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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: 811-7978
ING Mayflower Trust
7337 E. Doubletree Ranch Rd., Scottsdale, AZ 85258
(Address of principal executive offices) (Zip code)
CT Corporation System, 101 Federal Street, Boston, MA 02110
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-992-0180
Date of fiscal year end: October 31
Date of reporting period: November 1, 2008 to April 30, 2009
Item 1. Reports to Stockholders.
The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):
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n | ING International SmallCap Multi-Manager Fund |
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(1) | The S&P 500® Index is an unmanaged index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets. |
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as of April 30, 2009
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSRS/0000950123-09-020546/p14909bp1490930.gif)
(1) | This MSCI World Indexsm is an unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of April 30, 2009
(as a percent of net assets)
ENI S.p.A. | 1.6 | % | ||
BP PLC | 1.6 | % | ||
Microsoft Corp. | 1.6 | % | ||
Total SA | 1.5 | % | ||
Kraft Foods, Inc. | 1.5 | % | ||
Dow Chemical Co. | 1.5 | % | ||
Nintendo Co., Ltd. | 1.5 | % | ||
Pfizer, Inc. | 1.5 | % | ||
AT&T, Inc. | 1.4 | % | ||
Vivendi | 1.4 | % |
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as of April 30, 2009
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSRS/0000950123-09-020546/p14909bp1490931.gif)
* | Effective February 27, 2009, Mr. Corapi replaced James Vail as a portfolio manager to the Fund. |
(1) | The S&P 500® Index is an unmanaged index that measures the performance of securities of approximately 500 of the largest companies in the United States. |
(2) | The S&P North American Natural Resources Sector Index (formerly, the S&P GSSI Natural Resources Index) is an unmanaged index and a market-capitalization weighted index of stocks designed to measure the performance of companies in the natural resources sector, which includes energy, precious metals, timber and other sub-sectors. Each sector index is a modified-capitalization weighted index, the constituents of which are selected according to objective screening criteria. The weight of a particular stock in each Sector Index is capped at a cap level determined on a sector-by-sector basis. |
as of April 30, 2009
(as a percent of net assets)
ExxonMobil Corp. | 6.6 | % | ||
Chevron Corp. | 5.8 | % | ||
EnCana Corp. | 4.8 | % | ||
Occidental Petroleum Corp. | 4.7 | % | ||
Apache Corp. | 4.2 | % | ||
Schlumberger Ltd. | 4.2 | % | ||
ConocoPhillips | 3.9 | % | ||
Marathon Oil Corp. | 3.4 | % | ||
Devon Energy Corp. | 3.0 | % | ||
Canadian Natural Resources Ltd. | 2.9 | % |
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as of April 30, 2009
(as a percent of net assets)
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(1) | The S&P Developed Property Index (formerly, the S&P/Citigroup BMI World Property Index) is an unmanaged float-adjusted index which defines and measure the investable universe of publicly traded property companies domiciled in developed countries that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment. |
as of April 30, 2009
(as a percent of net assets)
Sun Hung Kai Properties Ltd. | 4.9 | % | ||
Westfield Group | 4.5 | % | ||
Simon Property Group, Inc. | 4.5 | % | ||
Mitsubishi Estate Co., Ltd. | 4.1 | % | ||
Unibail | 4.1 | % | ||
Mitsui Fudosan Co., Ltd. | 3.5 | % | ||
Cheung Kong Holdings Ltd. | 3.1 | % | ||
Public Storage, Inc. | 2.4 | % | ||
Vornado Realty Trust | 2.4 | % | ||
Sumitomo Realty & Development Co., Ltd. | 2.2 | % |
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as of April 30, 2009
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSRS/0000950123-09-020546/p14909bp1490933.gif)
(1) | The MSCI ACWIsm is a free-float adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. |
as of April 30, 2009
(as a percent of net assets)
Barrick Gold Corp. | 3.8 | % | ||
Newmont Mining Corp. | 3.8 | % | ||
Lihir Gold Ltd. | 3.4 | % | ||
Marine Harvest | 2.7 | % | ||
Cameco Corp. | 2.5 | % | ||
Sanofi-Aventis ADR | 2.4 | % | ||
Tyson Foods, Inc. | 2.3 | % | ||
Union Pacific Corp. | 2.3 | % | ||
Centrais Eletricas Brasileiras SA ADR – Class B | 2.1 | % | ||
Stolt-Nielsen SA | 2.0 | % |
* | Excludes short-term investments related to ING Institutional Prime Money Market Fund – Class I and securities lending collateral. |
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as of April 30, 2009
(as a percent of net assets)
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(1) | The S&P Asia-Pacific Property Index is an unmanaged float-adjusted index which defines and measures the investable universe of publicly traded property companies domiciled in developed countries in the Asia Pacific region, that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment. It includes the reinvestment of dividends but is gross of withholding taxes on dividends and does not reflect fees, brokerage commissions or other expenses of investing. |
as of April 30, 2009
(as a percent of net assets)
Sun Hung Kai Properties Ltd. | 9.5 | % | ||
Westfield Group | 8.7 | % | ||
Mitsubishi Estate Co., Ltd. | 8.3 | % | ||
Cheung Kong Holdings Ltd. | 7.5 | % | ||
Mitsui Fudosan Co., Ltd. | 7.0 | % | ||
Sumitomo Realty & Development Co., Ltd. | 3.4 | % | ||
Hang Lung Properties Ltd. | 3.4 | % | ||
CapitaLand Ltd. | 3.1 | % | ||
Link Real Estate Investment Trust | 2.6 | % | ||
Nippon Building Fund, Inc. | 2.3 | % |
* | Excludes short-term investments related to ING Institutional Prime Money Market Fund – Class I. |
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as of April 30, 2009
(as a percent of net assets)
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* | Effective January 13, 2009, Omar Aguilar is no longer a portfolio manager to the Fund. |
(1) | The S&P Developed ex-US SmallCap Index (formerly, the S&P/Citigroup Extended Market Index World ex-U.S.) is an unmanaged float-adjusted index which captures the smallest 15% of companies in the developed markets, based on the cumulative market capitalization of each country, excluding the United States, within the S&P Global Broad Market Index, which covers all publicly listed equities in 47 countries with a float adjusted market capitalization of US $100 million or greater and a minimum annual trading liquidity of US $50 million. |
iShares MSCI EAFE Index Fund | 3.4 | % | |||
Adecco SA | 0.9 | % | |||
Catlin Group Ltd. | 0.8 | % | |||
Sodexho Alliance SA | 0.8 | % | |||
Celestica, Inc. | 0.8 | % | |||
Tomkins PLC | 0.8 | % | |||
Lagardere SCA | 0.8 | % | |||
Ladbrokes PLC | 0.7 | % | |||
Spectris PLC | 0.7 | % | |||
Michael Page International PLC | 0.7 | % |
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as of April 30, 2009
(as a percent of net assets)
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(1) | Effective June 10, 2008, IIMA began sub-advising the Fund. Prior the June 10, 2008, the Fund was sub-advised by Brandes Investment Partners, L.P. |
(2) | The MSCI EM Indexsm is an unmanaged index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of April 30, 2009
(as a percent of net assets)
OAO Gazprom ADR | 4.2 | % | ||
Samsung Electronics Co., Ltd. | 4.2 | % | ||
Teva Pharmaceutical Industries Ltd. ADR | 3.5 | % | ||
Taiwan Semiconductor Manufacturing Co., Ltd. | 3.3 | % | ||
Petroleo Brasileiro SA | 2.7 | % | ||
Industrial and Commercial Bank of China Ltd. | 2.7 | % | ||
iShares FTSE/Xinhua China 25 Index Fund | 2.5 | % | ||
Turkiye Garanti Bankasi A/S | 2.4 | % | ||
China Overseas Land & Investment Ltd. | 2.3 | % | ||
iShares MSCI Taiwan Index Fund | 2.3 | % |
* | Excludes short-term investments related to securities lending collateral. |
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as of April 30, 2009
(as a percent of net assets)
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(1) | The S&P Europe Property Index is an unmanaged float-adjusted index which defines and measures the investable universe of publicly traded property companies domiciled in developed European countries, that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment. It includes the reinvestment of dividends but is gross of withholding taxes on dividends and does not reflect fees, brokerage commissions or other expenses of investing. |
as of April 30, 2009
(as a percent of net assets)
Unibail | 21.7 | % | ||
Land Securities Group PLC | 9.0 | % | ||
British Land Co. PLC | 7.0 | % | ||
Hammerson PLC | 5.9 | % | ||
Corio NV | 4.6 | %% | ||
Klepierre | 4.3 | % | ||
PSP Swiss Property AG | 4.2 | % | ||
Wereldhave NV | 3.8 | % | ||
Eurocommercial Properties NV | 3.6 | % | ||
ICADE | 3.5 | % |
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as of April 30, 2009
(as a percent of net assets)
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(1) | The MSCI ACWI (ex-US) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the US. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of April 30, 2009
(as a percent of net assets)
Nomura TOPIX Exchange Traded Fund | 4.7 | % | ||
Nestle SA | 2.3 | % | ||
Rio Tinto Ltd. | 2.1 | % | ||
Xstrata PLC | 2.0 | % | ||
Nomura ETF – Nikkei 225 Exchange Traded Fund | 2.0 | % | ||
BHP Billiton PLC | 1.8 | % | ||
Komercni Banka A/S | 1.8 | % | ||
CRH PLC | 1.6 | % | ||
Rio Tinto PLC | 1.6 | % | ||
BHP Billiton Ltd. | 1.6 | % |
* | Excludes short-term investments related to ING Institutional Prime Money Market Fund – Class I and securities lending collateral. |
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as of April 30, 2009
(as a percent of net assets)
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(1) | The MSCI All Countries Golden Dragon Index is a broad-based, unmanaged index of common stocks traded in China, Hong Kong and Taiwan. It is an aggregate of the MSCI Hong Kong Index, the MSCI China Free Index and the MSCI Taiwan Index. |
(2) | The PMI is a composite index of five “sub-indicators”, which are extracted through surveys to more than 400 purchasing managers from around the country, chosen for their geographic and industry diversification benefits. The five sub-indexes are as follows: production level, new customers, supplier deliveries, inventories and employment level. |
as of April 30, 2009
(as a percent of net assets)
China Mobile Ltd. | 8.5 | % | ||
China Life Insurance Co., Ltd. | 4.1 | % | ||
CNOOC Ltd. | 3.8 | % | ||
Industrial and Commercial Bank of China Ltd. | 3.7 | % | ||
Sun Hung Kai Properties Ltd. | 3.7 | % | ||
China Petroleum & Chemical Corp. | 3.6 | % | ||
Hon Hai Precision Industry Co., Ltd. – GDR | 3.3 | % | ||
Taiwan Semiconductor Manufacturing Co., Ltd. | 3.1 | % | ||
Hong Kong Exchanges and Clearing Ltd. | 3.1 | % | ||
China Construction Bank | 3.1 | % |
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as of April 30, 2009
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSRS/0000950123-09-020546/p14909bp1490940.gif)
(1) | The MSCI EAFE® Index is an unmanaged index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of April 30, 2009
(as a percent of net assets)
BP PLC | 1.6 | % | ||
HSBC Holdings PLC | 1.5 | % | ||
Novartis AG | 1.4 | % | ||
E.ON AG | 1.4 | % | ||
Royal Dutch Shell PLC – Class B | 1.2 | % | ||
Nestle SA | 1.2 | % | ||
Banco Santander Central Hispano SA | 1.2 | % | ||
Royal Dutch Shell PLC – Class A | 1.1 | % | ||
Vodafone Group PLC | 1.1 | % | ||
Roche Holding AG | 1.0 | % |
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as of April 30, 2009
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSRS/0000950123-09-020546/p14909bp1490941.gif)
(1) | The MSCI ACWI (ex-US) is a free float-adjusted market capitalization index that is designed to measure equity market performance in global developed and emerging markets, excluding the U.S. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of April 30, 2009
(as a percent of net assets)
Autonomy Corp. PLC | 2.5 | % | ||
Cameco Corp. | 2.4 | % | ||
Vestas Wind Systems A/S | 2.3 | % | ||
Iliad SA | 2.2 | % | ||
Petroleo Brasileiro SA ADR | 2.0 | % | ||
Credit Suisse Group | 1.8 | % | ||
Toyota Motor Corp. | 1.8 | % | ||
Esprit Holdings Ltd. | 1.8 | % | ||
Millicom International Cellular SA | 1.7 | % | ||
Rio Tinto Ltd. | 1.7 | % |
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as of April 30, 2009
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSRS/0000950123-09-020546/p14909bp1490942.gif)
(1) | The MSCI World ex-US IndexSM is an unmanaged index that comprises the entire developed world less the United States. The designation of a country as developed arises primarily as a measurement of GDP per capital. |
as of April 30, 2009
(as a percent of net assets)
E.ON AG | 2.2 | % | ||
Enel S.p.A. | 2.1 | % | ||
Banco Santander Central Hispano SA | 2.1 | % | ||
Royal Dutch Shell PLC | 2.1 | % | ||
Banco Bilbao Vizcaya Argentaria SA | 2.0 | % | ||
Iberdrola SA | 2.0 | % | ||
HSBC Holdings PLC | 1.9 | % | ||
Scottish & Southern Energy PLC | 1.8 | % | ||
Vinci SA | 1.6 | % | ||
ENI S.p.A. | 1.5 | % |
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as of April 30, 2009
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSRS/0000950123-09-020546/p14909bp1490943.gif)
(1) | The MSCI EAFE® Growth IndexSM is an unmanaged index that measures the performance in 20 countries within Europe, Australasia and the Far East with a greater-than-average growth orientation. |
as of April 30, 2009
(as a percent of net assets)
Xstrata PLC | 5.0 | % | ||
Bumi Resources Tbk PT | 4.5 | % | ||
Barrick Gold Corp. | 4.3 | % | ||
Rio Tinto PLC ADR | 3.7 | % | ||
Imperial Tobacco Group PLC | 3.2 | % | ||
Reckitt Benckiser PLC | 3.1 | % | ||
Talisman Energy, Inc. | 2.9 | % | ||
Alstom | 2.7 | % | ||
Japan Tobacco, Inc. | 2.7 | % | ||
ABB Ltd. | 2.6 | % |
* | Excludes short-term investments related to securities lending collateral. |
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as of April 30, 2009
(as a percent of net assets)
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(1) | The S&P Developed ex-US Property Index (formerly, the S&P/Citigroup BMIWorld Property ex-US Index) is an unmanaged float-adjusted index which defines and measure the investable universe of publicly traded property companies domiciled in developed countries, outside of the United States, that derive more than half of their revenue from property-related activities, such as property ownership, management, development, rental and investment. It includes the reinvestment of dividends but is gross of withholding taxes on dividends and does not reflect fees, brokerage commissions or other expenses of investing. |
as of April 30, 2009
(as a percent of net assets)
Westfield Group | 7.1 | % | ||
Unibail | 6.8 | % | ||
Sun Hung Kai Properties Ltd. | 6.7 | % | ||
Mitsubishi Estate Co., Ltd. | 6.6 | % | ||
Mitsui Fudosan Co., Ltd. | 5.5 | % | ||
Cheung Kong Holdings Ltd. | 4.8 | % | ||
Land Securities Group PLC | 3.0 | % | ||
Sumitomo Realty & Development Co., Ltd. | 2.9 | % | ||
Link Real Estate Investment Trust | 2.5 | % | ||
CapitaLand Ltd. | 2.3 | % |
* | Excludes short-term investments related to ING Institutional Prime Money Market Fund – Class I. |
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as of April 30, 2009
(as a percent of net assets)
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as of April 30, 2009
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSRS/0000950123-09-020546/p14909bp1490945.gif)
* | Mr. Papageorgiou, Mr. Wolahan and Ms. Zeng were added as portfolio managers to the Acadian managed portion of the Fund in February 2009. |
(1) | The S&P Developed ex-US SmallCap Index (formerly, the S&P/Citigroup Extended Market Index (“EMI”) World ex-US) is an unmanaged float-adjusted index which captures the bottom 15% of companies in the developed markets, based on the cumulative market capitalization of each country, excluding the United States, within the S&P Global Broad Market Index, which covers all publicly listed equities in 47 countries with a float-adjusted market capitalization of US$100 million or greater and a minimum annual trading liquidity of US$50 million. |
(2) | The S&P EPAC SmallCap Index (formerly, the S&P/Citigroup EMI EPAC Index) is an unmanaged float-adjusted index which captures the bottom 15% of companies in the developed European and Pacific markets, based on the cumulative market capitalization of each country, within the S&P Global Broad Market Index, which covers all publicly listed equities in 47 countries with a float adjusted market capitalization of US$100 million or greater and a minimum annual trading liquidity of US $50 million. |
(3) | For purposes of these discussions, “the fund” refers to each Sub-Adviser’s respectively managed portion of ING International SmallCap Multi-Manager Fund. |
as of April 30, 2009
(as a percent of net assets)
Singapore Petroleum Co., Ltd. | 2.6 | % | ||
MTU Aero Engines Holding AG | 1.9 | % | ||
Aggreko PLC | 1.4 | % | ||
Australian Worldwide Exploration Ltd. | 1.3 | % | ||
CGI Group, Inc. – Class A | 1.2 | % | ||
Rallye SA | 1.2 | % | ||
Norddeutsche Affinerie AG | 0.9 | % | ||
Game Group PLC | 0.9 | % | ||
Alimentation Couche-Tard, Inc. | 0.8 | % | ||
WH Smith PLC | 0.8 | % |
* | Excludes short-term investments related to ING Institutional Prime Money Market Fund – Class I and securities lending collateral. |
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as of April 30, 2009
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSRS/0000950123-09-020546/p14909bp1490946.gif)
(1) | The MSCI EAFE® Index is an unmanaged index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
(2) | For purposes of these discussions, “the fund” refers to each Sub-Adviser’s respectively managed portion of ING International Value Fund. |
as of April 30, 2009
(as a percent of net assets)
Sanofi-Aventis | 2.6 | % | ||
Carrefour SA | 2.3 | % | ||
Sony Corp. | 2.2 | % | ||
AstraZeneca PLC | 2.2 | % | ||
Mitsubishi UFJ Financial Group, Inc. | 2.0 | % | ||
Marks & Spencer Group PLC | 2.0 | % | ||
GlaxoSmithKline PLC | 1.8 | % | ||
Deutsche Telekom AG | 1.8 | % | ||
NEC Corp. | 1.7 | % | ||
Intesa Sanpaolo S.p.A. | 1.6 | % |
* | Excludes short-term investments related to ING Institutional Prime Money Market Fund – Class I and securities lending collateral. |
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as of April 30, 2009
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSRS/0000950123-09-020546/p14909bp1490947.gif)
(1) | The MSCI EAFE® Index is an unmanaged index that measures the performance of securities listed on exchanges in markets in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of April 30, 2009
(as a percent of net assets)
Magna International, Inc. | 3.3 | % | ||
Dai Nippon Printing Co., Ltd. | 3.2 | % | ||
Fuji Photo Film Co., Ltd. | 3.1 | % | ||
Barrick Gold Corp. | 3.0 | % | ||
Coca-Cola West Holdings Co., Ltd. | 3.0 | % | ||
Mabuchi Motor Co., Ltd. | 3.0 | % | ||
SK Telecom Co., Ltd. ADR | 2.9 | % | ||
Sanofi-Aventis | 2.9 | % | ||
Nippon Telegraph & Telephone Corp. ADR | 2.8 | % | ||
Royal Dutch Shell PLC ADR – Class B | 2.7 | % |
* | Excludes short-term investments related to ING Institutional Prime Money Market Fund – Class I. |
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as of April 30, 2009
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSRS/0000950123-09-020546/p14909bp1490948.gif)
* | Remco Vergeer was removed as a portfolio manager to the Fund effective May 1, 2009. |
(1) | The MSCI EM Indexsm is an unmanaged index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
(2) | The RTS Index is a capitalization-weighted index that is calculated in U.S. dollars. The index tracks the performance of Russia’s most active stocks traded on the RTS. The index is operated by the National Association of Participants in the Securities Markets, a non-profit body. |
as of April 30, 2009
(as a percent of net assets)
Lukoil-Spon ADR | 15.4 | % | ||
OAO Rosneft Oil Co. GDR | 12.2 | % | ||
OAO Gazprom | 8.2 | % | ||
Sberbank RF | 6.3 | % | ||
Novatek OAO GDR | 5.1 | % | ||
OAO Gazprom ADR | 4.6 | % | ||
Tatneft GDR | 4.6 | % | ||
Surgutneftegaz ADR | 4.2 | % | ||
Polyus Gold Co. ZAO ADR | 3.7 | % | ||
Magnit OAO | 3.5 | % |
* | Excludes short-term investments related to securities lending collateral. |
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as of April 30, 2009
(as a percent of net assets)
![](https://capedge.com/proxy/N-CSRS/0000950123-09-020546/p14909bp1490955.gif)
(1) | The JPMorgan EMB Index Global Diversified is a uniquely-weighted version of the Emerging Markets Bond Index Global. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. |
(2) | The JPMorgan GB Index EM-Global Diversified is a global, local emerging markets index consisting of regularly traded, liquid fixed-rate, domestic currency government bonds. |
Mexican Bonos, 7.750%, due 12/14/17 | 5.1 | % | ||
Republic of Colombia, 12.000%, due 10/22/15 | 4.4 | % | ||
Hungary Government International Bond, 6.750%, due 02/12/13 | 3.8 | % | ||
South Africa Government International Bond, 13.500%, due 09/15/15 | 3.4 | % | ||
Indonesia Treasury Bond, 10.750%, due 05/15/16 | 3.1 | % | ||
Malaysia Government International Bond, 4.240%, due 02/07/18 | 2.7 | % | ||
Thailand Government International Bond, 5.125%, due 03/13/18 | 2.5 | % | ||
Poland Government International Bond, 5.250%, due 04/25/13 | 2.2 | % | ||
Federative Republic of Brazil, 12.500%, due 01/05/22 | 2.0 | % | ||
Brazil Government International Bond, 7.125%, due 01/20/37 | 1.9 | % |
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* | Effective January 13, 2009, James Kauffmann was replaced by Chris Diaz and Mike Mata as portfolio managers to the Fund. |
(1) | Formerly known as the Lehman Brothers Global Aggregate Index. As of October 31, 2008 all Lehman Brothers indices were renamed: the words “Lehman Brothers” changed to “Barclays Capital.” The Barclays Capital Global Aggregate Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. |
Brazil Notas do Tesouro Nacional Series F, 10.000%, due 01/01/12 | 14.2 | % | ||
Bundesschatzanweisungen, 4.000%, due 09/10/10 | 4.9 | % | ||
U.S. Treasury Note, 0.875%, due 03/31/11 | 4.5 | % | ||
Japan Government International Bond, 0.400%, due 03/15/11 | 4.4 | % | ||
Bundesrepublik Deutschland, 3.750%, due 01/04/19 | 3.8 | % | ||
Bundesobligation, 4.000%, due 10/11/13 | 3.1 | % | ||
Japan Government International Bond, 1.400%, due 12/20/11 | 2.8 | % | ||
U.S. Treasury Note, 1.750%, due 03/31/14 | 2.6 | % | ||
Bundesrepublik Deutschland, 4.250%, due 01/04/14 | 2.6 | % | ||
Bundesrepublik Deutschland, 4.250%, due 07/04/39 | 2.4 | % |
* | Excludes short-term investments related to ING Institutional Prime Money Market Fund – Class I. |
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(1) | The members of the Asset Allocation Committee are: William A. Evans, Michael J. Roland, and Paul Zemsky. |
(2) | The MSCI ACWI (ex-US)sm measures the returns of equities of companies which are domiciled outside the U.S. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
International Core | 35.0 | % | ||
International Growth | 17.5 | % | ||
International Value | 17.5 | % | ||
International Small Cap | 10.0 | % | ||
Emerging Markets | 15.0 | % | ||
Real Estate | 5.0 | % |
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Actual Fund Return | Hypothetical (5% return before expenses) | |||||||||||||||||||||||||||||||
Beginning | Ending | Expenses Paid | Beginning | Ending | Expenses Paid | |||||||||||||||||||||||||||
Account | Account | During the | Account | Account | During the | |||||||||||||||||||||||||||
Value | Value | Annualized | Period Ended | Value | Value | Annualized | Period Ended | |||||||||||||||||||||||||
November 1, | April 30, | Expense | April 30, | November 1, | April 30, | Expense | April 30, | |||||||||||||||||||||||||
2008 | 2009 | Ratio | 2009* | 2008 | 2009 | Ratio | 2009* | |||||||||||||||||||||||||
ING Global Equity Dividend Fund | ||||||||||||||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 880.20 | 1.40 | % | $ | 6.53 | $ | 1,000.00 | $ | 1,017.85 | 1.40 | % | $ | 7.00 | ||||||||||||||||
Class B | 1,000.00 | 877.50 | 2.15 | 10.01 | 1,000.00 | 1,014.13 | 2.15 | 10.74 | ||||||||||||||||||||||||
Class C | 1,000.00 | 877.20 | 2.15 | 10.01 | 1,000.00 | 1,014.13 | 2.15 | 10.74 | ||||||||||||||||||||||||
Class I | 1,000.00 | 882.30 | 0.97 | 4.53 | 1,000.00 | 1,019.98 | 0.97 | 4.86 | ||||||||||||||||||||||||
Class O | 1,000.00 | 880.10 | 1.40 | 6.53 | 1,000.00 | 1,017.85 | 1.40 | 7.00 | ||||||||||||||||||||||||
Class W | 1,000.00 | 883.20 | 0.97 | 4.53 | 1,000.00 | 1,019.98 | 0.97 | 4.86 | ||||||||||||||||||||||||
ING Global Natural Resources Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 979.80 | 1.66 | 8.15 | 1,000.00 | 1,016.56 | 1.66 | 8.30 | ||||||||||||||||||||||||
Class I | 1,000.00 | 982.50 | 1.26 | 6.19 | 1,000.00 | 1,018.55 | 1.26 | 6.31 | ||||||||||||||||||||||||
Class W | 1,000.00 | 981.20 | 1.26 | 6.19 | 1,000.00 | 1,018.55 | 1.26 | 6.31 | ||||||||||||||||||||||||
ING Global Real Estate Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 864.20 | 1.53 | 7.07 | 1,000.00 | 1,017.21 | 1.53 | 7.65 | ||||||||||||||||||||||||
Class B | 1,000.00 | 860.40 | 2.28 | 10.52 | 1,000.00 | 1,013.49 | 2.28 | 11.38 | ||||||||||||||||||||||||
Class C | 1,000.00 | 860.80 | 2.28 | 10.52 | 1,000.00 | 1,013.49 | 2.28 | 11.38 | ||||||||||||||||||||||||
Class I | 1,000.00 | 865.60 | 1.07 | 4.95 | 1,000.00 | 1,019.49 | 1.07 | 5.36 | ||||||||||||||||||||||||
Class O | 1,000.00 | 864.30 | 1.53 | 7.07 | 1,000.00 | 1,017.21 | 1.53 | 7.65 | ||||||||||||||||||||||||
Class W | 1,000.00 | 866.10 | 1.07 | 4.95 | 1,000.00 | 1,019.49 | 1.07 | 5.36 |
* | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year. |
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Actual Fund Return | Hypothetical (5% return before expenses) | |||||||||||||||||||||||||||||||
Beginning | Ending | Expenses Paid | Beginning | Ending | Expenses Paid | |||||||||||||||||||||||||||
Account | Account | During the | Account | Account | During the | |||||||||||||||||||||||||||
Value | Value | Annualized | Period Ended | Value | Value | Annualized | Period Ended | |||||||||||||||||||||||||
November 1, | April 30, | Expense | April 30, | November 1, | April 30, | Expense | April 30, | |||||||||||||||||||||||||
2008 | 2009 | Ratio | 2009* | 2008 | 2009 | Ratio | 2009* | |||||||||||||||||||||||||
ING Global Value Choice Fund | ||||||||||||||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,203.10 | 1.50 | % | $ | 8.19 | $ | 1,000.00 | $ | 1,017.36 | 1.50 | % | $ | 7.50 | ||||||||||||||||
Class B | 1,000.00 | 1,198.30 | 2.25 | 12.26 | 1,000.00 | 1,013.64 | 2.25 | 11.23 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,198.40 | 2.25 | 12.26 | 1,000.00 | 1,013.64 | 2.25 | 11.23 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,205.10 | 1.18 | 6.45 | 1,000.00 | 1,018.94 | 1.18 | 5.91 | ||||||||||||||||||||||||
Class Q | 1,000.00 | 1,203.70 | 1.45 | 7.92 | 1,000.00 | 1,017.60 | 1.45 | 7.25 | ||||||||||||||||||||||||
ING Asia-Pacific Real Estate Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 915.00 | 1.78 | 8.45 | 1,000.00 | 1,015.97 | 1.78 | 8.90 | ||||||||||||||||||||||||
Class B | 1,000.00 | 910.40 | 2.53 | 11.98 | 1,000.00 | 1,012.25 | 2.53 | 12.62 | ||||||||||||||||||||||||
Class C | 1,000.00 | 912.00 | 2.53 | 11.99 | 1,000.00 | 1,012.25 | 2.53 | 12.62 | ||||||||||||||||||||||||
Class I | 1,000.00 | 915.10 | 1.53 | 7.27 | 1,000.00 | 1,017.21 | 1.53 | 7.65 | ||||||||||||||||||||||||
ING Disciplined International SmallCap Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,003.00 | 1.20 | 5.96 | 1,000.00 | 1,018.84 | 1.20 | 6.01 | ||||||||||||||||||||||||
Class B | 1,000.00 | 996.80 | 1.95 | 9.65 | 1,000.00 | 1,015.12 | 1.95 | 9.74 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,003.40 | 1.95 | 9.69 | 1,000.00 | 1,015.12 | 1.95 | 9.74 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,006.80 | 0.85 | 4.23 | 1,000.00 | 1,020.58 | 0.85 | 4.26 | ||||||||||||||||||||||||
ING Emerging Countries Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,124.10 | 2.09 | 11.01 | 1,000.00 | 1,014.43 | 2.09 | 10.44 | ||||||||||||||||||||||||
Class B | 1,000.00 | 1,118.10 | 2.84 | 14.91 | 1,000.00 | 1,010.71 | 2.84 | 14.16 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,118.70 | 2.84 | 14.92 | 1,000.00 | 1,010.71 | 2.84 | 14.16 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,126.50 | 1.73 | 9.12 | 1,000.00 | 1,016.22 | 1.73 | 8.65 | ||||||||||||||||||||||||
Class Q | 1,000.00 | 1,124.30 | 1.98 | 10.43 | 1,000.00 | 1,014.98 | 1.98 | 9.89 | ||||||||||||||||||||||||
Class W | 1,000.00 | 1,126.90 | 1.73 | 9.12 | 1,000.00 | 1,016.22 | 1.73 | 8.65 | ||||||||||||||||||||||||
ING European Real Estate Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 907.70 | 1.75 | 8.28 | 1,000.00 | 1,016.12 | 1.75 | 8.75 | ||||||||||||||||||||||||
Class B | 1,000.00 | 902.60 | 2.50 | 11.79 | 1,000.00 | 1,012.40 | 2.50 | 12.47 | ||||||||||||||||||||||||
Class C | 1,000.00 | 905.00 | 2.50 | 11.81 | 1,000.00 | 1,012.40 | 2.50 | 12.47 | ||||||||||||||||||||||||
Class I | 1,000.00 | 909.50 | 1.40 | 6.63 | 1,000.00 | 1,017.85 | 1.40 | 7.00 | ||||||||||||||||||||||||
ING Foreign Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 916.20 | 1.70 | 8.08 | 1,000.00 | 1,016.36 | 1.70 | 8.50 | ||||||||||||||||||||||||
Class B | 1,000.00 | 911.80 | 2.45 | 11.61 | 1,000.00 | 1,012.65 | 2.45 | 12.23 | ||||||||||||||||||||||||
Class C | 1,000.00 | 912.80 | 2.45 | 11.62 | 1,000.00 | 1,012.65 | 2.45 | 12.23 | ||||||||||||||||||||||||
Class I | 1,000.00 | 918.30 | 1.32 | 6.28 | 1,000.00 | 1,018.25 | 1.32 | 6.61 | ||||||||||||||||||||||||
Class Q | 1,000.00 | 916.30 | 1.57 | 7.46 | 1,000.00 | 1,017.01 | 1.57 | 7.85 | ||||||||||||||||||||||||
Class W | 1,000.00 | 918.10 | 1.32 | 6.28 | 1,000.00 | 1,018.25 | 1.32 | 6.61 | ||||||||||||||||||||||||
ING Greater China Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,296.50 | 2.12 | 12.07 | 1,000.00 | 1,014.28 | 2.12 | 10.59 | ||||||||||||||||||||||||
Class B | 1,000.00 | 1,290.80 | 2.87 | 16.30 | 1,000.00 | 1,010.56 | 2.87 | 14.31 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,291.00 | 2.87 | 16.30 | 1,000.00 | 1,010.56 | 2.87 | 14.31 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,298.00 | 1.68 | 9.57 | 1,000.00 | 1,016.46 | 1.68 | 8.40 | ||||||||||||||||||||||||
Class O | 1,000.00 | 1,294.20 | 2.12 | 12.06 | 1,000.00 | 1,014.28 | 2.12 | 10.59 | ||||||||||||||||||||||||
ING Index Plus International Equity Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 965.30 | 1.16 | 5.65 | 1,000.00 | 1,019.04 | 1.16 | 5.81 | ||||||||||||||||||||||||
Class B | 1,000.00 | 961.00 | 1.91 | 9.29 | 1,000.00 | 1,015.32 | 1.91 | 9.54 | ||||||||||||||||||||||||
Class C | 1,000.00 | 961.00 | 1.91 | 9.29 | 1,000.00 | 1,015.32 | 1.91 | 9.54 | ||||||||||||||||||||||||
Class I | 1,000.00 | 967.20 | 0.91 | 4.44 | 1,000.00 | 1,020.28 | 0.91 | 4.56 | ||||||||||||||||||||||||
Class O | 1,000.00 | 966.50 | 1.16 | 5.66 | 1,000.00 | 1,019.04 | 1.16 | 5.81 |
* | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year. |
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Actual Fund Return | Hypothetical (5% return before expenses) | |||||||||||||||||||||||||||||||
Beginning | Ending | Expenses Paid | Beginning | Ending | Expenses Paid | |||||||||||||||||||||||||||
Account | Account | During the | Account | Account | During the | |||||||||||||||||||||||||||
Value | Value | Annualized | Period Ended | Value | Value | Annualized | Period Ended | |||||||||||||||||||||||||
November 1, | April 30, | Expense | April 30, | November 1, | April 30, | Expense | April 30, | |||||||||||||||||||||||||
2008 | 2009 | Ratio | 2009* | 2008 | 2009 | Ratio | 2009* | |||||||||||||||||||||||||
ING International Capital Appreciation Fund | ||||||||||||||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,057.50 | 1.52 | % | $ | 7.75 | $ | 1,000.00 | $ | 1,017.26 | 1.52 | % | $ | 7.60 | ||||||||||||||||
Class B | 1,000.00 | 1,051.70 | 2.27 | 11.55 | 1,000.00 | 1,013.54 | 2.27 | 11.33 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,050.00 | 2.27 | 11.54 | 1,000.00 | 1,013.54 | 2.27 | 11.33 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,057.60 | 1.10 | 5.61 | 1,000.00 | 1,019.34 | 1.10 | 5.51 | ||||||||||||||||||||||||
ING International Equity Dividend Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 935.00 | 1.40 | 6.72 | 1,000.00 | 1,017.85 | 1.40 | 7.00 | ||||||||||||||||||||||||
Class B | 1,000.00 | 931.50 | 2.15 | 10.30 | 1,000.00 | 1,014.13 | 2.15 | 10.74 | ||||||||||||||||||||||||
Class C | 1,000.00 | 931.60 | 2.15 | 10.30 | 1,000.00 | 1,014.13 | 2.15 | 10.74 | ||||||||||||||||||||||||
Class I | 1,000.00 | 937.10 | 0.99 | 4.75 | 1,000.00 | 1,019.89 | 0.99 | 4.96 | ||||||||||||||||||||||||
Class W | 1,000.00 | 938.60 | 1.15 | 5.53 | 1,000.00 | 1,019.09 | 1.15 | 5.76 | ||||||||||||||||||||||||
ING International Growth Opportunities Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,041.20 | 1.70 | 8.60 | 1,000.00 | 1,016.36 | 1.70 | 8.50 | ||||||||||||||||||||||||
Class B | 1,000.00 | 1,037.80 | 2.45 | 12.38 | 1,000.00 | 1,012.65 | 2.45 | 12.23 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,037.70 | 2.45 | 12.38 | 1,000.00 | 1,012.65 | 2.45 | 12.23 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,045.70 | 1.33 | 6.75 | 1,000.00 | 1,018.20 | 1.33 | 6.66 | ||||||||||||||||||||||||
Class Q | 1,000.00 | 1,043.80 | 1.54 | 7.80 | 1,000.00 | 1,017.16 | 1.54 | 7.70 | ||||||||||||||||||||||||
ING International Real Estate Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 894.10 | 1.50 | 7.04 | 1,000.00 | 1,017.36 | 1.50 | 7.50 | ||||||||||||||||||||||||
Class B | 1,000.00 | 890.20 | 2.25 | 10.54 | 1,000.00 | 1,013.64 | 2.25 | 11.23 | ||||||||||||||||||||||||
Class C | 1,000.00 | 889.80 | 2.25 | 10.54 | 1,000.00 | 1,013.64 | 2.25 | 11.23 | ||||||||||||||||||||||||
Class I | 1,000.00 | 894.60 | 1.24 | 5.82 | 1,000.00 | 1,018.65 | 1.24 | 6.21 | ||||||||||||||||||||||||
Class W | 1,000.00 | 895.90 | 1.24 | 5.83 | 1,000.00 | 1,018.65 | 1.24 | 6.21 | ||||||||||||||||||||||||
ING International SmallCap Multi-Manager Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,027.50 | 1.89 | 9.50 | 1,000.00 | 1,015.42 | 1.89 | 9.44 | ||||||||||||||||||||||||
Class B | 1,000.00 | 1,022.70 | 2.54 | 12.74 | 1,000.00 | 1,012.20 | 2.54 | 12.67 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,024.10 | 2.54 | 12.75 | 1,000.00 | 1,012.20 | 2.54 | 12.67 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,030.40 | 1.41 | 7.10 | 1,000.00 | 1,017.80 | 1.41 | 7.05 | ||||||||||||||||||||||||
Class O | 1,000.00 | 1,028.70 | 1.79 | 9.00 | 1,000.00 | 1,015.92 | 1.79 | 8.95 | ||||||||||||||||||||||||
Class Q | 1,000.00 | 1,029.20 | 1.66 | 8.35 | 1,000.00 | 1,016.56 | 1.66 | 8.30 | ||||||||||||||||||||||||
Class W | 1,000.00 | 1,030.40 | 1.41 | 7.10 | 1,000.00 | 1,017.80 | 1.41 | 7.05 | ||||||||||||||||||||||||
ING International Value Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 986.90 | 1.74 | 8.57 | 1,000.00 | 1,016.17 | 1.74 | 8.70 | ||||||||||||||||||||||||
Class B | 1,000.00 | 982.20 | 2.44 | 11.99 | 1,000.00 | 1,012.69 | 2.44 | 12.18 | ||||||||||||||||||||||||
Class C | 1,000.00 | 982.80 | 2.41 | 11.85 | 1,000.00 | 1,012.84 | 2.41 | 12.03 | ||||||||||||||||||||||||
Class I | 1,000.00 | 987.50 | 1.35 | 6.65 | 1,000.00 | 1,018.10 | 1.35 | 6.76 | ||||||||||||||||||||||||
Class Q | 1,000.00 | 987.80 | 1.35 | 6.65 | 1,000.00 | 1,018.10 | 1.35 | 6.76 | ||||||||||||||||||||||||
ING International Value Choice Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,075.90 | 1.70 | 8.75 | 1,000.00 | 1,016.36 | 1.70 | 8.50 | ||||||||||||||||||||||||
Class B | 1,000.00 | 1,071.50 | 2.45 | 12.58 | 1,000.00 | 1,012.65 | 2.45 | 12.23 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,072.70 | 2.45 | 12.59 | 1,000.00 | 1,012.65 | 2.45 | 12.23 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,078.70 | 1.27 | 6.55 | 1,000.00 | 1,018.50 | 1.27 | 6.36 | ||||||||||||||||||||||||
ING Russia Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,029.30 | 2.52 | 12.68 | 1,000.00 | 1,012.30 | 2.52 | 12.57 |
* | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year. |
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Actual Fund Return | Hypothetical (5% return before expenses) | |||||||||||||||||||||||||||||||
Beginning | Ending | Expenses Paid | Beginning | Ending | Expenses Paid | |||||||||||||||||||||||||||
Account | Account | During the | Account | Account | During the | |||||||||||||||||||||||||||
Value | Value | Annualized | Period Ended | Value | Value | Annualized | Period Ended | |||||||||||||||||||||||||
November 1, | April 30, | Expense | April 30, | November 1, | April 30, | Expense | April 30, | |||||||||||||||||||||||||
2008 | 2009 | Ratio | 2009* | 2008 | 2009 | Ratio | 2009* | |||||||||||||||||||||||||
ING Emerging Markets Fixed Income Fund | ||||||||||||||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,174.50 | 1.25 | % | $ | 6.74 | $ | 1,000.00 | $ | 1,018.60 | 1.25 | % | $ | 6.26 | ||||||||||||||||
Class B | 1,000.00 | 1,171.20 | 2.00 | 10.77 | 1,000.00 | 1,014.88 | 2.00 | 9.99 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,171.50 | 2.00 | 10.77 | 1,000.00 | 1,014.88 | 2.00 | 9.99 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,177.30 | 0.89 | 4.80 | 1,000.00 | 1,020.38 | 0.89 | 4.46 | ||||||||||||||||||||||||
ING Global Bond Fund | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,090.70 | 0.90 | 4.67 | 1,000.00 | 1,020.33 | 0.90 | 4.51 | ||||||||||||||||||||||||
Class B | 1,000.00 | 1,086.70 | 1.65 | 8.54 | 1,000.00 | 1,016.61 | 1.65 | 8.25 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,086.30 | 1.65 | 8.54 | 1,000.00 | 1,016.61 | 1.65 | 8.25 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,093.20 | 0.51 | 2.65 | 1,000.00 | 1,022.27 | 0.51 | 2.56 | ||||||||||||||||||||||||
Class O | 1,000.00 | 1,089.80 | 0.90 | 4.66 | 1,000.00 | 1,020.33 | 0.90 | 4.51 | ||||||||||||||||||||||||
ING Diversified International Fund(1) | ||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 990.70 | 0.27 | 1.33 | 1,000.00 | 1,023.46 | 0.27 | 1.35 | ||||||||||||||||||||||||
Class B | 1,000.00 | 988.10 | 1.02 | 5.03 | 1,000.00 | 1,019.74 | 1.02 | 5.11 | ||||||||||||||||||||||||
Class C | 1,000.00 | 987.90 | 1.02 | 5.03 | 1,000.00 | 1,019.74 | 1.02 | 5.11 | ||||||||||||||||||||||||
Class I | 1,000.00 | 994.70 | 0.02 | 0.10 | 1,000.00 | 1,024.70 | 0.02 | 0.10 | ||||||||||||||||||||||||
Class O | 1,000.00 | 991.40 | 0.27 | 1.33 | 1,000.00 | 1,023.46 | 0.27 | 1.35 | ||||||||||||||||||||||||
Class R | 1,000.00 | 991.50 | 0.52 | 2.57 | 1,000.00 | 1,022.22 | 0.52 | 2.61 | ||||||||||||||||||||||||
Class W | 1,000.00 | 994.80 | 0.02 | 0.10 | 1,000.00 | 1,024.70 | 0.02 | 0.10 |
* | Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half-year. |
(1) | The annualized expense ratios do not include expenses of underlying funds. |
29
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ING | ING | ING | ING | |||||||||||||
Global | Global | Global | Global | |||||||||||||
Equity | Natural | Real | Value | |||||||||||||
Dividend | Resources | Estate | Choice | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in securities at value+* | $ | 106,692,297 | $ | 79,512,208 | $ | 1,066,724,845 | $ | 122,826,666 | ||||||||
Investments in affiliates** | — | — | 520,418 | — | ||||||||||||
Short-term investments*** | 157,673 | — | 18,391,293 | 8,789,017 | ||||||||||||
Short-term investments in affiliates**** | — | 732,000 | 17,326,717 | 12,468,394 | ||||||||||||
Cash | 2,821,986 | 304 | — | 319,877 | ||||||||||||
Foreign currencies at value***** | 664,856 | 9,651 | 373,073 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 36,177 | 24,246 | 996,933 | 990,145 | ||||||||||||
Fund shares sold | 85,886 | 101,402 | 5,818,815 | 962,832 | ||||||||||||
Dividends and interest | 445,902 | 20,258 | 4,825,415 | 497,027 | ||||||||||||
Prepaid expenses | 31,296 | 19,691 | 119,463 | 44,758 | ||||||||||||
Reimbursement due from manager | 31,197 | — | — | — | ||||||||||||
Total assets | 110,967,270 | 80,419,760 | 1,115,096,972 | 146,898,716 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investment securities purchased | 25,846 | 316,883 | 6,279,762 | 1,328,225 | ||||||||||||
Payable for fund shares redeemed | 295,935 | 16,401 | 4,117,622 | 208,459 | ||||||||||||
Payable upon receipt of securities loaned | 182,453 | — | 18,940,357 | 8,846,571 | ||||||||||||
Payable to affiliates | 121,532 | 80,837 | 930,265 | 134,419 | ||||||||||||
Payable for directors fees | 3,733 | 15,554 | 7,241 | 17,358 | ||||||||||||
Other accrued expenses and liabilities | 169,889 | 94,700 | 994,432 | 117,242 | ||||||||||||
Total liabilities | 799,388 | 524,375 | 31,269,679 | 10,652,274 | ||||||||||||
NET ASSETS | $ | 110,167,882 | $ | 79,895,385 | $ | 1,083,827,293 | $ | 136,246,442 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||
Paid-in capital | $ | 236,313,732 | $ | 120,764,416 | $ | 2,112,155,060 | $ | 306,761,654 | ||||||||
Undistributed net investment income/(distributions in excess of net investment income) | 517,486 | (25,557 | ) | (31,341,746 | ) | 407,981 | ||||||||||
Accumulated net realized loss on investments and foreign currency related transactions | (101,468,034 | ) | (23,465,798 | ) | (654,483,344 | ) | (167,473,369 | ) | ||||||||
Net unrealized depreciation on investments and foreign currency related transactions | (25,195,302 | ) | (17,377,676 | ) | (342,502,677 | ) | (3,449,824 | ) | ||||||||
NET ASSETS | $ | 110,167,882 | $ | 79,895,385 | $ | 1,083,827,293 | $ | 136,246,442 | ||||||||
+ Including securities loaned at value | $ | 168,546 | $ | — | $ | 18,320,386 | $ | 8,341,134 | ||||||||
* Cost of investments in securities | $ | 131,867,344 | $ | 96,890,026 | $ | 1,406,875,446 | $ | 126,220,995 | ||||||||
** Cost of investments in affiliates | $ | — | $ | — | $ | 2,242,416 | $ | — | ||||||||
*** Cost of short-term investments | $ | 182,453 | $ | — | $ | 18,940,357 | $ | 8,846,571 | ||||||||
**** Cost of short-term investments in affiliates | $ | — | $ | 732,000 | $ | 17,326,717 | $ | 12,468,394 | ||||||||
***** Cost of foreign currencies | $ | 647,975 | $ | 9,576 | $ | 370,620 | $ | — |
30
Table of Contents
ING | ING | ING | ING | |||||||||||||
Global | Global | Global | Global | |||||||||||||
Equity | Natural | Real | Value | |||||||||||||
Dividend | Resources | Estate | Choice | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 43,468,521 | $ | 79,521,950 | $ | 573,455,682 | $ | 94,551,591 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 5,695,112 | 12,900,960 | 53,836,052 | 4,667,036 | ||||||||||||
Net asset value and redemption price per share | $ | 7.63 | $ | 6.16 | $ | 10.65 | $ | 20.26 | ||||||||
Maximum offering price per share (5.75%)(1) | $ | 8.10 | $ | 6.54 | $ | 11.30 | $ | 21.50 | ||||||||
Class B: | ||||||||||||||||
Net assets | $ | 15,082,547 | n/a | $ | 17,272,354 | $ | 5,324,429 | |||||||||
Shares authorized | unlimited | n/a | unlimited | unlimited | ||||||||||||
Par value | $ | — | n/a | $ | — | $ | — | |||||||||
Shares outstanding | 1,981,495 | n/a | 1,918,504 | 245,466 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 7.61 | n/a | $ | 9.00 | $ | 21.69 | |||||||||
Maximum offering price per share | $ | 7.61 | n/a | $ | 9.00 | $ | 21.69 | |||||||||
Class C: | ||||||||||||||||
Net assets | $ | 34,291,044 | n/a | $ | 106,201,662 | $ | 26,554,477 | |||||||||
Shares authorized | unlimited | n/a | unlimited | unlimited | ||||||||||||
Par value | $ | — | n/a | $ | — | $ | — | |||||||||
Shares outstanding | 4,516,395 | n/a | 11,192,589 | 1,378,021 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 7.59 | n/a | $ | 9.49 | $ | 19.27 | |||||||||
Maximum offering price per share | $ | 7.59 | n/a | $ | 9.49 | $ | 19.27 | |||||||||
Class I: | ||||||||||||||||
Net assets | $ | 1,455,329 | $ | 291,747 | $ | 272,406,702 | $ | 6,596,558 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 190,481 | 47,415 | 25,573,129 | 323,558 | ||||||||||||
Net asset value and redemption price per share | $ | 7.64 | $ | 6.15 | $ | 10.65 | $ | 20.39 | ||||||||
Maximum offering price per share | $ | 7.64 | $ | 6.15 | $ | 10.65 | $ | 20.39 | ||||||||
Class O: | ||||||||||||||||
Net assets | $ | 12,271,369 | n/a | $ | 10,234,892 | n/a | ||||||||||
Shares authorized | unlimited | n/a | unlimited | n/a | ||||||||||||
Par value | $ | — | n/a | $ | — | n/a | ||||||||||
Shares outstanding | 1,610,002 | n/a | 961,095 | n/a | ||||||||||||
Net asset value and redemption price per share | $ | 7.62 | n/a | $ | 10.65 | n/a | ||||||||||
Maximum offering price per share | $ | 7.62 | n/a | $ | 10.65 | n/a | ||||||||||
Class Q: | ||||||||||||||||
Net assets | n/a | n/a | n/a | $ | 3,219,387 | |||||||||||
Shares authorized | n/a | n/a | n/a | unlimited | ||||||||||||
Par value | n/a | n/a | n/a | $ | — | |||||||||||
Shares outstanding | n/a | n/a | n/a | 135,237 | ||||||||||||
Net asset value and redemption price per share | n/a | n/a | n/a | $ | 23.81 | |||||||||||
Maximum offering price per share | n/a | n/a | n/a | $ | 23.81 | |||||||||||
Class W: | ||||||||||||||||
Net assets | $ | 3,599,072 | $ | 81,688 | $ | 104,256,001 | n/a | |||||||||
Shares authorized | unlimited | unlimited | unlimited | n/a | ||||||||||||
Par value | $ | — | $ | — | $ | — | n/a | |||||||||
Shares outstanding | 433,329 | 10,542 | 9,769,455 | n/a | ||||||||||||
Net asset value and redemption price per share | $ | 8.31 | $ | 7.75 | $ | 10.67 | n/a | |||||||||
Maximum offering price per share | $ | 8.31 | $ | 7.75 | $ | 10.67 | n/a |
(1) | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
(2) | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
31
Table of Contents
ING | ING | ING | ||||||||||||||
Asia-Pacific | Disciplined | ING | European | |||||||||||||
Real | International | Emerging | Real | |||||||||||||
Estate | SmallCap | Countries | Estate | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in securities at value+* | $ | 2,747,100 | $ | 231,336,610 | $ | 96,113,146 | $ | 2,646,037 | ||||||||
Short-term investments** | — | — | 5,529,603 | — | ||||||||||||
Short-term investments in affiliates*** | 86,629 | — | — | 38,263 | ||||||||||||
Cash | — | 330,011 | 3,406,312 | — | ||||||||||||
Foreign currencies at value**** | 311 | 1,428,281 | 2,609,678 | 42,924 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | 159,381 | 634,906 | 29,803 | ||||||||||||
Fund shares sold | — | 119,962 | 132,336 | 2,470 | ||||||||||||
Dividends and interest | 12,899 | 1,681,558 | 393,055 | 39,874 | ||||||||||||
Prepaid expenses | 20,861 | 17,524 | 38,644 | 20,806 | ||||||||||||
Reimbursement due from manager | 13,307 | — | 5,169 | 3,175 | ||||||||||||
Total assets | 2,881,107 | 235,073,327 | 108,862,849 | 2,823,352 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investment securities purchased | 11,999 | 1,114,811 | 708,275 | 44,747 | ||||||||||||
Payable for fund shares redeemed | — | 32,549 | 738,477 | — | ||||||||||||
Payable upon receipt of securities loaned | — | — | 5,561,927 | — | ||||||||||||
Payable to affiliates | 3,479 | 128,854 | 136,328 | 3,023 | ||||||||||||
Payable for directors fees | 1,651 | 4,490 | 33,578 | 1,023 | ||||||||||||
Other accrued expenses and liabilities | 20,483 | 127,660 | 196,701 | 25,126 | ||||||||||||
Total liabilities | 37,612 | 1,408,364 | 7,375,286 | 73,919 | ||||||||||||
NET ASSETS | $ | 2,843,495 | $ | 233,664,963 | $ | 101,487,563 | $ | 2,749,433 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||
Paid-in capital | $ | 8,904,002 | $ | 450,502,579 | $ | 209,675,184 | $ | 6,017,269 | ||||||||
Undistributed net investment income/(distributions in excess of net investment income) | 2,350 | 2,313,568 | (148,925 | ) | 43,210 | |||||||||||
Accumulated net realized loss on investments and foreign currency related transactions | (5,248,965 | ) | (159,738,504 | ) | (112,758,466 | ) | (2,450,242 | ) | ||||||||
Net unrealized appreciation or depreciation on investments and foreign currency related transactions | (813,892 | ) | (59,412,680 | ) | 4,719,770 | (860,804 | ) | |||||||||
NET ASSETS | $ | 2,843,495 | $ | 233,664,963 | $ | 101,487,563 | $ | 2,749,433 | ||||||||
+ Including securities loaned at value | $ | — | $ | — | $ | 5,527,055 | $ | — | ||||||||
* Cost of investments in securities | $ | 3,560,749 | $ | 290,742,292 | $ | 91,383,005 | $ | 3,506,533 | ||||||||
** Cost of short-term investments | $ | — | $ | — | $ | 5,561,927 | $ | — | ||||||||
*** Cost of short-term investments in affiliates | $ | 86,629 | $ | — | $ | — | $ | 38,263 | ||||||||
**** Cost of foreign currencies | $ | 311 | $ | 1,425,186 | $ | 2,588,135 | $ | 42,666 |
32
Table of Contents
ING | ING | ING | ||||||||||||||
Asia-Pacific | Disciplined | ING | European | |||||||||||||
Real | International | Emerging | Real | |||||||||||||
Estate | SmallCap | Countries | Estate | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 2,281,547 | $ | 74,013 | $ | 57,897,558 | $ | 2,692,739 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 562,630 | 13,965 | 3,312,145 | 581,486 | ||||||||||||
Net asset value and redemption price per share | $ | 4.06 | $ | 5.30 | $ | 17.48 | $ | 4.63 | ||||||||
Maximum offering price per share (5.75%)(1) | $ | 4.31 | $ | 5.62 | $ | 18.55 | $ | 4.91 | ||||||||
Class B: | ||||||||||||||||
Net assets | $ | 16,534 | $ | 8,075 | $ | 3,769,606 | $ | 13,761 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 4,094 | 1,516 | 216,612 | 2,982 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 4.04 | $ | 5.33 | $ | 17.40 | $ | 4.61 | ||||||||
Maximum offering price per share | $ | 4.04 | $ | 5.33 | $ | 17.40 | $ | 4.61 | ||||||||
Class C: | ||||||||||||||||
Net assets | $ | 545,006 | $ | 77,166 | $ | 13,739,161 | $ | 42,465 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 134,172 | 14,682 | 840,950 | 9,213 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 4.06 | $ | 5.26 | $ | 16.34 | $ | 4.61 | ||||||||
Maximum offering price per share | $ | 4.06 | $ | 5.26 | $ | 16.34 | $ | 4.61 | ||||||||
Class I: | ||||||||||||||||
Net assets | $ | 408 | $ | 233,505,709 | $ | 20,980,185 | $ | 468 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 101 | 43,903,360 | 1,201,973 | 101 | ||||||||||||
Net asset value and redemption price per share | $ | 4.04 | $ | 5.32 | $ | 17.45 | $ | 4.63 | ||||||||
Maximum offering price per share | $ | 4.04 | $ | 5.32 | $ | 17.45 | $ | 4.63 | ||||||||
Class Q: | ||||||||||||||||
Net assets | n/a | n/a | $ | 5,076,107 | n/a | |||||||||||
Shares authorized | n/a | n/a | unlimited | n/a | ||||||||||||
Par value | n/a | n/a | $ | — | n/a | |||||||||||
Shares outstanding | n/a | n/a | 279,460 | n/a | ||||||||||||
Net asset value and redemption price per share | n/a | n/a | $ | 18.16 | n/a | |||||||||||
Maximum offering price per share | n/a | n/a | $ | 18.16 | n/a | |||||||||||
Class W: | ||||||||||||||||
Net assets | n/a | n/a | $ | 24,946 | n/a | |||||||||||
Shares authorized | n/a | n/a | unlimited | n/a | ||||||||||||
Par value | n/a | n/a | $ | — | n/a | |||||||||||
Shares outstanding | n/a | n/a | 1,365 | n/a | ||||||||||||
Net asset value and redemption price per share | n/a | n/a | $ | 18.28 | n/a | |||||||||||
Maximum offering price per share | n/a | n/a | $ | 18.28 | n/a |
(1) | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
(2) | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
33
Table of Contents
ING | ING | |||||||||||||||
ING | Index Plus | International | ||||||||||||||
ING | Greater | International | Capital | |||||||||||||
Foreign | China | Equity | Appreciation | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in securities at value+* | $ | 220,422,739 | $ | 28,406,770 | $ | 93,215,037 | $ | 48,595,475 | ||||||||
Short-term investments** | 5,552,610 | — | — | — | ||||||||||||
Short-term investments in affiliates*** | 14,570,578 | — | — | — | ||||||||||||
Cash | — | 2,201,532 | 932,143 | — | ||||||||||||
Foreign currencies at value**** | 957,446 | 312,463 | 148,951 | 16,806 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 3,346,345 | — | — | 10,329 | ||||||||||||
Fund shares sold | 405,837 | 140,152 | 20,432 | 13,461 | ||||||||||||
Dividends and interest | 1,210,595 | 62,053 | 681,406 | 327,715 | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | 2,162,835 | — | — | — | ||||||||||||
Prepaid expenses | 34,983 | 28,950 | 26,112 | 25,853 | ||||||||||||
Reimbursement due from manager | 30,925 | 9,764 | 3,864 | 6,364 | ||||||||||||
Total assets | 248,694,893 | 31,161,684 | 95,027,945 | 48,996,003 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investment securities purchased | 6,265,754 | 531,954 | 710 | 240 | ||||||||||||
Payable for fund shares redeemed | 746,756 | 62,936 | 119,569 | 72,561 | ||||||||||||
Payable upon receipt of securities loaned | 5,587,351 | — | — | — | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | 1,892,110 | — | — | — | ||||||||||||
Payable to affiliates | 295,730 | 38,754 | 59,736 | 36,820 | ||||||||||||
Payable to custodian due to bank overdraft | 337,264 | — | — | 634 | ||||||||||||
Payable for directors fees | 4,334 | 720 | 6,468 | 1,499 | ||||||||||||
Other accrued expenses and liabilities | 391,718 | 71,329 | 215,313 | 55,838 | ||||||||||||
Total liabilities | 15,521,017 | 705,693 | 401,796 | 167,592 | ||||||||||||
NET ASSETS | $ | 233,173,876 | $ | 30,455,991 | $ | 94,626,149 | $ | 48,828,411 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||
Paid-in capital | $ | 408,910,521 | $ | 38,992,628 | $ | 204,518,802 | $ | 91,261,599 | ||||||||
Undistributed net investment income/(distributions in excess of net investment income) | (13,501,519 | ) | (134,434 | ) | 1,239,127 | 254,662 | ||||||||||
Accumulated net realized loss on investments and foreign currency related transactions | (165,472,734 | ) | (9,919,616 | ) | (91,916,931 | ) | (28,834,511 | ) | ||||||||
