000 | Tatneft | 1,581,267 | 0.8 | ||||||||||||||||
197,000 | L | Tatneft ADR | 7,474,402 | 3.6 | |||||||||||||||
4,573 | Transneft | 9,243,594 | 4.5 | ||||||||||||||||
81,253,772 | 39.1 | ||||||||||||||||||
Financials: 15.5% | |||||||||||||||||||
244,843 | @, L | Halyk Savings Bank of Kazakhstan JSC GDR | 1,790,606 | 0.9 | |||||||||||||||
815,000 | LSR Group GDR | 3,556,742 | 1.7 | ||||||||||||||||
5,451,400 | Sberbank | 17,395,524 | 8.4 | ||||||||||||||||
307,000 | Sberbank of Russia ADR | 3,948,020 | 1.9 | ||||||||||||||||
1,727,400 | @, L | VTB Bank OJSC GDR | 5,461,020 | 2.6 | |||||||||||||||
32,151,912 | 15.5 | ||||||||||||||||||
Health Care: 1.0% | |||||||||||||||||||
125,000 | @ | MD Medical Group Investments PLC GDR | 2,187,500 | 1.0 | |||||||||||||||
Information Technology: 1.3% | |||||||||||||||||||
35,294 | Mail.ru Group Ltd. GDR | 952,938 | 0.5 | ||||||||||||||||
64,500 | @ | Yandex NV | 1,660,230 | 0.8 | |||||||||||||||
2,613,168 | 1.3 | ||||||||||||||||||
Materials: 14.4% | |||||||||||||||||||
561,000 | Evraz PLC | 1,365,190 | 0.6 | ||||||||||||||||
27,700 | MMC Norilsk Nickel | 4,601,309 | 2.2 | ||||||||||||||||
310,000 | MMC Norilsk Nickel ADR | 4,785,061 | 2.3 | ||||||||||||||||
120,000 | Novolipetsk Steel GDR | 2,015,873 | 1.0 | ||||||||||||||||
1,234,030 | Novolipetsk Steel | 2,060,469 | 1.0 | ||||||||||||||||
146,400 | Phosagro OAO GDR | 2,070,096 | 1.0 | ||||||||||||||||
129,300 | Polymetal International PLC | 1,405,871 | 0.7 | ||||||||||||||||
764,806 | Polyus Gold International Ltd. | 2,417,861 | 1.2 | ||||||||||||||||
276,500 | Severstal OAO GDR | 2,367,513 | 1.1 | ||||||||||||||||
190,000 | Uralkali GDR | 6,890,375 | 3.3 | ||||||||||||||||
29,979,618 | 14.4 | ||||||||||||||||||
COMMON STOCK: (continued) | |||||||||||||||||||
Telecommunication Services: 13.2% | |||||||||||||||||||
1,301,800 | JSFC Sistema | $ | 1,110,343 | 0.5 | |||||||||||||||
128,000 | #, @ | KCell JSC GDR | 1,933,938 | 0.9 | |||||||||||||||
118,900 | Mobile Telesystems OJSC | 1,048,765 | 0.5 | ||||||||||||||||
504,200 | Mobile Telesystems OJSC | 4,447,326 | 2.2 | ||||||||||||||||
818,300 | Mobile Telesystems OJSC ADR | 16,938,810 | 8.1 | ||||||||||||||||
104,400 | Sistema JSFC GDR | 1,996,480 | 1.0 | ||||||||||||||||
27,475,662 | 13.2 | ||||||||||||||||||
Utilities: 2.7% | |||||||||||||||||||
548,600,000 | @ | Federal Grid Co. Unified Energy System JSC | 2,137,362 | 1.0 | |||||||||||||||
192,188,227 | RusHydro | 3,434,594 | 1.7 | ||||||||||||||||
5,571,956 | 2.7 | ||||||||||||||||||
Total Common Stock (Cost $151,244,954) | 201,277,483 | 96.9 | |||||||||||||||||
PREFERRED STOCK: 2.1% | |||||||||||||||||||
Financials: 2.1% | |||||||||||||||||||
1,860,000 | Sberbank of Russia | 4,328,543 | 2.1 | ||||||||||||||||
Total Preferred Stock (Cost $4,301,347) | 4,328,543 | 2.1 | |||||||||||||||||
Total Long-Term Investments (Cost $155,546,301) | 205,606,026 | 99.0 |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: 3.7% | |||||||||||||||||||
Securities Lending Collateralcc(1): 3.7% | |||||||||||||||||||
1,825,023 | BNP Paribas Bank, Repurchase Agreement dated 04/30/13, 0.14%, due 05/01/13 (Repurchase Amount $1,825,030, collateralized by various U.S. Government Securities, 0.250%–0.875%, Market Value plus accrued interest $1,861,523, due 05/31/14–03/31/18) | 1,825,023 | 0.8 | ||||||||||||||||
1,825,023 | Citigroup, Inc., Repurchase Agreement dated 04/30/13, 0.18%, due 05/01/13 (Repurchase Amount $1,825,032, collateralized by various U.S. Government Agency Obligations, 0.841%–6.500%, Market Value plus accrued interest $1,862,325, due 11/01/18–03/15/53) | 1,825,023 | 0.9 |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: (continued) | |||||||||||||||||||
Securities Lending Collateralcc(1): (continued) | |||||||||||||||||||
1,825,023 | Deutsche Bank AG, Repurchase Agreement dated 04/30/13, 0.17%, due 05/01/13 (Repurchase Amount $1,825,032, collateralized by various U.S. Government Agency Obligations, 2.130%–7.500%, Market Value plus accrued interest $1,861,524, due 12/01/16–04/01/48) | 1,825,023 | 0.9 | ||||||||||||||||
1,825,023 | JPMorgan Chase & Co., Repurchase Agreement dated 04/30/13, 0.17%, due 05/01/13 (Repurchase Amount $1,825,032, collateralized by various U.S. Government Agency Obligations, 2.500%–6.500%, Market Value plus accrued interest $1,861,565, due 05/01/14–06/01/42) | 1,825,023 | 0.9 | ||||||||||||||||
384,196 | Merrill Lynch & Co., Inc., Repurchase Agreement dated 04/30/13, 0.14%, due 05/01/13 (Repurchase Amount $384,197, collateralized by various U.S. Government Securities, 0.250%–2.750%, Market Value plus accrued interest $391,880, due 10/15/15–08/15/42) | 384,196 | 0.2 | ||||||||||||||||
7,684,288 | 3.7 | ||||||||||||||||||
Total Short-Term Investments (Cost $7,684,288) | 7,684,288 | 3.7 | |||||||||||||||||
Total Investments in Securities (Cost $163,230,589) | $ | 213,290,314 | 102.7 | ||||||||||||||||
Liabilities in Excess of Other Assets | (5,588,285 | ) | (2.7 | ) | |||||||||||||||
Net Assets | $ | 207,702,029 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
@ | Non-income producing security |
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, 2013. |
(1) | Collateral received from brokers for securities lending was invested into these short-term investments. |
Cost for federal income tax purposes is $171,774,676. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 68,543,785 | ||||
Gross Unrealized Depreciation | (27,028,147 | ) | ||||
Net Unrealized Appreciation | $ | 41,515,638 |
AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at April 30, 2013 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at fair value | ||||||||||||||||||
Common Stock | ||||||||||||||||||
Consumer Discretionary | $ | — | $ | 1,032,247 | $ | — | $ | 1,032,247 | ||||||||||
Consumer Staples | 1,295,000 | 17,716,648 | — | 19,011,648 | ||||||||||||||
Energy | 23,456,098 | 57,797,674 | — | 81,253,772 | ||||||||||||||
Financials | 3,948,020 | 28,203,892 | — | 32,151,912 | ||||||||||||||
Health Care | 2,187,500 | — | — | 2,187,500 | ||||||||||||||
Information Technology | 2,613,168 | — | — | 2,613,168 | ||||||||||||||
Materials | 2,070,096 | 27,909,522 | — | 29,979,618 | ||||||||||||||
Telecommunication Services | 16,938,810 | 10,536,852 | — | 27,475,662 | ||||||||||||||
Utilities | — | 5,571,956 | — | 5,571,956 | ||||||||||||||
Total Common Stock | 52,508,692 | 148,768,791 | — | 201,277,483 | ||||||||||||||
Preferred Stock | — | 4,328,543 | — | 4,328,543 | ||||||||||||||
Short-Term Investments | — | 7,684,288 | — | 7,684,288 | ||||||||||||||
Total Investments, at fair value | $ | 52,508,692 | $ | 160,781,622 | $ | — | $ | 213,290,314 |
(1) | For the six months ended April 30, 2013, as a result of the fair value pricing procedures for international equities utilized by the Fund, certain securities have transferred in and out of Level 1 and Level 2 measurements during the period. The Fund’s policy is to recognize transfers between levels at the end of the reporting period. At April 30, 2013, securities valued at $2,782,293 and $1,888,010 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, within the fair value hierarchy. |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
# | 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 portion of the Fund’s investments are categorized as Level 2 investments. |
1 | To approve a new sub-advisory agreement between ING Investments, LLC, the investment adviser to International Value Equity Funds, and ING Investment Management Co. LLC, International Value Equity Fund’s current interim sub-adviser and proposed sub-adviser. |
Proposal | Shares voted for | Shares voted against or withheld | Shares abstained | Broker non-vote | Total Shares Voted | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ING International Value Equity Fund | 1* | 2,028,546.559 | 77,950.808 | 118,616.569 | 2,225,113.936 |
* | Proposal did not pass; Adjourned to April 11, 2013 |
1 | To approve an agreement and Plan of Reorganization by and between International Value Choice Fund and ING International Value Equity Fund (formerly, ING Global Value Choice Fund) (“International Value Equity Fund”), providing for the reorganization of International Value Choice Fund with and into International Value Equity Fund (the “Reorganization”). |
2 | To approve a new sub-advisory agreement between ING Investments, LLC (“ING Investments” or “Adviser”), the investment adviser to International Value Choice Fund, and ING Investment Management Co. LLC (“ING IM” or “Sub-Adviser”), International Value Choice Fund’s current interim sub-adviser and proposed sub-adviser (together with the Reorganization, the “Proposals”). |
Proposal | Shares voted for | Shares voted against or withheld | Shares abstained | Broker non-vote | Total Shares Voted | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ING International Value Choice Fund | 1* | 1,137,869.280 | 14,041.679 | 32,886.040 | 1,184,796.999 | |||||||||||||||||||||
2* | 1,123,909.345 | 27,748.613 | 33,139.041 | 1,184,796.999 |
* | Proposals passed |
1 | To approve a new sub-advisory agreement between ING Investments, LLC, the investment adviser to International Value Equity Funds, and ING Investment Management Co. LLC, International Value Equity Fund’s current interim sub-adviser and proposed sub-adviser. |
Proposal | Shares voted for | Shares voted against or withheld | Shares abstained | Broker non-vote | Total Shares Voted | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ING International Value Equity Fund | 1* | 2,928,882.433 | 91,344.280 | 205,218.743 | 3,225,445.456 |
* | Proposal passed |
as well as preparing written materials and reports to the committees and the Board as part of the process of approving any new sub-adviser for such Fund.
Funds’ operations, the competitive landscape of the investment company business, and investor needs, and that the nature, extent and quality of the overall services provided by the Adviser and each Sub-Adviser were appropriate.
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 each Fund, the Board took into account the sub-advisory fee rate payable by the Adviser to the Sub-Adviser. In addition, the Board considered information that it requested and was provided by Management with respect to the profitability of service providers affiliated with the Adviser. The Board did not request profitability data from the Sub-Advisers that were not affiliated with the Adviser because the Board did not view this data as imperative to its deliberations, given the arm’s-length nature of the relationship between the Adviser and these non-ING-affiliated Sub-Advisers with respect to the negotiation of sub-advisory fee rates. In this regard, the Board also noted that the Adviser (and not a Fund) pays the sub-advisory fees earned by a non-ING-affiliated Sub-Adviser. In addition, the Board noted that certain of the Funds’ Sub-Advisers traditionally have not accounted for their profits on an account-by-account basis and those that do likely employ different methodologies in connection with these calculations.
expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Fund is below the median and the average management fee rates of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.
Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fee rates of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.
(formerly ING Global Value Choice Fund)
(lowest) quintile for the most recent calendar quarter, year-to-date, one-year, and three-year periods.
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, 2013. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
information relevant to the Board’s evaluation. In addition, the Board considered the information provided periodically throughout the year in presentations to the Board by the Adviser in the context of the Adviser’s oversight of other sub-advisers managing ING Funds, and by ING IM at the September 5, 2012 International/Balanced/Fixed Income Funds Investment Review Committee (“I/B/F IRC”) meeting regarding Diversified Emerging Markets Debt Fund.
Emerging Markets Debt Fund. During the Board’s deliberations, different Board members may have given different weight to different individual factors and related conclusions.
in the industry; (3) the information that had been provided by ING IM in advance of the March 6, 2013 Joint IRC meeting at which ING IM presented with respect to ING IM’s sub-advisory services; (4) the nature, extent and quality of the services to be provided by ING IM under the proposed GP Sub-Advisory Contract; (5) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of ING IM; (6) the fairness of the compensation under the GP Sub-Advisory Contract in light of the services to be provided by ING IM as Global Perspectives Fund’s Sub-Adviser; (7) ING IM’s operations and compliance program, including its policies and procedures intended to assure compliance with Federal securities laws, which had been reviewed and evaluated by the Trust’s Chief Compliance Officer; (8) ING IM’s financial condition; (9) the appropriateness of the selection of ING IM in light of Global Perspectives Fund’s investment objectives and prospective investor base; and (10) ING IM’s Code of Ethics, which was previously approved by the Board.
impact of implementing the Separation Plan on the operations, personnel, organizational structure, capitalization, and financial and other resources of the Adviser and its affiliates that render investment sub-advisory, administrative, distribution, compliance and other services to the Funds. When making its decisions on January 10, 2013, and on March 7, 2013, the Board took into account that, commencing in early 2011, it had posed ongoing inquiries to, and received regular updates from, management relating to the Separation Plan.
1. | The Independent Trustees solicited and received ongoing advice regarding the Board’s legal duties from K&L Gates, legal counsel for such Board members, which law firm has extensive experience regarding such matters. |
2. | The Independent Trustees established an Ad Hoc IPO Transaction Committee (the “IPO Committee”), consisting exclusively of Independent Trustees, to help oversee, coordinate, and perform portions of the Board’s due diligence activities. In this connection, the IPO Committee considered, among other matters, relevant legal guidance and the processes followed by certain other investment company boards of directors or trustees when they approved contracts in connection with Change of Control events. |
3. | The Independent Trustees, with assistance from K&L Gates, prepared written inquiries to the Adviser and its affiliates regarding the IPO, including details regarding ING U.S.’s anticipated business plan for continuing operations after the IPO and potential Change of Control Events. |
4. | The Board received and evaluated written responses from the Adviser and its affiliates pursuant to inquiries made on the Board’s behalf. These evaluations were conducted through a series of separate meetings by the Board’s Audit Committee, Compliance Committee, Contracts Committee, Domestic Equity Funds Investment Review Committee, International/Balanced/Fixed Income Funds Investment Review Committee, Nominating and Governance Committee, and IPO Committee (collectively, the “Committees”), and by the Independent Trustees (which, at times, included one or both Board members who are not Independent Trustees). With respect to services to be rendered to the Funds by ING U.S. during implementation of the Separation Plan, each Committee evaluated matters relating to those services typically overseen by such Committee (and, in the case of the IPO Committee, relevant matters not otherwise assigned to a standing Committee). Future references herein to actions taken by the Board or the Independent Trustees may include, in some instances, actions taken by one or more of the Committees. |
5. | The Board requested and participated in a series of in-person and/or telephonic meetings involving presentations from senior management personnel at ING U.S. (including its Chief Executive Officer, Chief Operating Officer, Chief Risk Officer, Head of Corporate Development, Head of Proprietary Investments, and the heads of each proposed primary operating unit of ING U.S.), as well as from senior management of the Adviser and its affiliates, including senior human resources personnel, senior investment personnel, and senior compliance personnel at the Sub-Adviser. The Board also requested and had such meetings with the Funds’ Chief Compliance Officer and Chief Investment Risk Officer who, as a matter of course, report directly to the Board or its Committees. |
6. | The Board received and reviewed the preliminary Form S-1 that contained extensive information relating to, among other matters, ING U.S.’s anticipated business plans and financial structure. In this connection, the Board considered, among other matters: the anticipated arrangements between ING Groep and ING U.S. over the course of the Separation Plan; the anticipated use of potential proceeds of the capital that would be raised through the Form S-1 offering (including that portion of potential proceeds that may be retained by ING Groep and that portion that may be dedicated to the capitalization and operations of ING U.S., including its asset management operations); the potential short-term and long-term financial consequences to ING U.S. of the closed book of variable annuity business that would be maintained by ING U.S.-affiliated insurance companies; and other information provided by the Adviser and its affiliates. |
7. | K&L Gates retained Grail Partners LLC (“Grail”), an independent investment banking firm with extensive experience relating to business operations such as those to be conducted by ING U.S., in order to help K&L Gates evaluate and advise the Board with respect to, among other matters, details of ING U.S.’s anticipated business plan and financial capitalization as set forth in its Form S-1 and related information provided by the Adviser and its affiliates, including the potential implications to the Adviser and its non-insurance affiliates of insurance regulations and related capitalization matters. The Independent Trustees or IPO Committee members attended certain in-person and telephone conference call meetings at which Grail rendered advice to K&L Gates regarding these matters and responded to questions. |
8. | The Independent Trustees, the Board, and many of its Committees held in-person meetings on November 27, 28, and 29, 2012 during which, among other actions, they evaluated the responsive due diligence information provided to date by the Adviser and its affiliates, and considered input from K&L Gates, Grail, and others regarding the Form S-1. At the conclusion of these meetings, the Independent Trustees and the Committees posed to the Adviser and its affiliates a series of follow-up information requests. |
9. | Among the follow-up actions arising from the November 27, 28, and 29 meetings, the Independent Trustees requested and received written assurances that the Adviser and its affiliates: are committed to maintaining appropriate levels of overall staffing, ongoing resources and service quality; and throughout the time period during which the Separation Plan is implemented, will notify and consult with the Board in advance if management proposes to take certain actions with respect to these matters. The Board considered that such services include, but are not limited to, portfolio management services, administrative services, and regulatory compliance services. In this regard, the Board considered representations by the Adviser and its affiliates that their separation from ING Groep as contemplated by the Separation Plan will not lead to a reduction in the quality or scope of these and other services provided by those firms to the Funds. The Board also considered that the importance of the asset management operations to the overall success of ING U.S., as described by the Form S-1 and during presentations by senior ING U.S. management personnel, could provide a strong incentive to ING U.S. to provide appropriate resource allocations to support those asset management operations. |
10. | The Board considered representations by the Adviser and its affiliates that approval of the Proposed Agreements would be necessary for the Funds to continue receiving investment management services from the Adviser and Sub-Adviser following the Change of Control Events contemplated by the Separation Plan. |
11. | The Board considered representations by the Adviser and its affiliates, as well as related supporting documentation, indicating that the Proposed Agreements, including the fees payable thereunder, are substantially similar to and, in any event, are no less favorable to the Funds than, the terms of the corresponding Current Agreements. |
12. | The Board considered that, to the extent that the Proposed Agreements do have changes, those changes are designed to benefit shareholders and/or to provide management, subject to Board supervision, with greater flexibility to manage the Funds in a manner consistent with stated investment objectives. In this connection, the Board considered, among other matters, the Adviser’s representation that no material changes would be made to the Proposed Agreements, as compared to the Current Agreements, with respect to the material contractual terms that were previously negotiated under which the Funds and their Adviser and Sub-Adviser currently operate, |
| including contractual provisions relating to fees and expenses. |
13. | The Board considered representations by the Adviser and its affiliates, including senior investment management personnel, as well as related supporting documentation, indicating that: (a) the Adviser and Sub-Adviser can be expected to provide services of the same nature, extent and quality under the Proposed Agreements as are provided thereby under the Current Agreements; and (b) the Separation Plan is not expected to result in any changes to: (i) the management of the Funds, including the continuity of the Funds’ portfolio managers and other personnel responsible for the management operations of the Funds; or (ii) the investment objective of or the principal investment strategies used to manage any of the Funds. |
14. | The Board considered the steps by the Adviser and its affiliates that have been taken and are planned to be taken to retain the employment of key personnel, including incentive compensation plan arrangements, as well as the overall positive indications by many such personnel regarding the opportunities presented by the Separation Plan to create and grow an investment management operation that is independent from other ING Groep banking and insurance operations that will not be part of ING U.S. |
15. | The Board considered that the Adviser and its affiliates have agreed to bear all expenses associated with obtaining shareholder approval of the Proposed Agreements. |
16. | The Board considered ING U.S.’s preliminary “branding” plans regarding the future name of its asset management operations, as well as its anticipated ability to continue to use the “ING” brand name for such operations for a period of time following the IPO. |
17. | The Board considered the advice provided by Dechert LLP, legal counsel to the Funds and the Adviser, with respect to the Proposed Agreements (including advice relating to the process and timing of seeking shareholder approval of the Proposed Agreements, and whether shareholder approvals would be required in connection with any future aspects of the Separation Plan following the IPO) and regarding the Board’s role and responsibilities with respect to ING Groep’s restructuring. |
18. | The Board considered the legal obligation of ING Groep under the Separation Plan to divest its ownership interest in ING U.S., as well as certain potential advantages and disadvantages to shareholders of the Funds of this divestiture, and certain potential advantages and disadvantages of alternative divestiture actions that ING Groep might be forced to take if the Proposed Agreements are not approved by the Board or by shareholders of the Funds. |
19. | The Board considered peer group and benchmark investment performance comparison data relating to the Funds that was more current than related comparison data considered by it in connection with the September 6, 2012, November 29, 2012, and March 7, 2013, as applicable, approvals of the Current Agreements. |
20. | The Board considered actions taken by the Adviser subsequent to the September 6, 2012 and November 29, 2012, as applicable, approvals of the Current Agreements with respect to certain ING Funds in response to requests made by the Board in connection with those approvals. |
21. | The Board considered the potential benefits to be realized by the Adviser and its affiliates as a result of the Proposed Agreements. |
22. | The Board considered that, if shareholders approve the Proposed Agreements, the Board currently expects to continue to conduct an annual contracts review process consistent with the process it would have conducted had the Current Agreements continued in effect and not been replaced by the Proposed Agreements, notwithstanding the two-year initial term set forth in the Proposed Agreements. For example, if the Proposed Agreements are approved by shareholders in 2013, the Board would not legally be required to review or renew those contracts until 2015. However, the Board currently intends to conduct annual reviews of such contracts in 2013 and 2014, and ING has consented to this process. Thus, the Board emphasized that it would be able to, and intends to, monitor on a regular basis the ability of the Adviser and its affiliates to comply with their undertakings to the Board and to monitor on an ongoing basis the quality of services to, and expenses of, the Funds. In addition, the Board considered that, under the Proposed Agreements, it will continue to have the authority, should the need arise in its view, to terminate any of the Proposed Agreements without penalty upon 60 days’ notice. |
January 10, 2013 and on March 7, 2013, the Board, including a majority of the Independent Trustees, voted to approve the Proposed Agreements and, as applicable, to recommend approval of the Proposed Agreements by shareholders of the Funds. In this connection, the Board concluded that, in light of all factors considered, the terms of the Proposed Agreements, including fee rates, were fair and reasonable, and that it would be in the best interests of shareholders of the Funds to approve the Proposed Agreements so as to enable there to be a continuation without interruption of the current services being provided by the current service providers pursuant to the Current Agreements. In this connection, the Board noted that no one factor was determinative of its decisions which, instead, were premised upon the totality of factors considered. In this connection, the Board also noted that different Board members likely placed emphasis on different factors in reaching their individual conclusions to vote in favor of the Proposed Agreements and to recommend approval of the Proposed Agreements to shareholders.
ING Investments, LLC
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The Bank of New York Mellon
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Dechert LLP
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Washington, D.C. 20006
Semi-Annual Report
April 30, 2013
Classes A, B, C, I, O, R and W
n ING Emerging Markets Equity Dividend Fund (formerly, ING Greater China Fund)
n ING Emerging Markets Equity Fund
n ING Global Equity Dividend Fund
n ING Global Natural Resources Fund
n ING Global Opportunities Fund
n ING International Core Fund
n ING International Growth 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 | 11 | ||||||
Statements of Assets and Liabilities | 13 | ||||||
Statements of Operations | 17 | ||||||
Statements of Changes in Net Assets | 19 | ||||||
Financial Highlights | 23 | ||||||
Notes to Financial Statements | 27 | ||||||
Summary Portfolios of Investments | 43 | ||||||
Shareholder Meeting Information | 68 | ||||||
Advisory Contract Approval Discussion | 69 |
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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.inginvestment.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.inginvestment.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. This report contains a summary portfolio of investments for the Funds. 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. The Funds' Forms N-Q, as well as a complete portfolio of investments, are available without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.
PRESIDENT'S LETTER
Financial Literacy
Dear Shareholder,
Investment professionals dedicate their careers to developing and applying financial expertise to benefit clients. Not everyone needs to understand investing at that level, but a measure of financial literacy is an important skill in the modern world. Unfortunately, financial literacy is not widespread.
I was reminded of this recently by a New York Times exposé of predatory lending practices targeted at pre- and post-retirees in financial distress. So-called "pension advance" companies lure customers with the promise of easy money, in exchange for a cut of the borrower's retirement benefits. The lenders skirt regulatory scrutiny by disguising the loans as "advances"; the lending terms are usurious, with interest rates ranging between 36% to more than 100%. In some cases, borrowers are required to take out life insurance policies that name the lender as the sole beneficiary.
The global recession and the slouching economic recovery since have put many under financial strain. For those in desperate circumstances there may be few good choices, but a measure of financial literacy might help avoid the poorest ones. Among these are surely borrowing against your retirement benefits, payday loans, refund anticipation loans and the like. Borrowing from your retirement savings account is less damaging but should only be a last resort, as you are diverting assets that otherwise could potentially compound to your future benefit.
In a recent paper for the National Bureau of Economic Research, Annamaria Lusardi at the George Washington University School of Business and Olivia S. Mitchell at the University of Pennsylvania's Wharton School, find a stark correlation between financial literacy and wealth accumulation: Those who do not plan are likely to reach retirement with half the wealth of those who do.
Many factors can affect this outcome, among them being less influenced by the choices of peers, choosing less costly investment products and services, and, as we consistently advocate, maintaining a well-diversified investment portfolio. A foundational insight of behavioral psychology is that people tend to overrate their abilities: The less they know about a subject the more their self-assessment diverges from reality. Hence, our oft-repeated advice: Before taking any action, discuss all proposed changes of your investment program thoroughly with your financial advisor.
As always, it is an honor to serve your investment needs at ING Funds. We appreciate your continued confidence in us, and look forward to serving your needs in the future.
Sincerely,
Shaun Mathews
President and Chief Executive Officer
ING Funds
May 1, 2013
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.
For more complete information, or to obtain a prospectus for any ING Fund, please call your Investment Professional or ING Investments Distributor, LLC at (800) 992-0180 or log on to www.inginvestment.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
MARKET PERSPECTIVE: SIX MONTHS ENDED APRIL 30, 2013
The new fiscal year commenced with global equities, in the form of the MSCI World IndexSM measured in local currencies including net reinvested dividends, rallying after a two-month slump that had ended in early June. Central banks from the U.S. to the U.K. to the European Central Bank ("ECB") were keeping interest rates so low that investors were ratcheting their risk exposures higher in search of return. Early in 2013 they would be joined by the Bank of Japan, as Japan's parliamentary opposition, promising unlimited monetary easing, won a landslide in December elections. For the first half of our fiscal year, the index surged 16.70%. (The MSCI World IndexSM returned 14.67% for the six-months ended April 30, 2013, measured in U.S. dollars.)
Much of the strength in global equities rested on a recovery in the euro zone after ECB President Draghi's July pronouncement, amid waves of pessimism about the euro zone's ability to survive the depredations of its weakest members, that the ECB was "ready to do whatever it takes to preserve the euro". This seemed to work and by early 2013 the financial media had stopped talking about the euro's inevitable demise. But confidence was then shaken twice. First, at the end of February, the Italian general election ended in the worst possible result: a stalemate on low turnout that signaled the rejection of reform. Next, in March, euro zone finance ministers agreed the basis of a bailout for insolvent Cyprus banks. It included a levy on all bank deposits, even insured deposits. The ministers soon backed off in the face of public outcry, but the damage was done. Final measures spared insured deposits but imposed a higher levy on uninsured deposits and came with capital controls to prevent a run on banks. In short order, a euro held in one country was different from a euro held in another: hardly the mark of an effective single currency.
In the U.S., sentiment ebbed and flowed with economic data, which seemed to be improving but faded near the end. In particular the April employment report showed just 88,000 new jobs created in March, with the unemployment rate still stubbornly high at 7.6%. Indeed the Federal Reserve announced that it did not expect the 6.5% unemployment rate, which might presage tighter money, until 2015. Retail sales, purchasing managers' indices and durable goods orders all disappointed in April, as did the preliminary estimate of first quarter gross domestic product ("GDP"), at 2.5% annualized.
There was little cheer on the political front. While the "fiscal cliff" had been avoided on the last day of 2012, in March large, indiscriminate federal spending cuts were initiated, the creeping chill from which was being blamed for the cooling economy as the fiscal half-year ended.
There was better news from the housing market. The final S&P/Case-Shiller 20-City Composite Home Price Index showed a 9.3% year-over-year gain, the most since 2006, with reports of demand outstripping supply in formerly hard-hit regions.
In U.S. fixed income markets the Barclays U.S. Aggregate Bond Index ("Barclays Aggregate") of investment grade bonds rose by a slight 0.09% in the six months through April, with the sub-indices relating to Treasuries and mortgages recording losses and investment grade corporates showing gains, in each case less than 1%. By contrast the Barclays High Yield Bond — 2% Issuer Constrained Composite Index returned 6.28%.
U.S. equities, represented by the S&P 500® Index including dividends, jumped 14.42% in the half-year, on the last day making a new all-time closing high, having eclipsed one month earlier the long-standing peak achieved on October 9, 2007. All sectors rose, led by consumer discretionary with a gain of 19.80% and health care 19.62%, while technology 6.7% and energy 8.34% lagged the most. Operating earnings per share for S&P 500® companies had set a record in the second quarter of 2012, before falling 9% by the fourth quarter. But with two thirds of companies having reported by the end of April, earnings for the first quarter of 2013 were in line for another all-time high.
In currency markets, the dollar slipped 1.58% against the resilient euro over the six months as events described above in Italy and Cyprus did not lead to contagion. The dollar rose 3.84% against the pound. Moody's relieved the U.K. of its Aaa credit rating as the UK made little progress in reducing its budget deficit despite the regime of austerity. But the dollar climbed 22.16% over the yen due to the impending aggressive monetary easing in Japan.
In international markets, the MSCI Japan® Index exploded to the upside by 59.52% and one well-watched index of Japanese stocks scored a 13-week winning streak for the first time since 1973. Investors hoped new Prime Minister Abe's and Bank of Japan Governor Kuroda's efforts to conquer deflation and get consumers and businesses spending again, would bear fruit. It was an uphill climb as the core consumer price index was reported in April as having fallen for the fifth straight month. The MSCI Europe ex UK® Index rose 13.40%, boosted by much larger rises in non-euro Switzerland and some Nordic markets. The euro zone reported its fifth straight quarterly fall in GDP and a new record unemployment rate of 12.1%, the range gaping from 5.4% in Germany to 26.7% in Spain. The MSCI UK® Index added 13.19%, with strength in financials and staples more than offsetting weakness in mining and energy. Having grown by 0.9% in the third quarter of 2012, largely due to statistical anomalies, fourth quarter GDP fell by 0.3%. But the "triple dip" recession was avoided as this fall was reversed in the first quarter of 2013.
Parentheses denote a negative number.
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. Each Fund's 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.inginvestment.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.
2
BENCHMARK DESCRIPTIONS
Index | Description | ||||||
Barclays High Yield Bond — 2% Issuer Constrained Composite Index | An unmanaged index that includes all fixed income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity. | ||||||
Barclays U.S. Aggregate Bond Index | An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities. | ||||||
MSCI All Country World (ex-US) IndexSM | 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. | ||||||
MSCI All Country World IndexSM | A free-float adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. | ||||||
MSCI Emerging Markets IndexSM | 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 | ||||||
MSCI Europe ex UK® Index | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK. | ||||||
MSCI Europe, Australasia and Far East® ("MSCI EAFE") Index | 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. | ||||||
MSCI Japan® Index | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan. | ||||||
MSCI UK® Index | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK. | ||||||
MSCI World IndexSM | An unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East. | ||||||
S&P 500® Index | An unmanaged index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets. | ||||||
S&P/Case-Shiller 20-City Composite Home Price Index | A composite index of the home price index for the top 20 Metropolitan Statistical Areas in the United States. The index is published monthly by Standard & Poor's. | ||||||
S&P North American Natural Resources Sector Index | 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. |
3
ING EMERGING MARKETS EQUITY DIVIDEND FUND
PORTFOLIO MANAGERS' REPORT
ING Emerging Markets Equity Dividend Fund ("Emerging Markets Equity Dividend" or the "Fund") seeks total return through a combination of income, capital gains and capital appreciation. The Fund is managed by Robert Davis, Nicolas Simar, and Manu Vandenbulck, Portfolio Managers of ING Investment Management Advisors B.V. ("IIMA") — the Sub-Adviser.*
Performance: For the six-month period ended April 30, 2013, the Fund's Class A shares, excluding sales charges, provided a total return of 4.75% compared to the MSCI Emerging Markets IndexSM, which returned 5.29% for the same period.
Portfolio Specifics: Emerging market ("EM") equities made gains during the reporting period. EM performance was considerably lower than that of developed markets, where U.S. and Japanese equities were particularly strong. Asia was the best performing EM region, led by The Philippines, Thailand and Indonesia. Improving macroeconomic figures reduced worries surrounding the slowdown in China, especially in the first part of the period. South Korea did less well, as its exports began to suffer competitiveness issues caused by a depreciating Japanese yen. South Korea, China and India lagged the Asia benchmark.
EM Europe was also positive thanks to a very strong Turkey. Without Turkey, however, the figures were less good as EM Eastern Europe detracted due to falling commodity prices. Russia also suffered from falling growth expectations and sentiment. EM Latin America lagged the other EM regions except Eastern Europe. Mexico was the best performing country while BRIC member Brazil was impacted by commodity related headwinds and domestic policy changes involving utility companies.
The Fund lagged its broad-based benchmark during the period. The total effect of investment decisions, which encompasses stock selection and sector allocation, was negative. (Sector allocation is mainly the result of our bottom-up investment approach.) Most detractive was the Fund's positioning in materials, followed by information technology ("IT"). Materials detracted mainly due to the Russian gold mining company, Petropavlovsk PLC, which was hurt by falling gold prices. The most significant contributor to relative results was Fund positioning in the consumer discretionary sector; one holding there, Russian media company CTC Media Inc., was the biggest contributor for the period. Positioning in telecommunication services and industrials also contributed. From a country perspective, the biggest contributor to relative results was Indonesia; detractors included Thailand, Mexico and Czech Republic.
Near the beginning of the period, on November 15, 2012, the scope of the Fund's investment universe was broadened from the Greater China region to all emerging markets. At the same time, the investment philosophy of the Fund was changed to a focus on dividends and fundamental valuation. These strategic changes necessarily entailed modifications of the investment portfolio. At the end of the period, the Fund was underweight South Africa, consistent with our cautious macroeconomic view. We moved to a more neutral positioning in China after taking profits in financial stocks that had rallied strongly. The Fund has no exposure to Mexico due to expensive valuations; cautious IT positioning largely explains the underweights of South Korea and Taiwan. We are overweight Russia because we believe dividend prospects are improving there and valuations are cheap.
Current Strategy and Outlook: The weakness in commodities and the drop in the yen are not helping emerging markets in the short term. For the longer term, we believe these markets are set to be the dominant forces for global growth. After underperforming in the last few years, we believe EM valuations have become more attractive than developed markets. We believe the stimulus across emerging markets and quantitative easing by developed central banks will benefit the asset class, and that emerging markets will outperform going forward. China is the key to catalyzing broad risk-taking among emerging market equities. At nearly 18% of the index, China matters as much to emerging markets as IT matters for the U.S. equity outlook. In our opinion, since fears of a hard landing have abated and the Chinese economy is in the midst of a recovery, EM equities ought to be well supported.
The Fund has low exposure to consumer staples because of valuation concerns and a lack of dividend opportunities. In contrast, utilities represent a large overweight that combines potential for yield and defensiveness: since demand for power and water increases as economies grow, the sector serves as a proxy for positive consumer trends. Within cyclicals we prefer industrials over IT. Energy and materials carry index-like weightings; the Fund is neutrally weighted in financials, the largest sector at approximately 25% of the Fund — but with a skew towards commercial banks and insurers and away from real estate, which mainly consists of developers.
Geographic Diversification
as of April 30, 2013
(as a percentage of net assets)
China | 17.0 | % | |||||
South Korea | 11.4 | % | |||||
Brazil | 10.5 | % | |||||
Taiwan | 8.5 | % | |||||
Russia | 7.8 | % | |||||
South Africa | 4.4 | % | |||||
Hong Kong | 3.4 | % | |||||
Malaysia | 3.3 | % | |||||
Poland | 3.3 | % | |||||
India | 0.8 | % | |||||
Countries between 0.9%-2.8%^ | 23.0 | % | |||||
Assets in Excess of Other Liabilities | 6.6 | % | |||||
Net Assets | 100.0 | % |
^ Includes 16 countries, which each represents 0.9%-2.8% of net assets.
Portfolio holdings are subject to change daily.
Top Ten Holdings
as of April 30, 2013
(as a percentage of net assets)
iShares MSCI India | 4.7 | % | |||||
Gazprom OAO ADR | 2.4 | % | |||||
Vale SA | 2.0 | % | |||||
HTC Corp. | 1.4 | % | |||||
Woongjin Coway Co., Ltd. | 1.3 | % | |||||
Wynn Macau Ltd. | 1.3 | % | |||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 1.3 | % | |||||
Jiangsu Expressway Co. Ltd. | 1.2 | % | |||||
KT&G Corp. | 1.2 | % | |||||
MediaTek, Inc. | 1.2 | % |
Portfolio holdings are subject to change daily.
* Prior to November 15, 2012, the Fund was managed by ING Investment Management Asia Pacific (Hong Kong) Limited. Effective November 15, 2012, the Fund's name, principal investment strategies, expense structure, and primary benchmark were changed. Effective November 15, 2012, IIMA began managing the Fund.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund is based only on the outlook of its portfolio managers through the end of this period, and 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.
4
ING EMERGING MARKETS EQUITY FUND
PORTFOLIO MANAGERS' REPORT
ING Emerging Markets Equity Fund ("Emerging Markets Equity" or the "Fund") seeks long-term capital appreciation. The Fund's assets are managed by two sub-advisers — J.P. Morgan Investment Management Inc. ("J.P. Morgan") and Delaware Management Company ("Delaware") (each a "Sub-Adviser" and collectively, the "Sub-Advisers"). Each manages a portion ("Sleeve") 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 Sleeve: George Iwanicki Jr. and Anuj Arora of the Sleeve that is managed by J.P. Morgan, and Liu-Er Chen, CFA, Senior Vice President and Chief Investment Officer, Emerging Markets and Healthcare, of the Sleeve that is managed by Delaware.
Performance: For the six-month period ended April 30, 2013, the Fund's Class I shares, provided a total return of 8.84%, compared to the MSCI Emerging Markets IndexSM ("MSCI EM IndexSM"), which returned 5.29% for the same period.
Portfolio Specifics: J.P. Morgan Sleeve — The Sleeve outperformed the benchmark for the six months ended April 30, 2013 by approximately 340 basis points.
From a country perspective, stock selection in China and Taiwan was the most significant contributor to performance in the six months. In China, exposure to financials was a significant driver of returns as Chinese banks returned to more normal valuations after significant de-rating. In Taiwan, holdings in the information technology sector performed strongly during the period, particularly Taiwan Semiconductor Manufacturing Corporation and TPK Holding Co.
The Sleeve's underweight positions in the Philippines and Indonesia detracted from returns during the period. The Philippines and Indonesia benefitted significantly from the defensive rally over the six months. However, both countries look expensive from a valuation perspective, and we maintain underweight positions.
Delaware Sleeve — The Sleeve outperformed the benchmark by approximately 351 basis points.
From a country perspective, the Sleeve's holdings of a small number of U.S.-based companies with significant businesses in emerging markets, South Korea, and Brazil contributed to performance while holdings in Taiwan, India, and Indonesia detracted from performance. The Sleeve's holdings in the consumer staples and telecommunication services sectors contributed to performance while the Sleeve's holdings in the financials and energy sectors detracted from performance.
The biggest contributor to performance at the security level was Avon Products. Avon shares have continued to rebound after reporting better than expected first quarter 2013 earnings and additional progress in their restructuring efforts. The biggest detractor from performance at the security level was Homex. Shares of Homex were weak after the company reported poor first quarter results and the general negative sentiment that exists toward the sector as a whole.
Current Strategy & Outlook: J.P. Morgan Sleeve — While we continue to make a positive case for emerging market equities on a one-year basis, we are not expecting a sustained rally until we see evidence that the downward trend in earnings revisions has ended. Recent transactions include increasing positions in China. China and Turkey remain the Fund's two largest country overweights. Certain positions in Thailand were sold, increasing the underweight in the Association of Southeast Asian Nations region as valuations appear extremely stretched. The Fund retains its long-standing preference for energy over materials as materials comprise the largest sector underweight.
Delaware Sleeve — Overall, our positioning remains largely unchanged. Our largest country overweights remain in U.S.-based companies with significant businesses in emerging markets, South Korea, and Brazil. Our largest country underweights are Taiwan, China and South Africa. Our largest sector overweights continue to be in the more traditionally defensive consumer staples and telecommunications sectors. We remain underweight in the financials and in the utilities sectors. We remind investors, though, that our country and sector weightings are a function of our bottom-up, security-by-security, fundamental research.
We believe that the backdrop for emerging markets has turned more positive due to announcements by key central banks that they will continue and, in some cases, accelerate the level of quantitative easing over the rest of the year. In our opinion, the ample global liquidity should be supportive of risk assets such as emerging markets equities.
We believe that the current market environment is well-suited to our bottom-up stock selection process as only those companies that can demonstrate earnings growth are likely to outperform over the next several quarters. Therefore, we seek to remain disciplined in implementing our investment process. We will pursue companies that we believe have strong franchise sustainability with long-term earnings power, and that are trading at significant discounts to our estimates of intrinsic value.
Geographic Diversification
as of April 30, 2013
(as a percentage of net assets)
China | 19.7 | % | |||||
South Korea | 17.2 | % | |||||
Brazil | 14.7 | % | |||||
Taiwan | 8.5 | % | |||||
Russia | 8.0 | % | |||||
India | 6.5 | % | |||||
South Africa | 4.9 | % | |||||
Mexico | 4.5 | % | |||||
Turkey | 3.9 | % | |||||
United States | 3.1 | % | |||||
Countries between 0.1%-2.1%^ | 7.6 | % | |||||
Assets in Excess of Other Liabilities* | 1.4 | % | |||||
Net Assets | 100.0 | % |
* Includes short-term investments.
^ Includes 12 countries, which each represents 0.1%-2.1% of net assets.
Portfolio holdings are subject to change daily.
Top Ten Holdings
as of April 30, 2013
(as a percentage of net assets)
Samsung Electronics Co., Ltd. GDR | 2.9 | % | |||||
Samsung Electronics Co., Ltd. | 2.7 | % | |||||
Industrial and Commercial Bank of China Ltd. | 2.1 | % | |||||
Lukoil OAO ADR | 1.9 | % | |||||
Avon Products, Inc. | 1.9 | % | |||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1.9 | % | |||||
China Construction Bank | 1.8 | % | |||||
Itau Unibanco Holding S.A. ADR | 1.8 | % | |||||
Sberbank of Russia ADR | 1.8 | % | |||||
Petroleo Brasileiro SA ADR | 1.4 | % |
Portfolio holdings are subject to change daily.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund is based only on the outlook of its portfolio managers through the end of this period, and 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.
5
ING GLOBAL EQUITY DIVIDEND FUND
PORTFOLIO MANAGERS' REPORT
ING Global Equity Dividend Fund ("Global Equity Dividend" or the "Fund") seeks growth of capital with dividend income as a secondary consideration. The Fund is managed by Nicolas Simar, Bruno Springael and Herman Klein, Portfolio Managers of ING Investment Management Advisors B.V. — the Sub-Adviser.
Performance: For the six-month period ended April 30, 2013, the Fund's Class A shares, excluding sales charges, provided a total return of 13.38%, compared to the MSCI World IndexSM, which returned 14.67% for the same period.
Portfolio Specifics: The Fund lagged the MSCI World IndexSM during the period. The Fund's underperformance was mainly due to our value style bias within cyclical sectors, which caused a negative stock selection effect. Positive stock selection, particularly within the information technology ("IT") sector, was offset by negative selection effects in the industrials, materials and consumer discretionary sectors. Sector positioning is a consequence of our bottom-up investment process, and had only a slight, negative impact on Fund performance. The Fund gained from its underweight of IT stocks and overweights of healthcare and industrials. Those benefits were erased, however by the drag on relative results from an overweight in materials and from underweights in consumer staples and financials.
The top active contributors were the IT companies Apple Inc. (underweight) and Hewlett Packard Co. (overweight). The largest detractors were the commodity related stocks ArcelorMittal S.A., Barrick Gold Corp. and Freeport-McMoRan Copper & Gold Inc. At the beginning of the period we sold Carnival PLC and introduced Coach Inc. While acknowledging Carnival's potential to improve shareholder returns, we decided to exit the stock after the recent run, as it no longer traded cheaply on most metrics and the expected recovery in yields and pricing seemed widely anticipated. We decided to introduce Coach as we believe that the worst fears regarding competition and margin pressure are overdone. Moreover, we believe the stock also has nice long-term growth prospects via its build-up of men's wear and its China presence focused on upper-middle class consumers. We see Coach as an opportunity that potentially combines growth with strong cash generation.
Elsewhere in consumer discretionary, we exited Accor S.A. and introduced the U.S. department store chain Macy's Inc., which in our view is relatively attractively valued and should benefit from increased consumer confidence. We switched from PepsiCo Inc. to Coca-Cola Enterprises Inc. within consumer staples as the valuation spread had narrowed. In the energy sector we exited Arch Coal Inc., and introduced ENI S.p.A. and Cenovus Energy Inc. Amcor Ltd. was sold after a tremendous rally and we decided to switch from BHP Billiton Ltd. to Rio Tinto PLC as we believe the latter has more potential to increase shareholder returns in coming years. We added Boeing Co. to the portfolio, one of the few laggards in its space, at the expense of other industrials. We also added Public Service Enterprise Group Inc., which is an attractively valued U.S. utility. Finally, we introduced Apple into the portfolio as the sharp price correction in the market lifted its dividend yield high enough for consideration in our Portfolio. Our main sector overweights at the end of the period were in utilities and healthcare, while consumer staples remained our largest underweight.
Current Strategy and Outlook: We remain positive about the prospects for equities. Thanks to generally accommodative central bank policy stances and lower euro zone risks, we believe markets seem more willing to look beyond the uncertainties related to the U.S. debt ceiling and budget negotiations, and the challenges in peripheral Europe. There are three key factors that underpin our positive stance. First, we believe the moderate uptrend in economic data will continue with regional differences: we expect strengthening in the U.S. and Chinese economies, "Abenomics" to spur growth in Japan and other countries to follow. Second, we believe earnings trends are improving: for the first quarter of 2013, about 70% of U.S. companies beat earnings expectations. Global earnings momentum is still slightly negative but hides big regional differences — strongly positive in Japan, it's weak in Europe and emerging markets. Our third key factor is equity valuations, which though close to their historical averages, look attractive compared to other asset classes. A significant number of companies across the globe are in excellent shape, have strongly deleveraged and are cash-rich. In our view, these companies' relatively low pay-outs offer sustainable dividends with potential room for growth going forward.
Geographic Diversification
as of April 30, 2013
(as a percentage of net assets)
United States | 43.1 | % | |||||
United Kingdom | 10.0 | % | |||||
Japan | 9.3 | % | |||||
France | 7.1 | % | |||||
Canada | 5.0 | % | |||||
Switzerland | 4.6 | % | |||||
Germany | 4.4 | % | |||||
Netherlands | 3.0 | % | |||||
Singapore | 2.2 | % | |||||
Italy | 1.9 | % | |||||
Countries between 0.6%-1.7%^ | 7.0 | % | |||||
Assets in Excess of Other Liabilities* | 2.4 | % | |||||
Net Assets | 100.0 | % |
* Includes short-term investments.
^ Includes 6 countries, which each represents 0.6%-1.7% of net assets.
Portfolio holdings are subject to change daily.
Top Ten Holdings
as of April 30, 2013
(as a percentage of net assets)
Microsoft Corp. | 1.6 | % | |||||
Novartis AG | 1.6 | % | |||||
Occidental Petroleum Corp. | 1.5 | % | |||||
Metlife, Inc. | 1.5 | % | |||||
General Electric Co. | 1.5 | % | |||||
Royal Dutch Shell PLC | 1.5 | % | |||||
Eli Lilly & Co. | 1.5 | % | |||||
ExxonMobil Corp. | 1.5 | % | |||||
Freeport-McMoRan Copper & Gold, Inc. | 1.3 | % | |||||
ArcelorMittal | 1.3 | % |
Portfolio holdings are subject to change daily.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund is based only on the outlook of its portfolio managers through the end of this period, and 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.
6
ING GLOBAL NATURAL RESOURCES FUND
PORTFOLIO MANAGERS' REPORT
ING Global Natural Resources Fund ("Global Natural Resources" or the "Fund") seeks to attain long-term capital appreciation. The Fund is managed by Joseph Bassett, CFA, John Bailey and Jamie Swain, Portfolio Managers, of ING Investment Management Co. LLC — the Sub-Adviser.
Performance: For the six-month period ended April 30, 2013, the Fund's Class A shares, excluding sales charges, provided a total return of 0.48% compared to the S&P North American Natural Resources Sector Index which returned 2.40% for the same period.
Portfolio Specifics: The materials sector as measured by the S&P North American Natural Resources Sector Index broadly declined during the reporting period, due largely to a sharp decline in metals prices; gold in particular. In contrast, the energy sector posted a modest gain, led by oil and gas refining and marketing. Coal and consumable fuels, on the other hand, declined in value. The Fund lagged its benchmark for the reporting period, mainly due to sector allocation. An underweight position in energy and an overweight position in a weak performing materials sector detracted the most from performance. Security selection within coal and consumable fuels accounted for the lion's share of the underperformance in energy. Not owning Marathon Petroleum Corp., a petroleum refinery company, detracted value. Its shares rallied after the company reported another quarter of strong earnings results and announced a $2.0 billion share repurchase program. An overweight position in Freeport-McMoRan Copper & Gold Inc., a diversified metals and mining company, underperformed on the acquisition of oil and gas companies, McMoRan Exploration Co. and Plains Exploration & Production Co. Related party transaction concerns were a disappointing shift in strategy for what was believed to be a unique diversified copper and gold mining company with above average growth and attractive yield.
Conversely, our overweight position in Halliburton Co., an oil services company, was the largest individual contributor to performance. Halliburton benefited from improving margins in North America due to operational efficiencies, favorable product mix and a stable, oil-oriented customer base. Within materials, not owning Yamana Gold Inc. or Silver Wheaton Corp. also contributed to performance. Both companies reported first quarter 2013 earnings results that were below consensus expectations.
Current Strategy and Outlook: Despite concerns over sustained global economic growth, oil prices recovered modestly from their relatively weak levels of summer 2012. Natural gas markets showed continued strength amid signs of supply correction and seasonal demand. Metals prices remain challenged by recent strength in the U.S. dollar and concerns over Chinese economic growth. We expect stabilization of commodity prices in the coming quarters and see attractive valuations for certain segments of the energy and materials sectors. In our opinion, the Fund's portfolio remains well diversified across different industries and continues to favor well-capitalized stocks with potential unrecognized value.
Geographic Diversification
as of April 30, 2013
(as a percentage of net assets)
United States | 82.6 | % | |||||
Canada | 10.9 | % | |||||
United Kingdom | 1.5 | % | |||||
France | 1.1 | % | |||||
Netherlands | 1.0 | % | |||||
Norway | 1.0 | % | |||||
Assets in Excess of Other Liabilities* | 1.9 | % | |||||
Net Assets | 100.0 | % |
* Includes short-term investments.
Portfolio holdings are subject to change daily.
Top Ten Holdings
as of April 30, 2013*
(as a percentage of net assets)
ExxonMobil Corp. | 9.1 | % | |||||
Chevron Corp. | 9.0 | % | |||||
Schlumberger Ltd. | 6.9 | % | |||||
Occidental Petroleum Corp. | 6.0 | % | |||||
Anadarko Petroleum Corp. | 4.0 | % | |||||
Halliburton Co. | 3.8 | % | |||||
EOG Resources, Inc. | 3.2 | % | |||||
Suncor Energy, Inc. | 2.2 | % | |||||
GoldCorp, Inc. | 2.1 | % | |||||
Freeport-McMoRan Copper & Gold, Inc. | 2.1 | % |
* Excludes short-term investments.
Portfolio holdings are subject to change daily.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund is based only on the outlook of its portfolio managers through the end of this period, and 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.
7
ING GLOBAL OPPORTUNITIES FUND
PORTFOLIO MANAGERS' REPORT
ING Global Opportunities Fund ("Global Opportunities" or the "Fund") seeks long-term growth of capital. The Fund is managed by Huub van der Riet, Dirk-Jan Verzuu and Alex van der Laan, CFA, Portfolio Managers, of ING Investment Management Advisors B.V. — the Sub-Adviser.
Performance: For the six-month period ended April 30, 2013, the Fund's Class A shares, excluding sales charges, provided a total return of 10.12% compared to the MSCI All Country World IndexSM ("MSCI ACWISM"), which returned 13.46% for the same period.
Portfolio Specifics: For the reporting period, our global thematic investment strategy made positive absolute gains but underperformed the MSCI All Country World Index. Looking at our seven main investment themes, the main negative impacts came from "Social and Political Change," where exposure to the gold producers was the main detractor; "Economic Growth," where falling commodity prices were a major headwind; and finally, "Digital Revolution," where the postponement of information technology ("IT") spending by corporate firms and governments is having an impact across the sector. On the positive side, our "Shifts in Demography" theme strongly contributed, driven mainly by our exposure to U.S. biotechnology within our "Graying Population" sub-theme. This sub-theme is proving popular in 2013 as investors search for U.S. growth opportunities.
We exited Microsoft Corp., one of the long-running holdings within our "Digitization" sub-theme. Within our "Shifts in Demography" theme we added drug makers such as Astellas Pharma Inc. Astellas Pharma is a large Japanese pharmaceutical company. Its major products are in urology and transplant. Several new products were approved recently in urology/cancer and anti-infectives. Astellas is also a licensing partner for pharmaceutical companies like Pfizer and UCB in Japan.
In our "Economic Growth" theme we added The Boeing Company. Boeing's valuation became attractive following the well-publicized issues surrounding the roll out of its "Dreamliner" aircraft. The company has a strong order book and industry trends are supportive, especially with growing revenues from emerging markets. In our "Infrastructure and Urbanization" sub-theme, several Chinese power equipment companies were removed from the portfolio after a strong rebound. As a result of all the changes during the period, we increased the weighting of our "Shifts in Demography" theme at the expense of "Digital Revolution" and "Change in Consumer Behavior." We believe the Fund remains well-diversified across all our themes.
Among the best contributors at the stock level were several U.S.-based companies such as the biotechnology firm Celgene Corp., U.S. cloud computing specialist NetApp Inc., aircraft manufacturer Boeing Co. and food manufacturer Mead Johnson & Co. The worst detractors during the period were the gold producers Barrick Gold Corp. and Goldcorp Inc.; and also the Dutch postal operator PostNL N.V.
Current Strategy and Outlook: The current sentiment in the global equity markets is a story of two tales: positive sentiment in the United States and Japan, based on massive quantitative easing; and negative sentiment in emerging markets, based on a slowdown in growth and increasing imbalances in a number of countries. While it is far from certain that the U.S. and Japan can inflate themselves out of their problems, the willingness of the U.S. Federal Reserve and the Bank of Japan to provide liquidity is a major, short-term positive for their equity markets. The longer-term impact, however, is more difficult to forecast. In the meantime, investors seem to be moving funds away from emerging markets towards the U.S. and Japan.
While we are not blind to the recovery in the U.S. and Japan, we are not convinced that the underlying fundamentals in emerging markets have changed that dramatically. Data points in emerging markets we encounter still point to a gradual gain in relative wealth for emerging market consumers in general, increasing demand for potash, fertilizer and seeds to increase farmland productivity and selective investments in infrastructure in a number of Association of Southeast Asian Nations countries. We realize ourselves that top-line growth in a number of emerging markets is coming down from historically high levels, albeit still at a higher level than in developed markets. Yet we are also aware that the nature of this growth is changing in a number of dominant countries, from export led to consumption led. In our view, the market does not make that same distinction currently.
We continue to see a divergence between the emerging and the developed market economies. We believe developed market economies are unfortunately set for a long period of austerity in any scenario as the huge government debts have to be reduced. The conviction in our "Economic Growth" theme therefore remains high. At the same time, our conviction in the "Graying Population" sub theme within the "Shifts in Demography" main theme is increasing. At this moment in time we see the "Graying Population" coming closer while a number of healthcare companies are at the start of their own new cycle. We believe we are at a cross-road of two important secular trends that are reinforcing each other, and we are therefore becoming positive on this theme.
Geographic Diversification
as of April 30, 2013
(as a percentage of net assets)
United States | 36.2 | % | |||||
United Kingdom | 10.1 | % | |||||
China | 6.2 | % | |||||
Switzerland | 5.5 | % | |||||
Japan | 5.4 | % | |||||
Canada | 5.3 | % | |||||
Netherlands | 4.3 | % | |||||
Germany | 3.3 | % | |||||
India | 3.1 | % | |||||
France | 2.8 | % | |||||
Countries between 0.2%-2.7%^ | 15.0 | % | |||||
Assets in Excess of Other Liabilities* | 2.8 | % | |||||
Net Assets | 100.0 | % |
* Includes short-term investments and Exchange-Traded Funds.
^ Includes 16 countries, which each represents 0.2%-2.7% of net assets.
Portfolio holdings are subject to change daily.
Top Ten Holdings
as of April 30, 2013*
(as a percentage of net assets)
Novartis AG | 2.7 | % | |||||
Amgen, Inc. | 2.4 | % | |||||
Mead Johnson Nutrition Co. | 2.2 | % | |||||
Yum! Brands, Inc. | 2.1 | % | |||||
Imperial Tobacco Group PLC | 2.0 | % | |||||
Boeing Co. | 1.8 | % | |||||
HSBC Holdings PLC | 1.8 | % | |||||
Google, Inc. - Class A | 1.6 | % | |||||
SPDR S&P Biotech ETF | 1.5 | % | |||||
Samsung Electronics Co., Ltd. | 1.5 | % |
* Excludes short-term investments.