Net unrealized appreciation or depreciation on investments and foreign currency related transactions | 3,237,608 | 1,517,413 | (19,214,849 | ) | (13,853,339 | ) | ||||||||||
NET ASSETS | $ | 233,173,876 | $ | 30,455,991 | $ | 94,626,149 | $ | 48,828,411 | ||||||||
+ Including securities loaned at value | $ | 5,563,125 | $ | — | $ | — | $ | — | ||||||||
* Cost of investments in securities | $ | 217,396,565 | $ | 26,894,775 | $ | 112,434,262 | $ | 62,447,034 | ||||||||
** Cost of short-term investments | $ | 5,587,351 | $ | — | $ | — | $ | — | ||||||||
*** Cost of short-term investments in affiliates | $ | 14,570,578 | $ | — | $ | — | $ | — | ||||||||
**** Cost of foreign currencies | $ | 988,035 | $ | 305,850 | $ | 148,586 | $ | 16,858 |
34
Table of Contents
ING | ING | |||||||||||||||
ING | Index Plus | International | ||||||||||||||
ING | Greater | International | Capital | |||||||||||||
Foreign | China | Equity | Appreciation | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 91,649,404 | $ | 23,481,684 | $ | 7,869,892 | $ | 647,019 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 8,878,565 | 2,120,003 | 1,331,750 | 92,885 | ||||||||||||
Net asset value and redemption price per share | $ | 10.32 | $ | 11.08 | $ | 5.91 | $ | 6.97 | ||||||||
Maximum offering price per share (5.75%)(1) | $ | 10.95 | $ | 11.76 | $ | 6.27 | $ | 7.40 | ||||||||
Class B: | ||||||||||||||||
Net assets | $ | 13,350,378 | $ | 2,384,010 | $ | 1,082,180 | $ | 112,161 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 1,339,808 | 217,012 | 182,517 | 16,210 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 9.96 | $ | 10.99 | $ | 5.93 | $ | 6.92 | ||||||||
Maximum offering price per share | $ | 9.96 | $ | 10.99 | $ | 5.93 | $ | 6.92 | ||||||||
Class C: | ||||||||||||||||
Net assets | $ | 74,530,285 | $ | 3,472,036 | $ | 1,145,212 | $ | 316,015 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 7,477,439 | 315,062 | 194,289 | 45,621 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 9.97 | $ | 11.02 | $ | 5.89 | $ | 6.93 | ||||||||
Maximum offering price per share | $ | 9.97 | $ | 11.02 | $ | 5.89 | $ | 6.93 | ||||||||
Class I: | ||||||||||||||||
Net assets | $ | 53,241,149 | $ | 128,935 | $ | 46,985,800 | $ | 47,753,216 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 5,075,706 | 11,651 | 7,951,310 | 6,881,422 | ||||||||||||
Net asset value and redemption price per share | $ | 10.49 | $ | 11.07 | $ | 5.91 | $ | 6.94 | ||||||||
Maximum offering price per share | $ | 10.49 | $ | 11.07 | $ | 5.91 | $ | 6.94 | ||||||||
Class O: | ||||||||||||||||
Net assets | n/a | $ | 989,326 | $ | 37,543,065 | n/a | ||||||||||
Shares authorized | n/a | unlimited | unlimited | n/a | ||||||||||||
Par value | n/a | $ | — | $ | — | n/a | ||||||||||
Shares outstanding | n/a | 89,884 | 6,397,983 | n/a | ||||||||||||
Net asset value and redemption price per share | n/a | $ | 11.01 | $ | 5.87 | n/a | ||||||||||
Maximum offering price per share | n/a | $ | 11.01 | $ | 5.87 | n/a | ||||||||||
Class Q: | ||||||||||||||||
Net assets | $ | 28,041 | n/a | n/a | n/a | |||||||||||
Shares authorized | unlimited | n/a | n/a | n/a | ||||||||||||
Par value | $ | — | n/a | n/a | n/a | |||||||||||
Shares outstanding | 2,644 | n/a | n/a | n/a | ||||||||||||
Net asset value and redemption price per share | $ | 10.61 | n/a | n/a | n/a | |||||||||||
Maximum offering price per share | $ | 10.61 | n/a | n/a | n/a | |||||||||||
Class W: | ||||||||||||||||
Net assets | $ | 374,619 | n/a | n/a | n/a | |||||||||||
Shares authorized | unlimited | n/a | n/a | n/a | ||||||||||||
Par value | $ | — | n/a | n/a | n/a | |||||||||||
Shares outstanding | 33,413 | n/a | n/a | n/a | ||||||||||||
Net asset value and redemption price per share | $ | 11.21 | n/a | n/a | n/a | |||||||||||
Maximum offering price per share | $ | 11.21 | n/a | n/a | n/a |
(1) | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
(2) | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
35
Table of Contents
ING | ING | ING | ING | |||||||||||||
International | International | International | International | |||||||||||||
Equity | Growth | Real | SmallCap | |||||||||||||
Dividend | Opportunities | Estate | Multi-Manager | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in securities at value+* | $ | 21,827,451 | $ | 45,709,227 | $ | 374,132,453 | $ | 283,170,570 | ||||||||
Investments in affiliates** | — | — | — | 225,901 | ||||||||||||
Short-term investments*** | — | 2,418,369 | — | 3,396,614 | ||||||||||||
Short-term investments in affiliates**** | — | — | 10,737,182 | 2,761,907 | ||||||||||||
Cash | 873,292 | 28,697 | — | 1,611,242 | ||||||||||||
Foreign currencies at value***** | 87,629 | 2,076,268 | 179,711 | 793,306 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 5,254 | 2,404 | 257,541 | 25,986,580 | ||||||||||||
Fund shares sold | 96 | 40,965 | 702,208 | 378,786 | ||||||||||||
Dividends and interest | 126,884 | 302,940 | 2,612,527 | 2,096,180 | ||||||||||||
Prepaid expenses | 25,761 | 24,463 | 40,394 | 48,402 | ||||||||||||
Reimbursement due from manager | — | 21,302 | — | 34,394 | ||||||||||||
Total assets | 22,946,367 | 50,624,635 | 388,662,016 | 320,503,882 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investment securities purchased | 5,617 | 717,809 | 1,713,943 | 7,491,361 | ||||||||||||
Payable for fund shares redeemed | 30,303 | 29,729 | 298,918 | 1,395,407 | ||||||||||||
Payable upon receipt of securities loaned | — | 2,434,322 | — | 3,412,553 | ||||||||||||
Payable to affiliates | 23,619 | 54,172 | 537,058 | 340,210 | ||||||||||||
Payable for directors fees | 2,298 | 15,849 | 4,512 | 7,291 | ||||||||||||
Other accrued expenses and liabilities | 40,394 | 92,796 | 154,139 | 496,429 | ||||||||||||
Payable for borrowings against line of credit | — | 730,000 | — | — | ||||||||||||
Total liabilities | 102,231 | 4,074,677 | 2,708,570 | 13,143,251 | ||||||||||||
NET ASSETS | $ | 22,844,136 | $ | 46,549,958 | $ | 385,953,446 | $ | 307,360,631 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||
Paid-in capital | $ | 56,986,348 | $ | 103,726,907 | $ | 784,651,718 | $ | 764,018,190 | ||||||||
Undistributed net investment income | 168,611 | 212,450 | 1,409,632 | 1,646,864 | ||||||||||||
Accumulated net realized loss on investments and foreign currency related transactions | (28,652,318 | ) | (47,996,027 | ) | (207,601,963 | ) | (340,975,345 | ) | ||||||||
Net unrealized depreciation on investments and foreign currency related transactions | (5,658,505 | ) | (9,393,372 | ) | (192,505,941 | ) | (117,329,078 | ) | ||||||||
NET ASSETS | $ | 22,844,136 | $ | 46,549,958 | $ | 385,953,446 | $ | 307,360,631 | ||||||||
+ Including securities loaned at value | $ | — | $ | 2,447,685 | $ | — | $ | 3,171,349 | ||||||||
* Cost of investments in securities | $ | 27,483,403 | $ | 55,141,592 | $ | 566,597,303 | $ | 400,523,139 | ||||||||
** Cost of investments in affiliates | $ | — | $ | — | $ | — | $ | 199,039 | ||||||||
*** Cost of short-term investments | $ | — | $ | 2,434,322 | $ | — | $ | 3,412,553 | ||||||||
**** Cost of short-term investments in affiliates | $ | — | $ | — | $ | 10,737,182 | $ | 2,761,907 | ||||||||
***** Cost of foreign currencies | $ | 86,266 | $ | 2,018,972 | $ | 178,878 | $ | 777,076 |
36
Table of Contents
ING | ING | ING | ING | |||||||||||||
International | International | International | International | |||||||||||||
Equity | Growth | Real | SmallCap | |||||||||||||
Dividend | Opportunities | Estate | Multi-Manager | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 948,012 | $ | 21,663,044 | $ | 65,861,580 | $ | 138,264,185 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 190,676 | 3,538,063 | 10,802,232 | 6,106,556 | ||||||||||||
Net asset value and redemption price per share | $ | 4.97 | $ | 6.12 | $ | 6.10 | $ | 22.64 | ||||||||
Maximum offering price per share (5.75%)(1) | $ | 5.27 | $ | 6.49 | $ | 6.47 | $ | 24.02 | ||||||||
Class B: | ||||||||||||||||
Net assets | $ | 125,522 | $ | 3,451,281 | $ | 2,964,925 | $ | 7,905,782 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 25,290 | 598,398 | 488,147 | 331,564 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 4.96 | $ | 5.77 | $ | 6.07 | $ | 23.84 | ||||||||
Maximum offering price per share | $ | 4.96 | $ | 5.77 | $ | 6.07 | $ | 23.84 | ||||||||
Class C: | ||||||||||||||||
Net assets | $ | 687,457 | $ | 5,739,793 | $ | 20,766,674 | $ | 25,666,622 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 138,568 | 993,223 | 3,420,071 | 1,208,315 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 4.96 | $ | 5.78 | $ | 6.07 | $ | 21.24 | ||||||||
Maximum offering price per share | $ | 4.96 | $ | 5.78 | $ | 6.07 | $ | 21.24 | ||||||||
Class I: | ||||||||||||||||
Net assets | $ | 21,062,878 | $ | 5,791,234 | $ | 295,782,032 | $ | 104,290,599 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 4,234,865 | 948,525 | 48,468,208 | 4,607,932 | ||||||||||||
Net asset value and redemption price per share | $ | 4.97 | $ | 6.11 | $ | 6.10 | $ | 22.63 | ||||||||
Maximum offering price per share | $ | 4.97 | $ | 6.11 | $ | 6.10 | $ | 22.63 | ||||||||
Class O: | ||||||||||||||||
Net assets | n/a | n/a | n/a | $ | 229,701 | |||||||||||
Shares authorized | n/a | n/a | n/a | unlimited | ||||||||||||
Par value | n/a | n/a | n/a | $ | — | |||||||||||
Shares outstanding | n/a | n/a | n/a | 10,212 | ||||||||||||
Net asset value and redemption price per share | n/a | n/a | n/a | $ | 22.49 | |||||||||||
Maximum offering price per share | n/a | n/a | n/a | $ | 22.49 | |||||||||||
Class Q: | ||||||||||||||||
Net assets | n/a | $ | 9,904,606 | n/a | $ | 22,842,067 | ||||||||||
Shares authorized | n/a | unlimited | n/a | unlimited | ||||||||||||
Par value | n/a | $ | — | n/a | $ | — | ||||||||||
Shares outstanding | n/a | 1,635,572 | n/a | 924,785 | ||||||||||||
Net asset value and redemption price per share | n/a | $ | 6.06 | n/a | $ | 24.70 | ||||||||||
Maximum offering price per share | n/a | $ | 6.06 | n/a | $ | 24.70 | ||||||||||
Class W: | ||||||||||||||||
Net assets | $ | 20,267 | n/a | $ | 578,235 | $ | 8,161,675 | |||||||||
Shares authorized | unlimited | n/a | unlimited | unlimited | ||||||||||||
Par value | $ | — | n/a | $ | — | $ | — | |||||||||
Shares outstanding | 4,055 | n/a | 94,843 | 305,530 | ||||||||||||
Net asset value and redemption price per share | $ | 5.00 | n/a | $ | 6.10 | $ | 26.71 | |||||||||
Maximum offering price per share | $ | 5.00 | n/a | $ | 6.10 | $ | 26.71 |
(1) | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
(2) | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
37
Table of Contents
ING | ING | |||||||||||
International | International | ING | ||||||||||
Value | Value Choice | Russia | ||||||||||
Fund | Fund | Fund | ||||||||||
ASSETS: | ||||||||||||
Investments in securities at value+* | $ | 1,547,596,998 | $ | 37,115,472 | $ | 224,350,903 | ||||||
Short-term investments** | 53,062,662 | — | 20,679,892 | |||||||||
Short-term investments in affiliates*** | 32,849,388 | 1,230,587 | — | |||||||||
Cash | 229 | — | 8,211,752 | |||||||||
Foreign currencies at value**** | 7,707,577 | — | 52,756 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 9,728,638 | — | — | |||||||||
Fund shares sold | 870,945 | 79,880 | 753,221 | |||||||||
Dividends and interest | 12,265,372 | 177,389 | 353,806 | |||||||||
Prepaid expenses | 81,941 | 32,159 | 19,381 | |||||||||
Reimbursement due from manager | — | 9,303 | — | |||||||||
Total assets | 1,664,163,750 | 38,644,790 | 254,421,711 | |||||||||
LIABILITIES: | ||||||||||||
Payable for investment securities purchased | 7,167,164 | 177,961 | 1,538,632 | |||||||||
Payable for fund shares redeemed | 2,391,691 | 73,543 | 252,566 | |||||||||
Payable upon receipt of securities loaned | 53,303,120 | — | 20,911,094 | |||||||||
Payable to affiliates | 1,804,655 | 38,965 | 289,570 | |||||||||
Payable to custodian due to bank overdraft | — | 145,732 | — | |||||||||
Payable to custodian due to foreign currency overdraft***** | — | 1,577 | — | |||||||||
Payable for directors fees | 45,933 | 1,787 | 22,382 | |||||||||
Other accrued expenses and liabilities | 1,259,180 | 38,762 | 634,393 | |||||||||
Total liabilities | 65,971,743 | 478,327 | 23,648,637 | |||||||||
NET ASSETS | $ | 1,598,192,007 | $ | 38,166,463 | $ | 230,773,074 | ||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||
Paid-in capital | $ | 2,882,288,505 | $ | 63,666,065 | $ | 459,786,508 | ||||||
Undistributed net investment income/(accumulated net investment loss) | 13,263,720 | 304,630 | (1,986,235 | ) | ||||||||
Accumulated net realized loss on investments and foreign currency related transactions | (596,449,323 | ) | (16,047,598 | ) | (59,874,638 | ) | ||||||
Net unrealized depreciation on investments and foreign currency related transactions | (700,910,895 | ) | (9,756,634 | ) | (167,152,561 | ) | ||||||
NET ASSETS | $ | 1,598,192,007 | $ | 38,166,463 | $ | 230,773,074 | ||||||
+ Including securities loaned at value | $ | 50,966,124 | $ | — | $ | 19,549,284 | ||||||
* Cost of investments in securities | $ | 2,248,446,668 | $ | 46,871,545 | $ | 391,276,598 | ||||||
** Cost of short-term investments | $ | 53,303,120 | $ | — | $ | 20,911,094 | ||||||
*** Cost of short-term investments in affiliates | $ | 32,849,388 | $ | 1,230,587 | $ | — | ||||||
**** Cost of foreign currencies | $ | 7,590,557 | $ | — | $ | 48,665 | ||||||
***** Cost of foreign currency overdraft | $ | — | $ | 1,409 | $ | — |
38
Table of Contents
ING | ING | |||||||||||
International | International | ING | ||||||||||
Value | Value Choice | Russia | ||||||||||
Fund | Fund | Fund | ||||||||||
Class A: | ||||||||||||
Net assets | $ | 703,527,957 | $ | 9,386,472 | $ | 230,773,074 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | 0.01 | $ | — | $ | — | ||||||
Shares outstanding | 76,836,295 | 1,164,021 | 12,566,239 | |||||||||
Net asset value and redemption price per share | $ | 9.16 | $ | 8.06 | $ | 18.36 | ||||||
Maximum offering price per share (5.75%)(1) | $ | 9.72 | $ | 8.55 | $ | 19.49 | ||||||
Class B: | ||||||||||||
Net assets | $ | 53,479,331 | $ | 1,545,956 | n/a | |||||||
Shares authorized | unlimited | unlimited | n/a | |||||||||
Par value | $ | 0.01 | $ | — | n/a | |||||||
Shares outstanding | 5,906,953 | 193,994 | n/a | |||||||||
Net asset value and redemption price per share(2) | $ | 9.05 | $ | 7.97 | n/a | |||||||
Maximum offering price per share | $ | 9.05 | $ | 7.97 | n/a | |||||||
Class C: | ||||||||||||
Net assets | $ | 259,815,368 | $ | 2,814,708 | n/a | |||||||
Shares authorized | unlimited | unlimited | n/a | |||||||||
Par value | $ | 0.01 | $ | — | n/a | |||||||
Shares outstanding | 29,191,120 | 352,058 | n/a | |||||||||
Net asset value and redemption price per share(2) | $ | 8.90 | $ | 8.00 | n/a | |||||||
Maximum offering price per share | $ | 8.90 | $ | 8.00 | n/a | |||||||
Class I: | ||||||||||||
Net assets | $ | 565,007,703 | $ | 24,419,327 | n/a | |||||||
Shares authorized | unlimited | unlimited | n/a | |||||||||
Par value | $ | 0.01 | $ | — | n/a | |||||||
Shares outstanding | 61,864,174 | 3,033,930 | n/a | |||||||||
Net asset value and redemption price per share | $ | 9.13 | $ | 8.05 | n/a | |||||||
Maximum offering price per share | $ | 9.13 | $ | 8.05 | n/a | |||||||
Class Q: | ||||||||||||
Net assets | $ | 16,361,648 | n/a | n/a | ||||||||
Shares authorized | unlimited | n/a | n/a | |||||||||
Par value | $ | 0.01 | n/a | n/a | ||||||||
Shares outstanding | 1,787,404 | n/a | n/a | |||||||||
Net asset value and redemption price per share | $ | 9.15 | n/a | n/a | ||||||||
Maximum offering price per share | $ | 9.15 | n/a | n/a |
(1) | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
(2) | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
39
Table of Contents
ING | ||||||||||||
Emerging | ING | ING | ||||||||||
Markets | Global | Diversified | ||||||||||
Fixed Income | Bond | International | ||||||||||
Fund | Fund | Fund | ||||||||||
ASSETS: | ||||||||||||
Investments in securities at value* | $ | 239,674,369 | $ | 166,751,685 | $ | — | ||||||
Investments in affiliates** | — | — | 201,030,602 | |||||||||
Short-term investments in affiliates*** | — | 18,235,000 | — | |||||||||
Short-term investments at amortized cost | — | 998,800 | — | |||||||||
Cash | 17,657,569 | 3,119 | 477,595 | |||||||||
Cash collateral for futures | 341,500 | 2,463,057 | — | |||||||||
Foreign currencies at value**** | 371,756 | 1,770,106 | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold on a delayed-delivery or when-issued basis | — | 5,306,945 | — | |||||||||
Investment securities sold | 4,080,528 | 3,396,146 | 745,891 | |||||||||
Fund shares sold | 5,142,922 | 417,842 | 134,762 | |||||||||
Dividends and interest | 4,902,878 | 1,855,245 | — | |||||||||
Unrealized appreciation on forward foreign currency contracts | 671,952 | 1,250,033 | — | |||||||||
Unrealized appreciation on swap agreements | — | 901,954 | — | |||||||||
Prepaid expenses | 30,032 | 25,210 | 52,571 | |||||||||
Reimbursement due from manager | — | 20,377 | 85,160 | |||||||||
Total assets | 272,873,506 | 203,395,519 | 202,526,581 | |||||||||
LIABILITIES: | ||||||||||||
Payable for investment securities purchased on a delayed-delivery or when-issued basis | — | 14,567,662 | — | |||||||||
Payable for investment securities purchased | 7,813,927 | 3,508,351 | — | |||||||||
Payable for fund shares redeemed | 300,297 | 802,418 | 870,470 | |||||||||
Payable for futures variation margin | 14,922 | — | — | |||||||||
Payable upon receipt of securities loaned | — | 163,367 | — | |||||||||
Unrealized depreciation on forward foreign currency contracts | 729,219 | 1,030,952 | — | |||||||||
Unrealized depreciation on swap agreements | — | 130,084 | — | |||||||||
Payable to affiliates | 221,571 | 118,307 | 103,805 | |||||||||
Payable for directors fees | 662 | 518 | 4,760 | |||||||||
Other accrued expenses and liabilities | 86,689 | 75,777 | 344,931 | |||||||||
Total liabilities | 9,167,287 | 20,397,436 | 1,323,966 | |||||||||
NET ASSETS | $ | 263,706,219 | $ | 182,998,083 | $ | 201,202,615 | ||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||
Paid-in capital | $ | 339,125,562 | $ | 179,949,196 | $ | 434,648,849 | ||||||
Undistributed net investment income/(distributions in excess of net investment income) | 4,726,076 | 1,639,359 | (305,313 | ) | ||||||||
Accumulated net realized loss on investments, foreign currency related transactions, futures, swaps, and written options | (32,437,383 | ) | (2,299,737 | ) | (125,032,939 | ) | ||||||
Net unrealized appreciation or depreciation on investments, foreign currency related transactions, futures, and swaps | (47,708,036 | ) | 3,709,265 | (108,107,982 | ) | |||||||
NET ASSETS | $ | 263,706,219 | $ | 182,998,083 | $ | 201,202,615 | ||||||
* Cost of investments in securities | $ | 287,050,576 | $ | 163,839,784 | $ | — | ||||||
** Cost of investments in affiliates | $ | — | $ | — | $ | 309,138,584 | ||||||
*** Cost of short-term investments in affiliates | $ | — | $ | 18,235,000 | $ | — | ||||||
**** Cost of foreign currencies | $ | 372,411 | $ | 1,823,488 | $ | — |
40
Table of Contents
ING | ||||||||||||
Emerging | ING | ING | ||||||||||
Markets | Global | Diversified | ||||||||||
Fixed Income | Bond | International | ||||||||||
Fund | Fund | Fund | ||||||||||
Class A: | ||||||||||||
Net assets | $ | 2,553,594 | $ | 67,225,406 | $ | 114,785,790 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | — | $ | — | $ | — | ||||||
Shares outstanding | 331,607 | 6,186,880 | 17,951,469 | |||||||||
Net asset value and redemption price per share | $ | 7.70 | $ | 10.87 | $ | 6.39 | ||||||
Maximum offering price per share | $ | 7.90 | (1) | $ | 11.15 | (1) | $ | 6.78 | (2) | |||
Class B: | ||||||||||||
Net assets | $ | 185,644 | $ | 4,736,978 | $ | 16,625,281 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | — | $ | — | $ | — | ||||||
Shares outstanding | 24,181 | 438,811 | 2,604,910 | |||||||||
Net asset value and redemption price per share(3) | $ | 7.68 | $ | 10.80 | $ | 6.38 | ||||||
Maximum offering price per share | $ | 7.68 | $ | 10.80 | $ | 6.38 | ||||||
Class C: | ||||||||||||
Net assets | $ | 1,044,522 | $ | 31,999,886 | $ | 63,895,865 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | — | $ | — | $ | — | ||||||
Shares outstanding | 136,176 | 2,953,286 | 10,035,799 | |||||||||
Net asset value and redemption price per share(3) | $ | 7.67 | $ | 10.84 | $ | 6.37 | ||||||
Maximum offering price per share | $ | 7.67 | $ | 10.84 | $ | 6.37 | ||||||
Class I: | ||||||||||||
Net assets | $ | 259,922,459 | $ | 77,789,270 | $ | 3,447,618 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | — | $ | — | $ | — | ||||||
Shares outstanding | 33,842,213 | 7,165,238 | 540,723 | |||||||||
Net asset value and redemption price per share | $ | 7.68 | $ | 10.86 | $ | 6.38 | ||||||
Maximum offering price per share | $ | 7.68 | $ | 10.86 | $ | 6.38 | ||||||
Class O: | ||||||||||||
Net assets | n/a | $ | 1,246,543 | $ | 714,437 | |||||||
Shares authorized | n/a | unlimited | unlimited | |||||||||
Par value | n/a | $ | — | $ | — | |||||||
Shares outstanding | n/a | 115,966 | 112,310 | |||||||||
Net asset value and redemption price per share | n/a | $ | 10.75 | $ | 6.36 | |||||||
Maximum offering price per share | n/a | $ | 10.75 | $ | 6.36 | |||||||
Class R: | ||||||||||||
Net assets | n/a | n/a | $ | 155,171 | ||||||||
Shares authorized | n/a | n/a | unlimited | |||||||||
Par value | n/a | n/a | $ | — | ||||||||
Shares outstanding | n/a | n/a | 24,504 | |||||||||
Net asset value and redemption price per share | n/a | n/a | $ | 6.33 | ||||||||
Maximum offering price per share | n/a | n/a | $ | 6.33 | ||||||||
Class W: | ||||||||||||
Net assets | n/a | n/a | $ | 1,578,453 | ||||||||
Shares authorized | n/a | n/a | unlimited | |||||||||
Par value | n/a | n/a | $ | — | ||||||||
Shares outstanding | n/a | n/a | 247,907 | |||||||||
Net asset value and redemption price per share | n/a | n/a | $ | 6.37 | ||||||||
Maximum offering price per share | n/a | n/a | $ | 6.36 |
(1) | Maximum offering price is 2.50% and is computed at 100/97.50 of net asset value. On purchases of $100,000 or more, the offering price is reduced. |
(2) | Maximum offering price is 5.75% and is computed at 100/94.25 of net asset value. On purchases of $100,000 or more, the offering price is reduced. |
(3) | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
41
Table of Contents
ING | ING | ING | ING | |||||||||||||
Global | Global | Global | Global | |||||||||||||
Equity | Natural | Real | Value | |||||||||||||
Dividend | Resources | Estate | Choice | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends, net of foreign taxes withheld*(1) | $ | 2,710,360 | $ | 860,420 | $ | 27,948,691 | $ | 1,185,117 | ||||||||
Interest* | 3,934 | 228 | 135,185 | 92,006 | ||||||||||||
Securities lending income, net | 6,708 | — | 114,103 | 18,324 | ||||||||||||
Total investment income | 2,721,002 | 860,648 | 28,197,979 | 1,295,447 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment management fees | 404,341 | 346,614 | 3,916,954 | 473,585 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 59,389 | 94,627 | 769,557 | 86,242 | ||||||||||||
Class B | 81,704 | — | 89,225 | 27,512 | ||||||||||||
Class C | 186,948 | — | 555,736 | 112,060 | ||||||||||||
Class O | 15,250 | — | 12,386 | — | ||||||||||||
Class Q | — | — | — | 2,717 | ||||||||||||
Transfer agent fees: | ||||||||||||||||
Class A | 63,656 | 77,433 | 983,152 | 83,696 | ||||||||||||
Class B | 21,840 | — | 28,427 | 6,201 | ||||||||||||
Class C | 49,947 | — | 175,654 | 25,134 | ||||||||||||
Class I | 635 | 37 | 133,681 | 923 | ||||||||||||
Class O | 16,467 | — | 16,005 | — | ||||||||||||
Class Q | — | — | — | 584 | ||||||||||||
Class W | 298 | 20 | 33,328 | — | ||||||||||||
Administrative service fees | 57,762 | 37,950 | 528,566 | 52,620 | ||||||||||||
Shareholder reporting expense | 39,183 | 15,565 | 192,803 | 15,684 | ||||||||||||
Registration fees | 41,609 | 21,947 | 104,692 | 34,726 | ||||||||||||
Professional fees | 14,352 | 12,092 | 123,818 | 10,407 | ||||||||||||
Custody and accounting expense | 29,597 | 17,671 | 160,471 | 12,842 | ||||||||||||
Directors fees | 5,211 | 1,728 | 21,720 | 2,534 | ||||||||||||
Miscellaneous expense | 5,351 | 5,916 | 25,475 | 4,590 | ||||||||||||
Interest expense | 1,682 | 87 | 158 | 418 | ||||||||||||
Total expenses | 1,095,222 | 631,687 | 7,871,808 | 952,475 | ||||||||||||
Net waived and reimbursed fees | (89,610 | ) | (324 | ) | (9,282 | ) | (68,278 | ) | ||||||||
Brokerage commission recapture | (1,791 | ) | — | — | (209 | ) | ||||||||||
Net expenses | 1,003,821 | 631,363 | 7,862,526 | 883,988 | ||||||||||||
Net investment income | 1,717,181 | 229,285 | 20,335,453 | 411,459 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS | ||||||||||||||||
Net realized loss on: | ||||||||||||||||
Investments | (69,591,524 | ) | (21,377,270 | ) | (393,317,530 | ) | (18,332,382 | ) | ||||||||
Foreign currency related transactions | (344,863 | ) | (25,551 | ) | (79,319 | ) | (106,564 | ) | ||||||||
Net realized loss on investments and foreign currency related transactions | (69,936,387 | ) | (21,402,821 | ) | (393,396,849 | ) | (18,438,946 | ) | ||||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||||||
Investments | 49,796,504 | 19,278,325 | 184,576,928 | 37,077,896 | ||||||||||||
Foreign currency related transactions | 28,332 | 26,738 | (76,130 | ) | (4,389 | ) | ||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | 49,824,836 | 19,305,063 | 184,500,798 | 37,073,507 | ||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | (20,111,551 | ) | (2,097,758 | ) | (208,896,051 | ) | 18,634,561 | |||||||||
Increase (decrease) in net assets resulting from operations | $ | (18,394,370 | ) | $ | (1,868,473 | ) | $ | (188,560,598 | ) | $ | 19,046,020 | |||||
* Foreign taxes withheld | $ | 125,390 | $ | 30,336 | $ | 1,537,370 | $ | 89,749 | ||||||||
(1) Dividends from affiliates | $ | — | $ | 2,896 | $ | 109,791 | $ | 22,435 |
42
Table of Contents
ING | ING | ING | ||||||||||||||
Asia-Pacific | Disciplined | ING | European | |||||||||||||
Real | International | Emerging | Real | |||||||||||||
Estate | SmallCap | Countries | Estate | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends, net of foreign taxes withheld*(1) | $ | 72,247 | $ | 3,529,537 | $ | 659,038 | $ | 94,140 | ||||||||
Interest* | 591 | 148,266 | 273,605 | 122 | ||||||||||||
Securities lending income, net | — | — | 14,101 | — | ||||||||||||
Total investment income | 72,838 | 3,677,803 | 946,744 | 94,262 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment management fees | 16,072 | 620,453 | 567,032 | 13,092 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 2,931 | 87 | 92,058 | 3,212 | ||||||||||||
Class B | 79 | 17 | 17,660 | 45 | ||||||||||||
Class C | 4,267 | 364 | 63,456 | 197 | ||||||||||||
Class Q | — | — | 5,685 | — | ||||||||||||
Transfer agent fees: | ||||||||||||||||
Class A | 2,364 | 72 | 62,173 | 3,552 | ||||||||||||
Class B | 16 | 13 | 4,170 | 4 | ||||||||||||
Class C | 858 | 75 | 14,688 | 19 | ||||||||||||
Class I | 1 | 2,596 | 7,293 | — | ||||||||||||
Class Q | — | — | 2,286 | — | ||||||||||||
Class W | — | — | 26 | — | ||||||||||||
Administrative service fees | 1,607 | 103,408 | 45,362 | 1,309 | ||||||||||||
Shareholder reporting expense | 1,256 | 19,817 | 34,706 | 786 | ||||||||||||
Registration fees | 24,012 | 26,358 | 41,806 | 23,885 | ||||||||||||
Professional fees | 6,870 | 21,802 | 26,830 | 2,381 | ||||||||||||
Custody and accounting expense | 28,388 | 64,610 | 98,508 | 15,627 | ||||||||||||
Directors fees | 137 | 6,665 | 4,525 | 1,308 | ||||||||||||
Miscellaneous expense | 1,797 | 14,886 | 8,582 | 2,776 | ||||||||||||
Interest expense | 305 | 548 | — | — | ||||||||||||
Total expenses | 90,960 | 881,771 | 1,096,846 | 68,193 | ||||||||||||
Net waived and reimbursed fees | (59,022 | ) | — | (120,907 | ) | (45,169 | ) | |||||||||
Net expenses | 31,938 | 881,771 | 975,939 | 23,024 | ||||||||||||
Net investment income (loss) | 40,900 | 2,796,032 | (29,195 | ) | 71,238 | |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (3,211,911 | ) | (80,776,073 | ) | (49,244,004 | ) | (1,190,963 | ) | ||||||||
Foreign currency related transactions | (3,691 | ) | 218,713 | (333,449 | ) | 676 | ||||||||||
Net realized loss on investments and foreign currency related transactions | (3,215,602 | ) | (80,557,360 | ) | (49,577,453 | ) | (1,190,287 | ) | ||||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||||||
Investments | 2,603,613 | 81,045,237 | 59,352,924 | 817,658 | ||||||||||||
Foreign currency related transactions | (1,198 | ) | (351,630 | ) | 32,905 | 792 | ||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | 2,602,415 | 80,693,607 | 59,385,829 | 818,450 | ||||||||||||
Net realized and unrealized gain (loss) on | ||||||||||||||||
investments and foreign currency related transactions | (613,187 | ) | 136,247 | 9,808,376 | (371,837 | ) | ||||||||||
Increase (decrease) in net assets resulting from operations | $ | (572,287 | ) | $ | 2,932,279 | $ | 9,779,181 | $ | (300,599 | ) | ||||||
* Foreign taxes withheld | $ | 4,974 | $ | 327,818 | $ | 39,773 | $ | 10,783 | ||||||||
(1) Dividends from affiliates | $ | 98 | $ | — | $ | — | $ | 511 |
43
Table of Contents
ING | ING | |||||||||||||||
ING | Index Plus | International | ||||||||||||||
ING | Greater | International | Capital | |||||||||||||
Foreign | China | Equity | Appreciation | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends, net of foreign taxes withheld*(1) | $ | 3,427,704 | $ | 135,451 | $ | 1,677,418 | $ | 528,045 | ||||||||
Interest* | 96,303 | — | 406,493 | 17,746 | ||||||||||||
Securities lending income, net | 34,502 | — | — | — | ||||||||||||
Total investment income | 3,558,509 | 135,451 | 2,083,911 | 545,791 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment management fees | 1,322,654 | 136,190 | 261,415 | 172,664 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 134,858 | 23,124 | 10,009 | 1,144 | ||||||||||||
Class B | 74,268 | 10,184 | 5,955 | 773 | ||||||||||||
Class C | 410,524 | 13,304 | 5,721 | 1,448 | ||||||||||||
Class O | — | 532 | 45,432 | — | ||||||||||||
Class Q | 50 | — | — | — | ||||||||||||
Transfer agent fees: | ||||||||||||||||
Class A | 89,211 | 39,456 | 23,213 | 907 | ||||||||||||
Class B | 12,302 | 4,982 | 3,393 | 135 | ||||||||||||
Class C | 68,150 | 5,635 | 3,301 | 242 | ||||||||||||
Class I | 10,012 | 76 | 15,049 | 2,795 | ||||||||||||
Class O | — | 1,064 | 104,722 | — | ||||||||||||
Class Q | 6 | — | — | — | ||||||||||||
Class W | 52 | — | — | — | ||||||||||||
Administrative service fees | 132,262 | 11,843 | 47,529 | 20,313 | ||||||||||||
Shareholder reporting expense | 64,573 | 9,562 | 24,519 | 5,409 | ||||||||||||
Registration fees | 47,952 | 35,247 | 38,586 | 28,185 | ||||||||||||
Professional fees | 29,431 | 12,778 | 33,040 | 8,218 | ||||||||||||
Custody and accounting expense | 208,008 | 20,561 | 32,967 | 26,155 | ||||||||||||
Directors fees | 8,533 | 875 | 5,430 | 1,760 | ||||||||||||
Miscellaneous expense | 15,159 | 3,699 | 11,144 | 5,776 | ||||||||||||
Interest expense | 296 | 1,192 | 627 | 750 | ||||||||||||
Total expenses | 2,628,301 | 330,304 | 672,052 | 276,674 | ||||||||||||
Net waived and reimbursed fees | (125,682 | ) | (61,455 | ) | (175,112 | ) | (48,695 | ) | ||||||||
Brokerage commission recapture | — | — | — | (3,345 | ) | |||||||||||
Net expenses | 2,502,619 | 268,849 | 496,940 | 224,634 | ||||||||||||
Net investment income (loss) | 1,055,890 | (133,398 | ) | 1,586,971 | 321,157 | |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (74,651,339 | ) | (9,447,623 | ) | (45,222,827 | ) | (18,927,077 | ) | ||||||||
Foreign currency related transactions | 9,473,002 | (13,501 | ) | (622,765 | ) | (68,967 | ) | |||||||||
Net realized loss on investments and foreign currency related transactions | (65,178,337 | ) | (9,461,124 | ) | (45,845,592 | ) | (18,996,044 | ) | ||||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||||||
Investments (net of Indian capital gains tax accrued)** | 46,197,996 | 16,282,458 | 39,107,160 | 20,638,609 | ||||||||||||
Foreign currency related transactions | (14,319,970 | ) | 6,318 | 316,822 | 7,898 | |||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | 31,878,026 | 16,288,776 | 39,423,982 | 20,646,507 | ||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | (33,300,311 | ) | 6,827,652 | (6,421,610 | ) | 1,650,463 | ||||||||||
Increase (decrease) in net assets resulting from operations | $ | (32,244,421 | ) | $ | 6,694,254 | $ | (4,834,639 | ) | $ | 1,971,620 | ||||||
* Foreign taxes withheld | $ | 383,830 | $ | 8,611 | $ | 155,566 | $ | 46,588 | ||||||||
** Foreign tax accrued on Indian investments | $ | 193 | $ | — | $ | — | $ | — | ||||||||
(1) Dividends from affiliates | $ | 47,599 | $ | — | $ | — | $ | — |
44
Table of Contents
ING | ING | ING | ING | |||||||||||||
International | International | International | International | |||||||||||||
Equity | Growth | Real | SmallCap | |||||||||||||
Dividend | Opportunities | Estate | Multi-Manager | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends, net of foreign taxes withheld*(1) | $ | 602,165 | $ | 626,672 | $ | 8,946,694 | $ | 4,683,775 | ||||||||
Interest* | 31 | — | 65,610 | 120,511 | ||||||||||||
Securities lending income, net | — | 21,917 | — | 43,730 | ||||||||||||
Total investment income | 602,196 | 648,589 | 9,012,304 | 4,848,016 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment management fees | 104,180 | 253,863 | 1,735,907 | 1,532,251 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 1,430 | 25,695 | 79,755 | 239,155 | ||||||||||||
Class B | 658 | 17,431 | 15,360 | 44,775 | ||||||||||||
Class C | 3,316 | 27,103 | 124,756 | 126,276 | ||||||||||||
Class O | — | — | — | 148 | ||||||||||||
Class Q | — | 10,979 | — | 33,984 | ||||||||||||
Transfer agent fees: | ||||||||||||||||
Class A | 993 | 31,248 | 72,947 | 180,610 | ||||||||||||
Class B | 109 | 5,248 | 3,521 | 11,765 | ||||||||||||
Class C | 551 | 8,164 | 27,381 | 33,249 | ||||||||||||
Class I | 1,033 | 10,345 | 7,806 | 63,998 | ||||||||||||
Class O | — | — | — | 160 | ||||||||||||
Class Q | — | 6,545 | — | 17,512 | ||||||||||||
Class W | — | — | 11 | 5,153 | ||||||||||||
Administrative service fees | 13,891 | 25,386 | 179,102 | 153,224 | ||||||||||||
Shareholder reporting expense | 4,316 | 13,315 | 40,455 | 76,386 | ||||||||||||
Registration fees | 40,886 | 29,880 | 35,680 | 64,802 | ||||||||||||
Professional fees | 9,623 | 15,994 | 41,260 | 43,165 | ||||||||||||
Custody and accounting expense | 13,570 | 28,332 | 161,955 | 254,782 | ||||||||||||
Directors fees | 1,670 | 2,180 | 10,000 | 11,946 | ||||||||||||
Miscellaneous expense | 3,752 | 5,533 | 14,089 | 18,620 | ||||||||||||
Interest expense | — | 1,725 | 815 | 7,506 | ||||||||||||
Total expenses | 199,978 | 518,966 | 2,550,800 | 2,919,467 | ||||||||||||
Net waived and reimbursed fees | (55,361 | ) | (84,077 | ) | (98,491 | ) | (197,766 | ) | ||||||||
Net expenses | 144,617 | 434,889 | 2,452,309 | 2,721,701 | ||||||||||||
Net investment income | 457,579 | 213,700 | 6,559,995 | 2,126,315 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (18,267,088 | ) | (42,894,318 | ) | (99,003,234 | ) | (181,640,577 | ) | ||||||||
Foreign currency related transactions | (108,036 | ) | (44,906 | ) | (68,783 | ) | 37,613 | |||||||||
Net realized loss on investments and foreign currency related transactions | (18,375,124 | ) | (42,939,224 | ) | (99,072,017 | ) | (181,602,964 | ) | ||||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||||||
Investments | 14,993,573 | 42,539,146 | 47,402,472 | 180,850,944 | ||||||||||||
Foreign currency related transactions | 5,912 | 69,202 | (44,298 | ) | (63,648 | ) | ||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | 14,999,485 | 42,608,348 | 47,358,174 | 180,787,296 | ||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | (3,375,639 | ) | (330,876 | ) | (51,713,843 | ) | (815,668 | ) | ||||||||
Increase (decrease) in net assets resulting from operations | $ | (2,918,060 | ) | $ | (117,176 | ) | $ | (45,153,848 | ) | $ | 1,310,647 | |||||
* Foreign taxes withheld | $ | 58,536 | $ | 46,447 | $ | 844,028 | $ | 402,774 | ||||||||
(1) Dividends from affiliates | $ | — | $ | 2,103 | $ | 30,063 | $ | 2,057 |
45
Table of Contents
ING | ING | |||||||||||
International | International | ING | ||||||||||
Value | Value Choice | Russia | ||||||||||
Fund | Fund | Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividends, net of foreign taxes withheld*(1) | $ | 28,818,434 | $ | 691,514 | $ | 348,200 | ||||||
Interest | 122,476 | — | 6,677 | |||||||||
Securities lending income, net | 103,416 | — | 43,767 | |||||||||
Total investment income | 29,044,326 | 691,514 | 398,644 | |||||||||
EXPENSES: | ||||||||||||
Investment management fees | 8,343,338 | 220,512 | 1,180,730 | |||||||||
Distribution and service fees: | ||||||||||||
Class A | 1,134,358 | 10,937 | 236,145 | |||||||||
Class B | 313,229 | 7,936 | — | |||||||||
Class C | 1,332,993 | 12,440 | — | |||||||||
Class Q | 15,107 | — | — | |||||||||
Transfer agent fees: | ||||||||||||
Class A | 702,544 | 9,145 | 261,819 | |||||||||
Class B | 57,025 | 1,635 | — | |||||||||
Class C | 248,065 | 2,597 | — | |||||||||
Class I | 288,251 | 4,941 | — | |||||||||
Class Q | 6,334 | — | — | |||||||||
Administrative service fees | 834,325 | 22,051 | 94,457 | |||||||||
Shareholder reporting expense | 250,620 | 4,461 | 78,090 | |||||||||
Registration fees | 52,102 | 28,434 | 22,966 | |||||||||
Professional fees | 133,790 | 7,135 | 40,600 | |||||||||
Custody and accounting expense | 417,940 | 13,557 | 434,104 | |||||||||
Directors fees | 50,540 | 1,153 | 10,860 | |||||||||
Miscellaneous expense | 340,246 | 3,893 | 25,108 | |||||||||
Interest expense | 16,681 | — | — | |||||||||
Total expenses | 14,537,488 | 350,827 | 2,384,879 | |||||||||
Net waived and reimbursed fees | (63,394 | ) | (27,255 | ) | — | |||||||
Brokerage commission recapture | (10,625 | ) | — | — | ||||||||
Net expenses | 14,463,469 | 323,572 | 2,384,879 | |||||||||
Net investment income (loss) | 14,580,857 | 367,942 | (1,986,235 | ) | ||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | (570,310,948 | ) | (15,025,431 | ) | (58,960,158 | ) | ||||||
Foreign currency related transactions | 5,987,476 | 22,805 | (275,221 | ) | ||||||||
Net realized loss on investments and foreign currency related transactions | (564,323,472 | ) | (15,002,626 | ) | (59,235,379 | ) | ||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||
Investments (net of Indian capital gains tax accrued)** | 503,226,767 | 17,484,367 | 59,238,768 | |||||||||
Foreign currency related transactions | (7,384,273 | ) | (20,749 | ) | 155,019 | |||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | 495,842,494 | 17,463,618 | 59,393,787 | |||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | (68,480,978 | ) | 2,460,992 | 158,408 | ||||||||
Increase (decrease) in net assets resulting from operations | $ | (53,900,121 | ) | $ | 2,828,934 | $ | (1,827,827 | ) | ||||
* Foreign taxes withheld | $ | 2,823,384 | $ | 72,854 | $ | 176,041 | ||||||
** Foreign tax accrued on Indian investments | $ | 29,044 | $ | — | $ | — | ||||||
(1) Dividends from affiliates | $ | 146,693 | $ | 4,005 | $ | — |
46
Table of Contents
ING Emerging | ||||||||||||
Markets Fixed | ING Global | ING Diversified | ||||||||||
Income | Bond | International | ||||||||||
Fund | Fund | Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividends, net of foreign taxes withheld* | $ | 90,353 | $ | — | $ | — | ||||||
Dividends from affiliates | — | 65,888 | — | |||||||||
Dividends from affiliated underlying funds | — | — | 7,159,911 | |||||||||
Interest* | 10,890,595 | 2,431,044 | — | |||||||||
Total investment income | 10,980,948 | 2,496,932 | 7,159,911 | |||||||||
EXPENSES: | ||||||||||||
Investment management fees | 772,564 | 272,108 | — | |||||||||
Distribution and service fees: | ||||||||||||
Class A | 3,021 | 92,689 | 157,028 | |||||||||
Class B | 1,000 | 22,732 | 83,608 | |||||||||
Class C | 4,939 | 159,428 | 328,444 | |||||||||
Class O | — | 666 | 447 | |||||||||
Class R | — | — | 394 | |||||||||
Transfer agent fees: | ||||||||||||
Class A | 2,914 | 41,802 | 271,561 | |||||||||
Class B | 211 | 2,559 | — | |||||||||
Class C | 1,066 | 17,945 | — | |||||||||
Class I | 2,614 | 1,574 | — | |||||||||
Class O | — | 284 | — | |||||||||
Administrative service fees | 118,876 | 68,026 | 106,643 | |||||||||
Shareholder reporting expense | 15,397 | 11,770 | 85,693 | |||||||||
Registration fees | 32,161 | 43,640 | 65,015 | |||||||||
Professional fees | 28,068 | 14,084 | 53,818 | |||||||||
Custody and accounting expense | 77,790 | 49,810 | 14,720 | |||||||||
Directors fees | 4,204 | 1,714 | 7,352 | |||||||||
Miscellaneous expense | 4,726 | 5,802 | 10,704 | |||||||||
Interest expense | 2,066 | 49 | 109 | |||||||||
Total expenses | 1,071,617 | 806,682 | 1,185,536 | |||||||||
Net waived and reimbursed fees | (1,801 | ) | (109,377 | ) | (596,908 | ) | ||||||
Net expenses | 1,069,816 | 697,305 | 588,628 | |||||||||
Net investment income | 9,911,132 | 1,799,627 | 6,571,283 | |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, INVESTMENTS IN AFFILIATED UNDERLYING FUNDS, FOREIGN CURRENCY RELATED TRANSACTIONS, FUTURES, SWAPS, AND WRITTEN OPTIONS | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | (19,158,942 | ) | 1,086,182 | — | ||||||||
Sale of investments in affiliated underlying funds | — | — | (83,955,577 | ) | ||||||||
Foreign currency related transactions | (4,996,797 | ) | (4,317,543 | ) | — | |||||||
Futures | 46,241 | 1,073,284 | — | |||||||||
Swaps | — | 1,188,662 | — | |||||||||
Written options | — | 58,972 | — | |||||||||
Net realized loss on investments, investments in affiliated underlying funds, foreign currency related transactions, futures, swaps, and written options | (24,109,498 | ) | (910,443 | ) | (83,955,577 | ) | ||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||
Investments | 50,144,132 | 10,614,546 | — | |||||||||
Investments in affiliated underlying funds | — | — | 69,619,072 | |||||||||
Foreign currency related transactions | 2,061,797 | 154,823 | — | |||||||||
Futures | (412,744 | ) | (1,302,622 | ) | — | |||||||
Swaps | — | 693,275 | — | |||||||||
Net change in unrealized appreciation or depreciation on investments, investments in affiliated underlying funds, foreign currency related transactions, futures, and swaps | 51,793,185 | 10,160,022 | 69,619,072 | |||||||||
Net realized and unrealized gain (loss) on investments, investments in affiliated underlying funds, foreign currency related transactions, futures, swaps, and written options | 27,683,687 | 9,249,579 | (14,336,505 | ) | ||||||||
Increase (decrease) in net assets resulting from operations | $ | 37,594,819 | $ | 11,049,206 | $ | (7,765,222 | ) | |||||
* Foreign taxes withheld | $ | 216,095 | $ | — | $ | — |
47
Table of Contents
ING Global Equity Dividend Fund | ING Global Natural Resources Fund | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,717,181 | $ | 9,635,589 | $ | 229,285 | $ | 524,746 | ||||||||
Net realized gain (loss) on investments and foreign currency related transactions | (69,936,387 | ) | (30,844,710 | ) | (21,402,821 | ) | 6,564,298 | |||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | 49,824,836 | (106,376,002 | ) | 19,305,063 | (68,185,043 | ) | ||||||||||
Decrease in net assets resulting from operations | (18,394,370 | ) | (127,585,123 | ) | (1,868,473 | ) | (61,095,999 | ) | ||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (574,546 | ) | (4,919,694 | ) | (253,882 | ) | (1,172,269 | ) | ||||||||
Class B | (133,335 | ) | (1,311,619 | ) | — | — | ||||||||||
Class C | (304,229 | ) | (2,963,675 | ) | — | — | ||||||||||
Class I | (20,256 | ) | (16,676 | ) | (766 | ) | (25 | ) | ||||||||
Class O | (149,592 | ) | (927,480 | ) | — | — | ||||||||||
Class W | (16,820 | ) | (1,617 | ) | (194 | ) | — | |||||||||
Net realized gains: | ||||||||||||||||
Class A | — | (12,404,290 | ) | (5,296,233 | ) | (27,001,614 | ) | |||||||||
Class B | — | (3,985,012 | ) | — | — | |||||||||||
Class C | — | (8,739,875 | ) | — | — | |||||||||||
Class I | — | (77 | ) | (5,605 | ) | (401 | ) | |||||||||
Class O | — | (1,777,436 | ) | — | — | |||||||||||
Class W | — | — | (1,418 | ) | — | |||||||||||
Return of capital: | ||||||||||||||||
Class A | — | (432,988 | ) | — | — | |||||||||||
Class B | — | (143,749 | ) | — | — | |||||||||||
Class C | — | (322,744 | ) | — | — | |||||||||||
Class I | — | (1,297 | ) | — | — | |||||||||||
Class O | — | (80,273 | ) | — | — | |||||||||||
Class W | — | (86 | ) | — | — | |||||||||||
Total distributions | (1,198,778 | ) | (38,028,588 | ) | (5,558,098 | ) | (28,174,309 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 11,880,083 | 50,356,257 | 5,388,517 | 20,082,371 | ||||||||||||
Reinvestment of distributions | 723,582 | 26,212,767 | 4,970,473 | 25,092,370 | ||||||||||||
12,603,665 | 76,569,024 | 10,358,990 | 45,174,741 | |||||||||||||
Cost of shares redeemed | (31,826,580 | ) | (151,235,644 | ) | (6,778,369 | ) | (29,532,033 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (19,222,915 | ) | (74,666,620 | ) | 3,580,621 | 15,642,708 | ||||||||||
Net decrease in net assets | (38,816,063 | ) | (240,280,331 | ) | (3,845,950 | ) | (73,627,600 | ) | ||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 148,983,945 | 389,264,276 | 83,741,335 | 157,368,935 | ||||||||||||
End of period | $ | 110,167,882 | $ | 148,983,945 | $ | 79,895,385 | $ | 83,741,335 | ||||||||
Undistributed net investment income (distributions in excess of net investment income) at end of period | $ | 517,486 | $ | (917 | ) | $ | (25,557 | ) | $ | — | ||||||
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Table of Contents
ING Global Real Estate Fund | ING Global Value Choice Fund | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 20,335,453 | $ | 25,495,756 | $ | 411,459 | $ | 131,187 | ||||||||
Net realized gain (loss) on investments and foreign currency related transactions | (393,396,849 | ) | (221,443,835 | ) | (18,438,946 | ) | 6,370,233 | |||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | 184,500,798 | (761,700,130 | ) | 37,073,507 | (59,937,524 | ) | ||||||||||
Increase (decrease) in net assets resulting from operations | (188,560,598 | ) | (957,648,209 | ) | 19,046,020 | (53,436,104 | ) | |||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (4,809,055 | ) | (38,019,770 | ) | — | (330,676 | ) | |||||||||
Class B | (107,842 | ) | (1,594,287 | ) | — | — | ||||||||||
Class C | (582,255 | ) | (8,408,664 | ) | — | (28,732 | ) | |||||||||
Class I | (2,825,735 | ) | (6,003,778 | ) | — | (77,786 | ) | |||||||||
Class O | (77,219 | ) | (781,015 | ) | — | — | ||||||||||
Class Q | — | — | — | (15,997 | ) | |||||||||||
Class W | (1,030,778 | ) | (687,839 | ) | — | — | ||||||||||
Net realized gains: | ||||||||||||||||
Class A | (883,454 | ) | (1,914,849 | ) | — | — | ||||||||||
Class B | (29,685 | ) | (111,208 | ) | — | — | ||||||||||
Class C | (175,558 | ) | (570,013 | ) | — | — | ||||||||||
Class I | (334,367 | ) | (144,690 | ) | — | — | ||||||||||
Class O | (13,723 | ) | (44,110 | ) | — | — | ||||||||||
Class W | (53,933 | ) | — | — | — | |||||||||||
Return of capital: | ||||||||||||||||
Class A | (5,852,341 | ) | — | — | — | |||||||||||
Class B | (200,969 | ) | — | — | — | |||||||||||
Class C | (1,180,351 | ) | — | — | — | |||||||||||
Class I | (2,308,949 | ) | — | — | — | |||||||||||
Class O | (91,918 | ) | — | — | — | |||||||||||
Class W | (380,185 | ) | — | — | — | |||||||||||
Total distributions | (20,938,317 | ) | (58,280,223 | ) | — | (453,191 | ) | |||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 426,788,261 | 1,452,693,092 | 85,898,237 | 48,823,856 | ||||||||||||
Reinvestment of distributions | 16,882,509 | 45,987,277 | — | 305,217 | ||||||||||||
443,670,770 | 1,498,680,369 | 85,898,237 | 49,129,073 | |||||||||||||
Cost of shares redeemed | (452,302,643 | ) | (760,365,301 | ) | (41,859,926 | ) | (52,760,826 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (8,631,873 | ) | 738,315,068 | 44,038,311 | (3,631,753 | ) | ||||||||||
Net increase (decrease) in net assets | (218,130,788 | ) | (277,613,364 | ) | 63,084,331 | (57,521,048 | ) | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 1,301,958,081 | 1,579,571,445 | 73,162,111 | 130,683,159 | ||||||||||||
End of period | $ | 1,083,827,293 | $ | 1,301,958,081 | $ | 136,246,442 | $ | 73,162,111 | ||||||||
Undistributed net investment income (distributions in excess of net investment income) at end of period | $ | (31,341,746 | ) | $ | (42,244,315 | ) | $ | 407,981 | $ | (3,478 | ) | |||||
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ING Asia-Pacific Real Estate Fund | ING Disciplined International SmallCap Fund | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 40,900 | $ | 85,018 | $ | 2,796,032 | $ | 7,476,386 | ||||||||
Net realized loss on investments and foreign currency related transactions | (3,215,602 | ) | (2,044,242 | ) | (80,557,360 | ) | (72,470,993 | ) | ||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | 2,602,415 | (3,416,307 | ) | 80,693,607 | (163,047,508 | ) | ||||||||||
Increase (decrease) in net assets resulting from operations | (572,287 | ) | (5,375,531 | ) | 2,932,279 | (228,042,115 | ) | |||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (39,838 | ) | (59,954 | ) | (2,725 | ) | (541 | ) | ||||||||
Class B | (242 | ) | (206 | ) | (25 | ) | (2 | ) | ||||||||
Class C | (8,640 | ) | (8,444 | ) | (2,932 | ) | (25 | ) | ||||||||
Class I | (8 | ) | (12 | ) | (8,382,749 | ) | (2,965,190 | ) | ||||||||
Net realized gains: | ||||||||||||||||
Class A | — | — | — | (1,783 | ) | |||||||||||
Class B | — | — | — | (84 | ) | |||||||||||
Class C | — | — | — | (892 | ) | |||||||||||
Class I | — | — | — | (7,916,891 | ) | |||||||||||
Total distributions | (48,728 | ) | (68,616 | ) | (8,388,431 | ) | (10,885,408 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 18,723 | 13,425,429 | 30,803,841 | 185,423,219 | ||||||||||||
Reinvestment of distributions | 4,504 | 7,752 | 8,388,189 | 10,885,000 | ||||||||||||
23,227 | 13,433,181 | 39,192,030 | 196,308,219 | |||||||||||||
Cost of shares redeemed | (3,253,904 | ) | (1,293,847 | ) | (19,874,139 | ) | (203,364,251 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (3,230,677 | ) | 12,139,334 | 19,317,891 | (7,056,032 | ) | ||||||||||
Net increase (decrease) in net assets | (3,851,692 | ) | 6,695,187 | 13,861,739 | (245,983,555 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 6,695,187 | — | 219,803,224 | 465,786,779 | ||||||||||||
End of period | $ | 2,843,495 | $ | 6,695,187 | $ | 233,664,963 | $ | 219,803,224 | ||||||||
Undistributed net investment income at end of period | $ | 2,350 | $ | 10,178 | $ | 2,313,568 | $ | 7,905,967 | ||||||||
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ING Emerging Countries Fund | ING European Real Estate Fund | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (29,195 | ) | $ | 4,137,274 | $ | 71,238 | $ | 77,907 | |||||||
Net realized loss on investments and foreign currency related transactions | (49,577,453 | ) | (64,250,220 | ) | (1,190,287 | ) | (1,169,983 | ) | ||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | 59,385,829 | (112,328,277 | ) | 818,450 | (1,679,254 | ) | ||||||||||
Increase (decrease) in net assets resulting from operations | 9,779,181 | (172,441,223 | ) | (300,599 | ) | (2,771,330 | ) | |||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (1,746,631 | ) | (2,167,642 | ) | (121,560 | ) | (76,349 | ) | ||||||||
Class B | (42,502 | ) | (57,378 | ) | (342 | ) | (197 | ) | ||||||||
Class C | (203,409 | ) | (291,243 | ) | (1,661 | ) | (619 | ) | ||||||||
Class I | (725,836 | ) | (594,705 | ) | (22 | ) | (15 | ) | ||||||||
Class Q | (146,524 | ) | (242,630 | ) | — | — | ||||||||||
Class W | (998 | ) | — | — | — | |||||||||||
Net realized gains: | ||||||||||||||||
Class A | — | (5,291,718 | ) | — | — | |||||||||||
Class B | — | (440,600 | ) | — | — | |||||||||||
Class C | — | (1,550,833 | ) | — | — | |||||||||||
Class I | — | (1,150,536 | ) | — | — | |||||||||||
Class Q | — | (551,176 | ) | — | — | |||||||||||
Class W | — | (11 | ) | — | — | |||||||||||
Total distributions | (2,865,900 | ) | (12,338,472 | ) | (123,585 | ) | (77,180 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 12,270,505 | 76,881,539 | 33,729 | 6,945,489 | ||||||||||||
Payments by affiliates (Note 19) | 437,763 | — | — | — | ||||||||||||
Reinvestment of distributions | 2,564,649 | 10,561,811 | 17,531 | 14,148 | ||||||||||||
15,272,917 | 87,443,350 | 51,260 | 6,959,637 | |||||||||||||
Cost of shares redeemed | (23,387,331 | ) | (130,619,438 | ) | (93,261 | ) | (895,509 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (8,114,414 | ) | (43,176,088 | ) | (42,001 | ) | 6,064,128 | |||||||||
Net increase (decrease) in net assets | (1,201,133 | ) | (227,955,783 | ) | (466,185 | ) | 3,215,618 | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 102,688,696 | 330,644,479 | 3,215,618 | — | ||||||||||||
End of period | $ | 101,487,563 | $ | 102,688,696 | $ | 2,749,433 | $ | 3,215,618 | ||||||||
Undistributed net investment income (distributions in excess of net investment income) at end of period | $ | (148,925 | ) | $ | 2,746,170 | $ | 43,210 | $ | 95,557 | |||||||
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Table of Contents
ING Foreign Fund | ING Greater China Fund | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 1,055,890 | $ | 4,417,454 | $ | (133,398 | ) | $ | 99,166 | |||||||
Net realized gain (loss) on investments and foreign currency related transactions | (65,178,337 | ) | (111,925,743 | ) | (9,461,124 | ) | 2,354,386 | |||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | 31,878,026 | (234,522,763 | ) | 16,288,776 | (47,933,410 | ) | ||||||||||
Increase (decrease) in net assets resulting from operations | (32,244,421 | ) | (342,031,052 | ) | 6,694,254 | (45,479,858 | ) | |||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (4,662,153 | ) | — | (1,459,484 | ) | (206,726 | ) | |||||||||
Class B | (426,990 | ) | — | (120,628 | ) | — | ||||||||||
Class C | (2,522,834 | ) | — | (147,719 | ) | — | ||||||||||
Class I | (3,091,911 | ) | — | (4,253 | ) | (210 | ) | |||||||||
Class O | — | — | (23,244 | ) | — | |||||||||||
Class Q | (619 | ) | — | — | — | |||||||||||
Class W | (12,527 | ) | — | — | — | |||||||||||
Net realized gains: | ||||||||||||||||
Class A | — | (20,918,671 | ) | (204,700 | ) | (6,348,739 | ) | |||||||||
Class B | — | (3,020,180 | ) | (21,463 | ) | (607,794 | ) | |||||||||
Class C | — | (13,831,219 | ) | (26,919 | ) | (1,066,835 | ) | |||||||||
Class I | — | (6,602,918 | ) | (545 | ) | (4,310 | ) | |||||||||
Class O | — | — | (2,980 | ) | — | |||||||||||
Class Q | — | (50,212 | ) | — | — | |||||||||||
Total distributions | (10,717,034 | ) | (44,423,200 | ) | (2,011,935 | ) | (8,234,614 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 31,689,344 | 177,808,541 | 8,448,770 | 21,915,224 | ||||||||||||
Reinvestment of distributions | 8,215,988 | 32,055,604 | 1,500,108 | 5,628,333 | ||||||||||||
39,905,332 | 209,864,145 | 9,948,878 | 27,543,557 | |||||||||||||
Cost of shares redeemed | (104,503,809 | ) | (224,896,551 | ) | (9,495,806 | ) | (42,164,045 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (64,598,477 | ) | (15,032,406 | ) | 453,072 | (14,620,488 | ) | |||||||||
Net increase (decrease) in net assets | (107,559,932 | ) | (401,486,658 | ) | 5,135,391 | (68,334,960 | ) | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 340,733,808 | 742,220,466 | 25,320,600 | 93,655,560 | ||||||||||||
End of period | $ | 233,173,876 | $ | 340,733,808 | $ | 30,455,991 | $ | 25,320,600 | ||||||||
Undistributed net investment income (distributions in excess of net investment income) at end of period | $ | (13,501,519 | ) | $ | (3,840,375 | ) | $ | (134,434 | ) | $ | 1,754,292 | |||||
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Table of Contents
ING Index Plus International Equity Fund | ING International Capital Appreciation Fund | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,586,971 | $ | 5,128,927 | $ | 321,157 | $ | 1,310,333 | ||||||||
Net realized loss on investments and foreign currency related transactions | (45,845,592 | ) | (46,162,768 | ) | (18,996,044 | ) | (8,360,001 | ) | ||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | 39,423,982 | (75,447,161 | ) | 20,646,507 | (62,269,125 | ) | ||||||||||
Increase (decrease) in net assets resulting from operations | (4,834,639 | ) | (116,481,002 | ) | 1,971,620 | (69,318,793 | ) | |||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (337,810 | ) | (28,649 | ) | (23,216 | ) | (46,790 | ) | ||||||||
Class B | (28,973 | ) | (8,557 | ) | — | (6,221 | ) | |||||||||
Class C | (31,419 | ) | (13,088 | ) | — | (7,324 | ) | |||||||||
Class I | (2,734,906 | ) | (2,125,491 | ) | (1,099,502 | ) | (1,713,778 | ) | ||||||||
Class O | (1,555,036 | ) | (19 | ) | — | — | ||||||||||
Net realized gains: | ||||||||||||||||
Class A | — | (221,431 | ) | — | (171,474 | ) | ||||||||||
Class B | — | (74,576 | ) | — | (29,527 | ) | ||||||||||
Class C | — | (113,554 | ) | — | (33,222 | ) | ||||||||||
Class I | — | (11,934,519 | ) | — | (4,964,217 | ) | ||||||||||
Class O | — | (106 | ) | — | — | |||||||||||
Total distributions | (4,688,144 | ) | (14,519,990 | ) | (1,122,718 | ) | (6,972,553 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 11,992,302 | 110,662,967 | 11,048,139 | 24,115,204 | ||||||||||||
Proceeds from shares issued in merger (Note 14) | — | 128,431,314 | — | — | ||||||||||||
Reinvestment of distributions | 3,297,835 | 14,382,164 | 1,107,753 | 6,792,519 | ||||||||||||
15,290,137 | 253,476,445 | 12,155,892 | 30,907,723 | |||||||||||||
Cost of shares redeemed | (19,846,019 | ) | (136,788,066 | ) | (14,338,099 | ) | (51,860,888 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (4,555,882 | ) | 116,688,379 | (2,182,207 | ) | (20,953,165 | ) | |||||||||
Net decrease in net assets | (14,078,665 | ) | (14,312,613 | ) | (1,333,305 | ) | (97,244,511 | ) | ||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 108,704,814 | 123,017,427 | 50,161,716 | 147,406,227 | ||||||||||||
End of period | $ | 94,626,149 | $ | 108,704,814 | $ | 48,828,411 | $ | 50,161,716 | ||||||||
Undistributed net investment income at end of period | $ | 1,239,127 | $ | 4,340,300 | $ | 254,662 | $ | 1,056,223 | ||||||||
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Table of Contents
ING International Equity Dividend Fund | ING International Growth Opportunities Fund | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 457,579 | $ | 2,264,438 | $ | 213,700 | $ | 447,072 | ||||||||
Net realized loss on investments and foreign currency related transactions | (18,375,124 | ) | (10,288,837 | ) | (42,939,224 | ) | (5,209,016 | ) | ||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | 14,999,485 | (24,087,629 | ) | 42,608,348 | (77,343,269 | ) | ||||||||||
Increase (decrease) in net assets resulting from operations | (2,918,060 | ) | (32,112,028 | ) | (117,176 | ) | (82,105,213 | ) | ||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (10,180 | ) | (126,779 | ) | (47,529 | ) | (83,294 | ) | ||||||||
Class B | (719 | ) | (8,400 | ) | — | — | ||||||||||
Class C | (3,345 | ) | (45,080 | ) | — | — | ||||||||||
Class I | (274,559 | ) | (2,166,707 | ) | (99,733 | ) | (34,259 | ) | ||||||||
Class Q | — | — | (40,714 | ) | (72,032 | ) | ||||||||||
Class W | (102 | ) | (479 | ) | — | — | ||||||||||
Net realized gains: | ||||||||||||||||
Class A | — | (15,847 | ) | — | (9,478,153 | ) | ||||||||||
Class B | — | (884 | ) | — | (2,585,626 | ) | ||||||||||
Class C | — | (6,628 | ) | — | (2,917,744 | ) | ||||||||||
Class I | — | (212,974 | ) | — | (1,529,095 | ) | ||||||||||
Class Q | — | — | — | (4,653,527 | ) | |||||||||||
Return of capital: | ||||||||||||||||
Class A | — | (11,426 | ) | — | — | |||||||||||
Class B | — | (931 | ) | — | — | |||||||||||
Class C | — | (5,015 | ) | — | — | |||||||||||
Class I | — | (179,688 | ) | — | — | |||||||||||
Class W | — | (40 | ) | — | — | |||||||||||
Total distributions | (288,905 | ) | (2,780,878 | ) | (187,976 | ) | (21,353,730 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 1,257,818 | 24,737,239 | 4,608,209 | 48,218,002 | ||||||||||||
Payments by affiliates (Note 19) | — | — | 194,530 | — | ||||||||||||
Reinvestment of distributions | 285,250 | 2,727,933 | 183,353 | 18,757,432 | ||||||||||||
1,543,068 | 27,465,172 | 4,986,092 | 66,975,434 | |||||||||||||
Cost of shares redeemed | (11,531,268 | ) | (17,839,256 | ) | (21,318,663 | ) | (44,157,319 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (9,988,200 | ) | 9,625,916 | (16,332,571 | ) | 22,818,115 | ||||||||||
Net decrease in net assets | (13,195,165 | ) | (25,266,990 | ) | (16,637,723 | ) | (80,640,828 | ) | ||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 36,039,301 | 61,306,291 | 63,187,681 | 143,828,509 | ||||||||||||
End of period | $ | 22,844,136 | $ | 36,039,301 | $ | 46,549,958 | $ | 63,187,681 | ||||||||
Undistributed net investment income (distributions in excess of net investment income) at end of period | $ | 168,611 | $ | (63 | ) | $ | 212,450 | $ | 186,726 | |||||||
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ING International Real Estate Fund | ING International SmallCap Multi-Manager Fund | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 6,559,995 | $ | 11,006,499 | $ | 2,126,315 | $ | 11,128,871 | ||||||||
Net realized loss on investments and foreign currency related transactions | (99,072,017 | ) | (92,273,326 | ) | (181,602,964 | ) | (158,816,436 | ) | ||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | 47,358,174 | (314,335,293 | ) | 180,787,296 | (509,074,218 | ) | ||||||||||
Increase (decrease) in net assets resulting from operations | (45,153,848 | ) | (395,602,120 | ) | 1,310,647 | (656,761,783 | ) | |||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (841,976 | ) | (6,762,764 | ) | (4,710,213 | ) | (2,482,496 | ) | ||||||||
Class B | (27,131 | ) | (208,426 | ) | (75,770 | ) | — | |||||||||
Class C | (199,434 | ) | (2,311,512 | ) | (548,565 | ) | — | |||||||||
Class I | (4,063,433 | ) | (9,218,250 | ) | (4,347,655 | ) | (2,905,473 | ) | ||||||||
Class O | — | — | (3,592 | ) | — | |||||||||||
Class Q | — | — | (1,075,645 | ) | (658,389 | ) | ||||||||||
Class W | (8,142 | ) | (3,394 | ) | (349,538 | ) | — | |||||||||
Net realized gains: | ||||||||||||||||
Class A | — | — | — | (60,574,187 | ) | |||||||||||
Class B | — | — | — | (7,140,703 | ) | |||||||||||
Class C | — | — | — | (12,894,884 | ) | |||||||||||
Class I | — | — | — | (43,991,753 | ) | |||||||||||
Class O | — | — | — | (1 | ) | |||||||||||
Class Q | — | — | — | (14,059,252 | ) | |||||||||||
Class W | — | — | — | (131 | ) | |||||||||||
Return of capital: | ||||||||||||||||
Class A | — | (3,653,580 | ) | — | — | |||||||||||
Class B | — | (146,325 | ) | — | — | |||||||||||
Class C | — | (1,612,691 | ) | — | — | |||||||||||
Class I | — | (4,371,301 | ) | — | — | |||||||||||
Class W | — | (1,599 | ) | — | — | |||||||||||
Total distributions | (5,140,116 | ) | (28,289,842 | ) | (11,110,978 | ) | (144,707,269 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 135,966,432 | 609,238,402 | 36,538,536 | 267,975,778 | ||||||||||||
Payments by affiliates (Note 19) | — | — | 1,028,303 | — | ||||||||||||
Reinvestment of distributions | 2,031,496 | 13,626,372 | 7,610,077 | 106,441,115 | ||||||||||||
137,997,928 | 622,864,774 | 45,176,916 | 374,416,893 | |||||||||||||
Cost of shares redeemed | (122,571,945 | ) | (309,952,586 | ) | (123,647,372 | ) | (378,623,842 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 15,425,983 | 312,912,188 | (78,470,456 | ) | (4,206,949 | ) | ||||||||||
Net decrease in net assets | (34,867,981 | ) | (110,979,774 | ) | (88,270,787 | ) | (805,676,001 | ) | ||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 420,821,427 | 531,801,201 | 395,631,418 | 1,201,307,419 | ||||||||||||
End of period | $ | 385,953,446 | $ | 420,821,427 | $ | 307,360,631 | $ | 395,631,418 | ||||||||
Undistributed net investment income (distributions in excess of net investment income) at end of period | $ | 1,409,632 | $ | (10,247 | ) | $ | 1,646,864 | $ | 10,631,527 | |||||||
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ING International Value Fund | ING International Value Choice Fund | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 14,580,857 | $ | 76,380,681 | $ | 367,942 | $ | 492,702 | ||||||||
Net realized gain (loss) on investments and foreign currency related transactions | (564,323,472 | ) | 505,106,913 | (15,002,626 | ) | (401,390 | ) | |||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | 495,842,494 | (2,414,730,218 | ) | 17,463,618 | (35,708,799 | ) | ||||||||||
Increase (decrease) in net assets resulting from operations | (53,900,121 | ) | (1,833,242,624 | ) | 2,828,934 | (35,617,487 | ) | |||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (28,845,875 | ) | (20,593,112 | ) | (87,098 | ) | (112,875 | ) | ||||||||
Class B | (1,277,550 | ) | (250,157 | ) | (498 | ) | (307 | ) | ||||||||
Class C | (6,971,267 | ) | (2,488,818 | ) | (897 | ) | — | |||||||||
Class I | (27,092,627 | ) | (29,292,792 | ) | (532,022 | ) | (693,103 | ) | ||||||||
Class Q | (467,912 | ) | (353,269 | ) | — | — | ||||||||||
Net realized gains: | ||||||||||||||||
Class A | (128,073,523 | ) | (304,767,165 | ) | — | (2,221,665 | ) | |||||||||
Class B | (11,983,740 | ) | (41,150,109 | ) | — | (507,826 | ) | |||||||||
Class C | (46,297,820 | ) | (110,803,630 | ) | — | (656,889 | ) | |||||||||
Class I | (101,028,430 | ) | (313,841,980 | ) | — | (8,389,969 | ) | |||||||||
Class Q | (1,718,028 | ) | (3,792,184 | ) | — | — | ||||||||||
Total distributions | (353,756,772 | ) | (827,333,216 | ) | (620,515 | ) | (12,582,634 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 247,964,278 | 671,204,202 | 5,265,946 | 29,490,166 | ||||||||||||
Payments by affiliates (Note 19) | 55,278 | — | — | — | ||||||||||||
Reinvestment of distributions | 252,944,813 | 592,109,119 | 611,830 | 11,960,549 | ||||||||||||
500,964,369 | 1,263,313,321 | 5,877,776 | 41,450,715 | |||||||||||||
Cost of shares redeemed | (587,227,050 | ) | (1,909,403,374 | ) | (18,953,981 | ) | (29,962,847 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (86,262,681 | ) | (646,090,053 | ) | (13,076,205 | ) | 11,487,868 | |||||||||
Net decrease in net assets | (493,919,574 | ) | (3,306,665,893 | ) | (10,867,786 | ) | (36,712,253 | ) | ||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 2,092,111,581 | 5,398,777,474 | 49,034,249 | 85,746,502 | ||||||||||||
End of period | $ | 1,598,192,007 | $ | 2,092,111,581 | $ | 38,166,463 | $ | 49,034,249 | ||||||||
Undistributed net investment income at end of period | $ | 13,263,720 | $ | 63,338,094 | $ | 304,630 | $ | 557,203 | ||||||||
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ING Russia Fund | ING Emerging Markets Fixed Income Fund | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (1,986,235 | ) | $ | (4,900,253 | ) | $ | 9,911,132 | $ | 20,551,759 | ||||||
Net realized gain (loss) on investments, foreign currency related transactions, and futures | (59,235,379 | ) | 165,557,937 | (24,109,498 | ) | (12,687,563 | ) | |||||||||
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, and futures | 59,393,787 | (675,721,202 | ) | 51,793,185 | (100,175,149 | ) | ||||||||||
Increase (decrease) in net assets resulting from operations | (1,827,827 | ) | (515,063,518 | ) | 37,594,819 | (92,310,953 | ) | |||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | — | — | (57,202 | ) | (292,759 | ) | ||||||||||
Class B | — | — | (4,469 | ) | (13,847 | ) | ||||||||||
Class C | — | — | (20,449 | ) | (66,887 | ) | ||||||||||
Class I | — | — | (5,885,202 | ) | (14,370,474 | ) | ||||||||||
Net realized gains: | ||||||||||||||||
Class A | (82,435,953 | ) | (137,654,710 | ) | — | — | ||||||||||
Class B | — | — | — | — | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class I | — | — | — | — | ||||||||||||
Return of capital: | ||||||||||||||||
Class A | — | — | — | (104,244 | ) | |||||||||||
Class B | — | — | — | (6,301 | ) | |||||||||||
Class C | — | — | — | (31,271 | ) | |||||||||||
Class I | — | — | — | (5,361,910 | ) | |||||||||||
Total distributions | (82,435,953 | ) | (137,654,710 | ) | (5,967,322 | ) | (20,247,693 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 24,972,730 | 221,879,155 | 43,852,216 | 133,122,757 | ||||||||||||
Reinvestment of distributions | 71,291,236 | 116,874,956 | 5,949,509 | 20,075,844 | ||||||||||||
96,263,966 | 338,754,111 | 49,801,725 | 153,198,601 | |||||||||||||
Redemption fee proceeds (Note 4) | 230,232 | 1,344,090 | — | — | ||||||||||||
Cost of shares redeemed | (42,584,713 | ) | (348,756,344 | ) | (50,003,266 | ) | (124,022,111 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 53,909,485 | (8,658,143 | ) | (201,541 | ) | 29,176,490 | ||||||||||
Net increase (decrease) in net assets | (30,354,295 | ) | (661,376,371 | ) | 31,425,956 | (83,382,156 | ) | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 261,127,369 | 922,503,740 | 232,280,263 | 315,662,419 | ||||||||||||
End of period | $ | 230,773,074 | $ | 261,127,369 | $ | 263,706,219 | $ | 232,280,263 | ||||||||
Undistributed net investment income (accumulated net investment loss) at end of period | $ | (1,986,235 | ) | $ | — | $ | 4,726,076 | $ | 782,266 | |||||||
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ING Global Bond Fund | ING Diversified International Fund | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,799,627 | $ | 2,043,534 | $ | 6,571,283 | $ | 5,865,573 | ||||||||
Net realized gain (loss) on investments, investments in affiliated underlying funds, foreign currency related transactions, futures, swaps, and written options | (910,443 | ) | 3,186,716 | (83,955,577 | ) | (18,522,580 | ) | |||||||||
Net change in unrealized appreciation or depreciation on investments, investments in affiliated underlying funds, foreign currency related transactions, futures, and swaps | 10,160,022 | (7,619,480 | ) | 69,619,072 | (292,969,322 | ) | ||||||||||
Increase (decrease) in net assets resulting from operations | 11,049,206 | (2,389,230 | ) | (7,765,222 | ) | (305,626,329 | ) | |||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (19,762 | ) | (3,359,515 | ) | (16,890,263 | ) | (6,883,232 | ) | ||||||||
Class B | — | (100,198 | ) | (2,007,249 | ) | (519,915 | ) | |||||||||
Class C | — | (710,709 | ) | (7,933,560 | ) | (2,156,592 | ) | |||||||||
Class I | (161,719 | ) | (9,087 | ) | (585,985 | ) | (586 | ) | ||||||||
Class O | (2,669 | ) | (1,127 | ) | (33,579 | ) | — | |||||||||
Class R | — | — | (21,054 | ) | (6,279 | ) | ||||||||||
Class W | — | — | (182,219 | ) | — | |||||||||||
Net realized gains: | ||||||||||||||||
Class A | (1,641,363 | ) | (369,378 | ) | — | (2,346,495 | ) | |||||||||
Class B | (99,095 | ) | (6,552 | ) | — | (269,552 | ) | |||||||||
Class C | (709,315 | ) | (30,696 | ) | — | (1,057,058 | ) | |||||||||
Class I | (7,774 | ) | (12 | ) | — | (180 | ) | |||||||||
Class O | (6,537 | ) | — | — | — | |||||||||||
Class R | — | — | — | (2,520 | ) | |||||||||||
Total distributions | (2,648,234 | ) | (4,587,274 | ) | (27,653,909 | ) | (13,242,409 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 107,244,755 | 125,112,248 | 22,529,704 | 166,546,295 | ||||||||||||
Reinvestment of distributions | 1,936,888 | 2,140,936 | 21,285,873 | 9,865,969 | ||||||||||||
109,181,643 | 127,253,184 | 43,815,577 | 176,412,264 | |||||||||||||
Cost of shares redeemed | (47,854,056 | ) | (37,864,589 | ) | (75,322,414 | ) | (185,570,371 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 61,327,587 | 89,388,595 | (31,506,837 | ) | (9,158,107 | ) | ||||||||||
Net increase (decrease) in net assets | 69,728,559 | 82,412,091 | (66,925,968 | ) | (328,026,845 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 113,269,524 | 30,857,433 | 268,128,583 | 596,155,428 | ||||||||||||
End of period | $ | 182,998,083 | $ | 113,269,524 | $ | 201,202,615 | $ | 268,128,583 | ||||||||
Undistributed net investment income (distributions in excess of net investment income) at end of period | $ | 1,639,359 | $ | 23,882 | $ | (305,313 | ) | $ | 20,777,313 | |||||||
58
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Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment | Supplemental | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operations | Less distributions | Ratios to average net assets | Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset | Net | Net | Expenses net of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
value, | realized | Total | asset | Expenses | fee waivers | Expenses net of | Net assets, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | Net | and | from | From net | Redemption | value, | before | and/or | all | Net investment | end | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of year | investment | unrealized | investment | investment | From net | From return of | Total | Payment | fees applied | end of | Total | reductions/ | recoupments, | reductions/ | income | of year or | turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
or period | income (loss) | gain (loss) | operations | income | realized gains | capital | distributions | by affiliate | to capital | year or period | Return(1) | additions(2) | if any(2)(3) | additions(2)(3) | (loss)(2)(3) | period | rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Global Equity Dividend Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 8 | .77 | 0 | .13 | (1 | .18) | (1 | .05) | 0 | .09 | — | — | 0 | .09 | — | — | 7 | .63 | (11 | .98) | 1 | .55 | 1 | .40 | 1 | .40 | 3 | .32 | 43,469 | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 16 | .84 | 0 | .56 | (6 | .84) | (6 | .28) | 0 | .54 | 1 | .20 | 0 | .05 | 1 | .79 | — | — | 8 | .77 | (40 | .84) | 1 | .42 | 1 | .41 | 1 | .41 | 3 | .85 | 63,134 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 15 | .76 | 0 | .54• | 1 | .84 | 2 | .38 | 0 | .55 | 0 | .75 | — | 1 | .30 | — | — | 16 | .84 | 15 | .80 | 1 | .26 | 1 | .26 | 1 | .26 | 3 | .31 | 182,669 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 13 | .07 | 0 | .54 | 2 | .85 | 3 | .39 | 0 | .51 | 0 | .19 | — | 0 | .70 | — | — | 15 | .76 | 26 | .56 | 1 | .27 | 1 | .33 | 1 | .33 | 3 | .76 | 108,911 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 12 | .41 | 0 | .47• | 0 | .92 | 1 | .39 | 0 | .54 | 0 | .19 | — | 0 | .73 | — | — | 13 | .07 | 11 | .45 | 1 | .28 | 1 | .40 | 1 | .40 | 3 | .60 | 73,186 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 10 | .49 | 0 | .44 | 1 | .87 | 2 | .31 | 0 | .39 | — | — | 0 | .39 | — | — | 12 | .41 | 22 | .59 | 3 | .44 | 1 | .40 | 1 | .40 | 4 | .39 | 11,316 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 8 | .74 | 0 | .10 | (1 | .17) | (1 | .07) | 0 | .06 | — | — | 0 | .06 | — | — | 7 | .61 | (12 | .25) | 2 | .30 | 2 | .15 | 2 | .15 | 2 | .56 | 15,083 | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 16 | .79 | 0 | .46 | (6 | .82) | (6 | .36) | 0 | .44 | 1 | .20 | 0 | .05 | 1 | .69 | — | — | 8 | .74 | (41 | .32) | 2 | .17 | 2 | .16 | 2 | .16 | 3 | .11 | 21,311 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 15 | .72 | 0 | .39 | 1 | .86 | 2 | .25 | 0 | .43 | 0 | .75 | — | 1 | .18 | — | — | 16 | .79 | 14 | .94 | 2 | .01 | 2 | .01 | 2 | .01 | 2 | .53 | 58,093 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 13 | .05 | 0 | .43 | 2 | .84 | 3 | .27 | 0 | .41 | 0 | .19 | — | 0 | .60 | — | — | 15 | .72 | 25 | .55 | 2 | .02 | 2 | .08 | 2 | .08 | 3 | .05 | 44,936 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 12 | .37 | 0 | .37• | 0 | .92 | 1 | .29 | 0 | .42 | 0 | .19 | — | 0 | .61 | — | — | 13 | .05 | 10 | .65 | 2 | .03 | 2 | .15 | 2 | .15 | 2 | .83 | 28,811 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 10 | .49 | 0 | .42 | 1 | .82 | 2 | .24 | 0 | .36 | — | — | 0 | .36 | — | — | 12 | .37 | 21 | .92 | 4 | .19 | 2 | .15 | 2 | .15 | 4 | .03 | 3,303 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 8 | .72 | 0 | .10 | (1 | .17) | (1 | .07) | 0 | .06 | — | — | 0 | .06 | — | — | 7 | .59 | (12 | .28) | 2 | .30 | 2 | .15 | 2 | .15 | 2 | .57 | 34,291 | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 16 | .75 | 0 | .44 | (6 | .78) | (6 | .34) | 0 | .44 | 1 | .20 | 0 | .05 | 1 | .69 | — | — | 8 | .72 | (41 | .29) | 2 | .17 | 2 | .16 | 2 | .16 | 3 | .13 | 48,567 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 15 | .69 | 0 | .39 | 1 | .86 | 2 | .25 | 0 | .44 | 0 | .75 | — | 1 | .19 | — | — | 16 | .75 | 14 | .94 | 2 | .01 | 2 | .01 | 2 | .01 | 2 | .54 | 124,765 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 13 | .02 | 0 | .43 | 2 | .84 | 3 | .27 | 0 | .41 | 0 | .19 | — | 0 | .60 | — | — | 15 | .69 | 25 | .62 | 2 | .02 | 2 | .08 | 2 | .08 | 3 | .03 | 77,426 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 12 | .37 | 0 | .37• | 0 | .90 | 1 | .27 | 0 | .43 | 0 | .19 | — | 0 | .62 | — | — | 13 | .02 | 10 | .51 | 2 | .03 | 2 | .15 | 2 | .15 | 2 | .82 | 48,965 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 10 | .48 | 0 | .39 | 1 | .86 | 2 | .25 | 0 | .36 | — | — | 0 | .36 | — | — | 12 | .37 | 21 | .99 | 4 | .19 | 2 | .15 | 2 | .15 | 3 | .99 | 3,655 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 8 | .78 | 0 | .14• | (1 | .17) | (1 | .03) | 0 | .11 | — | — | 0 | .11 | — | — | 7 | .64 | (11 | .77) | 1 | .12 | 0 | .97 | 0 | .97 | 3 | .64 | 1,455 | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 16 | .83 | 0 | .47 | (6 | .68) | (6 | .21) | 0 | .59 | 1 | .20 | 0 | .05 | 1 | .84 | — | — | 8 | .78 | (40 | .49) | 1 | .07 | 1 | .06 | 1 | .06 | 3 | .16 | 1,207 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
08-01-07(4)–10-31-07 | 15 | .81 | 0 | .12• | 1 | .03 | 1 | .15 | 0 | .13 | — | — | 0 | .13 | — | — | 16 | .83 | 7 | .26 | 0 | .90 | 0 | .90 | 0 | .90 | 2 | .98 | 1 | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 8 | .76 | 0 | .12 | (1 | .17) | (1 | .05) | 0 | .09 | — | — | 0 | .09 | — | — | 7 | .62 | (11 | .99) | 1 | .55 | 1 | .40 | 1 | .40 | 3 | .30 | 12,271 | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 16 | .83 | 0 | .51• | (6 | .78) | (6 | .27) | 0 | .55 | 1 | .20 | 0 | .05 | 1 | .80 | — | — | 8 | .76 | (40 | .83) | 1 | .42 | 1 | .41 | 1 | .41 | 3 | .95 | 14,695 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-15-06(4)–10-31-07 | 15 | .86 | 0 | .55• | 1 | .74 | 2 | .29 | 0 | .57 | 0 | .75 | — | 1 | .32 | — | — | 16 | .83 | 15 | .12 | 1 | .26 | 1 | .26 | 1 | .26 | 3 | .46 | 23,737 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 9 | .53 | 0 | .13• | (1 | .24) | (1 | .11) | 0 | .11 | — | — | 0 | .11 | — | — | 8 | .31 | (11 | .68) | 1 | .12 | 0 | .97 | 0 | .97 | 3 | .40 | 3,599 | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-12-08(4)–10-31-08 | 14 | .51 | 0 | .35 | (4 | .83) | (4 | .48) | 0 | .46 | — | 0 | .04 | 0 | .50 | — | — | 9 | .53 | (31 | .78) | 1 | .07 | 1 | .06 | 1 | .06 | 3 | .38 | 70 | 46 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Global Natural Resources Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6 | .74 | 0 | .02 | (0 | .15) | (0 | .13) | 0 | .02 | 0 | .43 | — | 0 | .45 | — | — | 6 | .16 | (2 | .02) | 1 | .67 | 1 | .67† | 1 | .67† | 0 | .60† | 79,522 | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .18 | 0 | .05 | (4 | .92) | (4 | .87) | 0 | .11 | 2 | .46 | — | 2 | .57 | — | — | 6 | .74 | (41 | .12) | 1 | .46 | 1 | .46† | 1 | .46† | 0 | .37† | 83,713 | 116 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 10 | .46 | (0 | .03) | 4 | .36 | 4 | .33 | 0 | .26 | 0 | .35 | — | 0 | .61 | — | — | 14 | .18 | 43 | .22 | 1 | .44 | 1 | .44† | 1 | .44† | (0 | .28)† | 157,367 | 121 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 7 | .34 | (0 | .06) | 3 | .20 | 3 | .14 | 0 | .02 | — | — | 0 | .02 | — | — | 10 | .46 | 42 | .76 | 1 | .42 | 1 | .42 | 1 | .42 | (0 | .61) | 121,112 | 158 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 7 | .09 | (0 | .06) | 0 | .54 | 0 | .48 | 0 | .23 | — | — | 0 | .23 | — | — | 7 | .34 | 6 | .81 | 1 | .56 | 1 | .56 | 1 | .56 | (0 | .77) | 87,441 | 78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 6 | .94 | (0 | .05) | 0 | .20 | 0 | .15 | — | — | — | — | — | — | 7 | .09 | 2 | .16 | 1 | .44 | 1 | .44 | 1 | .44 | (0 | .69) | 91,756 | 77 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6 | .75 | 0 | .01• | (0 | .12) | (0 | .11) | 0 | .06 | 0 | .43 | — | 0 | .49 | — | — | 6 | .15 | (1 | .75) | 1 | .27 | 1 | .27† | 1 | .27† | 0 | .44† | 292 | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .19 | 0 | .12• | (4 | .95) | (4 | .83) | 0 | .15 | 2 | .46 | — | 2 | .61 | — | — | 6 | .75 | (40 | .87) | 1 | .11 | 1 | .11† | 1 | .11† | 1 | .04† | 1 | 116 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
08-01-07(4)–10-31-07 | 12 | .07 | 0 | .00* | 2 | .12 | 2 | .12 | — | — | — | — | — | — | 14 | .19 | 17 | .56 | 1 | .08 | 1 | .08† | 1 | .08† | 0 | .09† | 2 | 121 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 8 | .39 | 0 | .02• | (0 | .17) | (0 | .15) | 0 | .06 | 0 | .43 | — | 0 | .49 | — | — | 7 | .75 | (1 | .88) | 1 | .27 | 1 | .27† | 1 | .27† | 0 | .55† | 82 | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-12-08(4)–10-31-08 | 12 | .84 | 0 | .03• | (4 | .48) | (4 | .45) | — | — | — | — | — | — | 8 | .39 | (34 | .66) | 1 | .11 | 1 | .11† | 1 | .11† | 0 | .38† | 27 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
59
Table of Contents
Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment | Supplemental | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operations | Less distributions | Ratios to average net assets | Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset | Net | Net | Expenses net of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
value, | realized | Total | asset | Expenses | fee waivers | Expenses net of | Net assets, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | Net | and | from | From net | Redemption | value, | before | and/or | all | Net investment | end | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of year | investment | unrealized | investment | investment | From net | From return of | Total | Payment | fees applied | end of | Total | reductions/ | recoupments, | reductions/ | income | of year or | turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
or period | income (loss) | gain (loss) | operations | income | realized gains | capital | distributions | by affiliate | to capital | year or period | Return(1) | additions(2) | if any(2)(3) | additions(2)(3) | (loss)(2)(3) | period | rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Global Real Estate Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 12 | .56 | 0 | .19• | (1 | .91) | (1 | .72) | 0 | .09 | 0 | .01 | 0 | .09 | 0 | .19 | — | — | 10 | .65 | (13 | .58) | 1 | .53 | 1 | .53† | 1 | .53† | 3 | .80† | 573,456 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 24 | .19 | 0 | .33• | (11 | .19) | (10 | .86) | 0 | .73 | 0 | .04 | — | 0 | .77 | — | — | 12 | .56 | (46 | .00) | 1 | .41 | 1 | .41† | 1 | .41† | 1 | .76† | 836,314 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 22 | .23 | 0 | .22• | 3 | .13 | 3 | .35 | 1 | .08 | 0 | .31 | — | 1 | .39 | — | — | 24 | .19 | 15 | .44 | 1 | .30 | 1 | .30 | 1 | .30 | 0 | .96 | 1,115,493 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 17 | .14 | 0 | .20• | 6 | .41 | 6 | .61 | 0 | .46 | 1 | .06 | — | 1 | .52 | — | — | 22 | .23 | 41 | .09 | 1 | .39 | 1 | .39 | 1 | .39 | 1 | .04 | 467,405 | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 15 | .40 | 0 | .26•(b) | 2 | .94(b) | 3 | .20 | 0 | .54 | 0 | .92 | — | 1 | .46 | — | — | 17 | .14 | 21 | .95 | 1 | .50 | 1 | .59 | 1 | .59 | 1 | .58(b) | 138,314 | 91 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 13 | .06 | 0 | .27 | 3 | .26 | 3 | .53 | 0 | .43 | 0 | .76 | — | 1 | .19 | — | — | 15 | .40 | 28 | .90 | 1 | .55 | 1 | .75 | 1 | .75 | 2 | .55 | 95,561 | 129 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 10 | .66 | 0 | .13• | (1 | .63) | (1 | .50) | 0 | .06 | 0 | .01 | 0 | .09 | 0 | .16 | — | — | 9 | .00 | (13 | .96) | 2 | .28 | 2 | .28† | 2 | .28† | 3 | .05† | 17,272 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 20 | .67 | 0 | .16• | (9 | .52) | (9 | .36) | 0 | .61 | 0 | .04 | — | 0 | .65 | — | — | 10 | .66 | (46 | .40) | 2 | .16 | 2 | .16† | 2 | .16† | 0 | .99† | 23,663 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 19 | .20 | 0 | .04• | 2 | .69 | 2 | .73 | 0 | .95 | 0 | .31 | — | 1 | .26 | — | — | 20 | .67 | 14 | .59 | 2 | .05 | 2 | .05 | 2 | .05 | 0 | .22 | 57,837 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 15 | .01 | 0 | .05• | 5 | .56 | 5 | .61 | 0 | .36 | 1 | .06 | — | 1 | .42 | — | — | 19 | .20 | 40 | .04 | 2 | .14 | 2 | .14 | 2 | .14 | 0 | .31 | 31,677 | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 13 | .67 | 0 | .12•(b) | 2 | .59(b) | 2 | .71 | 0 | .45 | 0 | .92 | — | 1 | .37 | — | — | 15 | .01 | 21 | .05 | 2 | .25 | 2 | .34 | 2 | .34 | 0 | .79(b) | 12,302 | 91 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 11 | .74 | 0 | .14 | 2 | .90 | 3 | .04 | 0 | .35 | 0 | .76 | — | 1 | .11 | — | — | 13 | .67 | 27 | .89 | 2 | .30 | 2 | .50 | 2 | .50 | 1 | .78 | 4,736 | 129 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 11 | .22 | 0 | .14• | (1 | .71) | (1 | .57) | 0 | .06 | 0 | .01 | 0 | .09 | 0 | .16 | — | — | 9 | .49 | (13 | .92) | 2 | .28 | 2 | .28† | 2 | .28† | 3 | .05† | 106,202 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 21 | .70 | 0 | .16 | (9 | .99) | (9 | .83) | 0 | .61 | 0 | .04 | — | 0 | .65 | — | — | 11 | .22 | (46 | .38) | 2 | .16 | 2 | .16† | 2 | .16† | 0 | .99 | 153,110 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 20 | .10 | 0 | .04• | 2 | .82 | 2 | .86 | 0 | .95 | 0 | .31 | — | 1 | .26 | — | — | 21 | .70 | 14 | .57 | 2 | .05 | 2 | .05 | 2 | .05 | 0 | .20 | 303,235 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 15 | .65 | 0 | .05• | 5 | .82 | 5 | .87 | 0 | .36 | 1 | .06 | — | 1 | .42 | — | — | 20 | .10 | 40 | .06 | 2 | .14 | 2 | .14 | 2 | .14 | 0 | .29 | 109,197 | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 14 | .19 | 0 | .12•(b) | 2 | .71(b) | 2 | .83 | 0 | .45 | 0 | .92 | — | 1 | .37 | — | — | 15 | .65 | 21 | .11 | 2 | .25 | 2 | .34 | 2 | .34 | 0 | .78(b) | 27,989 | 91 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 12 | .14 | 0 | .14 | 3 | .02 | 3 | .16 | 0 | .35 | 0 | .76 | — | 1 | .11 | — | — | 14 | .19 | 27 | .93 | 2 | .30 | 2 | .50 | 2 | .50 | 1 | .72 | 7,817 | 129 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 12 | .57 | 0 | .21• | (1 | .91) | (1 | .70) | 0 | .12 | 0 | .01 | 0 | .09 | 0 | .22 | — | — | 10 | .65 | (13 | .44) | 1 | .07 | 1 | .07† | 1 | .07† | 4 | .24† | 272,407 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 24 | .21 | 0 | .38• | (11 | .17) | (10 | .79) | 0 | .81 | 0 | .04 | — | 0 | .85 | — | — | 12 | .57 | (45 | .77) | 1 | .01 | 1 | .01† | 1 | .01† | 2 | .12† | 225,881 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 22 | .23 | 0 | .28• | 3 | .16 | 3 | .44 | 1 | .15 | 0 | .31 | — | 1 | .46 | — | — | 24 | .21 | 15 | .88 | 0 | .95 | 0 | .95 | 0 | .95 | 1 | .24 | 76,869 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 17 | .14 | 0 | .28• | 6 | .39 | 6 | .67 | 0 | .52 | 1 | .06 | — | 1 | .58 | — | — | 22 | .23 | 41 | .49 | 1 | .06 | 1 | .06 | 1 | .06 | 1 | .40 | 11,226 | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-03-05(1)–10-31-05 | 16 | .32 | 0 | .14•(b) | 0 | .86(b) | 1 | .00 | 0 | .18 | — | — | 0 | .18 | — | — | 17 | .14 | 6 | .14 | 1 | .22 | 1 | .30 | 1 | .30 | 0 | .85(b) | 1,681 | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 12 | .55 | 0 | .19• | (1 | .90) | (1 | .71) | 0 | .09 | 0 | .01 | 0 | .09 | 0 | .19 | — | — | 10 | .65 | (13 | .57) | 1 | .53 | 1 | .53† | 1 | .53† | 3 | .81† | 10,235 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 24 | .19 | 0 | .33• | (11 | .19) | (10 | .86) | 0 | .74 | 0 | .04 | — | 0 | .78 | — | — | 12 | .55 | (46 | .03) | 1 | .41 | 1 | .41† | 1 | .41† | 1 | .74† | 12,758 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-15-06(1)–10-31-07 | 22 | .20 | 0 | .20• | 3 | .20 | 3 | .40 | 1 | .10 | 0 | .31 | — | 1 | .41 | — | — | 24 | .19 | 15 | .68 | 1 | .30 | 1 | .30 | 1 | .30 | 0 | .90 | 26,137 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 12 | .59 | 0 | .22• | (1 | .92) | (1.70) | 0 | .12 | 0 | .01 | 0 | .09 | 0 | .22 | — | — | 10 | .67 | (13 | .39) | 1 | .07 | 1 | .07† | 1 | .07† | 4 | .46† | 104,256 | 33 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-12-08(1)–10-31-08 | 19 | .29 | 0 | .28 | (6 | .65) | (6 | .37) | 0 | .33 | — | 0 | .33 | — | — | 12 | .59 | (33 | .53) | 1 | .01 | 1 | .01† | 1 | .01† | 1 | .95† | 50,233 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Global Value Choice Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 16 | .84 | 0 | .09 | 3 | .33 | 3 | .42 | — | — | — | — | — | — | 20 | .26 | 20 | .31 | 1 | .64 | 1 | .50† | 1 | .50† | 0 | .97† | 94,552 | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 28 | .40 | 0 | .11 | (11 | .51) | (11 | .40) | 0 | .16 | — | — | 0 | .16 | — | — | 16 | .84 | (40 | .34) | 1 | .62 | 1 | .55† | 1 | .53† | 0 | .41† | 38,258 | 73 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 21 | .72 | 0 | .01 | 6 | .67 | 6 | .68 | — | — | — | — | — | — | 28 | .40 | 30 | .76 | 1 | .77 | 1 | .82 | 1 | .81 | 0 | .04 | 58,600 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 18 | .16 | 0 | .08 | 3 | .62 | 3 | .70 | 0 | .14 | — | — | 0 | .14 | — | — | 21 | .72 | 20 | .48 | 1 | .78 | 1 | .78 | 1 | .77 | 0 | .40 | 47,305 | 77 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 15 | .96 | 0 | .09 | 2 | .11 | 2 | .20 | — | — | — | — | 0 | .00* | — | 18 | .16 | 13 | .78(a) | 1 | .90 | 1 | .85 | 1 | .85 | 0 | .46 | 41,941 | 129 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 14 | .76 | (0 | .04) | 1 | .24 | 1 | .20 | — | — | — | — | — | — | 15 | .96 | 8 | .13 | 1 | .77 | 1 | .85 | 1 | .85 | (0 | .21) | 46,133 | 101 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60
Table of Contents
Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment | Supplemental | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operations | Less distributions | Ratios to average net assets | Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset | Net | Net | Expenses net of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
value, | realized | Total | asset | Expenses | fee waivers | Expenses net of | Net assets, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | Net | and | from | From net | Redemption | value, | before | and/or | all | Net investment | end | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of year | investment | unrealized | investment | investment | From net | From return of | Total | Payment | fees applied | end of | Total | reductions/ | recoupments, | reductions/ | income | of year or | turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
or period | income (loss) | gain (loss) | operations | income | realized gains | capital | distributions | by affiliate | to capital | year or period | Return(1) | additions(2) | if any(2)(3) | additions(2)(3) | (loss)(2)(3) | period | rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Global Value Choice Fund (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 18 | .10 | 0 | .02 | 3 | .57 | 3 | .59 | — | — | — | — | — | — | 21 | .69 | 19 | .83 | 2 | .39 | 2 | .25† | 2 | .25† | 0 | .14† | 5,324 | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 30 | .58 | (0 | .11)• | (12 | .37) | (12 | .48) | — | — | — | — | — | — | 18 | .10 | (40 | .81) | 2 | .37 | 2 | .30† | 2 | .28† | (0 | .39)† | 6,722 | 73 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 23 | .54 | (0 | .17)• | 7 | .21 | 7 | .04 | — | — | — | — | — | — | 30 | .58 | 29 | .91 | 2 | .42 | 2 | .47 | 2 | .46 | (0 | .62) | 22,049 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 19 | .67 | (0 | .04) | 3 | .91 | 3 | .87 | — | — | — | — | — | — | 23 | .54 | 19 | .67 | 2 | .43 | 2 | .43 | 2 | .42 | (0 | .25) | 21,364 | 77 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 17 | .39 | (0 | .04) | 2 | .32 | 2 | .28 | — | — | — | — | 0 | .00* | — | 19 | .67 | 13 | .11(a) | 2 | .55 | 2 | .50 | 2 | .50 | (0 | .19) | 23,483 | 129 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 16 | .19 | (0 | .17) | 1 | .37 | 1 | .20 | — | — | — | — | — | — | 17 | .39 | 7 | .41 | 2 | .42 | 2 | .50 | 2 | .50 | (0 | .87) | 28,559 | 101 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 16 | .08 | 0 | .02 | 3 | .17 | 3 | .19 | — | — | — | — | — | — | 19 | .27 | 19 | .84 | 2 | .39 | 2 | .25† | 2 | .25† | 0 | .21† | 26,554 | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 27 | .18 | (0 | .09) | (10 | .99) | (11 | .08) | 0 | .02 | — | — | 0 | .02 | — | — | 16 | .08 | (40 | .79) | 2 | .37 | 2 | .30† | 2 | .28† | (0 | .36)† | 21,045 | 73 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 20 | .93 | (0 | .14)• | 6 | .39 | 6 | .25 | — | — | — | — | — | — | 27 | .18 | 29 | .86 | 2 | .42 | 2 | .47 | 2 | .46 | (0 | .60) | 39,537 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 17 | .50 | (0 | .05) | 3 | .50 | 3 | .45 | 0 | .02 | — | — | 0 | .02 | — | — | 20 | .93 | 19 | .73 | 2 | .43 | 2 | .43 | 2 | .42 | (0 | .26) | 31,612 | 77 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 15 | .48 | (0 | .04) | 2 | .06 | 2 | .02 | — | — | — | — | 0 | .00* | — | 17 | .50 | 13 | .05(a) | 2 | .55 | 2 | .50 | 2 | .50 | (0 | .19) | 30,918 | 129 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 14 | .41 | (0 | .15) | 1 | .22 | 1 | .07 | — | — | — | — | — | — | 15 | .48 | 7 | .43 | 2 | .42 | 2 | .50 | 2 | .50 | (0 | .87) | 35,784 | 101 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 16 | .92 | 0 | .12 | 3 | .35 | 3 | .47 | — | — | — | — | — | — | 20 | .39 | 20 | .51 | 1 | .18 | 1 | .18† | 1 | .18† | 1 | .26† | 6,597 | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 28 | .57 | 0 | .22 | (11 | .59) | (11 | .37) | 0 | .28 | — | — | 0 | .28 | — | — | 16 | .92 | (40 | .13) | 1 | .22 | 1 | .22† | 1 | .20† | 0 | .76† | 5,794 | 73 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 21 | .73 | 0 | .15 | 6 | .69 | 6 | .84 | — | — | — | — | — | — | 28 | .57 | 31 | .48 | 1 | .25 | 1 | .30 | 1 | .29 | 0 | .67 | 7,845 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
09-06-06(4)–10-31-06 | 21 | .31 | (0 | .11) | 0 | .53 | 0 | .42 | — | — | — | — | — | — | 21 | .73 | 1 | .97 | 1 | .27 | 1 | .26 | 1 | .26 | (0 | .69) | 3,010 | 77 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class Q | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 19 | .78 | 0 | .11• | 3 | .92 | 4 | .03 | — | — | — | — | — | — | 23 | .81 | 20 | .37 | 1 | .45 | 1 | .45† | 1 | .45† | 1 | .05† | 3,219 | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 33 | .36 | 0 | .13 | (13 | .51) | (13 | .38) | 0 | .20 | — | — | 0 | .20 | — | — | 19 | .78 | (40 | .31) | 1 | .47 | 1 | .47† | 1 | .45† | 0 | .46† | 1,343 | 73 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 25 | .44 | 0 | .08• | 7 | .84 | 7 | .92 | — | — | — | — | — | — | 33 | .36 | 31 | .13 | 1 | .50 | 1 | .55 | 1 | .54 | 0 | .29 | 2,652 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 21 | .25 | 0 | .18• | 4 | .20 | 4 | .38 | 0 | .19 | — | — | 0 | .19 | — | — | 25 | .44 | 20 | .75 | 1 | .52 | 1 | .52 | 1 | .51 | 0 | .75 | 2,757 | 77 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 18 | .61 | 0 | .15 | 2 | .49 | 2 | .64 | — | — | — | — | 0 | .00* | — | 21 | .25 | 14 | .19(a) | 1 | .60 | 1 | .55 | 1 | .55 | 0 | .75 | 4,387 | 129 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 17 | .17 | 0 | .01 | 1 | .43 | 1 | .44 | — | — | — | — | — | — | 18 | .61 | 8 | .39 | 1 | .51 | 1 | .59 | 1 | .59 | 0 | .05 | 4,223 | 101 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Asia-Pacific Real Estate Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 4 | .51 | 0 | .06 | (0 | .44) | (0 | .38) | 0 | .07 | — | — | 0 | .07 | — | — | 4 | .06 | (8 | .50) | 5 | .46 | 1 | .78† | 1 | .78† | 2 | .80† | 2,282 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-01-07(4)–10-31-08 | 10 | .00 | 0 | .11 | (5 | .50) | (5 | .39) | 0 | .10 | — | — | 0 | .10 | — | — | 4 | .51 | (54 | .27) | 4 | .14 | 1 | .75 | 1 | .75 | 1 | .54 | 3,144 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 4 | .50 | 0 | .04 | (0 | .44) | (0 | .40) | 0 | .06 | — | — | 0 | .06 | — | — | 4 | .04 | (8 | .96) | 6 | .21 | 2 | .53† | 2 | .53† | 2 | .07† | 17 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-01-07(4)–10-31-08 | 10 | .00 | 0 | .07 | (5 | .51) | (5 | .44) | 0 | .06 | — | — | 0 | .06 | — | — | 4 | .50 | (54 | .63) | 4 | .89 | 2 | .50 | 2 | .50 | 1 | .15 | 18 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 4 | .50 | 0 | .04• | (0 | .43) | (0 | .39) | 0 | .05 | — | — | 0 | .05 | — | — | 4 | .06 | (8 | .80) | 6 | .21 | 2 | .53† | 2 | .53† | 1 | .85† | 545 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-01-07(4)–10-31-08 | 10 | .00 | 0 | .06• | (5 | .50) | (5 | .44) | 0 | .06 | — | — | 0 | .06 | — | — | 4 | .50 | (54 | .62) | 4 | .89 | 2 | .50 | 2 | .50 | 1 | .12 | 3,532 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 4 | .50 | 0 | .05 | (0 | .43) | (0 | .38) | 0 | .08 | — | — | 0 | .08 | — | — | 4 | .04 | (8 | .49) | 5 | .21 | 1 | .53† | 1 | .53† | 2 | .55† | 0 | ** | 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-01-07(4)–10-31-08 | 10 | .00 | 0 | .13 | (5 | .51) | (5 | .38) | 0 | .12 | — | — | 0 | .12 | — | — | 4 | .50 | (54 | .25) | 3 | .89 | 1 | .50 | 1 | .50 | 1 | .77 | 0 | ** | 81 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Disciplined International SmallCap Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5 | .47 | 0 | .06• | (0 | .04) | 0 | .02 | 0 | .19 | — | — | 0 | .19 | — | — | 5 | .30 | 0 | .30 | 1 | .20 | 1 | .20 | 1 | .20 | 2 | .24 | 74 | 55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 12 | .09 | 0 | .18• | (6 | .55) | (6 | .37) | 0 | .06 | 0 | .19 | — | 0 | .25 | — | — | 5 | .47 | (53 | .65) | 1 | .13 | 1 | .13 | 1 | .13 | 1 | .96 | 73 | 148 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-20-06(4)–10-31-07 | 10 | .00 | 0 | .14• | 1 | .95 | 2 | .09 | — | — | — | — | — | — | 12 | .09 | 20 | .90 | 1 | .11 | 1 | .11 | 1 | .11 | 1 | .37 | 69 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
61
Table of Contents
Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment | Supplemental | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operations | Less distributions | Ratios to average net assets | Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset | Net | Net | Expenses net of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
value, | realized | Total | asset | Expenses | fee waivers | Expenses net of | Net assets, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | Net | and | from | From net | Redemption | value, | before | and/or | all | Net investment | end | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of year | investment | unrealized | investment | investment | From net | From return of | Total | Payment | fees applied | end of | Total | reductions/ | recoupments, | reductions/ | income | of year or | turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
or period | income (loss) | gain (loss) | operations | income | realized gains | capital | distributions | by affiliate | to capital | year or period | Return(1) | additions(2) | if any(2)(3) | additions(2)(3) | (loss)(2)(3) | period | rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Disciplined International SmallCap Fund (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5 | .42 | 0 | .07• | (0 | .09) | (0 | .02) | 0 | .07 | — | — | 0 | .07 | — | — | 5 | .33 | (0 | .32) | 1 | .95 | 1 | .95 | 1 | .95 | 2 | .90 | 8 | 55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 12 | .02 | 0 | .10• | (6 | .50) | (6 | .40) | 0 | .01 | 0 | .19 | — | 0 | .20 | — | — | 5 | .42 | (54 | .04) | 1 | .88 | 1 | .88 | 1 | .88 | 1 | .13 | 3 | 148 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-20-06(4)–10-31-07 | 10 | .00 | 0 | .06• | 1 | .96 | 2 | .02 | — | — | — | — | — | — | 12 | .02 | 20 | .20 | 1 | .86 | 1 | .86 | 1 | .86 | 0 | .67 | 5 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5 | .42 | 0 | .03• | (0 | .01) | 0 | .02 | 0 | .18 | — | — | 0 | .18 | — | — | 5 | .26 | 0 | .34 | 1 | .95 | 1 | .95 | 1 | .95 | 1 | .40 | 77 | 55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 12 | .02 | 0 | .03• | (6 | .43) | (6 | .40) | 0 | .01 | 0 | .19 | — | 0 | .20 | — | — | 5 | .42 | (54 | .04) | 1 | .88 | 1 | .88 | 1 | .88 | 0 | .34 | 70 | 148 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-20-06(4)–10-31-07 | 10 | .00 | 0 | .02• | 2 | .00 | 2 | .02 | — | — | — | — | — | — | 12 | .02 | 20 | .20 | 1 | .86 | 1 | .86 | 1 | .86 | 0 | .25 | 55 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5 | .49 | 0 | .07 | (0 | .03) | 0 | .04 | 0 | .21 | — | — | 0 | .21 | — | — | 5 | .32 | 0 | .68 | 0 | .85 | 0 | .85 | 0 | .85 | 2 | .70 | 233,506 | 55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 12 | .13 | 0 | .20• | (6 | .58) | (6 | .38) | 0 | .07 | 0 | .19 | — | 0 | .26 | — | — | 5 | .49 | (53 | .58) | 0 | .83 | 0 | .83 | 0 | .83 | 2 | .11 | 219,657 | 148 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-20-06(4)–10-31-07 | 10 | .00 | 0 | .13• | 2 | .00 | 2 | .13 | — | — | — | — | — | — | 12 | .13 | 21 | .30 | 0 | .86 | 0 | .86 | 0 | .86 | 1 | .29 | 465,657 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Emerging Countries Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 16 | .04 | (0 | .00)* | 1 | .86 | 1 | .86 | 0 | .50 | — | — | 0 | .50 | 0 | .08 | — | 17 | .48 | 12 | .41(h) | 2 | .40 | 2 | .09 | 2 | .09 | (0 | .00)* | 57,898 | 82 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 41 | .48 | 0 | .71 | (24 | .59) | (23 | .88) | 0 | .45 | 1 | .11 | — | 1 | .56 | — | — | 16 | .04 | (59 | .64) | 2 | .10 | 1 | .96 | 1 | .94 | 1 | .86 | 60,207 | 177 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 29 | .62 | 0 | .47 | 11 | .82 | 12 | .29 | 0 | .43 | — | — | 0 | .43 | — | — | 41 | .48 | 41 | .93 | 1 | .99 | 1 | .89 | 1 | .86 | 1 | .42 | 197,307 | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 23 | .60 | 0 | .48 | 5 | .68 | 6 | .16 | — | 0 | .14 | — | 0 | .14 | — | — | 29 | .62 | 26 | .19 | 2 | .02 | 1 | .92 | 1 | .91 | 1 | .80 | 123,219 | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 19 | .40 | 0 | .19 | 3 | .98 | 4 | .17 | 0 | .02 | — | — | 0 | .02 | 0 | .05 | — | 23 | .60 | 21 | .76(d) | 2 | .09 | 2 | .00 | 2 | .00 | 0 | .91 | 87,143 | 124 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 17 | .32 | 0 | .09 | 2 | .08 | 2 | .17 | 0 | .09 | — | — | 0 | .09 | 0 | .00* | — | 19 | .40 | 12 | .58(c) | 2 | .10 | 2 | .20 | 2 | .20 | 0 | .41 | 67,282 | 88 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 15 | .73 | (0 | .05)• | 1 | .81 | 1 | .76 | 0 | .17 | — | — | 0 | .17 | 0 | .08 | — | 17 | .40 | 11 | .81(h) | 3 | .05 | 2 | .84 | 2 | .84 | (0 | .70) | 3,770 | 82 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 40 | .67 | 0 | .36• | (24 | .05) | (23 | .69) | 0 | .14 | 1 | .11 | — | 1 | .25 | — | — | 15 | .73 | (59 | .94) | 2 | .75 | 2 | .71 | 2 | .69 | 1 | .10 | 4,312 | 177 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 29 | .04 | 0 | .24• | 11 | .57 | 11 | .81 | 0 | .18 | — | — | 0 | .18 | — | — | 40 | .67 | 40 | .85 | 2 | .64 | 2 | .64 | 2 | .61 | 0 | .67 | 16,648 | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 23 | .17 | 0 | .28• | 5 | .59 | 5 | .87 | — | — | — | — | — | — | 29 | .04 | 25 | .33 | 2 | .67 | 2 | .67 | 2 | .66 | 1 | .06 | 13,575 | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 19 | .17 | 0 | .04 | 3 | .91 | 3 | .95 | — | — | — | — | 0 | .05 | — | 23 | .17 | 20 | .87(d) | 2 | .74 | 2 | .74 | 2 | .74 | 0 | .14 | 12,562 | 124 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 17 | .15 | (0 | .04) | 2 | .06 | 2 | .02 | — | — | — | — | 0 | .00* | — | 19 | .17 | 11 | .78(c) | 2 | .75 | 2 | .85 | 2 | .85 | (0 | .30) | 12,581 | 88 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 14 | .82 | (0 | .05)• | 1 | .72 | 1 | .67 | 0 | .22 | — | — | 0 | .22 | 0 | .07 | — | 16 | .34 | 11 | .87(h) | 3 | .05 | 2 | .84 | 2 | .84 | (0 | .74) | 13,739 | 82 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 38 | .45 | 0 | .34• | (22 | .65) | (22 | .31) | 0 | .21 | 1 | .11 | — | 1 | .32 | — | — | 14 | .82 | (59 | .92) | 2 | .75 | 2 | .71 | 2 | .69 | 1 | .11 | 14,586 | 177 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 27 | .53 | 0 | .20 | 10 | .97 | 11 | .17 | 0 | .25 | — | — | 0 | .25 | — | — | 38 | .45 | 40 | .82 | 2 | .64 | 2 | .64 | 2 | .61 | 0 | .65 | 53,885 | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 22 | .04 | 0 | .25 | 5 | .31 | 5 | .56 | 0 | .07 | — | — | 0 | .07 | — | — | 27 | .53 | 25 | .29 | 2 | .67 | 2 | .67 | 2 | .66 | 1 | .12 | 35,847 | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 18 | .24 | 0 | .03 | 3 | .72 | 3 | .75 | — | — | — | — | 0 | .05 | — | 22 | .04 | 20 | .83(d) | 2 | .74 | 2 | .74 | 2 | .74 | 0 | .25 | 20,985 | 124 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 16 | .32 | (0 | .03) | 1 | .95 | 1 | .92 | — | — | — | — | 0 | .00* | — | 18 | .24 | 11 | .76(c) | 2 | .75 | 2 | .85 | 2 | .85 | (0 | .20) | 9,680 | 88 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 16 | .11 | 0 | .03 | 1 | .86 | 1 | .89 | 0 | .63 | — | — | 0 | .63 | 0 | .08 | — | 17 | .45 | 12 | .65(h) | 1 | .94 | 1 | .73 | 1 | .73 | 0 | .33 | 20,980 | 82 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 41 | .63 | 0 | .56• | (24 | .40) | (23 | .84) | 0 | .57 | 1 | .11 | — | 1 | .68 | — | — | 16 | .11 | (59 | .48) | 1 | .67 | 1 | .63 | 1 | .61 | 1 | .79 | 18,429 | 177 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 29 | .72 | 0 | .55 | 11 | .90 | 12 | .45 | 0 | .54 | — | — | 0 | .54 | — | — | 41 | .63 | 42 | .41 | 1 | .56 | 1 | .56 | 1 | .53 | 1 | .71 | 41,551 | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-21-05(4)–10-31-06 | 25 | .52 | 0 | .65• | 3 | .55 | 4 | .20 | — | — | — | — | — | — | 29 | .72 | 16 | .46 | 1 | .55 | 1 | .55 | 1 | .54 | 2 | .73 | 23,456 | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class Q | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 16 | .65 | 0 | .01• | 1 | .92 | 1 | .93 | 0 | .50 | — | — | 0 | .50 | 0 | .08 | — | 18 | .16 | 12 | .43(h) | 2 | .19 | 1 | .98 | 1 | .98 | 0 | .12 | 5,076 | 82 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 42 | .92 | 0 | .91 | (25 | .58) | (24 | .67) | 0 | .49 | 1 | .11 | — | 1 | .60 | — | — | 16 | .65 | (59 | .53) | 1 | .92 | 1 | .88 | 1 | .86 | 1 | .98 | 5,120 | 177 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 30 | .62 | 0 | .44 | 12 | .31 | 12 | .75 | — | 0 | .45 | — | 0 | .45 | — | — | 42 | .92 | 42 | .05 | 1 | .81 | 1 | .81 | 1 | .78 | 1 | .49 | 21,253 | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 24 | .38 | 0 | .59• | 5 | .81 | 6 | .40 | — | 0 | .16 | — | 0 | .16 | — | — | 30 | .62 | 26 | .37 | 1 | .80 | 1 | .80 | 1 | .79 | 2 | .09 | 10,700 | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 20 | .03 | 0 | .26 | 4 | .07 | 4 | .33 | 0 | .03 | — | — | 0 | .03 | 0 | .05 | — | 24 | .38 | 21 | .89(d) | 1 | .85 | 1 | .85 | 1 | .85 | 1 | .12 | 10,776 | 124 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 17 | .89 | 0 | .09 | 2 | .17 | 2 | .26 | 0 | .12 | — | — | 0 | .12 | 0 | .00* | — | 20 | .03 | 12 | .70(c) | 2 | .00 | 2 | .10 | 2 | .10 | 0 | .36 | 8,929 | 88 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
62
Table of Contents
Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment | Supplemental | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operations | Less distributions | Ratios to average net assets | Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset | Net | Net | Expenses net of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
value, | realized | Total | asset | Expenses | fee waivers | Expenses net of | Net assets, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | Net | and | from | From net | Redemption | value, | before | and/or | all | Net investment | end | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of year | investment | unrealized | investment | investment | From net | From return of | Total | Payment | fees applied | end of | Total | reductions/ | recoupments, | reductions/ | income | of year or | turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