Portfolio holdings are subject to change daily.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund is based only on the outlook of its portfolio managers through the end of this period, and 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.
8
ING INTERNATIONAL CORE FUND
PORTFOLIO MANAGERS' REPORT
ING International Core Fund ("International Core" or the "Fund") seeks long-term growth of capital. The Fund's assets are managed by two sub-advisers — Wellington Management Company, LLP ("Wellington") and Thornburg Investment Management, Inc. ("Thornburg") (each a "Sub-Adviser" and collectively, the "Sub-Advisers"). Each manages a portion ("Sleeve") 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 Sleeve: William V. Fries, CFA, Wendy Trevisani, and Lei Wang, CFA, all Portfolio Managers of the Sleeve that is managed by Thornburg, and Nicolas M. Choumenkovitch, and Tara Connolly Stilwell, CFA, all Portfolio Managers of the Sleeve that is managed by Wellington.
Performance: For the six-month period ended April 30, 2013, the Fund's Class I shares, provided a total return of 11.68% compared to the MSCI EAFE® Index and the MSCI All Country World (ex-US)IndexSM ("MSCI ACWI ex-USSM"), which returned 16.90% and 12.78%, respectively, for the same period.
Portfolio Specifics: Wellington Sleeve — The Sleeve underperformed the MSCI ACWI ex-USSM by approximately 31 basis points net of fees, but outperformed the benchmark on a gross of fees basis. The Sleeve's outperformance versus its benchmark was due to strong allocation among sectors, a residual of the bottom-up stock selection process. The Sleeve's underweight to the materials, energy, and telecommunication services sectors contributed to relative performance. The Sleeve's positive security selection within the materials, industrials, and information technology sectors was not enough to offset negative selection within the financials, consumer staples and energy sectors. A frictional cash position in an upward trending market also weighed on returns. From a regional perspective, security selection was strongest within the emerging markets and developed North America but weakest in Japan and the U.K. An underweight allocation to emerging Markets as well as an overweight to Europe (ex. U.K.) aided relative results, although an underweight to Pacific Developed (ex. Japan) markets detracted.
Top contributors to relative performance included Switzerland-based global healthcare company Roche Holding, Japan-based bank MUFG, and Japan-based advanced electronic products manufacturer Toshiba. Top detractors from relative performance included Daito Trust, a Japan-based developer of condominiums and apartment buildings, France-based multinational steel manufacturing corporation ArcelorMittal, and UK based natural gas and oil exploration company BG Group. We eliminated our position in ArcelorMittal during the period.
Thornburg Sleeve — The Sleeve underperformed the MSCI ACWI ex-USSM by approximately 213 basis points. The Sleeve's underperformance was driven by negative stock selection in the consumer discretionary, healthcare, and information technology sectors while a favorable underweight allocation and stock selection in materials contributed positively to relative performance. From a geographic perspective, the underweight allocation in Japan detracted from relative performance, offset by the positive effect of the Sleeve's relative underweight to emerging markets.
Top individual contributors to performance for the period were Mitsubishi UFJ Financial Group, Toyota Motor Corporation, and Komatsu Ltd. Primary detractors to performance included Baidu Inc, Teck Resources, and CNOOC Ltd.
Current Strategy and Outlook: Wellington Sleeve — At a macro level, we continue to see signs of economic improvement in the developed world, which we expect to remain in a low growth environment and with low interest rates for a while longer. We believe this low growth environment could drive consolidation, and we are working to identify companies with the potential to surprise on the upside and where we see the potential for better capital discipline and improved industry structure.
The Sleeve ended the period with overweight exposures to industrials, utilities, and healthcare stocks. We were most underweight the energy, materials, and telecommunication services sectors at the end of the period.
Thornburg Sleeve — While the European Central Bank's accommodative policies have helped stabilize the sovereign debt situation, there are signs of growing austerity fatigue in the periphery and bailout fatigue in the core (Italian elections, botched Cyprus bail out). Though bank capital is improving in aggregate, we believe lending stagnation and austerity measures in Southern Europe will likely remain negative influences on European growth for some time to come. In China, though the leadership transition has been smooth, there is still uncertainty about whether the new government will be effective in rebalancing the economy. In Japan, as the new Bank of Japan governor Haruhiko Kuroda takes over, we will all learn if the new monetary policies will deliver the needed boost for growth. Against this backdrop of abundant liquidity near term and structural challenges in the medium term, we believe our philosophy of owning good businesses balanced between basic value companies, consistent earners and emerging franchises will allow us to successfully navigate the uncertain road ahead.
Geographic Diversification
as of April 30, 2013
(as a percentage of net assets)
United Kingdom | 17.8 | % | |||||
Japan | 16.4 | % | |||||
France | 10.8 | % | |||||
Switzerland | 8.6 | % | |||||
Germany | 6.3 | % | |||||
Canada | 5.4 | % | |||||
China | 5.3 | % | |||||
Hong Kong | 3.3 | % | |||||
Brazil | 2.5 | % | |||||
Italy | 2.3 | % | |||||
Countries between 0.1%-2.2%^ | 18.0 | % | |||||
Assets in Excess of Other Liabilities* | 3.3 | % | |||||
Net Assets | 100.0 | % |
* Includes short-term investments and Exchange-Traded Funds.
^ Includes 24 countries, which each represents 0.1%-2.2% of net assets.
Portfolio holdings are subject to change daily.
Top Ten Holdings
as of April 30, 2013*
(as a percentage of net assets)
Roche Holding AG - Genusschein | 3.1 | % | |||||
Mitsubishi UFJ Financial Group, Inc. | 2.7 | % | |||||
Air Liquide | 2.2 | % | |||||
AIA Group Ltd. | 1.8 | % | |||||
Canadian National Railway Co. | 1.8 | % | |||||
Rolls-Royce Holdings PLC | 1.7 | % | |||||
Anheuser-Busch InBev Worldwide, Inc. | 1.6 | % | |||||
Snam Rete Gas S.p.A. | 1.3 | % | |||||
Julius Baer Group Ltd. | 1.3 | % | |||||
Toyota Motor Corp. | 1.3 | % |
* Excludes short-term investments.
Portfolio holdings are subject to change daily.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund is based only on the outlook of its portfolio managers through the end of this period, and 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.
9
ING INTERNATIONAL GROWTH FUND
PORTFOLIO MANAGERS' REPORT
ING International Growth Fund ("International Growth" or the "Fund") seeks long-term growth of capital. The Fund's assets are managed by two sub-advisers — Baillie Gifford Overseas Limited ("Baillie Gifford") and T. Rowe Price Associates, Inc. ("TRPA") (each a "Sub-Adviser" and collectively, the "Sub-Advisers"). Each manages a portion ("Sleeve") 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 Sleeve: Gerard Callahan, Iain Campbell, Joe Faraday, CFA, and Paul Faulkner, CFA, Portfolio Managers of the Sleeve that is managed by Baillie Gifford, and Robert W. Smith, Chairman and Portfolio Manager of the Sleeve that is managed by TRPA.
Performance: For the six-month period ended April 30, 2013, the Fund's Class I shares, provided a total return of 13.19% compared to the MSCI EAFE® Index and the MSCI All Country World (ex-US)IndexSM ("MSCI ACWI ex-USSM"), which returned 16.90% and 12.78%, respectively, for the same period.
Portfolio Specifics: Baillie Gifford Sleeve — The Sleeve underperformed the MSCI EAFE® Index for the six months ended April 30, 2013 by approximately 189 basis points. Underperformance was a result of adverse stock selection in technology, healthcare and both consumer sectors. A main detractor from relative performance was Li & Fung, the Hong Kong based supply chain management business which provides its outsourcing services to a number of international apparel and other consumer goods companies. It has reported some lackluster end demand and a reminder that, despite improving stock markets, many consumer-facing businesses still face headwinds. Other detractors included Wood Group (John) the U.K. headquartered energy services company and Cochlear the Australian manufacturer of hearing implants. Additionally, the headwinds of the Sleeve's allocation to emerging markets in a period of relative weakness compared to developed markets weighed on performance.
On a positive note, the Australian online recruitment company Seek reminded everyone of its attractions, delivering some impressive operating results and exhibiting its increasing market dominance by raising advertising prices even in a difficult local employment market.
TRPA Sleeve — The Sleeve underperformed the MSCI ACWI ex-USSM for the six months ended April 30, 2013 by approximately 248 basis points. The financials sector drove relative underperformance due to stock selection and an underweight to one of the top-performing sectors in the benchmark. Our positions in Sony Financial Holding and Kerry Properties weighed on returns. The consumer discretionary sector also hurt relative results, driven by our holding in Hyundai Mobis. Conversely, stock selection in telecommunication services boosted relative results.
On a regional basis, stock selection in Japan detracted the most. Stock selection in developed Europe added the most relative value during the period.
Current Strategy and Outlook: Baillie Gifford Sleeve — We remain strong believers in the power of compound growth. We believe the best way for long term savers to exploit this is via the unique exposure to real productive assets offered by global stock markets. Owing to the broad collection of growth businesses available, we think international stock markets will offer an array of exciting opportunities over the coming decade or more. We also hope and expect that we can add value after fees by selecting a relatively small number of terrific businesses and holding them for a long time. We therefore remain unapologetically optimistic on the long term outlook for international equity markets and for the Sleeve in particular.
TRPA Sleeve — As we have said in the past, we believe the economic situation in Europe will continue to be a bumpy ride, and we expect markets will go through periods of both optimism and disappointment as individual crises surface and recede throughout the region. In Japan, the prospects for growth have improved as a result of unprecedented actions to stimulate growth and inflation, and the Japanese equity market has responded in dramatic fashion. Emerging markets underperformed developed markets this quarter and have consistently underperformed over the past several years. Given the underperformance, we believe valuations remain attractive more broadly speaking, and over the long term we continue to believe emerging markets have better growth opportunities and an attractive risk/reward profile.
Geographic Diversification
as of April 30, 2013
(as a percentage of net assets)
United Kingdom | 18.7 | % | |||||
Japan | 14.0 | % | |||||
Switzerland | 10.7 | % | |||||
Australia | 6.8 | % | |||||
Sweden | 5.7 | % | |||||
China | 4.7 | % | |||||
Hong Kong | 3.8 | % | |||||
France | 3.6 | % | |||||
Denmark | 3.3 | % | |||||
Germany | 3.0 | % | |||||
Countries between 0.1%-2.5%^ | 23.4 | % | |||||
Assets in Excess of Other Liabilities* | 2.3 | % | |||||
Net Assets | 100.0 | % |
* Includes short-term investments.
^ Includes 23 countries, which each represents 0.1%-2.5% of net assets.
Portfolio holdings are subject to change daily.
Top Ten Holdings
as of April 30, 2013
(as a percentage of net assets)
Roche Holding AG - Genusschein | 2.2 | % | |||||
Nestle S.A. | 2.0 | % | |||||
Svenska Handelsbanken AB | 1.7 | % | |||||
Carlsberg A/S | 1.6 | % | |||||
BG Group PLC | 1.6 | % | |||||
Mitsui Sumitomo Insurance Group Holdings, Inc. | 1.5 | % | |||||
Standard Chartered PLC | 1.3 | % | |||||
Cochlear Ltd. | 1.2 | % | |||||
Atlas Copco AB - Class B | 1.2 | % | |||||
BHP Billiton PLC | 1.2 | % |
Portfolio holdings are subject to change daily.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund is based only on the outlook of its portfolio managers through the end of this period, and 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.
10
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, 2012 to April 30, 2013. Each Fund's 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 left section of the table shown below, "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 right section of the table shown below, "Hypothetical (5% return before expenses)," provides information about hypothetical account values and hypothetical expenses based on a 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) | ||||||||||||||||||||||||||||||||||
ING Emerging Markets Equity Dividend Fund | Beginning Account Value November 1, 2012 | Ending Account Value April 30, 2013 | Annualized Expense Ratio | Expenses Paid During the Year Ended April 30, 2013* | Beginning Account Value November 1, 2012 | Ending Account Value April 30, 2013 | Annualized Expense Ratio | Expenses Paid During the Year Ended April 30, 2013* | |||||||||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,047.50 | 1.73 | % | $ | 8.78 | $ | 1,000.00 | $ | 1,016.22 | 1.73 | % | $ | 8.65 | |||||||||||||||||||
Class B | 1,000.00 | 1,043.50 | 2.48 | 12.57 | 1,000.00 | 1,012.50 | 2.48 | 12.37 | |||||||||||||||||||||||||||
Class C | 1,000.00 | 1,043.70 | 2.48 | 12.57 | 1,000.00 | 1,012.50 | 2.48 | 12.37 | |||||||||||||||||||||||||||
Class I | 1,000.00 | 1,049.20 | 1.47 | 7.47 | 1,000.00 | 1,017.50 | 1.47 | 7.35 | |||||||||||||||||||||||||||
Class O | 1,000.00 | 1,048.00 | 1.73 | 8.78 | 1,000.00 | 1,016.22 | 1.73 | 8.65 | |||||||||||||||||||||||||||
Class W | 1,000.00 | 1,049.40 | 1.48 | 7.52 | 1,000.00 | 1,017.46 | 1.48 | 7.40 |
* 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.
11
SHAREHOLDER EXPENSE EXAMPLES (UNAUDITED) (CONTINUED)
Actual Fund Return | Hypothetical (5% return before expenses) | ||||||||||||||||||||||||||||||||||
ING Emerging Markets Equity Fund | Beginning Account Value November 1, 2012 | Ending Account Value April 30, 2013 | Annualized Expense Ratio | Expenses Paid During the Year Ended April 30, 2013* | Beginning Account Value November 1, 2012 | Ending Account Value April 30, 2013 | Annualized Expense Ratio | Expenses Paid During the Year Ended April 30, 2013* | |||||||||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,087.10 | 1.56 | % | $ | 8.07 | $ | 1,000.00 | $ | 1,017.06 | 1.56 | % | $ | 7.80 | |||||||||||||||||||
Class B | 1,000.00 | 1,082.40 | 2.31 | 11.93 | 1,000.00 | 1,013.34 | 2.31 | 11.53 | |||||||||||||||||||||||||||
Class C | 1,000.00 | 1,082.40 | 2.31 | 11.93 | 1,000.00 | 1,013.34 | 2.31 | 11.53 | |||||||||||||||||||||||||||
Class I | 1,000.00 | 1,088.40 | 1.25 | 6.47 | 1,000.00 | 1,018.60 | 1.25 | 6.26 | |||||||||||||||||||||||||||
Class R | 1,000.00 | 1,085.00 | 1.81 | 9.36 | 1,000.00 | 1,015.82 | 1.81 | 9.05 | |||||||||||||||||||||||||||
Class W | 1,000.00 | 1,088.50 | 1.31 | 6.78 | 1,000.00 | 1,018.30 | 1.31 | 6.56 | |||||||||||||||||||||||||||
ING Global Equity Dividend Fund | |||||||||||||||||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,133.80 | 1.37 | % | $ | 7.25 | $ | 1,000.00 | $ | 1,018.00 | 1.37 | % | $ | 6.85 | |||||||||||||||||||
Class B | 1,000.00 | 1,129.80 | 2.12 | 11.20 | 1,000.00 | 1,014.28 | 2.12 | 10.59 | |||||||||||||||||||||||||||
Class C | 1,000.00 | 1,129.70 | 2.12 | 11.19 | 1,000.00 | 1,014.28 | 2.12 | 10.59 | |||||||||||||||||||||||||||
Class I | 1,000.00 | 1,136.10 | 0.95 | 5.03 | 1,000.00 | 1,020.08 | 0.95 | 4.76 | |||||||||||||||||||||||||||
Class O | 1,000.00 | 1,133.20 | 1.37 | 7.25 | 1,000.00 | 1,018.00 | 1.37 | 6.85 | |||||||||||||||||||||||||||
Class W | 1,000.00 | 1,134.90 | 1.12 | 5.93 | 1,000.00 | 1,019.24 | 1.12 | 5.61 | |||||||||||||||||||||||||||
ING Global Natural Resources Fund | |||||||||||||||||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,004.80 | 1.57 | % | $ | 7.80 | $ | 1,000.00 | $ | 1,017.01 | 1.57 | % | $ | 7.85 | |||||||||||||||||||
Class I | 1,000.00 | 1,006.20 | 1.22 | 6.07 | 1,000.00 | 1,018.74 | 1.22 | 6.11 | |||||||||||||||||||||||||||
Class W | 1,000.00 | 1,006.40 | 1.32 | 6.57 | 1,000.00 | 1,018.25 | 1.32 | 6.61 | |||||||||||||||||||||||||||
ING Global Opportunities Fund | |||||||||||||||||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,101.20 | 1.39 | % | $ | 7.24 | $ | 1,000.00 | $ | 1,017.90 | 1.39 | % | $ | 6.95 | |||||||||||||||||||
Class B | 1,000.00 | 1,096.60 | 2.14 | 11.12 | 1,000.00 | 1,014.18 | 2.14 | 10.69 | |||||||||||||||||||||||||||
Class C | 1,000.00 | 1,096.60 | 2.14 | 11.12 | 1,000.00 | 1,014.18 | 2.14 | 10.69 | |||||||||||||||||||||||||||
Class I | 1,000.00 | 1,103.00 | 1.05 | 5.48 | 1,000.00 | 1,019.59 | 1.05 | 5.26 | |||||||||||||||||||||||||||
Class W | 1,000.00 | 1,101.70 | 1.14 | 5.94 | 1,000.00 | 1,019.14 | 1.14 | 5.71 | |||||||||||||||||||||||||||
ING International Core Fund | |||||||||||||||||||||||||||||||||||
Class I | $ | 1,000.00 | $ | 1,116.80 | 0.93 | % | $ | 4.88 | $ | 1,000.00 | $ | 1,020.18 | 0.93 | % | $ | 4.66 | |||||||||||||||||||
Class W | 1,000.00 | 1,115.80 | 0.93 | 4.88 | 1,000.00 | 1,020.13 | 0.93 | 4.66 | |||||||||||||||||||||||||||
ING International Growth Fund | |||||||||||||||||||||||||||||||||||
Class I | $ | 1,000.00 | $ | 1,131.90 | 0.99 | % | $ | 5.23 | $ | 1,000.00 | $ | 1,019.89 | 0.99 | % | $ | 4.96 |
* 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.
12
STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2013 (UNAUDITED)
ING Emerging Markets Equity Dividend Fund | ING Emerging Markets Equity Fund | ING Global Equity Dividend Fund | ING Global Natural Resources Fund | ||||||||||||||||
ASSETS: | |||||||||||||||||||
Investments in securities at fair value+* | $ | 27,143,240 | $ | 236,522,917 | $ | 69,935,162 | $ | 86,355,643 | |||||||||||
Short-term investments at fair value** | — | 6,565,011 | 536,278 | 1,916,000 | |||||||||||||||
Total Investments at fair value | $ | 27,143,240 | $ | 243,087,928 | $ | 70,471,440 | $ | 88,271,643 | |||||||||||
Cash | 374,956 | 3,412,082 | 1,251,202 | 836 | |||||||||||||||
Foreign currencies at value*** | 167,319 | 516,294 | 58,000 | 28,854 | |||||||||||||||
Receivables: | |||||||||||||||||||
Investment securities sold | 7,360 | 1,214,828 | 400,151 | 656,479 | |||||||||||||||
Fund shares sold | 200,048 | 738,193 | 56,859 | 88,483 | |||||||||||||||
Dividends | 89,821 | 380,569 | 171,482 | 23,161 | |||||||||||||||
Foreign tax reclaims | — | — | 65,275 | — | |||||||||||||||
Prepaid expenses | 40,143 | 41,550 | 31,002 | 21,478 | |||||||||||||||
Reimbursement due from manager | 11,583 | — | 3,375 | — | |||||||||||||||
Total assets | 28,034,470 | 249,391,444 | 72,508,786 | 89,090,934 | |||||||||||||||
LIABILITIES: | |||||||||||||||||||
Payable for investment securities purchased | — | 1,229,229 | 5,720 | 853,874 | |||||||||||||||
Payable for fund shares redeemed | 222,928 | 1,166,750 | 121,481 | 50,896 | |||||||||||||||
Payable upon receipt of securities loaned | — | 6,565,011 | 536,278 | — | |||||||||||||||
Payable for investment management fees | 22,459 | 222,348 | 40,542 | 64,223 | |||||||||||||||
Payable for administrative fees | 2,246 | 19,189 | 5,792 | 7,193 | |||||||||||||||
Payable for distribution and shareholder service fees | 7,867 | 16,653 | 27,748 | 17,090 | |||||||||||||||
Payable for trustee fees | 145 | 1,181 | 351 | 458 | |||||||||||||||
Other accrued expenses and liabilities | 101,288 | 119,512 | 97,755 | 86,345 | |||||||||||||||
Total liabilities | 356,933 | 9,339,873 | 835,667 | 1,080,079 | |||||||||||||||
NET ASSETS | $ | 27,677,537 | $ | 240,051,571 | $ | 71,673,119 | $ | 88,010,855 | |||||||||||
NET ASSETS WERE COMPRISED OF: | |||||||||||||||||||
Paid-in capital | $ | 24,586,750 | $ | 289,047,624 | $ | 143,870,352 | $ | 95,547,187 | |||||||||||
Undistributed (distributions in excess of) net investment income | 78,807 | 304,059 | 220,479 | (11,752 | ) | ||||||||||||||
Accumulated net realized gain (loss) | 2,075,693 | (65,646,228 | ) | (80,792,890 | ) | (19,170,272 | ) | ||||||||||||
Net unrealized appreciation | 936,287 | 16,346,116 | 8,375,178 | 11,645,692 | |||||||||||||||
NET ASSETS | $ | 27,677,537 | $ | 240,051,571 | $ | 71,673,119 | $ | 88,010,855 | |||||||||||
+ Including securities loaned at value | $ | — | $ | 6,394,524 | $ | 514,782 | $ | — | |||||||||||
* Cost of investments in securities | $ | 26,208,689 | $ | 220,182,536 | $ | 61,557,412 | $ | 74,710,394 | |||||||||||
** Cost of short-term investments | $ | — | $ | 6,565,011 | $ | 536,278 | $ | 1,916,000 | |||||||||||
*** Cost of foreign currencies | $ | 166,234 | $ | 513,317 | $ | 57,968 | $ | 28,411 |
See Accompanying Notes to Financial Statements
13
STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
ING Emerging Markets Equity Dividend Fund | ING Emerging Markets Equity Fund | ING Global Equity Dividend Fund | ING Global Natural Resources Fund | ||||||||||||||||
Class A: | |||||||||||||||||||
Net assets | $ | 17,602,215 | $ | 44,931,552 | $ | 29,766,975 | $ | 83,942,710 | |||||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | |||||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | |||||||||||
Shares outstanding | 1,145,712 | 3,899,610 | 2,471,100 | 9,396,520 | |||||||||||||||
Net asset value and redemption price per share | $ | 15.36 | $ | 11.52 | $ | 12.05 | $ | 8.93 | |||||||||||
Maximum offering price per share (5.75%)(1) | $ | 16.30 | $ | 12.22 | $ | 12.79 | $ | 9.47 | |||||||||||
Class B: | |||||||||||||||||||
Net assets | $ | 1,307,632 | $ | 966,967 | $ | 3,462,463 | n/a | ||||||||||||
Shares authorized | unlimited | unlimited | unlimited | n/a | |||||||||||||||
Par value | $ | — | $ | — | $ | — | n/a | ||||||||||||
Shares outstanding | 86,598 | 84,430 | 288,087 | n/a | |||||||||||||||
Net asset value and redemption price per share | $ | 15.10 | $ | 11.45 | $ | 12.02 | n/a | ||||||||||||
Class C: | |||||||||||||||||||
Net assets | $ | 2,950,462 | $ | 8,419,168 | $ | 19,556,350 | n/a | ||||||||||||
Shares authorized | unlimited | unlimited | unlimited | n/a | |||||||||||||||
Par value | $ | — | $ | — | $ | — | n/a | ||||||||||||
Shares outstanding | 195,503 | 735,003 | 1,633,489 | n/a | |||||||||||||||
Net asset value and redemption price per share | $ | 15.09 | $ | 11.45 | $ | 11.97 | n/a | ||||||||||||
Class I: | |||||||||||||||||||
Net assets | $ | 1,489,656 | $ | 173,984,795 | $ | 2,938,620 | $ | 3,186,198 | |||||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | |||||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | |||||||||||
Shares outstanding | 96,609 | 15,054,733 | 243,594 | 354,782 | |||||||||||||||
Net asset value and redemption price per share | $ | 15.42 | $ | 11.56 | $ | 12.06 | $ | 8.98 | |||||||||||
Class O: | |||||||||||||||||||
Net assets | $ | 4,308,485 | n/a | $ | 14,805,618 | n/a | |||||||||||||
Shares authorized | unlimited | n/a | unlimited | n/a | |||||||||||||||
Par value | $ | — | n/a | $ | — | n/a | |||||||||||||
Shares outstanding | 282,883 | n/a | 1,231,563 | n/a | |||||||||||||||
Net asset value and redemption price per share | $ | 15.23 | n/a | $ | 12.02 | n/a | |||||||||||||
Class R: | |||||||||||||||||||
Net assets | n/a | $ | 3,454 | n/a | n/a | ||||||||||||||
Shares authorized | n/a | unlimited | n/a | n/a | |||||||||||||||
Par value | n/a | $ | — | n/a | n/a | ||||||||||||||
Shares outstanding | n/a | 300 | n/a | n/a | |||||||||||||||
Net asset value and redemption price per share | n/a | $ | 11.51 | n/a | n/a | ||||||||||||||
Class W: | |||||||||||||||||||
Net assets | $ | 19,087 | $ | 11,745,635 | $ | 1,143,093 | $ | 881,947 | |||||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | |||||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | |||||||||||
Shares outstanding | 1,240 | 1,017,241 | 86,321 | 77,916 | |||||||||||||||
Net asset value and redemption price per share | $ | 15.39 | $ | 11.55 | $ | 13.24 | $ | 11.32 |
(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.
† Redemption price per share may be reduced for any applicable contingent deferred sales charges.
See Accompanying Notes to Financial Statements
14
STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2013 (UNAUDITED)
ING Global Opportunities Fund | ING International Core Fund | ING International Growth Fund | |||||||||||||
ASSETS: | |||||||||||||||
Investments in securities at fair value+* | $ | 43,547,413 | $ | 469,005,452 | $ | 168,439,236 | |||||||||
Short-term investments at fair value** | 1,414,713 | 17,367,719 | 6,402,732 | ||||||||||||
Total Investments at fair value | $ | 44,962,126 | $ | 486,373,171 | $ | 174,841,968 | |||||||||
Cash | 426,127 | 69,824 | 3,096,486 | ||||||||||||
Foreign currencies at value*** | 77,259 | 681,774 | 256,494 | ||||||||||||
Receivables: | |||||||||||||||
Investment securities sold | 172,866 | 1,195,924 | 750,319 | ||||||||||||
Fund shares sold | 1,170 | 459,453 | 10,220 | ||||||||||||
Dividends | 123,479 | 1,532,640 | 450,543 | ||||||||||||
Foreign tax reclaims | 64,435 | 559,456 | 219,498 | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | — | 825,167 | 385 | ||||||||||||
Prepaid expenses | 21,514 | 1,799 | 735 | ||||||||||||
Reimbursement due from manager | 17,287 | — | — | ||||||||||||
Total assets | 45,866,263 | 491,699,208 | 179,626,648 | ||||||||||||
LIABILITIES: | |||||||||||||||
Payable for investment securities purchased | 698 | 4,745,330 | 530,409 | ||||||||||||
Payable for fund shares redeemed | 124,685 | 3,054,738 | 1,539,925 | ||||||||||||
Payable upon receipt of securities loaned | 1,414,713 | — | 4,856,762 | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | — | 519,818 | — | ||||||||||||
Payable for investment management fees | 32,348 | 289,825 | 104,198 | ||||||||||||
Payable for administrative fees | 3,594 | 38,483 | 13,882 | ||||||||||||
Payable for distribution and shareholder service fees | 20,688 | — | — | ||||||||||||
Payable for trustee fees | 231 | 2,132 | 827 | ||||||||||||
Other accrued expenses and liabilities | 135,653 | 39,007 | 92,142 | ||||||||||||
Total liabilities | 1,732,610 | 8,689,333 | 7,138,145 | ||||||||||||
NET ASSETS | $ | 44,133,653 | $ | 483,009,875 | $ | 172,488,503 | |||||||||
NET ASSETS WERE COMPRISED OF: | |||||||||||||||
Paid-in capital | $ | 146,403,745 | $ | 458,337,720 | $ | 156,149,321 | |||||||||
Undistributed (distributions in excess of) net investment income | (48,899 | ) | 2,127,000 | 915,229 | |||||||||||
Accumulated net realized loss | (109,094,307 | ) | (23,533,461 | ) | (9,331,684 | ) | |||||||||
Net unrealized appreciation | 6,873,114 | 46,078,616 | 24,755,637 | ||||||||||||
NET ASSETS | $ | 44,133,653 | $ | 483,009,875 | $ | 172,488,503 | |||||||||
+ Including securities loaned at value | $ | 1,354,121 | $ | — | $ | 4,618,273 | |||||||||
* Cost of investments in securities | $ | 36,672,888 | $ | 423,226,471 | $ | 143,676,813 | |||||||||
** Cost of short-term investments | $ | 1,414,713 | $ | 17,367,719 | $ | 6,402,732 | |||||||||
*** Cost of foreign currencies | $ | 76,385 | $ | 681,773 | $ | 255,686 |
See Accompanying Notes to Financial Statements
15
STATEMENTS OF ASSETS AND LIABILITIES AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
ING Global Opportunities Fund | ING International Core Fund | ING International Growth Fund | |||||||||||||
Class A: | |||||||||||||||
Net assets | $ | 21,622,167 | n/a | n/a | |||||||||||
Shares authorized | unlimited | n/a | n/a | ||||||||||||
Par value | $ | — | n/a | n/a | |||||||||||
Shares outstanding | 1,422,764 | n/a | n/a | ||||||||||||
Net asset value and redemption price per share | $ | 15.20 | n/a | n/a | |||||||||||
Maximum offering price per share (5.75%)(1) | $ | 16.13 | n/a | n/a | |||||||||||
Class B: | |||||||||||||||
Net assets | $ | 2,186,790 | n/a | n/a | |||||||||||
Shares authorized | unlimited | n/a | n/a | ||||||||||||
Par value | $ | — | n/a | n/a | |||||||||||
Shares outstanding | 151,646 | n/a | n/a | ||||||||||||
Net asset value and redemption price per share | $ | 14.42 | n/a | n/a | |||||||||||
Class C: | |||||||||||||||
Net assets | $ | 17,755,788 | n/a | n/a | |||||||||||
Shares authorized | unlimited | n/a | n/a | ||||||||||||
Par value | $ | — | n/a | n/a | |||||||||||
Shares outstanding | 1,231,059 | n/a | n/a | ||||||||||||
Net asset value and redemption price per share | $ | 14.42 | n/a | n/a | |||||||||||
Class I: | |||||||||||||||
Net assets | $ | 2,493,943 | $ | 473,855,191 | $ | 172,488,503 | |||||||||
Shares authorized | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | |||||||||
Shares outstanding | 160,113 | 46,015,881 | 15,692,179 | ||||||||||||
Net asset value and redemption price per share | $ | 15.58 | $ | 10.30 | $ | 10.99 | |||||||||
Class W: | |||||||||||||||
Net assets | $ | 74,965 | $ | 9,154,684 | n/a | ||||||||||
Shares authorized | unlimited | unlimited | n/a | ||||||||||||
Par value | $ | — | $ | — | n/a | ||||||||||
Shares outstanding | 4,493 | 889,357 | n/a | ||||||||||||
Net asset value and redemption price per share | $ | 16.68 | $ | 10.29 | 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.
† Redemption price per share may be reduced for any applicable contingent deferred sales charges.
See Accompanying Notes to Financial Statements
16
STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED)
ING Emerging Markets Equity Dividend Fund | ING Emerging Markets Equity Fund | ING Global Equity Dividend Fund | ING Global Natural Resources Fund | ||||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||
Dividends, net of foreign taxes withheld* | $ | 343,195 | $ | 1,871,155 | $ | 1,099,638 | $ | 752,863 | |||||||||||
Interest | — | — | 30 | — | |||||||||||||||
Securities lending income, net | — | 32,724 | 9,167 | — | |||||||||||||||
Total investment income | 343,195 | 1,903,879 | 1,108,835 | 752,863 | |||||||||||||||
EXPENSES: | |||||||||||||||||||
Investment management fees | 146,005 | 1,171,582 | 243,902 | 402,302 | |||||||||||||||
Distribution and shareholder service fees: | |||||||||||||||||||
Class A | 22,791 | 64,205 | 36,347 | 107,530 | |||||||||||||||
Class B | 6,941 | 5,436 | 18,261 | — | |||||||||||||||
Class C | 15,287 | 43,160 | 95,172 | — | |||||||||||||||
Class O | 5,402 | — | 17,484 | — | |||||||||||||||
Class R | — | 7 | — | — | |||||||||||||||
Transfer agent fees: | |||||||||||||||||||
Class A | 15,696 | 45,515 | 25,549 | 73,531 | |||||||||||||||
Class B | 1,192 | 962 | 3,262 | — | |||||||||||||||
Class C | 2,649 | 7,716 | 16,624 | — | |||||||||||||||
Class I | 1,540 | 3,507 | 14 | 1,314 | |||||||||||||||
Class O | 3,742 | — | 12,182 | — | |||||||||||||||
Class R | — | 3 | — | — | |||||||||||||||
Class W | 18 | 7,069 | 984 | 828 | |||||||||||||||
Administrative service fees | 14,433 | 117,157 | 34,843 | 45,375 | |||||||||||||||
Shareholder reporting expense | 11,610 | 14,045 | 11,591 | 22,526 | |||||||||||||||
Registration fees | 37,894 | 48,539 | 37,427 | 22,036 | |||||||||||||||
Professional fees | 11,084 | 33,447 | 6,403 | 13,109 | |||||||||||||||
Custody and accounting expense | 23,928 | 101,817 | 40,813 | 10,006 | |||||||||||||||
Trustee fees | 728 | 5,906 | 1,757 | 2,288 | |||||||||||||||
Proxy and solicitation costs | 87,400 | — | — | — | |||||||||||||||
Miscellaneous expense | 1,731 | 11,069 | 1,884 | 4,048 | |||||||||||||||
Interest expense | — | 1,743 | — | — | |||||||||||||||
Total expenses | 410,071 | 1,682,885 | 604,499 | 704,893 | |||||||||||||||
Net waived and reimbursed fees | (147,143 | ) | (86,644 | ) | (50,471 | ) | — | ||||||||||||
Net expenses | 262,928 | 1,596,241 | 554,028 | 704,893 | |||||||||||||||
Net investment income | 80,267 | 307,638 | 554,807 | 47,970 | |||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | |||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||
Investments (net of Indian capital gains tax withheld^) | 4,745,168 | 5,034,642 | 1,044,108 | (1,367,904 | ) | ||||||||||||||
Capital gain distributions from unaffiliated underlying funds | — | — | — | 26 | |||||||||||||||
Foreign currency related transactions | (32,383 | ) | (73,194 | ) | 997 | (232 | ) | ||||||||||||
Futures | — | (111,713 | ) | — | — | ||||||||||||||
Net realized gain (loss) | 4,712,785 | 4,849,735 | 1,045,105 | (1,368,110 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||||||
Investments (net of Indian capital gains tax accrued#) | (3,456,253 | ) | 15,085,417 | 7,072,426 | 1,807,092 | ||||||||||||||
Foreign currency related transactions | 1,732 | 26,363 | 1,701 | 601 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | (3,454,521 | ) | 15,111,780 | 7,074,127 | 1,807,693 | ||||||||||||||
Net realized and unrealized gain | 1,258,264 | 19,961,515 | 8,119,232 | 439,583 | |||||||||||||||
Increase in net assets resulting from operations | $ | 1,338,531 | $ | 20,269,153 | $ | 8,674,039 | $ | 487,553 | |||||||||||
* Foreign taxes withheld | $ | 28,199 | $ | 210,224 | $ | 61,677 | $ | 20,812 | |||||||||||
^ Foreign taxes on sale of Indian investments | $ | — | $ | 38,527 | $ | — | $ | — | |||||||||||
# Foreign taxes accrued on Indian investments | $ | — | $ | 33,710 | $ | — | $ | — |
See Accompanying Notes to Financial Statements
17
STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED)
ING Global Opportunities Fund | ING International Core Fund | ING International Growth Fund | |||||||||||||
INVESTMENT INCOME: | |||||||||||||||
Dividends, net of foreign taxes withheld* | $ | 337,234 | $ | 4,433,712 | $ | 1,671,887 | |||||||||
Interest | — | 149 | — | ||||||||||||
Securities lending income, net | 12,527 | — | 59,101 | ||||||||||||
Total investment income | 349,761 | 4,433,861 | 1,730,988 | ||||||||||||
EXPENSES: | |||||||||||||||
Investment management fees | 205,662 | 1,585,814 | 614,686 | ||||||||||||
Distribution and shareholder service fees: | |||||||||||||||
Class A | 27,764 | — | — | ||||||||||||
Class B | 12,113 | — | — | ||||||||||||
Class C | 92,302 | — | — | ||||||||||||
Transfer agent fees: | |||||||||||||||
Class A | 14,746 | — | — | ||||||||||||
Class B | 1,584 | — | — | ||||||||||||
Class C | 12,273 | — | — | ||||||||||||
Class I | 2,690 | 2,450 | 222 | ||||||||||||
Class W | 75 | 31 | — | ||||||||||||
Administrative service fees | 22,851 | 211,440 | 81,957 | ||||||||||||
Shareholder reporting expense | 26,852 | 17,180 | 10,025 | ||||||||||||
Registration fees | 30,384 | 3,280 | 5,754 | ||||||||||||
Professional fees | 29,992 | 29,699 | 25,241 | ||||||||||||
Custody and accounting expense | 37,716 | 106,248 | 68,277 | ||||||||||||
Trustee fees | 1,152 | 10,660 | 4,132 | ||||||||||||
Miscellaneous expense | 6,843 | 4,093 | 1,696 | ||||||||||||
Interest expense | — | 425 | 162 | ||||||||||||
Total expenses | 524,999 | 1,971,320 | 812,152 | ||||||||||||
Net recouped/waived and reimbursed fees | (132,472 | ) | — | 80 | |||||||||||
Brokerage commission recapture | — | (5,920 | ) | — | |||||||||||
Net expenses | 392,527 | 1,965,400 | 812,232 | ||||||||||||
Net investment income (loss) | (42,766 | ) | 2,468,461 | 918,756 | |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | |||||||||||||||
Net realized gain (loss) on: | |||||||||||||||
Investments (net of Indian capital gains tax withheld^) | 919,181 | 11,986,180 | 37,905 | ||||||||||||
Capital gain distributions from unaffiliated underlying funds | — | 102 | — | ||||||||||||
Foreign currency related transactions | (10,907 | ) | 134,133 | (106,472 | ) | ||||||||||
Net realized gain (loss) | 908,274 | 12,120,415 | (68,567 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||
Investments (net of Indian capital gains tax accrued#) | 3,490,599 | 32,463,539 | 19,533,699 | ||||||||||||
Foreign currency related transactions | 3,304 | 153,691 | 51,404 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 3,493,903 | 32,617,230 | 19,585,103 | ||||||||||||
Net realized and unrealized gain | 4,402,177 | 44,737,645 | 19,516,536 | ||||||||||||
Increase in net assets resulting from operations | $ | 4,359,411 | $ | 47,206,106 | $ | 20,435,292 | |||||||||
* Foreign taxes withheld | $ | 20,597 | $ | 331,189 | $ | 142,098 | |||||||||
^ Foreign taxes on sale of Indian investments | $ | — | $ | 38,302 | $ | — | |||||||||
# Foreign taxes accrued on Indian investments | $ | — | $ | — | $ | 4,908 |
See Accompanying Notes to Financial Statements
18
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
ING Emerging Markets Equity Dividend Fund | ING Emerging Markets Equity Fund | ||||||||||||||||||
Six Months Ended April 30, 2013 | Year Ended October 31, 2012 | Six Months Ended April 30, 2013 | Year Ended October 31, 2012 | ||||||||||||||||
FROM OPERATIONS: | |||||||||||||||||||
Net investment income | $ | 80,267 | $ | 184,349 | $ | 307,638 | $ | 1,132,345 | |||||||||||
Net realized gain (loss) | 4,712,785 | (1,187,557 | ) | 4,849,735 | 3,413,988 | ||||||||||||||
Net change in unrealized appreciation (depreciation) | (3,454,521 | ) | 2,233,776 | 15,111,780 | (5,054,493 | ) | |||||||||||||
Increase (decrease) in net assets resulting from operations | 1,338,531 | 1,230,568 | 20,269,153 | (508,160 | ) | ||||||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | |||||||||||||||||||
Net investment income: | |||||||||||||||||||
Class A | (259,254 | ) | — | (55,392 | ) | (1,484 | ) | ||||||||||||
Class B | (8,064 | ) | — | — | — | ||||||||||||||
Class C | (19,337 | ) | — | — | (19 | ) | |||||||||||||
Class I | (34,607 | ) | — | (273,884 | ) | (576,232 | ) | ||||||||||||
Class O | (61,091 | ) | — | — | — | ||||||||||||||
Class R | — | — | — | (25 | ) | ||||||||||||||
Class W | (406 | ) | — | (14,908 | ) | (34,485 | ) | ||||||||||||
Net realized gains: | |||||||||||||||||||
Class A | — | — | (713,885 | ) | (97 | ) | |||||||||||||
Class B | — | — | (15,592 | ) | — | ||||||||||||||
Class C | — | — | (118,502 | ) | (15 | ) | |||||||||||||
Class I | — | — | (2,201,383 | ) | (412,144 | ) | |||||||||||||
Class R | — | — | (45 | ) | (15 | ) | |||||||||||||
Class W | — | — | (118,553 | ) | (30 | ) | |||||||||||||
Total distributions | (382,759 | ) | — | (3,512,144 | ) | (1,024,546 | ) | ||||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | |||||||||||||||||||
Net proceeds from sale of shares | 3,362,268 | 5,822,524 | 25,840,136 | 140,570,171 | |||||||||||||||
Proceeds from shares issued in merger (Note 11) | — | — | — | 69,657,533 | |||||||||||||||
Reinvestment of distributions | 292,491 | — | 3,430,571 | 1,024,443 | |||||||||||||||
3,654,759 | 5,822,524 | 29,270,707 | 211,252,147 | ||||||||||||||||
Cost of shares redeemed | (5,533,474 | ) | (12,341,810 | ) | (39,654,837 | ) | (66,295,210 | ) | |||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (1,878,715 | ) | (6,519,286 | ) | (10,384,130 | ) | 144,956,937 | ||||||||||||
Net increase (decrease) in net assets | (922,943 | ) | (5,288,718 | ) | 6,372,879 | 143,424,231 | |||||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of year or period | 28,600,480 | 33,889,198 | 233,678,692 | 90,254,461 | |||||||||||||||
End of year or period | $ | 27,677,537 | $ | 28,600,480 | $ | 240,051,571 | $ | 233,678,692 | |||||||||||
Undistributed net investment income at end of year or period | $ | 78,807 | $ | 381,299 | $ | 304,059 | $ | 340,605 |
See Accompanying Notes to Financial Statements
19
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
ING Global Equity Dividend Fund | ING Global Natural Resources Fund | ||||||||||||||||||
Six Months Ended April 30, 2013 | Year Ended October 31, 2012 | Six Months Ended April 30, 2013 | Year Ended October 31, 2012 | ||||||||||||||||
FROM OPERATIONS: | |||||||||||||||||||
Net investment income | $ | 554,807 | $ | 1,498,842 | $ | 47,970 | $ | 165,958 | |||||||||||
Net realized gain (loss) | 1,045,105 | 1,857,050 | (1,368,110 | ) | (1,235,397 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) | 7,074,127 | 2,678,987 | 1,807,693 | (5,081,326 | ) | ||||||||||||||
Increase (decrease) in net assets resulting from operations | 8,674,039 | 6,034,879 | 487,553 | (6,150,765 | ) | ||||||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | |||||||||||||||||||
Net investment income: | |||||||||||||||||||
Class A | (167,748 | ) | (731,970 | ) | (121,380 | ) | (148,637 | ) | |||||||||||
Class B | (7,023 | ) | (75,586 | ) | — | — | |||||||||||||
Class C | (44,281 | ) | (323,124 | ) | — | — | |||||||||||||
Class I | (22,073 | ) | (82,412 | ) | (23,909 | ) | (8,099 | ) | |||||||||||
Class O | (82,954 | ) | (315,370 | ) | — | — | |||||||||||||
Class W | (6,982 | ) | (31,806 | ) | (1,956 | ) | (1,999 | ) | |||||||||||
Total distributions | (331,061 | ) | (1,560,268 | ) | (147,245 | ) | (158,735 | ) | |||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | |||||||||||||||||||
Net proceeds from sale of shares | 3,670,913 | 7,101,717 | 5,475,301 | 8,727,606 | |||||||||||||||
Payment from distribution/payment by affiliate | — | — | — | 72,582 | |||||||||||||||
Reinvestment of distributions | 200,656 | 922,243 | 122,344 | 136,580 | |||||||||||||||
3,871,569 | 8,023,960 | 5,597,645 | 8,936,768 | ||||||||||||||||
Cost of shares redeemed | (11,495,310 | ) | (21,543,399 | ) | (11,401,987 | ) | (22,216,772 | ) | |||||||||||
Net decrease in net assets resulting from capital share transactions | (7,623,741 | ) | (13,519,439 | ) | (5,804,342 | ) | (13,280,004 | ) | |||||||||||
Net increase (decrease) in net assets | 719,237 | (9,044,828 | ) | (5,464,034 | ) | (19,589,504 | ) | ||||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of year or period | 70,953,882 | 79,998,710 | 93,474,889 | 113,064,393 | |||||||||||||||
End of year or period | $ | 71,673,119 | $ | 70,953,882 | $ | 88,010,855 | $ | 93,474,889 | |||||||||||
Undistributed (distributions in excess of) net investment income at end of year or period | $ | 220,479 | $ | (3,267 | ) | $ | (11,752 | ) | $ | 87,523 |
See Accompanying Notes to Financial Statements
20
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
ING Global Opportunities Fund | ING International Core Fund | ||||||||||||||||||
Six Months Ended April 30, 2013 | Year Ended October 31, 2012 | Six Months Ended April 30, 2013 | Year Ended October 31, 2012 | ||||||||||||||||
FROM OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | (42,766 | ) | $ | 138,629 | $ | 2,468,461 | $ | 5,025,636 | ||||||||||
Net realized gain (loss) | 908,274 | 3,021,834 | 12,120,415 | (13,507,603 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) | 3,493,903 | (822,555 | ) | 32,617,230 | 33,861,952 | ||||||||||||||
Increase in net assets resulting from operations | 4,359,411 | 2,337,908 | 47,206,106 | 25,379,985 | |||||||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | |||||||||||||||||||
Net investment income: | |||||||||||||||||||
Class A | (93,600 | ) | — | — | — | ||||||||||||||
Class I | (18,508 | ) | — | (5,489,371 | ) | (3,175,306 | ) | ||||||||||||
Class W | (675 | ) | — | (81,926 | ) | — | |||||||||||||
Total distributions | (112,783 | ) | — | (5,571,297 | ) | (3,175,306 | ) | ||||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | |||||||||||||||||||
Net proceeds from sale of shares | 1,252,903 | 3,244,895 | 81,610,493 | 145,545,646 | |||||||||||||||
Reinvestment of distributions | 93,352 | — | 5,571,253 | 3,175,306 | |||||||||||||||
1,346,255 | 3,244,895 | 87,181,746 | 148,720,952 | ||||||||||||||||
Cost of shares redeemed | (8,974,672 | ) | (23,631,353 | ) | (55,936,331 | ) | (110,409,433 | ) | |||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (7,628,417 | ) | (20,386,458 | ) | 31,245,415 | 38,311,519 | |||||||||||||
Net increase (decrease) in net assets | (3,381,789 | ) | (18,048,550 | ) | 72,880,224 | 60,516,198 | |||||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of year or period | 47,515,442 | 65,563,992 | 410,129,651 | 349,613,453 | |||||||||||||||
End of year or period | $ | 44,133,653 | $ | 47,515,442 | $ | 483,009,875 | $ | 410,129,651 | |||||||||||
Distributions in excess of net investment income/Accumulated net investment loss at end of year or period | $ | (48,899 | ) | $ | 106,650 | $ | 2,127,000 | $ | 5,229,836 |
See Accompanying Notes to Financial Statements
21
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
ING International Growth Fund | |||||||||||
Six Months Ended April 30, 2013 | Year Ended October 31, 2012 | ||||||||||
FROM OPERATIONS: | |||||||||||
Net investment income | $ | 918,756 | $ | 2,566,366 | |||||||
Net realized loss | (68,567 | ) | (9,030,738 | ) | |||||||
Net change in unrealized appreciation | 19,585,103 | 19,245,988 | |||||||||
Increase in net assets resulting from operations | 20,435,292 | 12,781,616 | |||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | |||||||||||
Net investment income | (2,651,331 | ) | (2,431,169 | ) | |||||||
Net realized gains | — | (618,543 | ) | ||||||||
Total distributions | (2,651,331 | ) | (3,049,712 | ) | |||||||
FROM CAPITAL SHARE TRANSACTIONS: | |||||||||||
Net proceeds from sale of shares | 8,075,032 | 49,832,163 | |||||||||
Reinvestment of distributions | 2,651,331 | 3,049,712 | |||||||||
10,726,363 | 52,881,875 | ||||||||||
Cost of shares redeemed | (20,624,171 | ) | (48,243,135 | ) | |||||||
Net increase (decrease) in net assets resulting from capital share transactions | (9,897,808 | ) | 4,638,740 | ||||||||
Net increase in net assets | 7,886,153 | 14,370,644 | |||||||||
NET ASSETS: | |||||||||||
Beginning of year or period | 164,602,350 | 150,231,706 | |||||||||
End of year or period | $ | 172,488,503 | $ | 164,602,350 | |||||||
Undistributed net investment income at end of year or period | $ | 915,229 | $ | 2,647,804 |
See Accompanying Notes to Financial Statements
22
FINANCIAL HIGHLIGHTS (UNAUDITED)
Selected data for a share of beneficial interest outstanding throughout each year or period.
Income (loss) from investment operations | Less distributions | ||||||||||||||||||||||||||||||
Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | From return of capital | |||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||
ING Emerging Markets Equity Dividend Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
04-30-13 | 14.87 | 0.06 | 0.65 | 0.71 | 0.22 | — | — | ||||||||||||||||||||||||
10-31-12 | 14.19 | 0.11 | 0.57 | 0.68 | — | — | — | ||||||||||||||||||||||||
10-31-11 | 16.40 | 0.05 | (2.08 | ) | (2.03 | ) | 0.18 | — | — | ||||||||||||||||||||||
10-31-10 | 14.28 | 0.04 | • | 2.29 | 2.33 | 0.21 | — | — | |||||||||||||||||||||||
10-31-09 | 9.24 | 0.07 | • | 5.78 | 5.85 | 0.21 | 0.60 | — | |||||||||||||||||||||||
10-31-08 | 24.43 | 0.05 | • | (13.12 | ) | (13.07 | ) | 0.06 | 2.06 | — | |||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
04-30-13 | 14.55 | (0.01 | )• | 0.64 | 0.63 | 0.08 | — | — | |||||||||||||||||||||||
10-31-12 | 13.99 | (0.00 | )* | 0.56 | 0.56 | — | — | — | |||||||||||||||||||||||
10-31-11 | 16.18 | (0.08 | )• | (2.04 | ) | (2.12 | ) | 0.07 | — | — | |||||||||||||||||||||
10-31-10 | 14.11 | (0.07 | )• | 2.26 | 2.19 | 0.12 | — | — | |||||||||||||||||||||||
10-31-09 | 9.08 | (0.03 | )• | 5.72 | 5.69 | 0.06 | 0.60 | — | |||||||||||||||||||||||
10-31-08 | 24.14 | (0.05 | ) | (12.95 | ) | (13.00 | ) | — | 2.06 | — | |||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
04-30-13 | 14.55 | (0.00 | )* | 0.64 | 0.64 | 0.10 | — | — | |||||||||||||||||||||||
10-31-12 | 13.99 | (0.02 | ) | 0.58 | 0.56 | — | — | — | |||||||||||||||||||||||
10-31-11 | 16.19 | (0.06 | ) | (2.06 | ) | (2.12 | ) | 0.08 | — | — | |||||||||||||||||||||
10-31-10 | 14.15 | (0.08 | )• | 2.28 | 2.20 | 0.16 | — | — | |||||||||||||||||||||||
10-31-09 | 9.09 | (0.02 | )• | 5.73 | 5.71 | 0.05 | 0.60 | — | |||||||||||||||||||||||
10-31-08 | 24.16 | (0.09 | )• | (12.92 | ) | (13.01 | ) | — | 2.06 | — | |||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||
04-30-13 | 14.95 | 0.07 | • | 0.67 | 0.74 | 0.27 | — | — | |||||||||||||||||||||||
10-31-12 | 14.23 | 0.11 | • | 0.61 | 0.72 | — | — | — | |||||||||||||||||||||||
10-31-11 | 16.44 | 0.12 | • | (2.10 | ) | (1.98 | ) | 0.23 | — | — | |||||||||||||||||||||
10-31-10 | 14.31 | 0.17 | • | 2.23 | 2.40 | 0.27 | — | — | |||||||||||||||||||||||
10-31-09 | 9.28 | 0.19 | • | 5.72 | 5.91 | 0.28 | 0.60 | — | |||||||||||||||||||||||
10-31-08 | 24.46 | 0.16 | • | (13.18 | ) | (13.02 | ) | 0.10 | 2.06 | — | |||||||||||||||||||||
Class O | |||||||||||||||||||||||||||||||
04-30-13 | 14.74 | 0.06 | 0.65 | 0.71 | 0.22 | — | — | ||||||||||||||||||||||||
10-31-12 | 14.07 | 0.12 | 0.55 | 0.67 | — | — | — | ||||||||||||||||||||||||
10-31-11 | 16.27 | 0.07 | (2.08 | ) | (2.01 | ) | 0.19 | — | — | ||||||||||||||||||||||
10-31-10 | 14.19 | 0.07 | • | 2.24 | 2.31 | 0.23 | — | — | |||||||||||||||||||||||
10-31-09 | 9.26 | 0.11 | • | 5.70 | 5.81 | �� | 0.28 | 0.60 | — | ||||||||||||||||||||||
06-04-08(4) -10-31-08 | 16.83 | 0.11 | • | (7.68 | ) | (7.57 | ) | — | — | — | |||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||
04-30-13 | 14.94 | 0.06 | 0.68 | 0.74 | 0.29 | — | — | ||||||||||||||||||||||||
10-31-12 | 14.23 | 0.10 | • | 0.61 | 0.71 | — | — | — | |||||||||||||||||||||||
08-05-11(4) -10-31-11 | 15.51 | 0.02 | (1.30 | ) | (1.28 | ) | 0.00 | * | — | — | |||||||||||||||||||||
ING Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
04-30-13 | 10.75 | 0.00 | * | 0.93 | 0.93 | 0.01 | 0.15 | — | |||||||||||||||||||||||
10-31-12 | 10.74 | 0.11 | • | 0.06 | 0.17 | 0.11 | 0.05 | — | |||||||||||||||||||||||
10-11-11(4) -10-31-11 | 10.00 | (0.00 | )* | 0.74 | 0.74 | — | — | — | |||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
04-30-13 | 10.72 | (0.04 | ) | 0.92 | 0.88 | — | 0.15 | — | |||||||||||||||||||||||
07-20-12(4) -10-31-12 | 10.04 | 0.01 | 0.67 | 0.68 | — | — | — | ||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
04-30-13 | 10.72 | (0.04 | ) | 0.92 | 0.88 | — | 0.15 | — | |||||||||||||||||||||||
10-31-12 | 10.73 | 0.03 | • | 0.07 | 0.10 | 0.06 | 0.05 | — | |||||||||||||||||||||||
10-11-11(4) -10-31-11 | 10.00 | (0.00 | )* | 0.73 | 0.73 | — | — | — | |||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||
04-30-13 | 10.78 | 0.02 | 0.93 | 0.95 | 0.02 | 0.15 | — | ||||||||||||||||||||||||
10-31-12 | 10.74 | 0.12 | • | 0.09 | 0.21 | 0.12 | 0.05 | — | |||||||||||||||||||||||
10-11-11(4) -10-31-11 | 10.00 | 0.00 | * | 0.74 | 0.74 | — | — | — |
Ratios to average net assets | Supplemental data | ||||||||||||||||||||||||||||||||||||||||||
Total distributions | Payment by affiliate | Net asset value, end of year or period | Total Return(1) | Expenses before reductions/additions(2)(3) | Expenses net of fee waivers and/or recoupments if any(2)(3) | Expense net of all reductions/additions(2)(3) | Net investment income (loss)(2)(3) | Net assets, end of year or period | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) | |||||||||||||||||||||||||||||||||
ING Emerging Markets Equity Dividend Fund | |||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.22 | — | 15.36 | 4.75 | 2.74 | 1.73 | 1.73 | 0.64 | 17,602 | 120 | |||||||||||||||||||||||||||||||||
10-31-12 | — | — | 14.87 | 4.79 | 2.40 | 2.10 | 2.10 | 0.73 | 18,356 | 51 | |||||||||||||||||||||||||||||||||
10-31-11 | 0.18 | — | 14.19 | (12.53 | ) | 2.11 | 2.10 | 2.10 | 0.29 | 21,370 | 129 | ||||||||||||||||||||||||||||||||
10-31-10 | 0.21 | — | 16.40 | 16.49 | 2.11 | 2.10 | 2.10 | 0.27 | 29,947 | 90 | |||||||||||||||||||||||||||||||||
10-31-09 | 0.81 | — | 14.28 | 67.10 | 2.29 | 2.11 | 2.11 | 0.58 | 32,860 | 134 | |||||||||||||||||||||||||||||||||
10-31-08 | 2.12 | — | 9.24 | (57.63 | ) | 1.96 | 1.96 | 1.96 | 0.32 | 20,481 | 159 | ||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.08 | — | 15.10 | 4.35 | 3.49 | 2.48 | 2.48 | (0.13 | ) | 1,308 | 120 | ||||||||||||||||||||||||||||||||
10-31-12 | — | — | 14.55 | 4.00 | 3.15 | 2.85 | 2.85 | (0.03 | ) | 1,429 | 51 | ||||||||||||||||||||||||||||||||
10-31-11 | 0.07 | — | 13.99 | (13.14 | ) | 2.86 | 2.85 | 2.85 | (0.51 | ) | 1,771 | 129 | |||||||||||||||||||||||||||||||
10-31-10 | 0.12 | — | 16.18 | 15.61 | 2.86 | 2.85 | 2.85 | (0.45 | ) | 2,772 | 90 | ||||||||||||||||||||||||||||||||
10-31-09 | 0.66 | — | 14.11 | 65.73 | 3.04 | 2.86 | 2.86 | (0.29 | ) | 3,246 | 134 | ||||||||||||||||||||||||||||||||
10-31-08 | 2.06 | — | 9.08 | (57.95 | ) | 2.71 | 2.71 | 2.71 | (0.33 | ) | 1,901 | 159 | |||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.10 | — | 15.09 | 4.37 | 3.49 | 2.48 | 2.48 | (0.07 | ) | 2,950 | 120 | ||||||||||||||||||||||||||||||||
10-31-12 | — | — | 14.55 | 4.00 | 3.15 | 2.85 | 2.85 | (0.15 | ) | 2,974 | 51 | ||||||||||||||||||||||||||||||||
10-31-11 | 0.08 | — | 13.99 | (13.16 | ) | 2.86 | 2.85 | 2.85 | (0.39 | ) | 4,186 | 129 | |||||||||||||||||||||||||||||||
10-31-10 | 0.16 | — | 16.19 | 15.64 | 2.86 | 2.85 | 2.85 | (0.53 | ) | 5,772 | 90 | ||||||||||||||||||||||||||||||||
10-31-09 | 0.65 | — | 14.15 | 65.77 | 3.04 | 2.86 | 2.86 | (0.15 | ) | 6,182 | 134 | ||||||||||||||||||||||||||||||||
10-31-08 | 2.06 | — | 9.09 | (57.94 | ) | 2.71 | 2.71 | 2.71 | (0.52 | ) | 2,694 | 159 | |||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.27 | — | 15.42 | 4.92 | 2.48 | 1.47 | 1.47 | 0.87 | 1,490 | 120 | |||||||||||||||||||||||||||||||||
10-31-12 | — | — | 14.95 | 5.06 | 2.08 | 1.78 | 1.78 | 0.80 | 1,645 | 51 | |||||||||||||||||||||||||||||||||
10-31-11 | 0.23 | — | 14.23 | (12.20 | ) | 1.78 | 1.77 | 1.77 | 0.74 | 1,924 | 129 | ||||||||||||||||||||||||||||||||
10-31-10 | 0.27 | — | 16.44 | 16.97 | 1.72 | 1.71 | 1.71 | 1.15 | 2,212 | 90 | |||||||||||||||||||||||||||||||||
10-31-09 | 0.88 | — | 14.31 | 67.79 | 1.86 | 1.68 | 1.68 | 1.48 | 690 | 134 | |||||||||||||||||||||||||||||||||
10-31-08 | 2.16 | — | 9.28 | (57.42 | ) | 1.70 | 1.70 | 1.70 | 1.02 | 39 | 159 | ||||||||||||||||||||||||||||||||
Class O | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.22 | — | 15.23 | 4.80 | 2.74 | 1.73 | 1.73 | 0.69 | 4,308 | 120 | |||||||||||||||||||||||||||||||||
10-31-12 | — | — | 14.74 | 4.76 | 2.40 | 2.10 | 2.10 | 0.75 | 4,175 | 51 | |||||||||||||||||||||||||||||||||
10-31-11 | 0.19 | — | 14.07 | (12.51 | ) | 2.11 | 2.10 | 2.10 | 0.48 | 4,636 | 129 | ||||||||||||||||||||||||||||||||
10-31-10 | 0.23 | — | 16.27 | 16.49 | 2.11 | 2.10 | 2.10 | 0.49 | 4,530 | 90 | |||||||||||||||||||||||||||||||||
10-31-09 | 0.88 | — | 14.19 | 66.79 | 2.29 | 2.11 | 2.11 | 0.85 | 2,966 | 134 | |||||||||||||||||||||||||||||||||
06-04-08(4) -10-31-08 | — | — | 9.26 | (44.98 | ) | 1.96 | 1.96 | 1.96 | 2.23 | 206 | 159 | ||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.29 | — | 15.39 | 4.94 | 2.49 | 1.48 | 1.48 | 0.89 | 19 | 120 | |||||||||||||||||||||||||||||||||
10-31-12 | — | — | 14.94 | 4.99 | 2.15 | 1.85 | 1.85 | 0.66 | 21 | 51 | |||||||||||||||||||||||||||||||||
08-05-11(4) -10-31-11 | 0.00 | * | — | 14.23 | (8.25 | ) | 1.86 | 1.85 | 1.85 | 0.61 | 3 | 129 | |||||||||||||||||||||||||||||||
ING Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.16 | — | 11.52 | 8.71 | 1.71 | 1.56 | 1.56 | 0.01 | 44,932 | 20 | |||||||||||||||||||||||||||||||||
10-31-12 | 0.16 | — | 10.75 | 1.66 | 1.77 | 1.50 | 1.50 | 1.05 | 53,278 | 84 | |||||||||||||||||||||||||||||||||
10-11-11(4) -10-31-11 | — | — | 10.74 | 7.40 | 1.77 | 1.50 | 1.50 | (0.99 | ) | 21 | 1 | ||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.15 | — | 11.45 | 8.24 | 2.46 | 2.31 | 2.31 | (0.74 | ) | 967 | 20 | ||||||||||||||||||||||||||||||||
07-20-12(4) -10-31-12 | — | — | 10.72 | 6.77 | 2.52 | 2.25 | 2.25 | 0.27 | 1,145 | 84 | |||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.15 | — | 11.45 | 8.24 | 2.46 | 2.31 | 2.31 | (0.70 | ) | 8,419 | 20 | ||||||||||||||||||||||||||||||||
10-31-12 | 0.11 | — | 10.72 | 0.99 | 2.52 | 2.25 | 2.25 | 0.31 | 8,664 | 84 | |||||||||||||||||||||||||||||||||
10-11-11(4) -10-31-11 | — | — | 10.73 | 7.30 | 2.52 | 2.25 | 2.25 | (0.28 | ) | 3 | 1 | ||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.17 | — | 11.56 | 8.84 | 1.29 | 1.25 | 1.25 | 0.39 | 173,985 | 20 | |||||||||||||||||||||||||||||||||
10-31-12 | 0.17 | — | 10.78 | 2.07 | 1.52 | 1.25 | 1.25 | 1.14 | 162,830 | 84 | |||||||||||||||||||||||||||||||||
10-11-11(4) -10-31-11 | — | — | 10.74 | 7.40 | 1.52 | 1.25 | 1.25 | 0.62 | 90,224 | 1 |
See Accompanying Notes to Financial Statements
23
FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)
Selected data for a share of beneficial interest outstanding throughout each year or period.