or period | income (loss) | gain (loss) | operations | income | realized gains | capital | distributions | by affiliate | to capital | year or period | Return(1) | additions(2) | if any(2)(3) | additions(2)(3) | (loss)(2)(3) | period | rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Emerging Countries Fund (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 16 | .85 | 0 | .02• | 1 | .97 | 1 | .99 | 0 | .64 | — | — | 0 | .64 | 0 | .08 | — | 18 | .28 | 12 | .69(h) | 1 | .94 | 1 | .73 | 1 | .73 | 0 | .28 | 25 | 82 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-12-08(4)–10-31-08 | 36 | .18 | 0 | .54• | (19 | .86) | (19 | .32) | — | 0 | .01 | — | 0 | .01 | — | — | 16 | .85 | (53 | .42) | 1 | .67 | 1 | .63 | 1 | .61 | 2 | .48 | 36 | 177 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING European Real Estate Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5 | .33 | 0 | .12 | (0 | .61) | (0 | .49) | 0 | .21 | — | — | 0 | .21 | — | — | 4 | .63 | (9 | .23) | 5 | .20 | 1 | .75† | 1 | .75† | 5 | .45† | 2,693 | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-01-07(4)–10-31-08 | 10 | .00 | 0 | .13• | (4 | .68) | (4 | .55) | 0 | .12 | — | — | 0 | .12 | — | — | 5 | .33 | (45 | .92) | 4 | .45 | 1 | .75† | 1 | .75† | 1 | .52† | 3,157 | 162 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5 | .32 | 0 | .13• | (0 | .65) | (0 | .52) | 0 | .19 | — | — | 0 | .19 | — | — | 4 | .61 | (9 | .74) | 5 | .95 | 2 | .50† | 2 | .50† | 6 | .13† | 14 | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-01-07(4)–10-31-08 | 10 | .00 | 0 | .07• | (4 | .68) | (4 | .61) | 0 | .07 | — | — | 0 | .07 | — | — | 5 | .32 | (46 | .34) | 5 | .20 | 2 | .50† | 2 | .50† | 0 | .85† | 10 | 162 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5 | .30 | 0 | .11 | (0 | .61) | (0 | .50) | 0 | .19 | — | — | 0 | .19 | — | — | 4 | .61 | (9 | .50) | 5 | .95 | 2 | .50† | 2 | .50† | 4 | .77† | 42 | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-01-07(4)–10-31-08 | 10 | .00 | 0 | .09 | (4 | .72) | (4 | .63) | 0 | .07 | — | — | 0 | .07 | — | — | 5 | .30 | (46 | .57) | 5 | .20 | 2 | .50† | 2 | .50† | 1 | .13† | 48 | 162 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5 | .33 | 0 | .13 | (0 | .61) | (0 | .48) | 0 | .22 | — | — | 0 | .22 | — | — | 4 | .63 | (9 | .05) | 4 | .85 | 1 | .40† | 1 | .40† | 5 | .82† | 0 | ** | 56 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-01-07(4)–10-31-08 | 10 | .00 | 0 | .15• | (4 | .68) | (4 | .53) | 0 | .14 | — | — | 0 | .14 | — | — | 5 | .33 | (45 | .77) | 4 | .20 | 1 | .40† | 1 | .40† | 1 | .75† | 1 | 162 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Foreign Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 11 | .68 | 0 | .05• | (0 | .99) | (0 | .94) | 0 | .42 | — | — | 0 | .42 | — | — | 10 | .32 | (8 | .38) | 1 | .80 | 1 | .70† | 1 | .70† | 1 | .00† | 91,649 | 99 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 23 | .54 | 0 | .18• | (10 | .65) | (10 | .47) | — | 1 | .39 | — | 1 | .39 | — | — | 11 | .68 | (47 | .01) | 1 | .61 | 1 | .60† | 1 | .60† | 0 | .93† | 151,246 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 18 | .56 | 0 | .10 | 5 | .56 | 5 | .66 | — | 0 | .68 | — | 0 | .68 | — | — | 23 | .54 | 31 | .32 | 1 | .54 | 1 | .54 | 1 | .54 | 0 | .59 | 349,917 | 69 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 14 | .79 | 0 | .08• | 4 | .05 | 4 | .13 | — | 0 | .36 | — | 0 | .36 | — | — | 18 | .56 | 28 | .39 | 1 | .58 | 1 | .65 | 1 | .65 | 0 | .49 | 219,819 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 12 | .38 | 0 | .06 | 2 | .35 | 2 | .41 | — | — | — | — | — | — | 14 | .79 | 19 | .47 | 1 | .66 | 1 | .68 | 1 | .68 | 0 | .53 | 122,883 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 11 | .01 | 0 | .11 | 1 | .44 | 1 | .55 | 0 | .04 | 0 | .04 | 0 | .10 | 0 | .18 | — | — | 12 | .38 | 14 | .25 | 1 | .95 | 1 | .70 | 1 | .70 | 0 | .37 | 62,949 | 141 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 11 | .19 | 0 | .01• | (0 | .97) | (0 | .96) | 0 | .27 | — | — | 0 | .27 | — | — | 9 | .96 | (8 | .82) | 2 | .55 | 2 | .45† | 2 | .45† | 0 | .25† | 13,350 | 99 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 22 | .78 | 0 | .02• | (10 | .22) | (10 | .20) | — | 1 | .39 | — | 1 | .39 | — | — | 11 | .19 | (47 | .42) | 2 | .36 | 2 | .35† | 2 | .35† | 0 | .11† | 18,831 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 18 | .11 | (0 | .03) | 5 | .38 | 5 | .35 | — | 0 | .68 | — | 0 | .68 | — | — | 22 | .78 | 30 | .35 | 2 | .29 | 2 | .29 | 2 | .29 | (0 | .16) | 50,276 | 69 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 14 | .55 | (0 | .04)• | 3 | .96 | 3 | .92 | — | 0 | .36 | — | 0 | .36 | — | — | 18 | .11 | 27 | .40 | 2 | .33 | 2 | .40 | 2 | .40 | (0 | .24) | 38,136 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 12 | .26 | (0 | .03) | 2 | .32 | 2 | .29 | — | — | — | — | — | — | 14 | .55 | 18 | .68 | 2 | .41 | 2 | .43 | 2 | .43 | (0 | .23) | 22,944 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 10 | .99 | (0 | .05)• | 1 | .49 | 1 | .44 | 0 | .03 | 0 | .04 | 0 | .10 | 0 | .17 | — | — | 12 | .26 | 13 | .32 | 2 | .70 | 2 | .45 | 2 | .45 | (0 | .46) | 11,263 | 141 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 11 | .21 | 0 | .01• | (0 | .96) | (0 | .95) | 0 | .29 | — | — | 0 | .29 | — | — | 9 | .97 | (8 | .72) | 2 | .55 | 2 | .45† | 2 | .45† | 0 | .25† | 74,530 | 99 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 22 | .81 | 0 | .03• | (10 | .24) | (10 | .21) | — | 1 | .39 | — | 1 | .39 | — | — | 11 | .21 | (47 | .40) | 2 | .36 | 2 | .35† | 2 | .35† | 0 | .14† | 102,274 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 18 | .14 | (0 | .03) | 5 | .38 | 5 | .35 | — | 0 | .68 | — | 0 | .68 | — | — | 22 | .81 | 30 | .30 | 2 | .29 | 2 | .29 | 2 | .29 | (0 | .14) | 232,439 | 69 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 14 | .57 | (0 | .04)• | 3 | .97 | 3 | .93 | — | 0 | .36 | — | 0 | .36 | — | — | 18 | .14 | 27 | .43 | 2 | .33 | 2 | .40 | 2 | .40 | (0 | .26) | 154,101 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 12 | .28 | (0 | .03) | 2 | .32 | 2 | .29 | — | — | — | — | — | — | 14 | .57 | 18 | .65 | 2 | .41 | 2 | .43 | 2 | .43 | (0 | .27) | 87,877 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 11 | .01 | (0 | .04)• | 1 | .48 | 1 | .44 | 0 | .03 | 0 | .04 | 0 | .10 | 0 | .17 | — | — | 12 | .28 | 13 | .28 | 2 | .70 | 2 | .45 | 2 | .45 | (0 | .41) | 41,424 | 141 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 11 | .92 | 0 | .07• | (0 | .99) | (0 | .92) | 0 | .51 | — | — | 0 | .51 | — | — | 10 | .49 | (8 | .17) | 1 | .42 | 1 | .32† | 1 | .32† | 1 | .32† | 53,241 | 99 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 23 | .91 | 0 | .24• | (10 | .84) | (10 | .60) | — | 1 | .39 | — | 1 | .39 | — | — | 11 | .92 | (46 | .82) | 1 | .28 | 1 | .27† | 1 | .27† | 1 | .26† | 68,020 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 18 | .78 | 0 | .16 | 5 | .65 | 5 | .81 | — | 0 | .68 | — | 0 | .68 | — | — | 23 | .91 | 31 | .76 | 1 | .21 | 1 | .21 | 1 | .21 | 0 | .94 | 108,732 | 69 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 14 | .93 | 0 | .13• | 4 | .08 | 4 | .21 | — | 0 | .36 | — | 0 | .36 | — | — | 18 | .78 | 28 | .67 | 1 | .28 | 1 | .35 | 1 | .34 | 0 | .78 | 61,248 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 12 | .45 | 0 | .34 | 2 | .14 | 2 | .48 | — | — | — | — | — | — | 14 | .93 | 19 | .92 | 1 | .34 | 1 | .35 | 1 | .35 | 0 | .97 | 1,049 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 11 | .05 | 0 | .19 | 1 | .39 | 1 | .58 | 0 | .04 | 0 | .04 | 0 | .10 | 0 | .18 | — | — | 12 | .45 | 14 | .53 | 1 | .50 | 1 | .25 | 1 | .25 | 1 | .58 | 2,547 | 141 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
63
Table of Contents
Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment | Supplemental | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operations | Less distributions | Ratios to average net assets | Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset | Net | Net | Expenses net of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
value, | realized | Total | asset | Expenses | fee waivers | Expenses net of | Net assets, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | Net | and | from | From net | Redemption | value, | before | and/or | all | Net investment | end | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of year | investment | unrealized | investment | investment | From net | From return of | Total | Payment | fees applied | end of | Total | reductions/ | recoupments, | reductions/ | income | of year or | turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
or period | income (loss) | gain (loss) | operations | income | realized gains | capital | distributions | by affiliate | to capital | year or period | Return(1) | additions(2) | if any(2)(3) | additions(2)(3) | (loss)(2)(3) | period | rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Foreign Fund (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class Q | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 11 | .73 | 0 | .06• | (1 | .03) | (0 | .97) | 0 | .15 | — | — | 0 | .15 | — | — | 10 | .61 | (8 | .37) | 1 | .67 | 1 | .57† | 1 | .57† | 1 | .09† | 28 | 99 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 23 | .63 | 0 | .18• | (10 | .69) | (10 | .51) | — | 1 | .39 | — | 1 | .39 | — | — | 11 | .73 | (47 | .00) | 1 | .53 | 1 | .52† | 1 | .52† | 0 | .94† | 66 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 18 | .61 | 0 | .17• | 5 | .53 | 5 | .70 | — | 0 | .68 | — | 0 | .68 | — | — | 23 | .63 | 31 | .45 | 1 | .45 | 1 | .45 | 1 | .45 | 0 | .82 | 856 | 69 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 14 | .82 | 0 | .07• | 4 | .08 | 4 | .15 | — | 0 | .36 | — | 0 | .36 | — | — | 18 | .61 | 28 | .47 | 1 | .53 | 1 | .60 | 1 | .60 | 0 | .43 | 1,196 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 12 | .40 | 0 | .08 | 2 | .34 | 2 | .42 | — | — | — | — | — | — | 14 | .82 | 19 | .52 | 1 | .59 | 1 | .60 | 1 | .60 | 0 | .53 | 1,079 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 11 | .02 | 0 | .09 | 1 | .46 | 1 | .55 | 0 | .03 | 0 | .04 | 0 | .10 | 0 | .17 | — | — | 12 | .40 | 14 | .28 | 1 | .85 | 1 | .60 | 1 | .60 | 0 | .34 | 1,054 | 141 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 12 | .71 | 0 | .08• | (1 | .07) | (0 | .99) | 0 | .51 | — | — | 0 | .51 | — | — | 11 | .21 | (8 | .19) | 1 | .42 | 1 | .32† | 1 | .32† | 1 | .55† | 375 | 99 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-12-08(4)–10-31-08 | 20 | .48 | 0 | .27• | (8 | .04) | (7 | .77) | — | — | — | — | — | — | 12 | .71 | (37 | .94) | 1 | .28 | 1 | .27† | 1 | .27† | 2 | .03† | 296 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Greater China Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 9 | .24 | (0 | .05)• | 2 | .70 | 2 | .65 | 0 | .71 | 0 | .10 | — | 0 | .81 | — | — | 11 | .08 | 29 | .65 | 2 | .64 | 2 | .12 | 2 | .12 | (0 | .97) | 23,482 | 75 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 24 | .43 | 0 | .05• | (13 | .12) | (13 | .07) | 0 | .06 | 2 | .06 | — | 2 | .12 | — | — | 9 | .24 | (57 | .63) | 1 | .96 | 1 | .96 | 1 | .96 | 0 | .32 | 20,481 | 159 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 12 | .49 | 0 | .07 | 11 | .93 | 12 | .00 | 0 | .06 | 0 | .00* | — | 0 | .06 | — | — | 24 | .43 | 96 | .41 | 1 | .91 | 1 | .91 | 1 | .91 | 0 | .54 | 73,804 | 109 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-21-05(4) – 10-31-06 | 10 | .00 | 0 | .06 | 2 | .43 | 2 | .49 | — | — | — | — | — | — | 12 | .49 | 24 | .90 | 2 | .64 | 2 | .64 | 2 | .64 | 0 | .75 | 23,709 | 108 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 9 | .08 | (0 | .08)• | 2 | .65 | 2 | .57 | 0 | .56 | 0 | .10 | — | 0 | .66 | — | — | 10 | .99 | 29 | .08 | 3 | .39 | 2 | .87 | 2 | .87 | (1 | .81) | 2,384 | 75 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 24 | .14 | (0 | .05) | (12 | .95) | (13 | .00) | — | 2 | .06 | — | 2 | .06 | — | — | 9 | .08 | (57 | .95) | 2 | .71 | 2 | .71 | 2 | .71 | (0 | .33) | 1,901 | 159 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 12 | .42 | (0 | .03)• | 11 | .79 | 11 | .76 | 0 | .04 | 0 | .00* | — | 0 | .04 | — | — | 24 | .14 | 94 | .92 | 2 | .66 | 2 | .66 | 2 | .66 | (0 | .19) | 7,414 | 109 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
01-06-06(4) – 10-31-06 | 10 | .60 | 0 | .05• | 1 | .77 | 1 | .82 | — | — | — | — | — | — | 12 | .42 | 17 | .17 | 3 | .39 | 3 | .39 | 3 | .39 | 0 | .47 | 1,957 | 108 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 9 | .09 | (0 | .08)• | 2 | .66 | 2 | .58 | 0 | .55 | 0 | .10 | — | 0 | .65 | — | — | 11 | .02 | 29 | .10 | 3 | .39 | 2 | .87 | 2 | .87 | (1 | .76) | 3,472 | 75 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 24 | .16 | (0 | .09)• | (12 | .92) | (13 | .01) | — | 2 | .06 | — | 2 | .06 | — | — | 9 | .09 | (57 | .94) | 2 | .71 | 2 | .71 | 2 | .71 | (0 | .52) | 2,694 | 159 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 12 | .43 | (0 | .03)• | 11 | .79 | 11 | .76 | 0 | .03 | 0 | .00* | — | 0 | .03 | — | — | 24 | .16 | 94 | .75 | 2 | .66 | 2 | .66 | 2 | .66 | (0 | .20) | 12,386 | 109 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
01-11-06(4) – 10-31-06 | 10 | .67 | 0 | .05• | 1 | .71 | 1 | .76 | — | — | — | — | — | — | 12 | .43 | 16 | .49 | 3 | .39 | 3 | .39 | 3 | .39 | 0 | .53 | 2,124 | 108 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 9 | .28 | (0 | .01) | 2 | .68 | 2 | .67 | 0 | .78 | 0 | .10 | — | 0 | .88 | — | — | 11 | .07 | 29 | .80 | 2 | .20 | 1 | .68 | 1 | .68 | (0 | .48) | 129 | 75 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 24 | .46 | 0 | .16• | (13 | .18) | (13 | .02) | 0 | .10 | 2 | .06 | — | 2 | .16 | — | — | 9 | .28 | (57 | .42) | 1 | .70 | 1 | .70 | 1 | .70 | 1 | .02 | 39 | 159 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 12 | .50 | 0 | .11 | 11 | .93 | 12 | .04 | 0 | .08 | 0 | .00* | — | 0 | .08 | — | — | 24 | .46 | 96 | .81 | 1 | .66 | 1 | .66 | 1 | .66 | 0 | .73 | 52 | 109 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-08-06(4)–10-31-06 | 12 | .84 | 0 | .08 | (0 | .42) | (0 | .34) | — | — | — | — | — | — | 12 | .50 | (2 | .65) | 2 | .39 | 2 | .39 | 2 | .39 | 1 | .47 | 22 | 108 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 9 | .26 | (0 | .04)• | 2 | .67 | 2 | .63 | 0 | .78 | 0 | .10 | — | 0 | .88 | — | — | 11 | .01 | 29 | .42 | 2 | .64 | 2 | .12 | 2 | .12 | (0 | .80) | 989 | 75 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-04-08(4)–10-31-08 | 16 | .83 | 0 | .11• | (7 | .68) | (7 | .57) | — | — | — | — | — | — | 9 | .26 | (44 | .98) | 1 | .96 | 1 | .96 | 1 | .96 | 2 | .23 | 206 | 159 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Index Plus International Equity Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6 | .35 | 0 | .10 | (0 | .31) | (0 | .21) | 0 | .23 | — | — | 0 | .23 | — | — | 5 | .91 | (3 | .47) | 1 | .78 | 1 | .16 | 1 | .16 | 3 | .20 | 7,870 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 13 | .95 | 0 | .19• | (6 | .24) | (6 | .05) | 0 | .18 | 1 | .37 | — | 1 | .55 | — | — | 6 | .35 | (48 | .51) | 1 | .73 | 1 | .30 | 1 | .30 | 1 | .93 | 9,446 | 215 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 11 | .68 | 0 | .14• | 2 | .48 | 2 | .62 | 0 | .08 | 0 | .27 | — | 0 | .35 | — | — | 13 | .95 | 22 | .98 | 1 | .13 | 1 | .16 | 1 | .16 | 1 | .17 | 2,233 | 213 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-21-05(4)–10-31-06 | 10 | .00 | 0 | .14• | 1 | .54 | 1 | .68 | — | — | — | — | — | — | 11 | .68 | 16 | .80 | 1 | .30 | 1 | .15 | 1 | .15 | 1 | .50 | 12,513 | 188 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6 | .29 | 0 | .07• | (0 | .31) | (0 | .24) | 0 | .12 | — | — | 0 | .12 | — | — | 5 | .93 | (3 | .90) | 2 | .53 | 1 | .91 | 1 | .91 | 2 | .31 | 1,082 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 13 | .90 | 0 | .12• | (6 | .20) | (6 | .08) | 0 | .16 | 1 | .37 | — | 1 | .53 | — | — | 6 | .29 | (48 | .88) | 2 | .48 | 2 | .05 | 2 | .05 | 1 | .22 | 1,571 | 215 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 11 | .63 | 0 | .09• | 2 | .51 | 2 | .60 | 0 | .06 | 0 | .27 | — | 0 | .33 | — | — | 13 | .90 | 22 | .85 | 1 | .89 | 1 | .92 | 1 | .92 | 0 | .67 | 734 | 213 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
01-12-06(4)–10-31-06 | 10 | .43 | 0 | .06• | 1 | .14 | 1 | .20 | — | — | — | — | — | — | 11 | .63 | 11 | .51 | 2 | .05 | 1 | .90 | 1 | .90 | 0 | .64 | 264 | 188 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
64
Table of Contents
Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment | Supplemental | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operations | Less distributions | Ratios to average net assets | Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset | Net | Net | Expenses net of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
value, | realized | Total | asset | Expenses | fee waivers | Expenses net of | Net assets, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | Net | and | from | From net | Redemption | value, | before | and/or | all | Net investment | end | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of year | investment | unrealized | investment | investment | From net | From return of | Total | Payment | fees applied | end of | Total | reductions/ | recoupments, | reductions/ | income | of year or | turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
or period | income (loss) | gain (loss) | operations | income | realized gains | capital | distributions | by affiliate | to capital | year or period | Return(1) | additions(2) | if any(2)(3) | additions(2)(3) | (loss)(2)(3) | period | rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Index Plus International Equity Fund (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6 | .28 | 0 | .08 | (0 | .32) | (0 | .24) | 0 | .15 | — | — | 0 | .15 | — | — | 5 | .89 | (3 | .90) | 2 | .53 | 1 | .91 | 1 | .91 | 2 | .49 | 1,145 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 13 | .89 | 0 | .12• | (6 | .20) | (6 | .08) | 0 | .16 | 1 | .37 | — | 1 | .53 | — | — | 6 | .28 | (48 | .91) | 2 | .48 | 2 | .05 | 2 | .05 | 1 | .16 | 1,311 | 215 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 11 | .61 | 0 | .09• | 2 | .50 | 2 | .59 | 0 | .04 | 0 | .27 | — | 0 | .31 | — | — | 13 | .89 | 22 | .81 | 1 | .89 | 1 | .92 | 1 | .92 | 0 | .69 | 1,126 | 213 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
01-12-06(4)–10-31-06 | 10 | .43 | 0 | .08• | 1 | .10 | 1 | .18 | — | — | — | — | — | — | 11 | .61 | 11 | .31 | 2 | .05 | 1 | .90 | 1 | .90 | 0 | .87 | 534 | 188 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6 | .42 | 0 | .10 | (0 | .29) | (0 | .19) | 0 | .32 | — | — | 0 | .32 | — | — | 5 | .91 | (3 | .28) | 1 | .03 | 0 | .91 | 0 | .91 | 3 | .46 | 46,986 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .06 | 0 | .29• | (6 | .32) | (6 | .03) | 0 | .24 | 1 | .37 | — | 1 | .61 | — | — | 6 | .42 | (48 | .12) | 1 | .05 | 0 | .62 | 0 | .62 | 2 | .80 | 54,838 | 215 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 11 | .70 | 0 | .20 | 2 | .55 | 2 | .75 | 0 | .12 | 0 | .27 | — | 0 | .39 | — | — | 14 | .06 | 24 | .14 | 0 | .84 | 0 | .87 | 0 | .87 | 1 | .78 | 118,924 | 213 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-21-05(4)–10-31-06 | 10 | .00 | 0 | .16• | 1 | .54 | 1 | .70 | — | — | — | — | — | — | 11 | .70 | 17 | .00 | 1 | .05 | 0 | .90 | 0 | .90 | 1 | .69 | 78,581 | 188 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6 | .31 | 0 | .10 | (0 | .30) | (0 | .20) | 0 | .24 | — | — | 0 | .24 | — | — | 5 | .87 | (3 | .35) | 1 | .78 | 1 | .16 | 1 | .16 | 3 | .26 | 37,543 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11-12-07(4)–10-31-08 | 13 | .09 | 0 | .19• | (5 | .36) | (5 | .17) | 0 | .24 | 1 | .37 | — | 1 | .61 | — | — | 6 | .31 | (45 | .16) | 1 | .73 | 1 | .30 | 1 | .30 | 2 | .03 | 41,539 | 215 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING International Capital Appreciation Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6 | .70 | 0 | .03• | 0 | .35 | 0 | .38 | 0 | .11 | — | — | 0 | .11 | — | — | 6 | .97 | 5 | .75 | 1 | .76 | 1 | .52 | 1 | .50 | 0 | .88 | 647 | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .86 | 0 | .12 | (7 | .64) | (7 | .52) | 0 | .14 | 0 | .50 | — | 0 | .64 | — | — | 6 | .70 | (52 | .69) | 1 | .41 | 1 | .46 | 1 | .46 | 0 | .73 | 1,612 | 83 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 11 | .39 | 0 | .01• | 3 | .76 | 3 | .77 | 0 | .05 | 0 | .25 | — | 0 | .30 | — | — | 14 | .86 | 33 | .89 | 1 | .48 | 1 | .50 | 1 | .50 | 0 | .08 | 4,592 | 71 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-21-05(4)–10-31-06 | 10 | .00 | 0 | .04 | 1 | .35 | 1 | .39 | — | — | — | — | — | — | 11 | .39 | 13 | .90 | 1 | .84 | 1 | .50 | 1 | .50 | 0 | .32 | 3,677 | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6 | .58 | 0 | .01• | 0 | .33 | 0 | .34 | — | — | — | — | — | — | 6 | .92 | 5 | .17 | 2 | .51 | 2 | .27 | 2 | .25 | 0 | .19 | 112 | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .67 | (0 | .01)• | (7 | .47) | (7 | .48) | 0 | .11 | 0 | .50 | — | 0 | .61 | — | — | 6 | .58 | (53 | .01) | 2 | .16 | 2 | .21 | 2 | .21 | (0 | .11) | 278 | 83 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 11 | .33 | (0 | .09) | 3 | .71 | 3 | .62 | 0 | .03 | 0 | .25 | — | 0 | .28 | — | — | 14 | .67 | 32 | .67 | 2 | .23 | 2 | .25 | 2 | .25 | (0 | .88) | 943 | 71 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
01-09-06(4)–10-31-06 | 10 | .42 | (0 | .04)• | 0 | .95 | 0 | .91 | — | — | — | — | — | — | 11 | .33 | 8 | .73 | 2 | .59 | 2 | .25 | 2 | .25 | (0 | .43) | 66 | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6 | .60 | 0 | .01• | 0 | .32 | 0 | .33 | — | — | — | — | — | — | 6 | .93 | 5 | .00 | 2 | .51 | 2 | .27 | 2 | .25 | 0 | .34 | 316 | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .71 | 0 | .00•,** | (7 | .50) | (7 | .50) | 0 | .11 | 0 | .50 | — | 0 | .61 | — | — | 6 | .60 | (52 | .99) | 2 | .16 | 2 | .21 | 2 | .21 | 0 | .01 | 354 | 83 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 11 | .35 | (0 | .12) | 3 | .73 | 3 | .61 | 0 | .00• | 0 | .25 | — | 0 | .25 | — | — | 14 | .71 | 32 | .45 | 2 | .23 | 2 | .25 | 2 | .25 | (0 | .97) | 971 | 71 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
01-24-06(4)–10-31-06 | 10 | .28 | (0 | .03) | 1 | .10 | 1 | .07 | — | — | — | �� | — | — | 11 | .35 | 10 | .41 | 2 | .59 | 2 | .25 | 2 | .25 | (0 | .50) | 65 | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6 | .73 | 0 | .06 | 0 | .32 | 0 | .38 | 0 | .17 | — | — | 0.17 | — | — | 6 | .94 | 5 | .76 | 1 | .34 | 1 | .10 | 1 | .08 | 1 | .61 | 47,753 | 49 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .90 | 0 | .17 | (7 | .67) | (7 | .50) | 0 | .17 | 0 | .50 | — | 0 | .67 | — | — | 6 | .73 | (52 | .48) | 1 | .08 | 1 | .13 | 1 | .13 | 1 | .09 | 47,918 | 83 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 11 | .43 | 0 | .06• | 3 | .75 | 3 | .81 | 0 | .09 | 0 | .25 | — | 0 | .34 | — | — | 14 | .90 | 34 | .14 | 1 | .13 | 1 | .15 | 1 | .15 | 0 | .47 | 140,901 | 71 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-21-05(4)–10-31-06 | 10 | .00 | 0 | .02 | 1 | .41 | 1 | .43 | — | — | — | — | — | — | 11 | .43 | 14 | .30 | 1 | .56 | 1 | .22 | 1 | .22 | 0 | .39 | 47,200 | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING International Equity Dividend Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5 | .36 | 0 | .07 | (0 | .42) | (0 | .35) | 0 | .04 | — | — | 0 | .04 | — | — | 4 | .97 | (6 | .50) | 1 | .80 | 1 | .40 | 1 | .40 | 2 | .93 | 948 | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 10 | .57 | 0 | .38 | (5 | .18) | (4 | .80) | 0 | .34 | 0 | .04 | 0 | .03 | 0 | .41 | — | — | 5 | .36 | (46 | .79) | 1 | .63 | 1 | .40 | 1 | .40 | 4 | .02 | 1,521 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-28-07(4)–10-31-07 | 10 | .00 | 0 | .06• | 0 | .51 | 0 | .57 | — | — | — | — | — | — | 10 | .57 | 5 | .70 | 1 | .64 | 1 | .40 | 1 | .40 | 1 | .81 | 4,122 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5 | .35 | 0 | .05 | (0 | .42) | (0 | .37) | 0 | .02 | — | — | 0 | .02 | — | — | 4 | .96 | (6 | .85) | 2 | .55 | 2 | .15 | 2 | .15 | 2 | .21 | 126 | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 10 | .55 | 0 | .29• | (5 | .15) | (4 | .86) | 0 | .27 | 0 | .04 | 0 | .03 | 0 | .34 | — | — | 5 | .35 | (47 | .19) | 2 | .38 | 2 | .15 | 2 | .15 | 3 | .43 | 165 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-28-07(4)–10-31-07 | 10 | .00 | 0 | .03• | 0 | .52 | 0 | .55 | — | — | — | — | — | — | 10 | .55 | 5 | .50 | 2 | .39 | 2 | .15 | 2 | .15 | 1 | .09 | 239 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5 | .35 | 0 | .05 | (0 | .42) | (0 | .37) | 0 | .02 | — | — | 0 | .02 | — | — | 4 | .96 | (6 | .84) | 2 | .55 | 2 | .15 | 2 | .15 | 2 | .30 | 687 | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 10 | .55 | 0 | .28• | (5 | .14) | (4 | .86) | 0 | .27 | 0 | .04 | 0 | .03 | 0 | .34 | — | — | 5 | .35 | (47 | .20) | 2 | .38 | 2 | .15 | 2 | .15 | 3 | .25 | 730 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-28-07(4)–10-31-07 | 10 | .00 | 0 | .03• | 0 | .52 | 0 | .55 | — | — | — | — | — | — | 10 | .55 | 5 | .50 | 2 | .39 | 2 | .15 | 2 | .15 | 1 | .08 | 1,334 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
65
Table of Contents
Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment | Supplemental | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operations | Less distributions | Ratios to average net assets | Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset | Net | Net | Expenses net of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
value, | realized | Total | asset | Expenses | fee waivers | Expenses net of | Net assets, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | Net | and | from | From net | Redemption | value, | before | and/or | all | Net investment | end | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of year | investment | unrealized | investment | investment | From net | From return of | Total | Payment | fees applied | end of | Total | reductions/ | recoupments, | reductions/ | income | of year or | turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
or period | income (loss) | gain (loss) | operations | income | realized gains | capital | distributions | by affiliate | to capital | year or period | Return(1) | additions(2) | if any(2)(3) | additions(2)(3) | (loss)(2)(3) | period | rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING International Equity Dividend Fund (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5 | .36 | 0 | .08 | (0 | .42) | (0 | .34) | 0 | .05 | — | — | 0 | .05 | — | — | 4 | .97 | (6 | .29) | 1 | .39 | 0 | .99 | 0 | .99 | 3 | .34 | 21,063 | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 10 | .58 | 0 | .36• | (5 | .14) | (4 | .78) | 0 | .37 | 0 | .04 | 0 | .03 | 0 | .44 | — | — | 5 | .36 | (46 | .64) | 1 | .29 | 1 | .06 | 1 | .06 | 4 | .22 | 33,612 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-28-07(4)–10-31-07 | 10 | .00 | 0 | .07• | 0 | .51 | 0 | .58 | — | — | — | — | — | — | 10 | .58 | 5 | .80 | 1 | .39 | 1 | .15 | 1 | .15 | 1 | .95 | 55,611 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5 | .36 | 0 | .09• | (0 | .42) | (0 | .33) | 0 | .03 | — | — | 0 | .03 | — | — | 5 | .00 | (6 | .14) | 1 | .55 | 1 | .15 | 1 | .15 | 3 | .63 | 20 | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-12-08(4)–10-31-08 | 8 | .86 | 0 | .22• | (3 | .41) | (3 | .19) | 0 | .29 | — | 0 | .02 | 0 | .31 | — | — | 5 | .36 | (37 | .11) | 1 | .29 | 1 | .06 | 1 | .06 | 4 | .06 | 12 | 66 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING International Growth Opportunities Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5 | .89 | 0 | .03 | 0 | .18 | 0 | .21 | 0 | .01 | — | — | 0 | .01 | 0 | .03 | — | 6 | .12 | 4 | .12(i) | 2 | .03 | 1 | .70† | 1 | .70† | 0 | .89† | 21,663 | 75 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 15 | .61 | 0 | .07 | (7 | .47) | (7 | .40) | 0 | .02 | 2 | .30 | — | 2 | .32 | — | — | 5 | .89 | (55 | .03) | 1 | .74 | 1 | .74 | 1 | .74 | 0 | .45 | 25,104 | 146 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 13 | .20 | 0 | .03 | 3 | .67 | 3 | .70 | 0 | .15 | 1 | .14 | — | 1 | .29 | — | — | 15 | .61 | 30 | .37 | 1 | .65 | 1 | .65† | 1 | .65† | 0 | .23† | 64,631 | 130 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 10 | .97 | 0 | .12 | 2 | .28 | 2 | .40 | 0 | .17 | — | — | 0 | .17 | — | — | 13 | .20 | 22 | .12 | 1 | .65 | 1 | .65 | 1 | .65 | 0 | .96 | 58,697 | 173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 9 | .78 | 0 | .10 | 1 | .18 | 1 | .28 | 0 | .10 | — | — | 0 | .10 | 0 | .01 | — | 10 | .97 | 13 | .30(e) | 1 | .65 | 1 | .65 | 1 | .65 | 0 | .94 | 51,193 | 116 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 8 | .48 | 0 | .09 | 1 | .22 | 1 | .31 | 0 | .01 | — | — | 0 | .01 | — | 0 | .00* | 9 | .78 | 15 | .49 | 1 | .64 | 0 | .00* | 1 | .68 | 0 | .78 | 47,551 | 90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5 | .56 | 0 | .01 | 0 | .18 | 0 | .19 | — | — | — | — | 0 | .02 | — | 5 | .77 | 3 | .78(i) | 2 | .78 | 2 | .45† | 2 | .45† | 0 | .13† | 3,451 | 75 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .96 | (0 | .04)• | (7 | .06) | (7 | .10) | — | 2 | .30 | — | 2 | .30 | — | — | 5 | .56 | (55 | .41) | 2 | .49 | 2 | .49 | 2 | .49 | (0 | .38) | 4,476 | 146 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 12 | .69 | (0 | .07)• | 3 | .53 | 3 | .46 | 0 | .05 | 1 | .14 | — | 1 | .19 | — | — | 14 | .96 | 29 | .42 | 2 | .40 | 2 | .40† | 2 | .40† | (0 | .51)† | 17,311 | 130 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 10 | .55 | 0 | .03• | 2 | .20 | 2 | .23 | 0 | .09 | — | — | 0 | .09 | — | — | 12 | .69 | 21 | .23 | 2 | .40 | 2 | .40 | 2 | .40 | 0 | .22 | 16,822 | 173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 9 | .43 | 0 | .02 | 1 | .14 | 1 | .16 | 0 | .05 | — | — | 0 | .05 | 0 | .01 | — | 10 | .55 | 12 | .41(e) | 2 | .40 | 2 | .40 | 2 | .40 | 0 | .19 | 16,338 | 116 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 8 | .22 | (0 | .00)* | 1 | .21 | 1 | .21 | — | — | — | — | — | — | 9 | .43 | 14 | .72 | 2 | .39 | 2 | .43 | 2 | .43 | (0 | .02) | 15,069 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5 | .57 | 0 | .01 | 0 | .18 | 0 | .19 | — | — | — | — | 0 | .02 | — | 5 | .78 | 3 | .77(i) | 2 | .78 | 2 | .45† | 2 | .45† | 0 | .15† | 5,740 | 75 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .97 | (0 | .04) | (7 | .06) | (7 | .10) | — | 2 | .30 | — | 2 | .30 | — | — | 5 | .57 | (55 | .36) | 2 | .49 | 2 | .49 | 2 | .49 | (0 | .30) | 6,657 | 146 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 12 | .70 | (0 | .07) | 3 | .54 | 3 | .47 | 0 | .06 | 1 | .14 | — | 1 | .20 | — | — | 14 | .97 | 29 | .46 | 2 | .40 | 2 | .40† | 2 | .40† | (0 | .52)† | 19,104 | 130 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 10 | .55 | 0 | .04 | 2 | .19 | 2 | .23 | 0 | .08 | — | — | 0 | .08 | — | — | 12 | .70 | 21 | .25 | 2 | .40 | 2 | .40 | 2 | .40 | 0 | .21 | 15,918 | 173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 9 | .42 | 0 | .03 | 1 | .13 | 1 | .16 | 0 | .04 | — | — | 0 | .04 | 0 | .01 | — | 10 | .55 | 12 | .46(e) | 2 | .40 | 2 | .40 | 2 | .40 | 0 | .18 | 15,008 | 116 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 8 | .22 | (0 | .00)* | 1 | .20 | 1 | .20 | — | — | — | — | — | — | 9 | .42 | 14 | .60 | 2 | .39 | 2 | .43 | 2 | .43 | (0 | .04) | 16,230 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5 | .88 | 0 | .04 | 0 | .20 | 0 | .24 | 0 | .04 | — | — | 0 | .04 | 0 | .03 | — | 6 | .11 | 4 | .57(i) | 1 | .66 | 1 | .33† | 1 | .33† | 1 | .12† | 5,791 | 75 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 15 | .57 | 0 | .09• | (7 | .43) | (7 | .34) | 0 | .05 | 2 | .30 | — | 2 | .35 | — | — | 5 | .88 | (54 | .86) | 1 | .25 | 1 | .37 | 1 | .37 | 0 | .87 | 16,964 | 146 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 13 | .16 | 0 | .06• | 3 | .70 | 3 | .76 | 0 | .21 | 1 | .14 | — | 1 | .35 | — | — | 15 | .57 | 31 | .02 | 1 | .37 | 1 | .28† | 1 | .28† | 0 | .46† | 10,251 | 130 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 10 | .94 | 0 | .15• | 2 | .29 | 2 | .44 | 0 | .22 | — | — | 0 | .22 | — | — | 13 | .16 | 22 | .56 | 1 | .28 | 1 | .25 | 1 | .25 | 1 | .27 | 13,354 | 173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 9 | .76 | 0 | .14 | 1 | .18 | 1 | .32 | 0 | .15 | — | — | 0 | .15 | 0 | .01 | — | 10 | .94 | 13 | .73(e) | 1 | .26 | 1 | .26 | 1 | .26 | 1 | .34 | 23,452 | 116 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 8 | .45 | 0 | .09 | 1 | .25 | 1 | .34 | 0 | .03 | — | — | 0 | .03 | — | — | 9 | .76 | 15 | .94 | 1 | .22 | 1 | .26 | 1 | .26 | 1 | .13 | 17,211 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class Q | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5 | .83 | 0 | .03 | 0 | .19 | 0 | .22 | 0 | .02 | — | — | 0 | .02 | 0 | .03 | — | 6 | .06 | 4 | .38(i) | 1 | .87 | 1 | .54† | 1 | .54† | 1 | .05† | 9,905 | 75 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 15 | .47 | 0 | .09 | (7 | .39) | (7 | .30) | 0 | .04 | 2 | .30 | — | 2 | .34 | — | — | 5 | .83 | (54 | .96) | 1 | .62 | 1 | .50 | 1 | .50 | 0 | .68 | 9,986 | 146 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 13 | .10 | 0 | .05 | 3 | .64 | 3 | .69 | 0 | .18 | 1 | .14 | — | 1 | .32 | — | — | 15 | .47 | 30 | .55 | 1 | .52 | 1 | .52† | 1 | .52† | 0 | .40† | 32,532 | 130 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 10 | .89 | 0 | .14 | 2 | .27 | 2 | .41 | 0 | .20 | — | — | 0 | .20 | — | — | 13 | .10 | 22 | .38 | 1 | .50 | 1 | .50 | 1 | .50 | 1 | .19 | 27,114 | 173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 9 | .72 | 0 | .08 | 1 | .20 | 1 | .28 | 0 | .12 | — | — | 0 | .12 | 0 | .01 | — | 10 | .89 | 13 | .41(e) | 1 | .51 | 1 | .51 | 1 | .51 | 1 | .00 | 14,544 | 116 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 8 | .43 | 0 | .06 | 1 | .25 | 1 | .31 | 0 | .02 | — | — | 0 | .02 | — | — | 9 | .72 | 15 | .61 | 1 | .56 | 1 | .60 | 1 | .60 | 0 | .73 | 7,274 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
66
Table of Contents
Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment | Supplemental | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operations | Less distributions | Ratios to average net assets | Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset | Net | Net | Expenses net of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
value, | realized | Total | asset | Expenses | fee waivers | Expenses net of | Net assets, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | Net | and | from | From net | Redemption | value, | before | and/or | all | Net investment | end | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of year | investment | unrealized | investment | investment | From net | From return of | Total | Payment | fees applied | end of | Total | reductions/ | recoupments, | reductions/ | income | of year or | turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
or period | income (loss) | gain (loss) | operations | income | realized gains | capital | distributions | by affiliate | to capital | year or period | Return(1) | additions(2) | if any(2)(3) | additions(2)(3) | (loss)(2)(3) | period | rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING International Real Estate Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6 | .91 | 0 | .10 | (0 | .83) | (0 | .73) | 0 | .08 | — | — | 0 | .08 | — | — | 6 | .10 | (10 | .59) | 1 | .71 | 1 | .50† | 1 | .50† | 3 | .42† | 65,862 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .56 | 0 | .33 | (7 | .43) | (7 | .10) | 0 | .36 | — | 0 | .19 | 0 | .55 | — | — | 6 | .91 | (50 | .31) | 1 | .48 | 1 | .50† | 1 | .50† | 1 | .76† | 89,623 | 46 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 11 | .63 | 0 | .13• | 3 | .14 | 3 | .27 | 0 | .34 | — | — | 0 | .34 | — | — | 14 | .56 | 28 | .49 | 1 | .51 | 1 | .50 | 1 | .50 | 0 | .99 | 271,425 | 44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-28-06(4)–10-31-06 | 10 | .00 | 0 | .09• | 1 | .60 | 1 | .69 | 0 | .06 | — | — | 0 | .06 | — | — | 11 | .63 | 16 | .94 | 2 | .01 | 1 | .50 | 1 | .50 | 1 | .33 | 49,798 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6 | .88 | 0 | .08 | (0 | .84) | (0 | .76) | 0 | .05 | — | — | 0 | .05 | — | — | 6 | .07 | (10 | .98) | 2 | .46 | 2 | .25† | 2 | .25† | 2 | .70† | 2,965 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .50 | 0 | .25 | (7 | .41) | (7 | .16) | 0 | .27 | — | 0 | .19 | 0 | .46 | — | — | 6 | .88 | (50 | .72) | 2 | .23 | 2 | .25† | 2 | .25† | 1 | .00† | 4,004 | 46 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 11 | .59 | 0 | .03• | 3 | .14 | 3 | .17 | 0 | .26 | — | — | 0 | .26 | — | — | 14 | .50 | 27 | .69 | 2 | .26 | 2 | .25 | 2 | .25 | 0 | .25 | 11,819 | 44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-28-06(4)–10-31-06 | 10 | .00 | 0 | .04• | 1 | .59 | 1 | .63 | 0 | .04 | — | — | 0 | .04 | — | — | 11 | .59 | 16 | .38 | 2 | .76 | 2 | .25 | 2 | .25 | 0 | .51 | 1,639 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6 | .88 | 0 | .09 | (0 | .85) | (0 | .76) | 0 | .05 | — | — | 0 | .05 | — | — | 6 | .07 | (11 | .02) | 2 | .46 | 2 | .25† | 2 | .25† | 2 | .63† | 20,767 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .49 | 0 | .29 | (7 | .44) | (7 | .15) | 0 | .27 | — | 0 | .19 | 0 | .46 | — | — | 6 | .88 | (50 | .69) | 2 | .23 | 2 | .25† | 2 | .25† | 1 | .00† | 36,661 | 46 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 11 | .59 | 0 | .03• | 3 | .13 | 3 | .16 | 0 | .26 | — | — | 0 | .26 | — | — | 14 | .49 | 27 | .58 | 2.26 | 2 | .25 | 2 | .25 | 0 | .24 | 121,529 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-28-06(4)–10-31-06 | 10 | .00 | 0 | .04• | 1 | .59 | 1 | .63 | 0 | .04 | — | — | 0 | .04 | — | — | 11 | .59 | 16 | .31 | 2 | .76 | 2 | .25 | 2 | .25 | 0 | .54 | 17,075 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6 | .92 | 0 | .11 | (0 | .84) | (0 | .73) | 0 | .09 | — | — | 0 | .09 | — | — | 6 | .10 | (10 | .54) | 1 | .24 | 1 | .24† | 1 | .24† | 3 | .83† | 295,782 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .58 | 0 | .23• | (7 | .31) | (7 | .08) | 0 | .39 | — | 0 | .19 | 0 | .58 | — | — | 6 | .92 | (50 | .14) | 1 | .16 | 1 | .18† | 1 | .18† | 2 | .22† | 290,227 | 46 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 11 | .64 | 0 | .16• | 3 | .15 | 3 | .31 | 0 | .37 | — | — | 0 | .37 | — | — | 14 | .58 | 28 | .80 | 1 | .26 | 1 | .25 | 1 | .25 | 1 | .22 | 127,029 | 44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-28-06(4)–10-31-06 | 10 | .00 | 0 | .08• | 1 | .63 | 1 | .71 | 0 | .07 | — | — | 0 | .07 | — | — | 11 | .64 | 17 | .23 | 1 | .76 | 1 | .25 | 1 | .25 | 1 | .09 | 22,336 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6 | .91 | 0 | .11 | (0 | .83) | (0 | .72) | 0 | .09 | — | — | 0 | .09 | — | — | 6 | .10 | (10 | .41) | 1 | .24 | 1 | .24† | 1 | .24† | 3 | .91† | 578 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-12-08(4)–10-31-08 | 11 | .48 | 0 | .17• | (4 | .59) | (4 | .42) | 0 | .10 | — | 0 | .05 | 0 | .15 | — | — | 6 | .91 | (38 | .91) | 1 | .18 | 1 | .20† | 1 | .20† | 2 | .45† | 307 | 46 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING International SmallCap Multi-Manager Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 22 | .73 | 0 | .13• | 0 | .41 | 0 | .54 | 0 | .71 | — | — | 0 | .71 | 0 | .08 | — | 22 | .64 | 2 | .75(j) | 2 | .02 | 1 | .89† | 1 | .89† | 1 | .23† | 138,264 | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 66 | .43 | 0 | .65 | (36 | .15) | (35 | .50) | 0 | .32 | 7 | .88 | — | 8 | .20 | — | — | 22 | .73 | (59 | .84) | 1 | .70 | 1 | .70 | 1 | .70 | 1 | .27 | 160,896 | 84 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 47 | .15 | 0 | .31 | 19 | .25 | 19 | .56 | 0 | .28 | — | — | 0 | .28 | — | — | 66 | .43 | 41 | .67 | 1 | .60 | 1 | .60 | 1 | .60 | 0 | .67 | 523,535 | 93 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 37 | .75 | 0 | .29 | 9 | .44 | 9 | .73 | 0 | .33 | — | — | 0 | .33 | — | — | 47 | .15 | 25 | .91 | 1 | .66 | 1 | .66 | 1 | .66 | 0 | .67 | 243,020 | 85 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 29 | .27 | 0 | .33• | 8 | .05 | 8 | .38 | — | — | — | — | 0 | .10 | — | 37 | .75 | 28 | .97(g) | 1 | .74 | 1 | .74 | 1 | .74 | 0 | .98 | 173,612 | 124 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 25 | .37 | 0 | .02 | 3 | .86 | 3 | .88 | 0 | .00* | — | — | 0 | .00* | 0 | .02 | — | 29 | .27 | 15 | .39(f) | 1 | .72 | 1 | .75 | 1 | .75 | 0 | .07 | 154,658 | 106 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 23 | .48 | 0 | .06• | 0 | .39 | 0 | .45 | 0 | .17 | — | — | 0 | .17 | 0 | .08 | — | 23 | .84 | 2 | .27(j) | 2 | .67 | 2 | .54† | 2 | .54† | 0 | .53† | 7,906 | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 68 | .31 | 0 | .21• | (37 | .16) | (36 | .95) | — | 7 | .88 | — | 7 | .88 | — | — | 23 | .48 | (60 | .10) | 2 | .35 | 2 | .35 | 2 | .35 | 0 | .45 | 11,892 | 84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 48 | .53 | 0 | .00•,* | 19 | .78 | 19 | .78 | — | — | — | — | — | — | 68 | .31 | 40 | .76 | 2 | .25 | 2 | .25 | 2 | .25 | 0 | .00* | 65,619 | 93 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 38 | .83 | (0 | .01)• | 9 | .75 | 9 | .74 | 0 | .04 | — | — | 0 | .04 | — | — | 48 | .53 | 25 | .10 | 2 | .31 | 2 | .31 | 2 | .31 | (0 | .03) | 58,469 | 85 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 30 | .30 | 0 | .10• | 8 | .33 | 8 | .43 | — | — | — | — | 0 | .10 | — | 38 | .83 | 28 | .15(g) | 2 | .39 | 2 | .39 | 2 | .39 | 0 | .29 | 57,131 | 124 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 26 | .43 | (0 | .19) | 4 | .04 | 3 | .85 | — | — | — | — | 0 | .02 | — | 30 | .30 | 14 | .64(f) | 2 | .37 | 2 | .40 | 2 | .40 | (0 | .60) | 58,318 | 106 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 21 | .15 | 0 | .06• | 0 | .38 | 0 | .44 | 0 | .42 | — | — | 0 | .42 | 0 | .07 | — | 21 | .24 | 2 | .41(j) | 2 | .67 | 2 | .54† | 2 | .54† | 0 | .59† | 25,667 | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 62 | .48 | 0 | .34 | (33 | .79) | (33 | .45) | — | 7 | .88 | — | 7 | .88 | — | — | 21 | .15 | (60 | .11) | 2 | .35 | 2 | .35 | 2 | .35 | 0 | .58 | 29,760 | 84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 44 | .39 | 0 | .00•,* | 18 | .09 | 18 | .09 | 0 | .00* | — | — | 0 | .00* | — | — | 62 | .48 | 40 | .76 | 2 | .25 | 2 | .25 | 2 | .25 | 0 | .01 | 104,274 | 93 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 35 | .59 | (0 | .00)* | 8 | .91 | 8 | .91 | 0 | .11 | — | — | 0 | .11 | — | — | 44 | .39 | 25 | .09 | 2 | .31 | 2 | .31 | 2 | .31 | (0 | .01) | 65,534 | 85 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 27 | .77 | 0 | .10• | 7 | .62 | 7 | .72 | — | — | — | — | 0 | .10 | — | 35 | .59 | 28 | .16(g) | 2 | .39 | 2 | .39 | 2 | .39 | 0 | .30 | 52,420 | 124 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 24 | .23 | (0 | .17) | 3 | .70 | 3 | .53 | — | — | — | — | 0 | .01 | — | 27 | .77 | 14 | .61(f) | 2 | .37 | 2 | .40 | 2 | .40 | (0 | .60) | 47,793 | 106 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
67
Table of Contents
Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment | Supplemental | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operations | Less distributions | Ratios to average net assets | Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset | Net | Net | Expenses net of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
value, | realized | Total | asset | Expenses | fee waivers | Expenses net of | Net assets, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | Net | and | from | From net | Redemption | value, | before | and/or | all | Net investment | end | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of year | investment | unrealized | investment | investment | From net | From return of | Total | Payment | fees applied | end of | Total | reductions/ | recoupments, | reductions/ | income | of year or | turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
or period | income (loss) | gain (loss) | �� | operations | income | realized gains | capital | distributions | by affiliate | to capital | year or period | Return(1) | additions(2) | if any(2)(3) | additions(2)(3) | (loss)(2)(3) | period | rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING International SmallCap Multi-Manager Fund (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 22 | .85 | 0 | .19• | 0 | .42 | 0 | .61 | 0 | .91 | — | — | 0 | .91 | 0 | .08 | — | 22 | .63 | 3 | .04(j) | 1 | .54 | 1 | .41† | 1 | .41† | 1 | .83† | 104,291 | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 66 | .72 | 0 | .78 | (36 | .25) | (35 | .47) | 0 | .52 | 7 | .88 | — | 8 | .40 | — | — | 22 | .85 | (59 | .66) | 1 | .29 | 1 | .29 | 1 | .29 | 1 | .71 | 139,213 | 84 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 47 | .35 | 0 | .60 | 19 | .25 | 19 | .85 | 0 | .48 | — | — | 0 | .48 | — | — | 66 | .72 | 42 | .24 | 1 | .20 | 1 | .20 | 1 | .20 | 1 | .12 | 376,737 | 93 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-21-05(4)–10-31-06 | 40 | .64 | 0 | .39• | 6 | .32 | 6 | .71 | — | — | — | — | — | — | 47 | .35 | 16 | .51 | 1 | .20 | 1 | .20 | 1 | .20 | 1 | .02 | 137,184 | 85 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 22 | .75 | 0 | .20 | 0 | .36 | 0 | .56 | 0 | .90 | — | — | 0 | .90 | 0 | .08 | — | 22 | .49 | 2 | .87(j) | 1 | .92 | 1 | .79† | 1 | .79† | 1 | .68† | 230 | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-04-08(4)–10-31-08 | 47 | .28 | 0 | .18• | (24 | .71) | (24 | .53) | — | — | — | — | — | — | 22 | .75 | (51 | .88) | 1 | .60 | 1 | .60 | 1 | .60 | 1 | .39 | 62 | 84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class Q | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 24 | .74 | 0 | .17• | 0 | .47 | 0 | .64 | 0 | .76 | — | — | 0 | .76 | 0 | .08 | — | 24 | .70 | 2 | .92(j) | 1 | .79 | 1 | .66† | 1 | .66† | 1 | .47† | 22,842 | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 71 | .41 | 0 | .79 | (39 | .21) | (38 | .42) | 0 | .37 | 7 | .88 | — | 8 | .25 | — | — | 24 | .74 | (59 | .78) | 1 | .54 | 1 | .54 | 1 | .54 | 1 | .47 | 43,443 | 84 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 50 | .65 | 0 | .48 | 20 | .62 | 21 | .10 | 0 | .34 | — | — | 0 | .34 | — | — | 71 | .41 | 41 | .87 | 1 | .45 | 1 | .45 | 1 | .45 | 0 | .81 | 131,142 | 93 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 40 | .53 | 0 | .37 | 10 | .16 | 10 | .53 | 0 | .41 | — | — | 0 | .41 | — | — | 50 | .65 | 26 | .14 | 1 | .48 | 1 | .48 | 1 | .48 | 0 | .83 | 82,245 | 85 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 31 | .34 | 0 | .43• | 8 | .66 | 9 | .09 | — | — | — | — | 0 | .10 | — | 40 | .53 | 29 | .32(g) | 1 | .49 | 1 | .49 | 1 | .49 | 1 | .18 | 57,846 | 124 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 27 | .11 | 0 | .10 | 4 | .13 | 4 | .23 | 0 | .01 | — | — | 0 | .01 | 0 | .01 | — | 31 | .34 | 15 | .66(f) | 1 | .47 | 1 | .50 | 1 | .50 | 0 | .28 | 61,166 | 106 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 26 | .83 | 0 | .22• | 0 | .49 | 0 | .71 | 0 | .92 | — | — | 0 | .92 | 0 | .09 | — | 26 | .71 | 3 | .04(j) | 1 | .54 | 1 | .41† | 1 | .41† | 1 | .75† | 8,162 | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-12-08(4)–10-31-08 | 50 | .70 | 0 | .50• | (24 | .37) | (23 | .87) | — | — | — | — | — | — | 26 | .83 | (47 | .08) | 1 | .29 | 1 | .29 | 1 | .29 | 1 | .80 | 10,366 | 84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING International Value Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 11 | .13 | 0 | .08 | (0 | .19) | (0 | .11) | 0 | .34 | 1 | .52 | — | 1 | .86 | 0 | .00* | — | 9 | .16 | (1 | .31) | 1 | .74 | 1 | .74† | 1 | .74† | 1 | .72† | 703,528 | 43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 23 | .15 | 0 | .39 | (8 | .83) | (8 | .44) | 0 | .23 | 3 | .35 | — | 3 | .58 | — | — | 11 | .13 | (42 | .58) | 1 | .58 | 1 | .58† | 1 | .57† | 1 | .95† | 931,162 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 21 | .52 | 0 | .24• | 3 | .73 | 3 | .97 | 0 | .20 | 2 | .14 | — | 2 | .34 | — | — | 23 | .15 | 19 | .87 | 1 | .59 | 1 | .59 | 1 | .59 | 1 | .08 | 2,136,218 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 18 | .33 | 0 | .18• | 4 | .58 | 4 | .76 | 0 | .16 | 1 | .41 | — | 1 | .57 | — | — | 21 | .52 | 27 | .64 | 1 | .60 | 1 | .60 | 1 | .60 | 0 | .90 | 1,995,027 | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 16 | .90 | 0 | .17 | 2 | .28 | 2 | .45 | 0 | .22 | 0 | .80 | 0 | .00* | 1 | .02 | — | — | 18 | .33 | 15 | .06(a) | 1 | .60 | 1 | .60 | 1 | .60 | 0 | .88 | 1,732,332 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 13 | .71 | 0 | .13 | 3 | .15 | 3 | .28 | 0 | .09 | — | — | 0 | .09 | — | — | 16 | .90 | 24 | .03 | 1 | .61 | 1 | .61 | 1 | .61 | 0 | .79 | 1,869,868 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 10 | .88 | 0 | .10 | (0 | .25) | (0 | .15) | 0 | .16 | 1 | .52 | — | 1 | .68 | 0 | .00* | — | 9 | .05 | (1 | .78) | 2 | .44 | 2 | .44† | 2 | .44† | 0 | .83† | 53,479 | 43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 22 | .64 | 0 | .19• | (8 | .58) | (8 | .39) | 0 | .02 | 3 | .35 | — | 3 | .37 | — | — | 10 | .88 | (43 | .00) | 2 | .28 | 2 | .28† | 2 | .27† | 1 | .12† | 85,873 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 21 | .07 | 0 | .08• | 3 | .66 | 3 | .74 | 0 | .03 | 2 | .14 | — | 2 | .17 | — | — | 22 | .64 | 19 | .03 | 2 | .29 | 2 | .29 | 2 | .29 | 0 | .39 | 301,705 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 17 | .95 | 0 | .04• | 4 | .50 | 4 | .54 | 0 | .01 | 1 | .41 | — | 1 | .42 | — | — | 21 | .07 | 26 | .81 | 2 | .30 | 2 | .30 | 2 | .30 | 0 | .20 | 368,952 | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 16 | .58 | 0 | .05 | 2 | .23 | 2 | .28 | 0 | .11 | 0 | .80 | 0 | .00* | 0 | .91 | — | — | 17 | .95 | 14 | .21(a) | 2 | .30 | 2 | .30 | 2 | .30 | 0 | .17 | 411,071 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 13 | .45 | 0 | .02 | 3 | .11 | 3 | .13 | — | — | — | — | — | — | 16 | .58 | 23 | .27 | 2 | .31 | 2 | .31 | 2 | .31 | 0 | .09 | 454,952 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 10 | .79 | 0 | .05 | (0 | .19) | (0 | .14) | 0 | .23 | 1 | .52 | — | 1 | .75 | 0 | .00* | — | 8 | .90 | (1 | .72) | 2 | .44 | 2 | .41† | 2 | .41† | 1 | .11† | 259,815 | 43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 22 | .52 | 0 | .27 | (8 | .57) | (8 | .30) | 0 | .08 | 3 | .35 | — | 3 | .43 | — | — | 10 | .79 | (42 | .94) | 2 | .28 | 2 | .18† | 2 | .17† | 1 | .34† | 326,812 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 20 | .98 | 0 | .08• | 3 | .65 | 3 | .73 | 0 | .05 | 2 | .14 | — | 2 | .19 | — | — | 22 | .52 | 19 | .10 | 2 | .29 | 2 | .28 | 2 | .28 | 0 | .38 | 757,941 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 17 | .91 | 0 | .05 | 4 | .46 | 4 | .51 | 0 | .03 | 1 | .41 | — | 1 | .44 | — | — | 20 | .98 | 26 | .71 | 2 | .30 | 2 | .30 | 2 | .30 | 0 | .20 | 729,067 | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 16 | .54 | 0 | .04 | 2 | .24 | 2 | .28 | 0 | .11 | 0 | .80 | 0 | .00* | 0 | .91 | — | — | 17 | .91 | 14 | .25(a) | 2 | .30 | 2 | .30 | 2 | .30 | 0 | .15 | 663,626 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 13 | .42 | 0 | .02 | 3 | .10 | 3 | .12 | — | — | — | — | — | — | 16 | .54 | 23 | .25 | 2 | .31 | 2 | .31 | 2 | .31 | 0 | .09 | 675,039 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
68
Table of Contents
Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment | Supplemental | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operations | Less distributions | Ratios to average net assets | Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset | Net | Net | Expenses net of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
value, | realized | Total | asset | Expenses | fee waivers | Expenses net of | Net assets, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | Net | and | from | From net | Redemption | value, | before | and/or | all | Net investment | end | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of year | investment | unrealized | investment | investment | From net | From return of | Total | Payment | fees applied | end of | Total | reductions/ | recoupments, | reductions/ | income | of year or | turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