Income (loss) from investment operations | Less distributions | ||||||||||||||||||||||||||||||
Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | From return of capital | |||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||
ING Emerging Markets Equity Fund (continued) | |||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||
04-30-13 | 10.75 | (0.01 | ) | 0.92 | 0.91 | — | 0.15 | — | |||||||||||||||||||||||
10-31-12 | 10.74 | 0.10 | 0.04 | 0.14 | 0.08 | 0.05 | — | ||||||||||||||||||||||||
10-11-11(4) -10-31-11 | 10.00 | 0.00 | * | 0.74 | 0.74 | — | — | — | |||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||
04-30-13 | 10.77 | 0.02 | 0.93 | 0.95 | 0.02 | 0.15 | — | ||||||||||||||||||||||||
10-31-12 | 10.74 | 0.18 | • | 0.02 | 0.20 | 0.12 | 0.05 | — | |||||||||||||||||||||||
10-11-11(4) -10-31-11 | 10.00 | 0.00 | * | 0.74 | 0.74 | — | — | — | |||||||||||||||||||||||
ING Global Equity Dividend Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
04-30-13 | 10.69 | 0.10 | 1.33 | 1.43 | 0.07 | — | — | ||||||||||||||||||||||||
10-31-12 | 10.05 | 0.24 | 0.64 | 0.88 | 0.24 | — | — | ||||||||||||||||||||||||
10-31-11 | 10.31 | 0.28 | • | (0.29 | ) | (0.01 | ) | 0.25 | — | — | |||||||||||||||||||||
10-31-10 | 9.41 | 0.26 | • | �� | 0.89 | 1.15 | 0.25 | — | — | ||||||||||||||||||||||
10-31-09 | 8.77 | 0.26 | • | 0.62 | 0.88 | 0.22 | — | 0.02 | |||||||||||||||||||||||
10-31-08 | 16.84 | 0.56 | (6.84 | ) | (6.28 | ) | 0.54 | 1.20 | 0.05 | ||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
04-30-13 | 10.66 | 0.06 | 1.32 | 1.38 | 0.02 | — | — | ||||||||||||||||||||||||
10-31-12 | 10.03 | 0.15 | • | 0.64 | 0.79 | 0.16 | — | — | |||||||||||||||||||||||
10-31-11 | 10.28 | 0.20 | • | (0.29 | ) | (0.09 | ) | 0.16 | — | — | |||||||||||||||||||||
10-31-10 | 9.38 | 0.19 | • | 0.88 | 1.07 | 0.17 | — | — | |||||||||||||||||||||||
10-31-09 | 8.74 | 0.21 | 0.61 | 0.82 | 0.16 | — | 0.02 | ||||||||||||||||||||||||
10-31-08 | 16.79 | 0.46 | (6.82 | ) | (6.36 | ) | 0.44 | 1.20 | 0.05 | ||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
04-30-13 | 10.62 | 0.06 | 1.32 | 1.38 | 0.03 | — | — | ||||||||||||||||||||||||
10-31-12 | 10.00 | 0.16 | 0.63 | 0.79 | 0.17 | — | — | ||||||||||||||||||||||||
10-31-11 | 10.26 | 0.20 | • | (0.29 | ) | (0.09 | ) | 0.17 | — | — | |||||||||||||||||||||
10-31-10 | 9.36 | 0.19 | • | 0.89 | 1.08 | 0.18 | — | — | |||||||||||||||||||||||
10-31-09 | 8.72 | 0.21 | 0.61 | 0.82 | 0.16 | — | 0.02 | ||||||||||||||||||||||||
10-31-08 | 16.75 | 0.44 | (6.78 | ) | (6.34 | ) | 0.44 | 1.20 | 0.05 | ||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||
04-30-13 | 10.70 | 0.13 | 1.32 | 1.45 | 0.09 | — | — | ||||||||||||||||||||||||
10-31-12 | 10.06 | 0.27 | 0.65 | 0.92 | 0.28 | — | — | ||||||||||||||||||||||||
10-31-11 | 10.32 | 0.34 | • | (0.31 | ) | 0.03 | 0.29 | — | — | ||||||||||||||||||||||
10-31-10 | 9.42 | 0.27 | • | 0.92 | 1.19 | 0.29 | — | — | |||||||||||||||||||||||
10-31-09 | 8.78 | 0.29 | • | 0.63 | 0.92 | 0.26 | — | 0.02 | |||||||||||||||||||||||
10-31-08 | 16.83 | 0.47 | (6.68 | ) | (6.21 | ) | 0.59 | 1.20 | 0.05 | ||||||||||||||||||||||
Class O | |||||||||||||||||||||||||||||||
04-30-13 | 10.67 | 0.10 | 1.32 | 1.42 | 0.07 | — | — | ||||||||||||||||||||||||
10-31-12 | 10.03 | 0.23 | 0.65 | 0.88 | 0.24 | — | — | ||||||||||||||||||||||||
10-31-11 | 10.29 | 0.28 | (0.29 | ) | (0.01 | ) | 0.25 | — | — | ||||||||||||||||||||||
10-31-10 | 9.40 | 0.26 | • | 0.89 | 1.15 | 0.26 | — | — | |||||||||||||||||||||||
10-31-09 | 8.76 | 0.26 | • | 0.62 | 0.88 | 0.22 | — | 0.02 | |||||||||||||||||||||||
10-31-08 | 16.83 | 0.51 | • | (6.78 | ) | (6.27 | ) | 0.55 | 1.20 | 0.05 | |||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||
04-30-13 | 11.74 | 0.13 | 1.45 | 1.58 | 0.08 | — | — | ||||||||||||||||||||||||
10-31-12 | 11.01 | 0.29 | • | 0.70 | 0.99 | 0.26 | — | — | |||||||||||||||||||||||
10-31-11 | 11.26 | 0.23 | • | (0.23 | ) | 0.00 | * | 0.25 | — | — | |||||||||||||||||||||
10-31-10 | 10.25 | 0.31 | • | 0.98 | 1.29 | 0.28 | — | — | |||||||||||||||||||||||
10-31-09 | 9.53 | 0.26 | • | 0.74 | 1.00 | 0.26 | — | 0.02 | |||||||||||||||||||||||
02-12-08(4) -10-31-08 | 14.51 | 0.35 | (4.83 | ) | (4.48 | ) | 0.46 | — | 0.04 |
Ratios to average net assets | Supplemental data | ||||||||||||||||||||||||||||||||||||||||||
Total distributions | Payment by affiliate | Net asset value, end of year or period | Total Return(1) | Expenses before reductions/additions(2)(3) | Expenses net of fee waivers and/or recoupments if any(2)(3) | Expense net of all reductions/additions(2)(3) | Net investment income (loss)(2)(3) | Net assets, end of year or period | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) | |||||||||||||||||||||||||||||||||
ING Emerging Markets Equity Fund (continued) | |||||||||||||||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.15 | — | 11.51 | 8.50 | 1.96 | 1.81 | 1.81 | (0.18 | ) | 3 | 20 | ||||||||||||||||||||||||||||||||
10-31-12 | 0.13 | — | 10.75 | 1.43 | 2.02 | 1.75 | 1.75 | 0.90 | 3 | 84 | |||||||||||||||||||||||||||||||||
10-11-11(4) -10-31-11 | — | — | 10.74 | 7.40 | 2.02 | 1.75 | 1.75 | 0.23 | 3 | 1 | |||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.17 | — | 11.55 | 8.85 | 1.46 | 1.31 | 1.31 | 0.49 | 11,746 | 20 | |||||||||||||||||||||||||||||||||
10-31-12 | 0.17 | — | 10.77 | 1.98 | 1.52 | 1.25 | 1.25 | 1.68 | 7,759 | 84 | |||||||||||||||||||||||||||||||||
10-11-11(4) -10-31-11 | — | — | 10.74 | 7.40 | 1.52 | 1.25 | 1.25 | 0.69 | 3 | 1 | |||||||||||||||||||||||||||||||||
ING Global Equity Dividend Fund | |||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.07 | — | 12.05 | 13.38 | 1.51 | 1.37 | 1.37 | 1.82 | 29,767 | 23 | |||||||||||||||||||||||||||||||||
10-31-12 | 0.24 | — | 10.69 | 8.86 | 1.52 | 1.42 | 1.42 | 2.24 | 30,217 | 66 | |||||||||||||||||||||||||||||||||
10-31-11 | 0.25 | — | 10.05 | (0.16 | ) | 1.42 | 1.40 | 1.40 | 2.67 | 33,494 | 83 | ||||||||||||||||||||||||||||||||
10-31-10 | 0.25 | — | 10.31 | 12.46 | 1.38 | 1.40 | 1.40 | 2.65 | 42,502 | 58 | |||||||||||||||||||||||||||||||||
10-31-09 | 0.24 | — | 9.41 | 10.41 | 1.54 | 1.40 | 1.40 | 3.24 | 46,871 | 93 | |||||||||||||||||||||||||||||||||
10-31-08 | 1.79 | — | 8.77 | (40.84 | ) | 1.42 | 1.41 | 1.41 | 3.85 | 63,134 | 46 | ||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.02 | — | 12.02 | 12.98 | 2.26 | 2.12 | 2.12 | 1.02 | 3,462 | 23 | |||||||||||||||||||||||||||||||||
10-31-12 | 0.16 | — | 10.66 | 7.95 | 2.27 | 2.17 | 2.17 | 1.48 | 4,062 | 66 | |||||||||||||||||||||||||||||||||
10-31-11 | 0.16 | — | 10.03 | (0.86 | ) | 2.17 | 2.15 | 2.15 | 1.87 | 6,108 | 83 | ||||||||||||||||||||||||||||||||
10-31-10 | 0.17 | — | 10.28 | 11.62 | 2.13 | 2.15 | 2.15 | 1.91 | 11,212 | 58 | |||||||||||||||||||||||||||||||||
10-31-09 | 0.18 | — | 9.38 | 9.60 | 2.29 | 2.15 | 2.15 | 2.48 | 16,147 | 93 | |||||||||||||||||||||||||||||||||
10-31-08 | 1.69 | — | 8.74 | (41.32 | ) | 2.17 | 2.16 | 2.16 | 3.11 | 21,311 | 46 | ||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.03 | — | 11.97 | 12.97 | 2.26 | 2.12 | 2.12 | 1.07 | 19,556 | 23 | |||||||||||||||||||||||||||||||||
10-31-12 | 0.17 | — | 10.62 | 7.92 | 2.27 | 2.17 | 2.17 | 1.49 | 18,932 | 66 | |||||||||||||||||||||||||||||||||
10-31-11 | 0.17 | — | 10.00 | (0.91 | ) | 2.17 | 2.15 | 2.15 | 1.94 | 21,985 | 83 | ||||||||||||||||||||||||||||||||
10-31-10 | 0.18 | — | 10.26 | 11.66 | 2.13 | 2.15 | 2.15 | 1.92 | 28,635 | 58 | |||||||||||||||||||||||||||||||||
10-31-09 | 0.18 | — | 9.36 | 9.63 | 2.29 | 2.15 | 2.15 | 2.48 | 37,687 | 93 | |||||||||||||||||||||||||||||||||
10-31-08 | 1.69 | — | 8.72 | (41.29 | ) | 2.17 | 2.16 | 2.16 | 3.13 | 48,567 | 46 | ||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.09 | — | 12.06 | 13.61 | 1.09 | 0.95 | 0.95 | 2.24 | 2,939 | 23 | |||||||||||||||||||||||||||||||||
10-31-12 | 0.28 | — | 10.70 | 9.25 | 1.13 | 1.03 | 1.03 | 2.62 | 2,929 | 66 | |||||||||||||||||||||||||||||||||
10-31-11 | 0.29 | — | 10.06 | 0.21 | 1.03 | 1.01 | 1.01 | 3.21 | 3,261 | 83 | |||||||||||||||||||||||||||||||||
10-31-10 | 0.29 | — | 10.32 | 12.90 | 0.99 | 1.01 | 1.01 | 2.80 | 12,390 | 58 | |||||||||||||||||||||||||||||||||
10-31-09 | 0.28 | — | 9.42 | 10.92 | 1.07 | 0.93 | 0.93 | 3.61 | 1,824 | 93 | |||||||||||||||||||||||||||||||||
10-31-08 | 1.84 | — | 8.78 | (40.49 | ) | 1.07 | 1.06 | 1.06 | 3.16 | 1,207 | 46 | ||||||||||||||||||||||||||||||||
Class O | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.07 | — | 12.02 | 13.32 | 1.51 | 1.37 | 1.37 | 1.82 | 14,806 | 23 | |||||||||||||||||||||||||||||||||
10-31-12 | 0.24 | — | 10.67 | 8.88 | 1.52 | 1.42 | 1.42 | 2.24 | 13,618 | 66 | |||||||||||||||||||||||||||||||||
10-31-11 | 0.25 | — | 10.03 | (0.16 | ) | 1.42 | 1.40 | 1.40 | 2.68 | 13,358 | 83 | ||||||||||||||||||||||||||||||||
10-31-10 | 0.26 | — | 10.29 | 12.41 | 1.38 | 1.40 | 1.40 | 2.65 | 14,721 | 58 | |||||||||||||||||||||||||||||||||
10-31-09 | 0.24 | — | 9.40 | 10.41 | 1.54 | 1.40 | 1.40 | 3.18 | 14,920 | 93 | |||||||||||||||||||||||||||||||||
10-31-08 | 1.80 | — | 8.76 | (40.83 | ) | 1.42 | 1.41 | 1.41 | 3.95 | 14,695 | 46 | ||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.08 | — | 13.24 | 13.49 | 1.26 | 1.12 | 1.12 | 2.06 | 1,143 | 23 | |||||||||||||||||||||||||||||||||
10-31-12 | 0.26 | — | 11.74 | 9.11 | 1.27 | 1.17 | 1.17 | 2.53 | 1,196 | 66 | |||||||||||||||||||||||||||||||||
10-31-11 | 0.25 | — | 11.01 | 0.00 | 1.17 | 1.15 | 1.15 | 1.98 | 1,792 | 83 | |||||||||||||||||||||||||||||||||
10-31-10 | 0.28 | — | 11.26 | 12.79 | 1.13 | 1.15 | 1.15 | 2.87 | 37,819 | 58 | |||||||||||||||||||||||||||||||||
10-31-09 | 0.28 | — | 10.25 | 10.92 | 1.07 | 0.93 | 0.93 | 2.68 | 21,321 | 93 | |||||||||||||||||||||||||||||||||
02-12-08(4) -10-31-08 | 0.50 | — | 9.53 | (31.78 | ) | 1.07 | 1.06 | 1.06 | 3.38 | 70 | 46 |
See Accompanying Notes to Financial Statements
24
FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)
Selected data for a share of beneficial interest outstanding throughout each year or period.
Income (loss) from investment operations | Less distributions | ||||||||||||||||||||||||||||||
Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | From return of capital | |||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||
ING Global Natural Resources Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
04-30-13 | 8.90 | 0.00 | * | 0.04 | 0.04 | 0.01 | — | — | |||||||||||||||||||||||
10-31-12 | 9.39 | 0.01 | (0.50 | ) | (0.49 | ) | 0.01 | — | — | ||||||||||||||||||||||
10-31-11 | 8.81 | (0.00 | )* | 0.58 | 0.58 | 0.00 | * | — | — | ||||||||||||||||||||||
10-31-10 | 7.82 | 0.01 | 1.00 | 1.01 | 0.02 | — | — | ||||||||||||||||||||||||
10-31-09 | 6.74 | 0.03 | 1.50 | 1.53 | 0.02 | 0.43 | — | ||||||||||||||||||||||||
10-31-08 | 14.18 | 0.05 | (4.92 | ) | (4.87 | ) | 0.11 | 2.46 | — | ||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||
04-30-13 | 8.98 | 0.01 | 0.04 | 0.05 | 0.05 | — | — | ||||||||||||||||||||||||
10-31-12 | 9.43 | 0.05 | (0.49 | ) | (0.44 | ) | 0.02 | — | — | ||||||||||||||||||||||
10-31-11 | 8.82 | 0.03 | 0.59 | 0.62 | 0.01 | — | — | ||||||||||||||||||||||||
10-31-10 | 7.83 | 0.04 | • | 1.01 | 1.05 | 0.06 | — | — | |||||||||||||||||||||||
10-31-09 | 6.75 | 0.05 | • | 1.52 | 1.57 | 0.06 | 0.43 | — | |||||||||||||||||||||||
10-31-08 | 14.19 | 0.12 | • | (4.95 | ) | (4.83 | ) | 0.15 | 2.46 | — | |||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||
04-30-13 | 11.27 | 0.02 | 0.05 | 0.07 | 0.02 | — | — | ||||||||||||||||||||||||
10-31-12 | 11.86 | 0.05 | • | (0.63 | ) | (0.58 | ) | 0.02 | — | — | |||||||||||||||||||||
10-31-11 | 11.10 | 0.03 | 0.74 | 0.77 | 0.01 | — | — | ||||||||||||||||||||||||
10-31-10 | 9.86 | 0.05 | 1.24 | 1.29 | 0.05 | — | — | ||||||||||||||||||||||||
10-31-09 | 8.39 | 0.05 | • | 1.91 | 1.96 | 0.06 | 0.43 | — | |||||||||||||||||||||||
02-12-08(4) -10-31-08 | 12.84 | 0.03 | • | (4.48 | ) | (4.45 | ) | — | — | — | |||||||||||||||||||||
ING Global Opportunities Fund | |||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
04-30-13 | 13.86 | 0.01 | 1.39 | 1.40 | 0.06 | — | — | ||||||||||||||||||||||||
10-31-12 | 13.21 | 0.09 | 0.56 | 0.65 | — | — | — | ||||||||||||||||||||||||
10-31-11 | 14.07 | 0.02 | (0.56 | ) | (0.54 | ) | 0.32 | — | — | ||||||||||||||||||||||
10-31-10 | 12.85 | 0.05 | • | 1.17 | 1.22 | — | — | — | |||||||||||||||||||||||
10-31-09 | 11.68 | 0.12 | • | 1.50 | 1.62 | 0.45 | — | — | |||||||||||||||||||||||
10-31-08 | 23.54 | 0.18 | • | (10.65 | ) | (10.47 | ) | — | 1.39 | — | |||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
04-30-13 | 13.15 | (0.04 | ) | 1.31 | 1.27 | — | — | — | |||||||||||||||||||||||
10-31-12 | 12.62 | (0.03 | ) | 0.56 | 0.53 | — | — | — | |||||||||||||||||||||||
10-31-11 | 13.44 | (0.09 | )• | (0.53 | ) | (0.62 | ) | 0.19 | — | — | |||||||||||||||||||||
10-31-10 | 12.36 | (0.04 | ) | 1.12 | 1.08 | — | — | — | |||||||||||||||||||||||
10-31-09 | 11.19 | 0.04 | • | 1.43 | 1.47 | 0.30 | — | — | |||||||||||||||||||||||
10-31-08 | 22.78 | 0.02 | • | (10.22 | ) | (10.20 | ) | — | 1.39 | — | |||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
04-30-13 | 13.15 | (0.04 | ) | 1.31 | 1.27 | — | — | — | |||||||||||||||||||||||
10-31-12 | 12.62 | (0.03 | ) | 0.56 | 0.53 | — | — | — | |||||||||||||||||||||||
10-31-11 | 13.44 | (0.09 | )• | (0.54 | ) | (0.63 | ) | 0.19 | — | — | |||||||||||||||||||||
10-31-10 | 12.36 | (0.04 | ) | 1.12 | 1.08 | — | — | — | |||||||||||||||||||||||
10-31-09 | 11.21 | 0.04 | • | 1.43 | 1.47 | 0.32 | — | — | |||||||||||||||||||||||
10-31-08 | 22.81 | 0.03 | • | (10.24 | ) | (10.21 | ) | — | 1.39 | — | |||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||
04-30-13 | 14.23 | 0.04 | 1.42 | 1.46 | 0.11 | — | — | ||||||||||||||||||||||||
10-31-12 | 13.50 | 0.14 | • | 0.59 | 0.73 | — | — | — | |||||||||||||||||||||||
10-31-11 | 14.38 | 0.09 | • | (0.58 | ) | (0.49 | ) | 0.40 | — | — | |||||||||||||||||||||
10-31-10 | 13.08 | 0.13 | • | 1.17 | 1.30 | — | — | — | |||||||||||||||||||||||
10-31-09 | 11.92 | 0.16 | • | 1.54 | 1.70 | 0.54 | — | — | |||||||||||||||||||||||
10-31-08 | 23.91 | 0.24 | • | (10.84 | ) | (10.60 | ) | — | 1.39 | — | |||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||
04-30-13 | 15.23 | 0.03 | • | 1.51 | 1.54 | 0.09 | — | — | |||||||||||||||||||||||
10-31-12 | 14.47 | 0.09 | 0.67 | 0.76 | — | — | — | ||||||||||||||||||||||||
10-31-11 | 15.36 | 0.02 | • | (0.61 | ) | (0.59 | ) | 0.30 | — | — | |||||||||||||||||||||
10-31-10 | 13.98 | 0.10 | • | 1.28 | 1.38 | — | — | — | |||||||||||||||||||||||
10-31-09 | 12.71 | 0.18 | • | 1.63 | 1.81 | 0.54 | — | — | |||||||||||||||||||||||
02-12-08(4) -10-31-08 | 20.48 | 0.27 | • | (8.04 | ) | (7.77 | ) | — | — | — |
Ratios to average net assets | Supplemental data | ||||||||||||||||||||||||||||||||||||||||||
Total distributions | Payment by affiliate | Net asset value, end of year or period | Total Return(1) | Expenses before reductions/additions(2)(3) | Expenses net of fee waivers and/or recoupments if any(2)(3) | Expense net of all reductions/additions(2)(3) | Net investment income (loss)(2)(3) | Net assets, end of year or period | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) | |||||||||||||||||||||||||||||||||
ING Global Natural Resources Fund | |||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.01 | — | 8.93 | 0.48 | 1.57 | 1.57 | 1.57 | 0.09 | 83,943 | 28 | |||||||||||||||||||||||||||||||||
10-31-12 | 0.01 | 0.01 | 8.90 | (5.08 | )(a) | 1.56 | 1.56 | 1.56 | 0.14 | 87,916 | 44 | ||||||||||||||||||||||||||||||||
10-31-11 | 0.00 | * | — | 9.39 | 6.63 | 1.46 | 1.46 | † | 1.46 | † | (0.02 | )† | 106,363 | 73 | |||||||||||||||||||||||||||||
10-31-10 | 0.02 | — | 8.81 | 12.99 | 1.53 | 1.53 | † | 1.53 | † | 0.11 | † | 101,577 | 57 | ||||||||||||||||||||||||||||||
10-31-09 | 0.45 | — | 7.82 | 24.38 | 1.64 | 1.64 | † | 1.64 | † | 0.45 | † | 99,674 | 81 | ||||||||||||||||||||||||||||||
10-31-08 | 2.57 | — | 6.74 | (41.12 | ) | 1.46 | 1.46 | † | 1.46 | † | 0.37 | † | 83,713 | 116 | |||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.05 | — | 8.98 | 0.62 | 1.22 | 1.22 | 1.22 | 0.46 | 3,186 | 28 | |||||||||||||||||||||||||||||||||
10-31-12 | 0.02 | 0.01 | 8.98 | (4.60 | )(a) | 1.17 | 1.17 | 1.17 | 0.50 | 4,459 | 44 | ||||||||||||||||||||||||||||||||
10-31-11 | 0.01 | — | 9.43 | 7.04 | 1.13 | 1.13 | † | 1.13 | † | 0.31 | † | 4,961 | 73 | ||||||||||||||||||||||||||||||
10-31-10 | 0.06 | — | 8.82 | 13.43 | 1.11 | 1.11 | † | 1.11 | † | 0.52 | † | 2,977 | 57 | ||||||||||||||||||||||||||||||
10-31-09 | 0.49 | — | 7.83 | 25.10 | 1.19 | 1.19 | † | 1.19 | † | 0.68 | † | 510 | 81 | ||||||||||||||||||||||||||||||
10-31-08 | 2.61 | — | 6.75 | (40.87 | ) | 1.11 | 1.11 | † | 1.11 | † | 1.04 | † | 1 | 116 | |||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.02 | — | 11.32 | 0.64 | 1.32 | 1.32 | 1.32 | 0.36 | 882 | 28 | |||||||||||||||||||||||||||||||||
10-31-12 | 0.02 | 0.01 | 11.27 | (4.84 | )(a) | 1.31 | 1.31 | 1.31 | 0.39 | 1,100 | 44 | ||||||||||||||||||||||||||||||||
10-31-11 | 0.01 | — | 11.86 | 6.91 | 1.21 | 1.21 | † | 1.21 | † | 0.20 | † | 1,741 | 73 | ||||||||||||||||||||||||||||||
10-31-10 | 0.05 | — | 11.10 | 13.17 | 1.28 | 1.28 | † | 1.28 | † | 0.36 | † | 378 | 57 | ||||||||||||||||||||||||||||||
10-31-09 | 0.49 | — | 9.86 | 24.84 | 1.19 | 1.19 | † | 1.19 | † | 0.64 | † | 186 | 81 | ||||||||||||||||||||||||||||||
02-12-08(4) -10-31-08 | — | — | 8.39 | (34.66 | ) | 1.11 | 1.11 | † | 1.11 | † | 0.38 | † | 27 | 116 | |||||||||||||||||||||||||||||
ING Global Opportunities Fund | |||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.06 | — | 15.20 | 10.12 | 1.96 | 1.39 | 1.39 | 0.14 | 21,622 | 21 | |||||||||||||||||||||||||||||||||
10-31-12 | — | — | 13.86 | 4.92 | 1.81 | 1.50 | 1.50 | 0.57 | 23,027 | 35 | |||||||||||||||||||||||||||||||||
10-31-11 | 0.32 | — | 13.21 | (3.96 | ) | 1.71 | 1.50 | 1.50 | 0.13 | 30,587 | 67 | ||||||||||||||||||||||||||||||||
10-31-10 | — | — | 14.07 | 9.49 | 1.84 | 1.63 | 1.63 | 0.39 | 55,541 | 156 | |||||||||||||||||||||||||||||||||
10-31-09 | 0.45 | — | 12.85 | 14.38 | 1.78 | 1.70 | † | 1.70 | † | 1.13 | † | 93,829 | 176 | ||||||||||||||||||||||||||||||
10-31-08 | 1.39 | — | 11.68 | (47.01 | ) | 1.61 | 1.60 | † | 1.60 | † | 0.93 | † | 151,246 | 116 | |||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | — | — | 14.42 | 9.66 | 2.71 | 2.14 | 2.14 | (0.64 | ) | 2,187 | 21 | ||||||||||||||||||||||||||||||||
10-31-12 | — | — | 13.15 | 4.20 | 2.56 | 2.25 | 2.25 | (0.20 | ) | 2,691 | 35 | ||||||||||||||||||||||||||||||||
10-31-11 | 0.19 | — | 12.62 | (4.78 | ) | 2.47 | 2.26 | 2.26 | (0.63 | ) | 4,793 | 67 | |||||||||||||||||||||||||||||||
10-31-10 | — | — | 13.44 | 8.74 | 2.59 | 2.38 | 2.38 | (0.35 | ) | 9,094 | 156 | ||||||||||||||||||||||||||||||||
10-31-09 | 0.30 | — | 12.36 | 13.42 | 2.53 | 2.45 | † | 2.45 | † | 0.38 | † | 14,077 | 176 | ||||||||||||||||||||||||||||||
10-31-08 | 1.39 | — | 11.19 | (47.42 | ) | 2.36 | 2.35 | † | 2.35 | † | 1.10 | † | 18,831 | 116 | |||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | — | — | 14.42 | 9.66 | 2.71 | 2.14 | 2.14 | (0.61 | ) | 17,756 | 21 | ||||||||||||||||||||||||||||||||
10-31-12 | — | — | 13.15 | 4.20 | 2.56 | 2.25 | 2.25 | (0.18 | ) | 19,124 | 35 | ||||||||||||||||||||||||||||||||
10-31-11 | 0.19 | — | 12.62 | (4.76 | ) | 2.47 | 2.26 | 2.26 | (0.63 | ) | 25,973 | 67 | |||||||||||||||||||||||||||||||
10-31-10 | — | — | 13.44 | 8.74 | 2.59 | 2.38 | 2.38 | (0.35 | ) | 49,256 | 156 | ||||||||||||||||||||||||||||||||
10-31-09 | 0.32 | — | 12.36 | 13.43 | 2.53 | 2.45 | † | 2.45 | † | 0.38 | † | 76,677 | 176 | ||||||||||||||||||||||||||||||
10-31-08 | 1.39 | — | 11.21 | (47.40 | ) | 2.36 | 2.35 | † | 2.35 | † | 0.14 | † | 102,274 | 116 | |||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.11 | — | 15.58 | 10.30 | 1.79 | 1.05 | 1.05 | 0.51 | 2,494 | 21 | |||||||||||||||||||||||||||||||||
10-31-12 | — | — | 14.23 | 5.41 | 1.45 | 1.05 | 1.05 | 1.01 | 2,562 | 35 | |||||||||||||||||||||||||||||||||
10-31-11 | 0.40 | — | 13.50 | (3.55 | ) | 1.41 | 1.06 | 1.06 | 0.59 | 4,117 | 67 | ||||||||||||||||||||||||||||||||
10-31-10 | — | — | 14.38 | 9.94 | 1.38 | 1.31 | 1.31 | 0.94 | 9,467 | 156 | |||||||||||||||||||||||||||||||||
10-31-09 | 0.54 | — | 13.08 | 14.82 | 1.33 | 1.31 | † | 1.31 | † | 1.44 | † | 65,256 | 176 | ||||||||||||||||||||||||||||||
10-31-08 | 1.39 | — | 11.92 | (46.82 | ) | 1.28 | 1.27 | † | 1.27 | † | 1.26 | † | 68,020 | 116 | |||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.09 | — | 16.68 | 10.17 | 1.71 | 1.14 | 1.14 | 0.36 | 75 | 21 | |||||||||||||||||||||||||||||||||
10-31-12 | — | — | 15.23 | 5.25 | 1.56 | 1.25 | 1.25 | 0.67 | 111 | 35 | |||||||||||||||||||||||||||||||||
10-31-11 | 0.30 | — | 14.47 | (3.94 | ) | 1.50 | 1.29 | 1.29 | 0.17 | 94 | 67 | ||||||||||||||||||||||||||||||||
10-31-10 | — | — | 15.36 | 9.87 | 1.59 | 1.38 | 1.38 | 0.68 | 1,486 | 156 | |||||||||||||||||||||||||||||||||
10-31-09 | 0.54 | — | 13.98 | 14.79 | 1.33 | 1.31 | † | 1.31 | † | 1.47 | † | 566 | 176 | ||||||||||||||||||||||||||||||
02-12-08(4) -10-31-08 | — | — | 12.71 | (37.94 | ) | 1.28 | 1.27 | † | 1.27 | † | 2.03 | † | 296 | 116 |
See Accompanying Notes to Financial Statements
25
FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)
Selected data for a share of beneficial interest outstanding throughout each year or period.
Income (loss) from investment operations | Less distributions | ||||||||||||||||||||||||||||||
Net asset value, beginning of year or period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | From net investment income | From net realized gains | From return of capital | |||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||
ING International Core Fund | |||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||
04-30-13 | 9.35 | 0.06 | 1.02 | 1.08 | 0.13 | — | — | ||||||||||||||||||||||||
10-31-12 | 8.83 | 0.12 | 0.48 | 0.60 | 0.08 | — | — | ||||||||||||||||||||||||
02-08-11(4) -10-31-11 | 10.00 | 0.11 | • | (1.28 | ) | (1.17 | ) | — | — | — | |||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||
04-30-13 | 9.35 | 0.06 | • | 1.01 | 1.07 | 0.13 | — | — | |||||||||||||||||||||||
08-07-12(4) -10-31-12 | 9.08 | 0.01 | • | 0.26 | 0.27 | — | — | — | |||||||||||||||||||||||
ING International Growth Fund | |||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||
04-30-13 | 9.87 | 0.07 | 1.22 | 1.29 | 0.17 | — | — | ||||||||||||||||||||||||
10-31-12 | 9.30 | 0.15 | 0.61 | 0.76 | 0.15 | 0.04 | — | ||||||||||||||||||||||||
01-06-11(4) -10-31-11 | 10.00 | 0.15 | (0.85 | ) | (0.70 | ) | — | — | — |
Ratios to average net assets | Supplemental data | ||||||||||||||||||||||||||||||||||||||||||
Total distributions | Payment by affiliate | Net asset value, end of year or period | Total Return(1) | Expenses before reductions/additions(2)(3) | Expenses net of fee waivers and/or recoupments if any(2)(3) | Expense net of all reductions/additions(2)(3) | Net investment income (loss)(2)(3) | Net assets, end of year or period | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) | |||||||||||||||||||||||||||||||||
ING International Core Fund | |||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.13 | — | 10.30 | 11.68 | 0.93 | 0.93 | 0.93 | 1.17 | 473,855 | 45 | |||||||||||||||||||||||||||||||||
10-31-12 | 0.08 | — | 9.35 | 6.92 | 1.00 | 0.95 | 0.95 | 1.46 | 405,163 | 71 | |||||||||||||||||||||||||||||||||
02-08-11(4) -10-31-11 | — | — | 8.83 | (11.70 | ) | 1.00 | 0.95 | 0.95 | 1.56 | 349,613 | 57 | ||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.13 | — | 10.29 | 11.58 | 0.93 | 0.93 | 0.93 | 1.21 | 9,155 | 45 | |||||||||||||||||||||||||||||||||
08-07-12(4) -10-31-12 | — | — | 9.35 | 2.97 | 1.00 | 0.95 | 0.95 | 0.53 | 4,967 | 71 | |||||||||||||||||||||||||||||||||
ING International Growth Fund | |||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 0.17 | — | 10.99 | 13.19 | 0.99 | 0.99 | 0.99 | 1.12 | 172,489 | 11 | |||||||||||||||||||||||||||||||||
10-31-12 | 0.19 | — | 9.87 | 8.46 | 1.02 | 0.99 | 0.99 | 1.77 | 164,602 | 42 | |||||||||||||||||||||||||||||||||
01-06-11(4) -10-31-11 | — | — | 9.30 | (7.00 | ) | 1.07 | 0.99 | 0.99 | 1.91 | 150,232 | 33 |
(1) Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges. Total return for periods less than one year is not annualized.
(2) Annualized for periods less than one year.
(3) Expense ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by an Investment Adviser and/or Distributor but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions.
(4) Commencement of operations.
(a) Excluding a distribution payment from settlement of a regulatory matter during the year ended October 31, 2012, total return for Global Natural Resources would have been (5.14)%, (4.67)% and (4.90)% on Classes A, I and W, respectively.
• Calculated using average number of shares outstanding throughout the period.
* Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.
† Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income or loss ratio.
See Accompanying Notes to Financial Statements
26
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2013 (UNAUDITED)
NOTE 1 — ORGANIZATION
ING Mutual Funds ("IMF") is a Delaware statutory trust organized on December 18, 1992 and is registered under the Investment Company Act of 1940, as amended ("1940 Act") as an open-end investment management company. There are seventeen separate active series, seven of which are included in this report (each, a "Fund" and collectively, the "Funds"): Emerging Markets Equity Dividend, Emerging Markets Equity, Global Equity Dividend, Global Natural Resources, Global Opportunities, International Core and International Growth. The investment objective of each Fund is described in the Funds' prospectuses.
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 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. Expenses that are specific to a fund or a class are charged directly to that fund or class. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets. Distributions are determined separately for each class based on income and expenses allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from the differences in separate class expenses, including distribution and shareholder servicing fees, if applicable.
Class B shares, along with their pro rata reinvested dividend shares, automatically convert to Class A shares eight years after purchase. Class B shares are closed to new investors and additional investments from existing shareholders, except in connection with the reinvestment of any distributions and permitted exchanges.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements. Such policies are in conformity with U.S. generally accepted accounting principles ("GAAP") for investment companies.
A. Security Valuation. All investments in securities are recorded at their estimated fair value, as described below. Investments in equity securities traded on a national securities exchange are valued at the last reported sale price. Securities reported by NASDAQ will be valued at the NASDAQ official closing prices. Securities traded on an exchange or NASDAQ for which there has been no sale, securities traded in the over-the-counter-market, gold and silver bullion, platinum and palladium are valued at the mean between the last reported bid and ask prices. All investments quoted in foreign currencies are valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at that time. Debt securities acquired with more than 60 days to maturity are valued using matrix pricing methods determined by an independent pricing service which takes into consideration such factors as yields, maturities, liquidity, ratings and traded prices in similar or identical securities. Securities for which valuations are not readily available from an independent pricing service may be valued by brokers which use prices provided by market makers or estimates of fair value obtained from yield data relating to investments or securities with similar characteristics. Investments in open-end mutual funds are valued at the net asset value. Investments in securities of sufficient credit quality, maturing 60 days or less from date of acquisition are valued at amortized cost which approximates fair value.
Securities and assets for which market quotations are not readily available (which may include certain restricted securities which are subject to limitations as to their sale) are valued at their fair values, as defined by the 1940 Act, and as determined in good faith by or under the supervision of the Funds' Board of Trustees ("Board") in accordance with methods that are specifically authorized by the Board. Securities traded on exchanges, including foreign exchanges, which close earlier than the time that 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
27
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
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 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.
The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated the responsibility for applying the valuation methods to the "Pricing Committee" as established by the Fund's Administrator. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Investment Adviser or sub-adviser, when determining the fair value of the security. In the event that a security or asset cannot be valued pursuant to one of the valuation methods established by the Board, the fair value of the security or asset will be determined in good faith by the Pricing Committee. When a Fund uses these fair valuation methods that use significant unobservable inputs to determine its NAV, securities will be priced by a method that the Pricing Committee believes accurately reflects fair value and are categorized as Level 3 of the fair value hierarchy. The methodologies used for valuing securities are not necessarily an indication of the risks of investing in those securities valued in good faith at fair value nor can it be assured the Fund can obtain the fair value assigned to a security if they were to sell the security.
To assess the continuing appropriateness of security valuations, the Pricing Committee may compare prior day prices, prices on comparable securities, and traded prices to the prior or current day prices and the Pricing Committee challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued in good faith at fair value, the Pricing Committee reviews and affirms the reasonableness of the valuation on a regular basis after considering all relevant information that is reasonably available.
28
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. The end of period timing recognition is used for the transfers between Levels of a Fund's assets and liabilities. A reconciliation of Level 3 investments is presented only when the Fund had a significant amount of Level 3 investments at the end of the period in relation to net assets.
For the period ended April 30, 2013, there have been no significant changes to the fair valuation methodologies.
B. Security Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded, 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.
C. Foreign Currency Translation. The books and records of the Funds are maintained in U.S. dollars.
Any foreign currency amounts are translated into U.S. dollars on the following basis:
(1) Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at the end of the day.
(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.
Although the net assets and the market values are presented at the foreign exchange rates at the end of the day, the Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities 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 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.
D. Risk Exposures and the Use of Derivative Instruments. The Funds' investment strategies permit them to enter into various types of derivatives contracts, including, but not limited to, forward foreign currency exchange contracts, futures, purchased options, written options, and swaps. In doing so, the Funds will employ strategies in differing combinations to permit them to increase or decrease the level of risk, or change the level or types of exposure to market risk factors. This may allow the Funds to pursue their objectives more quickly, and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market factors.
Market Risk Factors. In pursuit of their investment objectives, the Funds may seek to use derivatives to increase or decrease their exposure to the following market risk factors:
Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.
Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar
29
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.
Risks of Investing in Derivatives. The Funds use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Funds are using derivatives to decrease or hedge exposures to market risk factors for securities held by the Funds, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.
The use of these strategies involves certain special risks, including a possible imperfect correlation, or even no correlation, between price movements of derivative instruments and price movements of related investments. While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in related investments or otherwise, due to the possible inability of the Funds to purchase or sell a portfolio security at a time that otherwise would be favorable or the possible need to sell a portfolio security at a disadvantageous time because the Funds are required to maintain asset coverage or offsetting positions in connection with transactions in derivative instruments. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Associated risks are not the risks that the Funds are attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. Associated risks can be different for each type of derivative and are discussed by each derivative type in the following notes.
Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. The Funds' derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Funds intend to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the
transaction. To reduce this risk, the Funds generally enter into master netting arrangements, established within the Funds' International Swap and Derivatives Association, Inc. ("ISDA") Master Agreements ("Master Agreements"). These agreements are with select counterparties and they govern transactions, including certain over-the-counter ("OTC") derivative and forward foreign currency contracts, entered into by the Funds and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.
The Funds may also enter into collateral agreements with certain counterparties to further mitigate counterparty risk on OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from the Funds is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.
As of April 30, 2013, the maximum amount of loss that International Core and International Growth would incur if the counterparties to their derivative transactions failed to perform would be $825,167 and $385, respectively, which represents the unrealized appreciation on forward foreign currency contracts for both funds. No collateral was pledged by any counterparty to either Fund as of April 30, 2013.
The Funds have credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Funds. Credit related contingent features are established between the Funds and their derivatives counterparties to reduce the risk that the Funds will not fulfill their payment obligations to their counterparties. These triggering features include, but are not limited to, a percentage decrease in a Fund's net assets and or a percentage decrease in a Fund's NAV, which could cause a Fund to accelerate payment of any net liability owed to the counterparty. The contingent features are established within the Funds Master Agreements.
International Core had a liability position of $519,818 on forward foreign currency contracts with credit
30
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
related contingent features. If a contingent feature would have been triggered as of April 30, 2013, International Core could have been required to pay this amount in cash to its counterparties. The Fund did not post any collateral as of April 30, 2013.
E. Forward Foreign Currency Transactions and Futures Contracts. Each 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 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 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.
During the period ended April 30, 2013, International Core and International Growth had average contract amounts on forward foreign currency contracts to buy of $5,169,460 and $44,382, respectively. In addition to the above, International Core had average contract amounts on forward foreign currency contract to sell of $23,484,401. The above Funds used forward foreign currency contracts primarily to protect their non-U.S. dollar denominated holdings from adverse currency movements. Please refer to the table following each Summary Portfolio of Investments for open forward foreign currency contracts at April 30, 2013 for International Core and International Growth
Each Fund may enter into futures contracts involving foreign currency, interest rates, securities and securities indices. Each 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 is required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is traded. Pursuant to the contract, a Fund agrees to
receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margin and are recorded as unrealized gains or losses by the Fund. When the contract is closed, the 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.
Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended April 30, 2013, Emerging Markets Equity had purchased futures contracts on equity indices to gain additional exposure to the foreign equity markets. Additional associate risks of entering into futures contracts include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.
During the period ended April 30, 2013, Emerging Markets Equity had an average notional value of $207,005 on futures contracts purchased. There were no open futures contracts at April 30, 2013.
F. 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, which pays dividends, if any, quarterly). 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.
G. Federal Income Taxes. It is the policy of each Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not 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
31
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
distributions shall be made until the 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.
H. Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
I. Securities Lending. Each Fund has the option to temporarily loan securities representing up to 331/3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. The borrower is required to fully collateralize the loans with cash or U.S. government securities. Generally, in the event of counterparty default, a Fund has the right to use collateral to offset losses incurred. There would be potential loss to a Fund in the event a Fund is delayed or prevented from exercising its right to dispose of the collateral. Each Fund bears the risk of loss with respect to the investment of collateral with the following exception: Effective October 1, 2011, BNY provides each Fund indemnification from loss with respect to the investment of collateral provided that the cash collateral is invested solely in overnight repurchase agreements. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Fund.
J. Restricted Securities. Each Fund may invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933 ("1933 Act") or securities offered pursuant to Section 4(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair 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.
K. Offering Costs. Costs incurred with the offering of shares of a Fund are deferred and amortized over a
twelve month period on a straight-line basis starting at the commencement of operations.
L. 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, management considers risk of loss from such claims remote.
NOTE 3 — INVESTMENT TRANSACTIONS
For the period ended April 30, 2013, the cost of purchases and proceeds from the sales of securities, excluding short-term securities, were as follows:
Purchases | Sales | ||||||||||
Emerging Markets Equity Dividend | $ | 33,643,294 | $ | 36,082,235 | |||||||
Emerging Markets Equity | 47,117,486 | 60,542,615 | |||||||||
Global Equity Dividend | 15,592,037 | 23,110,648 | |||||||||
Global Natural Resources | 25,054,886 | 30,635,154 | |||||||||
Global Opportunities | 9,533,142 | 16,021,623 | |||||||||
International Core | 219,700,526 | 187,036,160 | |||||||||
International Growth | 18,539,637 | 29,843,307 |
NOTE 4 — 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 based on the average daily net assets of each Fund, at the following annual rates:
As a Percentage of Average Daily Net Assets | |||||||
Emerging Markets Equity Dividend(1) | 1.00% on the first $100 million; 0.90% on the next $150 million; and 0.80% thereafter | ||||||
Emerging Markets Equity | 1.00 | % | |||||
Global Equity Dividend | 0.70 | % | |||||
Global Natural Resources | 1.00% on first $50 million; and 0.75% thereafter | ||||||
Global Opportunities | 0.90% on the first $500 million; and 0.85% thereafter | ||||||
International Core | 0.75 | % | |||||
International Growth | 0.75 | % |
(1) Prior to November 15, 2012, the Investment Management fee was 1.15% on the first $100 million; 1.05% on the next $150 million; and 0.95% thereafter.
Each of the Funds has entered into a sub-advisory agreement with each sub-adviser. These sub-advisers provide investment advice for the various Funds and are paid by the Investment Adviser based on the
32
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
NOTE 4 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES (continued)
average daily net assets of the respective Funds. The sub-adviser of each of the Funds are as follows (*denotes a related party sub-adviser or sub-advisers):
Fund | Sub-Adviser | ||||||
Emerging Markets Equity Dividend(1) | ING Investment Management Advisors B.V* | ||||||
Emerging Markets Equity | J.P. Morgan Investment Management Inc. and Delaware Management Company | ||||||
Global Equity Dividend | ING Investment Management Advisors B.V* | ||||||
Global Natural Resources | ING Investment Management Co. LLC* | ||||||
Global Opportunities | ING Investment Management Advisors B.V.* | ||||||
International Core | Thornburg Investment Management, Inc. and Wellington Management Company, LLP | ||||||
International Growth | Baillie Gifford Overseas Limited and T. Rowe Price Associates, Inc. |
(1) Effective November 15, 2012, ING Investment Management Asia Pacific (Hong Kong) Limited was removed as the sub-adviser.
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.
NOTE 5 — DISTRIBUTION AND SERVICE FEES
ING Investments Distributor, LLC ("IID" or "Distributor") is the principal underwriter for each Fund. 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 the Distributor is reimbursed or compensated (depending on the class of shares) by the Funds for expenses incurred in the distribution of each Fund's 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 R | |||||||||||||||||||
Emerging Markets Equity Dividend | 0.25 | % | 1.00 | % | 1.00 | % | 0.25 | % | N/A | ||||||||||||||
Emerging Markets Equity | 0.25 | % | 1.00 | % | 1.00 | % | N/A | 0.50 | % | ||||||||||||||
Global Equity Dividend | 0.25 | % | 1.00 | % | 1.00 | % | 0.25 | % | N/A | ||||||||||||||
Global Natural Resources | 0.25 | % | N/A | N/A | N/A | N/A | |||||||||||||||||
Global Opportunities | 0.25 | % | 1.00 | % | 1.00 | % | N/A | N/A |
The Distributor may also retain 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 period ended April 30, 2013, the Distributor retained the following amounts in sales charges from the following Funds:
Class A | Class C | ||||||||||
Initial Sales Charges: | |||||||||||
Emerging Markets Equity Dividend | $ | 1,854 | $ | — | |||||||
Emerging Markets Equity | 1,370 | — | |||||||||
Global Equity Dividend | 3,007 | — | |||||||||
Global Natural Resources | 6,921 | — | |||||||||
Global Opportunities | 800 | — | |||||||||
Contingent Deferred Sales Charges: | |||||||||||
Emerging Markets Equity Dividend | $ | — | $ | 18 | |||||||
Emerging Markets Equity | 9,149 | 28 | |||||||||
Global Opportunities | — | 103 |
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At April 30, 2013, the following affiliated investment companies of ING U.S., Inc. owned more than 5% of the following Funds:
Affiliated Investment Company | Fund | Percentage | |||||||||
ING Capital Allocation Fund | Emerging Markets Equity | 5.66 | % | ||||||||
International Core | 7.85 | % | |||||||||
ING Diversified International Fund | Emerging Markets Equity | 5.72 | % | ||||||||
International Core | 7.53 | % | |||||||||
International Growth | 10.52 | % | |||||||||
ING Solution 2015 Portfolio | International Core | 6.34 | % | ||||||||
International Growth | 8.81 | % | |||||||||
ING Solution 2025 Portfolio | Emerging Markets Equity | 10.79 | % | ||||||||
International Core | 13.78 | % | |||||||||
International Growth | 22.99 | % | |||||||||
ING Solution 2035 Portfolio | Emerging Markets Equity | 18.86 | % | ||||||||
International Core | 24.08 | % | |||||||||
International Growth | 20.08 | % | |||||||||
ING Solution 2045 Portfolio | Emerging Markets Equity | 12.47 | % | ||||||||
International Core | 15.92 | % | |||||||||
International Growth | 17.70 | % |
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 to include companies that are under common control. Therefore, because certain Funds may have a common owner that owns over 25% of the outstanding securities
33
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)
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 amount credited to a Fund in the Statement of Operations is recognized as brokerage commission recapture.
The Funds have adopted a Deferred Compensation Plan (the "Plan"), which allows eligible non-affiliated trustees as described in the Plan to defer the receipt of all or a portion of the trustees fees payable. Amounts deferred are treated as though invested in various "notional" funds advised by ING Investments until distribution in accordance with the Plan.
For the period ended April 30, 2013, Emerging Markets Equity Dividend incurred $87,400 of proxy and solicitation costs associated with the shareholder vote to add ING Investment Management B.V. as a sub-adviser to the Fund. The Investment Adviser reimbursed the Fund for these costs.
NOTE 7 — OTHER ACCRUED EXPENSES AND LIABILITIES
At April 30, 2013, the below 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 | |||||||||
Emerging Markets Equity Dividend | Proxy and solicitation costs | $ | 85,259 | ||||||||
Global Equity Dividend | Transfer Agent | 46,695 |
NOTE 8 — EXPENSE LIMITATION AGREEMENTS
The Investment Adviser has agreed to limit expenses, excluding interest expense, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses to the levels listed below:
Maximum Operating Expense Limit (as a percentage of average net assets)
Fund | Class A | Class B | Class C | Class I | Class O | Class R | Class W | ||||||||||||||||||||||||
Emerging Markets Equity Dividend(1) | 1.70 | % | 2.45 | % | 2.45 | % | 1.45 | % | 1.70 | % | N/A | 1.45 | % |
Fund | Class A | Class B | Class C | Class I | Class O | Class R | Class W | ||||||||||||||||||||||||
Emerging Markets Equity | 1.60 | % | 2.35 | % | 2.35 | % | 1.35 | % | N/A | 1.85 | % | 1.35 | % | ||||||||||||||||||
Global Equity Dividend | 1.40 | % | 2.15 | % | 2.15 | % | 1.15 | % | 1.40 | % | N/A | 1.15 | % | ||||||||||||||||||
Global Natural Resources | 2.00 | % | N/A | N/A | 1.75 | % | N/A | N/A | 1.75 | % | |||||||||||||||||||||
Global Opportunities | 1.50 | % | 2.25 | % | 2.25 | % | 1.15 | % | N/A | N/A | 1.25 | % | |||||||||||||||||||
International Core | N/A | N/A | N/A | 0.95 | % | N/A | N/A | 0.95 | % | ||||||||||||||||||||||
International Growth | N/A | N/A | N/A | 0.99 | % | N/A | N/A | N/A |
(1) Prior to November 15, 2012, pursuant to a side letter agreement, ING Investments limited expenses to 2.10%, 2.85%, 2.85%, 1.85%, 2.10% and 1.85% for classes A, B, C, I, O and W, respectively.
Pursuant to side agreements, ING Investments has further lowered the expense limits for the following Funds. If ING Investments elects not to renew a side agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that these side agreements will continue. Each side agreement will only renew if ING Investments elects to renew it.