or period | income (loss) | gain (loss) | operations | income | realized gains | capital | distributions | by affiliate | to capital | year or period | Return(1) | additions(2) | if any(2)(3) | additions(2)(3) | (loss)(2)(3) | period | rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING International Value Fund (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 11 | .16 | 0 | .09 | (0 | .19) | (0 | .10) | 0 | .41 | 1 | .52 | — | 1 | .93 | 0 | .00* | — | 9 | .13 | (1 | .25) | 1 | .35 | 1 | .35† | 1 | .35† | 2 | .15† | 565,008 | 43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 23 | .22 | 0 | .47 | (8 | .87) | (8 | .40) | 0 | .31 | 3 | .35 | — | 3 | .66 | — | — | 11 | .16 | (42 | .37) | 1 | .28 | 1 | .28† | 1 | .27† | 2 | .23† | 735,622 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 21 | .58 | 0 | .32• | 3 | .74 | 4 | .06 | 0 | .28 | 2 | .14 | — | 2 | .42 | — | — | 23 | .22 | 20 | .31 | 1 | .23 | 1 | .23 | 1 | .23 | 1 | .45 | 2,176,402 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 18 | .38 | 0 | .25 | 4 | .60 | 4 | .85 | 0 | .24 | 1 | .41 | — | 1 | .65 | — | — | 21 | .58 | 28 | .15 | 1 | .22 | 1 | .22 | 1 | .22 | 1 | .26 | 1,728,560 | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 16 | .96 | 0 | .20 | 2 | .31 | 2 | .51 | 0 | .29 | 0 | .80 | 0 | .00* | 1 | .09 | — | — | 18 | .38 | 15 | .42(a) | 1 | .23 | 1 | .23 | 1 | .23 | 1 | .18 | 1,221,594 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 13 | .74 | 0 | .16 | 3 | .20 | 3 | .36 | 0 | .14 | — | — | 0 | .14 | — | — | 16 | .96 | 24 | .67 | 1 | .21 | 1 | .21 | 1 | .21 | 1 | .18 | 831,142 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class Q | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 11 | .18 | 0 | .13 | (0 | .23) | (0 | .10) | 0 | .41 | 1 | .52 | — | 1 | .93 | 0 | .00* | — | 9 | .15 | (1 | .22) | 1 | .60 | 1 | .35† | 1 | .35† | 3 | .11† | 16,362 | 43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 23 | .26 | 0 | .43 | (8 | .85) | (8 | .42) | 0 | .31 | 3 | .35 | — | 3 | .66 | — | — | 11 | .18 | (42 | .38) | 1 | .53 | 1 | .28† | 1 | .27† | 2 | .30† | 12,643 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 21 | .57 | 0 | .31• | 3 | .74 | 4 | .05 | 0 | .22 | 2 | .14 | — | 2 | .36 | — | — | 23 | .26 | 20 | .25 | 1 | .48 | 1 | .27 | 1 | .27 | 1 | .40 | 26,512 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 18 | .37 | 0 | .21• | 4 | .59 | 4 | .80 | 0 | .19 | 1 | .41 | — | 1 | .60 | — | — | 21 | .57 | 27 | .82 | 1 | .47 | 1 | .47 | 1 | .47 | 1 | .06 | 26,383 | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 16 | .94 | 0 | .19 | 2 | .29 | 2 | .48 | 0 | .25 | 0 | .80 | 0 | .00* | 1 | .05 | — | — | 18 | .37 | 15 | .20(a) | 1 | .48 | 1 | .48 | 1 | .48 | 0 | .99 | 27,993 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 13 | .73 | 0 | .14 | 3 | .17 | 3 | .31 | 0 | .10 | — | — | 0 | .10 | — | — | 16 | .94 | 24 | .32 | 1 | .46 | 1 | .46 | 1 | .46 | 0 | .89 | 28,862 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING International Value Choice Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 7 | .56 | 0 | .07 | 0 | .51 | 0 | .58 | 0 | .08 | — | — | 0 | .08 | — | — | 8 | .06 | 7 | .59 | 1 | .83 | 1 | .70† | 1 | .70† | 1 | .67† | 9,386 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .89 | 0 | .06 | (5 | .31) | (5 | .25) | 0 | .10 | 1 | .98 | — | 2 | .08 | — | — | 7 | .56 | (40 | .21) | 1 | .62 | 1 | .65† | 1 | .64† | 0 | .52† | 8,940 | 73 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 12 | .42 | 0 | .10• | 2 | .65 | 2 | .75 | 0 | .07 | 0 | .21 | — | 0 | .28 | — | — | 14 | .89 | 22 | .48 | 1 | .63 | 1 | .70 | 1 | .70 | 0 | .77 | 16,598 | 88 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 10 | .70 | 0 | .12• | 1 | .86 | 1 | .98 | 0 | .10 | 0 | .16 | — | 0 | .26 | — | — | 12 | .42 | 18 | .82 | 1 | .71 | 1 | .70 | 1 | .69 | 1 | .04 | 17,962 | 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-01-05(4)–10-31-05 | 10 | .00 | 0 | .11• | 0 | .59 | 0 | .70 | — | — | — | — | — | — | 10 | .70 | 7 | .00 | 3 | .44 | 1 | .70 | 1 | .70 | 1 | .08 | 6,115 | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 7 | .44 | 0 | .03• | 0 | .50 | 0 | .53 | — | — | — | — | — | — | 7 | .97 | 7 | .15 | 2 | .58 | 2 | .45† | 2 | .45† | 0 | .82† | 1,546 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .67 | (0 | .03)• | (5 | .22) | (5 | .25) | 0 | .00* | 1 | .98 | — | 1 | .98 | — | — | 7 | .44 | (40 | .63) | 2 | .37 | 2 | .40† | 2 | .39† | (0 | .27)† | 1,738 | 73 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 12 | .27 | 0 | .00•,* | 2 | .61 | 2 | .61 | — | 0 | .21 | — | 0 | .21 | — | — | 14 | .67 | 21 | .54 | 2 | .38 | 2 | .45 | 2 | .45 | 0 | .01 | 3,805 | 88 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 10 | .65 | 0 | .04• | 1 | .82 | 1 | .86 | 0 | .08 | 0 | .16 | — | 0 | .24 | — | — | 12 | .27 | 17 | .77 | 2 | .46 | 2 | .45 | 2 | .44 | 0 | .35 | 3,565 | 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-01-05(4)–10-31-05 | 10 | .00 | 0 | .04• | 0 | .61 | 0 | .65 | — | — | — | — | — | — | 10 | .65 | 6 | .50 | 4 | .19 | 2 | .45 | 2 | .45 | 0 | .36 | 1,427 | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 7 | .46 | 0 | .04• | 0 | .50 | 0 | .54 | — | — | — | — | — | — | 8 | .00 | 7 | .27 | 2 | .58 | 2 | .45† | 2 | .45† | 0 | .99† | 2,815 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .70 | (0 | .03)• | (5 | .23) | (5 | .26) | — | 1 | .98 | — | 1 | .98 | — | — | 7 | .46 | (40 | .62) | 2 | .37 | 2 | .40† | 2 | .39† | (0 | .25)† | 2,267 | 73 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 12 | .29 | 0 | .00* | 2 | .62 | 2 | .62 | — | 0 | .21 | — | 0 | .21 | — | — | 14 | .70 | 21 | .58 | 2 | .38 | 2 | .45 | 2 | .45 | 0 | .00* | 4,930 | 88 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 10 | .66 | 0 | .04• | 1 | .83 | 1 | .87 | 0 | .08 | 0 | .16 | — | 0 | .24 | — | — | 12 | .29 | 17 | .78 | 2 | .46 | 2 | .45 | 2 | .44 | 0 | .33 | 4,189 | 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-04-05(4)–10-31-05 | 10 | .01 | 0 | .04• | 0 | .61 | 0 | .65 | — | — | — | — | — | — | 10 | .66 | 6 | .49 | 4 | .19 | 2 | .45 | 2 | .45 | 0 | .35 | 1,796 | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 7 | .57 | 0 | .08 | 0 | .52 | 0 | .60 | 0 | .12 | — | — | 0 | .12 | — | — | 8 | .05 | 7 | .87 | 1 | .40 | 1 | .27† | 1 | .27† | 1 | .76† | 24,419 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .92 | 0 | .09 | (5 | .30) | (5 | .21) | 0 | .16 | 1 | .98 | — | 2 | .14 | — | — | 7 | .57 | (39 | .96) | 1 | .27 | 1 | .30† | 1 | .29† | 0 | .80† | 36,089 | 73 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 12 | .42 | 0 | .17• | 2 | .64 | 2 | .81 | 0 | .10 | 0 | .21 | — | 0 | .31 | — | — | 14 | .92 | 23 | .04 | 1 | .24 | 1 | .31 | 1 | .31 | 1 | .29 | 60,413 | 88 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-21-05(4)–10-31-06 | 11 | .04 | 0 | .16• | 1 | .22 | 1 | .38 | — | — | — | — | — | — | 12 | .42 | 12 | .50 | 1 | .36 | 1 | .35 | 1 | .34 | 1 | .56 | 36,899 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
69
Table of Contents
Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment | Supplemental | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operations | Less distributions | Ratios to average net assets | Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset | Net | Net | Expenses net of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
value, | realized | Total | asset | Expenses | fee waivers | Expenses net of | Net assets, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | Net | and | from | From net | Redemption | value, | before | and/or | all | Net investment | end | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of year | investment | unrealized | investment | investment | From net | From return of | Total | Payment | fees applied | end of | Total | reductions/ | recoupments, | reductions/ | income | of year or | turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
or period | income (loss) | gain (loss) | operations | income | realized gains | capital | distributions | by affiliate | to capital | year or period | Return(1) | additions(2) | if any(2)(3) | additions(2)(3) | (loss)(2)(3) | period | rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Russia Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 25 | .60 | (0 | .16) | 1 | .00 | 0 | .84 | — | 8 | .08 | — | 8 | .08 | — | — | 18 | .36 | 2 | .93 | 2 | .52 | 2 | .52 | 2 | .52 | (2 | .10) | 230,773 | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 78 | .13 | (0 | .48) | (40 | .46) | (40 | .94) | — | 11 | .59 | — | 11 | .59 | — | 0 | .00* | 25 | .60 | (61 | .70) | 2 | .06 | 2 | .06 | 2 | .06 | (0 | .60) | 261,127 | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 55 | .81 | (0 | .33)• | 25 | .77 | 25 | .44 | — | 3 | .12 | — | 3 | .12 | — | 0 | .00* | 78 | .13 | 47 | .16 | 1 | .96 | 1 | .96 | 1 | .96 | (0 | .52) | 922,504 | 12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-06 | 33 | .49 | (0 | .27) | 22 | .37 | 22 | .10 | — | — | — | — | — | 0 | .22 | 55 | .81 | 66 | .65 | 1 | .98 | 1 | .98 | 1 | .98 | (0 | .64) | 751,947 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-05 | 25 | .01 | (0 | .00)* | 8 | .39 | 8 | .39 | 0 | .01 | — | — | 0 | .01 | — | 0 | .10 | 33 | .49 | 33 | .98 | 2 | .13 | 2 | .13 | 2 | .13 | (0 | .01) | 271,603 | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-04 | 19 | .13 | 0 | .04 | 5 | .69 | 5 | .73 | 0 | .02 | — | — | 0 | .02 | — | 0 | .17 | 25 | .01 | 30 | .88 | 2 | .01 | 2 | .01 | 2 | .01 | 0 | .15 | 212,180 | 54 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Emerging Markets Fixed Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6 | .71 | 0 | .28• | 0 | .87 | 1 | .15 | 0 | .16 | — | — | 0 | .16 | — | — | 7 | .70 | 17 | .45 | 1 | .36 | 1 | .25 | 1 | .25 | 7 | .99 | 2,554 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 10 | .39 | 0 | .72 | (3 | .77) | (3 | .05) | 0 | .45 | — | 0 | .18 | 0 | .63 | — | — | 6 | .71 | (31 | .16) | 1 | .15 | 1 | .15 | 1 | .15 | 6 | .49 | 2,779 | 61 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 10 | .33 | 0 | .66• | 0 | .06 | 0 | .72 | 0 | .63 | 0 | .03 | — | 0 | .66 | — | — | 10 | .39 | 7 | .18 | 1 | .12 | 1 | .20 | 1 | .20 | 6 | .39 | 10,539 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-21-05(4)–10-31-06 | 10 | .00 | 0 | .64• | 0 | .26 | 0 | .90 | 0 | .57 | — | — | 0 | .57 | — | — | 10 | .33 | 9 | .28 | 2 | .41 | 1 | .25 | 1 | .25 | 7 | .36 | 26,121 | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6 | .69 | 0 | .25• | 0 | .88 | 1 | .13 | 0 | .14 | — | — | 0 | .14 | — | — | 7 | .68 | 17 | .12 | 2 | .11 | 2 | .00 | 2 | .00 | 7 | .22 | 186 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 10 | .36 | 0 | .58 | (3 | .69) | (3 | .11) | 0 | .38 | — | 0 | .18 | 0 | .56 | — | — | 6 | .69 | (31 | .67) | 1 | .90 | 1 | .90 | 1 | .90 | 5 | .80 | 210 | 61 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 10 | .30 | 0 | .54• | 0 | .10 | 0 | .64 | 0 | .55 | 0 | .03 | — | 0 | .58 | — | — | 10 | .36 | 6 | .40 | 1 | .87 | 1 | .95 | 1 | .95 | 5 | .22 | 404 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
01-04-06(4)–10-31-06 | 10 | .15 | 0 | .59• | 0 | .09 | 0 | .68 | 0 | .53 | — | — | 0 | .53 | — | — | 10 | .30 | 6 | .92 | 3 | .16 | 2 | .00 | 2 | .00 | 6 | .91 | 293 | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6 | .68 | 0 | .25 | 0 | .88 | 1 | .13 | 0 | .14 | — | — | 0 | .14 | — | — | 7 | .67 | 17 | .15 | 2 | .11 | 2 | .00 | 2 | .00 | 7 | .25 | 1,045 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 10 | .35 | 0 | .59 | (3 | .70) | (3 | .11) | 0 | .38 | — | 0 | .18 | 0 | .56 | — | — | 6 | .68 | (31 | .69) | 1 | .90 | 1 | .90 | 1 | .90 | 5 | .81 | 1,018 | 61 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 10 | .29 | 0 | .53 | 0 | .11 | 0 | .64 | 0 | .55 | 0 | .03 | — | 0 | .58 | — | — | 10 | .35 | 6 | .41 | 1 | .87 | 1 | .95 | 1 | .95 | 4 | .87 | 1,564 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-01-06(4)–10-31-06 | 10 | .43 | 0 | .61• | (0 | .34) | 0 | .27 | 0 | .41 | — | — | 0 | .41 | — | — | 10 | .29 | 2 | .75 | 3 | .16 | 2 | .00 | 2 | .00 | 7 | .09 | 344 | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6 | .69 | 0 | .29 | 0 | .87 | 1 | .16 | 0 | .17 | — | — | 0 | .17 | — | — | 7 | .68 | 17 | .73 | 0 | .89 | 0 | .89 | 0 | .89 | 8 | .35 | 259,922 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 10 | .36 | 0 | .65 | (3 | .66) | (3 | .01) | 0 | .48 | — | 0 | .18 | 0 | .66 | — | — | 6 | .69 | (30 | .95) | 0 | .86 | 0 | .86 | 0 | .86 | 6 | .86 | 228,274 | 61 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-20-06(5)–10-31-07 | 10 | .48 | 0 | .54 | (0 | .11) | 0 | .43 | 0 | .55 | — | — | 0 | .55 | — | — | 10 | .36 | 4 | .25 | 0 | .84 | 0 | .92 | 0 | .92 | 5 | .36 | 303,156 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
05-01-06–08-24-06(5) | 10 | .18 | 0 | .26• | (0 | .28) | (0 | .02) | 0 | .06 | — | — | 0 | .06 | — | — | 10 | .10 | (0 | .15) | 2 | .33 | 1 | .06 | 1 | .06 | 8 | .32 | 13 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-07-06(4)–04-30-06 | 10 | .24 | 0 | .28• | (0 | .19) | 0 | .09 | 0 | .15 | — | — | 0 | .15 | — | — | 10 | .18 | 0 | .91 | 2 | .65 | 1 | .00 | 1 | .00 | 7 | .79 | 13 | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Global Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 10 | .19 | 0 | .16• | 0 | .76 | 0 | .92 | — | 0 | .24 | — | 0 | .24 | — | — | 10 | .87 | 9 | .07 | 1 | .06 | 0 | .90† | 0 | .90† | 2 | .93† | 67,225 | 276 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 10 | .59 | 0 | .27• | 0 | .07 | 0 | .34 | 0 | .62 | 0 | .12 | — | 0 | .74 | — | — | 10 | .19 | 3 | .04 | 1 | .05 | 0 | .93† | 0 | .93† | 2 | .53† | 79,451 | 830 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 10 | .25 | 0 | .31• | 0 | .64 | 0 | .95 | 0 | .43 | 0 | .18 | — | 0 | .61 | — | — | 10 | .59 | 9 | .61 | 1 | .46 | 0 | .90† | 0 | .90† | 3 | .08 | 28,887 | 858 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-30-06(4)–10-31-06 | 10 | .00 | 0 | .08• | 0 | .23 | 0 | .31 | 0 | .06 | — | — | 0 | .06 | — | — | 10 | .25 | 3 | .13 | 1 | .38 | 0 | .90 | 0 | .90 | 2 | .41 | 25,784 | 451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 10 | .16 | 0 | .11 | 0 | .77 | 0 | .88 | — | 0 | .24 | — | 0 | .24 | — | — | 10 | .80 | 8 | .67 | 1 | .81 | 1 | .65† | 1 | .65† | 2 | .18† | 4,737 | 276 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 10 | .55 | 0 | .18• | 0 | .08 | 0 | .26 | 0 | .53 | 0 | .12 | — | 0 | .65 | — | — | 10 | .16 | 2 | .26 | 1 | .80 | 1 | .68† | 1 | .68† | 1 | .71 | 4,085 | 830 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 10 | .24 | 0 | .25• | 0 | .62 | 0 | .87 | 0 | .38 | 0 | .18 | — | 0 | .56 | — | — | 10 | .55 | 8 | .74 | 2 | .21 | 1 | .65† | 1 | .65† | 2 | .44 | 342 | 858 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-30-06(4)–10-31-06 | 10 | .00 | 0 | .06• | 0 | .22 | 0 | .28 | 0 | .04 | — | — | 0 | .04 | — | — | 10 | .24 | 2 | .84 | 2 | .13 | 1 | .65 | 1 | .65 | 2 | .00 | 28 | 451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 10 | .20 | 0 | .12 | 0 | .76 | 0 | .88 | — | 0 | .24 | — | 0 | .24 | — | — | 10 | .84 | 8 | .63 | 1 | .81 | 1 | .65† | 1 | .65† | 2 | .18† | 32,000 | 276 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 10 | .59 | 0 | .18• | 0 | .09 | 0 | .27 | 0 | .54 | 0 | .12 | — | 0 | .66 | — | — | 10 | .20 | 2 | .31 | 1 | .80 | 1 | .68† | 1 | .68† | 1 | .71† | 29,009 | 830 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 10 | .24 | 0 | .24• | 0 | .64 | 0 | .88 | 0 | .35 | 0 | .18 | — | 0 | .53 | — | — | 10 | .59 | 8 | .90 | 2 | .21 | 1 | .65† | 1 | .65† | 2 | .33 | 1,627 | 858 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-30-06(4)–10-31-06 | 10 | .00 | 0 | .06• | 0 | .22 | 0 | .28 | 0 | .04 | — | — | 0 | .04 | — | — | 10 | .24 | 2 | .82 | 2 | .13 | 1 | .65 | 1 | .65 | 1 | .68 | 36 | 451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
from | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
investment | Supplemental | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operations | Less distributions | Ratios to average net assets | Data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
asset | Net | Net | Expenses net of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
value, | realized | Total | asset | Expenses | fee waivers | Expenses net of | Net assets, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
beginning | Net | and | from | From net | Redemption | value, | before | and/or | all | Net investment | end | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of year | investment | unrealized | investment | investment | From net | From return of | Total | Payment | fees applied | end of | Total | reductions/ | recoupments, | reductions/ | income | of year or | turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
or period | income (loss) | gain (loss) | operations | income | realized gains | capital | distributions | by affiliate | to capital | year or period | Return(1) | additions(2) | if any(2)(3) | additions(2)(3) | (loss)(2)(3) | period | rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Global Bond Fund (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 10 | .21 | 0 | .13• | 0 | .82 | 0 | .95 | 0 | .06 | 0 | .24 | — | 0 | .30 | — | — | 10 | .86 | 9 | .32 | 0 | .67 | 0 | .51† | 0 | .51† | 2 | .47† | 77,789 | 276 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 10 | .58 | 0 | .28• | 0 | .14 | 0 | .42 | 0 | .67 | 0 | .12 | — | 0 | .79 | — | — | 10 | .21 | 3 | .78 | 0 | .74 | 0 | .62† | 0 | .62† | 2 | .69 | 503 | 830 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 10 | .25 | 0 | .35• | 0 | .63 | 0 | .98 | 0 | .47 | 0 | .18 | — | 0 | .65 | — | — | 10 | .58 | 9 | .88 | 1 | .00 | 0 | .61† | 0 | .61† | 3 | .47 | 1 | 858 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-30-06(4)–10-31-06 | 10 | .00 | 0 | .09• | 0 | .23 | 0 | .32 | 0 | .07 | — | — | 0 | .07 | — | — | 10 | .25 | 3 | .23 | 1 | .03 | 0 | .55 | 0 | .55 | 2 | .68 | 1 | 451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 10 | .15 | 0 | .14• | 0 | .77 | 0 | .91 | 0 | .07 | 0 | .24 | — | 0 | .31 | — | — | 10 | .75 | 8 | .98 | 1 | .06 | 0 | .90† | 0 | .90† | 2 | .61† | 1,247 | 276 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-04-08(4)–10-31-08 | 10 | .65 | 0 | .10• | (0 | .49) | (0 | .39) | 0 | .11 | — | — | 0 | .11 | — | — | 10 | .15 | (3 | .70) | 1 | .05 | 0 | .93† | 0 | .93† | 2 | .47† | 222 | 830 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING Diversified International Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 7 | .30 | 0 | .20• | (0 | .25) | (0 | .05) | 0 | .86 | — | — | 0 | .86 | — | — | 6 | .39 | (0 | .93) | 0 | .83 | 0 | .27 | 0 | .27 | 6 | .48 | 114,786 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .98 | 0 | .17 | (7 | .50) | (7 | .33) | 0 | .26 | 0 | .09 | — | 0 | .35 | — | — | 7 | .30 | (50 | .04) | 0 | .57 | 0 | .31 | 0 | .31 | 1 | .41 | 167,282 | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 11 | .61 | 0 | .05• | 3 | .38 | 3 | .43 | 0 | .06 | — | — | 0 | .06 | — | — | 14 | .98 | 29 | .66 | 0 | .55 | 0 | .21 | 0 | .21 | 0 | .37 | 383,364 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-21-05(4)–10-31-06 | 10 | .00 | (0 | .03)• | 1 | .64 | 1 | .61 | — | — | — | — | — | — | 11 | .61 | 16 | .10 | 0 | .66 | 0 | .35 | 0 | .35 | (0 | .35) | 170,108 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 7 | .22 | 0 | .22 | (0 | .29) | (0 | .07) | 0 | .77 | — | — | 0 | .77 | — | — | 6 | .38 | (1 | .19) | 1 | .58 | 1 | .02 | 1 | .02 | 5 | .53 | 16,625 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .84 | 0 | .07 | (7 | .43) | (7 | .36) | 0 | .17 | 0 | .09 | — | 0 | .26 | — | — | 7 | .22 | (50 | .43) | 1 | .32 | 1 | .06 | 1 | .06 | 0 | .67 | 20,167 | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 11 | .54 | (0 | .04) | 3 | .35 | 3 | .31 | 0 | .01 | — | — | 0 | .01 | — | — | 14 | .84 | 28 | .68 | 1 | .30 | 0 | .96 | 0 | .96 | (0 | .34) | 43,667 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-21-05(4)–10-31-06 | 10 | .00 | (0 | .10)• | 1 | .64 | 1 | .54 | — | — | — | — | — | — | 11 | .54 | 15 | .40 | 1 | .41 | 1 | .10 | 1 | .10 | (1 | .10) | 23,035 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 7 | .21 | 0 | .21 | (0 | .28) | (0 | .07) | 0 | .77 | — | — | 0 | .77 | — | — | 6 | .37 | (1 | .21) | 1 | .58 | 1 | .02 | 1 | .02 | 5 | .60 | 63,896 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .83 | 0 | .07 | (7 | .42) | (7 | .35) | 0 | .18 | 0 | .09 | — | 0 | .27 | — | — | 7 | .21 | (50 | .43) | 1 | .32 | 1 | .06 | 1 | .06 | 0 | .67 | 78,834 | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 11 | .54 | (0 | .05)• | 3 | .35 | 3 | .30 | 0 | .01 | — | — | 0 | .01 | — | — | 14 | .83 | 28 | .63 | 1 | .30 | 0 | .96 | 0 | .96 | (0 | .39) | 168,661 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-21-05(4)–10-31-06 | 10 | .00 | (0 | .10)• | 1 | .64 | 1 | .54 | — | — | — | — | — | — | 11 | .54 | 15 | .40 | 1 | .41 | 1 | .10 | 1 | .10 | (1 | .10) | 69,825 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 7 | .30 | 0 | .25• | (0 | .27) | (0 | .02) | 0 | .90 | — | — | 0 | .90 | — | — | 6 | .38 | (0 | .53) | 0 | .58 | 0 | .02 | 0 | .02 | 8 | .40 | 3,448 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .99 | 0 | .21 | (7 | .53) | (7 | .32) | 0 | .28 | 0 | .09 | — | 0 | .37 | — | — | 7 | .30 | (49 | .97) | 0 | .32 | 0 | .06 | 0 | .06 | 1 | .69 | 16 | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-07 | 11 | .63 | 0 | .03• | 3 | .41 | 3 | .44 | 0 | .08 | — | — | 0 | .08 | — | — | 14 | .99 | 29 | .69 | 0 | .30 | 0 | .09 | 0 | .09 | 0 | .21 | 32 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-21-05(4)–10-31-06 | 10 | .00 | (0 | .01)• | 1 | .64 | 1 | .63 | — | — | — | — | — | — | 11 | .63 | 16 | .30 | 0 | .45 | 0 | .10 | 0 | .10 | (0 | .13) | 4 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 7 | .29 | 0 | .12• | (0 | .16) | (0 | .04) | 0 | .89 | — | — | 0 | .89 | — | — | 6 | .36 | (0 | .86) | 0 | .83 | 0 | .27 | 0 | .27 | 4 | .06 | 714 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
06-04-08(4)–10-31-08 | 12 | .99 | 0 | .02• | (5 | .72) | (5 | .70) | — | — | — | — | — | — | 7 | .29 | (43 | .88) | 0 | .57 | 0 | .31 | 0 | .31 | 0 | .48 | 140 | 55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 7 | .22 | 0 | .19 | (0 | .24) | (0 | .05) | 0 | .84 | — | — | 0 | .84 | — | — | 6 | .33 | (0 | .85) | 1 | .08 | 0 | .52 | 0 | .52 | 6 | .12 | 155 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-31-08 | 14 | .82 | 0 | .15 | (7 | .44) | (7 | .29) | 0 | .22 | 0 | .09 | — | 0 | .31 | — | — | 7 | .22 | (50 | .18) | 0 | .82 | 0 | .56 | 0 | .56 | 1 | .26 | 183 | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12-12-06(4)–10-31-07 | 12 | .19 | (0 | .05)• | 2 | .76 | 2 | .71 | 0 | .08 | — | — | 0 | .08 | — | — | 14 | .82 | 22 | .33 | 0 | .80 | 0 | .46 | 0 | .46 | (0 | .46) | 432 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 7 | .29 | 0 | .24 | (0 | .26) | (0 | .02) | 0 | .90 | — | — | 0 | .90 | — | — | 6 | .37 | (0 | .52) | 0 | .58 | 0 | .02 | 0 | .02 | 6 | .21 | 1,578 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
02-12-08(4)–10-31-08 | 12 | .17 | 0 | .06• | (4 | .94) | (4 | .88) | — | — | — | — | — | — | 7 | .29 | (40 | .10) | 0 | .32 | 0 | .06 | 0 | .06 | 0 | .80 | 1,506 | 55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends, return of capital (if any) and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for periods less than one year is not annualized. | |
(2) | Annualized for periods less than one year. | |
(3) | Expense ratios reflect operating expenses of a Fund. Expenses before reductions do not reflect amounts reimbursed by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor but prior to reductions from brokerage commission recapture arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by a Fund. |
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Net investment income (loss) is net of all such additions or reductions. | ||
(4) | Commencement of operations. | |
(5) | Class I was fully redeemed on August 25, 2006 and recommenced operations on December 20, 2006. | |
† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income or loss ratio. | |
* | Amount is more than $(0.005) or more than (0.005)% or less than $0.005 or less than 0.005%. | |
** | Amount is less than $500. | |
• | Calculated using average number of shares outstanding throughout the period. | |
(a) | There was no impact on total return by the affiliate payment. | |
(b) | Effective November 1, 2004, the Fund adopted a policy to reduce cost of investments for financial statement purposes by the distributions received in excess of income from Real Estate Investment Trusts. The effect of this change for the twelve months ended October 31, 2005 was to decrease the net investment income per share by $0.12 for Class A, $0.10 for Class B, $0.11 for Class C and $0.30 for Class I, increase net realized and unrealized gain on investments per share by $0.12 for Class A, $0.10 for Class B, $0.11 for Class C and $0.30 for Class I and decrease the ratio of net investment income to average net assets from 2.31% to 1.58% for Class A, 1.51% to 0.79% for Class B, 1.51% to 0.78% for Class C and 2.60% to 0.85% for Class I. | |
(c) | In 2004, 0.06% for Class A, 0.06% for Class B, 0.06% for Class C and 0.06% for Class Q of the total return consists of a gain on the disposition of an investment not meeting the Fund’s investment restrictions. Excluding this item, total return would have been 12.52% for Class A, 11.72% for Class B, 11.70% for Class C and 12.64% for Class Q. | |
(d) | In 2005, 0.26% for Class A, 0.26% for Class B, 0.27% for Class C and 0.25% for Class Q of the total return consists of a payment by affiliate. Excluding this item, total return would have been 21.50% for Class A, 20.61% for Class B, 20.56% for Class C and 21.64% for Class Q. | |
(e) | In 2005, 0.10% of the total return on Class A, Class B, Class C, Class I and Class Q consists of a payment by affiliate. Excluding this item, total return would have been 13.20%, 12.31%, 12.36%, 13.63% and 13.31% for Class A, Class B, Class C, Class I and Class Q, respectively. | |
(f) | In 2004, the Sub-Adviser fully reimbursed the Fund for a loss incurred from a transaction not meeting the Fund’s investment guidelines, which otherwise would have reduced total return by 0.07%. | |
(g) | In 2005, 0.34% for Class A, 0.33% for Class B, 0.36% for Class C and Class Q of the total return consists of payment by affiliate. Excluding this item, total return would have been 28.63%, 27.82%, 27.80% and 28.96% on Class A, Class B, Class C and Class Q, respectively. | |
(h) | Excluding a payment by affiliate in 2008, Emerging Countries total return would have been 11.96%, 11.36%, 11.39%, 12.20%, 11.99% and 12.26% on Classes A, B, C, I, Q and W, respectively. | |
(i) | Excluding a payment by affiliate in 2008, International Growth Opportunities total return would have been 3.78%, 3.42%, 3.41%, 4.22% and 4.04% on Classes A, B, C, I and Q, respectively. | |
(j) | Excluding a payment by affiliate in 2008, International SmallCap Multi-Manager total return would have been 2.43%, 1.96%, 2.11%, 2.73%, 2.55%, 2.63% and 2.73% for Classes A, B, C, I, O, Q and W, respectively. |
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A. | Security Valuation. For all Funds except Russia and Diversified International, investments in equity securities traded on a national securities exchange are valued at the last reported sale price. Securities reported by National Association of Securities Dealers Automated Quotation System (“NASDAQ”) will be valued at the NASDAQ official closing prices. Securities traded on an exchange or NASDAQ for which there has been no sale, securities traded in the over-the-counter-market, gold and silver bullion, platinum and palladium are valued at the mean between the last reported |
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bid and ask prices. All investments quoted in foreign currencies will be valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at that time. Debt securities are valued at prices obtained from independent services or from one or more dealers making markets in the securities and may be adjusted based on the Funds’ valuation procedures. U.S. government obligations are valued by using market quotations or independent pricing services that use prices provided by market-makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics. |
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B. | Security Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded, 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 and Underlying Funds are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis: |
(1) | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at the end of the day. | |
(2) | Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions. |
D. | Forward Foreign Currency Transactions and Futures Contracts. Each Fund and Underlying Fund may enter into forward foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar, generally in connection with the planned purchases or sales of securities. The Funds and Underlying Funds either enter into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or may use forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or |
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losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar. |
E. | Distributions to Shareholders. The Funds record distributions to their shareholders on ex-dividend date. Each Fund pays dividends and capital gains, if any, annually (except, Global Equity Dividend, Global Real Estate, Asia-Pacific Real Estate, European Real Estate, International Equity Dividend and International Real Estate, which pay dividends, if any, quarterly and Emerging Markets Fixed Income and Global Bond, which pay dividends, if any, monthly). The Funds may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles for investment companies. |
F. | Federal Income Taxes. It is the policy of the Funds to comply with subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of their net investment income and any net realized capital gains to their shareholders. Therefore, no federal income tax provision is required. Management has considered the sustainability of the Funds’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized or expire. |
G. | Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. |
H. | Organization Expenses and Offering Costs. Costs incurred with the organization of the Funds and Underlying Funds are expensed as incurred. Costs incurred with the offering of shares of the Funds and Underlying Funds are deferred and amortized over a twelve-month period on a straight-line basis. |
I. | Repurchase Agreements. Each Fund and Underlying Fund may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon |
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interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Fund and Underlying Fund will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by the Fund or Underlying Fund. The underlying collateral is valued daily on a mark to market basis to assure that the value, including accrued interest is at least equal to the repurchase price. There would be potential loss to the Fund or Underlying Fund in the event the Fund or Underlying Fund is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral. |
J. | Securities Lending. Each Fund and Underlying Fund has the option to temporarily loan up to 30% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. The borrower is required to fully collateralize the loans with cash or U.S. government securities. Generally, in the event of counterparty default, each Fund and Underlying Fund has the right to use collateral to offset losses incurred. There would be potential loss to a Fund or Underlying Fund in the event the Fund or Underlying Fund is delayed or prevented from exercising its right to dispose of the collateral. Each Fund and Underlying Fund bears the risk of loss with respect to the investment of collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Fund or Underlying Fund. |
K. | Options Contracts. The Funds may purchase put and call options and may write (sell) put options and covered call options. The Funds may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. An amount equal to the proceeds of the premium received by the Funds upon the writing of a put or call option is included in the Statements of Assets and Liabilities as an asset and equivalent liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Funds will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The risk in writing a covered call option is that the Funds give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Funds pay a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market of from the inability of counterparties to meet the terms of the contract. |
L. | Swap Agreements. Certain Funds may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). The swap agreement will specify the “notional” amount of the asset or non-asset reference to which the contract relates. Subsequent changes in market value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. A Fund may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported following each Fund’s Portfolio of Investments. |
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M. | Illiquid and Restricted Securities. Each Fund and Underlying Fund may not invest more than 15% of its net assets in illiquid securities. Illiquid securities are not readily marketable. Disposing of illiquid investments may involve time-consuming negotiation and legal expenses, and it may be difficult or impossible for the Funds and Underlying Funds to sell them promptly at an acceptable price. Each Fund and Underlying Fund may also invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933 (“1933 Act”) or securities offered pursuant to Section 4(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Certain restricted securities may be considered liquid pursuant to procedures adopted by the Board or may be deemed illiquid because they may not be readily marketable. Illiquid and restricted securities are valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board. |
N. | Delayed-Delivery or When-Issued Transaction. The Funds and Underlying Funds may purchase or sell securities on a when-issued or forward commitment basis. The price of the securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The market value of these securities is identified in each Fund’s Portfolio of Investments. Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Funds and Underlying Funds are required to segregate liquid assets sufficient to cover the purchase price. |
O. | Indemnifications. In the normal course of business, each Trust may enter into contracts that provide certain indemnifications. Each Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote. |
Purchases | Sales | |||||||
Global Equity Dividend | $ | 58,149,659 | $ | 76,276,141 | ||||
Global Natural Resources | 33,028,006 | 32,771,488 | ||||||
Global Real Estate | 374,428,620 | 351,112,488 | ||||||
Global Value Choice | 70,880,516 | 38,196,914 | ||||||
Asia-Pacific Real Estate | 1,058,674 | 4,785,733 | ||||||
Disciplined International SmallCap | 126,156,935 | 116,281,619 | ||||||
Emerging Countries | 71,347,372 | 80,123,475 |
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Purchases | Sales | |||||||
European Real Estate | $ | 1,428,805 | $ | 1,419,915 | ||||
Foreign | 249,731,483 | 308,246,792 | ||||||
Greater China | 17,501,647 | 21,165,064 | ||||||
Index Plus International Equity | 84,184,863 | 87,377,026 | ||||||
International Capital Appreciation | 20,727,866 | 23,741,618 | ||||||
International Equity Dividend | 11,282,989 | 21,484,412 | ||||||
International Growth Opportunities | 37,593,432 | 53,160,263 | ||||||
International Real Estate | 100,830,033 | 81,921,497 | ||||||
International SmallCap Multi-Manager | 119,593,525 | 226,026,685 | ||||||
International Value | 713,641,314 | 1,047,930,709 | ||||||
International Value Choice | 9,732,455 | 23,431,197 | ||||||
Russia | 51,904,091 | 46,900,301 | ||||||
Emerging Markets Fixed Income | 99,247,359 | 64,958,766 | ||||||
Global Bond | 158,761,419 | 93,794,680 | ||||||
Diversified International | 34,987,144 | 87,450,701 |
Purchases | Sales | |||||||
Global Bond | $ | 234,398,454 | $ | 239,942,712 |
As a Percentage of Average | ||
Daily Net Assets | ||
Global Equity Dividend | 0.70% | |
Global Natural Resources | 1.00% on first $50 million; and 0.75% thereafter | |
Global Real Estate | 0.80% on the first $250 million; 0.775% on the next $250 million; and 0.70% thereafter | |
Global Value Choice | 0.90% on the first $500 million; 0.80% on the next $500 million; and 0.75% thereafter | |
Asia-Pacific Real Estate | 1.00% on the first $250 million; 0.90% on the next $250 million; 0.80% thereafter | |
Disciplined International SmallCap | 0.60% | |
Emerging Countries(1) | 1.25% | |
European Real Estate | 1.00% on the first $250 million; 0.90% on the next $250 million; 0.80% thereafter | |
Foreign(1) | 1.00% on the first $500 million; and 0.90% thereafter | |
Greater China | 1.15% on the first $100 million; 1.05% on the next $150 million; and 0.95% thereafter | |
Index Plus International Equity | 0.55% | |
International Capital Appreciation | 0.85% on the first $500 million; 0.80% on the next $500 million; and 0.75% thereafter | |
International Equity Dividend | 0.75% | |
International Growth Opportunities | 1.00% | |
International Real Estate | 1.00% on the first $250 million; 0.90% on the next $250 million; and 0.80% thereafter | |
International SmallCap Multi-Manager | 1.00% on first $500 million; 0.90% on next $500 million; and 0.85% thereafter | |
International Value | 1.00% on the first $5 billion; 0.95% on the next $2.5 billion; 0.90% on the next $2.5 billion; and 0.85% of assets in excess of $10 billion (applied to all assets of the Fund) | |
International Value Choice | 1.00% | |
Russia | 1.25% | |
Emerging Markets Fixed Income | 0.65% on the first $250 million; 0.60% on the next $250 million; and 0.55% thereafter | |
Global Bond | 0.40% | |
Diversified International | 0.00% |
(1) | ING Investments has contractually agreed to waive a portion of the advisory fee for ING Emerging Countries Fund and ING Foreign Fund. These advisory fee waivers will continue through at least March 1, 2010. There is no guarantee that these waivers will continue after this date. These agreements will only renew if ING Investments elects to renew them. |
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Global Natural Resources | $ | 324 | ||
Global Real Estate | 9,282 | |||
Global Value Choice | 3,329 | |||
Asia-Pacific Real Estate | 13 | |||
European Real Estate | 31 | |||
Foreign | 3,826 | |||
International Growth Opportunities | 285 | |||
International Real Estate | 3,035 | |||
International SmallCap Multi-Manager | 372 | |||
International Value | 13,354 | |||
International Value Choice | 464 | |||
Global Bond | 8,100 |
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Class A | Class B | Class C | Class O | Class Q | Class R | |||||||||||||||||||
Global Equity Dividend | 0.25% | 1.00 | % | 1.00 | % | 0.25 | % | N/A | N/A | |||||||||||||||
Global Natural Resources | 0.25% | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
Global Real Estate | 0.25% | 1.00 | % | 1.00 | % | 0.25 | % | N/A | N/A | |||||||||||||||
Global Value Choice | 0.25% | 1.00 | % | 1.00 | % | N/A | 0.25 | % | N/A | |||||||||||||||
Asia-Pacific Real Estate | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
Disciplined International SmallCap | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
Emerging Countries | 0.35% | (1) | 1.00 | % | 1.00 | % | N/A | 0.25 | % | N/A | ||||||||||||||
European Real Estate | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
Foreign | 0.25% | 1.00 | % | 1.00 | % | N/A | 0.25 | % | N/A | |||||||||||||||
Greater China | 0.25% | 1.00 | % | 1.00 | % | 0.25 | % | N/A | N/A | |||||||||||||||
Index Plus International Equity | 0.25% | 1.00 | % | 1.00 | % | 0.25 | % | N/A | N/A | |||||||||||||||
International Capital Appreciation | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
International Equity Dividend | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
International Growth Opportunities | 0.25% | 1.00 | % | 1.00 | % | N/A | 0.25 | % | N/A | |||||||||||||||
International Real Estate | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
International SmallCap Multi-Manager | 0.35% | 1.00 | % | 1.00 | % | 0.25 | % | 0.25 | % | N/A | ||||||||||||||
International Value | 0.30% | 1.00 | % | 1.00 | % | N/A | 0.25 | % | N/A | |||||||||||||||
International Value Choice | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
Russia | 0.25% | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
Emerging Markets Fixed Income | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
Global Bond | 0.25% | 1.00 | % | 1.00 | % | 0.25 | % | N/A | N/A | |||||||||||||||
Diversified International | 0.25% | 1.00 | % | 1.00 | % | 0.25 | % | N/A | 0.50 | % |
(1) | The Distributor has agreed to waive 0.10% of the Distribution Fee for Class A shares of Emerging Countries for the period from January 1, 2009 through March 1, 2010. |
Class A | Class C | |||||||
Shares | Shares | |||||||
Initial Sales Charges: | ||||||||
Global Equity Dividend | $ | 3,006 | N/A | |||||
Global Natural Resources | 6,757 | N/A | ||||||
Global Real Estate | 19,745 | N/A | ||||||
Global Value Choice | 4,374 | N/A | ||||||
Asia-Pacific Real Estate | — | N/A | ||||||
Disciplined International SmallCap | — | N/A | ||||||
Emerging Countries | 1,984 | N/A | ||||||
European Real Estate | 17 | N/A | ||||||
Foreign | 2,870 | N/A | ||||||
Greater China | 5,605 | N/A | ||||||
Index Plus International Equity | 105 | N/A | ||||||
International Capital Appreciation | 168 | N/A | ||||||
International Equity Dividend | 108 | N/A | ||||||
International Growth Opportunities | 901 | N/A | ||||||
International Real Estate | 1,856 | N/A | ||||||
International SmallCap Multi-Manager | 3,261 | N/A | ||||||
International Value | 3,548 | N/A | ||||||
International Value Choice | 416 | N/A | ||||||
Russia | 52,251 | N/A | ||||||
Emerging Markets Fixed Income | 157 | N/A | ||||||
Global Bond | 8,060 | N/A | ||||||
Diversified International | 6,930 | N/A | ||||||
Contingent Deferred Sales Charges: | ||||||||
Global Equity Dividend | 37 | $ | 1,355 | |||||
Global Natural Resources | 287 | — | ||||||
Global Real Estate | 9,609 | 26,780 | ||||||
Global Value Choice | — | 2,124 | ||||||
Asia-Pacific Real Estate | — | 32 | ||||||
Disciplined International SmallCap | — | — |
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Class A | Class C | |||||||
Shares | Shares | |||||||
Emerging Countries | — | 830 | ||||||
European Real Estate | — | 15 | ||||||
Foreign | 428 | 6,120 | ||||||
Greater China | 315 | 1,114 | ||||||
Index Plus International Equity | — | 33 | ||||||
International Capital Appreciation | — | — | ||||||
International Equity Dividend | — | 15 | ||||||
International Growth Opportunities | — | 342 | ||||||
International Real Estate | 4,334 | 2,565 | ||||||
International SmallCap Multi-Manager | 5,746 | 2,578 | ||||||
International Value | 1,465 | 1,743 | ||||||
International Value Choice | — | 976 | ||||||
Russia | 110,650 | — | ||||||
Emerging Markets Fixed Income | — | 133 | ||||||
Global Bond | 8,043 | 9,368 | ||||||
Diversified International | 267 | 8,179 |
Accrued | ||||||||||||||||||||||||
Accrued | Shareholder | |||||||||||||||||||||||
Investment | Accrued | Service and | Accrued | |||||||||||||||||||||
Fund | Management Fees | Administrative Fees | Distribution Fees | Recoupment | Total | |||||||||||||||||||
Global Equity Dividend | $ | 61,853 | $ | 8,836 | $ | 50,843 | $ | — | $ | 121,532 | ||||||||||||||
Global Natural Resources | 58,409 | 6,427 | 16,001 | — | 80,837 | |||||||||||||||||||
Global Real Estate | 631,415 | 85,296 | 213,554 | — | 930,265 | |||||||||||||||||||
Global Value Choice | 94,750 | 10,606 | 27,113 | 1,950 | 134,419 | |||||||||||||||||||
Asia-Pacific Real Estate | 2,323 | 233 | 923 | — | 3,479 | |||||||||||||||||||
Disciplined International SmallCap | 110,375 | 18,396 | 83 | — | 128,854 | |||||||||||||||||||
Emerging Countries | 101,689 | 8,135 | 26,504 | — | 136,328 | |||||||||||||||||||
European Real Estate | 2,214 | 221 | 588 | — | 3,023 | |||||||||||||||||||
Foreign | 187,590 | 18,807 | 89,333 | — | 295,730 | |||||||||||||||||||
Greater China | 27,055 | 2,353 | 9,346 | — | 38,754 | |||||||||||||||||||
Index Plus International Equity | 41,396 | 7,527 | 10,813 | — | 59,736 | |||||||||||||||||||
International Capital Appreciation | 32,537 | 3,828 | 455 | — | 36,820 | |||||||||||||||||||
International Equity Dividend | 13,673 | 1,823 | 829 | 7,294 | 23,619 | |||||||||||||||||||
International Growth Opportunities | 36,982 | 3,698 | 13,492 | — | 54,172 | |||||||||||||||||||
International Real Estate | 302,537 | 31,401 | 33,020 | 170,100 | 537,058 | |||||||||||||||||||
International SmallCap Multi-Manager | 245,339 | 24,548 | 70,323 | — | 340,210 | |||||||||||||||||||
International Value | 1,270,852 | 127,232 | 406,571 | — | 1,804,655 | |||||||||||||||||||
International Value Choice | 30,592 | 3,067 | 5,306 | — | 38,965 | |||||||||||||||||||
Russia | 226,227 | 18,098 | 45,245 | — | 289,570 | |||||||||||||||||||
Emerging Markets Fixed Income | 133,840 | 20,607 | 1,495 | 65,629 | 221,571 | |||||||||||||||||||
Global Bond | 58,406 | 15,096 | 44,805 | — | 118,307 | |||||||||||||||||||
Diversified International | — | 16,118 | 87,687 | — | 103,805 |
ING Diversified International — | Emerging Countries (12.10%); Foreign (19.90%); Index Plus International Equity (21.00%); International Capital Appreciation (97.70%); International Equity Dividend (92.20%). International SmallCap Multi-Manager (7.10%); International Value Choice (52.90%). | |
ING Life Insurance and Annuity Company — | Asia-Pacific Real Estate (71.30%); European Real Estate (84.20%); International SmallCap Multi-Manager (9.00%). | |
ING LifeStyle Aggressive Growth Portfolio — | Disciplined International SmallCap (13.50%). | |
ING LifeStyle Growth Portfolio — | Disciplined International SmallCap (40.90%); Emerging Markets Fixed Income (40.00%). | |
ING LifeStyle Moderate Portfolio — | Disciplined International SmallCap (14.30%); Emerging Markets Fixed Income (24.10%). | |
ING LifeStyle Moderate Growth Portfolio — | Disciplined International SmallCap (29.40%); Emerging Markets Fixed Income (29.60%). | |
ING Luxenbourg SA — | International Real Estate (11.40%). | |
ING National Trust — | International Growth Opportunities (18.70%); International Value (7.40%). | |
ING Solution 2015 Portfolio — | Global Bond (13.60%). |
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ING Solution 2025 Portfolio — | Global Bond (12.90%). | |
ING Solution 2035 Portfolio — | Global Bond (10.10%). | |
ING Strategic Allocation Growth — | Index Plus International Equity (10.20%). | |
ING Strategic Allocation Moderate — | Index Plus International Equity (7.70%). |
Affiliated | Commissions | |||||
Fund | Brokers | Paid | ||||
Global Equity Dividend | ING Baring LLC | $ | 555 | |||
Global Real Estate | ING Baring LLC | 39,761 | ||||
Asia-Pacific Real Estate | ING Baring LLC | 47 | ||||
Emerging Countries | ING Baring LLC | 6,906 | ||||
Foreign | ING Baring LLC | 51 | ||||
Greater China | ING Baring LLC | 6,929 | ||||
International Equity Dividend | ING Baring LLC | 305 | ||||
International Real Estate | ING Baring LLC | 23,321 | ||||
International SmallCap Multi-Manager | ING Baring LLC | 1,683 | ||||
International Value Choice | ING Baring LLC | 306 |
Fund | Accrued Expenses | Amount | ||||
Global Equity Dividend Fund | Transfer Agent | $ | 50,365 | |||
Printing | 53,045 | |||||
Global Natural Resources Fund | Transfer Agent | 26,743 | ||||
Asia-Pacific Real Estate Fund | Custody | 8,421 | ||||
Audit | 4,388 | |||||
European Real Estate Fund | Custody | 8,201 | ||||
Audit | 4,081 | |||||
Miscellaneous | 3,783 | |||||
Index Plus International Equity Fund | Custody | 30,122 | ||||
Transfer Agent | 56,059 | |||||
Audit | 48,366 | |||||
Printing | 43,471 | |||||
International Capital Appreciation Fund | Custody | 20,218 | ||||
Printing | 13,841 | |||||
International Equity Dividend Fund | Custody | 10,624 | ||||
Audit | 7,018 | |||||
Printing | 6,619 | |||||
Diversified International Fund | Transfer Agent | 132,781 | ||||
Printing | 67,577 |
Class A | Class B | Class C | Class I | Class O | Class Q | Class R | Class W | |||||||||||||||||||||||||
Global Equity Dividend | 1.40 | % | 2.15 | % | 2.15 | % | 1.15 | % | 1.40 | % | N/A | N/A | 1.15 | % | ||||||||||||||||||
Global Natural Resources | 2.75 | % | N/A | N/A | 2.50 | % | N/A | N/A | N/A | 2.50 | % | |||||||||||||||||||||
Global Real Estate | 1.75 | % | 2.50 | % | 2.50 | % | 1.50 | % | 1.75 | % | N/A | N/A | 1.50 | % | ||||||||||||||||||
Global Value Choice | 1.50 | % | 2.25 | % | 2.25 | % | 1.25 | % | N/A | 1.50 | % | N/A | N/A | |||||||||||||||||||
Asia-Pacific Real Estate | 1.75 | % | 2.50 | % | 2.50 | % | 1.50 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||
Disciplined International SmallCap | 1.20 | % | 1.95 | % | 1.95 | % | 0.95 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||
Emerging Countries(1) | 2.25 | % | 2.90 | % | 2.90 | % | 1.75 | %(2) | N/A | 2.15 | % | N/A | 1.90 | % | ||||||||||||||||||
European Real Estate | 1.75 | % | 2.50 | % | 2.50 | % | 1.50 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||
Foreign(3) | 1.95 | % | 2.70 | % | 2.70 | % | 1.60 | % | N/A | 1.85 | % | N/A | 1.45 | % | ||||||||||||||||||
Greater China(4) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
Index Plus International Equity | 1.15 | % | 1.90 | % | 1.90 | % | 0.90 | % | 1.15 | % | N/A | N/A | N/A | |||||||||||||||||||
International Capital Appreciation | 1.50 | % | 2.25 | % | 2.25 | % | 1.25 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||
International Equity Dividend | 1.40 | % | 2.15 | % | 2.15 | % | 1.15 | % | N/A | N/A | N/A | 1.15 | % | |||||||||||||||||||
International Growth Opportunities(5) | 1.55 | % | 2.30 | % | 2.30 | % | 1.30 | % | N/A | 1.55 | % | N/A | N/A | |||||||||||||||||||
International Real Estate | 1.50 | % | 2.25 | % | 2.25 | % | 1.25 | % | N/A | N/A | N/A | 1.25 | % | |||||||||||||||||||
International SmallCap Multi-Manager | 1.95 | % | 2.60 | % | 2.60 | % | 1.40 | % | 1.85 | % | 1.85 | % | N/A | 1.60 | % |
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Class A | Class B | Class C | Class I | Class O | Class Q | Class R | Class W | |||||||||||||||||||||||||
International Value | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
International Value Choice | 1.70 | % | 2.45 | % | 2.45 | % | 1.45 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||
Russia | 3.35 | % | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||
Emerging Markets Fixed Income | 1.25 | % | 2.00 | % | 2.00 | % | 1.00 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||
Global Bond | 0.90 | % | 1.65 | % | 1.65 | % | 0.61 | % | 0.90 | % | N/A | N/A | N/A | |||||||||||||||||||
Diversified International(6) | 0.50 | % | 1.25 | % | 1.25 | % | 0.25 | % | 0.35 | % | N/A | 0.75 | % | 0.10 | % |
(1) | Effective March 1, 2009, pursuant to a side agreement, ING Investments has lowered the expense limits for Emerging Countries through at least March 1, 2010. The expense limits for Emerging Countries are 2.10%, 2.85%, 2.85% and 2.10% for Class A, B, C and Q shares, respectively. If, after March 1, 2010, ING Investments elects not to renew the side agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that this side agreement will continue after that date. The side agreement will only renew if ING Investments elects to renew it. Any fees waived pursuant to the side agreement shall not be eligible for recoupment. |
(2) | The expense limit for Class I shares of Emerging Countries was revised from 1.90% to limit set forth in the table above. |
(3) | Pursuant to a side agreement dated March 1, 2009, ING Investments has lowered the expense limits for Foreign through at least March 1, 2010. The expense limits for Foreign are 1.70%, 2.45%, 2.45%, 1.35% and 1.60% for Class A, B, C, I and Q shares, respectively. If, after March 1, 2010, ING Investments elects not to renew the side agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that this side agreement will continue after that date. The side agreement will only renew if ING Investments elects to renew it. |
(4) | Pursuant to a side agreement dated March 1, 2009, the expense limits for Greater China are 2.10%, 2.85%, 2.85% and 1.85% for Class A, B, C and I shares, respectively, through March 1, 2010. Pursuant to a side agreement dated May 30, 2008, the expense limit for Class O shares is 2.10% through March 1, 2010. There is no guarantee that these side agreements will continue after that date. These side agreements will only renew if ING Investments elects to renew them. Any fees waived pursuant to the side agreement shall not be eligible for recoupment. |
(5) | Effective January 31, 2009, the expense limits for International Growth Opportunities Class A, Class B, Class C, Class I and Class Q were revised from 2.75%, 3.50%, 3.50%, 2.50% and 2.75%, respectively to limits set forth in the table above. |
(6) | The operating expense limits for Diversified International set out above apply only at the fund level and do not limit the fees payable by the underlying investment companies in which the fund invests. The operating expense limits for Class O and Class W of Diversified International will increase to 0.50% and 0.25%, respectively, at the fund level, effective March 1, 2010. Effective March 1, 2009, the expense limits for Class A, B, C and R were revised from 0.35%, 1.10%, 1.10%, 0.25% and 0.60%, respectively to limits set forth in the table above. |
2010 | 2011 | 2012 | Total | |||||||||||||
Global Equity Dividend | $ | — | $ | — | $ | 136,428 | $ | 136,428 | ||||||||
Asia-Pacific Real Estate | — | 56,041 | 147,808 | 203,849 | ||||||||||||
Emerging Countries | — | — | 29,862 | 29,862 | ||||||||||||
European Real Estate | — | 49,810 | 133,948 | 183,758 | ||||||||||||
Foreign | — | — | 109,024 | 109,024 | ||||||||||||
Greater China | — | — | 61,455 | 61,455 | ||||||||||||
Index Plus International Equity | — | — | 1,112,051 | 1,112,051 | ||||||||||||
International Capital Appreciation | — | — | 48,695 | 48,695 | ||||||||||||
International Equity Dividend | — | 70,934 | 131,609 | 202,543 | ||||||||||||
International Real Estate | — | — | 95,456 | 95,456 | ||||||||||||
International Growth Opportunities | — | — | 83,792 | 83,792 | ||||||||||||
International SmallCap Multi-Manager | — | — | 197,395 | 197,395 | ||||||||||||
International Value Choice | — | — | 26,792 | 26,792 | ||||||||||||
Emerging Markets Fixed Income | — | — | 1,801 | 1,801 | ||||||||||||
Global Bond | 127,119 | 68,205 | 180,782 | 376,106 | ||||||||||||
Diversified International | 680,452 | 1,546,287 | 1,429,314 | 3,656,053 |
USD | ||||||||
Notional | Premium | |||||||
Balance at 10/31/08 | — | $ | — | |||||
Options Written | 7,311,000 | 80,791 | ||||||
Options Terminated in Closing Purchase Transactions | (4,446,000 | ) | (40,056 | ) | ||||
Options Expired | (2,865,000 | ) | (40,735 | ) | ||||
Balance at 04/30/09 | — | $ | — | |||||
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Approximate | ||||||||||||
Approximate | Weighted | |||||||||||
Average | Average | |||||||||||
Daily Balance | Interest Rate | |||||||||||
Days | for Days | for Days | ||||||||||
Fund | Utilized | Utilized | Utilized | |||||||||
Global Equity Dividend | 27 | $ | 3,295,185 | 0.69 | % | |||||||
Global Natural Resources | 13 | 323,846 | 0.75 | % | ||||||||
Global Real Estate | 8 | 1,075,000 | 0.67 | % | ||||||||
Global Value Choice | 8 | 2,762,500 | 0.69 | % | ||||||||
Asia-Pacific Real Estate | 29 | 474,138 | 0.81 | % | ||||||||
Disciplined International SmallCap | 33 | 842,121 | 0.72 | % | ||||||||
Foreign | 12 | 1,477,500 | 0.61 | % | ||||||||
Greater China | 49 | 1,432,653 | 0.62 | % | ||||||||
Index Plus International Equity | 18 | 1,790,556 | 0.71 | % | ||||||||
International Capital Appreciation | 64 | 586,250 | 0.73 | % | ||||||||
International Growth Opportunities(1) | 81 | 1,064,815 | 0.73 | % | ||||||||
International Real Estate | 12 | 4,130,000 | 0.60 | % | ||||||||
International SmallCap | 153 | 2,356,235 | 0.76 | % | ||||||||
International Value | 79 | 10,141,139 | 0.76 | % | ||||||||
Emerging Markets Fixed Income | 16 | 5,610,625 | 0.84 | % | ||||||||
Global Bond | 2 | 1,210,000 | 0.74 | % | ||||||||
Diversified International | 1 | 3,640,000 | 1.09 | % |
(1) | At April 30, 2009, International Growth Opportunities had an outstanding balance of $730,000. |
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Proceeds | Net increase | Proceeds | Net increase | |||||||||||||||||||||||||||||||||||||||||
from shares | (decrease) in | from shares | Redemption | (decrease) in | ||||||||||||||||||||||||||||||||||||||||
Shares | issued in | Reinvestment | Shares | shares | Shares | issued in | Reinvestment | fee | Shares | shares | ||||||||||||||||||||||||||||||||||
Year or | sold | merger | of distributions | redeemed | outstanding | sold | merger | of distributions | proceeds | redeemed | outstanding | |||||||||||||||||||||||||||||||||
period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||||
Global Equity Dividend | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 566,601 | — | 53,198 | (2,124,956 | ) | (1,505,157 | ) | 4,226,355 | — | 418,865 | — | (16,043,122 | ) | (11,397,902 | ) | |||||||||||||||||||||||||||||
10-31-08 | 1,684,371 | — | 898,653 | (6,232,831 | ) | (3,649,807 | ) | 22,771,615 | — | 12,354,667 | — | (80,691,472 | ) | (45,565,190 | ) | |||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 54,583 | — | 12,107 | (522,998 | ) | (456,308 | ) | 427,066 | — | 95,999 | — | (3,867,138 | ) | (3,344,073 | ) | |||||||||||||||||||||||||||||
10-31-08 | 209,008 | — | 285,087 | (1,516,147 | ) | (1,022,052 | ) | 2,887,159 | — | 3,919,259 | — | (19,421,680 | ) | (12,615,262 | ) | |||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 257,054 | — | 22,007 | (1,332,044 | ) | (1,052,983 | ) | 1,994,768 | — | 174,072 | — | (9,909,856 | ) | (7,741,016 | ) | |||||||||||||||||||||||||||||
10-31-08 | 939,460 | — | 532,700 | (3,351,816 | ) | (1,879,656 | ) | 12,444,478 | — | 7,312,315 | — | (42,088,864 | ) | (22,332,071 | ) | |||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 78,897 | — | 2,111 | (27,999 | ) | 53,009 | 603,867 | — | 16,437 | — | (210,895 | ) | 409,409 | |||||||||||||||||||||||||||||||
10-31-08 | 138,648 | — | 1,647 | (2,887 | ) | 137,408 | 1,611,488 | — | 17,934 | — | (27,782 | ) | 1,601,640 | |||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 147,574 | — | 1,495 | (217,385 | ) | (68,316 | ) | 1,110,679 | — | 11,917 | — | (1,616,446 | ) | (493,850 | ) | |||||||||||||||||||||||||||||
10-31-08 | 782,090 | — | 191,680 | (706,072 | ) | 267,698 | 10,540,572 | — | 2,607,486 | — | (9,001,556 | ) | 4,146,502 | |||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 447,806 | — | 816 | (22,636 | ) | 425,986 | 3,517,348 | — | 6,292 | — | (179,123 | ) | 3,344,517 | |||||||||||||||||||||||||||||||
02-12-08(1)-10-31-08 | 7,672 | — | 89 | (418 | ) | 7,343 | 100,945 | — | 1,106 | — | (4,290 | ) | 97,761 | |||||||||||||||||||||||||||||||
Global Natural Resources | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 841,796 | — | 787,696 | (1,141,583 | ) | 487,909 | 5,021,278 | — | 4,962,490 | — | (6,740,424 | ) | 3,243,344 | |||||||||||||||||||||||||||||||
10-31-08 | 1,790,153 | — | 2,336,443 | (2,810,465 | ) | 1,316,131 | 20,032,450 | — | 25,092,175 | — | (29,521,523 | ) | 15,603,102 | |||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 52,686 | — | 1,015 | (6,386 | ) | 47,315 | 315,158 | — | 6,371 | — | (37,945 | ) | 283,584 | |||||||||||||||||||||||||||||||
10-31-08 | 7 | — | 20 | (83 | ) | (56 | ) | 100 | — | 209 | — | (913 | ) | (604 | ) | |||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 7,076 | — | 204 | — | 7,280 | 52,081 | — | 1,612 | — | — | 53,693 | |||||||||||||||||||||||||||||||||
02-12-08(1)-10-31-08 | 4,103 | — | (1 | ) | (840 | ) | 3,262 | 49,821 | — | (14 | ) | — | (9,597 | ) | 40,210 | |||||||||||||||||||||||||||||
Global Real Estate | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 18,008,379 | — | 846,077 | (31,577,897 | ) | (12,723,441 | ) | 183,475,486 | — | 8,871,993 | — | (314,984,382 | ) | (122,636,903 | ) | |||||||||||||||||||||||||||||
10-31-08 | 51,167,781 | — | 1,640,309 | (32,356,404 | ) | 20,451,686 | 937,189,621 | — | 31,783,397 | — | (577,604,547 | ) | 391,368,471 | |||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 75,669 | — | 29,678 | (407,548 | ) | (302,201 | ) | 681,143 | — | 261,822 | — | (3,385,987 | ) | (2,443,022 | ) | |||||||||||||||||||||||||||||
10-31-08 | 352,926 | — | 77,469 | (1,008,421 | ) | (578,026 | ) | 5,817,538 | — | 1,303,042 | — | (15,872,425 | ) | (8,751,845 | ) | |||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 976,945 | — | 149,483 | (3,583,566 | ) | (2,457,138 | ) | 9,127,741 | — | 1,388,047 | — | (32,041,714 | ) | (21,525,926 | ) | |||||||||||||||||||||||||||||
10-31-08 | 5,702,611 | — | 352,125 | (6,377,998 | ) | (323,262 | ) | 98,932,052 | — | 6,199,754 | — | (104,028,388 | ) | 1,103,418 | ||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 14,579,368 | — | 489,813 | (7,469,381 | ) | 7,599,800 | 151,504,350 | — | 5,070,221 | — | (76,462,045 | ) | 80,112,526 | |||||||||||||||||||||||||||||||
10-31-08 | 17,361,717 | — | 287,474 | (2,851,439 | ) | 14,797,752 | 322,700,380 | — | 5,302,392 | — | (47,800,551 | ) | 280,202,221 | |||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 85,421 | — | 1,308 | (141,941 | ) | (55,212 | ) | 866,820 | — | 13,963 | — | (1,444,348 | ) | (563,565 | ) | |||||||||||||||||||||||||||||
10-31-08 | 353,337 | — | 38,884 | (456,536 | ) | (64,315 | ) | 6,903,345 | — | 762,024 | — | (8,610,674 | ) | (945,305 | ) | |||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 8,089,699 | — | 129,013 | (2,438,167 | ) | 5,780,545 | 81,132,721 | — | 1,276,463 | — | (23,984,167 | ) | 58,425,017 | |||||||||||||||||||||||||||||||
02-12-08(1)-10-31-08 | 4,363,284 | — | 36,962 | (411,336 | ) | 3,988,910 | 81,150,156 | — | 636,668 | — | (6,448,716 | ) | 75,338,108 | |||||||||||||||||||||||||||||||
Global Value Choice | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 4,292,933 | — | — | (1,897,482 | ) | 2,395,451 | 77,018,032 | — | — | — | (32,953,133 | ) | 44,064,899 | |||||||||||||||||||||||||||||||
10-31-08 | 1,396,794 | — | 7,665 | (1,196,047 | ) | 208,412 | 34,725,305 | — | 197,906 | — | (27,864,080 | ) | 7,059,131 | |||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 27,637 | — | — | (153,469 | ) | (125,832 | ) | 502,769 | — | — | — | (2,817,272 | ) | (2,314,503 | ) | |||||||||||||||||||||||||||||
10-31-08 | 108,879 | — | — | (458,496 | ) | (349,617 | ) | 2,970,432 | — | — | — | (12,293,459 | ) | (9,323,027 | ) | |||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 288,136 | — | — | (218,858 | ) | 69,278 | 4,898,116 | — | — | — | (3,544,554 | ) | 1,353,562 | |||||||||||||||||||||||||||||||
10-31-08 | 271,913 | — | 565 | (418,092 | ) | (145,614 | ) | 6,485,007 | — | 14,032 | — | (9,480,420 | ) | (2,981,381 | ) |
88
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Net increase | Net increase | |||||||||||||||||||||||||||||||||||||||||||
Payments | (decrease) in | Payments | Redemption | (decrease) in | ||||||||||||||||||||||||||||||||||||||||
Shares | by affiliate | Reinvestment | Shares | shares | Shares | by affiliate | Reinvestment | fee | Shares | shares | ||||||||||||||||||||||||||||||||||
Year or | sold | (Note 19) | of distributions | redeemed | outstanding | sold | (Note 19) | of distributions | proceeds | redeemed | outstanding | |||||||||||||||||||||||||||||||||
period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||||
Global Value Choice (continued) | ||||||||||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 100,478 | — | — | (119,309 | ) | (18,831 | ) | 1,718,672 | — | — | — | (2,213,827 | ) | (495,155 | ) | |||||||||||||||||||||||||||||
10-31-08 | 164,533 | — | 3,007 | (99,756 | ) | 67,784 | 4,158,310 | — | 77,786 | — | (2,306,604 | ) | 1,929,492 | |||||||||||||||||||||||||||||||
Class Q | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 83,285 | — | — | (15,935 | ) | 67,350 | 1,760,648 | — | — | — | (331,140 | ) | 1,429,508 | |||||||||||||||||||||||||||||||
10-31-08 | 17,033 | — | 511 | (29,161 | ) | (11,617 | ) | 484,802 | — | 15,493 | — | (816,263 | ) | (315,968 | ) | |||||||||||||||||||||||||||||
Asia-Pacific Real Estate | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 1,267 | — | 848 | (136,766 | ) | (134,651 | ) | 5,004 | — | 3,586 | — | (540,164 | ) | (531,574 | ) | |||||||||||||||||||||||||||||
10-31-08 | 780,760 | — | 980 | (84,459 | ) | 697,281 | 6,996,175 | — | 6,748 | — | (456,097 | ) | 6,546,826 | |||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | — | — | 56 | (8 | ) | 48 | — | — | 238 | — | (34 | ) | 204 | |||||||||||||||||||||||||||||||
10-31-08 | 4,402 | — | 26 | (382 | ) | 4,046 | 35,352 | — | 201 | — | (3,153 | ) | 32,400 | |||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 3,457 | — | 158 | (654,334 | ) | (650,719 | ) | 13,719 | — | 680 | — | (2,713,706 | ) | (2,699,307 | ) | |||||||||||||||||||||||||||||
10-31-08 | 974,716 | — | 110 | (189,935 | ) | 784,891 | 6,392,882 | — | 803 | — | (834,587 | ) | 5,559,098 | |||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
10-31-08 | 102 | — | — | (1 | ) | 101 | 1,020 | — | — | — | (10 | ) | 1,010 | |||||||||||||||||||||||||||||||
Disciplined International SmallCap | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 2,119 | — | 461 | (1,929 | ) | 651 | 10,463 | — | 2,488 | — | (9,104 | ) | 3,847 | |||||||||||||||||||||||||||||||
10-31-08 | 19,758 | — | 191 | (12,354 | ) | 7,595 | 202,660 | — | 1,955 | — | (131,071 | ) | 73,544 | |||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 1,175 | — | 5 | (207 | ) | 973 | 4,897 | — | 25 | — | (1,114 | ) | 3,808 | |||||||||||||||||||||||||||||||
10-31-08 | 217 | — | 7 | (120 | ) | 104 | 2,108 | — | 67 | — | (1,189 | ) | 986 | |||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 4,482 | — | 546 | (3,292 | ) | 1,736 | 22,341 | — | 2,927 | — | (14,619 | ) | 10,649 | |||||||||||||||||||||||||||||||
10-31-08 | 12,431 | — | 88 | (4,187 | ) | 8,332 | 107,822 | — | 897 | — | (38,859 | ) | 69,860 | |||||||||||||||||||||||||||||||
Class I | �� | |||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6,356,776 | — | 1,549,491 | (4,002,583 | ) | 3,903,684 | 30,766,140 | — | 8,382,749 | — | (19,849,302 | ) | 19,299,587 | |||||||||||||||||||||||||||||||
10-31-08 | 21,115,273 | — | 1,061,868 | (20,578,255 | ) | 1,598,886 | 185,110,629 | — | 10,882,081 | — | (203,193,132 | ) | (7,200,422 | ) | ||||||||||||||||||||||||||||||
Emerging Countries | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 211,978 | — | 94,935 | (747,304 | ) | (440,391 | ) | 3,226,285 | 252,464 | 1,498,911 | — | (11,022,706 | ) | (6,045,046 | ) | |||||||||||||||||||||||||||||
10-31-08 | 822,906 | — | 176,088 | (2,002,850 | ) | (1,003,856 | ) | 28,711,056 | — | 6,292,464 | — | (63,446,626 | ) | (28,443,106 | ) | |||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 7,513 | — | 2,330 | (67,402 | ) | (57,559 | ) | 118,406 | 17,731 | 36,664 | — | (999,035 | ) | (826,234 | ) | |||||||||||||||||||||||||||||
10-31-08 | 48,419 | — | 12,124 | (195,755 | ) | (135,212 | ) | 1,665,983 | — | 427,641 | — | (5,956,437 | ) | (3,862,813 | ) | |||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 58,071 | — | 10,848 | (212,341 | ) | (143,422 | ) | 823,702 | 62,327 | 160,382 | — | (2,941,150 | ) | (1,894,739 | ) | |||||||||||||||||||||||||||||
10-31-08 | 173,763 | — | 40,672 | (631,418 | ) | (416,983 | ) | 5,571,813 | — | 1,351,224 | — | (17,685,013 | ) | (10,761,976 | ) | |||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 429,134 | — | 46,082 | (417,153 | ) | 58,063 | 6,528,136 | 83,471 | 725,836 | — | (6,304,362 | ) | 1,033,081 | |||||||||||||||||||||||||||||||
10-31-08 | 1,116,587 | — | 48,781 | (1,019,536 | ) | 145,832 | 36,867,641 | — | 1,745,240 | — | (33,127,020 | ) | 5,485,861 | |||||||||||||||||||||||||||||||
Class Q | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 94,822 | — | 8,656 | (131,507 | ) | (28,029 | ) | 1,565,624 | 21,652 | 141,928 | — | (2,098,612 | ) | (369,408 | ) | |||||||||||||||||||||||||||||
10-31-08 | 108,895 | — | 20,139 | (316,696 | ) | (187,662 | ) | 3,902,063 | — | 745,231 | — | (10,326,260 | ) | (5,678,966 | ) | |||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 537 | — | 56 | (1,357 | ) | (764 | ) | 8,352 | 118 | 928 | — | (21,466 | ) | (12,068 | ) | |||||||||||||||||||||||||||||
02-12-08(1)-10-31-08 | 4,607 | — | 1 | (2,479 | ) | 2,129 | 162,983 | — | 11 | — | (78,082 | ) | 84,912 | |||||||||||||||||||||||||||||||
European Real Estate | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6,580 | — | 3,384 | (20,456 | ) | (10,492 | ) | 28,253 | — | 15,796 | — | (90,024 | ) | (45,975 | ) | |||||||||||||||||||||||||||||
10-31-08 | 693,672 | — | 1,632 | (103,326 | ) | 591,978 | 6,733,767 | — | 13,407 | — | (796,654 | ) | 5,950,520 | |||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 1,339 | — | 74 | (374 | ) | 1,039 | 4,812 | — | 342 | — | (1,758 | ) | 3,396 | |||||||||||||||||||||||||||||||
10-31-08 | 3,076 | — | 24 | (1,157 | ) | 1,943 | 28,991 | — | 196 | — | (9,393 | ) | 19,794 |
89
Table of Contents
Proceeds | Net increase | Proceeds | Net increase | |||||||||||||||||||||||||||||||||||||||||
from shares | (decrease) in | from shares | Redemption | (decrease) in | ||||||||||||||||||||||||||||||||||||||||
Shares | issued in | Reinvestment | Shares | shares | Shares | issued in | Reinvestment | fee | Shares | shares | ||||||||||||||||||||||||||||||||||
Year or | sold | merger | of distributions | redeemed | outstanding | sold | merger | of distributions | proceeds | redeemed | outstanding | |||||||||||||||||||||||||||||||||
period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||||
European Real Estate (continued) | ||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 158 | — | 298 | (319 | ) | 137 | 664 | — | 1,393 | — | (1,479 | ) | 578 | |||||||||||||||||||||||||||||||
10-31-08 | 19,205 | — | 66 | (10,195 | ) | 9,076 | 181,711 | — | 545 | — | (89,452 | ) | 92,804 | |||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
10-31-08 | 102 | — | — | (1 | ) | 101 | 1,020 | — | — | — | (10 | ) | 1,010 | |||||||||||||||||||||||||||||||
Foreign | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 980,760 | — | 269,209 | (5,321,693 | ) | (4,071,724 | ) | 10,490,290 | — | 3,082,437 | — | (54,547,909 | ) | (40,975,182 | ) | |||||||||||||||||||||||||||||
10-31-08 | 4,911,276 | — | 689,975 | (7,518,393 | ) | (1,917,142 | ) | 94,565,312 | — | 14,109,997 | — | (128,973,992 | ) | (20,298,683 | ) | |||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 43,684 | — | 28,125 | (415,305 | ) | (343,496 | ) | 455,989 | — | 311,908 | — | (4,034,138 | ) | (3,266,241 | ) | |||||||||||||||||||||||||||||
10-31-08 | 239,123 | — | 113,030 | (876,325 | ) | (524,172 | ) | 4,648,104 | — | 2,230,091 | — | (15,036,348 | ) | (8,158,153 | ) | |||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 490,034 | — | 154,867 | (2,291,079 | ) | (1,646,178 | ) | 5,114,527 | — | 1,717,477 | — | (22,220,876 | ) | (15,388,872 | ) | |||||||||||||||||||||||||||||
10-31-08 | 1,811,561 | — | 458,623 | (3,336,522 | ) | (1,066,338 | ) | 33,659,479 | — | 9,062,384 | — | (57,534,479 | ) | (14,812,616 | ) | |||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 1,391,218 | — | 266,085 | (2,289,031 | ) | (631,728 | ) | 15,409,331 | — | 3,091,911 | — | (23,556,109 | ) | (5,054,867 | ) | |||||||||||||||||||||||||||||
10-31-08 | 2,258,533 | — | 317,295 | (1,415,836 | ) | 1,159,992 | 44,056,759 | — | 6,602,918 | — | (22,601,262 | ) | 28,058,415 | |||||||||||||||||||||||||||||||
Class Q | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | — | — | 53 | (3,072 | ) | (3,019 | ) | — | — | 618 | — | (30,521 | ) | (29,903 | ) | |||||||||||||||||||||||||||||
10-31-08 | — | — | 2,445 | (33,010 | ) | (30,565 | ) | — | — | 50,214 | — | (440,821 | ) | (390,607 | ) | |||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 19,479 | — | 937 | (10,299 | ) | 10,117 | 219,207 | — | 11,637 | — | (114,256 | ) | 116,588 | |||||||||||||||||||||||||||||||
02-12-08(1)-10-31-08 | 42,471 | — | — | (19,175 | ) | 23,296 | 878,887 | — | — | — | (309,649 | ) | 569,238 | |||||||||||||||||||||||||||||||
Greater China | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 657,626 | — | 123,699 | (878,854 | ) | (97,529 | ) | 6,420,168 | — | 1,239,461 | — | (8,274,414 | ) | (614,785 | ) | |||||||||||||||||||||||||||||
10-31-08 | 947,515 | — | 239,370 | (1,990,551 | ) | (803,666 | ) | 16,713,689 | — | 4,242,198 | — | (31,428,443 | ) | (10,472,556 | ) | |||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 35,425 | — | 11,348 | (39,077 | ) | 7,696 | 331,063 | — | 113,136 | — | (358,758 | ) | 85,441 | |||||||||||||||||||||||||||||||
10-31-08 | 92,034 | — | 29,578 | (219,342 | ) | (97,730 | ) | 1,652,070 | — | 517,910 | — | (3,355,264 | ) | (1,185,284 | ) | |||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 81,820 | — | 14,271 | (77,478 | ) | 18,613 | 802,656 | — | 142,714 | — | (699,969 | ) | 245,401 | |||||||||||||||||||||||||||||||
10-31-08 | 173,882 | — | 49,298 | (439,357 | ) | (216,177 | ) | 3,131,398 | — | 863,707 | — | (7,284,343 | ) | (3,289,238 | ) | |||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 7,081 | — | 480 | (116 | ) | 7,445 | 70,497 | — | 4,797 | — | (1,208 | ) | 74,086 | |||||||||||||||||||||||||||||||
10-31-08 | 1,864 | — | 255 | (31 | ) | 2,088 | 28,250 | — | 4,518 | — | (628 | ) | 32,140 | |||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 84,684 | — | — | (17,011 | ) | 67,673 | 824,386 | — | — | — | (161,457 | ) | 662,929 | |||||||||||||||||||||||||||||||
06-04-08(1)-10-31-08 | 29,666 | — | — | (7,455 | ) | 22,211 | 389,817 | — | — | — | (95,367 | ) | 294,450 | |||||||||||||||||||||||||||||||
Index Plus International Equity | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 57,286 | — | 50,580 | (264,220 | ) | (156,354 | ) | 330,448 | — | 316,123 | — | (1,484,994 | ) | (838,423 | ) | |||||||||||||||||||||||||||||
10-31-08 | 127,395 | 2,083,276 | 15,616 | (898,337 | ) | 1,327,950 | 1,262,851 | 24,809,468 | 183,797 | — | (9,088,911 | ) | 17,167,205 | |||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 12,616 | — | 3,810 | (83,731 | ) | (67,305 | ) | 76,856 | — | 23,930 | — | (484,658 | ) | (383,872 | ) | |||||||||||||||||||||||||||||
10-31-08 | 12,177 | 355,813 | 6,215 | (177,202 | ) | 197,003 | 132,214 | 4,223,697 | 72,966 | — | (1,667,340 | ) | 2,761,537 | |||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 22,453 | — | 3,268 | (40,028 | ) | (14,307 | ) | 132,571 | — | 20,424 | — | (223,642 | ) | (70,647 | ) | |||||||||||||||||||||||||||||
10-31-08 | 30,434 | 197,636 | 5,787 | (106,330 | ) | 127,527 | 324,453 | 2,343,627 | 67,879 | — | (1,040,718 | ) | 1,695,241 | |||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 1,426,525 | — | 437,590 | (2,456,731 | ) | (592,616 | ) | 8,939,984 | — | 2,730,559 | — | (14,033,678 | ) | (2,363,135 | ) | |||||||||||||||||||||||||||||
10-31-08 | 8,828,357 | 523,573 | 1,189,238 | (10,454,928 | ) | 86,240 | 95,723,393 | 6,258,727 | 14,056,792 | — | (102,148,610 | ) | 13,890,302 | |||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 433,983 | — | 33,354 | (649,713 | ) | (182,376 | ) | 2,512,443 | — | 206,799 | — | (3,619,047 | ) | (899,805 | ) | |||||||||||||||||||||||||||||
11-09-07(1)-10-31-08 | 1,292,028 | 7,673,371 | 62 | (2,385,102 | ) | 6,580,359 | 13,220,056 | 90,795,795 | 730 | — | (22,842,487 | ) | 81,174,094 | |||||||||||||||||||||||||||||||
90
Table of Contents
Net increase | Net increase | |||||||||||||||||||||||||||||||||||||||||||
Payments | (decrease) in | Payments | Redemption | (decrease) in | ||||||||||||||||||||||||||||||||||||||||
Shares | by affiliate | Reinvestment | Shares | shares | Shares | by affiliate | Reinvestment | fee | Shares | shares | ||||||||||||||||||||||||||||||||||
Year or | sold | (Note 19) | of distributions | redeemed | outstanding | sold | (Note 19) | of distributions | proceeds | redeemed | outstanding | |||||||||||||||||||||||||||||||||
period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||||
International Capital Appreciation | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5,355 | — | 1,258 | (154,210 | ) | (147,597 | ) | 34,835 | — | 8,252 | — | (971,160 | ) | (928,073 | ) | |||||||||||||||||||||||||||||
10-31-08 | 96,218 | — | 4,821 | (169,646 | ) | (68,607 | ) | 1,239,482 | — | 62,381 | — | (1,327,786 | ) | (25,923 | ) | |||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | — | — | — | (25,989 | ) | (25,989 | ) | — | — | — | — | (164,535 | ) | (164,535 | ) | |||||||||||||||||||||||||||||
10-31-08 | 46,616 | — | 2,138 | (70,820 | ) | (22,066 | ) | 580,009 | — | 27,323 | — | (807,705 | ) | (200,373 | ) | |||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5,202 | — | — | (13,190 | ) | (7,988 | ) | 34,198 | — | — | — | (80,381 | ) | (46,183 | ) | |||||||||||||||||||||||||||||
10-31-08 | 53,113 | — | 1,936 | (67,450 | ) | (12,401 | ) | 645,740 | — | 24,821 | — | (714,775 | ) | (44,214 | ) | |||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 1,781,707 | — | 168,377 | (2,189,831 | ) | (239,747 | ) | 10,979,106 | — | 1,099,501 | — | (13,122,023 | ) | (1,043,416 | ) | |||||||||||||||||||||||||||||
10-31-08 | 1,662,796 | — | 515,675 | (4,514,825 | ) | (2,336,354 | ) | 21,649,973 | — | 6,677,994 | — | (49,010,622 | ) | (20,682,655 | ) | |||||||||||||||||||||||||||||
International Equity Dividend | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 15,114 | — | 1,440 | (109,785 | ) | (93,231 | ) | 74,416 | — | 7,337 | — | (506,818 | ) | (425,065 | ) | |||||||||||||||||||||||||||||
10-31-08 | 131,103 | — | 13,987 | (251,121 | ) | (106,031 | ) | 1,187,362 | — | 119,484 | — | (2,057,092 | ) | (750,246 | ) | |||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6,919 | — | 59 | (12,471 | ) | (5,493 | ) | 36,172 | — | 303 | — | (64,398 | ) | (27,923 | ) | |||||||||||||||||||||||||||||
10-31-08 | 10,393 | — | 134 | (2,364 | ) | 8,163 | 97,508 | — | 1,126 | — | (16,666 | ) | 81,968 | |||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 45,303 | — | 584 | (43,890 | ) | 1,997 | 224,221 | — | 2,949 | — | (209,209 | ) | 17,961 | |||||||||||||||||||||||||||||||
10-31-08 | 81,875 | — | 5,557 | (77,315 | ) | 10,117 | 786,475 | — | 47,456 | — | (635,175 | ) | 198,756 | |||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 177,070 | — | 54,376 | (2,271,035 | ) | (2,039,589 | ) | 913,609 | — | 274,559 | — | (10,749,274 | ) | (9,561,106 | ) | |||||||||||||||||||||||||||||
10-31-08 | 2,645,507 | — | 307,787 | (1,936,510 | ) | 1,016,784 | 22,644,879 | — | 2,559,356 | — | (15,129,428 | ) | 10,074,807 | |||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 2,181 | — | 22 | (333 | ) | 1,870 | 9,400 | — | 102 | — | (1,569 | ) | 7,933 | |||||||||||||||||||||||||||||||
02-12-08(1)-10-31-08 | 2,222 | — | 67 | (104 | ) | 2,185 | 21,015 | — | 511 | — | (895 | ) | 20,631 | |||||||||||||||||||||||||||||||
International Growth Opportunities | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 283,932 | — | 7,553 | (1,017,771 | ) | (726,286 | ) | 1,529,993 | 76,090 | 43,503 | — | (5,347,028 | ) | (3,697,442 | ) | |||||||||||||||||||||||||||||
10-31-08 | 689,059 | — | 724,639 | (1,288,594 | ) | 125,104 | 7,810,339 | — | 8,779,114 | — | (13,206,986 | ) | 3,382,467 | |||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 7,122 | — | — | (214,215 | ) | (207,093 | ) | 35,521 | 13,422 | — | — | (1,060,657 | ) | (1,011,714 | ) | |||||||||||||||||||||||||||||
10-31-08 | 78,682 | — | 184,188 | (614,692 | ) | (351,822 | ) | 878,212 | — | 2,121,081 | — | (6,290,257 | ) | (3,290,964 | ) | |||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 26,651 | — | — | (229,362 | ) | (202,711 | ) | 129,587 | 20,426 | — | — | (1,150,989 | ) | (1,000,976 | ) | |||||||||||||||||||||||||||||
10-31-08 | 215,015 | — | 136,334 | (431,904 | ) | (80,555 | ) | 2,394,268 | — | 1,571,233 | — | (3,806,058 | ) | 159,443 | ||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 416,710 | — | 17,276 | (2,371,842 | ) | (1,937,856 | ) | 2,236,210 | 52,560 | 99,162 | — | (12,708,521 | ) | (10,320,589 | ) | |||||||||||||||||||||||||||||
10-31-08 | 2,932,823 | — | 129,807 | (834,771 | ) | 2,227,859 | 31,597,804 | — | 1,563,352 | — | (7,367,699 | ) | 25,793,457 | |||||||||||||||||||||||||||||||
Class Q | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 122,628 | — | 7,138 | (207,229 | ) | (77,463 | ) | 676,898 | 32,032 | 40,688 | — | (1,051,468 | ) | (301,850 | ) | |||||||||||||||||||||||||||||
10-31-08 | 476,814 | — | 394,356 | (1,261,072 | ) | (389,902 | ) | 5,537,379 | — | 4,722,652 | — | (13,486,319 | ) | (3,226,288 | ) | |||||||||||||||||||||||||||||
International Real Estate | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 3,481,505 | — | 101,762 | (5,752,828 | ) | (2,169,561 | ) | 20,282,591 | — | 608,926 | — | (33,260,771 | ) | (12,369,254 | ) | |||||||||||||||||||||||||||||
10-31-08 | 8,574,151 | — | 545,171 | (14,791,771 | ) | (5,672,449 | ) | 100,590,258 | — | 6,416,280 | — | (154,954,852 | ) | (47,948,314 | ) | |||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 17,096 | — | 3,581 | (114,068 | ) | (93,391 | ) | 101,676 | — | 21,409 | — | (645,818 | ) | (522,733 | ) | |||||||||||||||||||||||||||||
10-31-08 | 71,839 | — | 23,566 | (329,118 | ) | (233,713 | ) | 857,933 | — | 282,366 | — | (3,544,764 | ) | (2,404,465 | ) | |||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 180,634 | — | 20,452 | (2,110,576 | ) | (1,909,490 | ) | 1,099,243 | — | 122,361 | — | (12,255,425 | ) | (11,033,821 | ) | |||||||||||||||||||||||||||||
10-31-08 | 2,194,498 | — | 169,409 | (5,422,977 | ) | (3,059,070 | ) | 25,813,659 | — | 2,032,768 | — | (56,377,064 | ) | (28,530,637 | ) | |||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 18,978,895 | — | 212,374 | (12,661,022 | ) | 6,530,247 | 114,109,801 | — | 1,274,116 | — | (76,356,831 | ) | 39,027,086 | |||||||||||||||||||||||||||||||
10-31-08 | 43,441,169 | — | 428,870 | (10,642,891 | ) | 33,227,148 | 481,407,853 | — | 4,893,801 | — | (95,017,074 | ) | 391,284,580 |
91
Table of Contents
Net increase | Net increase | |||||||||||||||||||||||||||||||||||||||||||
Payments | (decrease) in | Payments | Redemption | (decrease) in | ||||||||||||||||||||||||||||||||||||||||
Shares | by affiliate | Reinvestment | Shares | shares | Shares | by affiliate | Reinvestment | fee | Shares | shares | ||||||||||||||||||||||||||||||||||
Year or | sold | (Note 19) | of distributions | redeemed | outstanding | sold | (Note 19) | of distributions | proceeds | redeemed | outstanding | |||||||||||||||||||||||||||||||||
period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||||
International Real Estate (continued) | ||||||||||||||||||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 58,259 | — | 777 | (8,573 | ) | 50,463 | 373,121 | — | 4,684 | — | (53,100 | ) | 324,705 | |||||||||||||||||||||||||||||||
02-12-08(1)-10-31-08 | 52,809 | — | 124 | (8,553 | ) | 44,380 | 568,699 | — | 1,157 | — | (58,832 | ) | 511,024 | |||||||||||||||||||||||||||||||
International SmallCap Multi-Manager | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 704,025 | — | 150,477 | (1,827,820 | ) | (973,318 | ) | 14,809,865 | 457,206 | 3,373,881 | — | (38,045,868 | ) | (19,404,916 | ) | |||||||||||||||||||||||||||||
10-31-08 | 2,979,636 | — | 998,861 | (4,779,374 | ) | (800,877 | ) | 136,744,112 | — | 47,137,719 | — | (202,990,223 | ) | (19,108,392 | ) | |||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 5,024 | — | 2,719 | (182,753 | ) | (175,010 | ) | 113,505 | 31,479 | 64,369 | — | (3,996,849 | ) | (3,787,496 | ) | |||||||||||||||||||||||||||||
10-31-08 | 50,690 | — | 118,804 | (623,581 | ) | (454,087 | ) | 2,540,227 | — | 5,829,623 | — | (28,106,960 | ) | (19,737,110 | ) | |||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 36,979 | — | 20,386 | (255,862 | ) | (198,497 | ) | 729,312 | 84,280 | 429,751 | — | (4,995,769 | ) | (3,752,426 | ) | |||||||||||||||||||||||||||||
10-31-08 | 219,882 | — | 221,078 | (703,134 | ) | (262,174 | ) | 9,721,747 | — | 9,767,028 | — | (27,322,204 | ) | (7,833,429 | ) | |||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 797,346 | — | 105,575 | (2,387,989 | ) | (1,485,068 | ) | 16,686,304 | 317,424 | 2,362,922 | — | (50,182,244 | ) | (30,815,594 | ) | |||||||||||||||||||||||||||||
10-31-08 | 1,741,676 | — | 627,880 | (1,922,882 | ) | 446,674 | 77,860,724 | — | 29,679,191 | — | (82,207,122 | ) | 25,332,793 | |||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 9,616 | — | — | (2,120 | ) | 7,496 | 201,890 | 267 | — | — | (45,674 | ) | 156,483 | |||||||||||||||||||||||||||||||
06-04-08(1)-10-31-08 | 4,615 | — | — | (1,899 | ) | 2,716 | 150,303 | — | — | — | (54,844 | ) | 95,459 | |||||||||||||||||||||||||||||||
Class Q | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 96,278 | — | 42,371 | (969,482 | ) | (830,833 | ) | 2,179,528 | 106,756 | 1,035,594 | — | (22,260,813 | ) | (18,938,935 | ) | |||||||||||||||||||||||||||||
10-31-08 | 441,947 | — | 273,392 | (796,120 | ) | (80,781 | ) | 21,564,716 | — | 14,027,428 | — | (36,553,425 | ) | (961,281 | ) | |||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 74,175 | — | 13,008 | (167,933 | ) | (80,750 | ) | 1,818,132 | 30,891 | 343,560 | — | (4,120,155 | ) | (1,927,572 | ) | |||||||||||||||||||||||||||||
02-12-08(1)-10-31-08 | 424,319 | — | 2 | (38,041 | ) | 386,280 | 19,393,949 | — | 126 | — | (1,389,064 | ) | 18,005,011 | |||||||||||||||||||||||||||||||
International Value | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 11,142,296 | — | 13,240,763 | (31,180,429 | ) | (6,797,370 | ) | 97,871,303 | 24,739 | 125,310,400 | — | (263,975,574 | ) | (40,769,132 | ) | |||||||||||||||||||||||||||||
10-31-08 | 15,008,226 | — | 13,738,713 | (37,372,970 | ) | (8,626,031 | ) | 263,356,450 | — | 253,006,563 | — | (604,941,068 | ) | (88,578,055 | ) | |||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 102,612 | — | 1,111,861 | (3,197,906 | ) | (1,983,433 | ) | 899,494 | 2,111 | 10,444,144 | — | (26,772,017 | ) | (15,426,268 | ) | |||||||||||||||||||||||||||||
10-31-08 | 413,342 | — | 1,777,035 | (7,626,050 | ) | (5,435,673 | ) | 7,656,523 | — | 32,199,846 | — | (129,928,893 | ) | (90,072,524 | ) | |||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 1,613,733 | — | 4,284,938 | (6,990,581 | ) | (1,091,910 | ) | 14,530,364 | 8,560 | 39,564,402 | — | (57,769,552 | ) | (3,666,226 | ) | |||||||||||||||||||||||||||||
10-31-08 | 1,347,145 | — | 4,567,631 | (9,292,377 | ) | (3,377,601 | ) | 24,318,686 | — | 81,988,970 | — | (144,620,438 | ) | (38,312,782 | ) | |||||||||||||||||||||||||||||
Class I | �� | |||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 14,589,241 | — | 8,057,767 | (26,704,769 | ) | (4,057,761 | ) | 128,413,273 | 19,561 | 75,935,416 | — | (235,975,573 | ) | (31,607,323 | ) | |||||||||||||||||||||||||||||
10-31-08 | 21,346,501 | — | 12,048,408 | (61,196,377 | ) | (27,801,468 | ) | 374,519,708 | — | 221,811,196 | — | (1,025,849,999 | ) | (429,519,095 | ) | |||||||||||||||||||||||||||||
Class Q | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 799,801 | — | 178,994 | (322,039 | ) | 656,756 | 6,249,844 | 307 | 1,690,451 | — | (2,734,334 | ) | 5,206,268 | |||||||||||||||||||||||||||||||
10-31-08 | 80,922 | — | 168,251 | (258,323 | ) | (9,150 | ) | 1,352,835 | — | 3,102,544 | — | (4,062,976 | ) | 392,403 | ||||||||||||||||||||||||||||||
International Value Choice | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 203,400 | — | 9,558 | (231,738 | ) | (18,780 | ) | 1,595,473 | — | 78,920 | — | (1,732,053 | ) | (57,660 | ) | |||||||||||||||||||||||||||||
10-31-08 | 686,849 | — | 176,805 | (795,921 | ) | 67,733 | 7,157,841 | — | 2,075,696 | — | (7,750,036 | ) | 1,483,501 | |||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 19,224 | — | 40 | (59,009 | ) | (39,745 | ) | 144,907 | — | 332 | — | (443,267 | ) | (298,028 | ) | |||||||||||||||||||||||||||||
10-31-08 | 42,499 | — | 29,707 | (97,833 | ) | (25,627 | ) | 499,053 | — | 345,496 | — | (1,061,670 | ) | (217,121 | ) | |||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 134,748 | — | 67 | (86,761 | ) | 48,054 | 1,059,499 | — | 557 | — | (652,358 | ) | 407,698 | |||||||||||||||||||||||||||||||
10-31-08 | 63,426 | — | 39,133 | (133,854 | ) | (31,295 | ) | 741,122 | — | 456,287 | — | (1,515,447 | ) | (318,038 | ) | |||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 321,022 | — | 64,604 | (2,121,954 | ) | (1,736,328 | ) | 2,466,067 | — | 532,021 | — | (16,126,303 | ) | (13,128,215 | ) | |||||||||||||||||||||||||||||
10-31-08 | 1,789,120 | — | 775,006 | (1,843,757 | ) | 720,369 | 21,092,150 | — | 9,083,070 | — | (19,635,694 | ) | 10,539,526 | |||||||||||||||||||||||||||||||
Russia Fund | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 1,556,554 | — | 3,839,001 | (3,030,523 | ) | 2,365,032 | 24,972,730 | — | 71,291,236 | 230,232 | (42,584,713 | ) | 53,909,485 | |||||||||||||||||||||||||||||||
10-31-08 | 3,508,454 | — | 1,701,980 | (6,816,631 | ) | (1,606,197 | ) | 221,879,155 | — | 116,874,956 | 1,344,090 | (348,756,344 | ) | (8,658,143 | ) | |||||||||||||||||||||||||||||
92
Table of Contents
Proceeds | Net increase | Proceeds | Net increase | |||||||||||||||||||||||||||||||||||||||||
from shares | (decrease) in | from shares | Redemption | (decrease) in | ||||||||||||||||||||||||||||||||||||||||
Shares | issued in | Reinvestment | Shares | shares | Shares | issued in | Reinvestment | fee | Shares | shares | ||||||||||||||||||||||||||||||||||
Year or | sold | merger | of distributions | redeemed | outstanding | sold | merger | of distributions | proceeds | redeemed | outstanding | |||||||||||||||||||||||||||||||||
period ended | # | # | # | # | # | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||||
Emerging Markets Fixed Income | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 19,803 | — | 6,753 | (109,341 | ) | (82,785 | ) | 148,853 | — | 46,601 | — | (742,019 | ) | (546,565 | ) | |||||||||||||||||||||||||||||
10-31-08 | 252,204 | — | 26,782 | (878,847 | ) | (599,861 | ) | 2,502,888 | — | 263,152 | — | (8,666,811 | ) | (5,900,771 | ) | |||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 11,438 | — | 592 | (19,184 | ) | (7,154 | ) | 82,816 | — | 4,110 | — | (129,291 | ) | (42,365 | ) | |||||||||||||||||||||||||||||
10-31-08 | 3,762 | — | 1,607 | (13,009 | ) | (7,640 | ) | 36,830 | — | 15,738 | — | (118,714 | ) | (66,146 | ) | |||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 19,531 | — | 1,973 | (37,573 | ) | (16,069 | ) | 142,193 | — | 13,596 | — | (259,384 | ) | (103,595 | ) | |||||||||||||||||||||||||||||
10-31-08 | 71,595 | — | 6,655 | (77,077 | ) | 1,173 | 714,968 | — | 64,586 | — | (688,196 | ) | 91,358 | |||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 6,040,508 | — | 855,557 | (7,178,454 | ) | (282,389 | ) | 43,478,354 | — | 5,885,202 | — | (48,872,572 | ) | 490,984 | ||||||||||||||||||||||||||||||
10-31-08 | 14,539,689 | — | 2,018,022 | (11,690,948 | ) | 4,866,763 | 129,868,071 | — | 19,732,368 | — | (114,548,390 | ) | 35,052,049 | |||||||||||||||||||||||||||||||
Global Bond | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 1,965,465 | — | 101,216 | (3,672,910 | ) | (1,606,229 | ) | 21,370,692 | — | 1,114,027 | — | (39,024,748 | ) | (16,540,029 | ) | |||||||||||||||||||||||||||||
10-31-08 | 7,456,121 | — | 137,999 | (2,528,202 | ) | 5,065,918 | 80,606,536 | — | 1,503,470 | — | (26,720,683 | ) | 55,389,323 | |||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 108,889 | — | 6,880 | (78,936 | ) | 36,833 | 1,174,828 | — | 75,456 | — | (844,148 | ) | 406,136 | |||||||||||||||||||||||||||||||
10-31-08 | 482,365 | — | 7,800 | (120,595 | ) | 369,570 | 5,209,000 | — | 84,783 | — | (1,265,336 | ) | 4,028,447 | |||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 664,612 | — | 52,481 | (607,588 | ) | 109,505 | 7,191,429 | — | 577,912 | — | (6,516,725 | ) | 1,252,616 | |||||||||||||||||||||||||||||||
10-31-08 | 3,471,699 | — | 50,068 | (831,577 | ) | 2,690,190 | 37,418,779 | — | 547,180 | — | (8,772,866 | ) | 29,193,093 | |||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 7,214,489 | — | 16,013 | (114,535 | ) | 7,115,967 | 76,263,295 | — | 169,493 | — | (1,230,375 | ) | 75,202,413 | |||||||||||||||||||||||||||||||
10-31-08 | 146,220 | — | 511 | (97,562 | ) | 49,169 | 1,585,456 | — | 5,482 | — | (1,042,215 | ) | 548,723 | |||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 116,494 | — | — | (22,383 | ) | 94,111 | 1,244,511 | — | — | — | (238,060 | ) | 1,006,451 | |||||||||||||||||||||||||||||||
06-04-08(1)-10-31-08 | 27,965 | — | 2 | (6,112 | ) | 21,855 | 292,477 | — | 21 | — | (63,489 | ) | 229,009 | |||||||||||||||||||||||||||||||
Diversified International | ||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 1,516,290 | — | 1,998,133 | (8,493,819 | ) | (4,979,396 | ) | 9,742,842 | — | 13,047,254 | — | (53,060,907 | ) | (30,270,811 | ) | |||||||||||||||||||||||||||||
10-31-08 | 8,841,423 | — | 515,063 | (12,019,529 | ) | (2,663,043 | ) | 111,719,950 | — | 6,979,408 | — | (131,771,713 | ) | (13,072,355 | ) | |||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 108,681 | — | 252,791 | (549,349 | ) | (187,877 | ) | 677,424 | — | 1,650,743 | — | (3,331,544 | ) | (1,003,377 | ) | |||||||||||||||||||||||||||||
10-31-08 | 654,048 | — | 48,497 | (851,393 | ) | (148,848 | ) | 8,251,659 | — | 654,909 | — | (9,548,622 | ) | (642,054 | ) | |||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 930,137 | — | 901,364 | (2,729,257 | ) | (897,756 | ) | 5,972,654 | — | 5,877,016 | — | (16,679,450 | ) | (4,829,780 | ) | |||||||||||||||||||||||||||||
10-31-08 | 3,391,624 | — | 164,842 | (3,992,949 | ) | (436,483 | ) | 42,957,806 | — | 2,222,086 | — | (43,316,760 | ) | 1,863,132 | ||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 738,826 | — | 90,151 | (290,389 | ) | 538,588 | 4,928,577 | — | 585,985 | — | (1,751,632 | ) | 3,762,930 | |||||||||||||||||||||||||||||||
10-31-08 | 7 | — | 57 | (47 | ) | 17 | 100 | — | 766 | — | (640 | ) | 226 | |||||||||||||||||||||||||||||||
Class O | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 112,413 | — | — | (19,320 | ) | 93,093 | 688,147 | — | — | — | (115,717 | ) | 572,430 | |||||||||||||||||||||||||||||||
06-04-08(1)-10-31-08 | 29,313 | — | — | (10,096 | ) | 19,217 | 279,607 | — | — | — | (91,526 | ) | 188,081 | |||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 29 | — | 3,254 | (4,062 | ) | (779 | ) | 170 | — | 21,053 | — | (23,415 | ) | (2,192 | ) | |||||||||||||||||||||||||||||
10-31-08 | 1,146 | — | 655 | (5,672 | ) | (3,871 | ) | 14,594 | — | 8,800 | — | (68,665 | ) | (45,271 | ) | |||||||||||||||||||||||||||||
Class W | ||||||||||||||||||||||||||||||||||||||||||||
04-30-09 | 86,090 | — | 16,022 | (60,694 | ) | 41,418 | 519,890 | — | 103,822 | — | (359,749 | ) | 263,963 | |||||||||||||||||||||||||||||||
02-12-08(1)-10-31-08 | 294,208 | — | — | (87,719 | ) | 206,489 | 3,322,579 | — | — | — | (772,445 | ) | 2,550,134 |
(1) | Commencement of operations. |
93
Table of Contents
Initial | ||||||||||||||||||||||
Acquisition | Percent of Net | |||||||||||||||||||||
Fund | Security | Shares | Date | Cost | Value | Assets | ||||||||||||||||
Global Real Estate | Safestore Holdings Ltd. | 2,818,865 | 03/09/07 | $ | 11,285,365 | $ | 3,266,355 | 0.3 | % | |||||||||||||
$ | 11,285,365 | $ | 3,266,355 | 0.3 | % | |||||||||||||||||
Global Value Choice | Lighthouse Caledonia | 32,139 | 07/09/07 | $ | 38,264 | $ | 17,134 | 0.0 | % | |||||||||||||
$ | 38,264 | $ | 17,134 | 0.0 | % | |||||||||||||||||
Foreign | GOME Electrical Appliances Holdings Ltd. | 652,303 | 01/31/07 | $ | 171,037 | $ | 65,651 | 0.0 | % | |||||||||||||
Inter Rao Ues OAO GDR | 14,630 | 08/28/08 | 92,169 | 50,816 | 0.0 | % | ||||||||||||||||
Kusbassenergo OJSC GDR | 4,865 | 08/28/08 | 25,663 | 9,625 | 0.0 | % | ||||||||||||||||
Mosenergo OAO — Spon GDR | 23,485 | 08/28/08 | 114,489 | 57,491 | 0.1 | % | ||||||||||||||||
OGK-1 OAO GDR | 67,340 | 08/28/08 | 153,199 | 41,797 | 0.1 | % | ||||||||||||||||
OGK-2 OAO GDR | 17,500 | 08/28/08 | 76,125 | 25,900 | 0.0 | % | ||||||||||||||||
OGK-3 OJSC GDR | 28,770 | 08/28/08 | 97,099 | 44,317 | 0.0 | % | ||||||||||||||||
OGK-6 OAO GDR | 20,405 | 08/28/08 | 71,418 | 26,686 | 0.0 | % | ||||||||||||||||
RAO Energy System of East OAO | 3,500,000 | 08/28/08 | 84,000 | 9,450 | 0.0 | % | ||||||||||||||||
Rolls-Royce Group PLC — C Shares Entitlement | 5,254,563 | 09/30/05 | 9,413 | 7,773 | 0.0 | % | ||||||||||||||||
Territorial Generating Co. 1 GDR | 26,740 | 08/28/08 | 72,867 | 21,806 | 0.0 | % | ||||||||||||||||
TGK-14 GDR | 1,120 | 08/28/08 | 9,072 | 2,436 | 0.0 | % | ||||||||||||||||
TGK-2 GDR | 4,515 | 08/28/08 | 44,473 | 6,409 | 0.0 | % | ||||||||||||||||
TGK-4 GDR | 11,095 | 08/28/08 | 57,417 | 11,561 | 0.0 | % | ||||||||||||||||
TGK-9 OAO GDR | 11,760 | 08/28/08 | 35,280 | 12,787 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 35 | 11/21/07 | 13,706 | 10,826 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 35 | 11/21/07 | 374,865 | 92,232 | 0.0 | % | ||||||||||||||||
Volga Territorial Generating Co. GDR | 11,690 | 08/28/08 | 63,711 | 13,417 | 0.0 | % | ||||||||||||||||
Yenisei Territorial — Spon GDR | 12,040 | 08/28/08 | 26,789 | 7,582 | 0.0 | % | ||||||||||||||||
$ | 1,592,790 | $ | 518,562 | 0.2 | % | |||||||||||||||||
International Growth Opportunities | TNK-BP Holding | 517,845 | 05/11/06 | $ | 1,469,547 | $ | 378,027 | 0.8 | % | |||||||||||||
$ | 1,469,547 | $ | 378,027 | 0.8 | % | |||||||||||||||||
International Real Estate | Central Pattana PCL | 1,929,000 | 03/01/06 | $ | 1,293,212 | $ | 776,880 | 0.2 | % | |||||||||||||
Challenger Diversified Property Group | 3,293,700 | 11/07/06 | 2,693,825 | 963,670 | 0.2 | % | ||||||||||||||||
Safestore Holdings Ltd. | 1,351,100 | 03/09/07 | 4,641,072 | 1,565,585 | 0.4 | % | ||||||||||||||||
Yatra Capital Ltd. | 90,700 | 11/27/06 | 1,191,305 | 280,812 | 0.1 | % | ||||||||||||||||
$ | 9,819,414 | $ | 3,586,947 | 0.9 | % | |||||||||||||||||
International SmallCap Multi-Manager | Hutchison Telecommunications Hong Kong Holdings Ltd. | 933,000 | 01/29/09 | $ | 76,570 | $ | 87,882 | 0.0 | % | |||||||||||||
Oridion Systems Ltd. | 59,474 | 05/23/08 | 526,591 | 295,110 | 0.1 | % | ||||||||||||||||
$ | 603,160 | $ | 382,992 | 0.1 | % | |||||||||||||||||
Russia | Bank St. Petersburg BRD — Class S | 1,709,000 | 11/02/07 | $ | 8,893,549 | $ | 1,473,765 | 0.6 | % | |||||||||||||
LSR Group GDR | 811,680 | 11/09/07 | 11,769,360 | 1,623,360 | 0.7 | % | ||||||||||||||||
Moscow City Telephone | 135,000 | 04/18/02 | 1,079,980 | 1,590,181 | 0.7 | % | ||||||||||||||||
Novorossiysk Sea Trade Port BRD | 6,060,000 | 11/02/07 | 1,551,360 | 454,500 | 0.2 | % | ||||||||||||||||
Open Investments | 33,000 | 11/07/07 | 9,071,850 | 1,419,000 | 0.6 | % | ||||||||||||||||
RBC Information Systems | 1,324,122 | 06/16/04 | 7,874,627 | 1,324,122 | 0.6 | % | ||||||||||||||||
RenShares Utilities Ltd. | 1,899,872 | 08/26/05 | 2,744,925 | 1,786,279 | 0.8 | % | ||||||||||||||||
Uralsvyazinform | 68,909,100 | 06/18/99 | 1,335,399 | 730,712 | 0.3 | % |
94
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Initial | ||||||||||||||||||||||
Acquisition | Percent of Net | |||||||||||||||||||||
Fund | Security | Shares | Date | Cost | Value | Assets | ||||||||||||||||
VolgaTelecom | 2,225,000 | 11/11/98 | $ | 6,464,739 | $ | 1,775,628 | 0.8 | % | ||||||||||||||
Vsmpo-Avisma Corp. | 32,800 | 04/06/04 | 4,214,442 | 1,213,600 | 0.5 | % | ||||||||||||||||
$ | 55,000,231 | $ | 13,391,147 | 5.8 | % | |||||||||||||||||
Emerging Markets Fixed Income | Alfa Bond Issuance PLC for OJSC Alfa Bank, 8.635%, due 02/22/17 | 1,200,000 | 05/02/07 | $ | 1,202,592 | $ | 690,120 | 0.3 | % | |||||||||||||
Alto Parana SA, 6.375%, due 06/09/17 | 620,000 | 06/07/07 | 615,660 | 556,946 | 0.2 | % | ||||||||||||||||
Banco Safra Ltd., 10.875%, due 04/03/17 | 2,400,000 | 06/11/07 | 1,270,004 | 941,548 | 0.4 | % | ||||||||||||||||
Banco Votorantim, 10.625%, due 04/10/14 | 250,000 | 03/29/07 | 121,869 | 49,199 | 0.0 | % | ||||||||||||||||
Banco Votorantim, 10.625%, due 04/10/14 | 2,300,000 | 06/11/07 | 1,231,889 | 975,867 | 0.4 | % | ||||||||||||||||
Belize Government International Bond, 4.250% (step rate 6.000%), due 02/20/29 | 330,000 | 05/02/07 | 289,182 | 109,725 | 0.0 | % | ||||||||||||||||
Bosnia & Herzegovina Government International Bond, 17.290%, due 12/11/17 | 750,000 | 08/29/06 | 437,761 | 251,147 | 0.1 | % | ||||||||||||||||
City of Kiev Ukraine, 8.000%, due 11/06/15 | 550,000 | 02/17/06 | 572,950 | 219,629 | 0.1 | % | ||||||||||||||||
El Salvador Government International Bond, 7.650%, due 06/15/35 | 1,230,000 | 04/25/07 | 1,415,483 | 990,150 | 0.4 | % | ||||||||||||||||
Credit Suisse First Boston International for CJSC The EXIM of Ukraine, 6.800%, due 10/04/12 | 1,400,000 | 05/01/07 | 1,387,514 | 833,000 | 0.3 | % | ||||||||||||||||
Interoceanica IV Finance Ltd., 7.080%, due 11/30/18 | 320,000 | 05/03/07 | 226,541 | 166,080 | 0.1 | % | ||||||||||||||||
Interoceanica IV Finance Ltd., 6.720%, due 11/30/25 | 1,161,806 | 05/03/07 | 621,361 | 395,014 | 0.1 | % | ||||||||||||||||
Kazkommerts International BV — REG S, 7.500%, due 11/29/16 | 1,200,000 | 03/19/07 | 1,150,156 | 678,000 | 0.3 | % | ||||||||||||||||
Kazkommerts International BV, 7.500%, due 11/29/16 | 210,000 | 11/21/06 | 207,526 | 111,300 | 0.0 | % | ||||||||||||||||
Kuznetski Capital for Bank of Moscow, 7.500%, due 11/25/15 | 1,500,000 | 10/20/06 | 1,547,617 | 1,027,500 | 0.4 | % | ||||||||||||||||
Lebanon Government International Bond, 8.250%, due 04/12/21 | 210,000 | 01/18/07 | 207,468 | 199,143 | 0.1 | % | ||||||||||||||||
Majapahit Holding BV, 7.875%, due 06/29/37 | 1,060,000 | 06/21/07 | 1,035,898 | 710,200 | 0.3 | % | ||||||||||||||||
Province of Mendoza, 5.500%, due 09/04/18 | 752,097 | 10/24/06 | 583,905 | 285,797 | 0.1 | % | ||||||||||||||||
Standard Bank (Nak), 8.125%, due 09/30/09 | 500,000 | 05/02/07 | 501,663 | 430,000 | 0.2 | % | ||||||||||||||||
National Power Corp., 9.625%, due 05/15/28 | 450,000 | 02/01/06 | 493,297 | 432,000 | 0.2 | % | ||||||||||||||||
Pakistan Government International Bond, 7.125%, due 03/31/16 | 610,000 | 10/31/07 | 579,209 | 348,180 | 0.1 | % | ||||||||||||||||
Islamic Republic of Pakistan, 6.875%, due 06/01/17 | 3,695,000 | 07/25/07 | 3,293,750 | 1,967,588 | 0.7 | % | ||||||||||||||||
Peru Enhanced Pass-through Finance Ltd., 6.700%, due 05/31/18 | 2,906,401 | 06/28/07 | 2,085,000 | 1,613,053 | 0.6 | % | ||||||||||||||||
Peru Enhanced Pass-through Finance Ltd., 6.590%, due 05/31/18 | 242,200 | 12/14/06 | 173,045 | 134,421 | 0.1 | % | ||||||||||||||||
Petroleum Co. of Trinidad & Tobago Ltd., 6.000%, due 05/08/22 | 2,515,000 | 06/28/07 | 2,423,305 | 1,797,722 | 0.7 | % | ||||||||||||||||
Province of Buenos Aires Argentina, 3.000% (step rate 4.000%), due 05/15/35 | 5,600,000 | 05/30/06 | 2,604,836 | 1,122,800 | 0.4 | % | ||||||||||||||||
Province of Buenos Aires Argentina, 9.375%, due 09/14/18 | 2,480,000 | 07/30/07 | 2,161,436 | 700,600 | 0.3 | % | ||||||||||||||||
Province of Buenos Aires Argentina, 9.625%, due 04/18/28 | 4,130,000 | 05/01/07 | 4,124,438 | 1,166,725 | 0.4 | % | ||||||||||||||||
Provincia Del Neuquen Titulo Provincial, 8.656%, due 10/18/14 | 407,500 | 05/21/07 | 420,424 | 372,863 | 0.1 | % | ||||||||||||||||
Sibacademfinance PLC for URSA Bank, 9.125%, due 02/26/10 | 25,000,000 | 06/04/07 | 977,081 | 702,234 | 0.3 | % | ||||||||||||||||
Standard Bank PLC, 16.000%, due 07/20/09 | 143,584 | 01/26/07 | 143,584 | 132,791 | 0.1 | % | ||||||||||||||||
Standard Bank PLC, 15.000%, due 03/12/12 | 2,025,785 | 06/28/07 | 2,025,785 | 1,441,875 | 0.5 | % |
95
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Initial | ||||||||||||||||||||||
Acquisition | Percent of Net | |||||||||||||||||||||
Fund | Security | Shares | Date | Cost | Value | Assets | ||||||||||||||||
Transportadora Gas del Norte, 8.000%, due 12/31/12 | 1,285,000 | 05/24/07 | $ | 1,270,865 | $ | 282,700 | 0.1 | % | ||||||||||||||
Transportadora Gas del Norte, 6.500%, due 12/31/12 | 40,368 | 10/31/06 | 39,226 | 8,881 | 0.0 | % | ||||||||||||||||
Transportadora Gas del Norte, 7.500%, due 12/31/12 | 200,000 | 04/16/09 | 200,000 | 44,000 | 0.0 | % | ||||||||||||||||
TuranAlem Finance BV, 8.250%, due 01/22/37 | 1,500,000 | 08/30/07 | 1,307,087 | 352,500 | 0.1 | % | ||||||||||||||||
UBS AG, 9.850%, due 08/02/17 | 2,000,000 | 07/26/07 | 1,997,040 | 1,663,807 | 0.6 | % | ||||||||||||||||
UBS AG, 12.000%, due 09/04/17 | 1,200,000 | 12/13/07 | 1,198,466 | 1,036,376 | 0.4 | % | ||||||||||||||||
UBS AG, due 12/27/13 | 400,000 | 01/05/07 | 397,866 | 347,490 | 0.1 | % | ||||||||||||||||
UK SPV Credit Finance PLC for JSC Commercial Bank Privatbank, 8.000%, due 02/06/12 | 2,800,000 | 01/25/07 | 2,779,693 | 1,050,000 | 0.4 | % | ||||||||||||||||
$ | 45,322,471 | $ | 26,338,972 | 10.0 | % | |||||||||||||||||
Acquired | ||||||||||||||||||||||
Capital Loss | Acquired Fund | |||||||||||||||||||||
Acquiring | Acquired | Total Net Assets of | Total Net Assets of | Carry forwards | Unrealized | Conversion | ||||||||||||||||
Fund | Fund | Acquired Fund (000’s) | Acquiring Fund (000’s) | (000’s) | Depreciation (000’s) | Ratio | ||||||||||||||||
Index Plus International Equity | ING International Equity Fund | $ | 128,431 | $ | 122,957 | $ | 13,594 | $ | 3,120 | 1.0243 |
96
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97
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Value of | Cash | |||||||
Securities | Collateral | |||||||
Loaned | Received* | |||||||
Global Equity Dividend | $ | 168,546 | $ | 182,453 | ||||
Global Real Estate | 18,320,386 | 18,940,357 | ||||||
Global Value Choice | 8,341,134 | 8,846,571 | ||||||
Emerging Countries | 5,527,055 | 5,561,927 | ||||||
Foreign | 5,563,125 | 5,587,351 | ||||||
International Growth Opportunities | 2,447,685 | 2,434,322 | ||||||
International SmallCap Multi-Manager | 3,171,349 | 3,412,553 | ||||||
International Value | 50,966,124 | 53,303,120 | ||||||
Russia | 19,549,284 | 20,911,094 |
* | Cash collateral received was invested in the BICR , the fair value of which is presented in the respective Fund’s Portfolio of Investments. |
98
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Six Months Ended April 30, 2009 | Year Ended October 31, 2008 | |||||||||||||||||||||||||||
Dividends Paid | ||||||||||||||||||||||||||||
Ordinary | Long-Term | Return of | Ordinary | Long-Term | Return of | Deduction on | ||||||||||||||||||||||
Income | Capital Gains | Capital | Income | Capital Gains | Capital | Redemptions | ||||||||||||||||||||||
Global Equity Dividend | $ | 1,198,778 | $ | — | $ | — | $ | 16,829,413 | $ | 20,212,116 | $ | 987,059 | $ | — | ||||||||||||||
Global Natural Resources | 254,842 | 5,303,256 | — | 20,465,025 | 7,709,284 | — | 2,046,138 | |||||||||||||||||||||
Global Real Estate(1) | 9,432,885 | 1,490,719 | 10,014,713 | 54,457,206 | 3,823,017 | — | 4,315,681 | |||||||||||||||||||||
Global Value Choice | — | — | — | 453,191 | — | — | — | |||||||||||||||||||||
Asia-Pacific Real Estate | 48,728 | — | — | 68,616 | — | — | — | |||||||||||||||||||||
Disciplined International SmallCap | 8,388,431 | — | — | 10,885,408 | — | — | — | |||||||||||||||||||||
Emerging Countries | 2,865,900 | — | — | 3,353,946 | 8,984,526 | — | — | |||||||||||||||||||||
European Real Estate | 123,585 | — | — | 77,180 | — | — | — | |||||||||||||||||||||
Foreign | 10,717,034 | — | — | 4,162,876 | 40,260,324 | — | — | |||||||||||||||||||||
Greater China | 1,755,328 | 256,607 | — | 6,807,369 | 1,427,245 | — | 704,722 | |||||||||||||||||||||
Index Plus International Equity | 4,688,144 | — | — | 11,803,802 | 2,716,188 | — | — | |||||||||||||||||||||
International Capital Appreciation | 1,122,718 | — | — | 5,739,016 | 1,233,537 | — | — | |||||||||||||||||||||
International Equity Dividend | 288,905 | — | — | 2,583,013 | — | 197,865 | — | |||||||||||||||||||||
International Growth Opportunities | 187,976 | — | — | 10,559,321 | 10,794,409 | — | — | |||||||||||||||||||||
International Real Estate | 5,140,116 | — | — | 18,504,346 | — | 9,785,496 | — | |||||||||||||||||||||
International SmallCap Multi-Manager | 11,110,978 | — | — | 78,413,094 | 66,294,175 | — | — | |||||||||||||||||||||
International Value | 96,496,970 | 257,259,802 | — | 169,348,535 | 657,984,681 | — | 122,133,081 | |||||||||||||||||||||
International Value Choice | 620,515 | — | — | 4,885,936 | 7,696,698 | — | — | |||||||||||||||||||||
Russia | — | 82,435,953 | — | — | 137,654,710 | — | 54,251,300 | |||||||||||||||||||||
Emerging Markets Fixed Income | 5,967,322 | — | — | 14,743,967 | — | 5,503,726 | — | |||||||||||||||||||||
Global Bond | 2,648,234 | — | — | 4,587,274 | — | — | — | |||||||||||||||||||||
Diversified International | 27,653,909 | — | — | 11,317,059 | 1,925,350 | — | — |
(1) | Composition of dividends and distributions presented herein is based on the Fund’s tax year-end of December 31. |
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Undistributed | Undistributed | Unrealized | Post-October | |||||||||||||||||||||
Ordinary | Long-Term | Appreciation/ | Capital Loss | Capital Loss | Expiration | |||||||||||||||||||
Income | Capital Gains | (Depreciation) | Deferred | Carryforwards | Dates | |||||||||||||||||||
Global Equity Dividend | $ | — | $ | — | $ | (81,657,462 | ) | $ | — | $ | (24,895,240 | ) | 2016 | |||||||||||
Global Natural Resources | — | 5,302,516 | (38,744,976 | ) | — | — | — | |||||||||||||||||
Global Real Estate(1) | — | — | (604,939,340 | ) | (102,875,210 | ) | (164,232,218 | ) | 2016 | |||||||||||||||
Global Value Choice | — | — | (40,890,857 | ) | — | (60,707,345 | ) | 2009 | ||||||||||||||||
(81,779,077 | ) | 2010 | ||||||||||||||||||||||