Fund | Class A | Class B | Class C | Class I | Class O | Class R | Class W | ||||||||||||||||||||||||
Emerging Markets Equity | 1.60 | % | 2.35 | % | 2.35 | % | 1.25 | % | N/A | 1.85 | % | 1.35 | % | ||||||||||||||||||
Global Equity Dividend(1)(2) | 1.35 | % | 2.10 | % | 2.10 | % | 1.10 | % | 1.35 | % | N/A | 1.10 | % | ||||||||||||||||||
Global Natural Resources(1) | 1.60 | % | N/A | N/A | 1.35 | % | N/A | N/A | 1.35 | % | |||||||||||||||||||||
Global Opportunities(1)(3) | 1.40 | % | 2.15 | % | 2.15 | % | 1.05 | % | N/A | N/A | 1.15 | % |
(1) Any fees waived pursuant to the side agreement shall not be eligible for recoupment.
(2) Effective January 1, 2013, pursuant to a side letter agreement, ING Investments is contractually obligated to further limit expenses.
(3) Effective January 1, 2013, pursuant to a side letter agreement, ING Investments is contractually obligated to further limit expenses for classes A, B, C and W.
Unless otherwise specified 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 Statements 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, 2013, the amounts of waived or reimbursed fees that are subject to possible
34
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
NOTE 8 — EXPENSE LIMITATION AGREEMENTS (continued)
recoupment by the Investment Adviser, and the related expiration dates, are as follows:
April 30, | |||||||||||||||||||
2014 | 2015 | 2016 | Total | ||||||||||||||||
Emerging Markets Equity | $ | — | $ | 162,231 | $ | 168,741 | $ | 330,972 | |||||||||||
Global Equity Dividend | — | 28,734 | 117,541 | 146,275 | |||||||||||||||
Global Opportunities | 194,656 | 53,568 | 251,230 | 499,454 | |||||||||||||||
International Core | 270,787 | — | — | 270,787 | |||||||||||||||
International Growth | 27,403 | 110,455 | — | 137,858 |
In addition to the above waived or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of April 30, 2013, are as follows:
April 30, | |||||||||||||||||||
2014 | 2015 | 2016 | Total | ||||||||||||||||
Emerging Markets Equity | |||||||||||||||||||
Class A | $ | — | $ | — | $ | 28,200 | $ | 28,200 | |||||||||||
Class B | — | — | 611 | 611 | |||||||||||||||
Class C | — | — | 5,025 | 5,025 | |||||||||||||||
Class W | — | — | 4,936 | 4,936 | |||||||||||||||
Global Opportunities | |||||||||||||||||||
Class A | $ | 10,326 | $ | — | $ | — | $ | 10,326 | |||||||||||
Class B | 1,604 | — | — | 1,604 | |||||||||||||||
Class C | 8,745 | — | — | 8,745 | |||||||||||||||
Class I | 3,170 | 7,716 | 3,871 | 15,247 | |||||||||||||||
Class W | 388 | — | — | 388 |
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 9 — 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 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 0.08% per annum on the daily unused portion of the committed line amount payable quarterly in arrears.
Generally, borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.
The following Funds utilized the line of credit during the period ended April 30, 2013:
Fund | Days Utilized | Approximate Average Daily Balance For Days Utilized | Approximate Weighted Average Interest Rate For Days Utilized | ||||||||||||
Emerging Markets Equity | 31 | $ | 1,598,710 | 1.13 | % | ||||||||||
International Core | 6 | 1,947,500 | 1.16 | % | |||||||||||
International Growth | 11 | 308,636 | 1.14 | % |
NOTE 10 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:
Shares sold | Shares issued in merger | Reinvestment of distributions | Shares redeemed | Net increase (decrease) in shares outstanding | Shares sold | Payments from Distribution settlement/ affiliate (Note 15) | Proceeds from shares issued in merger | Reinvestment of distributions | Shares redeemed | Net increase (decrease) | |||||||||||||||||||||||||||||||||||||
Year or period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||||||||
Emerging Markets Equity Dividend | |||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 117,921 | — | 15,581 | (222,597 | ) | (89,095 | ) | 1,823,267 | — | — | 239,476 | (3,439,356 | ) | (1,376,613 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 211,722 | — | — | (482,788 | ) | (271,066 | ) | 3,063,826 | — | — | — | (6,800,895 | ) | (3,737,069 | ) | ||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 1,041 | — | 486 | (13,187 | ) | (11,660 | ) | 16,384 | — | — | 7,365 | (199,649 | ) | (175,900 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 15 | — | — | (28,357 | ) | (28,342 | ) | 200 | — | — | — | (395,707 | ) | (395,507 | ) | ||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 14,334 | — | 1,155 | (24,387 | ) | (8,898 | ) | 219,436 | — | — | 17,484 | (367,065 | ) | (130,145 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 12,493 | — | — | (107,290 | ) | (94,797 | ) | 174,648 | — | — | — | (1,500,697 | ) | (1,326,049 | ) | ||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 43,962 | — | 1,803 | (59,210 | ) | (13,445 | ) | 688,895 | — | — | 27,784 | (912,136 | ) | (195,457 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 111,292 | — | — | (136,468 | ) | (25,176 | ) | 1,521,067 | — | — | — | (1,944,745 | ) | (423,678 | ) |
35
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
NOTE 10 — CAPITAL SHARES (continued)
Shares sold | Shares issued in merger | Reinvestment of distributions | Shares redeemed | Net increase (decrease) in shares outstanding | Shares sold | Payments from Distribution settlement/ affiliate (Note 15) | Proceeds from shares issued in merger | Reinvestment of distributions | Shares redeemed | Net increase (decrease) | |||||||||||||||||||||||||||||||||||||
Year or period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||||||||
Emerging Markets Equity Dividend (continued) | |||||||||||||||||||||||||||||||||||||||||||||||
Class O | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 39,923 | — | 2 | (40,215 | ) | (290 | ) | 614,195 | — | — | 31 | (612,256 | ) | 1,970 | |||||||||||||||||||||||||||||||||
10/31/12 | 73,763 | — | — | (120,162 | ) | (46,399 | ) | 1,045,448 | — | — | — | (1,699,766 | ) | (654,318 | ) | ||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | — | — | 23 | (194 | ) | (171 | ) | 91 | — | — | 351 | (3,012 | ) | (2,570 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 1,217 | — | — | — | 1,217 | 17,335 | — | — | — | — | 17,335 | ||||||||||||||||||||||||||||||||||||
Emerging Markets Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 54,529 | — | 64,173 | (1,173,423 | ) | (1,054,721 | ) | 618,370 | — | — | 717,461 | (13,419,068 | ) | (12,083,237 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 122,810 | 5,026,474 | 156 | (197,073 | ) | 4,952,367 | 2,020,857 | — | 50,495,966 | 1,566 | (2,091,944 | ) | 50,426,445 | ||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 324 | — | 1,097 | (23,852 | ) | (22,431 | ) | 3,731 | — | — | 12,226 | (269,162 | ) | (253,205 | ) | ||||||||||||||||||||||||||||||||
7/20/12 - 10/31/12 | 1 | 118,037 | — | (11,177 | ) | 106,861 | 258,860 | — | 1,184,547 | — | (117,345 | ) | 1,326,062 | ||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 44,574 | — | 9,196 | (126,923 | ) | (73,153 | ) | 497,349 | — | — | 102,538 | (1,427,637 | ) | (827,750 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 18,287 | 862,928 | 0 | (73,361 | ) | 807,854 | (1,566,879 | ) | — | 8,659,945 | 2 | (781,648 | ) | 6,311,420 | |||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 1,520,135 | — | 220,156 | (1,795,106 | ) | (54,815 | ) | 17,376,511 | — | — | 2,465,745 | (20,305,315 | ) | (463,059 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 11,915,569 | 652,050 | 98,348 | (5,956,909 | ) | 6,709,058 | 136,997,794 | — | 6,556,812 | 988,376 | (62,754,671 | ) | 81,788,311 | ||||||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | — | — | 0 | (1 | ) | (1 | ) | — | — | — | 0 | (12 | ) | (12 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 650,291 | — | 11,839 | (365,175 | ) | 296,955 | 7,344,175 | — | — | 132,601 | (4,233,643 | ) | 3,243,133 | ||||||||||||||||||||||||||||||||||
10/31/12 | 492,866 | 274,611 | 3,419 | (50,911 | ) | 719,985 | 2,859,539 | — | 2,760,263 | 34,499 | (549,602 | ) | 5,104,699 | ||||||||||||||||||||||||||||||||||
Global Equity Dividend | |||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 129,713 | — | 12,786 | (498,879 | ) | (356,380 | ) | 1,465,152 | — | — | 145,164 | (5,520,582 | ) | (3,910,266 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 304,840 | — | 56,831 | (866,090 | ) | (504,419 | ) | 3,116,452 | — | — | 590,550 | (8,879,731 | ) | (5,172,729 | ) | ||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 279 | — | 486 | (93,695 | ) | (92,930 | ) | 3,172 | — | — | 5,548 | (1,048,134 | ) | (1,039,414 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 13,245 | — | 5,424 | (246,742 | ) | (228,073 | ) | 134,308 | — | — | 56,145 | (2,527,257 | ) | (2,336,804 | ) | ||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 84,233 | — | 2,576 | (235,409 | ) | (148,600 | ) | 942,326 | — | — | 29,303 | (2,627,609 | ) | (1,655,980 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 135,028 | — | 18,858 | (570,747 | ) | (416,861 | ) | (1,366,453 | ) | — | — | 194,704 | (5,822,406 | ) | (4,261,249 | ) | |||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 27,949 | — | 1,036 | (59,008 | ) | (30,023 | ) | 317,876 | — | — | 11,748 | (659,165 | ) | (329,541 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 69,548 | — | 4,109 | (124,058 | ) | (50,401 | ) | 708,725 | — | — | 42,735 | (1,273,446 | ) | (521,986 | ) | ||||||||||||||||||||||||||||||||
Class O | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 82,741 | — | 215 | (128,150 | ) | (45,194 | ) | 942,387 | — | — | 2,438 | (1,447,498 | ) | (502,673 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 166,665 | — | 1,001 | (222,280 | ) | (54,614 | ) | 1,715,597 | — | — | 10,384 | (2,296,107 | ) | (570,126 | ) | ||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | — | — | 518 | (16,101 | ) | (15,583 | ) | — | — | — | 6,455 | (192,322 | ) | (185,867 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 5,261 | — | 2,432 | (68,537 | ) | (60,844 | ) | 60,182 | — | — | 27,725 | (744,452 | ) | (656,545 | ) | ||||||||||||||||||||||||||||||||
Global Natural Resources | |||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 565,702 | — | 12,167 | (1,058,471 | ) | (480,602 | ) | 5,078,970 | — | — | 106,582 | (9,515,316 | ) | (4,329,764 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 613,926 | — | 14,824 | (2,081,671 | ) | (1,452,921 | ) | 5,732,726 | 68,376 | — | 130,898 | (18,501,739 | ) | (12,569,739 | ) | ||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 41,540 | — | 1,569 | (185,150 | ) | (142,041 | ) | 373,037 | — | — | 13,806 | (1,640,498 | ) | (1,253,655 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 171,767 | — | 415 | (201,436 | ) | (29,254 | ) | 1,572,096 | 3,153 | — | 3,684 | (1,814,075 | ) | (235,142 | ) |
36
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
NOTE 10 — CAPITAL SHARES (continued)
Shares sold | Shares issued in merger | Reinvestment of distributions | Shares redeemed | Net increase (decrease) in shares outstanding | Shares sold | Payments from Distribution settlement/ affiliate (Note 15) | Proceeds from shares issued in merger | Reinvestment of distributions | Shares redeemed | Net increase (decrease) | |||||||||||||||||||||||||||||||||||||
Year or period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||||||||
Global Natural Resources (continued) | |||||||||||||||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 1,990 | — | 176 | (21,845 | ) | (19,679 | ) | 23,294 | — | — | 1,956 | (246,173 | ) | (220,923 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 122,563 | — | 179 | (171,950 | ) | (49,208 | ) | 1,422,784 | 1,053 | — | 1,998 | (1,900,958 | ) | (475,123 | ) | ||||||||||||||||||||||||||||||||
Global Opportunities | |||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 59,735 | — | 5,883 | (303,863 | ) | (238,245 | ) | 870,550 | — | — | 84,240 | (4,425,954 | ) | (3,471,164 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 168,170 | — | — | (823,168 | ) | (654,998 | ) | 2,273,339 | — | — | — | (10,990,634 | ) | (8,717,295 | ) | ||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 728 | — | — | (53,721 | ) | (52,993 | ) | 10,237 | — | — | — | (744,865 | ) | (734,628 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 94 | — | — | (175,197 | ) | (175,103 | ) | 1,233 | — | — | — | (2,243,768 | ) | (2,242,535 | ) | ||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 8,545 | — | — | (231,467 | ) | (222,922 | ) | 117,480 | — | — | — | (3,203,113 | ) | (3,085,633 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 30,812 | — | — | (634,283 | ) | (603,471 | ) | 381,928 | — | — | — | (8,068,028 | ) | (7,686,100 | ) | ||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 16,750 | — | 578 | (37,264 | ) | (19,936 | ) | 254,636 | — | — | 8,478 | (555,517 | ) | (292,403 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 40,851 | — | — | (165,820 | ) | (124,969 | ) | 534,384 | — | — | — | (2,287,566 | ) | (1,753,182 | ) | ||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | — | — | 40 | (2,822 | ) | (2,782 | ) | — | — | — | 634 | (45,223 | ) | (44,589 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 3,646 | — | — | (2,860 | ) | 786 | 54,011 | — | — | — | (41,357 | ) | 12,654 | ||||||||||||||||||||||||||||||||||
International Core | |||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 7,515,415 | — | 571,215 | (5,382,104 | ) | 2,704,526 | 74,519,281 | — | — | 5,489,371 | (52,243,502 | ) | 27,765,150 | ||||||||||||||||||||||||||||||||||
10/31/12 | 15,492,162 | — | 393,151 | (12,146,706 | ) | 3,738,607 | 140,652,100 | — | — | 3,175,306 | (110,312,534 | ) | 33,514,872 | ||||||||||||||||||||||||||||||||||
Class W | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 722,947 | — | 8,529 | (373,277 | ) | 358,199 | 7,091,212 | — | — | 81,882 | (3,692,829 | ) | 3,480,265 | ||||||||||||||||||||||||||||||||||
8/7/12 - 10/31/12 | 541,525 | — | — | (10,367 | ) | 531,158 | 4,893,546 | — | — | — | (96,899 | ) | 4,796,647 | ||||||||||||||||||||||||||||||||||
International Growth | |||||||||||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||||||||
4/30/13 | 768,480 | — | 263,814 | (2,012,012 | ) | (979,718 | ) | 8,075,032 | — | — | 2,651,331 | (20,624,171 | ) | (9,897,808 | ) | ||||||||||||||||||||||||||||||||
10/31/12 | 5,247,485 | — | 363,928 | (5,094,205 | ) | 517,208 | 49,832,163 | — | — | 3,049,712 | (48,243,135 | ) | 4,638,740 |
NOTE 11 — REORGANIZATIONS
On July 21, 2012, Emerging Markets Equity ("Acquiring Fund") acquired all of the net assets of ING Emerging Countries Fund ("Acquired Fund"), an open-end investment company 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 on June 28, 2012. The purposes of the transaction were to combine comparable investment objectives, policies, restrictions, management, and Fund holdings of the Acquiring and Acquired Funds. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Assuming the acquisition had been completed on November 1, 2011, the beginning of the annual reporting period of the Acquiring Fund, the Acquiring Fund's pro forma results of operations for the period ended October 31, 2012, are as follows:
Net investment income | $ | 1,510,672 | |||||
Net realized and unrealized loss on investments | $ | (9,819,258 | ) | ||||
Net decrease in net assets resulting from operations | $ | (8,308,586 | ) |
37
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
NOTE 11 — REORGANIZATIONS (continued)
Because the combined investment Funds have been managed as a single integrated Fund since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Acquiring Fund's statement of operations since July 21, 2012. Net assets and unrealized appreciation as of the reorganization date were as follows:
Acquiring Fund | Acquired Fund | Total Net Assets of Acquired Fund (000s) | Total Net Assets of Acquiring Fund (000s) | Capital Loss Carryforwards (000s) | Unrealized Depreciation (000s) | Conversion Ratio | |||||||||||||||||||||
Emerging Markets Equity | ING Emerging Countries Fund | $ | 69,658 | $ | 50,882 | $ | 68,915 | $ | (5,031 | ) | 2.1932 |
The net assets of Emerging Markets Equity after the acquisition were $120,539,512.
NOTE 12 — CONCENTRATION OF RISKS
All mutual funds involve risk — some more than others — and there is always the chance that you could lose money or not earn as much as you hope. A Fund's risk profile is largely a factor of the principal securities in which it invests and investment techniques that it uses. For more information regarding the types of securities and investment techniques that may be used by the Funds and their corresponding risks, see each Fund's most recent Prospectus and/or the Statement of Additional Information.
Investment by Funds-of-Funds (Certain Funds). Certain Funds' shares may be purchased by other investment companies. In some cases, a 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 Fund and will attempt to minimize any adverse effects on the Funds as a result of these transactions. So long as a 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 Investments/Developing and Emerging Markets Risk (All Funds). Investments in foreign securities may entail risks not present in domestic investments. Since securities in which the 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. Foreign investments may also subject the 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' investments. Foreign investment risks typically are greater in developing and emerging markets than in developed markets.
Non-Diversified (Global Natural Resources). The Fund is classified as a non-diversified investment company under the 1940 Act, which means that it is not limited by the 1940 Act in the proportion of assets that it may invest in the obligations of a single issuer. Declines in the value of that single company can significantly impact the value of the Fund. The investment of a large percentage of the Fund's assets in the securities of a small number of issuers may cause the Fund's share price to fluctuate more than that of a diversified investment company. Conversely, even though classified as non-diversified, the Fund may actually maintain a portfolio that is diversified with a large number of issuers. In such an event, a Fund would benefit less from appreciation in a single corporate issuer than if it had greater exposure to that issuer.
NOTE 13 — 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. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Funds on the next business day. 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
38
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
NOTE 13 — SECURITIES LENDING (continued)
loss with respect to the investment of collateral with the following exception: BNY provides the Funds indemnification from loss with respect to the investment of collateral provided that the cash collateral is invested solely in overnight repurchase agreements.
The cash collateral is invested in overnight repurchase agreements that are collateralized at 102% with securities issued or fully guaranteed by the United States Treasury; United States government or any agency, instrumentality or authority of the United States government. The securities purchased with cash collateral received are reflected in the Summary Portfolio of Investments under Securities Lending Collateral.
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, 2013, the following Funds had securities on loan with the following market values:
Fund | Value of Securities Loaned | Cash Collateral Received | |||||||||
Emerging Markets Equity | $ | 6,394,524 | $ | 6,565,011 | |||||||
Global Equity Dividend | 514,782 | 536,278 | |||||||||
Global Opportunities | 1,354,121 | 1,414,713 | |||||||||
International Growth | 4,618,273 | 4,856,762 |
NOTE 14 — 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, income from passive foreign investment companies (PFICs), 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.
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, 2013 | Year Ended October 31, 2012 | ||||||||||||||||||
Ordinary Income | Long-term Capital Gain | Ordinary Income | Long-term Capital Gain | ||||||||||||||||
Emerging Markets Equity Dividend | $ | 382,759 | $ | — | $ | — | $ | — | |||||||||||
Emerging Markets Equity | 759,516 | 2,752,628 | 784,177 | 240,369 | |||||||||||||||
Global Equity Dividend | 331,061 | — | 1,560,268 | — | |||||||||||||||
Global Natural Resources | 147,245 | — | 158,735 | — | |||||||||||||||
Global Opportunities | 112,783 | — | — | — | |||||||||||||||
International Core | 5,571,297 | — | 3,175,306 | — | |||||||||||||||
International Growth | 2,651,331 | — | 3,049,712 | — |
The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of October 31, 2012 are detailed below. The Regulated Investment Company Modernization Act of 2010 (the "Act") provides an unlimited carryforward period for newly generated capital losses. Under the Act, there may be a greater likelihood that all or a portion of the Funds' pre-enactment capital loss carryforwards may expire without being utilized due to the fact that post-enactment capital losses are required to be utilized before pre-enactment capital loss carryforwards.
Undistributed | Undistributed Long-term | Unrealized Appreciation/ | Capital Loss Carryforwards | ||||||||||||||||||||||||
Ordinary Income | Capital Gains | (Depreciation) | Amount | Character | Expiration | ||||||||||||||||||||||
Emerging Markets Equity Dividend | $ | 381,966 | $ | — | $ | 3,219,851 | $ | (116,039 | ) | Short-term | 2017 | ||||||||||||||||
(699,781 | ) | Short-term | None | ||||||||||||||||||||||||
(650,316 | ) | Long-term | None | ||||||||||||||||||||||||
$ | (1,466,136 | ) |
39
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
NOTE 14 — FEDERAL INCOME TAXES (continued)
Undistributed | Undistributed Long-term | Unrealized Appreciation/ | Capital Loss Carryforwards | ||||||||||||||||||||||||
Ordinary Income | Capital Gains | (Depreciation) | Amount | Character | Expiration | ||||||||||||||||||||||
Emerging Markets Equity | $ | 757,529 | $ | 2,751,276 | $ | (1,571,703 | ) | $ | (26,486,379 | ) | Short-term | 2015 | |||||||||||||||
(41,200,730 | ) | Short-term | 2016 | ||||||||||||||||||||||||
$ | (67,687,109 | ) | |||||||||||||||||||||||||
Global Equity Dividend | — | — | 1,004,262 | $ | (9,865,056 | ) | Short-term | 2016 | |||||||||||||||||||
(71,676,150 | ) | Short-term | 2017 | ||||||||||||||||||||||||
$ | (81,541,206 | ) | |||||||||||||||||||||||||
Global Natural Resources | 89,371 | — | 7,436,381 | $ | (14,439,138 | ) | Short-term | 2017 | |||||||||||||||||||
(961,406 | ) | Short-term | None | ||||||||||||||||||||||||
$ | (15,400,544 | ) | |||||||||||||||||||||||||
Global Opportunities | 112,780 | — | 2,936,858 | $ | (29,359,903 | ) | Short-term | 2016 | |||||||||||||||||||
(80,200,325 | ) | Short-term | 2017 | ||||||||||||||||||||||||
$ | (109,560,228 | ) | |||||||||||||||||||||||||
International Core | 5,451,699 | — | 9,921,405 | $ | (16,908,766 | ) | Short-term | 2019 | |||||||||||||||||||
(10,062,053 | ) | Short-term | None | ||||||||||||||||||||||||
(5,364,250 | ) | Long-term | None | ||||||||||||||||||||||||
$ | (32,335,069 | ) | |||||||||||||||||||||||||
International Growth | 2,651,053 | — | 4,086,735 | $ | (1,821,460 | ) | Short-term | None | |||||||||||||||||||
(6,360,782 | ) | Long-term | None | ||||||||||||||||||||||||
$ | (8,182,242 | ) |
The Funds' major tax jurisdictions are U.S. federal and Arizona. The earliest tax year that remains subject to examination by these jurisdictions is 2007.
As of April 30, 2013, no provision for income tax is required in the Funds' financial statements as a result of tax positions taken on federal and state 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.
NOTE 15 — INFORMATION REGARDING TRADING OF ING'S U.S. MUTUAL FUNDS
On July 20, 2005, the Securities and Exchange Commission ("Commission" or "SEC") entered into a settlement of an administrative proceeding against CIBC World Markets Corp. and Canadian Imperial Holdings Inc. (collectively "Respondents"). As part of the settlement, the Respondents have established the Distribution Fund ("Fund") for the benefit of shareholders who may have been affected by the market timing activity in certain mutual funds where such trading was found to have been facilitated by the Respondents, as described in the order. The Fund is comprised of disgorgement in the amount of $125 million which was paid by the
Respondents. The dollar amount available for distribution to mutual funds and shareholders of affected mutual funds ("Distributable Amount") includes the original $125 million plus interest earned by the Fund.
On December 5, 2011, the SEC issued an order approving the proposed plan of distribution. In connection with this settlement, the following funds received:
Global Natural Resources | $ | 72,582 |
NOTE 16 — SUBSEQUENT EVENTS
Restructuring Plan
The Investment Adviser, ING IM, the Administrator and the Distributor, are indirect, wholly-owned subsidiaries of ING U.S., Inc. ("ING U.S."). ING U.S. is a U.S.-based financial institution whose subsidiaries operate in the retirement, investment, and insurance industries. ING U.S. is a majority-owned subsidiary of ING Groep N.V. ("ING Groep"), which is a global financial institution of Dutch origin, with operations in more than 40 countries.
In October 2009, ING Groep submitted a restructuring plan (the "Restructuring Plan") to the European Commission in order to receive approval for state aid granted to ING Groep by the Kingdom of the Netherlands in November 2008 and March 2009. To
40
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
NOTE 16 — SUBSEQUENT EVENTS (continued)
receive approval for this state aid, ING Groep was required to divest its insurance and investment management businesses, including ING U.S., before the end of 2013. In November 2012, the Restructuring Plan was amended to permit ING Groep additional time to complete the divestment. Pursuant to the amended Restructuring Plan, ING Groep must divest at least 25% of ING U.S. by the end of 2013, more than 50% by the end of 2014, and the remaining interest by the end of 2016 (such divestment, the "Separation Plan").
On November 9, 2012, ING U.S. filed a Registration Statement on Form S-1 (the "Form S-1") with the U.S. Securities and Exchange Commission ("SEC") to register an initial public offering of ING U.S. common stock (the "IPO"). On May 1, 2013, this Registration Statement including subsequent amendments became effective and the IPO was priced. The IPO closed on May 7, 2013. ING Groep continues to own a majority of the common stock of ING U.S. ING Groep intends to sell its remaining controlling ownership interest in ING U.S. over time. While the base case for the remainder of the Separation Plan is the divestment of ING Groep's remaining interest in one or more broadly distributed offerings, all options remain open and it is possible that ING Groep's divestment of its remaining interest in ING U.S. may take place by means of a sale to a single buyer or group of buyers.
It is anticipated that one or more of the transactions contemplated by the Separation Plan would result in the automatic termination of the existing advisory and sub-advisory agreements under which the Adviser and sub-adviser(s) provide services to the Funds. In order to ensure that the existing investment advisory and sub-advisory services can continue uninterrupted, the Board approved new advisory and sub-advisory agreements for the Funds in connection with the IPO. In addition, shareholders of the Funds have been asked to approve new investment advisory and affiliated sub-advisory agreements prompted by the IPO, as well as any future advisory and affiliated sub-advisory agreements prompted by the Separation Plan that are approved by the Board and whose terms are not materially different from the current agreements. Shareholders of Emerging Markets Equity, International Core and International Growth approved new advisory agreements on May 13, 2013 and shareholders of Global Natural Resources approved a new advisory and affiliated sub-advisory agreement on June 13, 2013. This means that shareholders may not have another opportunity to vote on a new agreement with the Adviser or an
affiliated sub-adviser even if they undergo a change of control, as long as no single person or group of persons acting together gains "control" (as defined in the 1940 Act) of ING U.S. Shareholders of Emerging Markets Equity Dividend, Global Equity Dividend and Global Opportunities have not yet approved new advisory and affiliated sub-advisory agreements.
The Separation Plan, whether implemented through public offerings or other means, may be disruptive to the businesses of ING U.S. and its subsidiaries, including the Adviser and affiliated entities that provide services to the Funds, and may cause, among other things, interruption of business operations or services, diversion of management's attention from day-to-day operations, reduced access to capital, and loss of key employees or customers. The completion of the Separation Plan is expected to result in the Adviser's and affiliated entities loss of access to the resources of ING Groep, which could adversely affect their business. Since a portion of the shares of ING U.S., as a stand-alone entity, are publicly held, it is subject to the reporting requirements of the Securities Exchange Act of 1934 as well as other U.S. government and state regulations, and subject to the risk of changing regulation.
The Separation Plan may be implemented in phases. During the time that ING Groep retains a majority interest in ING U.S., circumstances affecting ING Groep, including restrictions or requirements imposed on ING Groep by European and other authorities, may also affect ING U.S. A failure to complete the Separation Plan could create uncertainty about the nature of the relationship between ING U.S. and ING Groep, and could adversely affect ING U.S. and the Adviser and its affiliates. Currently, the Adviser and its affiliates do not anticipate that the Separation Plan will have a material adverse impact on their operations or the Funds and their operations.
Proposals
At a meeting of the Board on January 10, 2013, the Board nominated 13 individuals (collectively, the "Nominees") for election as Trustees of the Trust. The Nominees include Colleen D. Baldwin, John V. Boyer, PatriciaW. Chadwick, Peter S. Drotch, J. Michael Earley, PatrickW. Kenny, Sheryl K. Pressler, Roger B. Vincent and Shaun P. Mathews, each of whom is a current member of the Board. In addition, the Board has nominated Albert E. DePrince, Jr., Russell H. Jones, Martin J. Gavin, and Joseph E. Obermeyer, each of whom is not currently a member of the Board, but who serves as a director or trustee to other investment companies in the ING Fund complex. The Nominees
41
NOTES TO FINANCIAL STATEMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
NOTE 16 — SUBSEQUENT EVENTS (continued)
were approved by shareholders on May 13, 2013. The election of the Nominees is effective on May 21, 2013. These nominations are, in part, the result of an effort on the part of the Board, another board in the ING Fund complex, and the Investment Adviser to the Funds to consolidate the membership of the boards so that the same members serve oneach board in the ING Fund complex. The result is that all ING Funds will be governed by a board made up of the same individuals.
Line of Credit
Pursuant to an agreement dated May 24, 2013, all funds included in this report, 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 with BNY for an aggregate amount of $200,000,000. This agreement supersedes the Credit Agreement that was in place at April 30, 2013.
The Funds have evaluated events occurring after the Statements of Assets and Liabilities date (subsequent events) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.
42
ING EMERGING MARKETS EQUITY SUMMARY PORTFOLIO OF INVESTMENTS
DIVIDEND FUND AS OF APRIL 30, 2013 (UNAUDITED)
Shares | Value | Percentage of Net Assets | |||||||||||||||||
COMMON STOCK: 92.3% | |||||||||||||||||||
Australia: 1.1% | |||||||||||||||||||
123,141 | Pan Australian Resources Ltd. | $ | 297,454 | 1.1 | |||||||||||||||
Belgium: 1.2% | |||||||||||||||||||
9,248 | Oriflame Cosmetics S.A. | 335,254 | 1.2 | ||||||||||||||||
Brazil: 10.5% | |||||||||||||||||||
43,958 | BM&F Bovespa S.A. | 304,954 | 1.1 | ||||||||||||||||
25,510 | Cia Energetica de Minas Gerais ADR | 327,293 | 1.2 | ||||||||||||||||
8,364 | Embraer SA ADR | 292,154 | 1.0 | ||||||||||||||||
17,652 | Itau Unibanco Holding S.A. | 296,090 | 1.1 | ||||||||||||||||
16,844 | Petroleo Brasileiro SA ADR | 336,375 | 1.2 | ||||||||||||||||
21,963 | Porto Seguro SA | 272,459 | 1.0 | ||||||||||||||||
69,245 | @ | Tim Participacoes SA | 289,336 | 1.0 | |||||||||||||||
33,514 | Vale SA | 544,231 | 2.0 | ||||||||||||||||
61,300 | Other Securities | 242,963 | 0.9 | ||||||||||||||||
2,905,855 | 10.5 | ||||||||||||||||||
Chile: 1.1% | |||||||||||||||||||
15,697 | Enersis SA ADR | 296,359 | 1.1 | ||||||||||||||||
China: 17.0% | |||||||||||||||||||
94,500 | BOC Hong Kong Holdings Ltd. | 325,664 | 1.2 | ||||||||||||||||
454,000 | China Communications Services Corp., Ltd. | 332,591 | 1.2 | ||||||||||||||||
395,960 | China Construction Bank | 332,333 | 1.2 | ||||||||||||||||
30,000 | China Mobile Ltd. | 329,959 | 1.2 | ||||||||||||||||
282,000 | China Petroleum & Chemical Corp. | 311,205 | 1.1 | ||||||||||||||||
98,000 | China Resources Power Holdings Co. | 320,883 | 1.2 | ||||||||||||||||
464,000 | China Shanshui Cement Group Ltd. | 263,140 | 1.0 | ||||||||||||||||
162,000 | China Shineway Pharmaceutical Group Ltd. | 288,574 | 1.0 | ||||||||||||||||
172,000 | CNOOC Ltd. | 322,168 | 1.2 | ||||||||||||||||
235,000 | Digital China Holdings Ltd. | 296,694 | 1.1 | ||||||||||||||||
378,000 | Harbin Electric Co. Ltd. | 290,574 | 1.0 | ||||||||||||||||
459,140 | Industrial and Commercial Bank of China Ltd. | 323,650 | 1.2 | ||||||||||||||||
316,000 | Jiangsu Expressway Co. Ltd. | 346,247 | 1.2 | ||||||||||||||||
396,000 | Zhejiang Expressway Co., Ltd. | 311,380 | 1.1 | ||||||||||||||||
1,499,000 | Other Securities | 300,285 | 1.1 | ||||||||||||||||
4,695,347 | 17.0 | ||||||||||||||||||
Colombia: 0.8% | |||||||||||||||||||
42,500 | Other Securities | 234,553 | 0.8 |
Shares | Value | Percentage of Net Assets | |||||||||||||||||
Czech Republic: 2.2% | |||||||||||||||||||
10,863 | CEZ A/S | $ | 315,149 | 1.1 | |||||||||||||||
1,574 | Komercni Banka AS | 301,398 | 1.1 | ||||||||||||||||
616,547 | 2.2 | ||||||||||||||||||
Egypt: 1.1% | |||||||||||||||||||
66,678 | Commercial International Bank | 294,146 | 1.1 | ||||||||||||||||
Hong Kong: 3.4% | |||||||||||||||||||
3,000,000 | Emperor Watch & Jewellery Ltd. | 306,203 | 1.1 | ||||||||||||||||
83,000 | Hang Lung Properties Ltd. | 323,176 | 1.2 | ||||||||||||||||
98,000 | Shanghai Industrial Holdings Ltd. | 311,378 | 1.1 | ||||||||||||||||
940,757 | 3.4 | ||||||||||||||||||
Hungary: 1.1% | |||||||||||||||||||
2,001 | Richter Gedeon Nyrt | 297,030 | 1.1 | ||||||||||||||||
India: 0.8% | |||||||||||||||||||
5,578 | Other Securities | 232,826 | 0.8 | ||||||||||||||||
Indonesia: 2.3% | |||||||||||||||||||
591,000 | Bank Negara Indonesia Persero Tbk PT | 328,679 | 1.2 | ||||||||||||||||
404,500 | Indofood Sukses Makmur Tbk PT | 306,166 | 1.1 | ||||||||||||||||
634,845 | 2.3 | ||||||||||||||||||
Macau: 1.3% | |||||||||||||||||||
120,000 | @ | Wynn Macau Ltd. | 364,975 | 1.3 | |||||||||||||||
Malaysia: 3.3% | |||||||||||||||||||
231,124 | Berjaya Sports Toto BHD | 319,064 | 1.1 | ||||||||||||||||
221,700 | Gamuda BHD | 296,785 | 1.1 | ||||||||||||||||
184,700 | IOI Corp. Bhd | 305,355 | 1.1 | ||||||||||||||||
921,204 | 3.3 | ||||||||||||||||||
Poland: 3.3% | |||||||||||||||||||
60,455 | PGE SA | 314,183 | 1.2 | ||||||||||||||||
27,141 | Powszechna Kasa Oszczednosci Bank Polski S.A. | 282,619 | 1.0 | ||||||||||||||||
2,263 | Powszechny Zaklad Ubezpieczen SA | 312,137 | 1.1 | ||||||||||||||||
908,939 | 3.3 | ||||||||||||||||||
Qatar: 2.4% | |||||||||||||||||||
17,967 | Commercial Bank of Qatar | 320,870 | 1.2 | ||||||||||||||||
6,998 | Industries Qatar QSC | 331,096 | 1.2 | ||||||||||||||||
651,966 | 2.4 |
See Accompanying Notes to Financial Statements
43
ING EMERGING MARKETS EQUITY SUMMARY PORTFOLIO OF INVESTMENTS
DIVIDEND FUND AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Shares | Value | Percentage of Net Assets | |||||||||||||||||
Russia: 6.7% | |||||||||||||||||||
24,947 | CTC Media, Inc. | $ | 311,588 | 1.1 | |||||||||||||||
82,494 | Gazprom OAO ADR | 654,590 | 2.4 | ||||||||||||||||
35,373 | Mobile Telesystems OJSC | 312,010 | 1.1 | ||||||||||||||||
22,524 | Phosagro OAO GDR | 318,489 | 1.2 | ||||||||||||||||
29,197 | Other Securities | 247,537 | 0.9 | ||||||||||||||||
1,844,214 | 6.7 | ||||||||||||||||||
Singapore: 1.1% | |||||||||||||||||||
18,000 | United Overseas Bank Ltd. | 312,791 | 1.1 | ||||||||||||||||
South Africa: 4.4% | |||||||||||||||||||
29,175 | Barloworld Ltd. | 305,617 | 1.1 | ||||||||||||||||
17,327 | MTN Group Ltd. | 312,683 | 1.1 | ||||||||||||||||
7,218 | Sasol Ltd. | 312,659 | 1.1 | ||||||||||||||||
23,127 | Standard Bank Group Ltd. | 289,191 | 1.1 | ||||||||||||||||
1,220,150 | 4.4 | ||||||||||||||||||
South Korea: 11.4% | |||||||||||||||||||
10,220 | Hite Jinro Co. Ltd. | 299,316 | 1.1 | ||||||||||||||||
4,799 | Hyundai Motor Co. | 358,129 | 1.3 | ||||||||||||||||
11,400 | Kangwon Land, Inc. | 322,639 | 1.2 | ||||||||||||||||
9,283 | KB Financial Group, Inc. | 303,576 | 1.1 | ||||||||||||||||
4,750 | KT&G Corp. | 342,028 | 1.2 | ||||||||||||||||
1,056 | POSCO | 303,523 | 1.1 | ||||||||||||||||
1,623 | Samsung Fire & Marine Insurance Co. Ltd | 334,001 | 1.2 | ||||||||||||||||
8,630 | Shinhan Financial Group Co., Ltd. | 298,918 | 1.1 | ||||||||||||||||
7,280 | Woongjin Coway Co., Ltd. | 368,859 | 1.3 | ||||||||||||||||
2,953 | Other Securities | 237,749 | 0.8 | ||||||||||||||||
3,168,738 | 11.4 | ||||||||||||||||||
Sweden: 1.1% | |||||||||||||||||||
3,636 | Millicom International Cellular S.A. | 298,640 | 1.1 | ||||||||||||||||
Taiwan: 8.5% | |||||||||||||||||||
158,000 | Cheng Uei Precision Industry Co., Ltd. | 315,231 | 1.1 | ||||||||||||||||
497,597 | Chinatrust Financial Holding Co., Ltd. | 302,196 | 1.1 | ||||||||||||||||
38,000 | HTC Corp. | 388,423 | 1.4 | ||||||||||||||||
28,000 | MediaTek, Inc. | 341,700 | 1.2 | ||||||||||||||||
182,000 | Powertech Technology, Inc. | 326,086 | 1.2 | ||||||||||||||||
94,000 | Taiwan Semiconductor Manufacturing Co., Ltd. | 348,874 | 1.3 | ||||||||||||||||
217,000 | TXC Corp. | 338,222 | 1.2 | ||||||||||||||||
2,360,732 | 8.5 | ||||||||||||||||||
Thailand: 1.1% | |||||||||||||||||||
28,100 | PTT PCL | 312,848 | 1.1 |
Shares | Value | Percentage of Net Assets | |||||||||||||||||
Turkey: 1.2% | |||||||||||||||||||
68,283 | Turk Telekomunikasyon AS | $ | 323,915 | 1.2 | |||||||||||||||
United Kingdom: 2.8% | |||||||||||||||||||
63,132 | Eurasian Natural Resources Corp. | 271,485 | 1.0 | ||||||||||||||||
12,217 | Standard Chartered PLC | 307,470 | 1.1 | ||||||||||||||||
87,611 | Other Securities | 198,519 | 0.7 | ||||||||||||||||
777,474 | 2.8 | ||||||||||||||||||
United States: 1.1% | |||||||||||||||||||
8,778 | Southern Copper Corp. | 292,571 | 1.1 | ||||||||||||||||
Total Common Stock (Cost $24,682,441) | 25,540,130 | 92.3 | |||||||||||||||||
EXCHANGE-TRADED FUNDS: 4.7% | |||||||||||||||||||
205,100 | @ | iShares MSCI India | 1,285,977 | 4.7 | |||||||||||||||
Total Exchange- Traded Funds (Cost $1,258,308) | 1,285,977 | 4.7 | |||||||||||||||||
PREFERRED STOCK: 1.1% | |||||||||||||||||||
Russia: 1.1% | |||||||||||||||||||
136,274 | Sberbank of Russia | 317,133 | 1.1 | ||||||||||||||||
Total Preferred Stock (Cost $267,940) | 317,133 | 1.1 | |||||||||||||||||
Total Investments in Securities (Cost $26,208,689) | $ | 27,143,240 | 98.1 | ||||||||||||||||
Assets in Excess of Other Liabilities | 534,297 | 1.9 | |||||||||||||||||
Net Assets | $ | 27,677,537 | 100.0 |
"Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2013.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
@ Non-income producing security
ADR American Depositary Receipt
GDR Global Depositary Receipt
Cost for federal income tax purposes is $26,469,112.
Net unrealized appreciation consists of: | |||||||
Gross Unrealized Appreciation | $ | 2,692,611 | |||||
Gross Unrealized Depreciation | (2,018,483 | ) | |||||
Net Unrealized Appreciation | $ | 674,128 |
See Accompanying Notes to Financial Statements
44
ING EMERGING MARKETS EQUITY SUMMARY PORTFOLIO OF INVESTMENTS
DIVIDEND FUND AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Sector Diversification | Percentage of Net Assets | ||||||
Financials | 23.6 | % | |||||
Materials | 11.1 | ||||||
Industrials | 9.7 | ||||||
Information Technology | 9.3 | ||||||
Consumer Discretionary | 9.3 | ||||||
Energy | 8.9 | ||||||
Telecommunication Services | 6.8 | ||||||
Utilities | 5.8 | ||||||
Consumer Staples | 5.7 | ||||||
Exchange-Traded Funds | 4.7 | ||||||
Health Care | 2.1 | ||||||
Telecommunications | 1.1 | ||||||
Assets in Excess of Other Liabilities | 1.9 | ||||||
Net Assets | 100.0 | % |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of April 30, 2013 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at 04/30/13 | ||||||||||||||||
Asset Table | |||||||||||||||||||
Investments, at fair value | |||||||||||||||||||
Common Stock | |||||||||||||||||||
Australia | $ | — | $ | 297,454 | $ | — | $ | 297,454 | |||||||||||
Belgium | — | 335,254 | — | 335,254 | |||||||||||||||
Brazil | 2,905,855 | — | — | 2,905,855 | |||||||||||||||
Chile | 296,359 | — | — | 296,359 | |||||||||||||||
China | — | 4,639,890 | 55,457 | 4,695,347 | |||||||||||||||
Colombia | 234,553 | — | — | 234,553 | |||||||||||||||
Czech Republic | — | 616,547 | — | 616,547 | |||||||||||||||
Egypt | 294,146 | — | — | 294,146 | |||||||||||||||
Hong Kong | — | 940,757 | — | 940,757 | |||||||||||||||
Hungary | — | 297,030 | — | 297,030 | |||||||||||||||
India | 232,826 | — | — | 232,826 | |||||||||||||||
Indonesia | — | 634,845 | — | 634,845 | |||||||||||||||
Macau | — | 364,975 | — | 364,975 | |||||||||||||||
Malaysia | 305,355 | 615,849 | — | 921,204 | |||||||||||||||
Poland | — | 908,939 | — | 908,939 | |||||||||||||||
Qatar | — | 651,966 | — | 651,966 | |||||||||||||||
Russia | 1,284,667 | 559,547 | — | 1,844,214 | |||||||||||||||
Singapore | — | 312,791 | — | 312,791 | |||||||||||||||
South Africa | 305,617 | 914,533 | — | 1,220,150 | |||||||||||||||
South Korea | 710,887 | 2,457,851 | — | 3,168,738 | |||||||||||||||
Sweden | — | 298,640 | — | 298,640 | |||||||||||||||
Taiwan | — | 2,360,732 | — | 2,360,732 | |||||||||||||||
Thailand | — | 312,848 | — | 312,848 | |||||||||||||||
Turkey | — | 323,915 | — | 323,915 | |||||||||||||||
United Kingdom | — | 777,474 | — | 777,474 | |||||||||||||||
United States | 292,571 | — | — | 292,571 | |||||||||||||||
Total Common Stock | 6,862,836 | 18,621,837 | 55,457 | 25,540,130 | |||||||||||||||
Exchange-Traded Funds | 1,285,977 | — | — | 1,285,977 | |||||||||||||||
Preferred Stock | — | 317,133 | — | 317,133 | |||||||||||||||
Total Investments, at fair value | $ | 8,148,813 | $ | 18,938,970 | $ | 55,457 | $ | 27,143,240 |
See Accompanying Notes to Financial Statements
45
SUMMARY PORTFOLIO OF INVESTMENTS
ING EMERGING MARKETS EQUITY FUND AS OF APRIL 30, 2013 (UNAUDITED)
Shares | Value | Percentage of Net Assets | |||||||||||||||||
COMMON STOCK: 98.5% | |||||||||||||||||||
Argentina: 0.1% | |||||||||||||||||||
25,900 | Other Securities | $ | 343,175 | 0.1 | |||||||||||||||
Brazil: 14.6% | |||||||||||||||||||
80,200 | BRF SA ADR | 1,991,366 | 0.8 | ||||||||||||||||
40,690 | Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR | 2,260,736 | 1.0 | ||||||||||||||||
57,597 | @ | Cia de Bebidas das Americas ADR | 2,420,226 | 1.0 | |||||||||||||||
180,000 | @ | Hypermarcas SA | 1,437,661 | 0.6 | |||||||||||||||
255,690 | Itau Unibanco Holding S.A. ADR | 4,303,263 | 1.8 | ||||||||||||||||
239,850 | Petroleo Brasileiro SA ADR | 4,642,205 | 1.9 | ||||||||||||||||
65,000 | @ | Tim Participacoes SA ADR | 1,355,900 | 0.6 | |||||||||||||||
346,496 | @ | Tim Participacoes SA | 1,447,810 | 0.6 | |||||||||||||||
1,532,204 | Other Securities | 15,145,640 | 6.3 | ||||||||||||||||
35,004,807 | 14.6 | ||||||||||||||||||
China: 19.7% | |||||||||||||||||||
24,400 | @ | Baidu.com ADR | 2,094,740 | 0.9 | |||||||||||||||
5,288,000 | China Construction Bank | 4,438,274 | 1.8 | ||||||||||||||||
1,126,500 | China Minsheng Banking Corp. Ltd | 1,449,223 | 0.6 | ||||||||||||||||
41,179 | China Mobile Ltd. ADR | 2,274,728 | 0.9 | ||||||||||||||||
233,500 | China Mobile Ltd. | 2,568,177 | 1.1 | ||||||||||||||||
2,014,500 | China Petroleum & Chemical Corp. | 2,223,131 | 0.9 | ||||||||||||||||
6,500 | CNOOC Ltd. ADR | 1,217,710 | 0.5 | ||||||||||||||||
1,206,000 | CNOOC Ltd. | 2,258,923 | 0.9 | ||||||||||||||||
930,000 | Dongfeng Motor Group Co., Ltd. | 1,389,407 | 0.6 | ||||||||||||||||
7,008,000 | Industrial and Commercial Bank of China Ltd. | 4,939,977 | 2.1 | ||||||||||||||||
1,578,000 | Lenovo Group Ltd. | 1,443,524 | 0.6 | ||||||||||||||||
6,600 | PetroChina Co., Ltd. ADR | 843,876 | 0.4 | ||||||||||||||||
738,000 | PetroChina Co., Ltd. | 940,676 | 0.4 | ||||||||||||||||
208,500 | Ping An Insurance Group Co. of China Ltd. | 1,654,842 | 0.7 | ||||||||||||||||
27,100 | @ | Sohu.com, Inc. | 1,394,024 | 0.6 | |||||||||||||||
12,596,808 | Other Securities | 16,173,624 | 6.7 | ||||||||||||||||
47,304,856 | 19.7 | ||||||||||||||||||
Egypt: 0.1% | |||||||||||||||||||
75,140 | Other Securities | 331,475 | 0.1 | ||||||||||||||||
Hong Kong: 0.3% | |||||||||||||||||||
826,700 | Other Securities | 690,295 | 0.3 |
Shares | Value | Percentage of Net Assets | |||||||||||||||||
Hungary: 0.3% | |||||||||||||||||||
33,740 | Other Securities | $ | 704,434 | 0.3 | |||||||||||||||
India: 6.5% | |||||||||||||||||||
39,080 | Infosys Ltd. ADR | 1,631,199 | 0.7 | ||||||||||||||||
233,253 | Oil & Natural Gas Corp., Ltd. | 1,417,078 | 0.6 | ||||||||||||||||
151,506 | Reliance Industries Ltd. | 2,219,495 | 0.9 | ||||||||||||||||
79,038 | # | Reliance Industries Ltd. GDR | 2,335,864 | 1.0 | |||||||||||||||
57,060 | Tata Motors Ltd. ADR ADR | 1,571,432 | 0.6 | ||||||||||||||||
516,114 | Other Securities | 6,433,006 | 2.7 | ||||||||||||||||
15,608,074 | 6.5 | ||||||||||||||||||
Indonesia: 0.3% | |||||||||||||||||||
524,500 | Other Securities | 823,188 | 0.3 | ||||||||||||||||
Kazakhstan: 0.3% | |||||||||||||||||||
40,518 | Other Securities | 727,298 | 0.3 | ||||||||||||||||
Macau: 0.5% | |||||||||||||||||||
455,000 | Other Securities | 1,148,703 | 0.5 | ||||||||||||||||
Malaysia: 0.9% | |||||||||||||||||||
1,634,300 | Other Securities | 2,222,190 | 0.9 | ||||||||||||||||
Mexico: 4.5% | |||||||||||||||||||
138,727 | @ | Cemex SAB de CV ADR | 1,560,679 | 0.6 | |||||||||||||||
241,728 | Grupo Financiero Banorte | 1,821,575 | 0.8 | ||||||||||||||||
87,500 | Grupo Televisa SAB ADR | 2,215,500 | 0.9 | ||||||||||||||||
941,630 | Other Securities | 5,193,542 | 2.2 | ||||||||||||||||
10,791,296 | 4.5 | ||||||||||||||||||
Panama: 0.3% | |||||||||||||||||||
5,635 | Other Securities | 707,643 | 0.3 | ||||||||||||||||
Poland: 2.1% | |||||||||||||||||||
499,152 | Other Securities | 4,964,553 | 2.1 | ||||||||||||||||
Russia: 8.0% | |||||||||||||||||||
71,461 | Lukoil OAO ADR | 4,530,627 | 1.9 | ||||||||||||||||
129,402 | Mobile Telesystems OJSC ADR | 2,678,621 | 1.1 | ||||||||||||||||
336,500 | Rosneft Oil Co. GDR | 2,307,897 | 0.9 | ||||||||||||||||
330,995 | Sberbank of Russia ADR | 4,256,596 | 1.8 | ||||||||||||||||
38,694 | Tatneft ADR | 1,468,094 | 0.6 | ||||||||||||||||
286,739 | Other Securities | 3,992,434 | 1.7 | ||||||||||||||||
19,234,269 | 8.0 |
See Accompanying Notes to Financial Statements
46
SUMMARY PORTFOLIO OF INVESTMENTS
ING EMERGING MARKETS EQUITY FUND AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Shares | Value | Percentage of Net Assets | |||||||||||||||||
South Africa: 4.9% | |||||||||||||||||||
45,148 | Tiger Brands Ltd. | $ | 1,406,212 | 0.6 | |||||||||||||||
1,211,754 | Other Securities | 10,434,004 | 4.3 | ||||||||||||||||
11,840,216 | 4.9 | ||||||||||||||||||
South Korea: 17.2% | |||||||||||||||||||
10,951 | Hyundai Motor Co. | 1,988,518 | 0.8 | ||||||||||||||||
62,800 | KB Financial Group, Inc. ADR | 2,059,840 | 0.9 | ||||||||||||||||
7,683 | KCC Corp. | 2,284,140 | 1.0 | ||||||||||||||||
30,832 | Kia Motors Corp. | 1,537,935 | 0.6 | ||||||||||||||||
18,989 | LG Electronics, Inc. | 1,522,024 | 0.6 | ||||||||||||||||
1,035 | Lotte Chilsung Beverage Co., Ltd. | 1,615,564 | 0.7 | ||||||||||||||||
4,658 | Samsung Electronics Co., Ltd. | 6,442,109 | 2.7 | ||||||||||||||||
10,116 | Samsung Electronics Co., Ltd. GDR | 7,006,162 | 2.9 | ||||||||||||||||
18,460 | Samsung Life Insurance Co. Ltd. | 1,819,583 | 0.8 | ||||||||||||||||
10,906 | SK Telecom Co., Ltd. | 1,919,727 | 0.8 | ||||||||||||||||
129,900 | SK Telecom Co., Ltd. ADR | 2,531,751 | 1.1 | ||||||||||||||||
414,230 | Other Securities | 10,427,841 | 4.3 | ||||||||||||||||
41,155,194 | 17.2 | ||||||||||||||||||
Taiwan: 8.5% | |||||||||||||||||||
125,000 | Asustek Computer, Inc. | 1,455,919 | 0.6 | ||||||||||||||||
26,001 | Hon Hai Precision Industry Co., Ltd. GDR | 133,384 | 0.1 | ||||||||||||||||
1,264,400 | Hon Hai Precision Industry Co., Ltd. | 3,268,193 | 1.4 | ||||||||||||||||
676,000 | Taiwan Semiconductor Manufacturing Co., Ltd. | 2,508,928 | 1.0 | ||||||||||||||||
234,161 | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 4,467,792 | 1.9 | ||||||||||||||||
73,000 | TPK Holding Co. Ltd | 1,485,180 | 0.6 | ||||||||||||||||
5,713,730 | Other Securities | 7,035,084 | 2.9 | ||||||||||||||||
20,354,480 | 8.5 | ||||||||||||||||||
Thailand: 1.9% | |||||||||||||||||||
1,752,827 | Other Securities | 4,519,951 | 1.9 | ||||||||||||||||
Turkey: 3.9% | |||||||||||||||||||
348,008 | Turkiye Garanti Bankasi A/S | 1,925,500 | 0.8 | ||||||||||||||||
130,350 | Turkiye Halk Bankasi AS | 1,423,324 | 0.6 | ||||||||||||||||
406,984 | Turkiye Is Bankasi | 1,574,211 | 0.7 | ||||||||||||||||
911,926 | Other Securities | 4,402,991 | 1.8 | ||||||||||||||||
9,326,026 | 3.9 |
Shares | Value | Percentage of Net Assets | |||||||||||||||||
United Arab Emirates: 0.5% | |||||||||||||||||||
124,522 | Other Securities | $ | 1,226,888 | 0.5 | |||||||||||||||
United States: 3.1% | |||||||||||||||||||
193,400 | Avon Products, Inc. | 4,479,144 | 1.9 | ||||||||||||||||
120,300 | @ | Yahoo!, Inc. | 2,975,019 | 1.2 | |||||||||||||||
7,454,163 | 3.1 | ||||||||||||||||||
Total Common Stock (Cost $220,143,315) | 236,483,174 | 98.5 | |||||||||||||||||
PREFERRED STOCK: 0.1% | |||||||||||||||||||
Brazil: 0.1% | |||||||||||||||||||
950 | Cia de Bebidas das Americas | 39,743 | 0.1 | ||||||||||||||||
Total Preferred Stock (Cost $39,221) | 39,743 | 0.1 | |||||||||||||||||
Total Long-Term Investments (Cost $220,182,536) | 236,522,917 | 98.6 | |||||||||||||||||
Principal Amount† | Value | Percentage of Net Assets | |||||||||||||||||
SHORT-TERM INVESTMENTS: 2.7% | |||||||||||||||||||
Securities Lending Collateralcc(1): 2.7% | |||||||||||||||||||
$ | 1,559,194 | BNP Paribas Bank, Repurchase Agreement dated 04/30/13, 0.14%, due 05/01/13 (Repurchase Amount $1,559,200, collateralized by various U.S. Government Securities, 0.250%-0.875%, Market Value plus accrued interest $1,590,378, due 05/31/14-03/31/18) | $ | 1,559,194 | 0.7 | ||||||||||||||
1,559,194 | Citigroup, Inc., Repurchase Agreement dated 04/30/13, 0.18%, due 05/01/13 (Repurchase Amount $1,559,202, collateralized by various U.S. Government Agency Obligations, 0.841%-6.500%, Market Value plus accrued interest $1,591,062, due 11/01/18-03/15/53) | 1,559,194 | 0.7 |
See Accompanying Notes to Financial Statements
47
SUMMARY PORTFOLIO OF INVESTMENTS
ING EMERGING MARKETS EQUITY FUND AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Principal Amount† | Value | Percentage of Net Assets | |||||||||||||||||
Securities Lending Collateralcc(1) (continued) | |||||||||||||||||||
$ | 1,559,194 | Deutsche Bank AG, Repurchase Agreement dated 04/30/13, 0.17%, due 05/01/13 (Repurchase Amount $1,559,201, collateralized by various U.S. Government Agency Obligations, 2.130%-7.500%, Market Value plus accrued interest $1,590,378, due 12/01/16-04/01/48) | $ | 1,559,194 | 0.6 | ||||||||||||||
1,559,194 | JPMorgan Chase & Co., Repurchase Agreement dated 04/30/13, 0.17%, due 05/01/13 (Repurchase Amount $1,559,201, collateralized by various U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $1,590,413, due 05/01/14-06/01/42) | 1,559,194 | 0.6 | ||||||||||||||||
328,235 | Merrill Lynch & Co., Inc., Repurchase Agreement dated 04/30/13, 0.14%, due 05/01/13 (Repurchase Amount $328,236, collateralized by various U.S. Government Securities, 0.250%-2.750%, Market Value plus accrued interest $334,800, due 10/15/15-08/15/42) | 328,235 | 0.1 | ||||||||||||||||
6,565,011 | 2.7 | ||||||||||||||||||
Total Short-Term Investments (Cost $6,565,011) | 6,565,011 | 2.7 | |||||||||||||||||
Total Investments in Securities (Cost $226,747,547) | $ | 243,087,928 | 101.3 | ||||||||||||||||
Liabilities in Excess of Other Assets | (3,036,357 | ) | (1.3 | ) | |||||||||||||||
Net Assets | $ | 240,051,571 | 100.0 |
"Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2013.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
† Unless otherwise indicated, principal amount is shown in USD.
# Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
@ Non-income producing security
ADR American Depositary Receipt
GDR Global Depositary Receipt
cc Securities purchased with cash collateral for securities loaned.
(1) Collateral received from brokers for securities lending was invested into these short-term investments.
Cost for federal income tax purposes is $229,181,668.
Net unrealized appreciation consists of: | |||||||
Gross Unrealized Appreciation | $ | 27,377,131 | |||||
Gross Unrealized Depreciation | (13,470,871 | ) | |||||
Net Unrealized Appreciation | $ | 13,906,260 | |||||
Sector Diversification | Percentage of Net Assets | ||||||
Financials | 24.6 | % | |||||
Information Technology | 18.3 | ||||||
Energy | 13.5 | ||||||
Consumer Staples | 12.1 | ||||||
Telecommunication Services | 9.6 | ||||||
Consumer Discretionary | 8.9 | ||||||
Materials | 6.2 | ||||||
Industrials | 4.1 | ||||||
Utilities | 1.0 | ||||||
Health Care | 0.3 | ||||||
Short-Term Investments | 2.7 | ||||||
Liabilities in Excess of Other Assets | (1.3 | ) | |||||
Net Assets | 100.0 | % |
See Accompanying Notes to Financial Statements
48
SUMMARY PORTFOLIO OF INVESTMENTS
ING EMERGING MARKETS EQUITY FUND AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of April 30, 2013 in valuing the assets and liabilities:(1)
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at 04/30/13 | ||||||||||||||||
Asset Table | |||||||||||||||||||
Investments, at fair value | |||||||||||||||||||
Common Stock | |||||||||||||||||||
Argentina | $ | 343,175 | $ | — | $ | — | $ | 343,175 | |||||||||||
Brazil | 30,701,544 | 4,303,263 | — | 35,004,807 | |||||||||||||||
China | 10,546,739 | 36,758,117 | — | 47,304,856 | |||||||||||||||
Egypt | 331,475 | — | — | 331,475 | |||||||||||||||
Hong Kong | — | 690,295 | — | 690,295 | |||||||||||||||
Hungary | — | 704,434 | — | 704,434 | |||||||||||||||
India | 5,072,556 | 10,535,518 | — | 15,608,074 | |||||||||||||||
Indonesia | — | 823,188 | — | 823,188 | |||||||||||||||
Kazakhstan | 727,298 | — | — | 727,298 | |||||||||||||||
Macau | — | 1,148,703 | — | 1,148,703 | |||||||||||||||
Malaysia | 1,059,399 | 1,162,791 | — | 2,222,190 | |||||||||||||||
Mexico | 10,791,296 | — | — | 10,791,296 | |||||||||||||||
Panama | 707,643 | — | — | 707,643 | |||||||||||||||
Poland | — | 4,964,553 | — | 4,964,553 | |||||||||||||||
Russia | 13,669,946 | 5,564,323 | — | 19,234,269 | |||||||||||||||
South Africa | 2,033,824 | 9,806,392 | — | 11,840,216 | |||||||||||||||
South Korea | 7,721,255 | 33,433,939 | — | 41,155,194 | |||||||||||||||
Taiwan | 4,467,792 | 15,886,688 | — | 20,354,480 | |||||||||||||||
Thailand | — | 4,519,951 | — | 4,519,951 | |||||||||||||||
Turkey | 713,834 | 8,612,192 | — | 9,326,026 | |||||||||||||||
United Arab Emirates | — | 1,226,888 | — | 1,226,888 | |||||||||||||||
United States | 7,454,163 | — | — | 7,454,163 | |||||||||||||||
Total Common Stock | 96,341,939 | 140,141,235 | — | 236,483,174 | |||||||||||||||
Preferred Stock | 39,743 | — | — | 39,743 | |||||||||||||||
Short-Term Investments | — | 6,565,011 | — | 6,565,011 | |||||||||||||||
Total Investments, at fair value | $ | 96,381,682 | $ | 146,706,246 | $ | — | $ | 243,087,928 |
(1) For the six months ended April 30, 2013, as a result of the fair value pricing procedures for international equities utilized by the Fund, certain securities have transferred in and out of Level 1 and Level 2 measurements during the period. The Fund's policy is to recognize transfers between levels at the end of the reporting period. At April 30, 2013, securities valued at $298,338 and $3,898,299 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, within the fair value hierarchy.
^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.
# 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 portion of the Fund's investments are categorized as Level 2 investments.
The effect of derivative instruments on the Fund's Statement of Operations for the six months ended April 30, 2013 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |||||||
Derivatives not accounted for as hedging instruments | Futures | ||||||
Equity contracts | $ | (111,713 | ) | ||||
Total | $ | (111,713 | ) |
See Accompanying Notes to Financial Statements
49
SUMMARY PORTFOLIO OF INVESTMENTS
ING GLOBAL EQUITY DIVIDEND FUND AS OF APRIL 30, 2013 (UNAUDITED)
Shares | Value | Percentage of Net Assets | |||||||||||||||||
COMMON STOCK: 97.6% | |||||||||||||||||||
Australia: 0.9% | |||||||||||||||||||
50,449 | Other Securities | $ | 610,238 | 0.9 | |||||||||||||||
Canada: 5.0% | |||||||||||||||||||
9,100 | Canadian Imperial Bank of Commerce | 727,765 | 1.0 | ||||||||||||||||
32,058 | Shaw Communications, Inc. - Class B | 729,972 | 1.0 | ||||||||||||||||
57,873 | Other Securities | 2,136,261 | 3.0 | ||||||||||||||||
3,593,998 | 5.0 | ||||||||||||||||||
China: 1.5% | |||||||||||||||||||
12,114 | China Mobile Ltd. ADR | 669,177 | 1.0 | ||||||||||||||||
107,000 | Other Securities | 368,742 | 0.5 | ||||||||||||||||
1,037,919 | 1.5 | ||||||||||||||||||
France: 7.1% | |||||||||||||||||||
37,189 | Gaz de France | 797,344 | 1.1 | ||||||||||||||||
7,412 | Sanofi | 801,353 | 1.1 | ||||||||||||||||
79,623 | Other Securities | 3,497,244 | 4.9 | ||||||||||||||||
5,095,941 | 7.1 | ||||||||||||||||||
Germany: 4.4% | |||||||||||||||||||
7,364 | Bayer AG | 769,881 | 1.1 | ||||||||||||||||
12,788 | DaimlerChrysler AG | 709,031 | 1.0 | ||||||||||||||||
62,167 | Deutsche Telekom AG | 736,316 | 1.0 | ||||||||||||||||
45,351 | Other Securities (a) | 954,506 | 1.3 | ||||||||||||||||
3,169,734 | 4.4 | ||||||||||||||||||
Hong Kong: 0.6% | |||||||||||||||||||
59,000 | Other Securities | 428,470 | 0.6 | ||||||||||||||||
Italy: 1.9% | |||||||||||||||||||
124,320 | Other Securities | 1,344,017 | 1.9 | ||||||||||||||||
Japan: 9.3% | |||||||||||||||||||
13,900 | Astellas Pharma, Inc. | 810,163 | 1.1 | ||||||||||||||||
111,900 | Mitsubishi UFJ Financial Group, Inc. | 759,224 | 1.1 | ||||||||||||||||
49,600 | Mitsui & Co., Ltd. | 683,322 | 1.0 | ||||||||||||||||
71,100 | Nissan Motor Co., Ltd. | 741,737 | 1.0 | ||||||||||||||||
16,600 | Sumitomo Mitsui Financial Group, Inc. | 784,638 | 1.1 | ||||||||||||||||
139,700 | Other Securities | 2,870,593 | 4.0 | ||||||||||||||||
6,649,677 | 9.3 | ||||||||||||||||||
Luxembourg: 1.3% | |||||||||||||||||||
76,366 | ArcelorMittal | 943,932 | 1.3 |
Shares | Value | Percentage of Net Assets | |||||||||||||||||
Netherlands: 3.0% | |||||||||||||||||||
31,151 | Royal Dutch Shell PLC | $ | 1,059,507 | 1.5 | |||||||||||||||
95,069 | Other Securities | 1,119,125 | 1.5 | ||||||||||||||||
2,178,632 | 3.0 | ||||||||||||||||||
Singapore: 2.2% | |||||||||||||||||||
249,000 | Singapore Telecommunications Ltd. | 795,382 | 1.1 | ||||||||||||||||
46,000 | United Overseas Bank Ltd. | 799,355 | 1.1 | ||||||||||||||||
1,594,737 | 2.2 | ||||||||||||||||||
Sweden: 1.7% | |||||||||||||||||||
89,660 | Other Securities | 1,181,760 | 1.7 | ||||||||||||||||
Switzerland: 4.6% | |||||||||||||||||||
27,134 | Credit Suisse Group | 753,541 | 1.1 | ||||||||||||||||
15,083 | Novartis AG | 1,116,558 | 1.6 | ||||||||||||||||
2,915 | Roche Holding AG - Genusschein | 729,743 | 1.0 | ||||||||||||||||
2,428 | Other Securities | 678,484 | 0.9 | ||||||||||||||||
3,278,326 | 4.6 | ||||||||||||||||||
Taiwan: 1.0% | |||||||||||||||||||
38,697 | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 738,339 | 1.0 | ||||||||||||||||
United Kingdom: 10.0% | |||||||||||||||||||
102,656 | BP PLC | 743,860 | 1.0 | ||||||||||||||||
12,000 | @ | Ensco PLC | 692,160 | 1.0 | |||||||||||||||
67,816 | HSBC Holdings PLC | 742,720 | 1.0 | ||||||||||||||||
19,730 | Imperial Tobacco Group PLC | 705,464 | 1.0 | ||||||||||||||||
42,515 | Prudential PLC | 731,027 | 1.0 | ||||||||||||||||
14,950 | Rio Tinto PLC | 686,506 | 1.0 | ||||||||||||||||
342,624 | Other Securities | 2,863,022 | 4.0 | ||||||||||||||||
7,164,759 | 10.0 | ||||||||||||||||||
United States: 43.1% | |||||||||||||||||||
16,575 | AbbVie, Inc. | 763,279 | 1.1 | ||||||||||||||||
6,900 | Amgen, Inc. | 719,049 | 1.0 | ||||||||||||||||
1,552 | Apple, Inc. | 687,148 | 0.9 | ||||||||||||||||
17,486 | Bristol-Myers Squibb Co. | 694,544 | 1.0 | ||||||||||||||||
5,600 | Chevron Corp. | 683,256 | 1.0 | ||||||||||||||||
12,550 | Coach, Inc. | 738,693 | 1.0 | ||||||||||||||||
22,203 | Dow Chemical Co. | 752,904 | 1.0 | ||||||||||||||||
19,100 | Eli Lilly & Co. | 1,057,758 | 1.5 | ||||||||||||||||
11,800 | ExxonMobil Corp. | 1,050,082 | 1.5 | ||||||||||||||||
31,189 | Freeport-McMoRan Copper & Gold, Inc. | 949,081 | 1.3 | ||||||||||||||||
47,561 | General Electric Co. | 1,060,135 | 1.5 |
See Accompanying Notes to Financial Statements
50
SUMMARY PORTFOLIO OF INVESTMENTS
ING GLOBAL EQUITY DIVIDEND FUND AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Shares | Value | Percentage of Net Assets | |||||||||||||||||
United States (continued) | |||||||||||||||||||
14,626 | JPMorgan Chase & Co. | $ | 716,820 | 1.0 | |||||||||||||||
7,664 | McDonald's Corp. | 782,801 | 1.1 | ||||||||||||||||
28,500 | Metlife, Inc. | 1,111,215 | 1.5 | ||||||||||||||||
34,025 | Microsoft Corp. | 1,126,227 | 1.6 | ||||||||||||||||
12,486 | Occidental Petroleum Corp. | 1,114,500 | 1.5 | ||||||||||||||||
25,247 | Pfizer, Inc. | 733,930 | 1.0 | ||||||||||||||||
10,300 | PNC Financial Services Group, Inc. | 699,164 | 1.0 | ||||||||||||||||
21,492 | PPL Corp. | 717,403 | 1.0 | ||||||||||||||||
25,703 | Spectra Energy Corp. | 810,416 | 1.1 | ||||||||||||||||
16,700 | St. Jude Medical, Inc. | 688,374 | 1.0 | ||||||||||||||||
7,450 | Time Warner Cable, Inc. | 699,481 | 1.0 | ||||||||||||||||
24,074 | @ | Tyco International Ltd. | 773,257 | 1.1 | |||||||||||||||
18,115 | UGI Corp. | 742,353 | 1.0 | ||||||||||||||||
20,000 | Wells Fargo & Co. | 759,600 | 1.1 | ||||||||||||||||
322,729 | Other Securities (a) | 10,293,213 | 14.3 | ||||||||||||||||
30,924,683 | 43.1 | ||||||||||||||||||
Total Common Stock (Cost $61,557,412) | 69,935,162 | 97.6 | |||||||||||||||||
Principal Amount† | Value | Percentage of Net Assets | |||||||||||||||||
SHORT-TERM INVESTMENTS: 0.7% | |||||||||||||||||||
Securities Lending Collateralcc(1): 0.7% | |||||||||||||||||||
$ | 536,278 | Citigroup, Inc., Repurchase Agreement dated 04/30/13, 0.14%, due 05/01/13 (Repurchase Amount $536,280, collateralized by various U.S. Government Securities, 0.125%-6.000%, Market Value plus accrued interest $547,004, due 07/31/13-11/15/42) (Cost $536,278) | $ | 536,278 | 0.7 | ||||||||||||||
Total Short-Term Investments (Cost $536,278) | 536,278 | 0.7 | |||||||||||||||||
Total Investments in Securities (Cost $62,093,690) | $ | 70,471,440 | 98.3 | ||||||||||||||||
Assets in Excess of Other Liabilities | 1,201,679 | 1.7 | |||||||||||||||||
Net Assets | $ | 71,673,119 | 100.0 |
"Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2013.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
† Unless otherwise indicated, principal amount is shown in USD.
@ Non-income producing security
ADR American Depositary Receipt
cc Securities purchased with cash collateral for securities loaned.
(1) Collateral received from brokers for securities lending was invested into these short-term investments.
(a) This grouping contains securities on loan.
Cost for federal income tax purposes is $62,363,664.
Net unrealized appreciation consists of: | |||||||
Gross Unrealized Appreciation | $ | 10,434,495 | |||||
Gross Unrealized Depreciation | (2,326,719 | ) | |||||
Net Unrealized Appreciation | $ | 8,107,776 | |||||
Sector Diversification | Percentage of Net Assets | ||||||
Financials | 19.2 | % | |||||
Health Care | 13.1 | ||||||
Industrials | 11.9 | ||||||
Energy | 11.4 | ||||||
Consumer Discretionary | 10.1 | ||||||
Information Technology | 9.4 | ||||||
Consumer Staples | 6.9 | ||||||
Materials | 6.2 | ||||||
Utilities | 5.3 | ||||||
Telecommunication Services | 4.1 | ||||||
Short-Term Investments | 0.7 | ||||||
Assets in Excess of Other Liabilities | 1.7 | ||||||
Net Assets | 100.0 | % |
See Accompanying Notes to Financial Statements
51
SUMMARY PORTFOLIO OF INVESTMENTS
ING GLOBAL EQUITY DIVIDEND FUND AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of April 30, 2013 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at 04/30/13 | ||||||||||||||||
Asset Table | |||||||||||||||||||
Investments, at fair value | |||||||||||||||||||
Common Stock | |||||||||||||||||||
Australia | $ | — | $ | 610,238 | $ | — | $ | 610,238 | |||||||||||
Canada | 3,593,998 | — | — | 3,593,998 | |||||||||||||||
China | 669,177 | 368,742 | — | 1,037,919 | |||||||||||||||
France | — | 5,095,941 | — | 5,095,941 | |||||||||||||||
Germany | — | 3,169,734 | — | 3,169,734 | |||||||||||||||
Hong Kong | — | 428,470 | — | 428,470 | |||||||||||||||
Italy | — | 1,344,017 | — | 1,344,017 | |||||||||||||||
Japan | — | 6,649,677 | — | 6,649,677 | |||||||||||||||
Luxembourg | — | 943,932 | — | 943,932 | |||||||||||||||
Netherlands | — | 2,178,632 | — | 2,178,632 | |||||||||||||||
Singapore | — | 1,594,737 | — | 1,594,737 | |||||||||||||||
Sweden | — | 1,181,760 | — | 1,181,760 | |||||||||||||||
Switzerland | — | 3,278,326 | — | 3,278,326 | |||||||||||||||
Taiwan | 738,339 | — | — | 738,339 | |||||||||||||||
United Kingdom | 692,160 | 6,472,599 | — | 7,164,759 | |||||||||||||||
United States | 30,924,683 | — | — | 30,924,683 | |||||||||||||||
Total Common Stock | 36,618,357 | 33,316,805 | — | 69,935,162 | |||||||||||||||
Short-Term Investments | — | 536,278 | — | 536,278 | |||||||||||||||
Total Investments, at fair value | $ | 36,618,357 | $ | 33,853,083 | $ | — | $ | 70,471,440 |
^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.
# 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 portion of the Fund's investments are categorized as Level 2 investments.
See Accompanying Notes to Financial Statements
52
SUMMARY PORTFOLIO OF INVESTMENTS
ING GLOBAL NATURAL RESOURCES FUND AS OF APRIL 30, 2013 (UNAUDITED)
Shares | Value | Percentage of Net Assets | |||||||||||||||||
COMMON STOCK: 98.1% | |||||||||||||||||||
Canada: 10.9% | |||||||||||||||||||
71,200 | Alamos Gold, Inc. | $ | 994,376 | 1.1 | |||||||||||||||
50,100 | Canadian Natural Resources Ltd. | 1,469,934 | 1.7 | ||||||||||||||||
42,800 | @ | Dominion Diamond Corp. | 678,461 | 0.8 | |||||||||||||||
63,508 | GoldCorp, Inc. | 1,878,567 | 2.1 | ||||||||||||||||
30,700 | @ | MEG Energy Corp. | 878,231 | 1.0 | |||||||||||||||
60,700 | Suncor Energy, Inc. | 1,890,805 | 2.2 | ||||||||||||||||
283,467 | Other Securities | 1,768,802 | 2.0 | ||||||||||||||||
9,559,176 | 10.9 | ||||||||||||||||||
France: 1.1% | |||||||||||||||||||
9,242 | Technip S.A. | 991,300 | 1.1 | ||||||||||||||||
Netherlands: 1.0% | |||||||||||||||||||
13,473 | Royal Dutch Shell PLC - Class A ADR | 915,760 | 1.0 | ||||||||||||||||
Norway: 1.0% | |||||||||||||||||||
36,400 | Statoil ASA ADR | 891,800 | 1.0 | ||||||||||||||||
United Kingdom: 1.5% | |||||||||||||||||||
44,627 | Other Securities | 1,313,839 | 1.5 | ||||||||||||||||
United States: 82.6% | |||||||||||||||||||
41,200 | Anadarko Petroleum Corp. | 3,492,112 | 4.0 | ||||||||||||||||
108,409 | Arch Coal, Inc. | 525,784 | 0.6 | ||||||||||||||||
37,900 | @ | Basic Energy Services, Inc. | 520,367 | 0.6 | |||||||||||||||
27,800 | @ | Cameron International Corp. | 1,711,090 | 1.9 | |||||||||||||||
10,300 | Celanese Corp. | 508,923 | 0.6 | ||||||||||||||||
65,067 | Chevron Corp. | 7,938,825 | 9.0 | ||||||||||||||||
11,400 | Cimarex Energy Co. | 834,252 | 0.9 | ||||||||||||||||
21,200 | @ | Cobalt International Energy, Inc. | 592,328 | 0.7 | |||||||||||||||
7,700 | @ | Concho Resources, Inc. | 663,201 | 0.7 | |||||||||||||||
14,500 | ConocoPhillips | 876,525 | 1.0 | ||||||||||||||||
26,400 | Consol Energy, Inc. | 888,096 | 1.0 | ||||||||||||||||
10,878 | @ | Continental Resources, Inc. | 869,370 | 1.0 | |||||||||||||||
15,600 | Domtar Corp. | 1,084,356 | 1.2 | ||||||||||||||||
22,400 | @ | Energy XXI Bermuda Ltd. | 509,376 | 0.6 | |||||||||||||||
23,000 | EOG Resources, Inc. | 2,786,680 | 3.2 | ||||||||||||||||
89,864 | ExxonMobil Corp. | 7,996,997 | 9.1 | ||||||||||||||||
27,200 | @ | Forum Energy Technologies, Inc. | 756,432 | 0.9 | |||||||||||||||
59,900 | Freeport-McMoRan Copper & Gold, Inc. | 1,822,757 | 2.1 | ||||||||||||||||
77,728 | Halliburton Co. | 3,324,426 | 3.8 | ||||||||||||||||
15,900 | Hess Corp. | 1,147,662 | 1.3 | ||||||||||||||||
12,000 | HollyFrontier Corp. | 593,400 | 0.7 | ||||||||||||||||
36,809 | International Paper Co. | 1,729,287 | 2.0 | ||||||||||||||||
50,600 | Marathon Oil Corp. | 1,653,102 | 1.9 |
Shares | Value | Percentage of Net Assets | |||||||||||||||||
14,800 | Mosaic Co. | $ | 911,532 | 1.0 | |||||||||||||||
33,300 | @ | Newfield Exploration Co. | 725,607 | 0.8 | |||||||||||||||
23,200 | Newmont Mining Corp. | 751,680 | 0.9 | ||||||||||||||||
29,600 | @ | Noble Corp. | 1,110,000 | 1.3 | |||||||||||||||
17,700 | @ | Oasis Petroleum, Inc. | 605,871 | 0.7 | |||||||||||||||
59,200 | Occidental Petroleum Corp. | 5,284,192 | 6.0 | ||||||||||||||||
14,450 | Phillips 66 | 880,727 | 1.0 | ||||||||||||||||
11,900 | Pioneer Natural Resources Co. | 1,454,537 | 1.6 | ||||||||||||||||
14,800 | @ | Plains Exploration & Production Co. | 668,960 | 0.8 | |||||||||||||||
23,300 | Range Resources Corp. | 1,713,016 | 1.9 | ||||||||||||||||
32,800 | @ | Rowan Companies PLC | 1,066,984 | 1.2 | |||||||||||||||
13,300 | Royal Gold, Inc. | 739,214 | 0.8 | ||||||||||||||||
81,060 | Schlumberger Ltd. | 6,033,296 | 6.9 | ||||||||||||||||
15,000 | SM Energy Co. | 915,000 | 1.0 | ||||||||||||||||
19,000 | @ | Southwestern Energy Co. | 710,980 | 0.8 | |||||||||||||||
41,900 | @ | Superior Energy Services | 1,156,021 | 1.3 | |||||||||||||||
22,900 | @ | Unit Corp. | 962,487 | 1.1 | |||||||||||||||
29,100 | Valero Energy Corp. | 1,173,312 | 1.3 | ||||||||||||||||
174,100 | Other Securities | 2,995,004 | 3.4 | ||||||||||||||||
72,683,768 | 82.6 | ||||||||||||||||||
Total Common Stock (Cost $74,710,394) | 86,355,643 | 98.1 | |||||||||||||||||
SHORT-TERM INVESTMENTS: 2.2% | |||||||||||||||||||
Mutual Funds: 2.2% | |||||||||||||||||||
1,916,000 | BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $1,916,000) | 1,916,000 | 2.2 | ||||||||||||||||
Total Short-Term Investments (Cost $1,916,000) | 1,916,000 | 2.2 | |||||||||||||||||
Total Investments in Securities (Cost $76,626,394) | $ | 88,271,643 | 100.3 | ||||||||||||||||
Liabilities in Excess of Other Assets | (260,788 | ) | (0.3 | ) | |||||||||||||||
Net Assets | $ | 88,010,855 | 100.0 |
"Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2013.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
@ Non-income producing security
ADR American Depositary Receipt
Cost for federal income tax purposes is $79,107,270.
Net unrealized appreciation consists of: | |||||||
Gross Unrealized Appreciation | $ | 15,843,471 | |||||
Gross Unrealized Depreciation | (6,679,098 | ) | |||||
Net Unrealized Appreciation | $ | 9,164,373 |
See Accompanying Notes to Financial Statements
53
SUMMARY PORTFOLIO OF INVESTMENTS
ING GLOBAL NATURAL RESOURCES FUND AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Industry Diversification | Percentage of Net Assets | ||||||
Integrated Oil & Gas | 29.6 | % | |||||
Oil & Gas Exploration & Production | 20.7 | ||||||
Oil & Gas Equipment & Services | 16.5 | ||||||
Gold | 4.4 | ||||||
Diversified Metals & Mining | 3.7 | ||||||
Energy | 3.8 | ||||||
Oil & Gas Refining & Marketing | 3.4 | ||||||
Paper Products | 3.2 | ||||||
Oil & Gas Drilling | 2.3 | ||||||
Materials | 2.1 | ||||||
Coal & Consumable Fuels | 1.6 | ||||||
Oil & Gas | 1.2 | ||||||
Fertilizers & Agricultural Chemicals | 1.0 | ||||||
Oil&Gas | 1.0 | ||||||
Mining | 0.9 | ||||||
Retail | 0.8 | ||||||
Precious Metals & Minerals | 0.5 | ||||||
Industrials | 0.5 | ||||||
Oil & Gas Storage & Transportation | 0.5 | ||||||
Steel | 0.4 | ||||||
Short-Term Investments | 2.2 | ||||||
Liabilities in Excess of Other Assets | (0.3 | ) | |||||
Net Assets | 100.0 | % |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of April 30, 2013 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at 04/30/13 | ||||||||||||||||
Asset Table | |||||||||||||||||||
Investments, at fair value | |||||||||||||||||||
Common Stock | |||||||||||||||||||
Canada | $ | 9,559,176 | $ | — | $ | — | $ | 9,559,176 | |||||||||||
France | — | 991,300 | — | 991,300 | |||||||||||||||
Netherlands | 915,760 | — | — | 915,760 | |||||||||||||||
Norway | 891,800 | — | — | 891,800 | |||||||||||||||
United Kingdom | — | 1,313,839 | — | 1,313,839 | |||||||||||||||
United States | 72,683,768 | — | — | 72,683,768 | |||||||||||||||
Total Common Stock | 84,050,504 | 2,305,139 | — | 86,355,643 | |||||||||||||||
Short-Term Investments | 1,916,000 | — | — | 1,916,000 | |||||||||||||||
Total Investments, at fair value | $ | 85,966,504 | $ | 2,305,139 | $ | — | $ | 88,271,643 |
^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.
# 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 portion of the Fund's investments are categorized as Level 2 investments.
See Accompanying Notes to Financial Statements
54
SUMMARY PORTFOLIO OF INVESTMENTS
ING GLOBAL OPPORTUNITIES FUND AS OF APRIL 30, 2013 (UNAUDITED)
Shares | Value | Percentage of Net Assets | |||||||||||||||||
COMMON STOCK: 97.2% | |||||||||||||||||||
Australia: 0.5% | |||||||||||||||||||
11,543 | Other Securities (a) | $ | 237,093 | 0.5 | |||||||||||||||
Brazil: 1.3% | |||||||||||||||||||
62,374 | Other Securities | 589,112 | 1.3 | ||||||||||||||||
Cambodia: 0.2% | |||||||||||||||||||
120,000 | Other Securities | 95,407 | 0.2 | ||||||||||||||||
Canada: 5.3% | |||||||||||||||||||
30,560 | Barrick Gold Corp. | 602,338 | 1.4 | ||||||||||||||||
20,685 | GoldCorp, Inc. | 611,862 | 1.4 | ||||||||||||||||
10,814 | Potash Corp. of Saskatchewan | 455,269 | 1.0 | ||||||||||||||||
14,928 | Suncor Energy, Inc. | 465,421 | 1.0 | ||||||||||||||||
17,245 | Other Securities | 206,779 | 0.5 | ||||||||||||||||
2,341,669 | 5.3 | ||||||||||||||||||
China: 6.2% | |||||||||||||||||||
115,000 | China Resources Enterprise | 394,811 | 0.9 | ||||||||||||||||
372,000 | Guangdong Investment Ltd. | 360,161 | 0.8 | ||||||||||||||||
1,297,002 | Other Securities | 1,974,428 | 4.5 | ||||||||||||||||
2,729,400 | 6.2 | ||||||||||||||||||
Colombia: 0.5% | |||||||||||||||||||
11,233 | Other Securities | 237,494 | 0.5 | ||||||||||||||||
France: 2.8% | |||||||||||||||||||
22,982 | AXA S.A. | 430,375 | 1.0 | ||||||||||||||||
3,078 | LVMH Moet Hennessy Louis Vuitton S.A. | 533,371 | 1.2 | ||||||||||||||||
8,013 | Other Securities | 281,671 | 0.6 | ||||||||||||||||
1,245,417 | 2.8 | ||||||||||||||||||
Germany: 3.3% | |||||||||||||||||||
28,921 | L | Aixtron AG | 414,578 | 0.9 | |||||||||||||||
3,573 | Bayer AG | 373,545 | 0.9 | ||||||||||||||||
16,789 | Other Securities | 670,363 | 1.5 | ||||||||||||||||
1,458,486 | 3.3 | ||||||||||||||||||
Hong Kong: 2.0% | |||||||||||||||||||
1,264,600 | Other Securities | 893,760 | 2.0 | ||||||||||||||||
India: 3.1% | |||||||||||||||||||
31,404 | Housing Development Finance Corp. | 494,688 | 1.1 | ||||||||||||||||
57,739 | ITC Ltd. | 352,813 | 0.8 | ||||||||||||||||
95,907 | Other Securities | 501,997 | 1.2 | ||||||||||||||||
1,349,498 | 3.1 |
Shares | Value | Percentage of Net Assets | |||||||||||||||||
Indonesia: 2.7% | |||||||||||||||||||
625,530 | Astra International Tbk PT | $ | 473,306 | 1.1 | |||||||||||||||
1,584,828 | Other Securities | 725,855 | 1.6 | ||||||||||||||||
1,199,161 | 2.7 | ||||||||||||||||||
Israel: 1.3% | |||||||||||||||||||
8,070 | @ | Check Point Software Technologies | 376,223 | 0.9 | |||||||||||||||
3,669 | Other Securities (a) | 187,046 | 0.4 | ||||||||||||||||
563,269 | 1.3 | ||||||||||||||||||
Japan: 5.4% | |||||||||||||||||||
9,900 | Astellas Pharma, Inc. | 577,022 | 1.3 | ||||||||||||||||
8,800 | Toyota Motor Corp. | 510,733 | 1.2 | ||||||||||||||||
78,300 | Other Securities | 1,281,949 | 2.9 | ||||||||||||||||
2,369,704 | 5.4 | ||||||||||||||||||
Malaysia: 0.5% | |||||||||||||||||||
206,800 | Other Securities | 199,320 | 0.5 | ||||||||||||||||
Netherlands: 4.3% | |||||||||||||||||||
18,757 | CSM | 419,867 | 1.0 | ||||||||||||||||
17,427 | Royal Dutch Shell PLC | 592,727 | 1.3 | ||||||||||||||||
202,672 | Other Securities | 868,352 | 2.0 | ||||||||||||||||
1,880,946 | 4.3 | ||||||||||||||||||
Norway: 0.8% | |||||||||||||||||||
15,750 | Telenor ASA | 354,925 | 0.8 | ||||||||||||||||
Peru: 0.6% | |||||||||||||||||||
1,794 | Other Securities | 270,158 | 0.6 | ||||||||||||||||
Philippines: 0.5% | |||||||||||||||||||
75,170 | Other Securities | 216,968 | 0.5 | ||||||||||||||||
Poland: 0.4% | |||||||||||||||||||
16,373 | Other Securities | 170,492 | 0.4 | ||||||||||||||||
Russia: 1.0% | |||||||||||||||||||
36,937 | Other Securities (a) | 424,982 | 1.0 | ||||||||||||||||
Singapore: 1.2% | |||||||||||||||||||
59,000 | Oversea-Chinese Banking Corp. | 520,851 | 1.2 | ||||||||||||||||
South Korea: 1.5% | |||||||||||||||||||
474 | Samsung Electronics Co., Ltd. | 655,552 | 1.5 |
See Accompanying Notes to Financial Statements
55
SUMMARY PORTFOLIO OF INVESTMENTS
ING GLOBAL OPPORTUNITIES FUND AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Shares | Value | Percentage of Net Assets | |||||||||||||||||
Switzerland: 5.5% | |||||||||||||||||||
23,244 | ABB Ltd. | $ | 527,102 | 1.2 | |||||||||||||||
15,817 | Novartis AG | 1,170,894 | 2.7 | ||||||||||||||||
10,915 | Other Securities | 723,042 | 1.6 | ||||||||||||||||
2,421,038 | 5.5 | ||||||||||||||||||
United Kingdom: 10.1% | |||||||||||||||||||
31,617 | BG Group PLC | 533,737 | 1.2 | ||||||||||||||||
80,436 | BP PLC | 582,851 | 1.3 | ||||||||||||||||
70,155 | HSBC Holdings PLC | 768,337 | 1.8 | ||||||||||||||||
25,073 | Imperial Tobacco Group PLC | 896,507 | 2.0 | ||||||||||||||||
14,032 | Shire PLC | 437,405 | 1.0 | ||||||||||||||||
17,821 | Standard Chartered PLC | 448,508 | 1.0 | ||||||||||||||||
55,997 | Other Securities | 790,020 | 1.8 | ||||||||||||||||
4,457,365 | 10.1 | ||||||||||||||||||
United States: 36.2% | |||||||||||||||||||
8,043 | @ | Adobe Systems, Inc. | 362,578 | 0.8 | |||||||||||||||
10,076 | Amgen, Inc. | 1,050,020 | 2.4 | ||||||||||||||||
1,410 | Apple, Inc. | 624,278 | 1.4 | ||||||||||||||||
17,653 | Blackstone Group LP | 362,769 | 0.8 | ||||||||||||||||
8,657 | Boeing Co. | 791,336 | 1.8 | ||||||||||||||||
3,669 | @ | Celgene Corp. | 433,199 | 1.0 | |||||||||||||||
13,708 | Citigroup, Inc. | 639,615 | 1.4 | ||||||||||||||||
7,503 | Coach, Inc. | 441,627 | 1.0 | ||||||||||||||||
874 | @ | Google, Inc. - Class A | 720,674 | 1.6 | |||||||||||||||
11,476 | Halliburton Co. | 490,829 | 1.1 | ||||||||||||||||
14,332 | KBR, Inc. | 431,107 | 1.0 | ||||||||||||||||
11,837 | Mead Johnson Nutrition Co. | 959,862 | 2.2 | ||||||||||||||||
3,360 | Monsanto Co. | 358,915 | 0.8 | ||||||||||||||||
12,922 | @ | NetApp, Inc. | 450,849 | 1.0 | |||||||||||||||
4,163 | Occidental Petroleum Corp. | 371,589 | 0.8 | ||||||||||||||||
20,707 | Pfizer, Inc. | 601,952 | 1.4 | ||||||||||||||||
15,502 | @ | Quanta Services, Inc. | 425,995 | 1.0 | |||||||||||||||
4,692 | Schlumberger Ltd. | 349,226 | 0.8 | ||||||||||||||||
6,634 | Thermo Fisher Scientific, Inc. | 535,231 | 1.2 | ||||||||||||||||
13,672 | Yum! Brands, Inc. | 931,337 | 2.1 | ||||||||||||||||
157,926 | Other Securities (a) | 4,659,935 | 10.6 | ||||||||||||||||
15,992,923 | 36.2 | ||||||||||||||||||
Total Common Stock (Cost $36,356,505) | 42,874,990 | 97.2 | |||||||||||||||||
EXCHANGE-TRADED FUNDS: 1.5% | |||||||||||||||||||
6,355 | SPDR S&P Biotech ETF | 672,423 | 1.5 | ||||||||||||||||
Total Exchange- Traded Funds (Cost $316,383) | 672,423 | 1.5 | |||||||||||||||||
Total Long-Term Investments (Cost $36,672,888) | 43,547,413 | 98.7 |
Principal Amount† | Value | Percentage of Net Assets | |||||||||||||||||
SHORT-TERM INVESTMENTS: 3.2% | |||||||||||||||||||
Securities Lending Collateralcc(1): 3.2% | |||||||||||||||||||
$ | 414,713 | Citigroup, Inc., Repurchase Agreement dated 04/30/13, 0.14%, due 05/01/13 (Repurchase Amount $414,715, collateralized by various U.S. Government Securities, 0.125%- 6.000%, Market Value plus accrued interest $423,007, due 07/31/13- 11/15/42) | $ | 414,713 | 0.9 | ||||||||||||||
1,000,000 | Daiwa Capital Markets, Repurchase Agreement dated 03/28/13, 0.20%, due 05/01/13 (Repurchase Amount $1,000,186, collateralized by various U.S. Government Agency Obligations, 1.378%-6.500%, Market Value plus accrued interest $1,020,101, due 06/01/17-03/01/48) | 1,000,000 | 2.3 | ||||||||||||||||
1,414,713 | 3.2 | ||||||||||||||||||
Total Short-Term Investments (Cost $1,414,713) | 1,414,713 | 3.2 | |||||||||||||||||
Total Investments in Securities (Cost $38,087,601) | $ | 44,962,126 | 101.9 | ||||||||||||||||
Liabilities in Excess of Other Assets | (828,473 | ) | (1.9 | ) | |||||||||||||||
Net Assets | $ | 44,133,653 | 100.0 |
"Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2013.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
† Unless otherwise indicated, principal amount is shown in USD.
@ Non-income producing security
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, 2013.
(1) Collateral received from brokers for securities lending was invested into these short-term investments.
(a) This grouping contains securities on loan.
Cost for federal income tax purposes is $38,445,676.
Net unrealized appreciation consists of: | |||||||
Gross Unrealized Appreciation | $ | 9,271,626 | |||||
Gross Unrealized Depreciation | (2,755,176 | ) | |||||
Net Unrealized Appreciation | $ | 6,516,450 |
See Accompanying Notes to Financial Statements
56
SUMMARY PORTFOLIO OF INVESTMENTS
ING GLOBAL OPPORTUNITIES FUND AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Sector Diversification | Percentage of Net Assets | ||||||
Information Technology | 15.4 | % | |||||
Financials | 15.3 | ||||||
Health Care | 14.5 | ||||||
Energy | 11.6 | ||||||
Consumer Discretionary | 11.5 | ||||||
Consumer Staples | 9.9 | ||||||
Materials | 9.1 | ||||||
Industrials | 8.1 | ||||||
Exchange-Traded Funds | 1.5 | ||||||
Utilities | 1.0 | ||||||
Telecommunication Services | 0.8 | ||||||
Short-Term Investments | 3.2 | ||||||
Liabilities in Excess of Other Assets | (1.9 | ) | |||||
Net Assets | 100.0 | % |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of April 30, 2013 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at 04/30/13 | ||||||||||||||||
Asset Table | |||||||||||||||||||
Investments, at fair value | |||||||||||||||||||
Common Stock | |||||||||||||||||||
Australia | $ | 237,093 | $ | — | $ | — | $ | 237,093 | |||||||||||
Brazil | 589,112 | — | — | 589,112 | |||||||||||||||
Cambodia | — | 95,407 | — | 95,407 | |||||||||||||||
Canada | 2,341,669 | — | — | 2,341,669 | |||||||||||||||
China | 345,718 | 2,383,682 | — | 2,729,400 | |||||||||||||||
Colombia | 237,494 | — | — | 237,494 | |||||||||||||||
France | — | 1,245,417 | — | 1,245,417 | |||||||||||||||
Germany | — | 1,458,486 | — | 1,458,486 | |||||||||||||||
Hong Kong | — | 893,760 | — | 893,760 | |||||||||||||||
India | 236,916 | 1,112,582 | — | 1,349,498 | |||||||||||||||
Indonesia | — | 1,199,161 | — | 1,199,161 | |||||||||||||||
Israel | 563,269 | — | — | 563,269 | |||||||||||||||
Japan | — | 2,369,704 | — | 2,369,704 | |||||||||||||||
Malaysia | — | 199,320 | — | 199,320 | |||||||||||||||
Netherlands | — | 1,880,946 | — | 1,880,946 | |||||||||||||||
Norway | — | 354,925 | — | 354,925 | |||||||||||||||
Peru | 270,158 | — | — | 270,158 | |||||||||||||||
Philippines | — | 216,968 | — | 216,968 | |||||||||||||||
Poland | — | 170,492 | — | 170,492 | |||||||||||||||
Russia | 184,219 | 240,763 | — | 424,982 | |||||||||||||||
Singapore | — | 520,851 | — | 520,851 | |||||||||||||||
South Korea | — | 655,552 | — | 655,552 | |||||||||||||||
Switzerland | — | 2,421,038 | — | 2,421,038 | |||||||||||||||
United Kingdom | — | 4,457,365 | — | 4,457,365 | |||||||||||||||
United States | 15,992,923 | — | — | 15,992,923 | |||||||||||||||
Total Common Stock | 20,998,571 | 21,876,419 | — | 42,874,990 | |||||||||||||||
Exchange-Traded Funds | 672,423 | — | — | 672,423 | |||||||||||||||
Short-Term Investments | — | 1,414,713 | — | 1,414,713 | |||||||||||||||
Total Investments, at fair value | $ | 21,670,994 | $ | 23,291,132 | $ | — | $ | 44,962,126 |
^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.
# 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 portion of the Fund's investments are categorized as Level 2 investments.
See Accompanying Notes to Financial Statements
57
SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL CORE FUND AS OF APRIL 30, 2013 (UNAUDITED)
Shares | Value | Percentage of Net Assets | |||||||||||||||||
COMMON STOCK: 96.1% | |||||||||||||||||||
Argentina: 0.2% | |||||||||||||||||||
11,600 | Other Securities | $ | 1,166,844 | 0.2 | |||||||||||||||
Australia: 1.0% | |||||||||||||||||||
525,612 | Other Securities | 4,810,785 | 1.0 | ||||||||||||||||
Austria: 0.3% | |||||||||||||||||||
43,986 | Other Securities | 1,378,683 | 0.3 | ||||||||||||||||
Belgium: 1.9% | |||||||||||||||||||
79,509 | Anheuser-Busch InBev Worldwide, Inc. | 7,638,478 | 1.6 | ||||||||||||||||
31,053 | Other Securities | 1,439,189 | 0.3 | ||||||||||||||||
9,077,667 | 1.9 | ||||||||||||||||||
Brazil: 2.5% | |||||||||||||||||||
210,475 | Itau Unibanco Holding S.A. ADR | 3,542,294 | 0.7 | ||||||||||||||||
484,789 | Other Securities | 8,632,745 | 1.8 | ||||||||||||||||
12,175,039 | 2.5 | ||||||||||||||||||
Canada: 5.4% | |||||||||||||||||||
87,611 | Canadian National Railway Co. | 8,577,173 | 1.8 | ||||||||||||||||
48,239 | @ | Lululemon Athletica, Inc. | 3,672,435 | 0.8 | |||||||||||||||
65,700 | Tim Hortons, Inc. | 3,559,388 | 0.7 | ||||||||||||||||
322,975 | Other Securities | 10,332,296 | 2.1 | ||||||||||||||||
26,141,292 | 5.4 | ||||||||||||||||||
China: 5.3% | |||||||||||||||||||
1,034,600 | China Pacific Insurance Group Co., Ltd. | 3,728,947 | 0.8 | ||||||||||||||||
1,870,248 | CNOOC Ltd. | 3,503,105 | 0.7 | ||||||||||||||||
5,872,651 | Industrial and Commercial Bank of China Ltd. | 4,139,663 | 0.9 | ||||||||||||||||
8,665,182 | Other Securities | 14,053,465 | 2.9 | ||||||||||||||||
25,425,180 | 5.3 | ||||||||||||||||||
Colombia: 0.1% | |||||||||||||||||||
61,006 | Other Securities | 427,858 | 0.1 | ||||||||||||||||
Denmark: 1.3% | |||||||||||||||||||
34,318 | Novo-Nordisk A/S | 6,040,820 | 1.3 | ||||||||||||||||
Finland: 0.5% | |||||||||||||||||||
27,988 | Other Securities | 2,473,818 | 0.5 |
Shares | Value | Percentage of Net Assets | |||||||||||||||||
France: 10.8% | |||||||||||||||||||
83,922 | Air Liquide | $ | 10,632,603 | 2.2 | |||||||||||||||
278,785 | AXA S.A. | 5,220,703 | 1.1 | ||||||||||||||||
81,700 | BNP Paribas | 4,555,423 | 0.9 | ||||||||||||||||
32,480 | LVMH Moet Hennessy Louis Vuitton S.A. | 5,628,290 | 1.2 | ||||||||||||||||
63,307 | Publicis Groupe | 4,402,265 | 0.9 | ||||||||||||||||
19,564 | Unibail-Rodamco SE | 5,114,316 | 1.0 | ||||||||||||||||
328,149 | Other Securities | 16,786,316 | 3.5 | ||||||||||||||||
52,339,916 | 10.8 | ||||||||||||||||||
Germany: 5.9% | |||||||||||||||||||
46,413 | Adidas AG | 4,853,279 | 1.0 | ||||||||||||||||
103,069 | Deutsche Bank AG | 4,744,579 | 1.0 | ||||||||||||||||
66,288 | Fresenius Medical Care AG & Co. KGaA | 4,566,966 | 1.0 | ||||||||||||||||
55,953 | SAP AG | 4,460,684 | 0.9 | ||||||||||||||||
38,369 | Siemens AG | 4,009,063 | 0.8 | ||||||||||||||||
86,068 | Other Securities | 5,960,338 | 1.2 | ||||||||||||||||
28,594,909 | 5.9 | ||||||||||||||||||
Hong Kong: 3.3% | |||||||||||||||||||
1,961,936 | AIA Group Ltd. | 8,727,593 | 1.8 | ||||||||||||||||
238,661 | Hong Kong Exchanges and Clearing Ltd. | 4,025,151 | 0.9 | ||||||||||||||||
938,420 | Other Securities | 2,991,831 | 0.6 | ||||||||||||||||
15,744,575 | 3.3 | ||||||||||||||||||
India: 0.9% | |||||||||||||||||||
541,514 | Other Securities | 4,314,053 | 0.9 | ||||||||||||||||
Ireland: 0.8% | |||||||||||||||||||
44,921 | @ | Accenture PLC | 3,658,366 | 0.8 | |||||||||||||||
Israel: 0.4% | |||||||||||||||||||
47,607 | Other Securities | 1,919,558 | 0.4 | ||||||||||||||||
Italy: 2.3% | |||||||||||||||||||
1,318,857 | Snam Rete Gas S.p.A. | 6,490,262 | 1.3 | ||||||||||||||||
1,385,588 | Other Securities | 4,779,768 | 1.0 | ||||||||||||||||
11,270,030 | 2.3 | ||||||||||||||||||
Japan: 16.4% | |||||||||||||||||||
23,028 | Fanuc Ltd. | 3,476,126 | 0.7 | ||||||||||||||||
114,300 | Japan Tobacco, Inc. | 4,320,682 | 0.9 | ||||||||||||||||
171,059 | Komatsu Ltd. | 4,686,669 | 1.0 | ||||||||||||||||
1,929,725 | Mitsubishi UFJ Financial Group, Inc. | 13,092,885 | 2.7 | ||||||||||||||||
86,904 | Softbank Corp. | 4,309,912 | 0.9 | ||||||||||||||||
106,757 | Toyota Motor Corp. | 6,195,947 | 1.3 | ||||||||||||||||
2,520,421 | Other Securities | 43,081,878 | 8.9 | ||||||||||||||||
79,164,099 | 16.4 |
See Accompanying Notes to Financial Statements
58
SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL CORE FUND AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Shares | Value | Percentage of Net Assets | |||||||||||||||||
Malaysia: 0.1% | |||||||||||||||||||
355,400 | Other Securities | $ | 342,544 | 0.1 | |||||||||||||||
Mexico: 1.0% | |||||||||||||||||||
1,474,026 | Other Securities | 4,752,832 | 1.0 | ||||||||||||||||
Netherlands: 1.4% | |||||||||||||||||||
156,628 | Other Securities | 6,758,870 | 1.4 | ||||||||||||||||
Norway: 0.2% | |||||||||||||||||||
29,151 | Other Securities | 990,621 | 0.2 | ||||||||||||||||
Panama: 0.3% | |||||||||||||||||||
10,000 | Other Securities | 1,255,800 | 0.3 | ||||||||||||||||
Poland: 0.1% | |||||||||||||||||||
26,409 | Other Securities | 594,031 | 0.1 | ||||||||||||||||
Portugal: 0.8% | |||||||||||||||||||
756,760 | Other Securities | 3,757,791 | 0.8 | ||||||||||||||||
Russia: 0.1% | |||||||||||||||||||
54,200 | Other Securities | 697,012 | 0.1 | ||||||||||||||||
South Korea: 1.0% | |||||||||||||||||||
3,585 | Samsung Electronics Co., Ltd. | 4,958,128 | 1.0 | ||||||||||||||||
Spain: 0.9% | |||||||||||||||||||
255,120 | Other Securities | 4,318,030 | 0.9 | ||||||||||||||||
Sweden: 1.5% | |||||||||||||||||||
92,409 | Assa Abloy AB | 3,698,096 | 0.8 | ||||||||||||||||
101,043 | Hennes & Mauritz AB | 3,588,405 | 0.7 | ||||||||||||||||
7,286,501 | 1.5 | ||||||||||||||||||
Switzerland: 8.6% | |||||||||||||||||||
162,721 | Julius Baer Group Ltd. | 6,486,771 | 1.3 | ||||||||||||||||
67,993 | Novartis AG | 5,033,358 | 1.0 | ||||||||||||||||
58,772 | Roche Holding AG - Genusschein | 14,713,019 | 3.1 | ||||||||||||||||
8,100 | Syngenta AG | 3,462,907 | 0.7 | ||||||||||||||||
201,371 | Other Securities | 11,827,187 | 2.5 | ||||||||||||||||
41,523,242 | 8.6 | ||||||||||||||||||
Taiwan: 0.8% | |||||||||||||||||||
985,000 | Taiwan Semiconductor Manufacturing Co., Ltd. | 3,655,760 | 0.8 |
Shares | Value | Percentage of Net Assets | |||||||||||||||||
United Arab Emirates: 0.1% | |||||||||||||||||||
143,823 | Other Securities | $ | 692,563 | 0.1 | |||||||||||||||
United Kingdom: 17.8% | |||||||||||||||||||
705,336 | BP PLC | 5,110,967 | 1.1 | ||||||||||||||||
67,540 | British American Tobacco PLC | 3,744,097 | 0.8 | ||||||||||||||||
126,359 | Diageo PLC | 3,858,700 | 0.8 | ||||||||||||||||
427,781 | HSBC Holdings PLC | 4,681,797 | 1.0 | ||||||||||||||||
104,187 | Imperial Tobacco Group PLC | 3,725,297 | 0.8 | ||||||||||||||||
845,131 | Kingfisher PLC | 4,118,013 | 0.8 | ||||||||||||||||
433,974 | National Grid PLC | 5,531,958 | 1.1 | ||||||||||||||||
74,333 | Reckitt Benckiser PLC | 5,426,380 | 1.1 | ||||||||||||||||
479,217 | @ | Rolls-Royce Holdings PLC | 8,424,301 | 1.7 | |||||||||||||||
186,400 | Standard Chartered PLC | 4,691,206 | 1.0 | ||||||||||||||||
62,937,107 | Other Securities | 36,729,195 | 7.6 | ||||||||||||||||
86,041,911 | 17.8 | ||||||||||||||||||
United States: 2.1% | |||||||||||||||||||
65,901 | Schlumberger Ltd. | 4,905,011 | 1.0 | ||||||||||||||||
50,680 | Yum! Brands, Inc. | 3,452,322 | 0.7 | ||||||||||||||||
57,213 | Other Securities | 2,030,529 | 0.4 | ||||||||||||||||
10,387,862 | 2.1 | ||||||||||||||||||
Total Common Stock (Cost $418,368,518) | 464,136,990 | 96.1 | |||||||||||||||||
EXCHANGE-TRADED FUNDS: 0.4% | |||||||||||||||||||
66,100 | Other Securities | 1,773,146 | 0.4 | ||||||||||||||||
Total Exchange- Traded Funds (Cost $1,668,676) | 1,773,146 | 0.4 | |||||||||||||||||
PREFERRED STOCK: 0.4% | |||||||||||||||||||
Germany: 0.4% | |||||||||||||||||||
37,448 | Other Securities | 2,224,671 | 0.4 | ||||||||||||||||
Total Preferred Stock (Cost $2,351,326) | 2,224,671 | 0.4 | |||||||||||||||||
RIGHTS: 0.0% | |||||||||||||||||||
Spain: 0.0% | |||||||||||||||||||
34 | Other Securities | 5 | 0.0 | ||||||||||||||||
Total Rights (Cost $6) | 5 | 0.0 | |||||||||||||||||
WARRANTS: 0.2% | |||||||||||||||||||
Materials: 0.2% | |||||||||||||||||||
124,140 | Other Securities | 870,640 | 0.2 | ||||||||||||||||
Total Warrants (Cost $837,945) | 870,640 | 0.2 | |||||||||||||||||
Total Long-Term Investments (Cost $423,226,471) | 469,005,452 | 97.1 |
See Accompanying Notes to Financial Statements
59
SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL CORE FUND AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Shares | Value | Percentage of Net Assets | |||||||||||||||||
SHORT-TERM INVESTMENTS: 3.6% | |||||||||||||||||||
Mutual Funds: 3.6% | |||||||||||||||||||
17,367,719 | BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $17,367,719) | $ | 17,367,719 | 3.6 | |||||||||||||||
Total Short-Term Investments (Cost $17,367,719) | 17,367,719 | 3.6 | |||||||||||||||||
Total Investments in Securities (Cost $440,594,190) | $ | 486,373,171 | 100.7 | ||||||||||||||||
Liabilities in Excess of Other Assets | (3,363,296 | ) | (0.7 | ) | |||||||||||||||
Net Assets | $ | 483,009,875 | 100.0 |
"Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2013.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
@ Non-income producing security
ADR American Depositary Receipt
Cost for federal income tax purposes is $444,461,473.
Net unrealized appreciation consists of: | |||||||
Gross Unrealized Appreciation | $ | 53,882,775 | |||||
Gross Unrealized Depreciation | (11,971,077 | ) | |||||
Net Unrealized Appreciation | $ | 41,911,698 | |||||
Sector Diversification | Percentage of Net Assets | ||||||
Financials | 23.8 | % | |||||
Consumer Discretionary | 15.6 | ||||||
Industrials | 13.4 | ||||||
Consumer Staples | 10.4 | ||||||
Health Care | 9.6 | ||||||
Information Technology | 7.8 | ||||||
Materials | 6.2 | ||||||
Energy | 5.5 | ||||||
Telecommunication Services | 2.8 | ||||||
Utilities | 1.6 | ||||||
Exchange-Traded Funds | 0.4 | ||||||
Rights | 0.0 | ||||||
Short-Term Investments | 3.6 | ||||||
Liabilities in Excess of Other Assets | (0.7 | ) | |||||
Net Assets | 100.0 | % |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of April 30, 2013 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at 04/30/13 | ||||||||||||||||
Asset Table | |||||||||||||||||||
Investments, at fair value | |||||||||||||||||||
Common Stock | |||||||||||||||||||
Argentina | $ | 1,166,844 | $ | — | $ | — | $ | 1,166,844 | |||||||||||
Australia | — | 4,810,785 | — | 4,810,785 | |||||||||||||||
Austria | — | 1,378,683 | — | 1,378,683 | |||||||||||||||
Belgium | — | 9,077,667 | — | 9,077,667 | |||||||||||||||
Brazil | 8,632,745 | 3,542,294 | — | 12,175,039 | |||||||||||||||
Canada | 26,141,292 | — | — | 26,141,292 | |||||||||||||||
China | 2,844,211 | 22,580,969 | — | 25,425,180 | |||||||||||||||
Colombia | — | 427,858 | — | 427,858 | |||||||||||||||
Denmark | — | 6,040,820 | — | 6,040,820 | |||||||||||||||
Finland | — | 2,473,818 | — | 2,473,818 | |||||||||||||||
France | 5,114,316 | 47,225,600 | — | 52,339,916 | |||||||||||||||
Germany | — | 28,594,909 | — | 28,594,909 | |||||||||||||||
Hong Kong | 170,734 | 15,573,841 | — | 15,744,575 | |||||||||||||||
India | 954,408 | 3,359,645 | — | 4,314,053 | |||||||||||||||
Ireland | 3,658,366 | — | — | 3,658,366 | |||||||||||||||
Israel | 1,919,558 | — | — | 1,919,558 | |||||||||||||||
Italy | — | 11,270,030 | — | 11,270,030 | |||||||||||||||
Japan | — | 79,164,099 | — | 79,164,099 | |||||||||||||||
Malaysia | — | 342,544 | — | 342,544 | |||||||||||||||
Mexico | 4,752,832 | — | — | 4,752,832 | |||||||||||||||
Netherlands | 3,555,096 | 3,203,774 | — | 6,758,870 | |||||||||||||||
Norway | — | 990,621 | — | 990,621 | |||||||||||||||
Panama | 1,255,800 | — | — | 1,255,800 | |||||||||||||||
Poland | — | 594,031 | — | 594,031 |
See Accompanying Notes to Financial Statements
60
SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL CORE FUND AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at 04/30/13 | ||||||||||||||||
Portugal | $ | — | $ | 3,757,791 | $ | — | $ | 3,757,791 | |||||||||||
Russia | 697,012 | — | — | 697,012 | |||||||||||||||
South Korea | — | 4,958,128 | — | 4,958,128 | |||||||||||||||
Spain | — | 4,318,030 | — | 4,318,030 | |||||||||||||||
Sweden | — | 7,286,501 | — | 7,286,501 | |||||||||||||||
Switzerland | — | 41,523,242 | — | 41,523,242 | |||||||||||||||
Taiwan | — | 3,655,760 | — | 3,655,760 | |||||||||||||||
United Arab Emirates | 692,563 | — | — | 692,563 | |||||||||||||||
United Kingdom | 1,182,217 | 84,859,694 | — | 86,041,911 | |||||||||||||||
United States | 10,387,862 | — | — | 10,387,862 | |||||||||||||||
Total Common Stock | 73,125,856 | 391,011,134 | — | 464,136,990 | |||||||||||||||
Exchange-Traded Funds | 1,773,146 | — | — | 1,773,146 | |||||||||||||||
Preferred Stock | — | 2,224,671 | — | 2,224,671 | |||||||||||||||
Rights | — | 5 | — | 5 | |||||||||||||||
Warrants | — | 870,640 | — | 870,640 | |||||||||||||||
Short-Term Investments | 17,367,719 | — | — | 17,367,719 | |||||||||||||||
Total Investments, at fair value | $ | 92,266,721 | $ | 394,106,450 | $ | — | $ | 486,373,171 | |||||||||||
Other Financial Instruments+ | |||||||||||||||||||
Forward Foreign Currency Contracts | — | 825,167 | — | 825,167 | |||||||||||||||
Total Assets | $ | 92,266,721 | $ | 394,931,617 | $ | — | $ | 487,198,338 | |||||||||||
Liabilities Table | |||||||||||||||||||
Other Financial Instruments+ | |||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (519,818 | ) | $ | — | $ | (519,818 | ) | |||||||||
Total Liabilities | $ | — | $ | (519,818 | ) | $ | — | $ | (519,818 | ) |
^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.
+ Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, equity forwards, futures, swaps, and written options. Forward foreign currency contracts, equity forwards and futures are valued at the unrealized gain (loss) on the instrument. Swaps and written options are valued at the fair value of the instrument.
# 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 portion of the Fund's investments are categorized as Level 2 investments.
At April 30, 2013, the following forward foreign currency contracts were outstanding for the ING International Core Fund:
Counterparty | Currency | Contract Amount | Buy/Sell | Settlement Date | In Exchange For | Fair Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
Brown Brothers Harriman | Japanese Yen | 11,517,423 | Buy | 05/07/13 | $ | 117,940 | $ | 118,148 | $ | 208 | |||||||||||||||||||||
State Street Bank | EU Euro | 3,200,800 | Buy | 05/08/13 | 4,225,584 | 4,215,462 | (10,122 | ) | |||||||||||||||||||||||
$ | (9,914 | ) | |||||||||||||||||||||||||||||
Credi Suisse Group AG | Japanese Yen | 1,493,163 | Sell | 05/07/13 | $ | 15,290 | $ | 15,317 | $ | (27 | ) | ||||||||||||||||||||
State Street Bank | Japanese Yen | 319,563,800 | Sell | 07/08/13 | 3,210,409 | 3,279,272 | (68,863 | ) | |||||||||||||||||||||||
State Street Bank | Japanese Yen | 621,231,000 | Sell | 07/08/13 | 6,289,737 | 6,374,895 | (85,158 | ) | |||||||||||||||||||||||
State Street Bank | Japanese Yen | 463,202,500 | Sell | 07/08/13 | 4,756,776 | 4,753,251 | 3,525 | ||||||||||||||||||||||||
State Street Bank | EU Euro | 14,660,900 | Sell | 10/29/13 | 19,088,052 | 19,334,160 | (246,108 | ) | |||||||||||||||||||||||
State Street Bank | Japanese Yen | 287,365,100 | Sell | 07/08/13 | 2,995,414 | 2,948,858 | 46,556 | ||||||||||||||||||||||||
State Street Bank | EU Euro | 3,200,800 | Sell | 05/08/13 | 4,105,922 | 4,215,462 | (109,540 | ) | |||||||||||||||||||||||
State Street Bank | Japanese Yen | 672,751,400 | Sell | 07/08/13 | 7,678,461 | 6,903,583 | 774,878 | ||||||||||||||||||||||||
$ | 315,263 |
See Accompanying Notes to Financial Statements
61
SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL CORE FUND AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of April 30, 2013 was as follows:
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | |||||||||
Asset Derivatives | |||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 825,167 | ||||||||
Total Asset Derivatives | $ | 825,167 | |||||||||
Liability Derivatives | |||||||||||
Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $ | 519,818 | ||||||||
Total Liability Derivatives | $ | 519,818 |
The effect of derivative instruments on the Fund's Statement of Operations for the six months ended April 30, 2013 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |||||||
Derivatives not accounted for as hedging instruments | Foreign currency related transactions* | ||||||
Foreign exchange contracts | $ | 441,656 | |||||
Total | $ | 441,656 | |||||
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |||||||
Derivatives not accounted for as hedging instruments | Foreign currency related transactions* | ||||||
Foreign exchange contracts | $ | 189,126 | |||||
Total | $ | 189,126 |
* Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions.
See Accompanying Notes to Financial Statements
62
SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL GROWTH FUND AS OF APRIL 30, 2013 (UNAUDITED)
Shares | Value | Percentage of Net Assets | |||||||||||||||||
COMMON STOCK: 97.7% | |||||||||||||||||||
Australia: 6.8% | |||||||||||||||||||
367,181 | Aristocrat Leisure Ltd. | $ | 1,500,692 | 0.8 | |||||||||||||||
29,754 | Cochlear Ltd. | 2,037,448 | 1.2 | ||||||||||||||||
145,044 | Seek Ltd. | 1,682,797 | 1.0 | ||||||||||||||||
197,349 | Treasury Wine Estates Ltd. | 1,196,119 | 0.7 | ||||||||||||||||
388,783 | Other Securities | 5,330,737 | 3.1 | ||||||||||||||||
11,747,793 | 6.8 | ||||||||||||||||||
Belgium: 0.8% | |||||||||||||||||||
20,832 | Other Securities | 1,374,020 | 0.8 | ||||||||||||||||
Brazil: 2.2% | |||||||||||||||||||
332,100 | Other Securities | 3,815,942 | 2.2 | ||||||||||||||||
Canada: 1.6% | |||||||||||||||||||
103,800 | Other Securities | 2,829,923 | 1.6 | ||||||||||||||||
China: 4.7% | |||||||||||||||||||
33,603 | Mindray Medical International Ltd. ADR | 1,326,983 | 0.8 | ||||||||||||||||
168,000 | Tsingtao Brewery Co., Ltd. | 1,126,881 | 0.6 | ||||||||||||||||
1,758,072 | Other Securities | 5,664,953 | 3.3 | ||||||||||||||||
8,118,817 | 4.7 | ||||||||||||||||||
Denmark: 3.3% | |||||||||||||||||||
30,237 | Carlsberg A/S | 2,811,085 | 1.6 | ||||||||||||||||
10,641 | Novo-Nordisk A/S | 1,873,080 | 1.1 | ||||||||||||||||
29,001 | Other Securities | 1,003,758 | 0.6 | ||||||||||||||||
5,687,923 | 3.3 | ||||||||||||||||||
Finland: 1.0% | |||||||||||||||||||
19,876 | Kone OYJ | 1,756,810 | 1.0 | ||||||||||||||||
France: 3.6% | |||||||||||||||||||
25,797 | Legrand S.A. | 1,203,909 | 0.7 | ||||||||||||||||
119,576 | Other Securities | 5,015,326 | 2.9 | ||||||||||||||||
6,219,235 | 3.6 | ||||||||||||||||||
Germany: 3.0% | |||||||||||||||||||
12,195 | Adidas AG | 1,275,197 | 0.8 | ||||||||||||||||
69,413 | Other Securities | 3,821,626 | 2.2 | ||||||||||||||||
5,096,823 | 3.0 |
Shares | Value | Percentage of Net Assets | |||||||||||||||||
Hong Kong: 3.8% | |||||||||||||||||||
390,000 | Cafe de Coral Holdings Ltd. | $ | 1,239,339 | 0.7 | |||||||||||||||
42,500 | Jardine Strategic Holdings Ltd. | 1,659,598 | 1.0 | ||||||||||||||||
1,235,100 | Other Securities | 3,575,570 | 2.1 | ||||||||||||||||
6,474,507 | 3.8 | ||||||||||||||||||
India: 1.7% | |||||||||||||||||||
339,729 | Other Securities | 2,968,929 | 1.7 | ||||||||||||||||
Indonesia: 0.3% | |||||||||||||||||||
202,000 | Other Securities | 537,074 | 0.3 | ||||||||||||||||
Ireland: 0.4% | |||||||||||||||||||
7,900 | Other Securities | 643,376 | 0.4 | ||||||||||||||||
Israel: 0.4% | |||||||||||||||||||
126,604 | Other Securities | 717,845 | 0.4 | ||||||||||||||||
Italy: 1.5% | |||||||||||||||||||
131,975 | Fiat Industrial SpA | 1,490,301 | 0.9 | ||||||||||||||||
36,409 | Other Securities | 1,103,203 | 0.6 | ||||||||||||||||
2,593,504 | 1.5 | ||||||||||||||||||
Japan: 14.0% | |||||||||||||||||||
58,800 | Asahi Group Holdings, Ltd. | 1,462,213 | 0.9 | ||||||||||||||||
4,900 | Fast Retailing Co., Ltd. | 1,796,899 | 1.0 | ||||||||||||||||
45,300 | Kao Corp. | 1,566,386 | 0.9 | ||||||||||||||||
98,000 | Mitsui Sumitomo Insurance Group Holdings, Inc. | 2,629,407 | 1.5 | ||||||||||||||||
77,300 | Namco Bandai Holdings, Inc. | 1,408,903 | 0.8 | ||||||||||||||||
54,300 | Olympus Corp. | 1,363,353 | 0.8 | ||||||||||||||||
21,100 | Shimano, Inc. | 1,837,910 | 1.1 | ||||||||||||||||
73,600 | THK Co., Ltd. | 1,550,105 | 0.9 | ||||||||||||||||
359,485 | Other Securities | 10,514,668 | 6.1 | ||||||||||||||||
24,129,844 | 14.0 | ||||||||||||||||||
Malaysia: 0.4% | |||||||||||||||||||
571,400 | Other Securities | 746,602 | 0.4 | ||||||||||||||||
Mexico: 0.1% | |||||||||||||||||||
12,788 | Other Securities | 231,141 | 0.1 | ||||||||||||||||
Netherlands: 1.1% | |||||||||||||||||||
67,471 | Other Securities | 1,912,427 | 1.1 |
See Accompanying Notes to Financial Statements
63
SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL GROWTH FUND AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Shares | Value | Percentage of Net Assets | |||||||||||||||||
Norway: 0.3% | |||||||||||||||||||
22,590 | Other Securities | $ | 487,679 | 0.3 | |||||||||||||||
Oman: 0.1% | |||||||||||||||||||
112,906 | Other Securities | 181,545 | 0.1 | ||||||||||||||||
Russia: 0.4% | |||||||||||||||||||
46,857 | Other Securities | 617,753 | 0.4 | ||||||||||||||||
Singapore: 1.0% | |||||||||||||||||||
95,775 | United Overseas Bank Ltd. | 1,664,310 | 1.0 | ||||||||||||||||
South Africa: 0.8% | |||||||||||||||||||
203,120 | Other Securities | 1,361,100 | 0.8 | ||||||||||||||||
South Korea: 1.5% | |||||||||||||||||||
2,694 | Samsung Electronics Co., Ltd. GDR | 1,865,816 | 1.1 | ||||||||||||||||
2,620 | Other Securities | 684,816 | 0.4 | ||||||||||||||||
2,550,632 | 1.5 | ||||||||||||||||||
Spain: 1.9% | |||||||||||||||||||
197,763 | Distribuidora Internacional de Alimentacion SA | 1,532,943 | 0.9 | ||||||||||||||||
91,491 | Other Securities | 1,712,808 | 1.0 | ||||||||||||||||
3,245,751 | 1.9 | ||||||||||||||||||
Sweden: 5.7% | |||||||||||||||||||
84,456 | Atlas Copco AB - Class B | 2,015,073 | 1.1 | ||||||||||||||||
44,948 | Kinnevik Investment AB | 1,178,400 | 0.7 | ||||||||||||||||
80,013 | Scania AB - B Shares | 1,711,183 | 1.0 | ||||||||||||||||
64,089 | Svenska Handelsbanken AB | 2,921,700 | 1.7 | ||||||||||||||||
77,627 | Other Securities | 2,080,187 | 1.2 | ||||||||||||||||
9,906,543 | 5.7 | ||||||||||||||||||
Switzerland: 10.7% | |||||||||||||||||||
41,682 | Credit Suisse Group | 1,157,565 | 0.7 | ||||||||||||||||
5,034 | Geberit AG - Reg | 1,230,221 | 0.7 | ||||||||||||||||
6,206 | @ | Mettler Toledo International, Inc. | 1,296,806 | 0.7 | |||||||||||||||
48,856 | Nestle S.A. | 3,484,044 | 2.0 | ||||||||||||||||
15,317 | Roche Holding AG - Genusschein | 3,834,467 | 2.2 | ||||||||||||||||
8,785 | Schindler Holding AG | 1,318,316 | 0.8 | ||||||||||||||||
129,714 | Other Securities | 6,168,471 | 3.6 | ||||||||||||||||
18,489,890 | 10.7 |
Shares | Value | Percentage of Net Assets | |||||||||||||||||
Taiwan: 1.8% | |||||||||||||||||||
197,000 | Taiwan Semiconductor Manufacturing Co., Ltd. | $ | 731,152 | 0.4 | |||||||||||||||
58,100 | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1,108,548 | 0.7 | ||||||||||||||||
320,169 | Other Securities | 1,250,770 | 0.7 | ||||||||||||||||
3,090,470 | 1.8 | ||||||||||||||||||
Turkey: 1.2% | |||||||||||||||||||
357,633 | Turkiye Garanti Bankasi A/S | 1,978,754 | 1.1 | ||||||||||||||||
2,327 | Other Securities | 119,546 | 0.1 | ||||||||||||||||
2,098,300 | 1.2 | ||||||||||||||||||
United Arab Emirates: 0.4% | |||||||||||||||||||
42,961 | Other Securities | 659,620 | 0.4 | ||||||||||||||||
United Kingdom: 18.7% | |||||||||||||||||||
39,664 | @ | ASOS PLC | 1,973,750 | 1.1 | |||||||||||||||
163,056 | BG Group PLC | 2,752,604 | 1.6 | ||||||||||||||||
70,547 | BHP Billiton PLC | 1,984,684 | 1.2 | ||||||||||||||||
97,000 | Hargreaves Lansdown PLC | 1,477,257 | 0.9 | ||||||||||||||||
33,000 | Imperial Tobacco Group PLC | 1,179,944 | 0.7 | ||||||||||||||||
33,631 | Intertek Group PLC | 1,730,137 | 1.0 | ||||||||||||||||
134,741 | John Wood Group PLC | 1,626,288 | 0.9 | ||||||||||||||||
44,090 | Johnson Matthey PLC | 1,663,192 | 1.0 | ||||||||||||||||
224,510 | @ | Mitchells & Butlers PLC | 1,168,261 | 0.7 | |||||||||||||||
53,330 | Rightmove PLC | 1,590,953 | 0.9 | ||||||||||||||||
90,685 | Standard Chartered PLC | 2,282,307 | 1.3 | ||||||||||||||||
40,668 | Unilever PLC | 1,762,011 | 1.0 | ||||||||||||||||
69,774 | WPP PLC | 1,153,527 | 0.7 | ||||||||||||||||
6,970,096 | Other Securities | 9,863,308 | 5.7 | ||||||||||||||||
32,208,223 | 18.7 | ||||||||||||||||||
United States: 2.5% | |||||||||||||||||||
33,550 | Coca-Cola Enterprises, Inc. | 1,228,937 | 0.7 | ||||||||||||||||
66,260 | Other Securities | 3,041,411 | 1.8 | ||||||||||||||||
4,270,348 | 2.5 | ||||||||||||||||||
Total Common Stock (Cost $143,646,822) | 168,434,699 | 97.7 | |||||||||||||||||
PREFERRED STOCK: 0.0% | |||||||||||||||||||
United States: 0.0% | |||||||||||||||||||
911 | Other Securities | 4,537 | 0.0 | ||||||||||||||||
Total Preferred Stock (Cost $29,991) | 4,537 | 0.0 | |||||||||||||||||
Total Long-Term Investments (Cost $143,676,813) | 168,439,236 | 97.7 |
See Accompanying Notes to Financial Statements
64
SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL GROWTH FUND AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Principal Amount† | Value | Percentage of Net Assets | |||||||||||||||||
SHORT-TERM INVESTMENTS: 3.7% | |||||||||||||||||||
Securities Lending Collateralcc(1): 2.8% | |||||||||||||||||||
$ | 1,153,484 | BNP Paribas Bank, Repurchase Agreement dated 04/30/13, 0.14%, due 05/01/13 (Repurchase Amount $1,153,488, collateralized by various U.S. Government Securities, 0.250%-0.875%, Market Value plus accrued interest $1,176,554, due 05/31/14-03/31/18) | $ | 1,153,484 | 0.6 | ||||||||||||||
1,153,484 | Citigroup, Inc., Repurchase Agreement dated 04/30/13, 0.18%, due 05/01/13 (Repurchase Amount $1,153,490, collateralized by various U.S. Government Agency Obligations, 0.841%-6.500%, Market Value plus accrued interest $1,177,060, due 11/01/18-03/15/53) | 1,153,484 | 0.7 | ||||||||||||||||
1,153,484 | Deutsche Bank AG, Repurchase Agreement dated 04/30/13, 0.17%, due 05/01/13 (Repurchase Amount $1,153,489, collateralized by various U.S. Government Agency Obligations, 2.130%-7.500%, Market Value plus accrued interest $1,176,554, due 12/01/16-04/01/48) | 1,153,484 | 0.7 | ||||||||||||||||
1,153,484 | JPMorgan Chase & Co., Repurchase Agreement dated 04/30/13, 0.17%, due 05/01/13 (Repurchase Amount $1,153,489, collateralized by various U.S. Government Agency Obligations, 2.500%-6.500%, Market Value plus accrued interest $1,176,580, due 05/01/14-06/01/42) | 1,153,484 | 0.7 |
Principal Amount† | Value | Percentage of Net Assets | |||||||||||||||||
$ | 242,826 | Merrill Lynch & Co., Inc., Repurchase Agreement dated 04/30/13, 0.14%, due 05/01/13 (Repurchase Amount $242,827, collateralized by various U.S. Government Securities, 0.250%-2.750%, Market Value plus accrued interest $247,683, due 10/15/15-08/15/42) | $ | 242,826 | 0.1 | ||||||||||||||
4,856,762 | 2.8 | ||||||||||||||||||
Shares | Value | Percentage of Net Assets | |||||||||||||||||
Mutual Funds: 0.9% | |||||||||||||||||||
1,545,970 | T. Rowe Price Reserve Investment Fund (Cost $1,545,970) | $ | 1,545,970 | 0.9 | |||||||||||||||
Total Short-Term Investments (Cost $6,402,732) | 6,402,732 | 3.7 | |||||||||||||||||
Total Investments in Securities (Cost $150,079,545) | $ | 174,841,968 | 101.4 | ||||||||||||||||
Liabilities in Excess of Other Assets | (2,353,465 | ) | (1.4 | ) | |||||||||||||||
Net Assets | $ | 172,488,503 | 100.0 |
"Other Securities" represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of April 30, 2013.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
† Unless otherwise indicated, principal amount is shown in USD.
@ Non-income producing security
ADR American Depositary Receipt
GDR Global Depositary Receipt
cc Securities purchased with cash collateral for securities loaned.
(1) Collateral received from brokers for securities lending was invested into these short-term investments.
Cost for federal income tax purposes is $151,534,548.
Net unrealized appreciation consists of: | |||||||
Gross Unrealized Appreciation | $ | 30,618,199 | |||||
Gross Unrealized Depreciation | (7,310,779 | ) | |||||
Net Unrealized Appreciation | $ | 23,307,420 |
See Accompanying Notes to Financial Statements
65
SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL GROWTH FUND AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Sector Diversification | Percentage of Net Assets | ||||||
Consumer Discretionary | 19.1 | % | |||||
Financials | 18.5 | ||||||
Industrials | 18.1 | ||||||
Consumer Staples | 13.6 | ||||||
Health Care | 11.0 | ||||||
Energy | 5.5 | ||||||
Materials | 5.2 | ||||||
Information Technology | 4.9 | ||||||
Telecommunication Services | 1.5 | ||||||
Utilities | 0.3 | ||||||
Short-Term Investments | 3.7 | ||||||
Liabilities in Excess of Other Assets | (1.4 | ) | |||||
Net Assets | 100.0 | % |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of April 30, 2013 in valuing the assets and liabilities:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at 04/30/13 | ||||||||||||||||
Asset Table | |||||||||||||||||||
Investments, at fair value | |||||||||||||||||||
Common Stock | |||||||||||||||||||
Australia | $ | — | $ | 11,747,793 | $ | — | $ | 11,747,793 | |||||||||||
Belgium | — | 1,374,020 | — | 1,374,020 | |||||||||||||||
Brazil | 2,858,315 | 957,627 | — | 3,815,942 | |||||||||||||||
Canada | 2,829,923 | — | — | 2,829,923 | |||||||||||||||
China | 3,318,494 | 4,800,323 | — | 8,118,817 | |||||||||||||||
Denmark | — | 5,687,923 | — | 5,687,923 | |||||||||||||||
Finland | — | 1,756,810 | — | 1,756,810 | |||||||||||||||
France | 793,079 | 5,426,156 | — | 6,219,235 | |||||||||||||||
Germany | — | 5,096,823 | — | 5,096,823 | |||||||||||||||
Hong Kong | — | 6,474,507 | — | 6,474,507 | |||||||||||||||
India | — | 2,968,929 | — | 2,968,929 | |||||||||||||||
Indonesia | 537,074 | — | — | 537,074 | |||||||||||||||
Ireland | 643,376 | — | — | 643,376 | |||||||||||||||
Israel | 717,845 | — | — | 717,845 | |||||||||||||||
Italy | — | 2,593,504 | — | 2,593,504 | |||||||||||||||
Japan | 735,055 | 23,394,789 | — | 24,129,844 | |||||||||||||||
Malaysia | — | 746,602 | — | 746,602 | |||||||||||||||
Mexico | — | 231,141 | — | 231,141 | |||||||||||||||
Netherlands | — | 1,912,427 | — | 1,912,427 | |||||||||||||||
Norway | — | 487,679 | — | 487,679 | |||||||||||||||
Oman | — | 181,545 | — | 181,545 | |||||||||||||||
Russia | 560,953 | 56,800 | — | 617,753 | |||||||||||||||
Singapore | — | 1,664,310 | — | 1,664,310 | |||||||||||||||
South Africa | — | 1,361,100 | — | 1,361,100 | |||||||||||||||
South Korea | — | 2,550,632 | — | 2,550,632 | |||||||||||||||
Spain | — | 3,245,751 | — | 3,245,751 | |||||||||||||||
Sweden | — | 9,906,543 | — | 9,906,543 | |||||||||||||||
Switzerland | 1,296,806 | 17,193,084 | — | 18,489,890 | |||||||||||||||
Taiwan | 1,108,548 | 1,981,922 | — | 3,090,470 | |||||||||||||||
Turkey | — | 2,098,300 | — | 2,098,300 | |||||||||||||||
United Arab Emirates | — | 659,620 | — | 659,620 | |||||||||||||||
United Kingdom | — | 32,208,223 | — | 32,208,223 | |||||||||||||||
United States | 4,248,237 | — | 22,111 | 4,270,348 | |||||||||||||||
Total Common Stock | 19,647,705 | 148,764,883 | 22,111 | 168,434,699 |
See Accompanying Notes to Financial Statements
66
SUMMARY PORTFOLIO OF INVESTMENTS
ING INTERNATIONAL GROWTH FUND AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED)
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at 04/30/13 | ||||||||||||||||
Preferred Stock | $ | — | $ | — | $ | 4,537 | $ | 4,537 | |||||||||||
Short-Term Investments | 1,545,970 | 4,856,762 | — | 6,402,732 | |||||||||||||||
Total Investments, at fair value | $ | 21,193,675 | $ | 153,621,645 | $ | 26,648 | $ | 174,841,968 | |||||||||||
Other Financial Instruments+ | |||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 385 | $ | — | $ | 385 | |||||||||||
Total Assets | $ | 21,193,675 | $ | 153,622,030 | $ | 26,648 | $ | 174,842,353 |
^ See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.
+ Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, equity forwards, futures, swaps, and written options. Forward foreign currency contracts, equity forwards and futures are valued at the unrealized gain (loss) on the instrument. Swaps and written options are valued at the fair value of the instrument.
# 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 portion of the Fund's investments are categorized as Level 2 investments.
At April 30, 2013, the following forward foreign currency contracts were outstanding for the ING International Growth Fund:
Counterparty | Currency | Contract Amount | Buy/Sell | Settlement Date | In Exchange For | Fair Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
The Bank of New York Mellon Corp. | Japanese Yen | 1,318,259 | Buy | 05/07/13 | $ | 13,488 | $ | 13,524 | $ | 36 | |||||||||||||||||||||
The Bank of New York Mellon Corp. | South African Rand | 82,658 | Buy | 05/02/13 | 9,106 | 9,211 | 105 | ||||||||||||||||||||||||
The Bank of New York Mellon Corp. | South African Rand | 67,472 | Buy | 05/03/13 | 7,389 | 7,518 | 129 | ||||||||||||||||||||||||
The Bank of New York Mellon Corp. | South African Rand | 48,984 | Buy | 05/06/13 | 5,403 | 5,456 | 53 | ||||||||||||||||||||||||
The Bank of New York Mellon Corp. | South African Rand | 33,953 | Buy | 05/06/13 | 3,719 | 3,781 | 62 | ||||||||||||||||||||||||
$ | 385 |
A summary of derivative instruments by primary risk exposure is outlined in the following tables.
The fair value of derivative instruments as of April 30, 2013 was as follows:
Derivatives not accounted for as hedging instruments | Location on Statement of Assets and Liabilities | Fair Value | |||||||||
Asset Derivatives | |||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 385 | ||||||||
Total Asset Derivatives | $ | 385 |
The effect of derivative instruments on the Fund's Statement of Operations for the six months ended April 30, 2013 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |||||||
Derivatives not accounted for as hedging instruments | Foreign currency related transactions* | ||||||
Foreign exchange contracts | $ | (44,115 | ) | ||||
Total | $ | (44,115 | ) | ||||
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |||||||
Derivatives not accounted for as hedging instruments | Foreign currency related transactions* | ||||||
Foreign exchange contracts | $ | 385 | |||||
Total | $ | 385 |
* Amounts recognized for forward foreign currency contracts are included in net realized gain (loss) on foreign currency related transactions and net change in unrealized appreciation or depreciation on foreign currency related transactions.
See Accompanying Notes to Financial Statements
67
SHAREHOLDER MEETING INFORMATION (UNAUDITED)
A special meeting of shareholders of the ING Emerging Markets Equity Dividend Fund was held March 12, 2013, at the offices of ING Funds, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258.
Proposal:
1 To approve a new sub-advisory agreement between ING Investments, LLC and ING Investment Management Advisors, B.V. on behalf of the Fund.
Proposal | Shares voted for | Shares voted against or withheld | Shares abstained | Broker non-vote | Total Shares Voted | ||||||||||||||||||||||
ING Emerging Markets Equity Dividend Fund | 1 | * | 851,862.988 | 23,804.578 | 111,643.077 | 987,310.643 |
* Proposal passed
68
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 existing investment advisory and sub-advisory contracts for ING Emerging Markets Equity Dividend Fund, ING Emerging Markets Equity Fund, ING Global Equity Dividend Fund, ING Global Natural Resources Fund, ING Global Opportunities Fund, ING International Core Fund, and ING International Growth Fund (collectively, the "Funds") will remain in effect only if the Board of Trustees (the "Board") of ING Mutual Funds (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 29, 2012, 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 (collectively, the "Sub-Advisers").
The Independent Trustees also held separate meetings on October 24 and November 27, 2012 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 29, 2012 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 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 Board considered at the same meeting the advisory contracts and sub-advisory contracts that were subject to renewal for the investment companies in the ING Fund complex under its jurisdiction ("ING Funds"), 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 the request of the Independent Trustees 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, 2013. 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
The Board follows a structured process pursuant to which it seeks and considers relevant information when it decides whether to approve new or existing advisory and sub-advisory arrangements for the ING Funds, including the Funds' existing Advisory and Sub-Advisory Contracts. Among other actions, the Independent Trustees of the Board: retain 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; evaluate industry best practices in regard to the consideration of investment advisory and sub-advisory contracts; establish a specific format in which certain requested information is provided to the Board; and determine the process for reviewing such information in connection with advisory and sub-advisory contract renewals and approvals. The result is a process (the "Contract Review Process") employed by the Board and its Independent Trustees to review and analyze information in connection with the annual renewal of the ING Funds' advisory and sub-advisory contracts, as well as the review and approval of new advisory and sub-advisory relationships.
Since the Contract Review Process was first implemented, the Board's membership has changed through periodic retirements of some Trustees and the appointment and election of new Trustees. In addition, the Independent Trustees have reviewed and refined the renewal and approval process at least annually in
69
ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
order to request additional or revised information from Management and address certain unique characteristics related to new or existing ING Funds.
The Board has established (among other committees) two Investment Review Committees (each, an "IRC" and together, the "IRCs"), which meet independently and, at times, jointly, and a Contracts Committee. Among other matters, the Contracts Committee provides oversight with respect to the Contract Review Process, and each Fund is assigned to an IRC, which provides oversight regarding, among other matters, the investment performance of the Adviser and Sub-Advisers, as well as the oversight by the Adviser of the performance of the Sub-Advisers. The IRCs may apply a heightened level of scrutiny in cases where performance has lagged a Portfolio's relevant benchmark, Lipper, Inc. ("Lipper") category median, and/or Morningstar, Inc. ("Morningstar") category median, as applicable.
The type and format of the information provided to the Board or to legal counsel for the Independent Trustees in connection with the Contract Review Process has been codified in a 15(c) methodology guide for the ING 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. The Independent Trustees review and update the 15(c) Methodology Guide annually.
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 sheets data for a representative sample of the ING Funds. In addition, the Contracts Committee routinely employs 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 the selected peer group of investment companies ("Selected Peer Group") 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 IRCs review benchmarks used to assess the performance of the ING Funds.
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, 2013. 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, 2013, 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 meetings of the Board and its committees, as well as information furnished in connection with the contract renewal meetings.
The materials requested by the Independent Trustees and provided to the Board, K&L Gates and/or independent consultants that assist the Independent Trustees prior to the November 29, 2012 Board meeting included, among other information, the following items for each Fund: (1) FACT sheets that provided information regarding the expenses of the Fund and other similarly managed funds in its Selected Peer Group, as well as information regarding the Fund's performance, 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 Selected Peer Group were selected and how profitability was determined; (4) responses from the Adviser and Sub-Advisers to a series of questions posed by K&L Gates on behalf of the Independent Trustees; (5) copies of the forms of Advisory and Sub-Advisory Contracts; (6) copies of the Forms ADV for the Adviser and Sub-Advisers; (7) financial statements for the Adviser and Sub-Advisers; (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 the Funds of how performance, fees and expenses compare to its Selected Peer Group and/or designated
70
ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
benchmark(s); (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 Funds; and (11) other information relevant to the Board's evaluations.
The Board also noted that pursuant to an agreement with the European Commission, ING Groep, N.V. ("ING Groep"), the ultimate parent company of the Adviser and ING affiliated Sub-Advisers, has announced its intention to divest ING U.S., Inc. ("ING U.S."), its U.S.-based insurance, retirement services and investment management operations, which include the Adviser and ING affiliated Sub-Advisers, into an independent, standalone company by the end of 2016 (such divestment, the "Separation Plan"). ING U.S. is a wholly owned, indirect subsidiary of ING Groep and a parent company of the Adviser and ING affiliated Sub-Advisers. The Board further noted that the Separation Plan may result in the Adviser and ING affiliated Sub-Advisers' loss of access to the services and resources of their current ultimate parent company, which could adversely affect its businesses and profitability. The Board recognized that the Separation Plan contemplates one or more public offerings and each may be deemed to be a change of control. If a change of control is deemed to take place, the investment advisory and sub-advisory agreements for the ING Funds, including the Funds, would terminate and trigger the necessity for new agreements, which would require the approval of the Board and, potentially, the shareholders of an ING Fund. The Board also recognized that there can be no assurance that the Separation Plan will be carried out. The Board considered the potential effects of the separation on the Funds, the Adviser and ING affiliated Sub-Advisers, including the Adviser's and ING affiliated Sub-Advisers' ability prior to, during and after the separation to perform the same level of service to the Funds as they currently provide. In this regard, the Board noted that the Adviser and ING affiliated Sub-Advisers do not currently anticipate that the separation would have a material adverse impact on the Funds or their operations and administration. The separation plan is discussed in more detail below under "APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS IN CONNECTION WITH SEPARATION PLAN."
For each Fund, Class A shares were used for purposes of certain comparisons between the Fund and its Selected Peer Group. Class A shares generally were selected so that a Fund's share class with the longest performance history was compared to the analogous class of shares for the funds in its Selected Peer Group.
The mutual funds included in the Funds' Selected Peer Groups were selected based upon criteria designed to represent the Fund share class being compared to the Selected Peer Group.
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 the Adviser. The Board recognized that the Adviser is responsible for monitoring the investment program and performance of the Sub-Advisers under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Adviser has developed to provide ongoing oversight of the nature, extent and quality of the services the Sub-Advisers provide to the applicable Funds and the Sub-Advisers' compliance with applicable laws and regulations. The Board noted that to assist in the selection and monitoring of the Sub-Advisers, the Adviser has developed an oversight process formulated by its Manager Research & Selection ("MR&S") group, which analyzes both qualitative (such as in-person meetings and telephonic meetings with the Sub-Advisers and research on sub-advisers) and quantitative information (such as performance data, portfolio data and attribution analysis) about the Sub-Advisers and the Funds that they manage. The Board recognized that the MR&S group also typically provides in-person reports to the IRCs at their meetings prior to any Sub-Adviser presentations. In addition, the Board noted that the MR&S group prepares periodic due diligence reports regarding the Sub-Advisers based on on-site visits and information and analysis which, team members use to attempt to gain and maintain an in-depth understanding of the Sub-Advisers' investment processes and to try to identify issues that may be relevant to the Sub-Advisers' services to a Fund and/or its performance. The Board also noted that the MR&S group provides written reports on these due diligence analyses to the pertinent IRC. The Board noted the resources that the Adviser has committed to its services as a manager-of-managers, including resources for reporting to the Board and the IRCs to assist them with their assessment of the investment performance of the ING Funds on an on-going 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 IRCs to analyze the key factors underlying investment performance for the ING Funds.
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The Board also considered the techniques that the Adviser has developed to screen and perform due diligence on new sub-advisers if and when the Adviser recommends to the Board a new sub-adviser to manage an ING Fund. The Board noted that, for new, non-ING-affiliated sub-advisers, the MR&S group is responsible for: identifying qualified candidates; analyzing their investment process, personnel and resources; conducting due diligence on the candidates; and selecting the firm to propose as a new sub-adviser, as well as preparing written materials and reports to the committees and the Board as part of the process of approving any new sub-adviser for such Fund.
The Board also considered that in the course of monitoring performance of the Sub-Advisers, the MR&S group has developed, based on guidance from the IRCs, a methodology for comparing performance of each Fund to the Fund's Morningstar category median, Lipper category median, and/or primary benchmark. The Board also recognized that the MR&S group provides the IRCs with regular updates on the Funds and alerts the IRCs to potential issues as they arise. The Board noted that another service provided by the MR&S group is the preparation of the Fund Dispersion Report. This report seeks to monitor any dispersion between Funds managed by non-ING-affiliated sub-advisers and their similarly managed retail counterparts and again assists the Board in carrying out its general oversight duties. The Board also noted that the Adviser regularly monitors performance, personnel, compliance and a myriad of other issues that may arise on a day-to-day basis with regards to the Sub-Advisers and noted that, if issues are identified either through formal or informal processes, they are brought before the IRCs and the Board for consideration and action and the Adviser consistently makes its resources available to the Board and the IRCs to assist with addressing any issues that arise.
The Board noted that the Funds also benefit from the services of the Adviser's Investment Risk Management Department (the "IRMD"), under the leadership of the Chief Investment Risk Officer, the costs of which are shared by the Funds and the Adviser. The Board noted that the IRMD regularly presents written materials and reports to the IRC that focus on the investment risks of the Funds. The Board also noted that the IRMD provides the IRC with analyses that are developed to assist the IRC in identifying trends in Fund performance and other areas over consecutive periods. The Board noted that the services provided by the IRMD are meant to provide an additional
perspective for the benefit of the IRC, which may vary from the perspective of the MR&S group.
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 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 Fund complex. 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 ongoing efforts to reduce the expenses of the ING Funds through renegotiated arrangements with the ING Funds' service providers. In addition, the Board considered the efforts of the Adviser and the expenses that it incurred in recent years to help make the ING Fund complex more balanced and efficient by the launch of new investment products and the combinations of similar funds.
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
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Sub-Advisers, 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 Fund complex) by the Adviser and each 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. In this regard, the Board considered the financial stability of the Adviser and each Sub-Adviser.
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, extent and quality of the overall services provided by the Adviser and each Sub-Adviser were appropriate.
Fund Performance
In assessing advisory and sub-advisory relationships, the Board placed emphasis on the 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 sheets prepared for each Fund included its investment performance compared to the Fund's Morningstar category median, Lipper category median and/or primary benchmark. The FACT sheets performance data was as of June 30, 2012. In addition, the Board also considered at its November 29, 2012 meeting certain additional data regarding performance and Fund asset levels as of September 30 and October 31, 2012. 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 considered whether economies of scale likely 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 rate breakpoints or waivers. The Board also considered that some of the Funds that do not have advisory fee rate breakpoints do have fee waiver or expense reimbursement arrangements. In this connection, the Board considered the extent to which economies of scale could be realized through such fee waivers, expense reimbursements or other expense reductions. In evaluating fee rate breakpoint arrangements and economies of scale, the Independent Trustees also considered prior periodic management reports, industry information on this topic and the Funds' investment performance.
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 relevant institutional accounts. When fee rates offered to other clients differed materially from those charged to a Fund, the Board considered any underlying rationale provided by the Adviser or the Sub-Advisers for these differences. For non-ING-affiliated Sub-Advisers, the Board did not view this information as being a key factor in its deliberations because of the arm's-length nature of negotiations between the Adviser and non-ING-affiliated 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 Sub-Advisers (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 the 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 the Sub-Advisers for sub-advisory services for each Fund,
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including the portion of the contractual advisory fees that are paid to the Sub-Advisers, as compared to the portion retained by the Adviser. In addition, the Board considered fee waivers and expense limitations applicable to the fees payable by the Funds.
The Board considered: (1) the fee rate structure of each Fund as it relates to the services provided under the contracts; and (2) 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 separately determined that the fee rate payable to the Adviser and the fee rate payable to the Sub-Advisers are reasonable for the services that each performs, which were considered in light of the nature, extent 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 and each ING-Affiliated Sub-Advisers, 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 each Fund, the Board took into account the sub-advisory fee rate payable by the Adviser to the Sub-Advisers. In addition, the Board considered information that it requested and was provided by Management with respect to the profitability of service providers affiliated with the Adviser. The Board did not request profitability data from the Sub-Advisers that were not affiliated with the Adviser because the Board did not view this data as imperative to its deliberations, given the arm's-length nature of the relationship between the Adviser and these non-ING-affiliated Sub-Advisers with respect to the negotiation of sub-advisory fee rates. In this regard, the Board also noted that the Adviser (and not a Fund) pays the sub-advisory fees earned by a non-ING-affiliated Sub-Adviser. In addition, the Board noted that certain of the Funds' non-ING-affiliated Sub-Advisers traditionally have not accounted for their profits on an account-by-account basis and those that do likely employ different methodologies in connection with these calculations.
Although the 15(c) Methodology Guide establishes certain standards for profit calculation, the Board recognized that profitability analysis on a client-by-client basis is not an exact science and there is no uniform methodology within the asset management industry 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 the Adviser and Management or capture their entrepreneurial risk associated with offering and managing a mutual fund complex in the current regulatory and market environment. In addition, the Board recognized that the use of different methodologies for purposes of calculating profit data can give rise to dramatically different profit and loss results.
In making its determinations, the Board based its conclusions as to the reasonableness of the advisory and sub-advisory fee rates of the Adviser and Sub-Advisers primarily on the factors described for each Fund herein. At the request of the Board, the Adviser has from time to time agreed to implement remedial actions regarding certain ING Funds. These remedial actions have included, among others: reductions in effective fee rates through expense limitation or fee waiver arrangements or through contractual fee rate revisions, such as the addition of the fee schedule breakpoints at higher asset levels; changes in sub-adviser or portfolio managers; and strategy modifications.
Fund-by-Fund Analysis
The following paragraphs outline certain of the specific factors that the Board considered, and the conclusions reached, at its November 29, 2012 meeting in relation to renewing each Fund's current Advisory and Sub-Advisory Contracts. 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 and average, as well as 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 rate and expense ratio were compared to the fee rates and expense ratios of the funds in its Selected Peer Group.
ING Emerging Markets Equity Dividend Fund (formerly ING Greater China Fund)
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Emerging Markets Equity Dividend Fund, the Board considered that, based on performance data for the periods ended June 30, 2012: (1) the Fund
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outperformed its Morningstar category median for all periods presented, with the exception of the most recent calendar quarter and three-year periods, during which it underperformed; (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the one-year and three-year periods, during which it underperformed; and (3) the Fund is ranked in the second quintile of its Morningstar category for the year-to-date and five-year periods, the third quintile for the one-year and three-year periods, and the fourth quintile for the most recent calendar quarter.
In analyzing this performance data, the Board took into account: (1) Management's representations regarding the strength of the Fund's performance during certain periods; and (2) that the Board, at its September 2012 meeting, had approved a change in sub-adviser to the Fund, and this sub-adviser change took place on November 15, 2012.
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 rate 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 Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fee rates of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing this fee data, the Board took into consideration: (1) Management's representations regarding lowering the Fund's advisory fee and the expense limit for the Fund's Class A shares; and (2) Management's representation regarding the competitiveness of the Fund's management fee rate and expense ratio.
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 light of the sub-adviser change that was effected in November 2012, it is reasonable to permit the new sub-adviser to manage the Fund to further assess 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, 2013. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
ING Emerging Markets Equity Fund
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Emerging Markets Equity Fund, the Board considered that, based on performance data for the periods ended June 30, 2012: (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.
In analyzing this performance data, the Board took into account: (1) that the Fund commenced operations in October 2011, 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 Investment Review Committee would periodically review, 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 fairness of the compensation under an Advisory Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Fund is equal to the median and above the average management fee rates of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its Selected Peer Group.
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 Fund commenced operations in October 2011, and
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therefore had a limited operating history for the purpose of analyzing its performance, it is reasonable to permit the Fund time to establish a longer performance record for the purposes of evaluating investment 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, 2013. 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, 2012: (1) the Fund underperformed its Morningstar category median for all periods presented, with the exceptions of the most recent calendar quarter and one-year period, during which it outperformed; (2) the Fund underperformed its primary benchmark for all periods presented, with the exceptions of the most recent calendar quarter and one-year 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 and one-year periods, and the fourth quintile for the year-to-date, three-year, and five-year periods.
In analyzing this performance data, the Board took into account: (1) Management's representations regarding the effect that the Fund's dividend strategy and value focus had on its relative performance; and (2) Management's discussion of the strength of the Fund's performance during certain 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 fairness of the compensation under an Advisory Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Fund is equal to the median and below the average management fee rates of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.
In analyzing fee data, the Board took into account Management's representations regarding the competitiveness of the Fund's expense ratio.
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, 2013. 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, 2012: (1) the Fund underperformed its Morningstar category median for all periods presented, with the exceptions of the three-year and five-year periods, during which it outperformed; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the second quintile of its Morningstar category for the five-year period, the third quintile for the three-year period, the fourth quintile for the most recent calendar quarter, one-year, and ten-year periods, and the fifth (lowest) 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 fee rate, 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 Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fee rates of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its Selected Peer Group.
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In analyzing this fee data, the Board took into account Management's representations regarding the competitiveness of the Fund's management fee rate and expense ratio.
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, 2013. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
ING Global Opportunities Fund
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING Global Opportunities Fund, the Board considered that, based on performance data for the periods ended June 30, 2012: (1) the Fund underperformed its Morningstar category median for all periods presented, with the exception of the year-to-date period, during which it outperformed; (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 second quintile of its Morningstar category for the year-to-date period, the fourth quintile for the most recent calendar quarter and one-year periods, and the fifth (lowest) quintile for the three-year and five-year periods.
In analyzing this performance data, the Board took into account: (1) Management's analysis regarding the effect of recent market conditions on the performance of the investment mandate in which the Fund is managed; (2) Management's discussions of a change in sub-adviser in July 2010 and its desire to allow additional time to further assess performance; and (3) Management's representations regarding favorable performance during certain 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 fairness of the compensation under an Advisory Contract with a breakpoint fee rate
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 Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fee rates of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is below 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 account: (1) Management's representations regarding the competitiveness of the Fund's management fee rate; and (2) Management's discussion of fee waivers, which have the effect of lowering the Fund's effective management fee rate.
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) there was a change in Sub-Adviser in July 2010, and it is reasonable to permit the new Sub-Adviser additional time to further assess 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, 2013. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
ING International Core Fund
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International Core Fund, the Board considered that, based on performance data for the periods ended June 30, 2012: (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 second 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 a level fee rate that
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does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Fund is equal to the median and below the average management fee rates of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its Selected Peer Group.
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, 2013. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
ING International Growth Fund
In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for ING International Growth Fund, the Board considered that, based on performance data for the periods ended June 30, 2012: (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 second quintile of its Morningstar category for the year-to-date period, and the third quintile for the most recent calendar quarter and one-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 fairness of the compensation under an Advisory Contract with a level fee rate that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Fund is below the median and the average management fee rates of the funds in its Selected Peer Group; and (b) the expense ratio for the Fund is below
the median and the average expense ratios of the funds in its Selected Peer Group.
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, 2013. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS IN CONNECTION WITH SEPARATION PLAN
ING Groep's base case to achieve the Separation Plan is through an initial public offering of ING U.S. (the "IPO") followed by the divestment of ING Groep's remaining ownership interest over time through one or more additional public offerings of ING U.S. stock, or, possibly, through one or more privately negotiated sales of the stock. (While the Separation Plan is the base case, it is possible that the Separation Plan may be achieved by means of a sale to a single buyer or group of buyers.)
Each of the Funds included in this report: ING Emerging Markets Equity Dividend Fund, ING Emerging Markets Equity Fund, ING Global Equity Dividend Fund, ING Global Natural Resources Fund, ING Global Opportunities Fund, ING International Core Fund, and ING International Growth Fund (collectively, the "Funds") are subject to the 1940 Act, which provides that any investment advisory agreement, including any sub-advisory agreement, must terminate automatically upon its "assignment." As used in the 1940 Act, the term assignment includes any transfer of a controlling block of outstanding voting securities of an adviser or the parent company of an adviser. Such a transfer is often referred to as a "Change of Control Event." It is anticipated that one or more of the transactions contemplated by the Separation Plan would be deemed a Change of Control Event.
As described above, the Separation Plan contemplates one or more transactions, commencing with the IPO,
78
ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
that are expected to result ultimately in a direct or indirect "Change of Control Event" for the Adviser and Sub-Advisers, which in turn would result in the automatic termination of the current advisory agreements and current sub-advisory agreements (collectively, "the Current Agreements"). The decisions by the Board, including a majority of the Independent Trustees, to approve proposed advisory agreements and proposed sub-advisory agreements for the Funds (collectively, the "Proposed Agreements") were based on a determination by the Board that it would be in the best interests of the shareholders of the Funds for the Adviser and Sub-Advisers to continue providing investment advisory, sub-advisory, and related services for the Funds, without interruption, as consummation of the Separation Plan proceeds.
The Board was aware that the IPO may not result immediately in a Change of Control Event, but also recognized that the Separation Plan contemplates a series of transactions that are expected to result in one or more Change of Control Events in the future. The Board concluded that approval by shareholders at this time of both the Proposed Agreements and future agreements that may become effective upon certain Change of Control Events in the future will permit the Funds to benefit from the continuation of services by the Adviser, Sub-Advisers and their affiliates throughout the Separation Plan without the need for multiple shareholder meetings. The Board was informed by the Adviser and its counsel that the Adviser is seeking to obtain regulatory assurances that the staff of the SEC would not object to approval of future agreements by shareholders at this time.
Prior to its approval of the Proposed Agreements, the Board reviewed, among other matters, the quality, extent and nature of the services currently being provided by the Adviser and Sub-Advisers under the Current Agreements and to be provided under the Proposed Agreements. A substantial portion of this review was conducted as part of, and in conjunction with, the Board's annual reviews of the Current Agreements, which were most recently approved for continuation at an in-person meeting of the Board held on November 29, 2012. During the review process that led to its approval of the Current Agreements on November 29, 2012, the Board was aware that it likely would be asked in the very near future to consider approval of the Proposed Agreements.
On November 29, 2012, as applicable, the Board concluded, in light of all factors it considered, including undertakings by the Adviser relating to
certain follow-up actions, that the approval of the Current Agreements was in the best interests of the Funds and their shareholders and that the fee rates set forth in the Current Agreements were fair and reasonable. Among other factors, the Board considered: (1) the nature, extent and quality of services provided and to be provided under the Current Agreements; (2) the extent to which economies of scale are reflected in fee rate schedules under the Current Agreements; (3) the existence of any "fall-out" benefits to the Adviser, Sub-Advisers and their affiliates; (4) a comparison of fee rates, expense ratios, and investment performance to those of similar funds; and (5) the costs incurred and profits realized by the Adviser, ING affiliated Sub-Advisers and their affiliates with respect to their services to the Funds. A further description of the process followed by the Board in approving the continuation of the Current Agreements on November 29, 2012, including the information reviewed, certain material factors considered and certain related conclusions reached, is set forth above under the section titled "BOARD CONSIDERATION AND RE-APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS."
In connection with its approval of the Proposed Agreements, on January 10, 2013 (for the Advisory Contract and Sub-Advisory Contracts with the Adviser's affiliates) and on March 7, 2013 (for Sub-Advisory Contracts with third parties that are not affiliated with the Adviser), the Board considered its conclusions in connection with its November 29, 2012 approvals of those Current Agreements that were in effect on that date, including the Board's general satisfaction with the nature, extent and quality of services being provided and, as applicable, actions taken or to be taken in certain instances to improve the relationship between the costs and the quality of services being provided. Also in connection with its January 10, 2013 and March 7, 2013 approvals of the Proposed Agreements, the Board considered a representation made to it on those dates by the Adviser's president that there were no additional developments not already disclosed to the Board since November 29, 2012 that would be a material consideration to the Board in connection with its consideration of the Proposed Agreements.
As a result, in addition to the information identified above, in considering the Proposed Agreements, the Board focused its review on, and requested and evaluated other information relating to, the potential impact of implementing the Separation Plan on the operations, personnel, organizational structure, capitalization, and financial and other resources of
79
ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
the Adviser and its affiliates that render investment sub-advisory, administrative, distribution, compliance and other services to the Funds. When making its decisions on January 10, 2013 and March 7, 2013, the Board took into account that, commencing in early 2011, it had posed ongoing inquiries to, and received regular updates from, management relating to the Separation Plan.
Between November 2012 and January 2013 or March 2013, as applicable, the Board and its committees accelerated their due diligence processes by engaging in an extensive review and analysis of additional information regarding the proposed IPO and related matters. This analysis focused on, among other matters, the expectations for continuity and stability of ING U.S. throughout implementation of the Separation Plan and thereafter. In this connection, the Board considered that the Separation Plan is being implemented as a result of legal and regulatory commitments by ING Groep, that the Board generally has been satisfied with the nature, extent and quality of the services provided to the Funds, including investment advisory, administrative and support services, and that it would be in the Funds' best interests to maintain continuity and stability of the services currently being provided. The Board carefully considered ING U.S.'s anticipated future plans related to capitalization, operational matters, and the retention of current levels of staffing and related compensation structures, as well as the desires of its senior executives and key employees and the importance of the investment management operations within the ING U.S. business structure going forward.
Among other steps in its nearly two-year due diligence process, which accelerated upon ING U.S.'s Form S-1 filing, the following actions were taken and considered by or on behalf of the Board:
1. The Independent Trustees solicited and received ongoing advice regarding the Board's legal duties from K&L Gates, legal counsel for such Board members, which law firm has extensive experience regarding such matters.
2. The Independent Trustees established an Ad Hoc IPO Transaction Committee (the "IPO Committee"), consisting exclusively of Independent Trustees, to help oversee, coordinate, and perform portions of the Board's due diligence activities. In this connection, the IPO Committee considered, among other matters, relevant legal guidance and the processes followed by certain other investment company boards of directors or trustees when they approved contracts in connection with Change of Control events.
3. The Independent Trustees, with assistance from K&L Gates, prepared written inquiries to the Adviser and its affiliates regarding the IPO, including details regarding ING U.S.'s anticipated business plan for continuing operations after the IPO and potential Change of Control Events.
4. The Board received and evaluated written responses from the Adviser and its affiliates pursuant to inquiries made on the Board's behalf. These evaluations were conducted through a series of separate meetings by the Board's Audit Committee, Compliance Committee, Contracts Committee, Domestic Equity Funds Investment Review Committee, International/Balanced/Fixed Income Funds Investment Review Committee, Nominating and Governance Committee, and IPO Committee (collectively, the "Committees"), and by the Independent Trustees (which, at times, included one or both Board members who are not Independent Trustees). With respect to services to be rendered to the Funds by ING U.S. during implementation of the Separation Plan, each Committee evaluated matters relating to those services typically overseen by such Committee (and, in the case of the IPO Committee, relevant matters not otherwise assigned to a standing Committee). Future references herein to actions taken by the Board or the Independent Trustees may include, in some instances, actions taken by one or more of the Committees.
5. The Board requested and participated in a series of in-person and/or telephonic meetings involving presentations from senior management personnel at ING U.S. (including its Chief Executive Officer, Chief Operating Officer, Chief Risk Officer, Head of Corporate Development, Head of Proprietary Investments, and the heads of each proposed primary operating unit of ING U.S.), as well as from senior management of the Adviser and its affiliates, including senior human resources personnel, senior investment personnel, and senior compliance personnel at the Sub-Advisers. The Board also requested and had such meetings with the Fund's Chief Compliance Officer and Chief Investment Risk Officer who, as a matter of course, report directly to the Board or its Committees.
6. The Board received and reviewed the preliminary Form S-1 that contained extensive information relating to, among other matters, ING U.S.'s anticipated business plans and financial structure. In this connection, the Board considered, among other matters: the anticipated arrangements between ING Groep and ING U.S. over the course of the Separation Plan; the anticipated use of potential
80
ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
proceeds of the capital that would be raised through the Form S-1 offering (including that portion of potential proceeds that may be retained by ING Groep and that portion that may be dedicated to the capitalization and operations of ING U.S., including its asset management operations); the potential short-term and long-term financial consequences to ING U.S. of the closed book of variable annuity business that would be maintained by ING U.S.-affiliated insurance companies; and other information provided by the Adviser and its affiliates.
7. K&L Gates retained Grail Partners LLC ("Grail"), an independent investment banking firm with extensive experience relating to business operations such as those to be conducted by ING U.S., in order to help K&L Gates evaluate and advise the Board with respect to, among other matters, details of ING U.S.'s anticipated business plan and financial capitalization as set forth in its Form S-1 and related information provided by the Adviser and its affiliates, including the potential implications to the Adviser and its non-insurance affiliates of insurance regulations and related capitalization matters. The Independent Trustees or IPO Committee members attended certain in-person and telephone conference call meetings at which Grail rendered advice to K&L Gates regarding these matters and responded to questions.
8. The Independent Trustees, the Board, and many of its Committees held in-person meetings on November 27, 28, and 29, 2012 during which, among other actions, they evaluated the responsive due diligence information provided to date by the Adviser and its affiliates, and considered input from K&L Gates, Grail, and others regarding the Form S-1. At the conclusion of these meetings, the Independent Trustees and the Committees posed to the Adviser and its affiliates a series of follow-up information requests.
9. Among the follow-up actions arising from the November 27, 28, and 29 meetings, the Independent Trustees requested and received written assurances that the Adviser and its affiliates: are committed to maintaining appropriate levels of overall staffing, ongoing resources and service quality; and throughout the time period during which the Separation Plan is implemented, will notify and consult with the Board in advance if management proposes to take certain actions with respect to these matters. The Board considered that such services include, but are not limited to, portfolio management services, administrative services, and regulatory compliance services. In this regard, the Board considered representations by the Adviser and its
affiliates that their separation from ING Groep as contemplated by the Separation Plan will not lead to a reduction in the quality or scope of these and other services provided by those firms to the Funds. The Board also considered that the importance of the asset management operations to the overall success of ING U.S., as described by the Form S-1 and during presentations by senior ING U.S. management personnel, could provide a strong incentive to ING U.S. to provide appropriate resource allocations to support those asset management operations.
10. The Board considered representations by the Adviser and its affiliates that approval of the Proposed Agreements would be necessary for the Funds to continue receiving investment management services from the Adviser and Sub-Advisers following the Change of Control Events contemplated by the Separation Plan.
11. The Board considered representations by the Adviser and its affiliates, as well as related supporting documentation, indicating that the Proposed Agreements, including the fees payable thereunder, are substantially similar to and, in any event, are no less favorable to the Funds than, the terms of the corresponding Current Agreements.
12. The Board considered that, to the extent that the Proposed Agreements do have changes, those changes are designed to benefit shareholders and/or to provide management, subject to Board supervision, with greater flexibility to manage the Funds in a manner consistent with stated investment objectives. In this connection, the Board considered, among other matters, the Adviser's representation that no material changes would be made to the Proposed Agreements, as compared to the Current Agreements, with respect to the material contractual terms that were previously negotiated under which the Funds and their Adviser and Sub-Advisers currently operate, including contractual provisions relating to fees and expenses.
13. The Board considered representations by the Adviser and its affiliates, including senior investment management personnel, as well as related supporting documentation, indicating that: (a) the Adviser and Sub-Advisers can be expected to provide services of the same nature, extent and quality under the Proposed Agreements as are provided thereby under the Current Agreements; and (b) the Separation Plan is not expected to result in any changes to: (i) the management of the Funds, including the continuity of the Funds' portfolio managers and other personnel responsible for the management operations of the Funds; or (ii) the investment objective of or the
81
ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
principal investment strategies used to manage any of the Funds.
14. The Board considered the steps by the Adviser and its affiliates that have been taken and are planned to be taken to retain the employment of key personnel, including incentive compensation plan arrangements, as well as the overall positive indications by many such personnel regarding the opportunities presented by the Separation Plan to create and grow an investment management operation that is independent from other ING Groep banking and insurance operations that will not be part of ING U.S.
15. The Board considered that the Adviser and its affiliates have agreed to bear all expenses associated with obtaining shareholder approval of the Proposed Agreements.
16. The Board considered ING U.S.'s preliminary "branding" plans regarding the future name of its asset management operations, as well as its anticipated ability to continue to use the "ING" brand name for such operations for a period of time following the IPO.
17. The Board considered the advice provided by Dechert LLP, legal counsel to the Funds and the Adviser, with respect to the Proposed Agreements (including advice relating to the process and timing of seeking shareholder approval of the Proposed Agreements, and whether shareholder approvals would be required in connection with any future aspects of the Separation Plan following the IPO) and regarding the Board's role and responsibilities with respect to ING Groep's restructuring.
18. The Board considered the legal obligation of ING Groep under the Separation Plan to divest its ownership interest in ING U.S., as well as certain potential advantages and disadvantages to shareholders of the Funds of this divestiture, and certain potential advantages and disadvantages of alternative divestiture actions that ING Groep might be forced to take if the Proposed Agreements are not approved by the Board or by shareholders of the Funds.
19. The Board considered peer group and benchmark investment performance comparison data relating to the Fund that was more current than related comparison data considered by it in connection with the November 29, 2012 approvals of the Current Agreements.
20. The Board considered actions taken by the Adviser subsequent to the November 29, 2012 approvals of the Current Agreements with respect to
certain ING Funds in response to requests made by the Board in connection with those approvals.
21. The Board considered the potential benefits to be realized by the Adviser and its affiliates as a result of the Proposed Agreements.
22. The Board considered that, if shareholders approve the Proposed Agreements, the Board currently expects to continue to conduct an annual contracts review process consistent with the process it would have conducted had the Current Agreements continued in effect and not been replaced by the Proposed Agreements, notwithstanding the two-year initial term set forth in the Proposed Agreements. For example, if the Proposed Agreements are approved by shareholders in 2013, the Board would not legally be required to review or renew those contracts until 2015. However, the Board currently intends to conduct annual reviews of such contracts in 2013 and 2014, and ING has consented to this process. Thus, the Board emphasized that it would be able to, and intends to, monitor on a regular basis the ability of the Adviser and its affiliates to comply with their undertakings to the Board and to monitor on an ongoing basis the quality of services to, and expenses of, the Funds. In addition, the Board considered that, under the Proposed Agreements, it will continue to have the authority, should the need arise in its view, to terminate any of the Proposed Agreements without penalty upon 60 days' notice.
Based on the foregoing and other relevant considerations, at meetings of the Board held on January 10, 2013 and March 7, 2013, the Board, including a majority of the Independent Trustees, voted to approve the Proposed Agreements and, as applicable, to recommend approval of the Proposed Agreements by shareholders of the Funds. In this connection, the Board concluded that, in light of all factors considered, the terms of the Proposed Agreements, including fee rates, were fair and reasonable, and that it would be in the best interests of shareholders of the Funds to approve the Proposed Agreements so as to enable there to be a continuation without interruption of the current services being provided by the current service providers pursuant to the Current Agreements. In this connection, the Board noted that no one factor was determinative of its decisions which, instead, were premised upon the totality of factors considered. In this connection, the Board also noted that different Board members likely placed emphasis on different factors in reaching their individual conclusions to vote in favor of the Proposed Agreements and to recommend approval of the Proposed Agreements to shareholders.
82
Investment Adviser
ING Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Administrator
ING Funds Services, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Distributor
ING Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Transfer Agent
BNY Mellon 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
1900 K 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 Investments Distributor, LLC at (800) 992-0180 or log on to www.inginvestment.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.
SAR-UINTEMERG (0413-062413)
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. |
President’s Letter | 1 | |||||
Market Perspective | 2 | |||||
Portfolio Managers’ Reports | 4 | |||||
Shareholder Expense Examples | 6 | |||||
Statements of Assets and Liabilities | 7 | |||||
Statements of Operations | 9 | |||||
Statements of Changes in Net Assets | 10 | |||||
Financial Highlights | 11 | |||||
Notes to Financial Statements | 13 | |||||
Summary Portfolio of Investments | 23 | |||||
Advisory Contract Approval Discussion | 29 |
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Financial Literacy
President and Chief Executive Officer
ING Funds
May 1, 2013
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.
Index | Description | |||||
---|---|---|---|---|---|---|
Barclays High Yield Bond — 2% Issuer Constrained Composite Index | An unmanaged index that includes all fixed income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity. | |||||
Barclays U.S. Aggregate Bond Index | An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities. | |||||
MSCI Europe ex UK® Index | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK. | |||||
MSCI Japan® Index | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan. | |||||
MSCI UK® Index | A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK. | |||||
MSCI World IndexSM | An unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East. | |||||
S&P 500® Index | An unmanaged index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets. | |||||
S&P Developed ex-US Property Index | An unmanaged float-adjusted index which defines and measures 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. | |||||
S&P Developed Property Index | 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. | |||||
S&P/Case-Shiller 20-City Composite Home Price Index | A composite index of the home price index for the top 20 Metropolitan Statistical Areas in the United States. The index is published monthly by Standard & Poor’s. |
ING GLOBAL REAL ESTATE FUND | PORTFOLIO MANAGERS’ REPORT |
Geographic Diversification as of April 30, 2013 (as a percentage of net assets) | |||||||||
United States | 44.1 | % | |||||||
Japan | 17.9 | % | |||||||
Hong Kong | 10.1 | % | |||||||
Australia | 8.7 | % | |||||||
Singapore | 5.6 | % | |||||||
United Kingdom | 4.2 | % | |||||||
France | 4.1 | % | |||||||
Canada | 1.2 | % | |||||||
Germany | 0.7 | % | |||||||
Countries between 0.1%–0.6%ˆ | 1.8 | % | |||||||
Assets in Excess of Other Liabilities* | 1.6 | % | |||||||
Net Assets | 100.0 | % | |||||||
* Includes short-term investments. | |||||||||
ˆ Includes 5 countries, which each represents 0.1%–0.6% of net assets. | |||||||||
Portfolio holdings are subject to change daily. |
Top Ten Holdings as of April 30, 2013* (as a percentage of net assets) |
PORTFOLIO MANAGERS’ REPORT | ING INTERNATIONAL REAL ESTATE FUND |
Geographic Diversification as of April 30, 2013 (as a percentage of net assets) |
ˆ Includes 7 countries, which each represents 0.1%–1.0% of net assets.
Portfolio holdings are subject to change daily.
Top Ten Holdings as of April 30, 2013 (as a percentage of net assets) |
Actual Fund Return | Hypothetical (5% return before expenses) | ||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Account Value November 1, 2012 | Ending Account Value April 30, 2013 | Annualized Expense Ratio | Expenses Paid During the Period Ended April 30, 2013* | Beginning Account Value November 1, 2012 | Ending Account Value April 30, 2013 | Annualized Expense Ratio | Expenses Paid During the Period Ended April 30, 2013* | ||||||||||||||||||||||||||||
ING Global Real Estate Fund | |||||||||||||||||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,180.20 | 1.20 | % | $ | 6.49 | $ | 1,000.00 | $ | 1,018.95 | 1.20 | % | $ | 6.01 | |||||||||||||||||||
Class B | 1,000.00 | 1,176.30 | 1.95 | 10.52 | 1,000.00 | 1,015.21 | 1.95 | 9.74 | |||||||||||||||||||||||||||
Class C | 1,000.00 | 1,176.80 | 1.95 | 10.52 | 1,000.00 | 1,015.21 | 1.95 | 9.74 | |||||||||||||||||||||||||||
Class I | 1,000.00 | 1,182.10 | 0.95 | 5.14 | 1,000.00 | 1,020.19 | 0.95 | 4.76 | |||||||||||||||||||||||||||
Class O | 1,000.00 | 1,180.80 | 1.20 | 6.49 | 1,000.00 | 1,018.95 | 1.20 | 6.01 | |||||||||||||||||||||||||||
Class R | 1,000.00 | 1,179.10 | 1.45 | 7.83 | 1,000.00 | 1,017.70 | 1.45 | 7.25 | |||||||||||||||||||||||||||
Class W | 1,000.00 | 1,181.90 | 0.95 | 5.14 | 1,000.00 | 1,020.19 | 0.95 | 4.76 | |||||||||||||||||||||||||||
ING International Real Estate Fund | |||||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,205.20 | 1.44 | 7.87 | 1,000.00 | 1,017.80 | 1.44 | 7.20 | |||||||||||||||||||||||||||
Class B | 1,000.00 | 1,201.10 | 2.19 | 11.95 | 1,000.00 | 1,014.06 | 2.19 | 10.94 | |||||||||||||||||||||||||||
Class C | 1,000.00 | 1,200.20 | 2.19 | 11.95 | 1,000.00 | 1,014.06 | 2.19 | 10.94 | |||||||||||||||||||||||||||
Class I | 1,000.00 | 1,205.70 | 1.14 | 6.23 | 1,000.00 | 1,019.30 | 1.14 | 5.71 | |||||||||||||||||||||||||||
Class W | 1,000.00 | 1,207.30 | 1.19 | 6.51 | 1,000.00 | 1,019.05 | 1.19 | 5.96 |
* | 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. |
ING Global Real Estate Fund | ING International Real Estate Fund | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
ASSETS: | ||||||||||
Investments in securities at fair value+* | $ | 5,330,571,949 | $ | 588,130,537 | ||||||
Short-term investments at fair value** | 148,471,324 | — | ||||||||
Total Investments at fair value | $ | 5,479,043,273 | $ | 588,130,537 | ||||||
Cash | — | 12,591,215 | ||||||||
Foreign currencies at value*** | 3,528 | 187,028 | ||||||||
Receivables: | ||||||||||
Investment securities sold | 1,470,160 | 33,726 | ||||||||
Fund shares sold | 16,518,448 | 888,164 | ||||||||
Dividends | 9,925,728 | 2,004,917 | ||||||||
Interest | — | 98 | ||||||||
Foreign tax reclaims | 169,364 | 34,547 | ||||||||
Prepaid expenses | 156,835 | 38,155 | ||||||||
Reimbursement due from manager | — | 932 | ||||||||
Total assets | 5,507,287,336 | 603,909,319 | ||||||||
LIABILITIES: | ||||||||||
Payable for investment securities purchased | 55,418,516 | — | ||||||||
Payable for fund shares redeemed | 9,713,716 | 180,296 | ||||||||
Payable upon receipt of securities loaned | 17,450,247 | — | ||||||||
Payable for investment management fees | 3,051,852 | 444,741 | ||||||||
Payable for administrative fees | 430,837 | 47,887 | ||||||||
Payable for distribution and shareholder service fees | 554,958 | 57,291 | ||||||||
Payable for trustee fees | 23,839 | 2,682 | ||||||||
Other accrued expenses and liabilities | 895,075 | 207,748 | ||||||||
Total liabilities | 87,539,040 | 940,645 | ||||||||
NET ASSETS | $ | 5,419,748,296 | $ | 602,968,674 | ||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||
Paid-in capital | $ | 4,663,399,215 | $ | 753,276,985 | ||||||
Undistributed net investment income | 3,371,233 | 1,116,138 | ||||||||
Accumulated net realized loss | (945,690,130 | ) | (346,750,688 | ) | ||||||
Net unrealized appreciation | 1,698,667,978 | 195,326,239 | ||||||||
NET ASSETS | $ | 5,419,748,296 | $ | 602,968,674 | ||||||
________________ | ||||||||||
+ Including securities loaned at value | $ | 16,207,187 | $ | — | ||||||
* Cost of investments in securities | $ | 3,631,771,276 | $ | 392,782,341 | ||||||
** Cost of short-term investments | $ | 148,471,324 | $ | — | ||||||
*** Cost of foreign currencies | $ | 3,505 | $ | 187,026 |
ING Global Real Estate Fund | ING International Real Estate Fund | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Class A | ||||||||||
Net assets | $ | 1,718,437,548 | $ | 206,123,056 | ||||||
Shares authorized | unlimited | unlimited | ||||||||
Par value | $ | — | $ | — | ||||||
Shares outstanding | 85,221,059 | 20,118,060 | ||||||||
Net asset value and redemption price per share | $ | 20.16 | $ | 10.25 | ||||||
Maximum offering price per share (5.75%)(1) | $ | 21.39 | $ | 10.88 | ||||||
Class B | ||||||||||
Net assets | $ | 13,463,553 | $ | 1,735,269 | ||||||
Shares authorized | unlimited | unlimited | ||||||||
Par value | $ | — | $ | — | ||||||
Shares outstanding | 816,837 | 169,853 | ||||||||
Net asset value and redemption price per share† | $ | 16.48 | $ | 10.22 | ||||||
Class C | ||||||||||
Net assets | $ | 250,044,510 | $ | 18,467,122 | ||||||
Shares authorized | unlimited | unlimited | ||||||||
Par value | $ | — | $ | — | ||||||
Shares outstanding | 14,251,108 | 1,809,274 | ||||||||
Net asset value and redemption price per share† | $ | 17.55 | $ | 10.21 | ||||||
Class I | ||||||||||
Net assets | $ | 2,918,439,451 | $ | 346,600,101 | ||||||
Shares authorized | unlimited | unlimited | ||||||||
Par value | $ | — | $ | — | ||||||
Shares outstanding | 144,702,767 | 33,801,645 | ||||||||
Net asset value and redemption price per share | $ | 20.17 | $ | 10.25 | ||||||
Class O | ||||||||||
Net assets | $ | 16,178,995 | n/a | |||||||
Shares authorized | unlimited | n/a | ||||||||
Par value | $ | — | n/a | |||||||
Shares outstanding | 802,278 | n/a | ||||||||
Net asset value and redemption price per share | $ | 20.17 | n/a | |||||||
Class R | ||||||||||
Net assets | $ | 1,840,425 | n/a | |||||||
Shares authorized | unlimited | n/a | ||||||||
Par value | $ | — | n/a | |||||||
Shares outstanding | 91,557 | n/a | ||||||||
Net asset value and redemption price per share | $ | 20.10 | n/a | |||||||
Class W | ||||||||||
Net assets | $ | 501,343,814 | $ | 30,043,126 | ||||||
Shares authorized | unlimited | unlimited | ||||||||
Par value | $ | — | $ | — | ||||||
Shares outstanding | 24,813,315 | 2,920,671 | ||||||||
Net asset value and redemption price per share | $ | 20.20 | $ | 10.29 | ||||||
________________
(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. |
ING Global Real Estate Fund | ING International Real Estate Fund | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
INVESTMENT INCOME: | ||||||||||
Dividends, net of foreign taxes withheld* | $ | 59,771,638 | $ | 7,863,069 | ||||||
Interest | 380 | 530 | ||||||||
Securities lending income, net | 50,701 | — | ||||||||
Total investment income | 59,822,719 | 7,863,599 | ||||||||
EXPENSES: | ||||||||||
Investment management fees | 16,767,453 | 2,499,949 | ||||||||
Distribution and shareholder service fees: | ||||||||||
Class A | 1,864,288 | 232,815 | ||||||||
Class B | 63,866 | 8,206 | ||||||||
Class C | 1,102,846 | 83,785 | ||||||||
Class O | 18,202 | — | ||||||||
Class R | 4,140 | — | ||||||||
Transfer agent fees: | ||||||||||
Class A | 629,798 | 50,883 | ||||||||
Class B | 5,393 | 448 | ||||||||
Class C | 93,276 | 4,590 | ||||||||
Class I | 1,088,504 | 6,669 | ||||||||
Class O | 6,150 | — | ||||||||
Class R | 670 | — | ||||||||
Class W | 176,534 | 6,739 | ||||||||
Administrative service fees | 2,364,333 | 266,002 | ||||||||
Shareholder reporting expense | 391,588 | 15,415 | ||||||||
Registration fees | 123,882 | 30,972 | ||||||||
Professional fees | 217,114 | 24,981 | ||||||||
Custody and accounting expense | 373,714 | 147,050 | ||||||||
Trustee fees | 119,196 | 13,410 | ||||||||
Miscellaneous expense | 81,955 | 8,306 | ||||||||
Interest expense | 29,914 | 2,965 | ||||||||
Total expenses | 25,522,816 | 3,403,185 | ||||||||
Net waived and reimbursed fees | — | (9,355 | ) | |||||||
Net expenses | 25,522,816 | 3,393,830 | ||||||||
Net investment income | 34,299,903 | 4,469,769 | ||||||||
REALIZED AND UNREALIZED GAIN (LOSS): | ||||||||||
Net realized gain (loss) on: | ||||||||||
Investments | 92,058,187 | 24,449,830 | ||||||||
Capital gain distributions from affiliated underlying funds | 468 | — | ||||||||
Foreign currency related transactions | (780,643 | ) | (99,298 | ) | ||||||
Net realized gain | 91,278,012 | 24,350,532 | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||
Investments | 692,811,148 | 73,967,283 | ||||||||
Foreign currency related transactions | (28,874 | ) | (2,169 | ) | ||||||
Net change in unrealized appreciation (depreciation) | 692,782,274 | 73,965,114 | ||||||||
Net realized and unrealized gain | 784,060,286 | 98,315,646 | ||||||||
Increase in net assets resulting from operations | $ | 818,360,189 | $ | 102,785,415 | ||||||
________________ | ||||||||||
* Foreign taxes withheld | $ | 3,352,820 | $ | 810,182 |
ING Global Real Estate Fund | ING International Real Estate Fund | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Six Months Ended April 30, 2013 | Year Ended October 31, 2012 | Six Months Ended April 30, 2013 | Year Ended October 31, 2012 | ||||||||||||||||
FROM OPERATIONS: | |||||||||||||||||||
Net investment income | $ | 34,299,903 | $ | 67,129,042 | $ | 4,469,769 | $ | 11,127,941 | |||||||||||
Net realized gain (loss) | 91,278,012 | 9,048,574 | 24,350,532 | (1,670,122 | ) | ||||||||||||||
Net change in unrealized appreciation | 692,782,274 | 448,770,313 | 73,965,114 | 69,114,346 | |||||||||||||||
Increase in net assets resulting from operations | 818,360,189 | 524,947,929 | 102,785,415 | 78,572,165 | |||||||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | |||||||||||||||||||
Net investment income: | |||||||||||||||||||
Class A | (41,376,211 | ) | (22,875,471 | ) | (10,345,366 | ) | (3,992,144 | ) | |||||||||||
Class B | (395,465 | ) | (190,386 | ) | (83,731 | ) | (27,741 | ) | |||||||||||
Class C | (6,245,946 | ) | (2,709,030 | ) | (861,381 | ) | (261,669 | ) | |||||||||||
Class I | (75,868,125 | ) | (44,926,386 | ) | (17,228,962 | ) | (7,188,197 | ) | |||||||||||
Class O | (407,062 | ) | (244,508 | ) | — | — | |||||||||||||
Class R | (41,209 | ) | (8,819 | ) | — | — | |||||||||||||
Class W | (11,813,504 | ) | (6,220,786 | ) | (1,378,653 | ) | (419,193 | ) | |||||||||||
Return of capital: | |||||||||||||||||||
Class A | — | (4,621,844 | ) | — | — | ||||||||||||||
Class B | — | (64,049 | ) | — | — | ||||||||||||||
Class C | — | (843,782 | ) | — | — | ||||||||||||||
Class I | — | (6,408,486 | ) | — | — | ||||||||||||||
Class O | — | (49,558 | ) | — | — | ||||||||||||||
Class R | — | (10 | ) | — | — | ||||||||||||||
Class W | — | (991,840 | ) | — | — | ||||||||||||||
Total distributions | (136,147,522 | ) | (90,154,955 | ) | (29,898,093 | ) | (11,888,944 | ) | |||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | |||||||||||||||||||
Net proceeds from sale of shares | 1,008,223,330 | 1,819,038,570 | 57,903,069 | 111,807,066 | |||||||||||||||
Reinvestment of distributions | 117,929,855 | 78,983,105 | 7,081,697 | 2,589,613 | |||||||||||||||
1,126,153,185 | 1,898,021,675 | 64,984,766 | 114,396,679 | ||||||||||||||||
Cost of shares redeemed | (875,698,442 | ) | (1,286,609,169 | ) | (44,325,931 | ) | (146,317,570 | ) | |||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 250,454,743 | 611,412,506 | 20,658,835 | (31,920,891 | ) | ||||||||||||||
Net increase in net assets | 932,667,410 | 1,046,205,480 | 93,546,157 | 34,762,330 | |||||||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of year or period | 4,487,080,886 | 3,440,875,406 | 509,422,517 | 474,660,187 | |||||||||||||||
End of year or period | $ | 5,419,748,296 | $ | 4,487,080,886 | $ | 602,968,674 | $ | 509,422,517 | |||||||||||
Undistributed (distributions in excess of) net investment income at end of year or period | $ | 3,371,233 | $ | (31,375,577 | ) | $ | 1,116,138 | $ | 26,544,462 |
Income (loss) from investment operations | | Less distributions | | Ratios to average net assets | Supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net asset value, beginning of year or period | | Net investment income (loss) | | Net realized and unrealized gain (loss) | | Total from investment operations | | From net investment income | | From net realized gains | | From return of capital | | Total distributions | | Payment by affiliate | | Net asset value, end of year or period | | Total Return (1) | | Expenses before reductions/ additions (2)(3) | | Expenses net of fee waivers and/or recoupments if any (2)(3) | | Expenses net of all reductions/ additions (2)(3) | | Net investment income (loss) (2)(3) | | Net assets, end of year or period | | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%) | | (%) | | (%) | | (%) | | (%) | | ($000’s) | | (%) | |||||||||||||||||||||||||||||||||||||||
ING Global Real Estate Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 17.57 | 0.12 | • | 2.99 | 3.11 | 0.52 | — | — | 0.52 | — | 20.16 | 18.02 | 1.20 | 1.20 | 1.20 | 1.32 | 1,718,438 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 15.74 | 0.26 | 1.93 | 2.19 | 0.30 | — | 0.06 | 0.36 | — | 17.57 | 14.04 | 1.30 | 1.30 | 1.30 | 1.61 | 1,382,691 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 16.25 | 0.23 | (0.15 | ) | 0.08 | 0.45 | — | 0.14 | 0.59 | — | 15.74 | 0.52 | 1.31 | 1.31 | † | 1.31 | † | 1.34 | † | 1,212,619 | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 14.26 | 0.23 | • | 2.55 | 2.78 | 0.79 | — | — | 0.79 | — | 16.25 | 20.20 | 1.39 | 1.39 | † | 1.39 | † | 1.58 | † | 1,179,941 | 53 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 12.56 | 0.32 | • | 1.75 | 2.07 | 0.27 | 0.01 | 0.09 | 0.37 | — | 14.26 | 17.37 | 1.49 | 1.49 | † | 1.49 | † | 2.74 | † | 893,470 | 66 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 14.45 | 0.04 | • | 2.45 | 2.49 | 0.46 | — | — | 0.46 | — | 16.48 | 17.63 | 1.95 | 1.95 | 1.95 | 0.57 | 13,464 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 13.02 | 0.12 | • | 1.57 | 1.69 | 0.20 | — | 0.06 | 0.26 | — | 14.45 | 13.11 | 2.05 | 2.05 | 2.05 | 0.87 | 12,849 | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 13.54 | 0.08 | • | (0.11 | ) | (0.03 | ) | 0.35 | — | 0.14 | 0.49 | — | 13.02 | (0.19 | ) | 2.06 | 2.06 | † | 2.06 | † | 0.57 | † | 14,716 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 12.01 | 0.11 | • | 2.13 | 2.24 | 0.71 | — | — | 0.71 | — | 13.54 | 19.33 | 2.14 | 2.14 | † | 2.14 | † | 0.88 | † | 20,350 | 53 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 10.66 | 0.20 | • | 1.46 | 1.66 | 0.22 | 0.01 | 0.08 | 0.31 | — | 12.01 | 16.39 | 2.24 | 2.24 | † | 2.24 | † | 2.06 | † | 22,218 | 66 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 15.35 | 0.05 | • | 2.61 | 2.66 | 0.46 | — | — | 0.46 | — | 17.55 | 17.68 | 1.95 | 1.95 | 1.95 | 0.57 | 250,045 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 13.81 | 0.12 | • | 1.68 | 1.80 | 0.20 | — | 0.06 | 0.26 | — | 15.35 | 13.11 | 2.05 | 2.05 | 2.05 | 0.86 | 209,857 | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 14.33 | 0.10 | (0.13 | ) | (0.03 | ) | 0.35 | — | 0.14 | 0.49 | — | 13.81 | (0.19 | ) | 2.06 | 2.06 | † | 2.06 | † | 0.58 | † | 207,588 | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 12.67 | 0.11 | • | 2.26 | 2.37 | 0.71 | — | — | 0.71 | — | 14.33 | 19.33 | 2.14 | 2.14 | † | 2.14 | † | 0.83 | † | 201,027 | 53 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 11.22 | 0.21 | • | 1.54 | 1.75 | 0.22 | 0.01 | 0.07 | 0.30 | — | 12.67 | 16.40 | 2.24 | 2.24 | † | 2.24 | † | 2.03 | † | 149,943 | 66 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 17.57 | 0.14 | • | 3.00 | 3.14 | 0.54 | — | — | 0.54 | — | 20.17 | 18.21 | 0.95 | 0.95 | 0.95 | 1.59 | 2,918,439 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 15.75 | 0.28 | 1.95 | 2.23 | 0.35 | — | 0.06 | 0.41 | — | 17.57 | 14.30 | 1.00 | 1.00 | 1.00 | 1.88 | 2,495,254 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 16.25 | 0.27 | • | (0.12 | ) | 0.15 | 0.51 | — | 0.14 | 0.65 | — | 15.75 | 0.92 | 0.99 | 0.99 | † | 0.99 | † | 1.65 | † | 1,709,220 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 14.26 | 0.28 | • | 2.56 | 2.84 | 0.85 | — | — | 0.85 | — | 16.25 | 20.65 | 0.99 | 0.99 | † | 0.99 | † | 1.89 | † | 1,232,413 | 53 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 12.57 | 0.35 | • | 1.76 | 2.11 | 0.30 | 0.01 | 0.11 | 0.42 | — | 14.26 | 17.76 | 1.12 | 1.12 | † | 1.12 | † | 2.96 | † | 457,742 | 66 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 17.57 | 0.13 | 2.99 | 3.12 | 0.52 | — | — | 0.52 | — | 20.17 | 18.08 | 1.20 | 1.20 | 1.20 | 1.32 | 16,179 | 19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 15.74 | 0.26 | • | 1.93 | 2.19 | 0.30 | — | 0.06 | 0.36 | — | 17.57 | 14.03 | 1.30 | 1.30 | 1.30 | 1.61 | 13,974 | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 16.25 | 0.20 | (0.12 | ) | 0.08 | 0.45 | — | 0.14 | 0.59 | — | 15.74 | 0.51 | 1.31 | 1.31 | † | 1.31 | † | 1.33 | † | 13,521 | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 14.26 | 0.24 | • | 2.54 | 2.78 | 0.79 | — | — | 0.79 | — | 16.25 | 20.19 | 1.39 | 1.39 | † | 1.39 | † | 1.61 | † | 14,861 | 53 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 12.55 | 0.32 | • | 1.76 | 2.08 | 0.27 | 0.01 | 0.09 | 0.37 | — | 14.26 | 17.38 | 1.49 | 1.49 | † | 1.49 | † | 2.76 | † | 13,575 | 66 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 17.52 | 0.10 | • | �� | 2.98 | 3.08 | 0.50 | — | — | 0.50 | — | 20.10 | 17.91 | 1.45 | 1.45 | 1.45 | 1.15 | 1,840 | 19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 15.73 | 0.16 | • | 1.98 | 2.14 | 0.29 | — | 0.06 | 0.35 | — | 17.52 | 13.71 | 1.55 | 1.55 | 1.55 | 0.97 | 1,134 | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
08-05-11(4)–10-31-11 | 15.54 | (0.02 | )• | 0.31 | 0.29 | 0.05 | — | 0.05 | 0.10 | — | 15.73 | 1.98 | 1.56 | 1.56 | † | 1.56 | † | (0.56 | )† | 3 | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 17.60 | 0.14 | • | 3.00 | 3.14 | 0.54 | — | — | 0.54 | — | 20.20 | 18.19 | 0.95 | 0.95 | 0.95 | 1.57 | 501,344 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 15.77 | 0.29 | 1.94 | 2.23 | 0.34 | — | 0.06 | 0.40 | — | 17.60 | 14.29 | 1.05 | 1.05 | 1.05 | 1.82 | 371,321 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 16.28 | 0.26 | • | (0.14 | ) | 0.12 | 0.49 | — | 0.14 | 0.63 | — | 15.77 | 0.78 | 1.06 | 1.06 | † | 1.06 | † | 1.59 | † | 283,208 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 14.28 | 0.27 | • | 2.56 | 2.83 | 0.83 | — | — | 0.83 | — | 16.28 | 20.52 | 1.14 | 1.14 | † | 1.14 | † | 1.81 | † | 248,192 | 53 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 12.59 | 0.34 | • | 1.78 | 2.12 | 0.31 | 0.01 | 0.11 | 0.43 | — | 14.28 | 17.78 | 1.12 | 1.12 | † | 1.12 | † | 2.88 | † | 151,558 | 66 | |||||||||||||||||||||||||||||||||||||||||||||||||||
02-12-08(4)–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 |
Income (loss) from investment operations | | Less distributions | | Ratios to average net assets | Supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net asset value, beginning of year or period | | Net investment income (loss) | | Net realized and unrealized gain (loss) | | Total from investment operations | | From net investment income | | From net realized gains | | From return of capital | | Total distributions | | Payment by affiliate | | Net asset value, end of year or period | | Total Return (1) | | Expenses before reductions/ additions (2)(3) | | Expenses net of fee waivers and/or recoupments if any (2)(3) | | Expenses net of all reductions/ additions (2)(3) | | Net investment income (loss) (2)(3) | | Net assets, end of year or period | | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
Year or period ended | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | ($) | | (%) | | (%) | | (%) | | (%) | | (%) | | ($000’s) | | (%) | ||||||||||||||||||||||||||||||||||||||
ING International Real Estate Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 8.99 | 0.07 | 1.71 | 1.78 | 0.52 | — | — | 0.52 | — | 10.25 | 20.52 | 1.44 | 1.44 | 1.44 | 1.51 | 206,123 | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 7.81 | 0.19 | 1.18 | 1.37 | 0.19 | — | — | 0.19 | — | 8.99 | 17.90 | 1.47 | 1.50 | 1.50 | 2.23 | 179,398 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 8.85 | 0.15 | (0.73 | ) | (0.58 | ) | 0.46 | — | — | 0.46 | — | 7.81 | (6.96 | ) | 1.47 | 1.47 | 1.47 | 1.84 | 189,499 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 8.48 | 0.14 | • | 0.85 | 0.99 | 0.62 | — | — | 0.62 | — | 8.85 | 12.46 | 1.50 | 1.50 | † | 1.50 | † | 1.77 | † | 240,779 | 60 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 6.91 | 0.17 | 1.57 | 1.74 | 0.17 | — | — | 0.17 | — | 8.48 | 25.77 | 1.73 | 1.53 | † | 1.53 | † | 2.43 | † | 116,989 | 72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 8.96 | 0.03 | • | 1.71 | 1.74 | 0.48 | — | — | 0.48 | — | 10.22 | 20.11 | 2.19 | 2.19 | 2.19 | 0.74 | 1,735 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 7.78 | 0.13 | 1.18 | 1.31 | 0.13 | — | — | 0.13 | — | 8.96 | 17.07 | 2.22 | 2.25 | 2.25 | 1.46 | 1,682 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 8.82 | 0.09 | • | (0.74 | ) | (0.65 | ) | 0.39 | — | — | 0.39 | — | 7.78 | (7.79 | ) | 2.22 | 2.22 | 2.22 | 1.06 | 2,088 | 66 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 8.44 | 0.08 | • | 0.86 | 0.94 | 0.56 | — | — | 0.56 | — | 8.82 | 11.74 | 2.25 | 2.25 | † | 2.25 | † | 1.05 | † | 3,019 | 60 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 6.88 | 0.12 | 1.56 | 1.68 | 0.12 | — | — | 0.12 | — | 8.44 | 24.82 | 2.48 | 2.28 | † | 2.28 | † | 1.78 | † | 3,875 | 72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 8.96 | 0.05 | 1.68 | 1.73 | 0.48 | — | — | 0.48 | — | 10.21 | 20.02 | 2.19 | 2.19 | 2.19 | 0.75 | 18,467 | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 7.78 | 0.12 | 1.19 | 1.31 | 0.13 | — | — | 0.13 | — | 8.96 | 17.07 | 2.22 | 2.25 | 2.25 | 1.46 | 16,340 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 8.81 | 0.11 | (0.75 | ) | (0.64 | ) | 0.39 | — | — | 0.39 | — | 7.78 | (7.64 | ) | 2.22 | 2.22 | 2.22 | 1.12 | 18,966 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 8.44 | 0.08 | • | 0.85 | 0.93 | 0.56 | — | — | 0.56 | — | 8.81 | 11.65 | 2.25 | 2.25 | † | 2.25 | † | 1.05 | † | 25,632 | 60 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 6.88 | 0.13 | 1.54 | 1.67 | 0.11 | — | — | 0.11 | — | 8.44 | 24.76 | 2.48 | 2.28 | † | 2.28 | † | 1.81 | † | 26,520 | 72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 9.00 | 0.08 | 1.70 | 1.78 | 0.53 | — | — | 0.53 | — | 10.25 | 20.57 | 1.14 | 1.14 | 1.14 | 1.82 | 346,600 | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 7.82 | 0.20 | 1.20 | 1.40 | 0.22 | — | — | 0.22 | — | 9.00 | 18.30 | 1.17 | 1.17 | 1.17 | 2.56 | 288,945 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 8.87 | 0.19 | (0.75 | ) | (0.56 | ) | 0.49 | — | — | 0.49 | — | 7.82 | (6.75 | ) | 1.14 | 1.14 | 1.14 | 2.08 | 253,837 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 8.49 | 0.18 | 0.85 | 1.03 | 0.65 | — | — | 0.65 | — | 8.87 | 12.90 | 1.17 | 1.17 | † | 1.17 | † | 2.13 | † | 365,799 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 6.92 | 0.19 | 1.57 | 1.76 | 0.19 | — | — | 0.19 | — | 8.49 | 26.12 | 1.23 | 1.23 | † | 1.23 | † | 2.80 | † | 387,251 | 72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-13 | 9.02 | 0.08 | 1.72 | 1.80 | 0.53 | — | — | 0.53 | — | 10.29 | 20.73 | 1.19 | 1.19 | 1.19 | 1.80 | 30,043 | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-12 | 7.84 | 0.16 | 1.23 | 1.39 | 0.21 | — | — | 0.21 | — | 9.02 | 18.15 | 1.22 | 1.22 | 1.22 | 2.20 | 23,057 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-11 | 8.89 | 0.19 | • | (0.75 | ) | (0.56 | ) | 0.49 | — | — | 0.49 | — | 7.84 | (6.76 | ) | 1.22 | 1.22 | 1.22 | 2.21 | 10,270 | 66 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-10 | 8.51 | 0.16 | • | 0.86 | 1.02 | 0.64 | — | — | 0.64 | — | 8.89 | 12.80 | 1.25 | 1.25 | † | 1.25 | † | 2.01 | † | 5,202 | 60 | |||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-09 | 6.91 | 0.19 | 1.60 | 1.79 | 0.19 | — | — | 0.19 | — | 8.51 | 26.61 | 1.23 | 1.23 | † | 1.23 | † | 2.85 | † | 2,094 | 72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
(1) | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges. Total return for periods less than one year is not annualized. | |
(2) | Annualized for periods less than one year. | |
(3) | Expense ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by an Investment Adviser and/or Distributor but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions. | |
(4) | Commencement of operations. | |
• | Calculated using average number of shares outstanding throughout the period. | |
† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income or loss ratio. |
significant unobservable inputs to determine its NAV, securities will be priced by a method that the Pricing Committee believes accurately reflects fair value and are categorized as Level 3 of the fair value hierarchy. The methodologies used for valuing securities are not necessarily an indication of the risks of investing in those securities valued in good faith at fair value nor can it be assured the Fund can obtain the fair value assigned to a security if they were to sell the security.
(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. |
even greater with respect to securities of issuers in emerging markets.
Purchases | Sales | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Global Real Estate | $ | 1,048,357,856 | $ | 913,630,899 | ||||||
International Real Estate | 131,527,512 | 143,161,345 |
Fund | As a Percentage of Average Daily Net Assets | |||||
---|---|---|---|---|---|---|
Global Real Estate | 0.80% on the first $250 million; 0.775% on the next $250 million; and 0.70% thereafter | |||||
International Real Estate | 1.00% on the first $250 million; 0.90% on the next $250 million; and 0.80% thereafter |
Fund | Class A | Class B | Class C | Class O | Class R | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Global Real Estate | 0.25 | % | 1.00 | % | 1.00 | % | 0.25 | % | 0.50 | % | ||||||||||||
International Real Estate | 0.25 | % | 1.00 | % | 1.00 | % | N/A | N/A |
Class A | Class C | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Initial Sales Charges: | ||||||||||
Global Real Estate | $ | 73,312 | $ | — | ||||||
International Real Estate | 3,056 | — | ||||||||
Contingent Deferred Sales Charges: | ||||||||||
Global Real Estate | $ | 526 | $ | 2,193 | ||||||
International Real Estate | — | 98 |
Fund | Accrued Expenses | Amount | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
International Real Estate | Custody | $66,165 | ||||||||
Postage | 49,754 |
Class A | Class B | Class C | Class I | Class O | Class R | Class W | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Global Real Estate | 1.75 | % | 2.50 | % | 2.50 | % | 1.50 | % | 1.75 | % | 2.00 | % | 1.50 | % | ||||||||||||||||
International Real Estate | 1.50 | % | 2.25 | % | 2.25 | % | 1.25 | % | N/A | N/A | 1.25 | % |
Fund | Class A | Class B | Class C | Class I | Class O | Class R | Class W | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Global Real Estate(1) | 1.65 | % | 2.40 | % | 2.40 | % | 1.40 | % | 1.65 | % | 1.90 | % | 1.40 | % | ||||||||||||||||
International Real Estate(1)(2) | 1.45 | % | 2.20 | % | 2.20 | % | 1.20 | % | N/A | N/A | 1.20 | % |
(1) | Any fees waived pursuant to the side agreement shall not be eligible for recoupment. |
(2) | Prior to January 1, 2013, there was no side agreement for International Real Estate. |
Fund | Days Utilized | Approximate Average Daily Balance For Days Utilized | Approximate Weighted Average Interest Rate For Days Utilized | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Global Real Estate | 5 | $ | 50,000,000 | 1.16 | % | |||||||||
International Real Estate | 20 | 4,594,500 | 1.16 |
Shares sold | Shares issued in merger | Reinvestment of distributions | Shares redeemed | Net increase (decrease) in shares outstanding | Shares sold | Proceeds from shares issued in merger | Reinvestment of distributions | Shares redeemed | Net increase (decrease) | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year or period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||||
Global Real Estate | ||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 17,071,111 | — | 1,988,795 | (12,541,109 | ) | 6,518,797 | 314,284,923 | — | 36,085,984 | (230,223,202 | ) | 120,147,705 | ||||||||||||||||||||||||||||||
10/31/2012 | 38,538,258 | — | 1,456,067 | (38,319,157 | ) | 1,675,168 | 621,128,173 | — | 24,047,916 | (608,477,258 | ) | 36,698,831 | ||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 8,091 | — | 21,210 | (101,479 | ) | (72,178 | ) | 119,661 | — | 314,509 | (1,527,089 | ) | (1,092,919 | ) | ||||||||||||||||||||||||||||
10/31/2012 | 11,739 | — | 14,801 | (267,951 | ) | (241,411 | ) | 158,785 | — | 201,335 | (3,611,650 | ) | (3,251,530 | ) | ||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 1,731,803 | — | 284,277 | (1,432,736 | ) | 583,344 | 27,844,870 | — | 4,486,805 | (22,893,263 | ) | 9,438,412 | ||||||||||||||||||||||||||||||
10/31/2012 | 1,787,676 | — | 173,966 | (3,327,634 | ) | (1,365,992 | ) | 25,933,783 | — | 2,519,125 | (47,606,213 | ) | (19,153,305 | ) | ||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 29,917,447 | — | 3,648,888 | (30,873,753 | ) | 2,692,582 | 550,467,005 | — | 66,199,607 | (563,580,839 | ) | 53,085,773 | ||||||||||||||||||||||||||||||
10/31/2012 | 62,603,418 | — | 2,747,034 | (31,894,762 | ) | 33,455,690 | 1,019,087,711 | — | 45,517,477 | (522,767,690 | ) | 541,837,498 | ||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 83,160 | — | 617 | (76,868 | ) | 6,909 | 1,533,701 | — | 11,186 | (1,417,881 | ) | 127,006 | ||||||||||||||||||||||||||||||
10/31/2012 | 183,265 | — | 798 | (247,523 | ) | (63,460 | ) | 3,038,280 | — | 13,150 | (4,134,776 | ) | (1,083,346 | ) | ||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 61,944 | — | 2,257 | (37,392 | ) | 26,809 | 1,129,654 | — | 40,860 | (701,930 | ) | 468,584 | ||||||||||||||||||||||||||||||
10/31/2012 | 64,528 | — | 515 | (488 | ) | 64,555 | 1,095,388 | — | 8,816 | (8,194 | ) | 1,096,010 | ||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 6,117,377 | — | 593,555 | (2,992,832 | ) | 3,718,100 | 112,843,516 | — | 10,790,904 | (55,354,238 | ) | 68,280,182 | ||||||||||||||||||||||||||||||
10/31/2012 | 8,916,430 | — | 401,957 | (6,180,324 | ) | 3,138,063 | 148,596,450 | — | 6,675,286 | (100,003,388 | ) | 55,268,348 | ||||||||||||||||||||||||||||||
International Real Estate | ||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 743,262 | — | 261,235 | (843,281 | ) | 161,216 | 6,898,477 | — | 2,389,331 | (7,893,841 | ) | 1,393,967 | ||||||||||||||||||||||||||||||
10/31/2012 | 1,008,164 | — | 111,736 | (5,433,089 | ) | (4,313,189 | ) | 7,978,838 | — | 877,091 | (41,535,296 | ) | (32,679,367 | ) | ||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 1,785 | — | 6,570 | (26,154 | ) | (17,799 | ) | 16,208 | — | 59,674 | (242,415 | ) | (166,533 | ) | ||||||||||||||||||||||||||||
10/31/2012 | 2,854 | — | 2,496 | (85,951 | ) | (80,601 | ) | 21,681 | — | 19,618 | (672,038 | ) | (630,739 | ) | ||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 151,743 | — | 62,581 | (229,515 | ) | (15,191 | ) | 1,419,844 | — | 567,805 | (2,120,396 | ) | (132,747 | ) | ||||||||||||||||||||||||||||
10/31/2012 | 97,977 | — | 21,910 | (733,750 | ) | (613,863 | ) | 772,746 | — | 172,293 | (5,721,772 | ) | (4,776,733 | ) | ||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 4,577,740 | — | 412,613 | (3,306,106 | ) | 1,684,247 | 43,142,894 | — | 3,761,053 | (30,826,730 | ) | 16,077,217 | ||||||||||||||||||||||||||||||
10/31/2012 | 11,016,293 | — | 180,733 | (11,557,697 | ) | (360,671 | ) | 84,817,266 | — | 1,434,775 | (90,204,108 | ) | (3,952,067 | ) | ||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||
4/30/2013 | 679,882 | — | 33,231 | (347,647 | ) | 365,466 | 6,425,646 | — | 303,834 | (3,242,549 | ) | 3,486,931 | ||||||||||||||||||||||||||||||
10/31/2012 | 2,323,879 | — | 10,780 | (1,089,716 | ) | 1,244,943 | 18,216,535 | — | 85,836 | (8,184,356 | ) | 10,118,015 |
Fund | Value of Securities Loaned | Cash Collateral Received | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Global Real Estate | $ | 16,207,187 | $ | 17,450,247 |
Six Months Ended April 30, 2013 | Year Ended October 31, 2012 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Ordinary Income | Ordinary Income | |||||||||
Global Real Estate(1) | $ | 22,327,851 | $ | 185,635,734 | ||||||
International Real Estate | 29,898,093 | 11,888,944 |
(1) | Composition of dividends and distributions presented herein is based on the Fund’s current tax period (four months ended April 30, 2013) and tax year ended December 31, 2012. Composition of current period amounts may change after the Fund’s tax year-end of December 31, 2013. |
Undistributed Ordinary Income | Unrealized Appreciation/ (Depreciation) | Capital Loss Carryforwards | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Amount | Character | Expiration | |||||||||||||||||||||
Global Real Estate(1) | $ | 8,602,924 | $ | 866,847,998 | $ | (164,232,218 | ) | Short-term | 2016 | ||||||||||||||
(414,424,595 | ) | Short-term | 2017 | ||||||||||||||||||||
(79,668,453 | ) | Short-term | 2018 | ||||||||||||||||||||
(37,757,367 | ) | Short-term | None | ||||||||||||||||||||
$ | (696,082,633 | ) | |||||||||||||||||||||
International Real Estate | 26,550,713 | 45,194,565 | (26,312 | ) | Short-term | 2014 | |||||||||||||||||
(2,556,095 | ) | Short-term | 2015 | ||||||||||||||||||||
(67,952,089 | ) | Short-term | 2016 | ||||||||||||||||||||
(159,911,905 | ) | Short-term | 2017 | ||||||||||||||||||||
(43,046,092 | ) | Short-term | 2018 | ||||||||||||||||||||
(8,974,059 | ) | Short-term | 2019 | ||||||||||||||||||||
(6,505,841 | ) | Short-term | None | ||||||||||||||||||||
(5,962,232 | ) | Long-term | None | ||||||||||||||||||||
$ | (294,934,625 | ) |
(1) | As of the Fund’s tax year ended December 31, 2012. |
the automatic termination of the existing advisory and sub-advisory agreements under which the Adviser and sub-adviser(s) provide services to the Funds. In order to ensure that the existing investment advisory and sub-advisory services can continue uninterrupted, the Board approved new advisory and sub-advisory agreements for the Funds in connection with the IPO. In addition, shareholders of the Funds have been asked to approve new investment advisory and affiliated sub-advisory agreements prompted by the IPO, as well as any future advisory and affiliated sub-advisory agreements prompted by the Separation Plan that are approved by the Board and whose terms are not be materially different from the current agreements. Shareholders of International Real Estate approved a new advisory agreement on May 13, 2013. This means that shareholders may not have another opportunity to vote on a new agreement with the Adviser or an affiliated sub-adviser even if they undergo a change of control, as long as no single person or group of persons acting together gains “control” (as defined in the 1940 Act) of ING U.S. Shareholders of Global Real Estate have not yet approved a new advisory agreement.
ING GLOBAL REAL ESTATE FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF APRIL 30, 2013 (UNAUDITED) |
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 98.4% | |||||||||||||||||||
Australia: 8.7% | |||||||||||||||||||
59,101,516 | Dexus Property Group | $ | 70,699,959 | 1.3 | |||||||||||||||
16,307,300 | Federation Centres Ltd | 43,954,986 | 0.8 | ||||||||||||||||
10,685,376 | Goodman Group | 57,799,676 | 1.0 | ||||||||||||||||
26,724,358 | Mirvac Group | 49,074,937 | 0.9 | ||||||||||||||||
8,833,934 | Westfield Group | 106,856,487 | 2.0 | ||||||||||||||||
28,261,881 | Westfield Retail Trust | 96,635,739 | 1.8 | ||||||||||||||||
12,665,729 | Other Securities | 48,116,220 | 0.9 | ||||||||||||||||
473,138,004 | 8.7 | ||||||||||||||||||
Brazil: 0.1% | |||||||||||||||||||
284,400 | Other Securities | 3,924,670 | 0.1 | ||||||||||||||||
Canada: 1.2% | |||||||||||||||||||
1,729,200 | Other Securities | 66,839,553 | 1.2 | ||||||||||||||||
China: 0.4% | |||||||||||||||||||
7,116,500 | Other Securities | 21,728,537 | 0.4 | ||||||||||||||||
France: 4.1% | |||||||||||||||||||
1,064,556 | Klepierre | 45,174,670 | 0.9 | ||||||||||||||||
479,934 | Unibail-Rodamco SE | 125,461,788 | 2.3 | ||||||||||||||||
697,712 | Other Securities | 49,737,642 | 0.9 | ||||||||||||||||
220,374,100 | 4.1 | ||||||||||||||||||
Germany: 0.7% | |||||||||||||||||||
755,257 | Other Securities(a) | 37,511,596 | 0.7 | ||||||||||||||||
Hong Kong: 10.1% | |||||||||||||||||||
7,601,109 | Cheung Kong Holdings Ltd. | 114,713,757 | 2.1 | ||||||||||||||||
8,608,094 | Hongkong Land Holdings Ltd. | 62,677,228 | 1.1 | ||||||||||||||||
14,611,900 | Link Real Estate Investment Trust | 82,831,887 | 1.5 | ||||||||||||||||
28,584,986 | Sino Land Co. | 47,106,063 | 0.9 | ||||||||||||||||
6,045,000 | Sun Hung Kai Properties Ltd. | 87,411,234 | 1.6 | ||||||||||||||||
11,670,800 | Swire Properties Ltd. | 41,726,993 | 0.8 | ||||||||||||||||
7,275,346 | Wharf Holdings Ltd. | 64,984,126 | 1.2 | ||||||||||||||||
10,396,545 | Other Securities | 47,222,225 | 0.9 | ||||||||||||||||
548,673,513 | 10.1 | ||||||||||||||||||
Japan: 17.9% | |||||||||||||||||||
449,100 | Daito Trust Construction Co., Ltd. | 43,545,210 | 0.8 | ||||||||||||||||
6,534 | Japan Real Estate Investment Corp. | 87,773,901 | 1.6 | ||||||||||||||||
26,540 | Japan Retail Fund Investment Corp. | 62,912,505 | 1.2 | ||||||||||||||||
8,481,423 | Mitsubishi Estate Co., Ltd. | 276,249,510 | 5.1 | ||||||||||||||||
5,904,088 | Mitsui Fudosan Co., Ltd. | 200,933,987 | 3.7 | ||||||||||||||||
3,039 | Nippon Building Fund, Inc. | 43,786,933 | 0.8 | ||||||||||||||||
2,242,300 | Sumitomo Realty & Development Co., Ltd. | 105,974,133 | 2.0 | ||||||||||||||||
5,648,212 | Other Securities | 147,150,142 | 2.7 | ||||||||||||||||
968,326,321 | 17.9 | ||||||||||||||||||
Netherlands: 0.3% | |||||||||||||||||||
356,568 | Other Securities | 14,552,095 | 0.3 | ||||||||||||||||
Singapore: 5.6% | |||||||||||||||||||
40,824,600 | L | CapitaCommercial Trust | 56,843,507 | 1.0 | |||||||||||||||
23,305,158 | CapitaLand Ltd. | 71,072,577 | 1.3 | ||||||||||||||||
22,113,991 | CapitaMall Trust | 41,697,181 | 0.8 | ||||||||||||||||
34,112,600 | Global Logistic Properties Ltd. | 76,776,531 | 1.4 | ||||||||||||||||
44,025,800 | Other Securities | 58,799,134 | 1.1 | ||||||||||||||||
305,188,930 | 5.6 | ||||||||||||||||||
Sweden: 0.6% | |||||||||||||||||||
2,379,981 | Other Securities | 34,293,615 | 0.6 | ||||||||||||||||
Switzerland: 0.4% | |||||||||||||||||||
229,152 | Other Securities | 21,503,024 | 0.4 | ||||||||||||||||
United Kingdom: 4.2% | |||||||||||||||||||
5,175,943 | Land Securities Group PLC | 70,313,623 | 1.3 | ||||||||||||||||
20,601,732 | Other Securities | 155,806,879 | 2.9 | ||||||||||||||||
226,120,502 | 4.2 | ||||||||||||||||||
United States: 44.1% | |||||||||||||||||||
482,708 | AvalonBay Communities, Inc. | 64,219,472 | 1.2 | ||||||||||||||||
960,200 | Boston Properties, Inc. | 105,074,686 | 2.0 | ||||||||||||||||
964,100 | BRE Properties, Inc. | 48,667,768 | 0.9 | ||||||||||||||||
2,907,800 | DDR Corp. | 53,329,052 | 1.0 | ||||||||||||||||
1,604,600 | Douglas Emmett, Inc. | 41,992,382 | 0.8 | ||||||||||||||||
2,805,400 | Duke Realty Corp. | 49,487,256 | 0.9 | ||||||||||||||||
1,405,700 | Equity Residential | 81,614,942 | 1.5 | ||||||||||||||||
4,624,011 | General Growth Properties, Inc. | 105,057,530 | 1.9 | ||||||||||||||||
1,778,329 | HCP, Inc. | 94,784,936 | 1.8 | ||||||||||||||||
1,253,900 | Health Care Real Estate Investment Trust, Inc. | 94,004,883 | 1.7 | ||||||||||||||||
7,809,335 | Host Hotels & Resorts, Inc. | 142,676,551 | 2.6 | ||||||||||||||||
1,155,600 | Kilroy Realty Corp. | 65,395,404 | 1.2 | ||||||||||||||||
3,287,900 | Kimco Realty Corp. | 78,186,262 | 1.5 | ||||||||||||||||
1,640,375 | Liberty Property Trust | 70,519,721 | 1.3 | ||||||||||||||||
1,382,141 | Macerich Co. | 96,818,977 | 1.8 | ||||||||||||||||
958,000 | Post Properties, Inc. | 47,353,940 | 0.9 | ||||||||||||||||
2,864,102 | ProLogis, Inc. | 120,149,079 | 2.2 | ||||||||||||||||
501,824 | Public Storage, Inc. | 82,800,960 | 1.5 | ||||||||||||||||
1,275,320 | Simon Property Group, Inc. | 227,096,232 | 4.2 | ||||||||||||||||
1,088,030 | SL Green Realty Corp. | 98,684,321 | 1.8 | ||||||||||||||||
578,700 | Taubman Centers, Inc. | 49,484,637 | 0.9 |
ING GLOBAL REAL ESTATE FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED) |
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: (continued) | |||||||||||||||||||
United States: (continued) | |||||||||||||||||||
3,040,055 | UDR, Inc. | $ | 74,724,552 | 1.4 | |||||||||||||||
1,109,404 | Ventas, Inc. | 88,341,841 | 1.6 | ||||||||||||||||
801,702 | Vornado Realty Trust | 70,197,027 | 1.3 | ||||||||||||||||
12,842,653 | Other Securities | 337,735,078 | 6.2 | ||||||||||||||||
2,388,397,489 | 44.1 | ||||||||||||||||||
Total Common Stock | |||||||||||||||||||
(Cost $3,631,771,276) | 5,330,571,949 | 98.4 |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHORT-TERM INVESTMENTS: 2.7% | |||||||||||||||||||
Securities Lending Collateralcc(1): 0.3% | |||||||||||||||||||
4,144,443 | BNP Paribas Bank, Repurchase Agreement dated 04/30/13, 0.14%, due 05/01/13 (Repurchase Amount $4,144,459, collateralized by various U.S. Government Securities, 0.250%–0.875%, Market Value plus accrued interest $4,227,332, due 05/31/14–03/31/18) | 4,144,443 | 0.0 | ||||||||||||||||
4,144,443 | Citigroup, Inc., Repurchase Agreement dated 04/30/13, 0.18%, due 05/01/13 (Repurchase Amount $4,144,463, collateralized by various U.S. Government Agency Obligations, 0.841%–6.500%, Market Value plus accrued interest $4,229,151, due 11/01/18–03/15/53) | 4,144,443 | 0.1 | ||||||||||||||||
4,144,443 | Deutsche Bank AG, Repurchase Agreement dated 04/30/13, 0.17%, due 05/01/13 (Repurchase Amount $4,144,462, collateralized by various U.S. Government Agency Obligations, 2.130%–7.500%, Market Value plus accrued interest $4,227,332, due 12/01/16–04/01/48) | 4,144,443 | 0.1 | ||||||||||||||||
872,475 | Merrill Lynch & Co., Inc., Repurchase Agreement dated 04/30/13, 0.14%, due 05/01/13 (Repurchase Amount $872,478, collateralized by various U.S. Government Securities, 0.250%–2.750%, Market Value plus accrued interest $889,925, due 10/15/15–08/15/42) | 872,475 | 0.0 | ||||||||||||||||
4,144,443 | Mizuho Securities USA Inc., Repurchase Agreement dated 04/30/13, 0.20%, due 05/01/13 (Repurchase Amount $4,144,466, collateralized by various U.S. Government Agency Obligations, 2.084%–7.000%, Market Value plus accrued interest $4,227,332, due 01/01/22–04/15/52) | 4,144,443 | 0.1 | ||||||||||||||||
17,450,247 | 0.3 |
Shares | | | | Value | | Percentage of Net Assets | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mutual Funds: 2.4% | ||||||||||||||||||
131,021,077 | BlackRock Liquidity Funds, TempFund, Institutional Class (Cost $131,021,077) | 131,021,077 | 2.4 | |||||||||||||||
Total Short-Term Investments (Cost $148,471,324) | 148,471,324 | 2.7 | ||||||||||||||||
Total Investments in Securities (Cost $3,780,242,600) | $ | 5,479,043,273 | 101.1 | |||||||||||||||
Liabilities in Excess of Other Assets | (59,294,977 | ) | (1.1 | ) | ||||||||||||||
Net Assets | $ | 5,419,748,296 | 100.0 |
† | Unless otherwise indicated, principal amount is shown in USD. | |
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, 2013. | |
(1) | Collateral received from brokers for securities lending was invested into these short-term investments. | |
(a) | This grouping contains securities on loan. | |
Cost for federal income tax purposes is $4,096,297,169. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 1,528,761,800 | ||||
Gross Unrealized Depreciation | (146,015,696 | ) | ||||
Net Unrealized Appreciation | $ | 1,382,746,104 |
ING GLOBAL REAL ESTATE FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED) |
REIT Diversification | Percentage of Net Assets | |||||
---|---|---|---|---|---|---|
Retail REITs | 25.7 | % | ||||
Diversified Real Estate Activities | 18.0 | |||||
Office REITs | 12.8 | |||||
Specialized REITs | 10.9 | |||||
Diversified REITs | 10.1 | |||||
Residential REITs | 7.5 | |||||
Real Estate Operating Companies | 5.3 | |||||
Industrial REITs | 3.7 | |||||
Real Estate Development | 3.6 | |||||
Hotels, Resorts & Cruise Lines | 0.8 | |||||
Assets in Excess of Other Liabilities* | 1.6 | |||||
Net Assets | 100.0 | % |
* | Includes short-term investments. |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at April 30, 2013 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at fair value | ||||||||||||||||||
Common Stock | ||||||||||||||||||
Australia | $ | 43,954,986 | $ | 429,183,018 | $ | — | $ | 473,138,004 | ||||||||||
Brazil | 3,924,670 | — | — | 3,924,670 | ||||||||||||||
Canada | 66,839,553 | — | — | 66,839,553 | ||||||||||||||
China | — | 21,728,537 | — | 21,728,537 | ||||||||||||||
France | 125,461,788 | 94,912,312 | — | 220,374,100 | ||||||||||||||
Germany | 26,555,411 | 10,956,185 | — | 37,511,596 | ||||||||||||||
Hong Kong | — | 548,673,513 | — | 548,673,513 | ||||||||||||||
Japan | — | 968,326,321 | — | 968,326,321 | ||||||||||||||
Netherlands | — | 14,552,095 | — | 14,552,095 | ||||||||||||||
Singapore | 28,365,194 | 276,823,736 | — | 305,188,930 | ||||||||||||||
Sweden | — | 34,293,615 | — | 34,293,615 | ||||||||||||||
Switzerland | 21,503,024 | — | — | 21,503,024 | ||||||||||||||
United Kingdom | 10,919,928 | 215,200,574 | — | 226,120,502 | ||||||||||||||
United States | 2,388,397,489 | — | — | 2,388,397,489 | ||||||||||||||
Total Common Stock | 2,715,922,043 | 2,614,649,906 | — | 5,330,571,949 | ||||||||||||||
Short-Term Investments | 131,021,077 | 17,450,247 | — | 148,471,324 | ||||||||||||||
Total Investments, at fair value | $ | 2,846,943,120 | $ | 2,632,100,153 | $ | — | $ | 5,479,043,273 |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
# | 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 portion of the Fund’s investments are categorized as Level 2 investments. |
ING INTERNATIONAL REAL ESTATE FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF APRIL 30, 2013 (UNAUDITED) |
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: 96.2% | |||||||||||||||||||
Australia: 15.6% | |||||||||||||||||||
6,827,642 | Dexus Property Group | $ | 8,167,540 | 1.3 | |||||||||||||||
3,269,200 | Federation Centres Ltd | 8,811,860 | 1.5 | ||||||||||||||||
2,347,844 | Goodman Group | 12,700,032 | 2.1 | ||||||||||||||||
632,920 | Lend Lease Corp., Ltd. | 7,074,139 | 1.2 | ||||||||||||||||
4,647,041 | Mirvac Group | 8,533,535 | 1.4 | ||||||||||||||||
1,903,584 | Stockland | 7,649,945 | 1.3 | ||||||||||||||||
1,357,301 | Westfield Group | 16,418,101 | 2.7 | ||||||||||||||||
3,854,890 | Westfield Retail Trust | 13,181,010 | 2.2 | ||||||||||||||||
6,310,559 | Other Securities | 11,433,985 | 1.9 | ||||||||||||||||
93,970,147 | 15.6 | ||||||||||||||||||
Austria: 0.9% | |||||||||||||||||||
1,219,118 | Other Securities | 5,670,876 | 0.9 | ||||||||||||||||
Brazil: 0.3% | |||||||||||||||||||
145,000 | Other Securities | 1,775,497 | 0.3 | ||||||||||||||||
Canada: 3.1% | |||||||||||||||||||
109,100 | Boardwalk Real Estate Investment Trust | 7,133,274 | 1.2 | ||||||||||||||||
109,100 | Dundee Real Estate Investment Trust | 4,007,932 | 0.7 | ||||||||||||||||
258,200 | RioCan Real Estate Investment Trust | 7,563,137 | 1.2 | ||||||||||||||||
18,704,343 | 3.1 | ||||||||||||||||||
China: 0.4% | |||||||||||||||||||
786,900 | Other Securities | 2,402,612 | 0.4 | ||||||||||||||||
Finland: 0.3% | |||||||||||||||||||
358,000 | Other Securities | 1,910,640 | 0.3 | ||||||||||||||||
France: 6.5% | |||||||||||||||||||
37,798 | Gecina S.A. | 4,554,708 | 0.8 | ||||||||||||||||
40,267 | ICADE | 3,722,334 | 0.6 | ||||||||||||||||
129,208 | Klepierre | 5,482,970 | 0.9 | ||||||||||||||||
71,142 | Unibail-Rodamco SE | 18,597,562 | 3.1 | ||||||||||||||||
177,237 | Other Securities | 6,720,411 | 1.1 | ||||||||||||||||
39,077,985 | 6.5 | ||||||||||||||||||
Germany: 1.2% | |||||||||||||||||||
321,549 | Other Securities | 7,328,166 | 1.2 | ||||||||||||||||
Hong Kong: 16.3% | |||||||||||||||||||
997,965 | Cheung Kong Holdings Ltd. | 15,061,001 | 2.5 | ||||||||||||||||
1,635,794 | Hongkong Land Holdings Ltd. | 11,910,538 | 2.0 | ||||||||||||||||
2,451,300 | Link Real Estate Investment Trust | 13,895,921 | 2.3 | ||||||||||||||||
3,004,698 | Sino Land Co. | 4,951,533 | 0.8 | ||||||||||||||||
1,989,000 | Sun Hung Kai Properties Ltd. | 28,761,116 | 4.8 | ||||||||||||||||
1,854,100 | Swire Properties Ltd. | 6,629,024 | 1.1 | ||||||||||||||||
852,285 | Wharf Holdings Ltd. | 7,612,696 | 1.2 | ||||||||||||||||
2,433,095 | Other Securities | 9,522,359 | 1.6 | ||||||||||||||||
98,344,188 | 16.3 | ||||||||||||||||||
Italy: 0.1% | |||||||||||||||||||
849,920 | Other Securities | 599,505 | 0.1 | ||||||||||||||||
Japan: 31.2% | |||||||||||||||||||
613 | Activia Properties, Inc. | 5,260,082 | 0.9 | ||||||||||||||||
157,600 | Aeon Mall Co., Ltd. | 5,074,057 | 0.8 | ||||||||||||||||
70,200 | Daito Trust Construction Co., Ltd. | 6,806,666 | 1.1 | ||||||||||||||||
373,000 | Daiwa House Industry Co., Ltd. | 8,430,577 | 1.4 | ||||||||||||||||
386 | Industrial & Infrastructure Fund Investment Corp. | 4,102,162 | 0.7 | ||||||||||||||||
9,337 | Japan Hotel REIT Investment Corp. | 3,994,481 | 0.7 | ||||||||||||||||
318 | Japan Real Estate Investment Corp. | 4,271,825 | 0.7 | ||||||||||||||||
4,023 | Japan Retail Fund Investment Corp. | 9,536,436 | 1.6 | ||||||||||||||||
914 | Kenedix Realty Investment Corp. | 4,287,743 | 0.7 | ||||||||||||||||
1,289,400 | Mitsubishi Estate Co., Ltd. | 41,997,212 | 7.0 | ||||||||||||||||
966,177 | Mitsui Fudosan Co., Ltd. | 32,881,928 | 5.5 | ||||||||||||||||
685 | Mori Hills REIT Investment Corp. | 4,770,824 | 0.8 | ||||||||||||||||
505 | Nippon Accommodations Fund, Inc. | 3,925,362 | 0.6 | ||||||||||||||||
482 | Nippon Building Fund, Inc. | 6,944,818 | 1.2 | ||||||||||||||||
4,812 | NTT Urban Development Corp. | 7,134,555 | 1.2 | ||||||||||||||||
504,100 | Sumitomo Realty & Development Co., Ltd. | 23,824,448 | 4.0 | ||||||||||||||||
609,000 | Tokyo Tatemono Co., Ltd. | 5,644,236 | 0.9 | ||||||||||||||||
3,823 | United Urban Investment Corp. | 6,298,407 | 1.0 | ||||||||||||||||
292 | Other Securities | 2,698,795 | 0.4 | ||||||||||||||||
187,834,614 | 31.2 | ||||||||||||||||||
Netherlands: 1.0% | |||||||||||||||||||
112,822 | Other Securities | 6,168,130 | 1.0 | ||||||||||||||||
Philippines: 0.4% | |||||||||||||||||||
25,000,000 | Other Securities | 2,524,273 | 0.4 | ||||||||||||||||
Singapore: 10.3% | |||||||||||||||||||
6,331,900 | CapitaCommercial Trust | 8,816,434 | 1.5 | ||||||||||||||||
4,164,637 | CapitaLand Ltd. | 12,700,686 | 2.1 | ||||||||||||||||
5,633,600 | Global Logistic Properties Ltd. | 12,679,428 | 2.1 | ||||||||||||||||
6,289,800 | Mapletree Commercial Trust | 7,480,812 | 1.2 | ||||||||||||||||
6,596,000 | @ | Mapletree Greater China Commercial Trust | 5,971,048 | 1.0 | |||||||||||||||
2,339,400 | Mapletree Industrial Trust | 2,982,755 | 0.5 |
ING INTERNATIONAL REAL ESTATE FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED) |
Shares | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
COMMON STOCK: (continued) | |||||||||||||||||||
Singapore: (continued) | |||||||||||||||||||
3,577,000 | Suntec Real Estate Investment Trust | $ | 5,655,796 | 0.9 | |||||||||||||||
2,672,300 | Other Securities | 5,772,710 | 1.0 | ||||||||||||||||
62,059,669 | 10.3 | ||||||||||||||||||
Sweden: 1.5% | |||||||||||||||||||
293,196 | Castellum AB | 4,390,182 | 0.7 | ||||||||||||||||
382,935 | Other Securities | 4,764,209 | 0.8 | ||||||||||||||||
9,154,391 | 1.5 | ||||||||||||||||||
Switzerland: 1.4% | |||||||||||||||||||
61,983 | PSP Swiss Property AG | 5,816,323 | 1.0 | ||||||||||||||||
28,576 | Other Securities | 2,343,169 | 0.4 | ||||||||||||||||
8,159,492 | 1.4 | ||||||||||||||||||
United Kingdom: 7.0% | |||||||||||||||||||
782,330 | British Land Co. PLC | 7,236,947 | 1.2 | ||||||||||||||||
125,393 | @ | Derwent Valley Holdings PLC | 4,499,133 | 0.7 | |||||||||||||||
609,984 | Hammerson PLC | 4,928,947 | 0.8 | ||||||||||||||||
930,382 | Land Securities Group PLC | 12,638,958 | 2.1 | ||||||||||||||||
3,142,155 | Other Securities | 13,142,024 | 2.2 | ||||||||||||||||
42,446,009 | 7.0 | ||||||||||||||||||
Total Common Stock | |||||||||||||||||||
(Cost $392,782,341) | 588,130,537 | 97.5 | |||||||||||||||||
Total Investments in Securities (Cost $392,782,341) | $ | 588,130,537 | 97.5 | ||||||||||||||||
Assets in Excess of Other Liabilities | 14,838,137 | 2.5 | |||||||||||||||||
Net Assets | $ | 602,968,674 | 100.0 |
@ | Non-income producing security | |
Cost for federal income tax purposes is $457,107,874. |
Net unrealized appreciation consists of: | ||||||
Gross Unrealized Appreciation | $ | 161,578,113 | ||||
Gross Unrealized Depreciation | (30,555,450 | ) | ||||
Net Unrealized Appreciation | $ | 131,022,663 |
REIT Diversification | | Percentage of Net Assets | ||||
---|---|---|---|---|---|---|
Diversified Real Estate Activities | 30.8 | % | ||||
Retail REITs | 19.7 | |||||
Real Estate Operating Companies | 15.3 | |||||
Diversified REITs | 13.4 | |||||
Office REITs | 7.0 | |||||
Real Estate Development | 4.3 | |||||
Industrial REITs | 3.9 | |||||
Residential REITs | 1.8 | |||||
1.3 | ||||||
Assets in Excess of Other Liabilities | 2.5 | |||||
Net Assets | 100.0 | % |
ING INTERNATIONAL REAL ESTATE FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED) |
Quoted Prices in Active Markets for Identical Investments (Level 1) | Significant Other Observable Inputs# (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at April 30, 2013 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset Table | ||||||||||||||||||
Investments, at fair value | ||||||||||||||||||
Common Stock | ||||||||||||||||||
Australia | $ | 13,587,885 | $ | 80,382,262 | $ | — | $ | 93,970,147 | ||||||||||
Austria | 2,178,473 | 3,492,403 | — | 5,670,876 | ||||||||||||||
Brazil | 1,775,497 | — | — | 1,775,497 | ||||||||||||||
Canada | 18,704,343 | — | — | 18,704,343 | ||||||||||||||
China | — | 2,402,612 | — | 2,402,612 | ||||||||||||||
Finland | — | 1,910,640 | — | 1,910,640 | ||||||||||||||
France | 18,597,562 | 20,480,423 | — | 39,077,985 | ||||||||||||||
Germany | 3,416,319 | 3,911,847 | — | 7,328,166 | ||||||||||||||
Hong Kong | — | 98,344,188 | — | 98,344,188 | ||||||||||||||
Italy | — | 599,505 | — | 599,505 | ||||||||||||||
Japan | 2,698,795 | 185,135,819 | — | 187,834,614 | ||||||||||||||
Netherlands | — | 6,168,130 | — | 6,168,130 | ||||||||||||||
Philippines | — | 2,524,273 | — | 2,524,273 | ||||||||||||||
Singapore | 5,971,048 | 56,088,621 | — | 62,059,669 | ||||||||||||||
Sweden | — | 9,154,391 | — | 9,154,391 | ||||||||||||||
Switzerland | 5,816,323 | 2,343,169 | — | 8,159,492 | ||||||||||||||
United Kingdom | 2,157,264 | 40,288,745 | — | 42,446,009 | ||||||||||||||
Total Common Stock | 74,903,509 | 513,227,028 | — | 588,130,537 | ||||||||||||||
Total Investments, at fair value | $ | 74,903,509 | $ | 513,227,028 | $ | — | $ | 588,130,537 |
(1) | For the six months ended April 30, 2013, as a result of the fair value pricing procedures for international equities utilized by the Fund, certain securities have transferred in and out of Level 1 and Level 2 measurements during the period. The Fund’s policy is to recognize transfers between levels at the end of the reporting period. At April 30, 2013, securities valued at $5,220,033 and $6,428,850 were transferred from Level 1 to Level 2 and Level 2 to Level 1, respectively, within the fair value hierarchy. |
ˆ | See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
# | 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 portion of the Fund’s investments are categorized as Level 2 investments. |
Process, and each Fund is assigned to an IRC, which provides oversight regarding, among other matters, the investment performance of the Adviser and Sub-Adviser, as well as the oversight by the Adviser of the performance of the Sub-Adviser. The IRCs may apply a heightened level of scrutiny in cases where performance has lagged a Portfolio’s relevant benchmark, Lipper, Inc. (“Lipper”) category median, and/or Morningstar, Inc. (“Morningstar”) category median, as applicable.