(6,183,953 | ) | 2011 | ||||||||||||||||||||||
$ | (148,670,375 | ) | ||||||||||||||||||||||
Asia-Pacific Real Estate | 10,095 | — | (4,117,756 | ) | — | (1,331,831 | ) | 2016 | ||||||||||||||||
Disciplined International SmallCap | 7,938,474 | — | (146,070,521 | ) | — | (73,249,417 | ) | 2016 | ||||||||||||||||
Emerging Countries | 2,746,170 | — | (64,756,716 | ) | — | (53,090,356 | ) | 2016 | ||||||||||||||||
European Real Estate | 95,760 | — | (2,067,073 | ) | — | (872,339 | ) | 2016 | ||||||||||||||||
Foreign | 10,422,707 | — | (70,517,583 | ) | — | (72,680,314 | ) | 2016 | ||||||||||||||||
Greater China | 1,754,292 | 255,507 | (15,228,755 | ) | — | — | — | |||||||||||||||||
Index Plus International Equity | 4,340,365 | — | (66,977,435 | ) | — | (37,732,800 | ) | 2016 | ||||||||||||||||
International Capital Appreciation | 1,054,798 | — | (38,079,789 | ) | — | (6,257,099 | ) | 2016 | ||||||||||||||||
International Equity Dividend | — | — | (21,245,454 | ) | — | (9,689,793 | ) | 2016 | ||||||||||||||||
International Growth Opportunities | 187,257 | — | (52,137,198 | ) | — | (4,921,856 | ) | 2016 | ||||||||||||||||
International Real Estate | — | — | (276,937,528 | ) | — | (26,312 | ) | 2014 | ||||||||||||||||
(2,515,843 | ) | 2015 | ||||||||||||||||||||||
(68,924,625 | ) | 2016 | ||||||||||||||||||||||
$ | (71,466,780 | ) | ||||||||||||||||||||||
International SmallCap Multi-Manager | 10,691,669 | — | (304,493,075 | ) | — | (153,055,822 | ) | 2016 | ||||||||||||||||
International Value | 94,762,532 | 257,239,139 | (1,228,441,276 | ) | — | — | — | |||||||||||||||||
International Value Choice | 568,651 | — | (28,080,682 | ) | — | (195,990 | ) | 2016 | ||||||||||||||||
Russia | — | 82,386,197 | (227,135,851 | ) | — | — | — | |||||||||||||||||
Emerging Markets Fixed Income | — | — | (98,866,204 | ) | — | (593,649 | ) | 2015 | ||||||||||||||||
(7,586,987 | ) | 2016 | ||||||||||||||||||||||
$ | (8,180,636 | ) | ||||||||||||||||||||||
Global Bond | 1,841,225 | — | (7,144,137 | ) | — | — | — | |||||||||||||||||
Diversified International | 20,777,313 | — | (190,744,358 | ) | — | (28,060,058 | ) | 2016 |
(1) | As of the Fund’s tax year ended December 31, 2008. |
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• | ING has agreed with the ING Funds to indemnify and hold harmless the ING Funds from all damages resulting from wrongful conduct by ING or its employees or from ING’s internal investigation, any investigations conducted by any governmental or self-regulatory agencies, litigation or other formal proceedings, including any proceedings by the SEC. ING Investments reported to the Boards that the indemnification commitments made by ING Funds related to mutual fund trading have been settled and restitution amounts prepared by an independent consultant have been paid to the affected ING Funds. The net aggregate settlement |
101
Table of Contents
Emerging Countries | $ | 437,763 | ||
International Growth Opportunities | $ | 194,530 | ||
International SmallCap Multi-Manager | $ | 1,028,303 | ||
International Value | $ | 55,278 |
• | ING updated its Code of Conduct for employees reinforcing its employees’ obligation to conduct personal trading activity consistent with the law, disclosed limits, and other requirements. |
102
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Per Share | Payable | Record | ||||||||||
Amount | Date | Date | ||||||||||
Emerging Markets Fixed Income | ||||||||||||
Class A | $ | 0.0300 | June 2, 2009 | May 29, 2009 | ||||||||
Class B | $ | 0.0193 | June 2, 2009 | May 29, 2009 | ||||||||
Class C | $ | 0.0224 | June 2, 2009 | May 29, 2009 | ||||||||
Class I | $ | 0.0325 | June 2, 2009 | May 29, 2009 |
103
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Shares | Value | |||||||||||||
COMMON STOCK: 95.2% | ||||||||||||||
Australia:5.2% | ||||||||||||||
86,212 | Australia & New Zealand Banking Group Ltd. | $ | 994,215 | |||||||||||
287,165 | Foster’s Group Ltd. | 1,098,009 | ||||||||||||
415,904 | Insurance Australia Group | 1,048,148 | ||||||||||||
413,472 | Macquarie Airports Management Ltd. | 545,000 | ||||||||||||
184,934 | Suncorp-Metway Ltd. | 789,075 | ||||||||||||
77,087 | Wesfarmers Ltd. | 1,266,514 | ||||||||||||
5,740,961 | ||||||||||||||
Brazil: 2.1% | ||||||||||||||
88,084 | Cia Vale do Rio Doce ADR | 1,209,393 | ||||||||||||
18,598 | Petroleo Brasileiro SA ADR | 501,774 | ||||||||||||
37,356 | Tele Norte Leste Participacoes SA ADR | 580,886 | ||||||||||||
2,292,053 | ||||||||||||||
Canada: 2.9% | ||||||||||||||
44,583 | Enerplus Resources Fund | 841,727 | ||||||||||||
27,318 | Toronto Dominion Bank | 1,078,252 | ||||||||||||
50,052 | TransCanada Corp. | 1,249,098 | ||||||||||||
3,169,077 | ||||||||||||||
Finland: 1.1% | ||||||||||||||
88,165 | Nokia OYJ | 1,252,249 | ||||||||||||
1,252,249 | ||||||||||||||
France: 6.0% | ||||||||||||||
25,571 | Accor SA | 1,081,951 | ||||||||||||
20,032 | Sanofi-Aventis | 1,160,096 | ||||||||||||
33,464 | Total SA | 1,674,398 | ||||||||||||
27,474 | Vinci SA | 1,230,848 | ||||||||||||
55,708 | Vivendi | 1,497,937 | ||||||||||||
6,645,230 | ||||||||||||||
Germany: 4.8% | ||||||||||||||
13,722 | Deutsche Boerse AG | 1,013,709 | ||||||||||||
37,873 | E.ON AG | 1,280,751 | ||||||||||||
5,800 | Muenchener Rueckversicherungs AG | 801,388 | ||||||||||||
17,880 | Siemens AG | 1,202,159 | ||||||||||||
47,742 | ThyssenKrupp AG | 1,021,380 | ||||||||||||
5,319,387 | ||||||||||||||
Hong Kong: 0.9% | ||||||||||||||
22,720 | China Mobile Ltd. ADR | 980,595 | ||||||||||||
980,595 | ||||||||||||||
Italy: 4.4% | ||||||||||||||
44,411 | Banche Popolari Unite Scpa | 612,354 | ||||||||||||
82,537 | ENI S.p.A. | 1,771,174 | ||||||||||||
78,399 | Italcementi S.p.A. RSP | 496,968 | ||||||||||||
212,119 | Mediaset S.p.A. | 1,191,593 | ||||||||||||
206,062 | Snam Rete Gas S.p.A. | 816,091 | ||||||||||||
4,888,180 | ||||||||||||||
Japan: 5.4% | ||||||||||||||
94,000 | Mitsui OSK Lines Ltd. | 537,162 | ||||||||||||
6,000 | Nintendo Co., Ltd. | 1,613,167 | ||||||||||||
17,600 | Sumitomo Mitsui Financial Group, Inc. | 610,389 | ||||||||||||
129,000 | Sumitomo Trust & Banking Co., Ltd. | 539,823 | ||||||||||||
28,900 | Takeda Pharmaceutical Co., Ltd. | 1,024,931 | ||||||||||||
27,400 | Toyota Motor Corp. | 1,084,458 | ||||||||||||
18,000 | @ | Trend Micro, Inc. | 548,114 | |||||||||||
5,958,044 | ||||||||||||||
Netherlands: 3.4% | ||||||||||||||
13,768 | Akzo Nobel NV | 575,781 | ||||||||||||
50,022 | Royal Dutch Shell PLC | 1,147,242 | ||||||||||||
61,480 | TNT NV | 1,133,046 | ||||||||||||
42,163 | Unilever NV | 834,298 | ||||||||||||
3,690,367 | ||||||||||||||
New Zealand: 0.6% | ||||||||||||||
403,625 | Telecom Corp. of New Zealand Ltd. | 645,388 | ||||||||||||
645,388 | ||||||||||||||
Poland: 0.9% | ||||||||||||||
179,668 | Telekomunikacja Polska SA | 943,879 | ||||||||||||
943,879 | ||||||||||||||
Singapore: 0.8% | ||||||||||||||
142,500 | DBS Group Holdings Ltd. | 905,920 | ||||||||||||
905,920 | ||||||||||||||
South Korea: 1.1% | ||||||||||||||
39,684 | @,L | KT Corp. ADR | 568,275 | |||||||||||
12,584 | S-Oil Corp. | 587,316 | ||||||||||||
1,155,591 | ||||||||||||||
Spain: 3.0% | ||||||||||||||
102,605 | Banco Bilbao Vizcaya Argentaria SA | 1,111,999 | ||||||||||||
121,863 | Banco Santander Central Hispano SA | 1,172,194 | ||||||||||||
50,463 | Telefonica SA | 969,466 | ||||||||||||
3,253,659 | ||||||||||||||
Switzerland: 2.8% | ||||||||||||||
10,218 | Alcon, Inc. | 940,158 | ||||||||||||
56,478 | Compagnie Financiere Richemont SA | 1,011,047 | ||||||||||||
29,427 | Novartis AG | 1,113,762 | ||||||||||||
3,064,967 | ||||||||||||||
Taiwan: 1.0% | ||||||||||||||
109,235 | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1,154,614 | ||||||||||||
1,154,614 | ||||||||||||||
Thailand: 0.5% | ||||||||||||||
170,800 | Siam Cement PCL | 587,713 | ||||||||||||
587,713 | ||||||||||||||
United Kingdom: 7.3% | ||||||||||||||
31,750 | AstraZeneca PLC | 1,111,741 | ||||||||||||
248,899 | BP PLC | 1,758,882 | ||||||||||||
71,442 | GlaxoSmithKline PLC | 1,100,438 | ||||||||||||
148,997 | HSBC Holdings PLC | 1,059,587 | ||||||||||||
68,286 | Scottish & Southern Energy PLC | 1,112,816 | ||||||||||||
201,959 | Tate & Lyle PLC | 818,566 | ||||||||||||
601,196 | Vodafone Group PLC | 1,104,981 | ||||||||||||
8,067,011 | ||||||||||||||
United States: 41.0% | ||||||||||||||
39,789 | AGL Resources, Inc. | 1,240,223 | ||||||||||||
8,756 | Air Products & Chemicals, Inc. | 577,020 | ||||||||||||
27,599 | Altria Group, Inc. | 450,692 | ||||||||||||
41,086 | American Electric Power Co., Inc. | 1,083,849 | ||||||||||||
45,648 | Arthur J. Gallagher & Co. | 1,026,167 | ||||||||||||
59,551 | AT&T, Inc. | 1,525,697 | ||||||||||||
47,520 | Bristol-Myers Squibb Co. | 912,384 | ||||||||||||
22,245 | Chevron Corp. | 1,470,395 | ||||||||||||
33,763 | Coca-Cola Co. | 1,453,497 | ||||||||||||
28,079 | Consolidated Edison, Inc. | 1,042,573 | ||||||||||||
102,908 | Dow Chemical Co. | 1,646,528 | ||||||||||||
41,739 | Duke Energy Corp. | 576,416 | ||||||||||||
41,907 | EI Du Pont de Nemours & Co. | 1,169,205 | ||||||||||||
34,463 | Emerson Electric Co. | 1,173,121 | ||||||||||||
21,596 | Exelon Corp. | 996,223 | ||||||||||||
15,261 | ExxonMobil Corp. | 1,017,451 | ||||||||||||
78,531 | General Electric Co. | 993,417 |
104
Table of Contents
Shares | Value | |||||||||||||
United States (continued) | ||||||||||||||
33,557 | H&R Block, Inc. | $ | 508,053 | |||||||||||
21,161 | Home Depot, Inc. | 556,958 | ||||||||||||
34,493 | Honeywell International, Inc. | 1,076,527 | ||||||||||||
66,277 | Intel Corp. | 1,045,851 | ||||||||||||
21,065 | Johnson & Johnson | 1,102,963 | ||||||||||||
21,511 | Kimberly-Clark Corp. | 1,057,051 | ||||||||||||
10,581 | @ | Kinder Morgan Energy Partners LP | 505,349 | |||||||||||
70,890 | Kraft Foods, Inc. | 1,658,826 | ||||||||||||
56,123 | Leggett & Platt, Inc. | 805,926 | ||||||||||||
17,116 | Lorillard, Inc. | 1,080,533 | ||||||||||||
87,666 | Mattel, Inc. | 1,311,483 | ||||||||||||
42,548 | MeadWestvaco Corp. | 666,302 | ||||||||||||
41,362 | Merck & Co., Inc. | 1,002,615 | ||||||||||||
85,569 | Microsoft Corp. | 1,733,628 | ||||||||||||
109,496 | Newell Rubbermaid, Inc. | 1,144,233 | ||||||||||||
100,106 | NiSource, Inc. | 1,100,165 | ||||||||||||
51,514 | NYSE Euronext | 1,193,579 | ||||||||||||
119,897 | Pfizer, Inc. | 1,601,824 | ||||||||||||
27,456 | Philip Morris International, Inc. | 993,907 | ||||||||||||
42,583 | Pitney Bowes, Inc. | 1,044,987 | ||||||||||||
15,776 | Procter & Gamble Co. | 779,965 | ||||||||||||
28,086 | Reynolds American, Inc. | 1,066,706 | ||||||||||||
125,056 | Sara Lee Corp. | 1,040,466 | ||||||||||||
32,177 | Southern Co. | 929,272 | ||||||||||||
56,777 | Spectra Energy Corp. | 823,267 | ||||||||||||
22,922 | Wyeth | 971,893 | ||||||||||||
45,157,187 | ||||||||||||||
Total Common Stock (Cost $128,832,125 ) | 104,872,072 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 1.5% | ||||||||||||||
Australia: 0.5% | ||||||||||||||
67,127 | Westfield Group | 523,974 | ||||||||||||
523,974 | ||||||||||||||
Netherlands: 0.5% | ||||||||||||||
12,736 | Corio NV | 565,269 | ||||||||||||
565,269 | ||||||||||||||
United States: 0.5% | ||||||||||||||
14,833 | Rayonier, Inc. | 572,850 | ||||||||||||
572,850 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $2,817,855 ) | 1,662,093 | |||||||||||||
RIGHTS: 0.2% | ||||||||||||||
Italy: 0.2% | ||||||||||||||
206,062 | Snam Rete Gas S.p.A. | 158,132 | ||||||||||||
Total Rights (Cost $217,364 ) | 158,132 | |||||||||||||
Total Long-Term Investments (Cost $131,867,344) | 106,692,297 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 0.1% | ||||||||||||||
Securities Lending Collateralcc: 0.1% | ||||||||||||||
$ | 182,453 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 157,673 | ||||||||||
Total Short-Term Investments (Cost $182,453) | 157,673 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $132,049,797)* | 97.0 | % | 106,849,970 | |||||||||||
Other Assets and Liabilities - Net | 3.0 | 3,317,912 | ||||||||||||
Net Assets | 100.0 | % | $ | 110,167,882 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
L | Loaned security, a portion or all of the security is on loan at April 30, 2009. | |
* | Cost for federal income tax purposes is $139,942,327. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 3,912,942 | ||
Gross Unrealized Depreciation | (37,005,299 | ) | ||
Net Unrealized Depreciation | $ | (33,092,357 | ) | |
105
Table of Contents
Percentage of | ||||
Industry | Net Assets | |||
Agriculture | 3.3 | % | ||
Auto Manufacturers | 1.0 | |||
Banks | 8.1 | |||
Beverages | 2.3 | |||
Building Materials | 1.0 | |||
Chemicals | 3.6 | |||
Commercial Services | 0.5 | |||
Cosmetics/Personal Care | 0.7 | |||
Diversified | 0.5 | |||
Diversified Financial Services | 2.0 | |||
Electric | 6.4 | |||
Electrical Components & Equipment | 1.1 | |||
Engineering & Construction | 1.6 | |||
Food | 3.9 | |||
Forest Products & Paper | 0.6 | |||
Gas | 3.0 | |||
Healthcare — Products | 1.8 | |||
Household Products/Wares | 1.0 | |||
Housewares | 1.0 | |||
Insurance | 2.6 | |||
Internet | 0.5 | |||
Iron/Steel | 0.9 | |||
Lodging | 1.0 | |||
Media | 2.4 | |||
Mining | 1.1 | |||
Miscellaneous Manufacturers | 3.7 | |||
Office/Business Equipment | 0.9 | |||
Oil & Gas | 9.8 | |||
Paper & Related Products | 0.5 | |||
Pharmaceuticals | 9.1 | |||
Pipelines | 2.3 | |||
Retail | 2.6 | |||
Semiconductors | 2.0 | |||
Shopping Centers | 0.5 | |||
Software | 1.6 | |||
Telecommunications | 7.8 | |||
Toys/Games/Hobbies | 2.6 | |||
Transportation | 1.5 | |||
Short-Term Investments | 0.1 | |||
Other Assets and Liabilities — Net | 3.0 | |||
Net Assets | 100.0 | % | ||
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 58,294,697 | $ | — | ||||
Level 2 — Other Significant Observable Inputs† | 48,555,273 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 106,849,970 | $ | — | ||||
106
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Shares | Value | |||||||||||||
COMMON STOCK: 99.5% | ||||||||||||||
Australia: 2.2% | ||||||||||||||
23,398 | BHP Billiton Ltd. ADR | $ | 1,126,380 | |||||||||||
12,972 | Santos Ltd. | 152,898 | ||||||||||||
105,772 | @ | Sino Gold Ltd. | 417,409 | |||||||||||
62,874 | @ | White Energy Co., Ltd. | 70,526 | |||||||||||
1,767,213 | ||||||||||||||
Brazil: 0.6% | ||||||||||||||
30,763 | Cia Vale do Rio Doce ADR | 507,897 | ||||||||||||
507,897 | ||||||||||||||
Canada: 22.4% | ||||||||||||||
17,517 | Agnico-Eagle Mines Ltd. | 772,675 | ||||||||||||
56,431 | Barrick Gold Corp. | 1,642,142 | ||||||||||||
50,751 | Canadian Natural Resources Ltd. | 2,340,129 | ||||||||||||
61,901 | @ | Eldorado Gold Corp. (Canadian Denominated Security) | 491,764 | |||||||||||
83,789 | EnCana Corp. | 3,831,669 | ||||||||||||
29,788 | GoldCorp, Inc. | 819,766 | ||||||||||||
60,105 | Kinross Gold Corp. | 928,622 | ||||||||||||
11,198 | Major Drilling Group International | 126,966 | ||||||||||||
99,202 | Nexen, Inc. | 1,894,758 | ||||||||||||
8,100 | Potash Corp. of Saskatchewan | 700,569 | ||||||||||||
63,670 | Suncor Energy, Inc. | 1,614,671 | ||||||||||||
172,197 | Talisman Energy, Inc. | 2,159,350 | ||||||||||||
68,195 | Yamana Gold, Inc. | 539,422 | ||||||||||||
17,862,503 | ||||||||||||||
France: 0.3% | ||||||||||||||
5,518 | Total SA ADR | 274,355 | ||||||||||||
274,355 | ||||||||||||||
Italy: 0.5% | ||||||||||||||
8,700 | ENI S.p.A. ADR | 371,403 | ||||||||||||
371,403 | ||||||||||||||
Netherlands: 1.0% | ||||||||||||||
17,310 | Royal Dutch Shell PLC ADR — Class A | 790,721 | ||||||||||||
790,721 | ||||||||||||||
South Africa: 0.9% | ||||||||||||||
14,837 | Anglogold Ashanti Ltd. ADR | 456,980 | ||||||||||||
27,107 | Gold Fields Ltd. ADR | 281,913 | ||||||||||||
738,893 | ||||||||||||||
United Kingdom: 1.9% | ||||||||||||||
27,837 | Anglo American PLC ADR | 299,804 | ||||||||||||
7,589 | Rio Tinto PLC ADR | 1,236,628 | ||||||||||||
1,536,432 | ||||||||||||||
United States: 69.7% | ||||||||||||||
108,000 | Alcoa, Inc. | 979,560 | ||||||||||||
31,800 | @ | Alpha Natural Resources, Inc. | 651,264 | |||||||||||
45,549 | Anadarko Petroleum Corp. | 1,961,340 | ||||||||||||
46,246 | Apache Corp. | 3,369,484 | ||||||||||||
72,888 | Arch Coal, Inc. | 1,018,245 | ||||||||||||
7,331 | Basic Energy Services, Inc. | 74,776 | ||||||||||||
100,691 | BJ Services Co. | 1,398,598 | ||||||||||||
16,600 | Cameron International Corp. | 424,628 | ||||||||||||
70,415 | Chevron Corp. | 4,654,432 | ||||||||||||
39,731 | Cimarex Energy Co. | 1,068,764 | ||||||||||||
10,498 | Cliffs Natural Resources, Inc. | 242,084 | ||||||||||||
75,706 | ConocoPhillips | 3,103,946 | ||||||||||||
11,590 | Consol Energy, Inc. | 362,535 | ||||||||||||
2,500 | Core Laboratories NV | 208,075 | ||||||||||||
46,748 | Devon Energy Corp. | 2,423,884 | ||||||||||||
7,400 | Energen Corp. | 267,288 | ||||||||||||
26,800 | ENSCO International, Inc. | 757,904 | ||||||||||||
20,949 | EOG Resources, Inc. | 1,329,843 | ||||||||||||
78,552 | ExxonMobil Corp. | 5,237,062 | ||||||||||||
32,784 | Freeport-McMoRan Copper & Gold, Inc. | 1,398,238 | ||||||||||||
70,224 | Halliburton Co. | 1,419,929 | ||||||||||||
15,596 | Hess Corp. | 854,505 | ||||||||||||
19,400 | International Paper Co. | 245,604 | ||||||||||||
91,194 | Marathon Oil Corp. | 2,708,462 | ||||||||||||
59,400 | @ | National Oilwell Varco, Inc. | 1,798,632 | |||||||||||
16,466 | Newmont Mining Corp. | 662,592 | ||||||||||||
3,500 | Nucor Corp. | 142,415 | ||||||||||||
66,097 | Occidental Petroleum Corp. | 3,720,600 | ||||||||||||
9,800 | Oil States International, Inc. | 185,220 | ||||||||||||
14,600 | Pactiv Corp. | 319,156 | ||||||||||||
103,769 | Patterson-UTI Energy, Inc. | 1,318,904 | ||||||||||||
25,163 | Peabody Energy Corp. | 664,052 | ||||||||||||
69,038 | Schlumberger Ltd. | 3,382,172 | ||||||||||||
41,165 | Smith International, Inc. | 1,064,115 | ||||||||||||
11,700 | Tidewater, Inc. | 506,025 | ||||||||||||
16,761 | @ | Transocean, Ltd. | 1,131,032 | |||||||||||
14,000 | Ultra Petroleum Corp. | 599,200 | ||||||||||||
11,912 | United States Steel Corp. | 316,264 | ||||||||||||
49,200 | Valero Energy Corp. | 976,128 | ||||||||||||
39,682 | W&T Offshore, Inc. | 368,249 | ||||||||||||
85,863 | Williams Cos., Inc. | 1,210,668 | ||||||||||||
32,802 | XTO Energy, Inc. | 1,136,917 | ||||||||||||
55,662,791 | ||||||||||||||
Total Common Stock (Cost $96,890,026) | 79,512,208 | |||||||||||||
SHORT-TERM INVESTMENTS: 0.9% | ||||||||||||||
Affiliated Mutual Fund: 0.9% | ||||||||||||||
732,000 | ING Institutional Prime Money Market Fund — Class I | 732,000 | ||||||||||||
Total Short-Term Investments (Cost $732,000) | 732,000 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $97,622,026)* | 100.4 | % | $ | 80,244,208 | ||||||||||
Other Assets and Liabilities - Net | (0.4 | ) | (348,823 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 79,895,385 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
* | Cost for federal income tax purposes is $100,892,970. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 4,471,445 | ||
Gross Unrealized Depreciation | (25,120,207 | ) | ||
Net Unrealized Depreciation | $ | (20,648,762 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Chemicals | 0.9 | % | ||
Coal | 3.5 | |||
Forest Products & Paper | 0.3 | |||
Gas | 0.3 | |||
Iron/Steel | 0.9 | |||
Mining | 15.9 | |||
Oil & Gas | 62.8 | |||
Oil & Gas Services | 12.4 | |||
Packaging & Containers | 0.4 | |||
Pipelines | 1.5 | |||
Transportation | 0.6 | |||
Short-Term Investments | 0.9 | |||
Other Assets and Liabilities — Net | (0.4 | ) | ||
Net Assets | 100.0 | % | ||
107
Table of Contents
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 79,603,375 | $ | — | ||||
Level 2 — Other Significant Observable Inputs | 640,833 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 80,244,208 | $ | — | ||||
108
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 29.1% | ||||||||||||||
Brazil: 0.5% | ||||||||||||||
665,200 | @ | BR Malls Participacoes SA | $ | 4,977,718 | ||||||||||
4,977,718 | ||||||||||||||
Germany: 0.2% | ||||||||||||||
76,207 | Deutsche Euroshop AG | 2,160,859 | ||||||||||||
2,160,859 | ||||||||||||||
Hong Kong: 13.7% | ||||||||||||||
3,266,457 | Cheung Kong Holdings Ltd. | 33,695,457 | ||||||||||||
2,854,000 | Hang Lung Group Ltd. | 10,452,524 | ||||||||||||
5,637,000 | Hang Lung Properties Ltd. | 15,832,631 | ||||||||||||
1,452,000 | Henderson Land Development Co., Ltd. | 6,763,439 | ||||||||||||
2,116,700 | Hongkong Land Holdings Ltd. | 5,228,052 | ||||||||||||
1,679,000 | Hysan Development Co., Ltd. | 3,049,286 | ||||||||||||
3,474,800 | Kerry Properties Ltd. | 10,492,640 | ||||||||||||
3,243,700 | Sino Land Co. | 4,131,463 | ||||||||||||
5,188,400 | Sun Hung Kai Properties Ltd. | 53,636,411 | ||||||||||||
1,601,075 | Wharf Holdings Ltd. | 5,267,919 | ||||||||||||
148,549,822 | ||||||||||||||
India: 0.1% | ||||||||||||||
1,023,600 | Unitech Ltd. (Global Instrument, Issuer: Macquarie Group Ltd.) | 901,161 | ||||||||||||
901,161 | ||||||||||||||
Japan: 11.2% | ||||||||||||||
276,300 | Aeon Mall Co., Ltd. | 3,616,909 | ||||||||||||
255,000 | Daito Trust Construction Co., Ltd. | 10,633,024 | ||||||||||||
3,421,400 | Mitsubishi Estate Co., Ltd. | 44,721,632 | ||||||||||||
2,999,600 | Mitsui Fudosan Co., Ltd. | 37,742,351 | ||||||||||||
2,048 | NTT Urban Development Corp. | 1,660,269 | ||||||||||||
1,949,400 | Sumitomo Realty & Development Co., Ltd. | 23,383,649 | ||||||||||||
121,757,834 | ||||||||||||||
Singapore: 1.7% | ||||||||||||||
9,678,900 | CapitaLand Ltd. | 17,854,697 | ||||||||||||
17,854,697 | ||||||||||||||
Sweden: 0.6% | ||||||||||||||
789,310 | Castellum AB | 4,977,590 | ||||||||||||
323,537 | Hufvudstaden AB | 1,932,263 | ||||||||||||
6,909,853 | ||||||||||||||
Switzerland: 0.8% | ||||||||||||||
195,369 | @ | PSP Swiss Property AG | 9,182,618 | |||||||||||
9,182,618 | ||||||||||||||
United Kingdom: 0.3% | ||||||||||||||
2,818,865 | I | Safestore Holdings Ltd. | 3,266,355 | |||||||||||
3,266,355 | ||||||||||||||
Total Common Stock (Cost $406,826,604) | 315,560,917 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 69.3% | ||||||||||||||
Australia: 8.6% | ||||||||||||||
5,714,200 | CFS Retail Property Trust | 6,831,911 | ||||||||||||
33,976,545 | Dexus Property Group | 17,968,636 | ||||||||||||
7,397,600 | GPT Group | 2,519,686 | ||||||||||||
17,938,276 | Macquarie Goodman Group | 4,801,340 | ||||||||||||
9,207,478 | Mirvac Group | 6,985,689 | ||||||||||||
2,221,300 | Stockland | 5,067,773 | ||||||||||||
6,274,554 | Westfield Group | 48,977,317 | ||||||||||||
93,152,352 | ||||||||||||||
Belgium: 0.0% | ||||||||||||||
450 | Cofinimmo | 49,348 | ||||||||||||
49,348 | ||||||||||||||
Canada: 1.9% | ||||||||||||||
494,200 | @,# | Calloway Real Estate Investment Trust | 4,410,651 | |||||||||||
273,700 | Canadian Real Estate Investment Trust | 4,472,597 | ||||||||||||
261,700 | Primaris Retail Real Estate | 2,289,573 | ||||||||||||
820,900 | RioCan Real Estate Investment Trust | 9,410,804 | ||||||||||||
20,583,625 | ||||||||||||||
France: 6.0% | ||||||||||||||
397 | Fonciere Des Regions | 21,739 | ||||||||||||
72,510 | ICADE | 5,609,289 | ||||||||||||
433,252 | Klepierre | 9,631,821 | ||||||||||||
104,037 | Mercialys | 3,194,817 | ||||||||||||
36,743 | Societe Immobiliere de Location pour l’Industrie et le Commerce | 3,091,238 | ||||||||||||
295,486 | Unibail | 44,064,554 | ||||||||||||
65,613,458 | ||||||||||||||
Hong Kong: 1.4% | ||||||||||||||
7,761,200 | Link Real Estate Investment Trust | 15,087,443 | ||||||||||||
15,087,443 | ||||||||||||||
Japan: 4.8% | ||||||||||||||
727 | Frontier Real Estate Investment Corp. | 4,010,436 | ||||||||||||
296 | Japan Logistics Fund, Inc. | 1,768,917 | ||||||||||||
2,219 | Japan Real Estate Investment Corp. | 15,700,170 | ||||||||||||
694 | Japan Retail Fund Investment Corp. | 2,426,974 | ||||||||||||
331 | Nippon Accommodations Fund, Inc. | 1,462,436 | ||||||||||||
1,832 | Nippon Building Fund, Inc. | 14,884,492 | ||||||||||||
496 | Nomura Real Estate Office Fund, Inc. | 2,570,011 | ||||||||||||
761 | Orix JREIT, Inc. | 2,854,673 | ||||||||||||
586 | Tokyu Real Estate Investment Trust, Inc. | 2,701,026 | ||||||||||||
751 | United Urban Investment Corp. | 3,393,516 | ||||||||||||
51,772,651 | ||||||||||||||
Netherlands: 2.3% | ||||||||||||||
326,286 | Corio NV | 14,481,735 | ||||||||||||
167,949 | Eurocommercial Properties NV | 4,949,708 | ||||||||||||
45,480 | Vastned Retail NV | 2,008,702 | ||||||||||||
46,178 | Wereldhave NV | 3,168,144 | ||||||||||||
24,608,289 | ||||||||||||||
Singapore: 1.9% | ||||||||||||||
8,863,466 | @ | Ascendas Real Estate Investment Trust | 7,962,739 | |||||||||||
13,866,101 | @ | CapitaMall Trust | 11,603,065 | |||||||||||
3,605,600 | @ | Macquarie MEAG Prime Real Estate Investment Trust | 1,165,212 | |||||||||||
20,731,016 | ||||||||||||||
United Kingdom: 4.4% | ||||||||||||||
1,621,366 | British Land Co. PLC | 10,230,741 | ||||||||||||
183,060 | Derwent Valley Holdings PLC | 2,254,826 | ||||||||||||
508,596 | Great Portland Estates PLC | 2,293,976 | ||||||||||||
1,662,076 | Hammerson PLC | 7,701,096 |
109
Table of Contents
Shares | Value | |||||||||||||
United Kingdom (continued) | ||||||||||||||
2,710,527 | Land Securities Group PLC | $ | 22,352,707 | |||||||||||
491,559 | Liberty International PLC | 2,881,202 | ||||||||||||
47,714,548 | ||||||||||||||
United States: 38.0% | ||||||||||||||
266,361 | Acadia Realty Trust | 3,862,235 | ||||||||||||
224,400 | L | Alexandria Real Estate Equities, Inc. | 8,186,112 | |||||||||||
574,200 | AMB Property Corp. | 10,961,478 | ||||||||||||
248,771 | AvalonBay Communities, Inc. | 14,132,681 | ||||||||||||
219,400 | BioMed Realty Trust, Inc. | 2,503,354 | ||||||||||||
359,900 | Boston Properties, Inc. | 17,786,258 | ||||||||||||
317,900 | BRE Properties, Inc. | 7,810,803 | ||||||||||||
133,100 | Corporate Office Properties Trust SBI MD | 4,067,536 | ||||||||||||
311,810 | L | Digital Realty Trust, Inc. | 11,228,278 | |||||||||||
404,000 | Duke Realty Corp. | 3,947,080 | ||||||||||||
48,100 | Equity Lifestyle Properties, Inc. | 1,908,127 | ||||||||||||
739,200 | Equity Residential | 16,920,288 | ||||||||||||
124,700 | Essex Property Trust, Inc. | 7,917,203 | ||||||||||||
397,300 | Extra Space Storage, Inc. | 2,824,803 | ||||||||||||
360,400 | Federal Realty Investment Trust | 19,894,080 | ||||||||||||
600,500 | HCP, Inc. | 13,180,975 | ||||||||||||
335,400 | Health Care Real Estate Investment Trust, Inc. | 11,427,078 | ||||||||||||
281,500 | Highwoods Properties, Inc. | 6,753,185 | ||||||||||||
135,300 | L | Home Properties, Inc. | 4,930,332 | |||||||||||
212,100 | Hospitality Properties Trust | 2,596,104 | ||||||||||||
2,054,910 | Host Hotels & Resorts, Inc. | 15,802,258 | ||||||||||||
290,500 | Kimco Realty Corp. | 3,491,810 | ||||||||||||
97,400 | LaSalle Hotel Properties | 1,164,904 | ||||||||||||
566,075 | Liberty Property Trust | 13,778,266 | ||||||||||||
1,053,700 | Macerich Co. | 18,471,361 | ||||||||||||
537,900 | Nationwide Health Properties, Inc. | 13,280,751 | ||||||||||||
400,800 | Omega Healthcare Investors, Inc. | 6,300,576 | ||||||||||||
1,503,200 | Prologis | 13,694,152 | ||||||||||||
391,454 | Public Storage, Inc. | 26,172,614 | ||||||||||||
263,300 | Regency Centers Corp. | 9,860,585 | ||||||||||||
935,105 | Simon Property Group, Inc. | 48,251,419 | ||||||||||||
164,600 | L | SL Green Realty Corp. | 2,906,836 | |||||||||||
258,300 | Tanger Factory Outlet Centers, Inc. | 8,606,556 | ||||||||||||
255,300 | L | Taubman Centers, Inc. | 6,081,246 | |||||||||||
850,409 | L | UDR, Inc. | 8,563,619 | |||||||||||
489,600 | Ventas, Inc. | 14,022,144 | ||||||||||||
530,662 | Vornado Realty Trust | 25,944,067 | ||||||||||||
168,600 | L | Weingarten Realty Investors | 2,620,044 | |||||||||||
411,851,198 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $1,000,048,842) | 751,163,928 | |||||||||||||
MUTUAL FUNDS: 0.1% | ||||||||||||||
United Kingdom: 0.1% | ||||||||||||||
1,266,400 | ** | ING UK Real Estate Income Trust Ltd. | 520,418 | |||||||||||
Total Mutual Funds (Cost $2,242,416) | 520,418 | |||||||||||||
Total Long-Term Investments (Cost $1,409,117,862) | 1,067,245,263 | |||||||||||||
SHORT-TERM INVESTMENTS: 3.3% | ||||||||||||||
Affiliated Mutual Fund: 1.6% | ||||||||||||||
17,326,717 | ING Institutional Prime Money Market Fund — Class I | 17,326,717 | ||||||||||||
Total Mutual Fund (Cost $17,326,717) | 17,326,717 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Securities Lending CollateralCC: 1.7% | ||||||||||||||
$ | 18,940,357 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 18,391,293 | ||||||||||
Total Securities Lending Collateral (Cost $18,940,357) | 18,391,293 | |||||||||||||
Total Short-Term Investments (Cost $36,267,074) | 35,718,010 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $1,445,384,936)* | 101.8 | % | $ | 1,102,963,273 | ||||||||||
Other Assets and Liabilities - Net | (1.8 | ) | (19,135,980 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 1,083,827,293 | ||||||||||
@ | Non-income producing security | |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees. | |
cc | Securities purchased with cash collateral for securities loaned. | |
** | Investment in affiliate | |
I | Illiquid security | |
L | Loaned security, a portion or all of the security is on loan at April 30, 2009. | |
* | Cost for federal income tax purposes is $1,633,881,927. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 7,860,221 | ||
Gross Unrealized Depreciation | (538,778,875 | ) | ||
Net Unrealized Depreciation | $ | (530,918,654 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Apartments | 5.7 | % | ||
Closed-End Funds | 0.1 | |||
Diversified | 21.5 | |||
Engineering & Construction | 0.1 | |||
Health Care | 5.4 | |||
Holding Companies — Diversified | 0.5 | |||
Hotels | 1.8 | |||
Manufactured Homes | 0.2 | |||
Office Property | 8.5 | |||
Real Estate | 28.2 | |||
Regional Malls | 6.7 | |||
Shopping Centers | 0.4 | |||
Shopping Centers | 14.0 | |||
Storage | 2.7 | |||
Storage/Warehousing | 0.3 | |||
Warehouse/Industrial | 2.4 | |||
Short-Term Investments | 3.3 | |||
Other Assets and Liabilities — Net | (1.8 | ) | ||
Net Assets | 100.0 | % | ||
110
Table of Contents
The following table summarizes the inputs used as of April 30, 2009 in determining the Fund’s investments at fair value for purposes of SFAS 157: |
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 454,739,258 | $ | — | ||||
Level 2 — Other Significant Observable Inputs† | 648,224,015 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 1,102,963,273 | $ | — | ||||
111
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 89.3% | ||||||||||||||
Australia: 2.0% | ||||||||||||||
263,075 | L | Alumina Ltd. ADR | $ | 973,378 | ||||||||||
1,848,250 | Minara Resources Ltd. | 771,317 | ||||||||||||
400,500 | @ | Mineral Deposits Ltd. | 214,954 | |||||||||||
304,600 | @ | Moto Goldmines Ltd. | 722,382 | |||||||||||
2,682,031 | ||||||||||||||
Brazil: 3.7% | ||||||||||||||
222,200 | Centrais Eletricas Brasileiras SA ADR — Class B | 2,837,494 | ||||||||||||
46,000 | Cia de Saneamento Basico do Estado de Sao Paulo ADR | 1,298,120 | ||||||||||||
57,842 | Vivo Participacoes SA | 980,350 | ||||||||||||
5,115,964 | ||||||||||||||
Canada: 8.4% | ||||||||||||||
178,200 | Barrick Gold Corp. | 5,185,620 | ||||||||||||
150,297 | Cameco Corp. | 3,425,269 | ||||||||||||
1,527,375 | @ | Eastern Platinum Ltd. | 703,977 | |||||||||||
279,300 | @ | Gabriel Resources Ltd. | 547,693 | |||||||||||
50,100 | @ | Ivanhoe Mines Ltd. | 321,141 | |||||||||||
48,900 | Suncor Energy, Inc. | 1,240,104 | ||||||||||||
11,423,804 | ||||||||||||||
Cayman Islands: 0.6% | ||||||||||||||
673,645 | Endeavour Financial Corp. | 807,268 | ||||||||||||
807,268 | ||||||||||||||
China: 0.7% | ||||||||||||||
11,120 | L | PetroChina Co., Ltd. ADR | 966,439 | |||||||||||
966,439 | ||||||||||||||
Finland: 0.9% | ||||||||||||||
131,500 | UPM-Kymmene OYJ | 1,176,779 | ||||||||||||
1,176,779 | ||||||||||||||
France: 5.8% | ||||||||||||||
13,500 | Electricite de France | 625,331 | ||||||||||||
116,000 | Sanofi-Aventis ADR | 3,331,520 | ||||||||||||
37,750 | Technip SA | 1,621,748 | ||||||||||||
57,575 | Thales SA | 2,388,485 | ||||||||||||
7,967,084 | ||||||||||||||
India: 2.8% | ||||||||||||||
89,550 | L | ICICI Bank Ltd. ADR | 1,847,417 | |||||||||||
260,100 | L | Tata Motors Ltd. ADR | 2,005,371 | |||||||||||
3,852,788 | ||||||||||||||
Italy: 1.9% | ||||||||||||||
97,050 | ERG S.p.A. | 1,495,166 | ||||||||||||
1,227,600 | Telecom Italia S.p.A. RNC | 1,096,698 | ||||||||||||
2,591,864 | ||||||||||||||
Japan: 12.5% | ||||||||||||||
87,200 | Advantest Corp. | 1,380,501 | ||||||||||||
300 | Fields Corp. | 397,444 | ||||||||||||
5,800 | Hakuhodo DY Holdings, Inc. | 266,083 | ||||||||||||
42,400 | JS Group Corp. | 515,962 | ||||||||||||
116,000 | Kao Corp. | 2,169,574 | ||||||||||||
90,000 | Kirin Brewery Co., Ltd. | 990,270 | ||||||||||||
123,000 | Mitsui & Co., Ltd. | 1,304,607 | ||||||||||||
315,000 | Nippon Oil Corp. | 1,639,163 | ||||||||||||
90,425 | Nippon Telegraph & Telephone Corp. ADR | 1,699,990 | ||||||||||||
31,700 | Paramount Bed Co., Ltd. | 418,765 | ||||||||||||
284,000 | Sekisui House Ltd. | 2,451,016 | ||||||||||||
191,000 | Sumitomo Trust & Banking Co., Ltd. | 799,273 | ||||||||||||
262,000 | Toppan Printing Co., Ltd. | 1,985,343 | ||||||||||||
8,300 | Toppan Printing Co., Ltd. ADR | 307,100 | ||||||||||||
7,100 | Toyo Seikan Kaisha Ltd. | 117,577 | ||||||||||||
452 | TV Asahi Corp. | 575,176 | ||||||||||||
17,017,844 | ||||||||||||||
Netherlands: 0.7% | ||||||||||||||
48,918 | TNT NV | 901,534 | ||||||||||||
901,534 | ||||||||||||||
Norway: 3.5% | ||||||||||||||
8,025,825 | @,L | Marine Harvest | 3,616,418 | |||||||||||
64,000 | L | Statoil ASA ADR | 1,190,400 | |||||||||||
4,806,818 | ||||||||||||||
Papua New Guinea: 3.4% | ||||||||||||||
2,131,579 | @ | Lihir Gold Ltd. | 4,606,047 | |||||||||||
4,606,047 | ||||||||||||||
Russia: 0.9% | ||||||||||||||
70,700 | OAO Gazprom ADR | 1,240,427 | ||||||||||||
1,240,427 | ||||||||||||||
South Africa: 3.6% | ||||||||||||||
79,115 | Anglogold Ashanti Ltd. ADR | 2,436,742 | ||||||||||||
236,500 | Gold Fields Ltd. | 2,459,908 | ||||||||||||
4,896,650 | ||||||||||||||
South Korea: 1.9% | ||||||||||||||
196,850 | @ | Korea Electric Power Corp. ADR | 2,102,358 | |||||||||||
35,200 | @,L | KT Corp. ADR | 504,064 | |||||||||||
2,606,422 | ||||||||||||||
Switzerland: 2.7% | ||||||||||||||
50,100 | Addax Petroleum Corp. | 1,378,768 | ||||||||||||
165,200 | @ | UBS AG — Reg | 2,253,328 | |||||||||||
3,632,096 | ||||||||||||||
Thailand: 1.6% | ||||||||||||||
424,300 | Bangkok Bank PCL | 1,024,708 | ||||||||||||
7,421,000 | Krung Thai Bank PCL | 1,107,834 | ||||||||||||
2,132,542 | ||||||||||||||
Turkey: 0.5% | ||||||||||||||
51,100 | Turkcell Iletisim Hizmet AS ADR | 648,970 | ||||||||||||
648,970 | ||||||||||||||
United Kingdom: 5.4% | ||||||||||||||
32,125 | AstraZeneca PLC ADR | 1,123,411 | ||||||||||||
29,900 | BP PLC ADR | 1,269,554 | ||||||||||||
366,347 | Mondi PLC | 949,999 | ||||||||||||
313,500 | Stolt-Nielsen SA | 2,736,657 | ||||||||||||
67,700 | Vodafone Group PLC ADR | 1,242,295 | ||||||||||||
7,321,916 | ||||||||||||||
United States: 25.8% | ||||||||||||||
82,900 | @ | AGCO Corp. | 2,014,470 | |||||||||||
86,200 | Alcoa, Inc. | 781,834 | ||||||||||||
48,525 | Ameren Corp. | 1,117,046 | ||||||||||||
119,050 | BJ Services Co. | 1,653,605 | ||||||||||||
23,400 | ConocoPhillips | 959,400 | ||||||||||||
38,800 | Consol Energy, Inc. | 1,213,664 | ||||||||||||
159,450 | @ | eBay, Inc. | 2,626,142 | |||||||||||
113,050 | Microsoft Corp. | 2,290,393 | ||||||||||||
127,500 | Newmont Mining Corp. | 5,130,600 | ||||||||||||
78,400 | Peabody Energy Corp. | 2,068,976 | ||||||||||||
83,775 | Pfizer, Inc. | 1,119,234 | ||||||||||||
233,750 | @,L | Smithfield Foods, Inc. | 2,019,600 | |||||||||||
291,300 | @ | Sprint Nextel Corp. | 1,270,068 | |||||||||||
63,300 | @ | Tech Data Corp. | 1,822,407 | |||||||||||
35,900 | Tesoro Corp. | 547,475 | ||||||||||||
303,400 | Tyson Foods, Inc. | 3,197,836 |
112
Table of Contents
Shares | Value | |||||||||||||
United States (continued) | ||||||||||||||
65,030 | Union Pacific Corp. | $ | 3,195,574 | |||||||||||
111,400 | @ | Viacom — Class B | 2,143,336 | |||||||||||
35,171,660 | ||||||||||||||
Total Common Stock (Cost $125,127,856) | 121,566,947 | |||||||||||||
PREFERRED STOCK: 0.8% | ||||||||||||||
Brazil: 0.8% | ||||||||||||||
660,200 | Tim Participacoes SA | 1,103,877 | ||||||||||||
Total Preferred Stock (Cost $915,644) | 1,103,877 | |||||||||||||
RIGHTS: 0.0% | ||||||||||||||
Brazil: 0.0% | ||||||||||||||
1,301 | Tim Participacoes SA | 400 | ||||||||||||
400 | ||||||||||||||
Norway: 0.0% | ||||||||||||||
32,139 | I | Lighthouse Caledonia | 17,134 | |||||||||||
17,134 | ||||||||||||||
Total Rights (Cost $38,264) | 17,534 | |||||||||||||
WARRANTS: 0.1% | ||||||||||||||
Cayman Islands: 0.1% | ||||||||||||||
336,822 | Endeavour Financial Corp. | 138,308 | ||||||||||||
Total Warrants (Cost $139,231) | 138,308 | |||||||||||||
Total Long-Term Investments (Cost $126,220,995) | 122,826,666 | |||||||||||||
SHORT-TERM INVESTMENTS: 15.6% | ||||||||||||||
Affiliated Mutual Fund: 9.2% | ||||||||||||||
12,468,394 | ING Institutional Prime Money Market Fund — Class I | 12,468,394 | ||||||||||||
Total Mutual Fund (Cost $12,468,394) | 12,468,394 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Securities Lending CollateralCC: 6.4% | ||||||||||||||
$ | 8,846,571 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 8,789,017 | ||||||||||
Total Securities Lending Collateral (Cost $8,846,571) | 8,789,017 | |||||||||||||
Total Short-Term Investments (Cost $21,314,965) | 21,257,411 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $147,535,960)* | 105.8 | % | $ | 144,084,077 | ||||||||||
Other Assets and Liabilities - Net | (5.8 | ) | (7,837,685 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 136,246,392 | ||||||||||
@ | Non-income producing security | |
I | Illiquid Security | |
ADR | American Depositary Receipt | |
cc | Securities purchased with cash collateral for securities loaned. | |
L | Loaned security, a portion or all of the security is on loan at April 30, 2009. | |
* | Cost for federal income tax purposes is $154,357,631. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 12,856,930 | ||
Gross Unrealized Depreciation | (23,130,484 | ) | ||
Net Unrealized Depreciation | $ | (10,273,554 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Advertising | 0.2 | % | ||
Aerospace/Defense | 1.7 | |||
Auto Manufacturers | 1.5 | |||
Banks | 5.2 | |||
Beverages | 0.7 | |||
Building Materials | 0.4 | |||
Coal | 2.4 | |||
Commercial Services | 1.7 | |||
Cosmetics/Personal Care | 1.6 | |||
Distribution/Wholesale | 2.3 | |||
Electric | 4.9 | |||
Electronics | 1.0 | |||
Food | 6.5 | |||
Forest Products & Paper | 1.6 | |||
Healthcare — Products | 0.3 | |||
Home Builders | 1.8 | |||
Internet | 1.9 | |||
Investment Companies | 0.7 | |||
Leisure Time | 0.3 | |||
Machinery — Diversified | 1.5 | |||
Media | 2.0 | |||
Mining | 20.8 | |||
Oil & Gas | 8.7 | |||
Oil & Gas Services | 2.4 | |||
Packaging & Containers | 0.1 | |||
Pharmaceuticals | 4.1 | |||
Software | 1.7 | |||
Telecommunications | 6.3 | |||
Transportation | 5.0 | |||
Water | 0.9 | |||
Short-Term Investments | 15.6 | |||
Other Assets and Liabilities — Net | (5.8 | ) | ||
Net Assets | 100.0 | % | ||
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 92,094,454 | $ | — | ||||
Level 2 — Other Significant Observable Inputs† | 51,989,623 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 144,084,077 | $ | — | ||||
113
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 59.3% | ||||||||||||||
Australia: 0.6% | ||||||||||||||
3,200 | Lend Lease Corp., Ltd. | $ | 16,762 | |||||||||||
16,762 | ||||||||||||||
China: 0.3% | ||||||||||||||
12,000 | Sino-Ocean Land Holdings Ltd. | 8,818 | ||||||||||||
8,818 | ||||||||||||||
Hong Kong: 31.1% | ||||||||||||||
20,602 | Cheung Kong Holdings Ltd. | 212,522 | ||||||||||||
3,400 | China Overseas Land & Investment Ltd. | 5,922 | ||||||||||||
7,000 | China Resources Land Ltd. | 12,519 | ||||||||||||
14,000 | Hang Lung Group Ltd. | 51,274 | ||||||||||||
34,000 | Hang Lung Properties Ltd. | 95,496 | ||||||||||||
13,600 | Henderson Land Development Co., Ltd. | 63,349 | ||||||||||||
14,600 | Hongkong Land Holdings Ltd. | 36,061 | ||||||||||||
4,000 | Hopewell Holdings | 10,297 | ||||||||||||
2,000 | Hysan Development Co., Ltd. | 3,632 | ||||||||||||
18,000 | Kerry Properties Ltd. | 54,353 | ||||||||||||
24,000 | Sino Land Co. | 30,569 | ||||||||||||
26,100 | Sun Hung Kai Properties Ltd. | 269,816 | ||||||||||||
12,000 | Wharf Holdings Ltd. | 39,483 | ||||||||||||
885,293 | ||||||||||||||
Japan: 23.1% | ||||||||||||||
3,000 | Aeon Mall Co., Ltd. | 39,272 | ||||||||||||
1,199 | Daito Trust Construction Co., Ltd. | 49,996 | ||||||||||||
18,100 | Mitsubishi Estate Co., Ltd. | 236,588 | ||||||||||||
15,900 | Mitsui Fudosan Co., Ltd. | 200,061 | ||||||||||||
43 | NTT Urban Development Corp. | 34,859 | ||||||||||||
8,000 | Sumitomo Realty & Development Co., Ltd. | 95,962 | ||||||||||||
656,738 | ||||||||||||||
Singapore: 4.2% | ||||||||||||||
48,150 | CapitaLand Ltd. | 88,822 | ||||||||||||
7,000 | City Developments Ltd. | 30,295 | ||||||||||||
119,117 | ||||||||||||||
Total Common Stock (Cost $2,258,230) | 1,686,728 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 37.3% | ||||||||||||||
Australia: 17.7% | ||||||||||||||
45,400 | CFS Retail Property Trust | 54,280 | ||||||||||||
19,100 | Commonwealth Property Office Fund | 11,298 | ||||||||||||
114,300 | Dexus Property Group | 60,448 | ||||||||||||
22,997 | GPT Group | 7,833 | ||||||||||||
187,311 | Macquarie Goodman Group | 50,135 | ||||||||||||
50,196 | Mirvac Group | 38,084 | ||||||||||||
14,846 | Stockland | 33,870 | ||||||||||||
31,761 | Westfield Group | 247,917 | ||||||||||||
503,865 | ||||||||||||||
Hong Kong: 2.6% | ||||||||||||||
38,000 | Link Real Estate Investment Trust | 73,870 | ||||||||||||
73,870 | ||||||||||||||
Japan: 11.9% | ||||||||||||||
8 | Frontier Real Estate Investment Corp. | 44,131 | ||||||||||||
5 | Fukuoka Real Estate Investment Trust Corp. | 19,351 | ||||||||||||
9 | Japan Real Estate Investment Corp. | 63,678 | ||||||||||||
4 | Kenedix Realty Investment Corp. | 9,528 | ||||||||||||
6 | Nippon Accommodations Fund, Inc. | 26,509 | ||||||||||||
8 | Nippon Building Fund, Inc. | 64,998 | ||||||||||||
6 | Nomura Real Estate Office Fund, Inc. | 31,089 | ||||||||||||
5 | Orix JREIT, Inc. | 18,756 | ||||||||||||
7 | Tokyu Real Estate Investment Trust, Inc. | 32,265 | ||||||||||||
6 | United Urban Investment Corp. | 27,112 | ||||||||||||
337,417 | ||||||||||||||
New Zealand: 1.1% | ||||||||||||||
60,000 | Kiwi Income Property Trust | 31,524 | ||||||||||||
31,524 | ||||||||||||||
Singapore: 4.0% | ||||||||||||||
47,133 | @ | Ascendas Real Estate Investment Trust | 42,343 | |||||||||||
58,480 | @ | CapitaMall Trust | 48,936 | |||||||||||
58,000 | @ | Fortune Real Estate Investment Trust | 22,417 | |||||||||||
113,696 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $1,302,519) | 1,060,372 | |||||||||||||
Total Long-Term Investments (Cost $3,560,749) | 2,747,100 | |||||||||||||
SHORT-TERM INVESTMENTS: 3.1% | ||||||||||||||
Affiliated Mutual Fund: 3.1% | ||||||||||||||
86,629 | ING Institutional Prime Money Market Fund — Class I | 86,629 | ||||||||||||
Total Short-Term Investments (Cost $86,629) | 86,629 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $3,647,378)* | 99.7 | % | $ | 2,833,729 | ||||||||||
Other Assets and Liabilities - Net | 0.3 | 9,766 | ||||||||||||
Net Assets | 100.0 | % | $ | 2,843,495 | ||||||||||
@ | Non-income producing security | |
* | Cost for federal income tax purposes is $4,594,850. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 71,829 | ||
Gross Unrealized Depreciation | (1,832,950 | ) | ||
Net Unrealized Depreciation | $ | (1,761,121 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Apartments | 0.9 | % | ||
Diversified | 11.2 | |||
Holding Companies — Diversified | 1.4 | |||
Lodging | 1.1 | |||
Office Property | 7.8 | |||
Real Estate | 56.8 | |||
Shopping Centers | 17.3 | |||
Short-Term Investments | 3.1 | |||
Other Assets and Liabilities — Net | 0.4 | |||
Net Assets | 100.0 | % | ||
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 86,629 | $ | — | ||||
Level 2 — Other Significant Observable Inputs† | 2,747,100 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 2,833,729 | $ | — | ||||
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Shares | Value | |||||||||||||
COMMON STOCK: 92.5% | ||||||||||||||
Australia: 3.9% | ||||||||||||||
193,480 | Ansell Ltd. | $ | 1,175,981 | |||||||||||
54,400 | Aquarius Platinum Ltd. | 198,972 | ||||||||||||
111,258 | Ausenco Ltd. | 282,995 | ||||||||||||
405,795 | Australian Infrastructure Fund | 444,757 | ||||||||||||
575,404 | @ | Australian Worldwide Exploration Ltd. | 1,011,983 | |||||||||||
164,719 | Computershare Ltd. | 1,091,930 | ||||||||||||
40,104 | Felix Resources Ltd. | 322,779 | ||||||||||||
8,046 | Goodman Fielder Ltd. | 6,702 | ||||||||||||
411,083 | Incitec Pivot Ltd. | 624,847 | ||||||||||||
394,719 | Macmahon Holdings Ltd. | 97,456 | ||||||||||||
119,777 | Macquarie Media Group Ltd. | 107,344 | ||||||||||||
308,982 | Metcash Ltd. | 933,202 | ||||||||||||
31,003 | Monadelphous Group Ltd. | 227,132 | ||||||||||||
67,247 | @ | Octaviar Ltd. | — | |||||||||||
1,635,809 | Pacific Brands Ltd. | 828,461 | ||||||||||||
941,354 | Sigma Pharmaceuticals Ltd. | 765,822 | ||||||||||||
448,705 | Tattersall’s Ltd. | 899,745 | ||||||||||||
9,020,108 | ||||||||||||||
Belgium: 0.9% | ||||||||||||||
27,321 | Euronav NV | 393,260 | ||||||||||||
35,319 | Omega Pharma SA | 938,882 | ||||||||||||
29,905 | Tessenderlo Chemie NV | 887,880 | ||||||||||||
2,220,022 | ||||||||||||||
Bermuda: 1.4% | ||||||||||||||
376,574 | Catlin Group Ltd. | 1,948,740 | ||||||||||||
69,781 | @ | Global Sources Ltd. | 310,525 | |||||||||||
153,455 | Lancashire Holdings Ltd. | 1,081,889 | ||||||||||||
3,341,154 | ||||||||||||||
Canada: 6.9% | ||||||||||||||
121,800 | Aecon Group, Inc. | 1,158,493 | ||||||||||||
49,400 | AGF Management Ltd. | 476,075 | ||||||||||||
156,100 | Alamos Gold, Inc. | 1,013,806 | ||||||||||||
11,900 | Astral Media Inc. | 314,328 | ||||||||||||
19,300 | Atco Ltd. | 555,564 | ||||||||||||
124,700 | Biovail Corp. | 1,363,727 | ||||||||||||
298,100 | @ | Celestica, Inc. | 1,793,646 | |||||||||||
50,500 | Chemtrade Logistics Income Fund | 217,946 | ||||||||||||
22,600 | Cogeco Cable, Inc. | 553,968 | ||||||||||||
152,100 | Daylight Resources Trust | 917,724 | ||||||||||||
39,400 | Emera, Inc. | 652,429 | ||||||||||||
9,600 | Empire Co., Ltd. | 400,959 | ||||||||||||
33,400 | Enerflex Systems Income Fund | 283,255 | ||||||||||||
105,100 | Gerdau AmeriSteel Corp. | 553,112 | ||||||||||||
120,400 | Jazz Air Income Fund | 264,349 | ||||||||||||
42,000 | Labrador Iron Ore Royalty Income Fund | 950,306 | ||||||||||||
18,000 | Laurentian Bank of Canada | 434,426 | ||||||||||||
206,300 | @ | Northgate Minerals Corp. | 293,899 | |||||||||||
114,900 | Nova Chemicals Corp. | 664,384 | ||||||||||||
85,800 | Russel Metals, Inc. | 903,082 | ||||||||||||
56,900 | Silvercorp Metals, Inc. | 132,082 | ||||||||||||
54,250 | Trilogy Energy Trust | 271,409 | ||||||||||||
42,700 | Vermilion Energy Trust | 966,144 | ||||||||||||
142,500 | Viterra, Inc. | 1,038,926 | ||||||||||||
16,174,039 | ||||||||||||||
Denmark: 0.2% | ||||||||||||||
15,700 | East Asiatic Co., Ltd. A/S | 495,392 | ||||||||||||
495,392 | ||||||||||||||
Finland: 0.8% | ||||||||||||||
58,430 | KCI Konecranes OYJ | 1,187,196 | ||||||||||||
45,264 | Orion OYJ | 655,526 | ||||||||||||
1,842,722 | ||||||||||||||
France: 9.6% | ||||||||||||||
28,682 | Accor SA | 1,213,583 | ||||||||||||
156,194 | @ | Altran Technologies SA | 524,389 | |||||||||||
13,873 | Arkema | 319,996 | ||||||||||||
4,771 | Bacou Dalloz | 240,254 | ||||||||||||
19,381 | Capgemini SA | 724,467 | ||||||||||||
34,556 | Eurazeo | 1,411,682 | ||||||||||||
50,904 | @ | Eutelsat Communications | 1,102,261 | |||||||||||
590 | Generale de Sante | 10,215 | ||||||||||||
388,629 | Havas SA | 1,217,659 | ||||||||||||
61,802 | Ingenico | 1,131,499 | ||||||||||||
33,666 | IPSOS | 763,996 | ||||||||||||
56,316 | Lagardere SCA | 1,767,927 | ||||||||||||
45,056 | Legrand SA | 904,473 | ||||||||||||
5,439 | Nexans SA | 251,985 | ||||||||||||
24,041 | Remy Cointreau SA | 792,516 | ||||||||||||
119,845 | Safran SA | 1,430,369 | ||||||||||||
67,592 | Scor SA | 1,418,584 | ||||||||||||
37,576 | Sodexho Alliance SA | 1,805,071 | ||||||||||||
17,191 | Technip SA | 738,529 | ||||||||||||
37,215 | Teleperformance | 1,072,556 | ||||||||||||
54,082 | @ | UbiSoft Entertainment | 1,056,588 | |||||||||||
4,646 | Vilmorin & Cie | 438,316 | ||||||||||||
39,212 | Wendel Investissement | 1,438,010 | ||||||||||||
23,776 | Zodiac SA | 694,393 | ||||||||||||
22,469,318 | ||||||||||||||
Germany: 5.3% | ||||||||||||||
79,551 | Aareal Bank AG | 740,830 | ||||||||||||
8,439 | Adidas AG | 318,845 | ||||||||||||
28,726 | Bauer AG | 1,084,160 | ||||||||||||
27,423 | Bilfinger Berger AG | 1,302,206 | ||||||||||||
37,000 | Demag Cranes AG | 780,586 | ||||||||||||
114,306 | Deutsche Lufthansa AG | 1,458,169 | ||||||||||||
47,222 | @ | Freenet AG | 302,267 | |||||||||||
105,727 | Gildemeister AG | 1,036,374 | ||||||||||||
1,450 | KWS Saat AG | 181,975 | ||||||||||||
12,803 | Medion AG | 98,591 | ||||||||||||
22,613 | MTU Aero Engines Holding AG | 761,442 | ||||||||||||
8,695 | MVV Energie AG | 362,759 | ||||||||||||
23,583 | Salzgitter AG | 1,677,512 | ||||||||||||
9,611 | United Internet AG | 100,839 | ||||||||||||
9,685 | Wacker Chemie AG | 1,002,435 | ||||||||||||
22,225 | Wincor Nixdorf AG | 1,115,696 | ||||||||||||
12,324,686 | ||||||||||||||
Greece: 0.4% | ||||||||||||||
57,700 | Tsakos Energy Navigation Ltd. | 903,582 | ||||||||||||
903,582 | ||||||||||||||
Hong Kong: 3.8% | ||||||||||||||
1,032,000 | China Pharmaceutical Group Ltd. | 513,728 | ||||||||||||
2,500,000 | China Travel International Inv HK | 436,367 | ||||||||||||
1,660,000 | Cnpc Hong Kong Ltd. | 823,636 | ||||||||||||
408,000 | Great Eagle Holding Co. | 563,267 | ||||||||||||
277,500 | Hongkong & Shanghai Hotels | 210,509 | ||||||||||||
876,000 | Hopson Development Holdings Ltd. | 671,925 | ||||||||||||
482,000 | Hysan Development Co., Ltd. | 875,376 | ||||||||||||
2,705,000 | Johnson Electric Holdings Ltd. | 588,670 | ||||||||||||
2,010,100 | Lenovo Group Ltd. | 547,135 | ||||||||||||
120,300 | Nam Tai Electronics, Inc. | 498,042 | ||||||||||||
199,000 | Pacific Basin Shipping Ltd. | 98,399 | ||||||||||||
25,622,500 | Shenzhen International Holding | 1,278,445 | ||||||||||||
6,854,000 | Shougang Concord International Enterprises Co. Ltd. | 760,046 | ||||||||||||
648,000 | Texwinca Holdings Ltd. | 394,373 | ||||||||||||
114,000 | Vtech Holdings Ltd. | 570,176 | ||||||||||||
8,830,094 | ||||||||||||||
116
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Shares | Value | |||||||||||||
Ireland: 0.7% | ||||||||||||||
518,656 | Allied Irish Banks PLC | $ | 634,138 | |||||||||||
1,739,858 | Anglo Irish Bank Corp. PLC | — | ||||||||||||
56,117 | DCC PLC | 1,014,569 | ||||||||||||
1,648,707 | ||||||||||||||
Italy: 5.0% | ||||||||||||||
76,518 | ACEA S.p.A. | 949,153 | ||||||||||||
16,289 | Buzzi Unicem S.p.A. RNC | 132,210 | ||||||||||||
113,586 | Cementir S.p.A. | 408,776 | ||||||||||||
43,155 | Danieli & Co. S.p.A. | 488,034 | ||||||||||||
158,016 | Davide Campari-Milano S.p.A. | 1,062,679 | ||||||||||||
92,057 | Exor S.p.A. | 1,177,813 | ||||||||||||
221,474 | Intesa Sanpaolo S.p.A. | 491,855 | ||||||||||||
56,912 | Lottomatica S.p.A. | 1,169,910 | ||||||||||||
493,931 | Maire Tecnimont S.p.A. | 1,006,109 | ||||||||||||
500,000 | Parmalat S.p.A | 993,061 | ||||||||||||
180,567 | Piaggio & C S.p.A. | 303,537 | ||||||||||||
55,460 | Piccolo Credito Valtellinese Scarl | 434,269 | ||||||||||||
97,577 | Prysmian S.p.A. | 1,186,470 | ||||||||||||
174,527 | Recordati S.p.A. | 1,004,562 | ||||||||||||
81,550 | Trevi Finanziaria S.p.A. | 765,360 | ||||||||||||
11,573,798 | ||||||||||||||
Japan: 21.4% | ||||||||||||||
88,000 | Akita Bank Ltd. | 293,714 | ||||||||||||
67,400 | Alpen Co., Ltd. | 1,112,966 | ||||||||||||
63,000 | Asahi Diamond Industrial Co., Ltd | 299,575 | ||||||||||||
70,100 | Chuo Denki Kogyo Co., Ltd. | 398,039 | ||||||||||||
65,700 | Circle K Sunkus Co., Ltd. | 922,102 | ||||||||||||
105,000 | COMSYS Holdings Corp. | 852,897 | ||||||||||||
53,000 | Cosmos Pharmaceutical Corp. | 690,923 | ||||||||||||
182,000 | Daishi Bank Ltd. | 685,936 | ||||||||||||
65,000 | DCM Japan Holdings Co., Ltd. | 334,067 | ||||||||||||
13,300 | Fuji Machine Manufacturing Co., Ltd. | 119,253 | ||||||||||||
33,800 | Fuji Soft, Inc. | 479,714 | ||||||||||||
176,000 | Fujibo Holdings, Inc. | 305,590 | ||||||||||||
121,000 | Fukuyama Transporting Co., Ltd. | 469,851 | ||||||||||||
54,000 | H2O Retailing Corp. | 342,294 | ||||||||||||
295,000 | Hanwa Co., Ltd. | 834,807 | ||||||||||||
75,700 | Hitachi Capital Corp. | 835,522 | ||||||||||||
40,700 | Hitachi Information Systems Ltd. | 720,298 | ||||||||||||
34,200 | Hitachi Software Engineering Co., Ltd. | 421,740 | ||||||||||||
168,000 | Hokkoku Bank Ltd. | 568,919 | ||||||||||||
66,900 | House Foods Corp. | 909,585 | ||||||||||||
94,000 | Hyakugo Bank Ltd. | 474,957 | ||||||||||||
141,100 | Inui Steamship Co., Ltd. | 927,080 | ||||||||||||
33,700 | Itochu Enex Co., Ltd. | 186,351 | ||||||||||||
20,000 | Japan Digital Laboratory Co. | 179,486 | ||||||||||||
108,000 | Japan Radio Co., Ltd. | 225,893 | ||||||||||||
123,900 | Japan Securities Finance Co. Ltd. | 685,239 | ||||||||||||
188,000 | JFE Shoji Holdings, Inc. | 533,369 | ||||||||||||
101,000 | Kagoshima Bank Ltd. | 676,868 | ||||||||||||
83,000 | Kaken Pharmaceutical Co., Ltd. | 691,020 | ||||||||||||
136,000 | Kandenko Co., Ltd. | 867,103 | ||||||||||||
33,000 | Kanto Auto Works Ltd. | 359,271 | ||||||||||||