may result in the Adviser’s loss of access to the services and resources of its current ultimate parent company, which could adversely affect its businesses and profitability. The Board recognized that the separation plan contemplates one or more public offerings and each may be deemed to be a change of control. If a change of control is deemed to take place, the investment advisory and sub-advisory agreements for the ING Funds, including the Funds, would terminate and trigger the necessity for new agreements, which would require the approval of the Board and, potentially, the shareholders of an ING Fund. The Board also recognized that there can be no assurance that the separation plan will be carried out. The Board considered the potential effects of the separation on the Funds and Adviser, including the Adviser’s ability prior to, during and after the separation to perform the same level of service to the Funds as the Adviser currently provides. In this regard, the Board noted that the Adviser does not currently anticipate that the separation would have a material adverse impact on the Funds or their operations and administration. The separation plan is discussed in more detail below under “APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS IN CONNECTION WITH SEPARATION PLAN.”
sub-advisers and their similarly managed retail counterparts and again assists the Board in carrying out its general oversight duties. The Board also noted that the Adviser regularly monitors performance, personnel, compliance and a myriad of other issues that may arise on a day-to-day basis with regards to the Sub-Adviser and noted that, if issues are identified either through formal or informal processes, they are brought before the IRCs and the Board for consideration and action and the Adviser consistently makes its resources available to the Board and the IRCs to assist with addressing any issues that arise.
category median and/or primary benchmark. The FACT sheets performance data was as of June 30, 2012. In addition, the Board also considered at its November 29, 2012 meeting certain additional data regarding performance and Fund asset levels as of September 30 and October 31, 2012. The Board’s findings specific to each Fund’s performance are discussed under “Fund-by-Fund Analysis” below.
Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2013. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
current sub-advisory agreements (collectively, the ”Current Agreements”). The decisions by the Board, including a majority of the Independent Trustees, to approve a proposed advisory agreements and proposed sub-advisory agreements for the Funds (collectively, the “Proposed Agreements”) were based on a determination by the Board that it would be in the best interests of the shareholders of each Fund for the Adviser and Sub-Adviser to continue providing investment advisory, sub-advisory, and related services for the Fund, without interruption, as consummation of the Separation Plan proceeds.
proposed IPO and related matters. This analysis focused on, among other matters, the expectations for continuity and stability of ING U.S. throughout implementation of the Separation Plan and thereafter. In this connection, the Board considered that the Separation Plan is being implemented as a result of legal and regulatory commitments by ING Groep, that the Board generally has been satisfied with the nature, extent and quality of the services provided to the Fund, including investment advisory, administrative and support services, and that it would be in the Fund’s best interests to maintain continuity and stability of the services currently being provided. The Board carefully considered ING U.S.’s anticipated future plans related to capitalization, operational matters, and the retention of current levels of staffing and related compensation structures, as well as the desires of its senior executives and key employees and the importance of the investment management operations within the ING U.S. business structure going forward.
1. | The Independent Trustees solicited and received ongoing advice regarding the Board’s legal duties from K&L Gates, legal counsel for such Board members, which law firm has extensive experience regarding such matters. |
2. | The Independent Trustees established an Ad Hoc IPO Transaction Committee (the “IPO Committee”), consisting exclusively of Independent Trustees, to help oversee, coordinate, and perform portions of the Board’s due diligence activities. In this connection, the IPO Committee considered, among other matters, relevant legal guidance and the processes followed by certain other investment company boards of directors or trustees when they approved contracts in connection with Change of Control events. |
3. | The Independent Trustees, with assistance from K&L Gates, prepared written inquiries to the Adviser and its affiliates regarding the IPO, including details regarding ING U.S.’s anticipated business plan for continuing operations after the IPO and potential Change of Control Events. |
4. | The Board received and evaluated written responses from the Adviser and its affiliates pursuant to inquiries made on the Board’s behalf. These evaluations were conducted through a series of separate meetings by the Board’s Audit Committee, Compliance Committee, Contracts Committee, Domestic Equity Funds Investment Review Committee, International/Balanced/Fixed Income Funds Investment Review Committee, Nominating and Governance Committee, and IPO Committee (collectively, the “Committees”), and by the Independent Trustees (which, at times, included one or both Board members who are not Independent Trustees). With respect to services to be rendered to the Fund by ING U.S. during implementation of the Separation Plan, each Committee evaluated matters relating to those services typically overseen by such Committee (and, in the case of the IPO Committee, relevant matters not otherwise assigned to a standing Committee). Future references herein to actions taken by the Board or the Independent Trustees may include, in some instances, actions taken by one or more of the Committees. |
5. | The Board requested and participated in a series of in-person and/or telephonic meetings involving presentations from senior management personnel at ING U.S. (including its Chief Executive Officer, Chief Operating Officer, Chief Risk Officer, Head of Corporate Development, Head of Proprietary Investments, and the heads of each proposed primary operating unit of ING U.S.), as well as from senior management of the Adviser and its affiliates, including senior human resources personnel, senior investment personnel, and senior compliance personnel at the Sub-Adviser. The Board also requested and had such meetings with the Fund’s Chief Compliance Officer and Chief Investment Risk Officer who, as a matter of course, report directly to the Board or its Committees. |
6. | The Board received and reviewed the preliminary Form S-1 that contained extensive information relating to, among other matters, ING U.S.’s anticipated business plans and financial structure. In this connection, the Board considered, among other matters: the anticipated arrangements between ING Groep and ING U.S. over the course of the Separation Plan; the anticipated use of potential proceeds of the capital that would be raised through the Form S-1 offering (including that portion of potential proceeds that may be retained by ING Groep and that portion that may be dedicated to the capitalization and operations of ING U.S., including its asset management operations); the potential short-term and long-term financial consequences to ING U.S. of the closed book of variable annuity business that would be maintained by ING U.S.-affiliated insurance companies; and other information provided by the Adviser and its affiliates. |
7. | K&L Gates retained Grail Partners LLC (“Grail”), an independent investment banking firm with extensive experience relating to business operations such as those to be conducted by ING U.S., in order to help K&L Gates evaluate and advise the Board with respect to, among other matters, details of ING U.S.’s anticipated business plan and financial capitalization as set forth in its Form S-1 and related information provided by the Adviser and its affiliates, including the potential implications to the Adviser and its non-insurance affiliates of insurance regulations and related capitalization matters. The Independent Trustees or IPO Committee members attended certain in-person and telephone conference call meetings at which Grail rendered advice to K&L Gates regarding these matters and responded to questions. |
8. | The Independent Trustees, the Board, and many of its Committees held in-person meetings on November 27, 28, and 29, 2012 during which, among other actions, they evaluated the responsive due diligence information provided to date by the Adviser and its affiliates, and considered input from K&L Gates, Grail, and others regarding the Form S-1. At the conclusion of these meetings, the Independent Trustees and the Committees posed to the Adviser and its affiliates a series of follow-up information requests. |
9. | Among the follow-up actions arising from the November 27, 28, and 29 meetings, the Independent Trustees requested and received written assurances that the Adviser and its affiliates: are committed to maintaining appropriate levels of overall staffing, ongoing resources and service quality; and throughout the time period during which the Separation Plan is implemented, will notify and consult with the Board in advance if management proposes to take certain actions with respect to these matters. The Board considered that such services include, but are not limited to, portfolio management services, administrative services, and regulatory compliance services. In this regard, the Board considered representations by the Adviser and its affiliates that their separation from ING Groep as contemplated by the Separation Plan will not lead to a reduction in the quality or scope of these and other services provided by those firms to the Fund. The Board also considered that the importance of the asset management operations to the overall success of ING U.S., as described by the Form S-1 and during presentations by senior ING U.S. management personnel, could provide a strong incentive to ING U.S. to provide appropriate resource allocations to support those asset management operations. |
10. | The Board considered representations by the Adviser and its affiliates that approval of the Proposed Agreements would be necessary for the Fund to continue receiving investment management services from the Adviser and Sub-Adviser following the Change of Control Events contemplated by the Separation Plan. |
11. | The Board considered representations by the Adviser and its affiliates, as well as related supporting documentation, indicating that the Proposed Agreements, including the fees payable thereunder, are substantially similar to and, in any event, are no less favorable to the Fund than, the terms of the corresponding Current Agreements. |
12. | The Board considered that, to the extent that the Proposed Agreements do have changes, those changes are designed to benefit shareholders and/or to provide management, subject to Board supervision, with greater flexibility to manage the Fund in a manner consistent with stated investment objectives. In this connection, the Board considered, among other matters, the Adviser’s representation that no material changes would be made to the Proposed Agreements, as compared to the Current Agreements, with respect to the material contractual terms that were previously negotiated under which the Fund and its Adviser and Sub-Adviser currently operate, including contractual provisions relating to fees and expenses. |
13. | The Board considered representations by the Adviser and its affiliates, including senior investment management personnel, as well as related supporting documentation, indicating that: (a) the Adviser and Sub-Adviser can be expected to provide services of the same nature, extent, and quality under the Proposed Agreements as are provided thereby under the Current Agreements; and (b) the Separation Plan is not expected to result in any changes to: (i) the management of the Fund, including the continuity of the Fund’s portfolio managers and other personnel responsible for the management operations of the Fund; or (ii) the investment objective of or the principal investment strategies used to manage any of the Fund. |
14. | The Board considered the steps by the Adviser and its affiliates that have been taken and are planned to be taken to retain the employment of key |
personnel, including incentive compensation plan arrangements, as well as the overall positive indications by many such personnel regarding the opportunities presented by the Separation Plan to create and grow an investment management operation that is independent from other ING Groep banking and insurance operations that will not be part of ING U.S. |
15. | The Board considered that the Adviser and its affiliates have agreed to bear all expenses associated with obtaining shareholder approval of the Proposed Agreements. |
16. | The Board considered ING U.S.’s preliminary ”branding” plans regarding the future name of its asset management operations, as well as its anticipated ability to continue to use the “ING” brand name for such operations for a period of time following the IPO. |
17. | The Board considered the advice provided by Dechert LLP, legal counsel to the Fund and the Adviser, with respect to the Proposed Agreements (including advice relating to the process and timing of seeking shareholder approval of the Proposed Agreements, and whether shareholder approvals would be required in connection with any future aspects of the Separation Plan following the IPO) and regarding the Board’s role and responsibilities with respect to ING Groep’s restructuring. |
18. | The Board considered the legal obligation of ING Groep under the Separation Plan to divest its ownership interest in ING U.S., as well as certain potential advantages and disadvantages to shareholders of the Fund of this divestiture, and certain potential advantages and disadvantages of alternative divestiture actions that ING Groep might be forced to take if the Proposed Agreements are not approved by the Board or by shareholders of the Fund. |
19. | The Board considered peer group and benchmark investment performance comparison data relating to the Fund that was more current than related comparison data considered by it in connection with the November 29, 2012 approvals of the Current Agreements. |
20. | The Board considered actions taken by the Adviser subsequent to the November 29, 2012 approvals of the Current Agreements with respect to certain ING Funds in response to requests made by the Board in connection with those approvals. |
21. | The Board considered the potential benefits to be realized by the Adviser and its affiliates as a result of the Proposed Agreements. |
22. | The Board considered that, if shareholders approve the Proposed Agreements, the Board currently expects to continue to conduct an annual contracts review process consistent with the process it would have conducted had the Current Agreements continued in effect and not been replaced by the Proposed Agreements, notwithstanding the two-year initial term set forth in the Proposed Agreements. For example, if the Proposed Agreements are approved by shareholders in 2013, the Board would not legally be required to review or renew those contracts until 2015. However, the Board currently intends to conduct annual reviews of such contracts in 2013 and 2014, and ING has consented to this process. Thus, the Board emphasized that it would be able to, and intends to, monitor on a regular basis the ability of the Adviser and its affiliates to comply with their undertakings to the Board and to monitor on an ongoing basis the quality of services to, and expenses of, the Fund. In addition, the Board considered that, under the Proposed Agreements, it will continue to have the authority, should the need arise in its view, to terminate any of the Proposed Agreements without penalty upon 60 days’ notice. |
ING Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
ING Funds Services, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
ING Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
The Bank of New York Mellon
One Wall Street
New York, New York 10286
Dechert LLP
1900 K Street, N.W.
Washington, D.C. 20006
SAR-UINTREAL (0413-062113) |
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.
ING GLOBAL BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF APRIL 30, 2013 (UNAUDITED) |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CORPORATE BONDS/NOTES: 20.0% | |||||||||||||||||||
Bermuda: 0.1% | |||||||||||||||||||
1,000,000 | # | NCL Corp. Ltd., 5.000%, 02/15/18 | $ | 1,043,750 | 0.1 | ||||||||||||||
Brazil: 1.2% | |||||||||||||||||||
BRL 4,000,000 | # | Banco Votorantim SA, 6.250%, 05/16/16 | 2,341,570 | 0.3 | |||||||||||||||
2,400,000 | # | BC Luxco 1 SA, 7.375%, 01/29/20 | 2,508,000 | 0.3 | |||||||||||||||
1,575,000 | # | Itau Unibanco Holding SA/Cayman Island, 5.125%, 05/13/23 | 1,639,969 | 0.2 | |||||||||||||||
420,000 | Itau Unibanco Holding SA/Cayman Island, 5.750%, 01/22/21 | 455,700 | 0.1 | ||||||||||||||||
500,000 | # | JBS USA LLC/JBS USA Finance, Inc., 8.250%, 02/01/20 | 555,000 | 0.1 | |||||||||||||||
1,028,750 | # | QGOG Atlantic / Alaskan Rigs Ltd., 5.250%, 07/30/18 | 1,078,644 | 0.1 | |||||||||||||||
920,000 | Vale Overseas Ltd., 4.625%, 09/15/20 | 1,004,148 | 0.1 | ||||||||||||||||
9,583,031 | 1.2 | ||||||||||||||||||
Canada: 0.2% | |||||||||||||||||||
1,000,000 | # | Bombardier, Inc., 6.125%, 01/15/23 | 1,086,250 | 0.1 | |||||||||||||||
822,000 | Goldcorp, Inc., 3.700%, 03/15/23 | 830,937 | 0.1 | ||||||||||||||||
1,917,187 | 0.2 | ||||||||||||||||||
Cayman Islands: 0.2% | |||||||||||||||||||
665,000 | # | Sable International Finance Ltd., 8.750%, 02/01/20 | 756,437 | 0.1 | |||||||||||||||
750,000 | Seagate HDD Cayman, 6.875%, 05/01/20 | 818,438 | 0.1 | ||||||||||||||||
1,574,875 | 0.2 | ||||||||||||||||||
Chile: 0.1% | |||||||||||||||||||
375,000 | # | Automotores Gildemeister SA, 6.750%, 01/15/23 | 385,312 | 0.1 | |||||||||||||||
China: 0.0% | |||||||||||||||||||
250,000 | # | Mega Advance Investments Ltd., 6.375%, 05/12/41 | 324,636 | 0.0 | |||||||||||||||
Colombia: 0.3% | |||||||||||||||||||
1,500,000 | # | Colombia Telecomunicaciones SA ESP, 5.375%, 09/27/22 | 1,507,500 | 0.2 | |||||||||||||||
719,000 | # | Empresa de Energia de Bogota SA, 6.125%, 11/10/21 | 803,483 | 0.1 | |||||||||||||||
2,310,983 | 0.3 | ||||||||||||||||||
Dominican Republic: 0.1% | |||||||||||||||||||
1,000,000 | # | Banco de Reservas de LA Republica Dominicana, 7.000%, 02/01/23 | 1,028,500 | 0.1 | |||||||||||||||
Hong Kong: 0.2% | |||||||||||||||||||
1,500,000 | # | Hutchison Whampoa International 12 Ltd., 6.000%, 05/29/49 | 1,616,250 | 0.2 | |||||||||||||||
India: 0.3% | |||||||||||||||||||
1,300,000 | # | ICICI Bank Ltd./Dubai, 4.700%, 02/21/18 | 1,384,799 | 0.2 | |||||||||||||||
1,392,000 | # | Reliance Industries Ltd., 5.875%, 12/31/49 | 1,381,560 | 0.1 | |||||||||||||||
2,766,359 | 0.3 | ||||||||||||||||||
Ireland: 0.0% | |||||||||||||||||||
250,000 | # | Ardagh Packaging Finance PLC, 7.375%, 10/15/17 | 276,562 | 0.0 | |||||||||||||||
Italy: 0.0% | |||||||||||||||||||
277,000 | Telecom Italia Capital SA, 6.175%, 06/18/14 | 291,251 | 0.0 | ||||||||||||||||
Kazakhstan: 0.2% | |||||||||||||||||||
1,000,000 | # | Development Bank of Kazakhstan JSC, 4.125%, 12/10/22 | 990,500 | 0.1 | |||||||||||||||
750,000 | # | KazMunayGas National Co. JSC, 4.400%, 04/30/23 | 754,366 | 0.1 | |||||||||||||||
1,744,866 | 0.2 | ||||||||||||||||||
Mexico: 0.3% | |||||||||||||||||||
875,000 | # | BBVA, 6.750%, 09/30/22 | 1,008,438 | 0.1 | |||||||||||||||
1,175,000 | # | Mexichem SAB de CV, 4.875%, 09/19/22 | 1,280,750 | 0.2 | |||||||||||||||
2,289,188 | 0.3 | ||||||||||||||||||
Netherlands: 0.2% | |||||||||||||||||||
325,000 | # | Carlson Wagonlit BV, 6.875%, 06/15/19 | 346,125 | 0.0 | |||||||||||||||
1,133,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 4.500%, 01/11/21 | 1,289,899 | 0.2 | ||||||||||||||||
1,636,024 | 0.2 | ||||||||||||||||||
Paraguay: 0.3% | |||||||||||||||||||
2,600,000 | # | Telefonica Celular del Paraguay SA, 6.750%, 12/13/22 | 2,840,500 | 0.3 | |||||||||||||||
Russia: 0.4% | |||||||||||||||||||
1,150,000 | # | EuroChem Mineral & Chemical Co. OJSC via EuroChem GI Ltd., 5.125%, 12/12/17 | 1,183,350 | 0.1 | |||||||||||||||
400,000 | # | Gazprom OAO Via Gaz Capital SA, 5.999%, 01/23/21 | 456,500 | 0.1 | |||||||||||||||
1,300,000 | # | Rosneft Oil Co. via Rosneft International Finance Ltd., 4.199%, 03/06/22 | 1,309,750 | 0.2 | |||||||||||||||
2,949,600 | 0.4 | ||||||||||||||||||
ING GLOBAL BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED) |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
South Africa: 0.0% | |||||||||||||||||||
100,000 | AngloGold Ashanti Holdings PLC, 5.125%, 08/01/22 | $ | 100,923 | 0.0 | |||||||||||||||
Switzerland: 0.2% | |||||||||||||||||||
1,143,000 | UBS AG/Stamford CT, 7.625%, 08/17/22 | 1,327,809 | 0.2 | ||||||||||||||||
Turkey: 0.1% | |||||||||||||||||||
500,000 | # | Turkiye Is Bankasi, 6.000%, 10/24/22 | 548,750 | 0.1 | |||||||||||||||
United Arab Emirates: 0.6% | |||||||||||||||||||
1,100,000 | # | Abu Dhabi National Energy Co., 2.500%, 01/12/18 | 1,118,700 | 0.1 | |||||||||||||||
1,080,000 | # | Abu Dhabi National Energy Co., 5.875%, 12/13/21 | 1,291,950 | 0.2 | |||||||||||||||
732,000 | # | Dolphin Energy Ltd., 5.500%, 12/15/21 | 869,250 | 0.1 | |||||||||||||||
1,611,000 | # | IPIC GMTN Ltd., 5.500%, 03/01/22 | 1,913,062 | 0.2 | |||||||||||||||
5,192,962 | 0.6 | ||||||||||||||||||
United Kingdom: 1.0% | |||||||||||||||||||
627,000 | # | Barclays Bank PLC, 6.050%, 12/04/17 | 712,782 | 0.1 | |||||||||||||||
1,382,000 | Diageo Capital PLC, 2.625%, 04/29/23 | 1,389,958 | 0.2 | ||||||||||||||||
250,000 | # | Ineos Finance PLC, 8.375%, 02/15/19 | 282,812 | 0.0 | |||||||||||||||
300,000 | Intelsat Jackson Holdings SA, 7.250%, 10/15/20 | 334,125 | 0.0 | ||||||||||||||||
325,000 | Intelsat Jackson Holdings SA, 7.500%, 04/01/21 | 368,063 | 0.0 | ||||||||||||||||
665,000 | # | Lloyds TSB Bank PLC, 6.500%, 09/14/20 | 761,067 | 0.1 | |||||||||||||||
1,236,000 | Royal Bank of Scotland Group PLC, 6.125%, 12/15/22 | 1,334,869 | 0.2 | ||||||||||||||||
936,000 | # | Standard Chartered PLC, 3.950%, 01/11/23 | 958,337 | 0.1 | |||||||||||||||
842,000 | Vodafone Group PLC, 1.500%, 02/19/18 | 845,847 | 0.1 | ||||||||||||||||
1,415,000 | Vodafone Group PLC, 4.375%, 02/19/43 | 1,418,676 | 0.2 | ||||||||||||||||
8,406,536 | 1.0 | ||||||||||||||||||
United States: 14.0% | |||||||||||||||||||
565,000 | AES Corp., 8.000%, 10/15/17 | 679,412 | 0.1 | ||||||||||||||||
1,578,000 | American International Group, Inc., 6.400%, 12/15/20 | 1,977,722 | 0.2 | ||||||||||||||||
625,000 | Alpha Natural Resources, Inc., 6.250%, 06/01/21 | 578,125 | 0.1 | ||||||||||||||||
132,000 | Altria Group, Inc., 9.250%, 08/06/19 | 184,422 | 0.0 | ||||||||||||||||
1,587,000 | Anheuser-Busch InBev Worldwide, Inc., 1.375%, 07/15/17 | 1,610,032 | 0.2 | ||||||||||||||||
2,204,000 | APPLE INC 1 5/18, 1.000%, 05/03/18 | 2,195,867 | 0.3 | ||||||||||||||||
2,040,000 | AT&T, Inc., 2.500%, 08/15/15 | 2,120,376 | 0.3 | ||||||||||||||||
1,722,000 | AT&T, Inc., 5.350%, 09/01/40 | 1,953,991 | 0.2 | ||||||||||||||||
1,185,000 | AutoZone, Inc., 3.125%, 07/15/23 | 1,182,549 | 0.1 | ||||||||||||||||
200,000 | Bank of America Corp., 5.420%, 03/15/17 | 221,929 | 0.0 | ||||||||||||||||
1,550,000 | Bank of America Corp., 5.625%, 07/01/20 | 1,842,465 | 0.2 | ||||||||||||||||
2,749,000 | # | Barrick North America Finance LLC, 5.750%, 05/01/43 | 2,772,996 | 0.3 | |||||||||||||||
1,403,000 | Berkshire Hathaway, Inc., 4.500%, 02/11/43 | 1,479,231 | 0.2 | ||||||||||||||||
500,000 | Brocade Communications Systems, Inc., 6.875%, 01/15/20 | 552,500 | 0.1 | ||||||||||||||||
1,000,000 | Cablevision Systems Corp., 8.000%, 04/15/20 | 1,155,000 | 0.1 | ||||||||||||||||
900,000 | Case New Holland, Inc., 7.875%, 12/01/17 | 1,075,500 | 0.1 | ||||||||||||||||
500,000 | Chesapeake Energy Corp., 6.125%, 02/15/21 | 552,500 | 0.1 | ||||||||||||||||
275,000 | Chesapeake Energy Corp., 6.625%, 08/15/20 | 312,469 | 0.0 | ||||||||||||||||
520,000 | Chesapeake Midstream Partners L.P. / CHKM Finance Corp., 6.125%, 07/15/22 | 574,600 | 0.1 | ||||||||||||||||
250,000 | # | Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 7.125%, 11/15/19 | 258,750 | 0.0 | |||||||||||||||
1,632,000 | Citigroup, Inc., 4.050%, 07/30/22 | 1,699,937 | 0.2 | ||||||||||||||||
848,000 | Citigroup, Inc., 5.000%, 09/15/14 | 889,333 | 0.1 | ||||||||||||||||
639,000 | Citigroup, Inc., 6.010%, 01/15/15 | 692,533 | 0.1 | ||||||||||||||||
304,000 | Citigroup, Inc., 8.500%, 05/22/19 | 409,495 | 0.0 | ||||||||||||||||
1,923,000 | Comcast Corp., 5.700%, 05/15/18 | 2,336,980 | 0.3 | ||||||||||||||||
718,000 | Comcast Corp., 6.550%, 07/01/39 | 978,742 | 0.1 | ||||||||||||||||
64,000 | Commonwealth Edison Co., 4.700%, 04/15/15 | 69,032 | 0.0 | ||||||||||||||||
1,000,000 | Constellation Brands, Inc., 7.250%, 05/15/17 | 1,170,000 | 0.1 | ||||||||||||||||
2,159,000 | # | COX Communications, Inc., 2.950%, 06/30/23 | 2,159,274 | 0.3 | |||||||||||||||
500,000 | Crosstex Energy L.P. / Crosstex Energy Finance Corp., 8.875%, 02/15/18 | 548,750 | 0.1 | ||||||||||||||||
1,916,000 | Devon Energy Corp., 5.600%, 07/15/41 | 2,217,849 | 0.3 |
ING GLOBAL BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED) |
Principal Amount† | | | | Value | | Percentage of Net Assets | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1,659,000 | DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.150%, 03/15/42 | $ | 1,702,097 | 0.2 | ||||||||||||||
443,000 | DIRECTV Holdings, LLC / DIRECTV Financing Co., Inc., 3.500%, 03/01/16 | 472,096 | 0.1 | |||||||||||||||
624,000 | Discover Bank/Greenwood DE, 7.000%, 04/15/20 | 780,943 | 0.1 | |||||||||||||||
560,000 | # | DISH DBS Corp., 4.250%, 04/01/18 | 553,000 | 0.1 | ||||||||||||||
500,000 | DPL, Inc., 6.500%, 10/15/16 | 537,500 | 0.1 | |||||||||||||||
1,000,000 | # | Eagle Spinco, Inc., 4.625%, 02/15/21 | 1,053,750 | 0.1 | ||||||||||||||
1,266,000 | eBay, Inc., 2.600%, 07/15/22 | 1,276,295 | 0.2 | |||||||||||||||
411,000 | Enbridge Energy Partners, 9.875%, 03/01/19 | 562,843 | 0.1 | |||||||||||||||
246,000 | Energy Transfer Partners L.P., 9.700%, 03/15/19 | 336,094 | 0.0 | |||||||||||||||
2,157,000 | Entergy Corp., 5.125%, 09/15/20 | 2,397,881 | 0.3 | |||||||||||||||
438,000 | Entergy Texas, Inc., 7.125%, 02/01/19 | 544,396 | 0.1 | |||||||||||||||
597,000 | Enterprise Products Operating, LLC, 6.450%, 09/01/40 | 765,661 | 0.1 | |||||||||||||||
651,000 | Fifth Third Bancorp., 8.250%, 03/01/38 | 936,777 | 0.1 | |||||||||||||||
1,058,000 | First Horizon National Corp., 5.375%, 12/15/15 | 1,153,209 | 0.1 | |||||||||||||||
1,128,000 | FirstEnergy Corp., 4.250%, 03/15/23 | 1,167,688 | 0.1 | |||||||||||||||
500,000 | Ford Motor Co., 8.125%, 01/15/20 | 645,340 | 0.1 | |||||||||||||||
500,000 | Ford Motor Credit Co., LLC, 5.000%, 05/15/18 | 558,867 | 0.1 | |||||||||||||||
1,128,000 | # | Freeport-McMoRan Copper & Gold, Inc., 3.875%, 03/15/23 | 1,139,460 | 0.1 | ||||||||||||||
600,000 | # | Fresenius Medical Care US Finance II, Inc., 5.625%, 07/31/19 | 673,500 | 0.1 | ||||||||||||||
933,000 | General Dynamics Corp., 2.250%, 11/15/22 | 917,373 | 0.1 | |||||||||||||||
2,493,000 | General Electric Capital Corp., 4.375%, 09/16/20 | 2,833,075 | 0.3 | |||||||||||||||
549,000 | General Electric Capital Corp., 6.750%, 03/15/32 | 720,825 | 0.1 | |||||||||||||||
1,601,000 | General Electric Co., 2.700%, 10/09/22 | 1,652,539 | 0.2 | |||||||||||||||
1,566,000 | Goldman Sachs Group, Inc., 5.250%, 07/27/21 | 1,819,058 | 0.2 | |||||||||||||||
1,197,000 | Hartford Financial Services Group, Inc., 6.625%, 03/30/40 | 1,598,605 | 0.2 | |||||||||||||||
735,000 | HCA, Inc., 7.250%, 09/15/20 | 816,769 | 0.1 | |||||||||||||||
1,145,000 | HCP, Inc., 2.625%, 02/01/20 | 1,164,691 | 0.1 | |||||||||||||||
1,700,000 | Hewlett-Packard Co., 2.600%, 09/15/17 | 1,731,628 | 0.2 | |||||||||||||||
822,000 | HSBC USA, Inc., 5.000%, 09/27/20 | 933,386 | 0.1 | |||||||||||||||
991,000 | # | Hyatt Hotels Corp., 6.875%, 08/15/19 | 1,184,227 | 0.1 | ||||||||||||||
430,000 | Indiana Michigan Power, 7.000%, 03/15/19 | 542,975 | 0.1 | |||||||||||||||
1,616,000 | Intel Corp., 4.250%, 12/15/42 | 1,610,798 | 0.2 | |||||||||||||||
680,000 | Jabil Circuit, Inc., 7.750%, 07/15/16 | 790,500 | 0.1 | |||||||||||||||
1,339,000 | JPMorgan Chase & Co., 3.375%, 05/01/23 | 1,338,660 | 0.2 | |||||||||||||||
2,036,000 | JPMorgan Chase & Co., 4.400%, 07/22/20 | 2,310,445 | 0.3 | |||||||||||||||
250,000 | JPMorgan Chase & Co., 5.875%, 06/13/16 | 284,570 | 0.0 | |||||||||||||||
500,000 | # | Kinder Morgan Finance Co., LLC, 6.000%, 01/15/18 | 557,903 | 0.1 | ||||||||||||||
1,154,000 | Kraft Foods, Inc., 6.500%, 08/11/17 | 1,394,487 | 0.2 | |||||||||||||||
500,000 | # | Lennar Corp., 4.125%, 12/01/18 | 511,250 | 0.1 | ||||||||||||||
862,000 | Macy’s Retail Holdings, Inc., 4.300%, 02/15/43 | 838,092 | 0.1 | |||||||||||||||
885,000 | Mediacom, LLC, 7.250%, 02/15/22 | 982,350 | 0.1 | |||||||||||||||
581,000 | Merrill Lynch & Co., Inc., 6.050%, 05/16/16 | 646,650 | 0.1 | |||||||||||||||
1,184,000 | MetLife, Inc., 3.048%, 12/15/22 | 1,216,959 | 0.1 | |||||||||||||||
464,000 | Metropolitan Edison, 7.700%, 01/15/19 | 597,085 | 0.1 | |||||||||||||||
1,618,000 | Morgan Stanley, 3.750%, 02/25/23 | 1,682,953 | 0.2 | |||||||||||||||
535,000 | Morgan Stanley, 7.300%, 05/13/19 | 671,017 | 0.1 | |||||||||||||||
370,000 | MPT Operating Partnership L.P./MPT Finance Corp., 6.375%, 02/15/22 | 402,375 | 0.0 | |||||||||||||||
711,000 | Nevada Power Co., 7.125%, 03/15/19 | 918,535 | 0.1 | |||||||||||||||
774,000 | News America, Inc., 6.900%, 03/01/19 | 979,138 | 0.1 | |||||||||||||||
1,000,000 | # | Nielsen Finance, LLC / Nielsen Finance Co., 4.500%, 10/01/20 | 1,026,250 | 0.1 | ||||||||||||||
252,000 | Nisource Finance Corp., 6.125%, 03/01/22 | 307,243 | 0.0 | |||||||||||||||
735,000 | Plains Exploration & Production Co., 7.625%, 04/01/20 | 830,550 | 0.1 | |||||||||||||||
963,000 | PNC Financial Services Group, Inc., 2.854%, 11/09/22 | 970,687 | 0.1 | |||||||||||||||
598,000 | Qwest Corp., 6.500%, 06/01/17 | 693,925 | 0.1 | |||||||||||||||
750,000 | Rent-A-Center, Inc./TX, 6.625%, 11/15/20 | 825,000 | 0.1 | |||||||||||||||
800,000 | Reynolds Group Issuer, Inc., 7.125%, 04/15/19 | 866,000 | 0.1 | |||||||||||||||
1,100,000 | # | Sealed Air Corp., 8.375%, 09/15/21 | 1,292,500 | 0.2 |
ING GLOBAL BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED) |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
554,000 | Sempra Energy, 6.500%, 06/01/16 | $ | 644,595 | 0.1 | |||||||||||||||
645,000 | SLM Corp., 8.000%, 03/25/20 | 748,059 | 0.1 | ||||||||||||||||
300,000 | Smithfield Foods, Inc., 7.750%, 07/01/17 | 354,000 | 0.0 | ||||||||||||||||
476,000 | Southwestern Electric Power, 5.550%, 01/15/17 | 541,417 | 0.1 | ||||||||||||||||
500,000 | SPX Corp., 6.875%, 09/01/17 | 563,750 | 0.1 | ||||||||||||||||
2,078,000 | St. Jude Medical, Inc., 2.500%, 01/15/16 | 2,158,948 | 0.3 | ||||||||||||||||
291,000 | Suburban Propane Partners L.P./Suburban Energy Finance Corp., 7.375%, 08/01/21 | 325,193 | 0.0 | ||||||||||||||||
765,000 | Time Warner, Inc., 5.875%, 11/15/40 | 855,967 | 0.1 | ||||||||||||||||
1,421,000 | Time Warner, Inc., 6.500%, 11/15/36 | 1,794,901 | 0.2 | ||||||||||||||||
479,000 | Transcontinental Gas Pipe Line Co. LLC, 6.050%, 06/15/18 | 584,600 | 0.1 | ||||||||||||||||
1,325,000 | # | Turlock Corp., 4.150%, 11/02/42 | 1,352,523 | 0.2 | |||||||||||||||
400,000 | # | Valeant Pharmaceuticals International, 7.000%, 10/01/20 | 444,000 | 0.1 | |||||||||||||||
720,000 | # | Valeant Pharmaceuticals International, 7.250%, 07/15/22 | 819,000 | 0.1 | |||||||||||||||
1,574,000 | Ventas Realty L.P. / Ventas Capital Corp., 2.700%, 04/01/20 | 1,602,124 | 0.2 | ||||||||||||||||
1,508,000 | Verizon Communications, Inc., 2.450%, 11/01/22 | 1,464,508 | 0.2 | ||||||||||||||||
1,660,000 | Viacom, Inc., 6.125%, 10/05/17 | 1,976,228 | 0.2 | ||||||||||||||||
1,136,000 | Walgreen Co., 3.100%, 09/15/22 | 1,157,490 | 0.1 | ||||||||||||||||
1,010,000 | WellPoint, Inc., 3.300%, 01/15/23 | 1,044,024 | 0.1 | ||||||||||||||||
1,626,000 | + | Wells Fargo & Co., 3.676%, 06/15/16 | 1,759,039 | 0.2 | |||||||||||||||
800,000 | Windstream Corp., 7.000%, 03/15/19 | 823,000 | 0.1 | ||||||||||||||||
735,000 | # | XM Satellite Radio, Inc., 7.625%, 11/01/18 | 819,525 | 0.1 | |||||||||||||||
116,003,722 | 14.0 | ||||||||||||||||||
Total Corporate Bonds/Notes | |||||||||||||||||||
(Cost $155,316,488) | 166,159,576 | 20.0 | |||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: 7.9% | |||||||||||||||||||
United States: 7.9% | |||||||||||||||||||
1,685,000 | # | American General Mortgage Loan Trust, 5.750%, 09/25/48 | 1,787,806 | 0.2 | |||||||||||||||
1,578,283 | Banc of America Alternative Loan Trust, 4.750%, 02/25/19 | 1,590,324 | 0.2 | ||||||||||||||||
139,562 | Banc of America Funding Corp., 5.750%, 10/25/35 | 140,136 | 0.0 | ||||||||||||||||
170,277 | Banc of America Funding Corp., 5.750%, 11/25/35 | 170,830 | 0.0 | ||||||||||||||||
710,000 | Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.359%, 09/10/47 | 763,963 | 0.1 | ||||||||||||||||
2,030,000 | # | BB-UBS Trust, 2.892%, 06/05/30 | 2,087,853 | 0.3 | |||||||||||||||
770,857 | Bear Stearns Adjustable Rate Mortgage Trust, 2.643%, 08/25/35 | 776,490 | 0.1 | ||||||||||||||||
2,644,200 | # | Bear Stearns Commercial Mortgage Securities, 5.483%, 07/11/42 | 2,726,179 | 0.3 | |||||||||||||||
1,033,000 | # | Bear Stearns Commercial Mortgage Securities, 5.765%, 04/12/38 | 1,094,010 | 0.1 | |||||||||||||||
1,332,694 | Chase Mortgage Finance Corp., 5.110%, 12/25/35 | 1,304,104 | 0.2 | ||||||||||||||||
5,940,333 | ˆ | COMM 2013-LC6 Mortgage Trust, 1.959%, 01/10/46 | 657,572 | 0.1 | |||||||||||||||
5,462,647 | ˆ | Commercial Mortgage Pass Through Certificates, 2.090%, 12/10/45 | 668,818 | 0.1 | |||||||||||||||
5,942,491 | ˆ | Commercial Mortgage Pass Through Certificates, 2.173%, 10/15/45 | 781,622 | 0.1 | |||||||||||||||
8,041,966 | ˆ | Commercial Mortgage Pass Through Certificates, 2.429%, 05/15/45 | 1,102,389 | 0.1 | |||||||||||||||
430,953 | Credit Suisse Mortgage Capital Certificates, 5.589%, 09/15/40 | 430,132 | 0.1 | ||||||||||||||||
1,434,062 | # | Credit Suisse Mortgage Capital Certificates, 4.677%, 07/27/37 | 1,446,010 | 0.2 | |||||||||||||||
660,000 | # | CSMC Series 2009-RR3, 5.342%, 12/15/43 | 749,090 | 0.1 | |||||||||||||||
199,765 | CW Capital Cobalt Ltd., 5.905%, 05/15/46 | 200,264 | 0.0 | ||||||||||||||||
531,118 | # | First Union National Bank Commercial Mortgage, 6.000%, 12/12/33 | 533,799 | 0.1 | |||||||||||||||
496,815 | GE Capital Commercial Mortgage Corp., 4.839%, 05/10/43 | 499,033 | 0.1 | ||||||||||||||||
553,000 | GS Mort Sec Corp. II Commercial Mort Ps Thr Cert Ser 2004-GG2, 5.826%, 08/10/38 | 512,072 | 0.1 | ||||||||||||||||
6,038,246 | ˆ | GS Mortgage Securities Corp. II, 2.567%, 11/10/45 | 911,509 | 0.1 | |||||||||||||||
1,620,000 | # | GS MTG, 1.048%, 11/08/29 | 1,632,141 | 0.2 | |||||||||||||||
1,630,000 | # | Heller Financial Commercial Mortgage Asset, 6.500%, 05/15/31 | 1,652,755 | 0.2 |
ING GLOBAL BOND FUND | SUMMARY PORTFOLIO OF INVESTMENTS AS OF APRIL 30, 2013 (UNAUDITED) (CONTINUED) |
Principal Amount† | | | | Value | | Percentage of Net Assets | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1,090,000 | # | JP Morgan Chase Com Mort Sec Corp. Ps Thr Certs Ser 2003-LN1, 5.690%, 10/15/37 | $ | 947,084 | 0.1 | ||||||||||||||
5,440,000 | #, ˆ | JP Morgan Chase Commercial Mortgage Securities Corp., 0.447%, 12/15/47 | 166,126 | 0.0 | |||||||||||||||
9,219,645 | ˆ | JP Morgan Chase Commercial Mortgage Securities Corp., 2.102%, 12/15/47 | 1,117,474 | 0.1 | |||||||||||||||
156,356 | JP Morgan Chase Commercial Mortgage Securities Corp., 4.903%, 10/15/42 | 156,273 | 0.0 | ||||||||||||||||
111,043 | JP Morgan Chase Commerical Mortgage Securities Corp., 5.247%, 01/12/43 | 112,005 | 0.0 | ||||||||||||||||
269,156 | # | JPMorgan Chase Commerical Mortgage Securities Corp., 6.135%, 07/12/37 | 269,939 | 0.0 | |||||||||||||||
770,000 | LB Commercial Mortgage Trust 2007-C3, 6.081%, 07/15/44 | 779,026 | 0.1 | ||||||||||||||||
850,000 | LB-UBS Commercial Mortgage Trust 2005-C3, 5.013%, 07/15/40 | 728,492 | 0.1 | ||||||||||||||||
637,000 | LB-UBS Commercial Mortgage Trust, 4.943%, 10/15/36 | 660,074 | 0.1 | ||||||||||||||||
760,000 | LB-UBS Commercial Mortgage Trust, 4.983%, 07/15/40 | 746,981 | 0.1 | ||||||||||||||||
1,180,000 | # | LB-UBS Commercial Mortgage Trust, 5.224%, 07/15/37 | 1,161,965 | 0.1 | |||||||||||||||
1,582,455 | LB-UBS Commercial Mortgage Trust, 5.300%, 11/15/38 | 1,671,445 | 0.2 | ||||||||||||||||
453,000 | # | LB-UBS Commercial Mortgage Trust, 5.413%, 02/15/40 | 410,418 | 0.0 | |||||||||||||||
1,570,000 | LB-UBS Commercial Mortgage Trust, 6.082%, 06/15/38 | 1,630,323 | 0.2 | ||||||||||||||||
GBP 2,841,000 | MBNA Credit Card Master Note Trust, 6.100%, 10/19/15 | 4,428,791 | 0.5 | ||||||||||||||||
902,260 | Merrill Lynch Mortgage Investors, Inc., 5.250%, 08/25/36 | 909,673 | 0.1 | ||||||||||||||||
1,079,804 | Merrill Lynch/Countrywide Commercial Mortgage Trust, 5.331%, 03/12/51 | 1,109,471 | 0.1 | ||||||||||||||||
8,260,617 | ˆ | Morgan Stanley Bank of America Merrill Lynch Trust, 1.666%, 12/15/48 | 700,627 | 0.1 | |||||||||||||||
1,450,000 | # | Morgan Stanley Capital I, Inc., 3.629%, 01/11/32 | 1,486,844 | 0.2 | |||||||||||||||
1,520,000 | Morgan Stanley Capital I, Inc., 5.542%, 06/15/38 | 1,569,110 | 0.2 | ||||||||||||||||
560,000 | Morgan Stanley Capital I, 5.172%, 08/13/42 | 565,048 | 0.1 | ||||||||||||||||
1,018,000 | Morgan Stanley Capital I, 5.302%, 01/14/42 | 1,076,287 | 0.1 | ||||||||||||||||
930,000 | # | Morgan Stanley Capital I, 5.420%, 09/15/47 | 1,008,616 | 0.1 | |||||||||||||||
1,020,000 | # | Morgan Stanley Capital I, 5.420%, 09/15/47 | 1,130,938 | 0.1 | |||||||||||||||
1,330,000 | # | Morgan Stanley Capital I, 5.626%, 01/13/41 | 1,346,263 | 0.2 | |||||||||||||||
489,694 | Morgan Stanley Capital I, 5.649%, 12/15/44 | 507,587 | 0.1 | ||||||||||||||||
1,514,557 | Morgan Stanley Capital I, 5.763%, 04/12/49 | 1,547,715 | 0.2 | ||||||||||||||||
2,650,000 | # | Morgan Stanley Reremic Trust, 5.466%, 12/17/43 | 2,706,825 | 0.3 | |||||||||||||||
370,000 | # | Motel 6 Trust, 1.948%, 10/05/25 | 376,407 | 0.0 | |||||||||||||||
960,000 | # | RBSCF Trust, 5.305%, 01/16/49 | 973,089 | 0.1 | |||||||||||||||
2,080,000 | # | Salomon Brothers Mortgage Securities VII, Inc., 7.000%, 05/18/32 | 2,105,109 | 0.3 | |||||||||||||||
467,246 | Structured Adjustable Rate Mortgage Loan Trust, 5.349%, 11/25/34 | 474,115 | 0.1 | ||||||||||||||||
727,248 | + | Structured Asset Securities Corp., 4.550%, 02/25/34 | 737,131 | 0.1 | |||||||||||||||
11,888,710 | #, ˆ | UBS-Barclays Commercial Mortgage Trust, 2.359%, 08/10/49 | 1,675,023 | 0.2 | |||||||||||||||
11,198,846 | #, ˆ | Wells Fargo Commercial Mortgage Trust, 2.314%, 10/15/45 | 1,525,031 | 0.2 | |||||||||||||||
5,217,807 | #, ˆ | Wells Fargo Mortgage Backed Securities Trust, 2.410%, 08/15/45 | 694,912 | 0.1 | |||||||||||||||
377,042 | Wells Fargo Mortgage Backed Securities Trust, 5.000%, 11/25/36 | 389,107 | 0.0 | ||||||||||||||||
1,430,255 | Wells Fargo Mortgage-Backed Securities Trust, 5.330%, 08/25/35 | 1,442,773 | 0.2 | ||||||||||||||||
Total Collateralized Mortgage Obligations | |||||||||||||||||||
(Cost $64,112,350) | 65,263,018 | 7.9 | |||||||||||||||||
FOREIGN GOVERNMENT BONDS: 43.8% | |||||||||||||||||||