4,067 | Kenedix, Inc. | 629,353 | ||||||||||||
102,000 | Kinden Corp. | 851,005 | ||||||||||||
113,000 | Kyowa Exeo Corp. | 884,928 | ||||||||||||
57,000 | Kyudenko Corp. | 354,422 | ||||||||||||
56,400 | Matsumotokiyoshi Holdings Co., Ltd. | 979,819 | ||||||||||||
89,800 | Mimasu Semiconductor Industry Co., Ltd. | 1,030,638 | ||||||||||||
28,700 | Ministop Co., Ltd. | 407,490 | ||||||||||||
182,000 | Mitsubishi Steel Manufacturing Co., Ltd. | 382,636 | ||||||||||||
738,000 | Mitsui Mining Co., Ltd. | 791,397 | ||||||||||||
119,000 | Mitsui Sugar Co., Ltd. | 319,673 | ||||||||||||
52,200 | NEC Networks & System Integration Corp. | 494,638 | ||||||||||||
29,100 | Nifco, Inc. | 385,974 | ||||||||||||
97,000 | Nihon Parkerizing Co., Ltd. | 808,662 | ||||||||||||
78,000 | Nippon Chemical Industrial Co., Ltd. | 146,902 | ||||||||||||
292,000 | Nippon Denko Co., Ltd. | 1,244,927 | ||||||||||||
94,600 | Nippon Shinyaku Co., Ltd. | 844,497 | ||||||||||||
180,000 | Nippon Soda Co., Ltd. | 590,630 | ||||||||||||
154,000 | Nissan Shatai Co., Ltd. | 971,534 | ||||||||||||
369,000 | Nitto Boseki Co., Ltd. | 708,135 | ||||||||||||
72,000 | Nohmi Bosai Ltd. | 536,841 | ||||||||||||
82,100 | NSD CO., Ltd. | 646,156 | ||||||||||||
132,000 | O-M Ltd. | 483,014 | ||||||||||||
31,000 | Osaka Steel Co., Ltd. | 497,280 | ||||||||||||
21,170 | Point, Inc. | 943,369 | ||||||||||||
56,700 | Right On Co., Ltd. | 391,136 | ||||||||||||
2,100 | Risa Partners, Inc. | 977,337 | ||||||||||||
31,400 | Ryosan Co., Ltd. | 662,304 | ||||||||||||
239,000 | Sanden Corp. | 538,783 | ||||||||||||
115,000 | San-In Godo Bank Ltd. | 891,029 | ||||||||||||
33,000 | Sanken Electric Co., Ltd. | 103,308 | ||||||||||||
70,000 | Sanki Engineering Co., Ltd. | 472,234 | ||||||||||||
353,000 | Shikibo Ltd. | 803,786 | ||||||||||||
83,800 | @ | Suruga Corp. | — | |||||||||||
54,000 | Taihei Dengyo Kaisha Ltd. | 472,020 | ||||||||||||
121,000 | Taihei Kogyo Co., Ltd. | 397,185 | ||||||||||||
59,500 | Taikisha Ltd. | 678,574 | ||||||||||||
132,000 | Takaoka Electric Manufacturing Co. Ltd. | 315,564 | ||||||||||||
164,030 | Takefuji Corp. | 881,712 | ||||||||||||
84,000 | Tamura Corp. | 166,021 | ||||||||||||
50,000 | Tochigi Bank Ltd. | 231,337 | ||||||||||||
92,600 | Tokai Rika Co., Ltd. | 1,216,405 | ||||||||||||
355,000 | Tokyo Tatemono Co., Ltd. | 1,205,638 | ||||||||||||
138,000 | Tomy Co., Ltd. | 560,366 | ||||||||||||
173,000 | Toyo Engineering Corp. | 550,538 | ||||||||||||
47,000 | Toyo Kohan Co., Ltd. | 185,843 | ||||||||||||
44,000 | Toyo Suisan Kaisha Ltd. | 860,250 | ||||||||||||
117,000 | TS Tech Co., Ltd. | 1,445,505 | ||||||||||||
30,900 | Tsuruha Holdings, Inc. | 771,789 | ||||||||||||
23,600 | Unipres Corp. | 173,007 | ||||||||||||
90,000 | Yamaguchi Financial Group, Inc. | 869,536 | ||||||||||||
37,000 | Yamato Kogyo Co., Ltd. | 840,417 | ||||||||||||
49,999,973 | ||||||||||||||
Luxembourg: 0.4% | ||||||||||||||
864,791 | Regus PLC | 979,166 | ||||||||||||
979,166 | ||||||||||||||
Malaysia: 0.2% | ||||||||||||||
131,500 | Tanjong PLC | 518,657 | ||||||||||||
518,657 | ||||||||||||||
Netherlands: 0.7% | ||||||||||||||
40,324 | Boskalis Westminster | 940,207 | ||||||||||||
30,701 | @ | Crucell NV | 642,622 | |||||||||||
1,582,829 | ||||||||||||||
Norway: 0.9% | ||||||||||||||
144,400 | @ | Ementor ASA | 439,522 | |||||||||||
57,000 | Tandberg ASA | 801,977 | ||||||||||||
70,000 | @ | TGS Nopec Geophysical Co. ASA | 516,890 | |||||||||||
70,358 | Veidekke ASA | 334,326 | ||||||||||||
2,092,715 | ||||||||||||||
Portugal: 0.2% | ||||||||||||||
94,139 | REN — Redes Energeticas Nacionais SA | 389,536 | ||||||||||||
389,536 | ||||||||||||||
Singapore: 0.3% | ||||||||||||||
518,000 | United Overseas Land Ltd. | 771,357 | ||||||||||||
771,357 | ||||||||||||||
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Shares | Value | |||||||||||||
South Korea: 3.3% | ||||||||||||||
113,202 | @ | Asiana Airlines | $ | 366,203 | ||||||||||
40,000 | AtlasBX Co. Ltd. | 577,001 | ||||||||||||
6,410 | @ | Binggrae Co., Ltd. | 201,287 | |||||||||||
229,750 | @ | Daou Technology, Inc. | 1,419,227 | |||||||||||
14,170 | @ | Dongkuk Steel Mill Co., Ltd. | 322,722 | |||||||||||
33,000 | Global & Yuasa Battery Co., Ltd. | 767,299 | ||||||||||||
27,060 | @ | Huchems Fine Chemical Corp. | 542,665 | |||||||||||
10,708 | @ | Korea Zinc Co., Ltd. | 1,157,611 | |||||||||||
55,880 | @ | LG Telecom Ltd. | 392,006 | |||||||||||
31,160 | @ | Lotte Midopa Co., Ltd. | 329,941 | |||||||||||
1,685 | @ | Lotte Samkang Co., Ltd. | 226,744 | |||||||||||
67,470 | @ | S&T Dynamics Co., Ltd. | 763,560 | |||||||||||
23,213 | @ | TK Corp. | 638,715 | |||||||||||
7,704,981 | ||||||||||||||
Spain: 2.7% | ||||||||||||||
28,334 | Corporacion Financiera Alba SA | 1,220,679 | ||||||||||||
47,238 | Enagas | 821,275 | ||||||||||||
292,277 | Iberia Lineas Aereas de Espana | 545,629 | ||||||||||||
131,164 | Laboratorios Almirall SA | 1,195,713 | ||||||||||||
31,753 | Prosegur Cia de Seguridad SA | 906,779 | ||||||||||||
14,849 | Red Electrica de Espana | 621,469 | ||||||||||||
49,512 | Viscofan SA | 919,223 | ||||||||||||
6,230,767 | ||||||||||||||
Sweden: 1.5% | ||||||||||||||
90,000 | @ | Betsson AB | 1,031,822 | |||||||||||
5,275 | Lundbergforetagen AB — B Shares | 201,806 | ||||||||||||
238,469 | Swedbank AB | 1,342,874 | ||||||||||||
76,900 | Wihlborgs Fastigheter AB | 966,263 | ||||||||||||
3,542,765 | ||||||||||||||
Switzerland: 6.3% | ||||||||||||||
52,145 | Adecco SA | 2,052,351 | ||||||||||||
317 | Athris Holding AG | 214,972 | ||||||||||||
20,039 | Baloise Holding AG | 1,471,096 | ||||||||||||
2,051 | Flughafen Zuerich AG | 430,609 | ||||||||||||
4,361 | Galenica AG | 1,255,362 | ||||||||||||
2,530 | Geberit AG — Reg | 269,635 | ||||||||||||
1,585 | Jelmoli Holding AG | 524,931 | ||||||||||||
18,208 | Pargesa Holding SA | 1,151,777 | ||||||||||||
25,746 | @ | PSP Swiss Property AG | 1,210,098 | |||||||||||
28,524 | Schindler Holding AG | 1,495,328 | ||||||||||||
18,100 | Schindler Holding AG — Reg | 935,862 | ||||||||||||
2,889 | Schweizerhall Holding AG | 429,408 | ||||||||||||
19,692 | Sulzer AG | 1,070,269 | ||||||||||||
13,790 | @ | Swiss Life Holding | 1,066,868 | |||||||||||
23,257 | @ | Swiss Prime Site AG | 1,089,629 | |||||||||||
107 | Vetropack Holding AG | 120,749 | ||||||||||||
14,788,944 | ||||||||||||||
United Kingdom: 15.1% | ||||||||||||||
60,925 | Aggreko PLC | 516,705 | ||||||||||||
104,504 | Amec PLC | 951,290 | ||||||||||||
392,412 | ARM Holdings PLC | 689,211 | ||||||||||||
196,344 | Balfour Beatty PLC | 969,574 | ||||||||||||
752,753 | BBA Aviation PLC | 1,162,212 | ||||||||||||
731,110 | Beazley Group PLC | 1,088,480 | ||||||||||||
427,358 | Brit Insurance Holdings PLC | 1,160,851 | ||||||||||||
216,720 | Cable & Wireless PLC | 477,264 | ||||||||||||
293,036 | Carillion PLC | 1,144,507 | ||||||||||||
216,899 | @ | Colt Telecom Group SA | 301,956 | |||||||||||
1,953,418 | Cookson Group PLC | 557,997 | ||||||||||||
100,000 | Croda International | 797,834 | ||||||||||||
1,195,888 | Dimension Data Holdings PLC | 897,821 | ||||||||||||
87,917 | Drax Group PLC | 666,708 | ||||||||||||
137,428 | eaga PLC | 271,640 | ||||||||||||
263,526 | Filtrona PLC | 463,561 | ||||||||||||
1,028,540 | Friends Provident PLC | 967,794 | ||||||||||||
576,741 | Game Group PLC | 1,677,656 | ||||||||||||
5,386 | Greggs PLC | 274,376 | ||||||||||||
131,742 | Informa PLC | 575,807 | ||||||||||||
174,500 | Intercontinental Hotels Group PLC | 1,657,904 | ||||||||||||
199,504 | JKX Oil & Gas PLC | 597,743 | ||||||||||||
35,957 | Keller Group PLC | 314,629 | ||||||||||||
506,231 | Ladbrokes PLC | 1,748,666 | ||||||||||||
416,822 | Michael Page International PLC | 1,690,755 | ||||||||||||
197,302 | Micro Focus International PLC | 926,896 | ||||||||||||
70,997 | Mondi PLC | 184,107 | ||||||||||||
35,895 | Morgan Sindall PLC | 323,833 | ||||||||||||
25,000 | Next PLC | 597,959 | ||||||||||||
129,274 | Petrofac Ltd. | 1,090,508 | ||||||||||||
367,784 | Premier Farnell PLC | 832,579 | ||||||||||||
161,412 | PV Crystalox Solar PLC | 268,102 | ||||||||||||
195,732 | Spectris PLC | 1,698,484 | ||||||||||||
660,796 | Spirent Communications PLC | 548,922 | ||||||||||||
400,000 | @ | Sportingbet PLC | 324,801 | |||||||||||
569,281 | Stagecoach Group PLC | 1,095,471 | ||||||||||||
309,250 | Thomas Cook Group PLC | 1,193,776 | ||||||||||||
700,000 | Tomkins PLC | 1,787,069 | ||||||||||||
103,727 | Weir Group PLC | 735,839 | ||||||||||||
241,141 | WH Smith PLC | 1,486,165 | ||||||||||||
156,066 | William Hill PLC | 501,125 | ||||||||||||
35,218,577 | ||||||||||||||
United States: 0.6% | ||||||||||||||
6,400 | Core Laboratories NV | 532,672 | ||||||||||||
138,000 | Playtech Ltd. | 929,141 | ||||||||||||
1,461,813 | ||||||||||||||
Total Common Stock (Cost $270,359,045) | 216,125,702 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 2.0% | ||||||||||||||
Australia: 0.2% | ||||||||||||||
671,495 | Commonwealth Property Office Fund | 397,201 | ||||||||||||
397,201 | ||||||||||||||
France: 0.9% | ||||||||||||||
10,910 | Fonciere Des Regions | 597,419 | ||||||||||||
28,793 | Gecina SA | 1,575,843 | ||||||||||||
2,173,262 | ||||||||||||||
Japan: 0.5% | ||||||||||||||
237 | DA Office Investment Corp. | 421,755 | ||||||||||||
700 | Nippon Commercial Investment Corp. | 652,498 | ||||||||||||
1,074,253 | ||||||||||||||
Singapore: 0.4% | ||||||||||||||
1,917,000 | @ | Suntec Real Estate Investment Trust | 947,579 | |||||||||||
947,579 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $8,341,717) | 4,592,295 | |||||||||||||
EXCHANGE-TRADED FUNDS: 3.4% | ||||||||||||||
Developed Markets: 3.4% | ||||||||||||||
189,200 | iShares MSCI EAFE Index Fund | 7,931,264 | ||||||||||||
Total Exchange-Traded Funds (Cost $7,336,313) | 7,931,264 | |||||||||||||
MUTUAL FUNDS: 0.1% | ||||||||||||||
United Kingdom: 0.1% | ||||||||||||||
11,117 | Caledonia Investments PLC | 218,319 | ||||||||||||
Total Mutual Funds (Cost $450,345) | 218,319 | |||||||||||||
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Shares | Value | |||||||||||||
PREFERRED STOCK: 1.0% | ||||||||||||||
Germany: 0.5% | ||||||||||||||
17,512 | Draegerwerk AG | $ | 433,007 | |||||||||||
17,879 | Fuchs Petrolub AG | 860,827 | ||||||||||||
1,293,834 | ||||||||||||||
Italy: 0.5% | ||||||||||||||
143,580 | @ | Instituto Finanziario Industriale S.p.A. | 1,175,196 | |||||||||||
1,175,196 | ||||||||||||||
Total Preferred Stock (Cost $4,254,872) | 2,469,030 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $290,742,292)* | 99.0 | % | $ | 231,336,610 | ||||||||||
Other Assets and Liabilities - Net | 1.0 | 2,328,353 | ||||||||||||
Net Assets | 100.0 | % | $ | 233,664,963 | ||||||||||
@ | Non-income producing security | |
* | Cost for federal income tax purposes is $294,617,596. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 15,396,690 | ||
Gross Unrealized Depreciation | (78,677,676 | ) | ||
Net Unrealized Depreciation | $ | (63,280,986 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Advertising | 1.3 | % | ||
Aerospace/Defense | 1.7 | |||
Agriculture | 0.3 | |||
Airlines | 1.1 | |||
Apparel | 0.5 | |||
Auto Manufacturers | 0.6 | |||
Auto Parts & Equipment | 1.9 | |||
Banks | 3.8 | |||
Beverages | 0.8 | |||
Biotechnology | 0.3 | |||
Building Materials | 0.8 | |||
Chemicals | 2.9 | |||
Closed-End Funds | 0.1 | |||
Coal | 0.1 | |||
Commercial Services | 3.2 | |||
Computers | 2.7 | |||
Distribution/Wholesale | 0.4 | |||
Diversified | 1.4 | |||
Diversified Financial Services | 1.9 | |||
Electric | 1.7 | |||
Electrical Components & Equipment | 2.0 | |||
Electronics | 2.4 | |||
Energy — Alternate Sources | 0.1 | |||
Engineering & Construction | 6.4 | |||
Entertainment | 2.4 | |||
Environmental Control | 0.1 | |||
Food | 2.8 | |||
Food Service | 0.8 | |||
Forest Products & Paper | 0.1 | |||
Gas | 0.4 | |||
Hand/Machine Tools | 2.1 | |||
Healthcare — Products | 0.2 | |||
Healthcare — Services | 0.0 | |||
Holding Companies — Diversified | 1.9 | |||
Household Products/Wares | 0.4 | |||
Insurance | 4.4 | |||
Internet | 1.0 | |||
Investment Companies | 1.9 | |||
Iron/Steel | 3.0 | |||
Leisure Time | 0.8 | |||
Lodging | 1.3 | |||
Machinery — Construction & Mining | 0.2 | |||
Machinery — Diversified | 0.9 | |||
Media | 1.4 | |||
Metal Fabricate/Hardware | 0.6 | |||
Mining | 2.4 | |||
Miscellaneous Manufacturers | 2.1 | |||
Office Property | 0.6 | |||
Oil & Gas | 2.7 | |||
Oil & Gas Services | 2.2 | |||
Packaging & Containers | 0.1 | |||
Pharmaceuticals | 4.1 | |||
Real Estate | 3.7 | |||
Retail | 4.9 | |||
Semiconductors | 0.9 | |||
Software | 1.9 | |||
Telecommunications | 2.0 | |||
Textiles | 0.6 | |||
Toys/Games/Hobbies | 0.2 | |||
Transportation | 2.1 | |||
Other Long-Term Investments | 3.4 | |||
Other Assets and Liabilities — Net | 1.0 | |||
Net Assets | 100.0 | % | ||
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 31,039,396 | $ | — | ||||
Level 2 — Other Significant Observable Inputs† | 200,297,214 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 231,336,610 | $ | — | ||||
119
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Shares | Value | |||||||||||||
COMMON STOCK: 86.4% | ||||||||||||||
Bermuda: 1.0% | ||||||||||||||
19,542 | Credicorp Ltd. | $ | 977,491 | |||||||||||
977,491 | ||||||||||||||
Brazil: 12.9% | ||||||||||||||
144,594 | BM&F BOVESPA S.A. | 594,507 | ||||||||||||
81,395 | Centrais Eletricas Brasileiras SA | 1,077,607 | ||||||||||||
17,006 | Cia de Bebidas das Americas ADR | 958,798 | ||||||||||||
64,497 | Cia Siderurgica Nacional SA | 1,190,378 | ||||||||||||
108,372 | CIA Vale do Rio Doce | 1,802,116 | ||||||||||||
70,022 | Cia Vale do Rio Doce ADR | 1,156,063 | ||||||||||||
16,497 | Cia Vale do Rio Doce SP ADR | 226,504 | ||||||||||||
124,456 | Itau Unibanco Banco Multiplo SA ADR | 1,708,781 | ||||||||||||
164,746 | Petroleo Brasileiro SA | 2,773,426 | ||||||||||||
50,993 | Petroleo Brasileiro SA ADR | 1,375,791 | ||||||||||||
18,098 | Redecard SA | 227,780 | ||||||||||||
13,091,751 | ||||||||||||||
Chile: 1.3% | ||||||||||||||
7,647 | Empresa Nacional de Telecom | 90,042 | ||||||||||||
42,055 | Enersis SA ADR | 630,404 | ||||||||||||
20,555 | Sociedad Quimica y Minera de Chile SA ADR | 647,688 | ||||||||||||
1,368,134 | ||||||||||||||
China: 10.1% | ||||||||||||||
3,697,000 | Bank of China Ltd. | 1,370,757 | ||||||||||||
412,500 | China Life Insurance Co., Ltd. | 1,448,665 | ||||||||||||
1,633,000 | China Petroleum & Chemical Corp. | 1,269,239 | ||||||||||||
643,500 | China Shenhua Energy Co., Ltd. | 1,779,160 | ||||||||||||
3,352,500 | China Telecom Corp., Ltd. | 1,650,326 | ||||||||||||
4,778,000 | Industrial and Commercial Bank of China Ltd. | 2,718,119 | ||||||||||||
10,236,266 | ||||||||||||||
Hong Kong: 7.4% | ||||||||||||||
329,000 | Beijing Enterprises Holdings Ltd. | 1,446,282 | ||||||||||||
250,500 | China Mobile Ltd. | 2,163,126 | ||||||||||||
1,353,840 | China Overseas Land & Investment Ltd. | 2,358,004 | ||||||||||||
1,372,000 | CNOOC Ltd. | 1,531,590 | ||||||||||||
7,499,002 | ||||||||||||||
Hungary: 0.7% | ||||||||||||||
52,500 | @ | OTP Bank Nyrt | 676,187 | |||||||||||
676,187 | ||||||||||||||
India: 8.5% | ||||||||||||||
31,252 | Bharat Heavy Electricals | 1,040,969 | ||||||||||||
149,395 | @ | Bharti Airtel Ltd. | 2,262,816 | |||||||||||
47,284 | Housing Development Finance Corp. | 1,643,524 | ||||||||||||
174,270 | ICICI Bank Ltd. | 1,686,548 | ||||||||||||
31,170 | Larsen & Toubro Ltd. | 552,955 | ||||||||||||
39,832 | Reliance Industries Ltd. | 1,450,869 | ||||||||||||
8,637,681 | ||||||||||||||
Indonesia: 0.9% | ||||||||||||||
1,278,000 | Telekomunikasi Indonesia Tbk PT | 928,575 | ||||||||||||
928,575 | ||||||||||||||
Israel: 3.5% | ||||||||||||||
80,051 | Teva Pharmaceutical Industries Ltd. ADR | 3,513,438 | ||||||||||||
3,513,438 | ||||||||||||||
Mauritius: 0.4% | ||||||||||||||
1,893,600 | Golden Agri-Resources Ltd. | 467,268 | ||||||||||||
467,268 | ||||||||||||||
Mexico: 3.5% | ||||||||||||||
31,019 | America Movil SA de CV — Series L ADR | 1,018,974 | ||||||||||||
332,643 | @ | Empresas ICA S.A.B. de C.V. | 604,762 | |||||||||||
285,343 | Grupo Financiero Banorte SA de CV | 440,229 | ||||||||||||
37,584 | Grupo Televisa SA ADR | 581,800 | ||||||||||||
329,097 | Wal-Mart de Mexico SA de CV | 893,897 | ||||||||||||
3,539,662 | ||||||||||||||
Poland: 0.6% | ||||||||||||||
18,400 | Bank Pekao SA | 658,896 | ||||||||||||
658,896 | ||||||||||||||
Russia: 7.3% | ||||||||||||||
14,980 | Mobile Telesystems Finance SA ADR | 496,437 | ||||||||||||
241,601 | OAO Gazprom ADR | 4,238,869 | ||||||||||||
394,950 | @ | OAO Rosneft Oil Co. GDR | 2,037,509 | |||||||||||
742,600 | Sberbank RF | 617,274 | ||||||||||||
7,390,089 | ||||||||||||||
South Africa: 4.2% | ||||||||||||||
95,200 | ABSA Group Ltd. | 1,097,917 | ||||||||||||
38,136 | Sasol Ltd. | 1,148,284 | ||||||||||||
67,718 | Standard Bank Group Ltd. | 654,306 | ||||||||||||
106,600 | Telkom SA Ltd. | 1,343,137 | ||||||||||||
4,243,644 | ||||||||||||||
South Korea: 11.3% | ||||||||||||||
24,610 | Hyundai Mobis | 1,888,627 | ||||||||||||
23,821 | @ | KT&G Corp. | 1,313,281 | |||||||||||
19,940 | LG Corp. | 882,670 | ||||||||||||
9,143 | Samsung Electronics Co., Ltd. | 4,221,846 | ||||||||||||
27,006 | @ | Samsung Techwin Co., Ltd. | 1,251,239 | |||||||||||
3,099 | @ | Shinsegae Co., Ltd. | 1,105,392 | |||||||||||
5,515 | SK Telecom Co., Ltd. | 786,199 | ||||||||||||
11,449,254 | ||||||||||||||
Taiwan: 8.7% | ||||||||||||||
157,000 | Chinatrust Financial Holding Co., Ltd. | 71,761 | ||||||||||||
997,223 | Chunghwa Telecom Co., Ltd. | 1,899,515 | ||||||||||||
397,000 | HON HAI Precision Industry Co., Ltd. | 1,146,154 | ||||||||||||
144,190 | Hon Hai Precision Industry Co., Ltd. — GDR | 881,042 | ||||||||||||
52,000 | MediaTek, Inc. | 540,804 | ||||||||||||
1,985,722 | Taiwan Semiconductor Manufacturing Co., Ltd. | 3,360,322 | ||||||||||||
902,000 | Uni-President Enterprises Corp. | 905,754 | ||||||||||||
8,805,352 | ||||||||||||||
Turkey: 2.9% | ||||||||||||||
197,002 | Haci Omer Sabanci Holding A/S | 503,778 | ||||||||||||
1,161,415 | @ | Turkiye Garanti Bankasi A/S | 2,435,004 | |||||||||||
2,938,782 | ||||||||||||||
United Kingdom: 1.2% | ||||||||||||||
148,355 | Antofagasta PLC | 1,273,189 | ||||||||||||
1,273,189 | ||||||||||||||
Total Common Stock (Cost $84,636,302) | 87,694,661 | |||||||||||||
EXCHANGE-TRADED FUNDS: 7.2% | ||||||||||||||
Brazil: 0.7% | ||||||||||||||
16,200 | L | iShares MSCI Brazil Index Fund | 730,620 | |||||||||||
730,620 | ||||||||||||||
China: 2.5% | ||||||||||||||
78,562 | L | iShares FTSE/Xinhua China 25 Index Fund | 2,512,413 | |||||||||||
2,512,413 | ||||||||||||||
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Shares | Value | |||||||||||||
South Korea: 1.7% | ||||||||||||||
50,289 | iShares MSCI South Korea Index Fund | $ | 1,720,890 | |||||||||||
1,720,890 | ||||||||||||||
Taiwan: 2.3% | ||||||||||||||
229,000 | L | iShares MSCI Taiwan Index Fund | 2,340,380 | |||||||||||
2,340,380 | ||||||||||||||
Total Exchange-Traded Funds (Cost $5,680,079) | 7,304,303 | |||||||||||||
PREFERRED STOCK: 1.1% | ||||||||||||||
Brazil: 1.1% | ||||||||||||||
92,208 | CIA Energetica de Minas Gerais | 1,114,182 | ||||||||||||
Total Preferred Stock (Cost $1,066,624) | 1,114,182 | |||||||||||||
Total Long-Term Investments (Cost $91,383,005) | 96,113,146 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 5.5% | ||||||||||||||
Securities Lending CollateralCC: 5.5% | ||||||||||||||
$ | 5,561,927 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 5,529,603 | ||||||||||
Total Short-Term Investments (Cost $5,561,927) | 5,529,603 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $96,944,932)* | 100.2 | % | $ | 101,642,749 | ||||||||||
Other Assets and Liabilities - Net | (0.2 | ) | (155,186 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 101,487,563 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
cc | Securities purchased with cash collateral for securities loaned. | |
L | Loaned security, a portion or all of the security is on loan at April 30, 2009. | |
* | Cost for federal income tax purposes is $108,392,635. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 11,660,664 | ||
Gross Unrealized Depreciation | (18,410,550 | ) | ||
Net Unrealized Depreciation | $ | (6,749,886 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Agriculture | 1.8 | % | ||
Auto Parts & Equipment | 1.9 | |||
Banks | 14.4 | |||
Beverages | 0.9 | |||
Chemicals | 0.6 | |||
Coal | 1.7 | |||
Diversified Financial Services | 2.9 | |||
Electric | 2.8 | |||
Electrical Components & Equipment | 1.0 | |||
Electronics | 2.0 | |||
Engineering & Construction | 1.1 | |||
Food | 0.9 | |||
Gas | 1.4 | |||
Holding Companies — Diversified | 1.4 | |||
Insurance | 1.4 | |||
Iron/Steel | 1.2 | |||
Media | 0.6 | |||
Mining | 4.4 | |||
Oil & Gas | 15.6 | |||
Pharmaceuticals | 3.5 | |||
Real Estate | 2.3 | |||
Retail | 2.0 | |||
Semiconductors | 9.2 | |||
Telecommunications | 12.5 | |||
Other Long-Term Investments | 7.2 | |||
Short-Term Investments | 5.5 | |||
Other Assets and Liabilities — Net | (0.2 | ) | ||
Net Assets | 100.0 | % | ||
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 27,934,747 | $ | — | ||||
Level 2 — Other Significant Observable Inputs† | 73,708,002 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 101,642,749 | $ | — | ||||
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Shares | Value | |||||||||||||
COMMON STOCK: 17.1% | ||||||||||||||
Austria: 3.2% | ||||||||||||||
2,870 | CA Immobilien Anlagen AG | $ | 22,757 | |||||||||||
14,210 | Immoeast Immobilien Anlagen AG | 32,032 | ||||||||||||
17,710 | @ | Immofinanz Immobilien Anlagen AG | 34,284 | |||||||||||
89,073 | ||||||||||||||
Finland: 0.8% | ||||||||||||||
5,230 | Sponda OYJ | 21,219 | ||||||||||||
21,219 | ||||||||||||||
Germany: 1.9% | ||||||||||||||
870 | Deutsche Euroshop AG | 24,669 | ||||||||||||
3,240 | IVG Immobilien AG | 27,975 | ||||||||||||
52,644 | ||||||||||||||
Sweden: 4.2% | ||||||||||||||
13,890 | Castellum AB | 87,594 | ||||||||||||
4,480 | Hufvudstaden AB | 26,756 | ||||||||||||
114,350 | ||||||||||||||
Switzerland: 4.2% | ||||||||||||||
2,460 | @ | PSP Swiss Property AG | 115,623 | |||||||||||
115,623 | ||||||||||||||
United Kingdom: 2.8% | ||||||||||||||
5,043 | Helical Bar PLC | 25,255 | ||||||||||||
44,040 | Safestore Holdings Ltd. | 51,031 | ||||||||||||
76,286 | ||||||||||||||
Total Common Stock (Cost $543,064) | 469,195 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 78.6% | ||||||||||||||
Belgium: 2.4% | ||||||||||||||
595 | Cofinimmo | 65,249 | ||||||||||||
65,249 | ||||||||||||||
France: 34.6% | ||||||||||||||
480 | Fonciere Des Regions | 26,284 | ||||||||||||
1,240 | ICADE | 95,925 | ||||||||||||
5,358 | Klepierre | 119,116 | ||||||||||||
2,700 | Mercialys | 82,913 | ||||||||||||
360 | Societe Immobiliere de Location pour l’Industrie et le Commerce | 30,287 | ||||||||||||
4,000 | Unibail | 596,503 | ||||||||||||
951,028 | ||||||||||||||
Netherlands: 13.0% | ||||||||||||||
2,875 | Corio NV | 127,602 | ||||||||||||
3,380 | Eurocommercial Properties NV | 99,614 | ||||||||||||
580 | Vastned Retail NV | 25,617 | ||||||||||||
1,539 | Wereldhave NV | 105,587 | ||||||||||||
358,420 | ||||||||||||||
United Kingdom: 28.6% | ||||||||||||||
30,576 | British Land Co. PLC | 192,933 | ||||||||||||
3,130 | Derwent Valley Holdings PLC | 38,554 | ||||||||||||
4,480 | Great Portland Estates PLC | 20,207 | ||||||||||||
34,779 | Hammerson PLC | 161,144 | ||||||||||||
29,961 | Land Securities Group PLC | 247,077 | ||||||||||||
7,740 | Liberty International PLC | 45,367 | ||||||||||||
178,830 | Segro PLC | 62,715 | ||||||||||||
3,840 | Shaftesbury PLC | 19,808 | ||||||||||||
787,805 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $2,951,676) | 2,162,502 | |||||||||||||
MUTUAL FUNDS: 0.5% | ||||||||||||||
Luxembourg: 0.5% | ||||||||||||||
5,520 | Prologis European Properties | 14,340 | ||||||||||||
Total Mutual Funds (Cost $11,793) | 14,340 | |||||||||||||
Total Long-Term Investments (Cost $3,506,533) | 2,646,037 | |||||||||||||
SHORT-TERM INVESTMENTS: 1.4% | ||||||||||||||
Affiliated Mutual Fund: 1.4% | ||||||||||||||
38,263 | ING Institutional Prime Money Market Fund — Class I | 38,263 | ||||||||||||
Total Short-Term Investments (Cost $38,263) | 38,263 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $3,544,796)* | 97.6 | % | $ | 2,684,300 | ||||||||||
Other Assets and Liabilities - Net | 2.4 | 65,133 | ||||||||||||
Net Assets | 100.0 | % | $ | 2,749,433 | ||||||||||
@ | Non-income producing security | |
* | Cost for federal income tax purposes is $4,172,658. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 57,434 | ||
Gross Unrealized Depreciation | (1,545,792 | ) | ||
Net Unrealized Depreciation | $ | (1,488,358 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Closed-End Funds | 0.5 | % | ||
Diversified | 70.0 | |||
Office Property | 7.7 | |||
Real Estate | 15.2 | |||
Shopping Centers | 0.9 | |||
Storage/Warehousing | 1.9 | |||
Short-Term Investments | 1.4 | |||
Other Assets and Liabilities — Net | 2.4 | |||
Net Assets | 100.0 | % | ||
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 38,263 | $ | — | ||||
Level 2 — Other Significant Observable Inputs† | 2,646,037 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 2,684,300 | $ | — | ||||
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123
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Shares | Value | |||||||||||||
COMMON STOCK: 84.6% | ||||||||||||||
Australia: 5.3% | ||||||||||||||
154,615 | BHP Billiton Ltd. | $ | 3,735,122 | |||||||||||
61,600 | Foster’s Group Ltd. | 235,535 | ||||||||||||
526,045 | Macquarie Airports Management Ltd. | 693,383 | ||||||||||||
107,116 | Rio Tinto Ltd. | 4,988,019 | ||||||||||||
190,142 | Telstra Corp., Ltd. | 459,366 | ||||||||||||
23,444 | Wesfarmers Ltd. | 385,177 | ||||||||||||
41,781 | Woodside Petroleum Ltd. | 1,148,721 | ||||||||||||
36,986 | Woolworths Ltd. | 717,498 | ||||||||||||
12,362,821 | ||||||||||||||
Austria: 0.6% | ||||||||||||||
39,159 | OMV AG | 1,213,150 | ||||||||||||
10,285 | Telekom Austria AG | 135,285 | ||||||||||||
1,348,435 | ||||||||||||||
Brazil: 0.8% | ||||||||||||||
108,582 | Cia Vale do Rio Doce ADR | 1,792,689 | ||||||||||||
1,792,689 | ||||||||||||||
Canada: 2.6% | ||||||||||||||
13,094 | Canadian Natural Resources Ltd. | 603,621 | ||||||||||||
49,910 | EnCana Corp. | 2,287,420 | ||||||||||||
39,681 | Petro-Canada | 1,252,314 | ||||||||||||
5,089 | @ | Research In Motion Ltd. | 353,686 | |||||||||||
22,762 | Suncor Energy, Inc. | 572,817 | ||||||||||||
80,562 | Talisman Energy, Inc. | 1,009,304 | ||||||||||||
6,079,162 | ||||||||||||||
China: 2.3% | ||||||||||||||
908,000 | Bank of China Ltd. | 336,664 | ||||||||||||
534,732 | Beijing Capital International Airport Co., Ltd. | 337,689 | ||||||||||||
989,000 | China Construction Bank | 570,968 | ||||||||||||
160,000 | China Life Insurance Co., Ltd. | 561,906 | ||||||||||||
1,814,000 | China Petroleum & Chemical Corp. | 1,409,920 | ||||||||||||
330,000 | China Telecom Corp., Ltd. | 162,448 | ||||||||||||
998,000 | Industrial and Commercial Bank of China Ltd. | 567,744 | ||||||||||||
1,344,000 | PetroChina Co., Ltd. | 1,171,389 | ||||||||||||
33,500 | Ping An Insurance Group Co. of China Ltd. | 206,946 | ||||||||||||
5,325,674 | ||||||||||||||
Czech Republic: 1.8% | ||||||||||||||
30,420 | S | Komercni Banka A/S | 4,087,631 | |||||||||||
4,087,631 | ||||||||||||||
Denmark: 0.5% | ||||||||||||||
2,008 | @ | ALK-Abello A/S | 120,667 | |||||||||||
23 | AP Moller — Maersk A/S — Class B | 133,599 | ||||||||||||
4,460 | Danske Bank A/S | 48,918 | ||||||||||||
16,526 | Novo-Nordisk A/S | 786,321 | ||||||||||||
1,030 | Vestas Wind Systems | 67,967 | ||||||||||||
1,902 | @ | Vestas Wind Systems A/S | 123,462 | |||||||||||
1,280,934 | ||||||||||||||
Finland: 0.6% | ||||||||||||||
5,439 | Kone OYJ | 148,573 | ||||||||||||
49,400 | Nokia OYJ | 701,651 | ||||||||||||
18,341 | Orion OYJ | 265,620 | ||||||||||||
2,583 | Sampo OYJ | 48,185 | ||||||||||||
23,715 | Stora Enso OYJ (Euro Denominated Security) | 135,362 | ||||||||||||
14,037 | UPM-Kymmene OYJ | 125,616 | ||||||||||||
1,425,007 | ||||||||||||||
France: 9.9% | ||||||||||||||
3,019 | Accor SA | 127,739 | ||||||||||||
14,658 | ADP | 843,960 | ||||||||||||
6,671 | Air Liquide | 542,810 | ||||||||||||
9,205 | Alstom | 573,817 | ||||||||||||
20,161 | AXA SA | 338,739 | ||||||||||||
20,485 | BNP Paribas | 1,078,410 | ||||||||||||
7,640 | Bouygues SA | 325,921 | ||||||||||||
14,954 | Carrefour SA | 606,340 | ||||||||||||
7,930 | Casino Guichard Perrachon SA | 494,699 | ||||||||||||
9,069 | Cie de Saint-Gobain | 325,352 | ||||||||||||
13,601 | Compagnie Generale des Etablissements Michelin | 696,214 | ||||||||||||
18,425 | Credit Agricole SA | 269,402 | ||||||||||||
87,426 | France Telecom SA | 1,940,860 | ||||||||||||
60,338 | Gaz de France | 2,166,996 | ||||||||||||
49,823 | Groupe Danone | 2,369,915 | ||||||||||||
9,946 | LVMH Moet Hennessy Louis Vuitton SA | 750,912 | ||||||||||||
4,755 | Peugeot SA | 109,806 | ||||||||||||
3,700 | PPR | 283,468 | ||||||||||||
9,191 | Publicis Groupe | 280,922 | ||||||||||||
23,250 | Renault SA | 745,505 | ||||||||||||
22,383 | Sanofi-Aventis | 1,296,248 | ||||||||||||
8,781 | Schneider Electric SA | 668,221 | ||||||||||||
9,722 | Societe Generale | 496,878 | ||||||||||||
12,292 | @ | Suez Environnement SA | 187,372 | |||||||||||
68,239 | S | Total SA | 3,414,393 | |||||||||||
613 | Vallourec | 67,002 | ||||||||||||
31,787 | Vinci SA | 1,424,072 | ||||||||||||
28,658 | Vivendi | 770,587 | ||||||||||||
23,196,560 | ||||||||||||||
Germany: 8.4% | ||||||||||||||
7,259 | Adidas AG | 274,262 | ||||||||||||
10,859 | Allianz AG | 1,001,993 | ||||||||||||
19,083 | BASF AG | 720,147 | ||||||||||||
19,867 | Bayer AG | 987,539 | ||||||||||||
32,480 | Bayerische Motoren Werke AG | 1,125,403 | ||||||||||||
17,057 | Commerzbank AG | 115,971 | ||||||||||||
54,534 | DaimlerChrysler AG | 1,955,053 | ||||||||||||
2,628 | Deutsche Boerse AG | 194,143 | ||||||||||||
20,155 | Deutsche Post AG | 232,544 | ||||||||||||
5,719 | Deutsche Postbank AG | 122,208 | ||||||||||||
70,207 | Deutsche Telekom AG | 849,024 | ||||||||||||
51,192 | E.ON AG | 1,731,159 | ||||||||||||
70,799 | Fraport AG Frankfurt Airport Services Worldwide | 2,853,723 | ||||||||||||
10,168 | Fresenius AG | 420,337 | ||||||||||||
3,775 | K+S AG | 227,092 | ||||||||||||
2,059 | Linde AG | 164,201 | ||||||||||||
11,426 | MAN AG | 708,231 | ||||||||||||
2,981 | Merck KGaA | 267,293 | ||||||||||||
6,416 | Metro AG | 272,920 | ||||||||||||
5,119 | Muenchener Rueckversicherungs AG | 707,294 | ||||||||||||
12,663 | RWE AG | 912,857 | ||||||||||||
19,584 | SAP AG | 752,932 | ||||||||||||
40,562 | Siemens AG | 2,727,181 | ||||||||||||
12,776 | @ | UkrTelecom GDR | 24,511 | |||||||||||
1,314 | Wacker Chemie AG | 136,004 | ||||||||||||
19,484,022 | ||||||||||||||
Greece: 0.1% | ||||||||||||||
20,089 | Hellenic Telecommunications Organization SA | 305,850 | ||||||||||||
305,850 | ||||||||||||||
Hong Kong: 1.8% | ||||||||||||||
34,000 | Cheung Kong Holdings Ltd. | 350,730 | ||||||||||||
197,461 | China Merchants Holdings International Co., Ltd. | 464,481 | ||||||||||||
143,000 | China Mobile Ltd. | 1,234,838 | ||||||||||||
418,000 | CNOOC Ltd. | 466,621 |
124
Table of Contents
Shares | Value | |||||||||||||
Hong Kong (continued) | ||||||||||||||
29,800 | Esprit Holdings Ltd. | $ | 182,592 | |||||||||||
652,303 | I | GOME Electrical Appliances Holdings Ltd. | 65,651 | |||||||||||
184,000 | Hutchison Whampoa Ltd. | 1,083,754 | ||||||||||||
31,000 | Sun Hung Kai Properties Ltd. | 320,470 | ||||||||||||
4,169,137 | ||||||||||||||
Hungary: 1.4% | ||||||||||||||
256,403 | @,S, L | OTP Bank Nyrt | 3,302,406 | |||||||||||
3,302,406 | ||||||||||||||
India: 0.1% | ||||||||||||||
3,316 | Reliance Industries Ltd. | 120,784 | ||||||||||||
120,784 | ||||||||||||||
Ireland: 1.6% | ||||||||||||||
148,084 | CRH PLC | 3,820,689 | ||||||||||||
3,820,689 | ||||||||||||||
Italy: 2.5% | ||||||||||||||
17,981 | Assicurazioni Generali S.p.A. | 365,839 | ||||||||||||
2,133 | Banche Popolari Unite Scpa | 29,411 | ||||||||||||
110,529 | Enel S.p.A. | 599,121 | ||||||||||||
140,309 | ENI S.p.A. | 3,010,913 | ||||||||||||
188,681 | Intesa Sanpaolo S.p.A. | 601,112 | ||||||||||||
9,601 | Mediobanca S.p.A. | 110,772 | ||||||||||||
3,246 | Saipem S.p.A. | 69,381 | ||||||||||||
13,283 | Snam Rete Gas S.p.A. | 52,606 | ||||||||||||
287,287 | Telecom Italia S.p.A. | 363,274 | ||||||||||||
293,101 | UniCredito Italiano S.p.A. | 713,694 | ||||||||||||
5,916,123 | ||||||||||||||
Japan: 7.3% | ||||||||||||||
10,601 | Aisin Seiki Co., Ltd. | 217,706 | ||||||||||||
11,700 | Bridgestone Corp. | 174,398 | ||||||||||||
19,705 | S | Canon, Inc. | 589,686 | |||||||||||
39 | Central Japan Railway Co. | 231,166 | ||||||||||||
5,700 | Daikin Industries Ltd. | 153,346 | ||||||||||||
15,888 | Denso Corp. | 375,574 | ||||||||||||
6,900 | East Japan Railway Co. | 388,810 | ||||||||||||
4,600 | Eisai Co., Ltd. | 123,444 | ||||||||||||
11,200 | Fanuc Ltd. | 808,217 | ||||||||||||
91 | Fuji Television Network, Inc. | 101,454 | ||||||||||||
57,328 | S | Honda Motor Co., Ltd. | 1,680,108 | |||||||||||
136,000 | Itochu Corp. | 729,238 | ||||||||||||
8,400 | JFE Holdings, Inc. | 229,431 | ||||||||||||
47 | KDDI Corp. | 211,360 | ||||||||||||
18,505 | Komatsu Ltd. | 230,875 | ||||||||||||
8,319 | Kubota Corp. | 50,001 | ||||||||||||
3,000 | Kyocera Corp. | 232,993 | ||||||||||||
2,900 | Makita Corp. | 66,966 | ||||||||||||
35,484 | Matsushita Electric Industrial Co., Ltd. | 520,003 | ||||||||||||
101,000 | Mitsubishi Corp. | 1,554,335 | ||||||||||||
31,000 | Mitsubishi Electric Corp. | 165,100 | ||||||||||||
136,300 | Mitsui & Co., Ltd. | 1,445,674 | ||||||||||||
19,000 | NGK Insulators Ltd. | 291,389 | ||||||||||||
10,500 | Nidec Corp. | 583,374 | ||||||||||||
1,601 | Nintendo Co., Ltd. | 430,447 | ||||||||||||
4,800 | Nippon Telegraph & Telephone Corp. | 180,866 | ||||||||||||
49,700 | Nissan Motor Co., Ltd. | 259,408 | ||||||||||||
174 | NTT DoCoMo, Inc. | 242,798 | ||||||||||||
19,000 | Ricoh Co., Ltd. | 234,914 | ||||||||||||
3,400 | Shin-Etsu Chemical Co., Ltd. | 165,249 | ||||||||||||
8,033 | Sony Corp. | 208,730 | ||||||||||||
72,000 | Sumitomo Metal Industries Ltd. | 168,662 | ||||||||||||
31,800 | Suzuki Motor Corp. | 599,776 | ||||||||||||
4,500 | Takeda Pharmaceutical Co., Ltd. | 159,591 | ||||||||||||
79,900 | S | Toyota Motor Corp. | 3,162,343 | |||||||||||
16,967,432 | ||||||||||||||
Luxembourg: 1.0% | ||||||||||||||
94,908 | L | ArcelorMittal | 2,223,160 | |||||||||||
2,223,160 | ||||||||||||||
Mexico: 0.1% | ||||||||||||||
7,863 | America Movil SA de CV — Series L ADR | 258,300 | ||||||||||||
34,422 | Grupo Cementos Chihuahua | 74,798 | ||||||||||||
333,098 | ||||||||||||||
Netherlands: 3.2% | ||||||||||||||
16,134 | Aegon NV | 81,148 | ||||||||||||
3,116 | European Aeronautic Defence and Space Co. NV | 44,975 | ||||||||||||
40,796 | Heineken NV | 1,212,300 | ||||||||||||
26,679 | Koninklijke Philips Electronics NV | 481,369 | ||||||||||||
1,778 | Randstad Holdings NV | 40,796 | ||||||||||||
49,597 | Reed Elsevier NV | 544,910 | ||||||||||||
105,467 | Royal Dutch Shell PLC | 2,418,859 | ||||||||||||
122,008 | Royal KPN NV | 1,466,820 | ||||||||||||
13,451 | TNT NV | 247,895 | ||||||||||||
46,049 | Unilever NV | 911,192 | ||||||||||||
7,450,264 | ||||||||||||||
New Zealand: 0.0% | ||||||||||||||
1,830 | Auckland International Airport Ltd. | 1,717 | ||||||||||||
1,717 | ||||||||||||||
Norway: 0.9% | ||||||||||||||
7,951 | DnB NOR ASA | 49,489 | ||||||||||||
10,325 | Norsk Hydro ASA | 45,526 | ||||||||||||
101,987 | Statoil ASA | 1,900,782 | ||||||||||||
4,288 | Yara International ASA | 114,921 | ||||||||||||
2,110,718 | ||||||||||||||
Portugal: 0.1% | ||||||||||||||
37,399 | Energias de Portugal SA | 136,022 | ||||||||||||
136,022 | ||||||||||||||
Russia: 1.7% | ||||||||||||||
15,943 | Deutsche Bank AG | 850,197 | ||||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 92,232 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 10,826 | |||||||||||
14,630 | @,#,I | Inter Rao Ues OAO GDR | 50,816 | |||||||||||
4,865 | @,#,I | Kusbassenergo OJSC GDR | 9,625 | |||||||||||
17,100 | Lukoil-Spon ADR | 750,389 | ||||||||||||
66,788 | MMC Norilsk Nickel ADR | 548,629 | ||||||||||||
23,485 | @,#,I | Mosenergo OAO — Spon GDR | 57,491 | |||||||||||
57,600 | OAO Gazprom ADR | 1,010,588 | ||||||||||||
50,200 | @ | OAO Rosneft Oil Co. GDR | 258,977 | |||||||||||
67,340 | @,#,I | OGK-1 OAO GDR | 41,797 | |||||||||||
17,500 | @,#,I | OGK-2 OAO GDR | 25,900 | |||||||||||
28,770 | @,#,I | OGK-3 OJSC GDR | 44,317 | |||||||||||
20,405 | @,#,I | OGK-6 OAO GDR | 26,686 | |||||||||||
3,500,000 | @,I | RAO Energy System of East OAO | 9,450 | |||||||||||
39,939 | @,# | Sistema-Hals GDR | 16,375 | |||||||||||
26,740 | @,#,I | Territorial Generating Co. 1 GDR | 21,806 | |||||||||||
1,120 | @,#,I | TGK-14 GDR | 2,436 | |||||||||||
4,515 | @,#,I | TGK-2 GDR | 6,409 | |||||||||||
11,095 | @,#,I | TGK-4 GDR | 11,561 |
125
Table of Contents
Shares | Value | |||||||||||||
Russia (continued) | ||||||||||||||
11,760 | @,#,I | TGK-9 OAO GDR | $ | 12,787 | ||||||||||
11,690 | @,#,I | Volga Territorial Generating Co. GDR | 13,417 | |||||||||||
12,040 | @,#,I | Yenisei Territorial — Spon GDR | 7,582 | |||||||||||
3,880,293 | ||||||||||||||
South Africa: 0.1% | ||||||||||||||
6,059 | Impala Platinum Holdings Ltd. | 115,770 | ||||||||||||
115,770 | ||||||||||||||
South Korea: 3.6% | ||||||||||||||
3,693 | Hyundai Heavy Industries | 662,123 | ||||||||||||
25,224 | Hyundai Motor Co. | 1,347,843 | ||||||||||||
5,520 | @ | Korea Electric Power Corp. | 119,237 | |||||||||||
3,880 | KT Corp. | 112,819 | ||||||||||||
8,584 | @ | KT&G Corp. | 473,246 | |||||||||||
903 | @ | NHN Corp. | 109,204 | |||||||||||
4,051 | Posco | 1,249,249 | ||||||||||||
7,916 | L | Posco ADR | 609,295 | |||||||||||
4,709 | Samsung Electronics Co., Ltd. | 2,174,414 | ||||||||||||
1,650 | @ | Shinsegae Co., Ltd. | 588,544 | |||||||||||
4,886 | SK Telecom Co., Ltd. | 696,531 | ||||||||||||
21,526 | L | SK Telecom Co., Ltd. ADR | 337,312 | |||||||||||
8,479,817 | ||||||||||||||
Spain: 3.1% | ||||||||||||||
87,179 | Banco Bilbao Vizcaya Argentaria SA | 944,817 | ||||||||||||
17,024 | Banco Popular Espanol SA | 140,311 | ||||||||||||
183,046 | Banco Santander Central Hispano SA | 1,760,710 | ||||||||||||
38,247 | @ | EDP Renovaveis SA | 311,853 | |||||||||||
4,138 | Gamesa Corp. Tecnologica SA | 78,103 | ||||||||||||
46,799 | @ | Iberdrola Renovables | 190,042 | |||||||||||
90,228 | Iberdrola SA | 719,866 | ||||||||||||
33,089 | Inditex SA | 1,410,842 | ||||||||||||
87,671 | Telefonica SA | 1,684,285 | ||||||||||||
7,240,829 | ||||||||||||||
Sweden: 1.8% | ||||||||||||||
66,421 | Atlas Copco AB — Class A | 617,467 | ||||||||||||
18,699 | Getinge AB | 217,210 | ||||||||||||
21,966 | Hennes & Mauritz AB | 977,924 | ||||||||||||
139,346 | Sandvik AB | 915,155 | ||||||||||||
10,660 | Skanska AB | 114,979 | ||||||||||||
65,374 | SKF AB — B Shares | 716,859 | ||||||||||||
44,630 | Svenska Cellulosa AB — B Shares | 430,314 | ||||||||||||
40,210 | TeliaSonera AB | 188,664 | ||||||||||||
11,072 | Volvo AB | 72,192 | ||||||||||||
4,250,764 | ||||||||||||||
Switzerland: 8.5% | ||||||||||||||
110,568 | @ | ABB Ltd. | 1,565,238 | |||||||||||
2,909 | Adecco SA | 114,494 | ||||||||||||
24,754 | Credit Suisse Group | 967,300 | ||||||||||||
2,390 | Flughafen Zuerich AG | 501,782 | ||||||||||||
385 | Givaudan | 243,750 | ||||||||||||
7,525 | Holcim Ltd. | 381,686 | ||||||||||||
161,148 | Nestle SA | 5,252,898 | ||||||||||||
4,267 | Nobel Biocare Holding AG | 86,988 | ||||||||||||
57,107 | Novartis AG | 2,161,404 | ||||||||||||
9,545 | Roche Holding AG | 1,203,664 | ||||||||||||
872 | Swatch Group AG — BR | 121,325 | ||||||||||||
4,969 | Swiss Reinsurance | 117,950 | ||||||||||||
1,836 | Swisscom AG | 478,750 | ||||||||||||
4,752 | Syngenta AG | 1,014,507 | ||||||||||||
27,213 | @ | UBS AG — Reg | 373,811 | |||||||||||
530,010 | Xstrata PLC | 4,672,659 | ||||||||||||
3,400 | Zurich Financial Services AG | 631,824 | ||||||||||||
19,890,030 | ||||||||||||||
Taiwan: 0.9% | ||||||||||||||
589 | Cathay Financial Holding Co., Ltd. GDR | 6,598 | ||||||||||||
179,102 | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1,893,108 | ||||||||||||
39,971 | L | United Microelectron ADR | 121,912 | |||||||||||
2,021,618 | ||||||||||||||
Ukraine: 0.3% | ||||||||||||||
5,090,724 | @ | JSCB Ukrsotsbank | 108,858 | |||||||||||
3,938,839 | @ | Raiffeisen Bank Aval | 84,227 | |||||||||||
11,482 | @ | Ukrnafta Oil Co. ADR | 155,982 | |||||||||||
10,545,713 | UkrTelecom | 413,205 | ||||||||||||
762,272 | ||||||||||||||
United Kingdom: 11.7% | ||||||||||||||
63,399 | Anglo American PLC | 1,364,239 | ||||||||||||
182,089 | Barclays PLC | 739,299 | ||||||||||||
198,449 | BHP Billiton PLC | 4,118,812 | ||||||||||||
432,917 | BP PLC | 3,059,277 | ||||||||||||
29,670 | British American Tobacco PLC | 715,547 | ||||||||||||
91,534 | BT Group PLC | 126,145 | ||||||||||||
29,353 | S | Diageo PLC | 350,175 | |||||||||||
43,298 | GlaxoSmithKline PLC | 666,929 | ||||||||||||
32,400 | HSBC Holdings PLC — Hong Kong | 227,108 | ||||||||||||
265,318 | HSBC Holdings PLC | 1,886,800 | ||||||||||||
20,172 | Imperial Tobacco Group PLC | 460,250 | ||||||||||||
222,229 | Lloyds TSB Group PLC | 360,457 | ||||||||||||
118,422 | Marks & Spencer Group PLC | 586,693 | ||||||||||||
27,262 | National Grid PLC | 226,505 | ||||||||||||
45,369 | Old Mutual PLC | 45,201 | ||||||||||||
56,849 | Pearson PLC | 586,605 | ||||||||||||
34,635 | Prudential PLC | 199,071 | ||||||||||||
93,923 | Rio Tinto PLC | 3,816,222 | ||||||||||||
61,242 | @ | Rolls-Royce Group PLC | 303,600 | |||||||||||
5,254,563 | @,I | Rolls-Royce Group PLC — C Shares Entitlement | 7,773 | |||||||||||
475,931 | Royal Bank of Scotland Group PLC | 290,463 | ||||||||||||
13,556 | Scottish & Southern Energy PLC | 220,914 | ||||||||||||
17,902 | Smith & Nephew PLC | 125,952 | ||||||||||||
18,014 | Standard Chartered PLC | 286,530 | ||||||||||||
413,002 | Tesco PLC | 2,046,353 | ||||||||||||
1,805,718 | S | Vodafone Group PLC | 3,318,859 | |||||||||||
66,507 | WM Morrison Supermarkets PLC | 240,909 | ||||||||||||
1,678 | Wolseley PLC | 30,095 | ||||||||||||
130,126 | WPP PLC | 890,315 | ||||||||||||
27,297,098 | ||||||||||||||
Total Common Stock (Cost $194,288,532) | 197,178,826 | |||||||||||||
EXCHANGE-TRADED FUNDS: 9.9% | ||||||||||||||
Eurozone: 0.5% | ||||||||||||||
36,967 | iShares DJ Euro STOXX 50 | 1,173,866 | ||||||||||||
1,173,866 | ||||||||||||||
Hong Kong: 0.5% | ||||||||||||||
104,200 | Hang Seng Investment Index Funds Series — H-Share Index ETF | 1,223,502 | ||||||||||||
1,223,502 | ||||||||||||||
India: 1.1% | ||||||||||||||
592,600 | iShares MSCI India | 2,471,142 | ||||||||||||
2,471,142 | ||||||||||||||
126
Table of Contents
Shares | Value | |||||||||||||
Japan: 6.7% | ||||||||||||||
50,493 | @ | Nomura ETF — Nikkei 225 Exchange Traded Fund | $ | 4,654,039 | ||||||||||
1,251,550 | @ | Nomura TOPIX Exchange Traded Fund | 10,990,086 | |||||||||||
15,644,125 | ||||||||||||||
Taiwan: 1.1% | ||||||||||||||
256,809 | L | iShares MSCI Taiwan Index Fund | 2,624,588 | |||||||||||
2,624,588 | ||||||||||||||
Total Exchange-Traded Funds (Cost $23,025,533) | 23,137,223 | |||||||||||||
PREFERRED STOCK: 0.1% | ||||||||||||||
Germany: 0.1% | ||||||||||||||
1,539 | Volkswagen AG | 96,497 | ||||||||||||
Total Preferred Stock (Cost $71,102) | 96,497 | |||||||||||||
RIGHTS: 0.0% | ||||||||||||||
Italy: 0.0% | ||||||||||||||
13,283 | Snam Rete Gas S.p.A. | 10,193 | ||||||||||||
Total Rights (Cost $11,398) | 10,193 | |||||||||||||
Total Long-Term Investments (Cost $217,396,565) | 220,422,739 | |||||||||||||
SHORT-TERM INVESTMENTS: 8.6% | ||||||||||||||
Affiliated Mutual Fund: 6.2% | ||||||||||||||
14,570,578 | ING Institutional Prime Money Market Fund — Class I | 14,570,578 | ||||||||||||
Total Mutual Fund (Cost $14,570,578) | 14,570,578 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Securities Lending CollateralCC: 2.4% | ||||||||||||||
$ | 5,587,351 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 5,552,610 | ||||||||||
Total Securities Lending Collateral (Cost $5,587,351) | 5,552,610 | |||||||||||||
Total Short-Term Investments (Cost $20,157,929) | 20,123,188 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $237,554,494)* | 103.2 | % | $ | 240,545,927 | ||||||||||
Other Assets and Liabilities - Net | (3.2 | ) | (7,372,051 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 233,173,876 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees. | |
cc | Securities purchased with cash collateral for securities loaned. | |
I | Illiquid Security | |
S | All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities. | |
L | Loaned security, a portion or all of the security is on loan at April 30, 2009. |
* | Cost for federal income tax purposes is $248,173,074. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 22,901,970 | ||
Gross Unrealized Depreciation | (30,529,117 | ) | ||
Net Unrealized Depreciation | $ | (7,627,147 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Advertising | 0.1 | % | ||
Aerospace/Defense | 0.2 | |||
Agriculture | 0.7 | |||
Apparel | 0.1 | |||
Auto Manufacturers | 4.8 | |||
Auto Parts & Equipment | 0.6 | |||
Banks | 9.2 | |||
Beverages | 0.8 | |||
Building Materials | 2.0 | |||
Chemicals | 1.9 | |||
Commercial Services | 0.1 | |||
Computers | 0.2 | |||
Distribution/Wholesale | 1.6 | |||
Diversified Financial Services | 0.1 | |||
Electric | 3.1 | |||
Electrical Components & Equipment | 0.5 | |||
Electronics | 0.7 | |||
Energy — Alternate Sources | 0.2 | |||
Engineering & Construction | 3.7 | |||
Food | 5.5 | |||
Forest Products & Paper | 0.3 | |||
Gas | 0.0 | |||
Hand/Machine Tools | 0.4 | |||
Healthcare — Products | 0.4 | |||
Holding Companies — Diversified | 1.0 | |||
Home Furnishings | 0.3 | |||
Insurance | 1.9 | |||
Internet | 0.0 | |||
Iron/Steel | 1.9 | |||
Lodging | 0.1 | |||
Machinery — Construction & Mining | 0.4 | |||
Machinery — Diversified | 1.0 | |||
Media | 1.2 | |||
Metal Fabricate/Hardware | 0.3 | |||
Mining | 10.8 | |||
Miscellaneous Manufacturers | 1.2 | |||
Office/Business Equipment | 0.4 | |||
Oil & Gas | 11.6 | |||
Oil & Gas Services | 0.1 | |||
Pharmaceuticals | 3.0 | |||
Real Estate | 0.3 | |||
Retail | 2.0 | |||
Semiconductors | 1.8 | |||
Shipbuilding | 0.3 | |||
Software | 0.3 | |||
Telecommunications | 6.8 | |||
Toys/Games/Hobbies | 0.2 | |||
Transportation | 0.5 | |||
Water | 0.1 | |||
Other Long-Term Investments | 9.9 | |||
Short-Term Investments | 8.6 | |||
Other Assets and Liabilities — Net | (3.2 | ) | ||
Net Assets | 100.0 | % | ||
127
Table of Contents
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 57,746,645 | $ | — | ||||
Level 2 — Other Significant Observable Inputs† | 182,696,224 | 270,725 | ||||||
Level 3 — Significant Unobservable Inputs | 103,058 | — | ||||||
Total | $ | 240,545,927 | $ | 270,725 | ||||
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Beginning Balance at 10/31/08 | $ | 58,849 | $ | — | ||||
Net Purchases/(Sales) | — | — | ||||||
Accrued Discounts/(Premiums) | — | — | ||||||
Total Realized Gain/(Loss) | — | — | ||||||
Total Unrealized Appreciation/(Depreciation) | 44,209 | — | ||||||
Net Transfers In/(Out) of Level 3 | — | — | ||||||
Ending Balance at 04/30/09 | $ | 103,058 | $ | — | ||||
In | Unrealized | |||||||||||||||||||
Settlement | Exchange | Appreciation | ||||||||||||||||||
Currency | Buy/Sell | Date | For | Value | (Depreciation) | |||||||||||||||
USD | ||||||||||||||||||||
Canadian Dollar CAD 3,808,545 | BUY | 6/17/09 | 3,143,389 | 3,192,357 | $ | 48,968 | ||||||||||||||
Canadian Dollar CAD 2,704,173 | BUY | 6/17/09 | 2,221,348 | 2,266,662 | 45,314 | |||||||||||||||
Canadian Dollar CAD 1,104,372 | BUY | 6/17/09 | 907,604 | 925,695 | 18,091 | |||||||||||||||
Czech Koruna CZK 6,808,033 | BUY | 5/21/09 | 295,090 | 336,447 | 41,357 | |||||||||||||||
Czech Koruna CZK 3,042,813 | BUY | 7/14/09 | 131,881 | 150,080 | 18,199 | |||||||||||||||
Czech Koruna CZK 3,054,421 | BUY | 10/14/09 | 132,398 | 150,385 | 17,987 | |||||||||||||||
Czech Koruna CZK 12,308,990 | BUY | 10/27/09 | 666,071 | 605,903 | (60,168 | ) | ||||||||||||||
Hungarian Forint HUF 606,381,056 | BUY | 5/12/09 | 2,949,611 | 2,774,388 | (175,223 | ) | ||||||||||||||
Hungarian Forint HUF 116,723,400 | BUY | 5/12/09 | 605,412 | 534,047 | (71,365 | ) | ||||||||||||||
Hungarian Forint HUF 231,997,172 | BUY | 5/12/09 | 1,041,701 | 1,061,462 | 19,761 | |||||||||||||||
Hungarian Forint HUF 231,735,633 | BUY | 5/12/09 | 967,904 | 1,060,265 | 92,361 | |||||||||||||||
Polish Zloty PLN 2,063,865 | BUY | 5/7/09 | 655,070 | 616,847 | (38,223 | ) | ||||||||||||||
Polish Zloty PLN 4,783,923 | BUY | 5/7/09 | 1,418,005 | 1,429,817 | 11,812 | |||||||||||||||
Polish Zloty PLN 290,635 | BUY | 5/7/09 | 79,287 | 86,865 | 7,578 | |||||||||||||||
Polish Zloty PLN 1,183,176 | BUY | 5/11/09 | 321,778 | 353,532 | 31,754 | |||||||||||||||
Polish Zloty PLN 2,297,933 | BUY | 5/11/09 | 613,764 | 686,620 | 72,856 | |||||||||||||||
Polish Zloty PLN 1,874,528 | BUY | 5/11/09 | 533,597 | 560,107 | 26,510 | |||||||||||||||
Polish Zloty PLN 2,314,831 | BUY | 5/11/09 | 672,525 | 691,669 | 19,144 | |||||||||||||||
Polish Zloty PLN 2,295,056 | BUY | 5/11/09 | 694,800 | 685,760 | (9,040 | ) | ||||||||||||||
Polish Zloty PLN 2,213,835 | BUY | 5/21/09 | 740,289 | 661,045 | (79,244 | ) | ||||||||||||||
Polish Zloty PLN 626,449 | BUY | 5/21/09 | 170,277 | 187,056 | 16,779 | |||||||||||||||
Polish Zloty PLN 8,649,028 | BUY | 10/20/09 | 2,487,302 | 1,970,810 | (516,492 | ) | ||||||||||||||
Polish Zloty PLN 12,744,984 | BUY | 11/19/09 | 4,714,975 | 3,776,594 | (938,381 | ) | ||||||||||||||
$ | (1,399,665 | ) | ||||||||||||||||||
Czech Koruna CZK 6,808,033 | SELL | 5/21/09 | 338,287 | 336,447 | $ | 1,840 | ||||||||||||||
Czech Koruna CZK 9,200,131 | SELL | 5/21/09 | 450,589 | 454,663 | (3,974 | ) | ||||||||||||||
Czech Koruna CZK 3,042,813 | SELL | 7/14/09 | 165,821 | 150,080 | 15,741 | |||||||||||||||
Czech Koruna CZK 3,054,420 | SELL | 10/14/09 | 165,821 | 150,385 | 15,436 | |||||||||||||||
Czech Koruna CZK 28,781,239 | SELL | 10/27/09 | 1,435,975 | 1,416,741 | 19,234 | |||||||||||||||
Czech Koruna CZK 22,736,958 | SELL | 10/27/09 | 1,153,867 | 1,119,215 | 34,652 | |||||||||||||||
Czech Koruna CZK 5,668,374 | SELL | 10/27/09 | 288,467 | 279,023 | 9,444 | |||||||||||||||
Hungarian Forint HUF 946,088,119 | SELL | 5/12/09 | 4,418,908 | 4,328,657 | 90,251 | |||||||||||||||
Hungarian Forint HUF 606,381,057 | SELL | 5/12/09 | 2,804,897 | 2,774,388 | 30,509 | |||||||||||||||
Polish Zloty PLN 4,797,375 | SELL | 5/7/09 | 1,720,599 | 1,433,837 | 286,762 | |||||||||||||||
Polish Zloty PLN 2,341,048 | SELL | 5/7/09 | 860,300 | 699,691 | 160,609 | |||||||||||||||
Polish Zloty PLN 4,899,966 | SELL | 5/11/09 | 1,720,599 | 1,464,104 | 256,495 | |||||||||||||||
Polish Zloty PLN 5,065,558 | SELL | 5/11/09 | 1,758,777 | 1,513,583 | 245,194 | |||||||||||||||
Polish Zloty PLN 237,888 | SELL | 5/21/09 | 77,312 | 71,033 | 6,279 | |||||||||||||||
Polish Zloty PLN 2,602,396 | SELL | 5/21/09 | 845,758 | 777,068 | 68,690 | |||||||||||||||
Polish Zloty PLN 6,649,028 | SELL | 10/20/09 | 2,120,564 | 1,970,810 | 149,754 | |||||||||||||||
Polish Zloty PLN 3,070,417 | SELL | 11/19/09 | 973,885 | 909,826 | 64,059 | |||||||||||||||
Polish Zloty PLN 9,674,567 | SELL | 11/19/09 | 3,086,183 | 2,866,768 | 219,415 | |||||||||||||||
$ | 1,670,390 | |||||||||||||||||||
128
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 92.7% | ||||||||||||||
China: 30.4% | ||||||||||||||
266,000 | Aluminum Corp. of China Ltd. | $ | 203,714 | |||||||||||
1,759,000 | Bank of China Ltd. | 652,194 | ||||||||||||
677,000 | China Citic Bank | 307,424 | ||||||||||||
1,612,000 | China Construction Bank | 930,637 | ||||||||||||
263,000 | China High Speed Transmission Equipment Group Co., Ltd. | 469,874 | ||||||||||||
357,000 | China Life Insurance Co., Ltd. | 1,253,753 | ||||||||||||
1,410,000 | China Petroleum & Chemical Corp. | 1,095,913 | ||||||||||||
223,000 | China Railway Group Ltd. | 152,157 | ||||||||||||
133,500 | China Shenhua Energy Co., Ltd. | 369,103 | ||||||||||||
904,000 | Datang International Power Generation Co., Ltd. | 433,779 | ||||||||||||
148,000 | Fujian Zijin Mining Industry Co., Ltd. | 113,354 | ||||||||||||
92,000 | Guangzhou R&F Properties Co., Ltd. | 147,932 | ||||||||||||
1,967,000 | Industrial and Commercial Bank of China Ltd. | 1,118,991 | ||||||||||||
962,000 | Kwg Property Holding Ltd. | 368,059 | ||||||||||||
1,014,000 | PetroChina Co., Ltd. | 883,771 | ||||||||||||
49,500 | Ping An Insurance Group Co. of China Ltd. | 305,786 | ||||||||||||
173,000 | Real Gold Mining Ltd. | 127,684 | ||||||||||||
38,000 | Tencent Holdings Ltd. | 335,867 | ||||||||||||
9,269,992 | ||||||||||||||
Hong Kong: 37.8% | ||||||||||||||
43,440 | Bank of East Asia Ltd. | 103,108 | ||||||||||||
86,000 | Cheung Kong Holdings Ltd. | 887,141 | ||||||||||||
300,500 | China Mobile Ltd. | 2,594,887 | ||||||||||||
534,160 | China Overseas Land & Investment Ltd. | 930,355 | ||||||||||||
548,000 | Chow Sang Sang Holdings International Ltd. | 329,144 | ||||||||||||
1,036,000 | CNOOC Ltd. | 1,156,508 | ||||||||||||
45,700 | Esprit Holdings Ltd. | 280,015 | ||||||||||||
53,000 | Henderson Land Development Co., Ltd. | 246,875 | ||||||||||||
81,600 | Hong Kong Exchanges and Clearing Ltd. | 939,900 | ||||||||||||
137,500 | HongKong Electric Holdings | 811,731 | ||||||||||||
106,000 | Hysan Development Co., Ltd. | 192,510 | ||||||||||||
140,500 | MTR Corp. | 355,633 | ||||||||||||
145,000 | New World Development Ltd. | 189,651 | ||||||||||||
199,000 | Ports Design Ltd. | 302,194 | ||||||||||||
557,000 | Shui On Land Ltd. | 238,751 | ||||||||||||
488,000 | Sino Land Co. | 621,560 | ||||||||||||
108,000 | Sun Hung Kai Properties Ltd. | 1,116,478 | ||||||||||||
62,000 | Wharf Holdings Ltd. | 203,995 | ||||||||||||
11,500,436 | ||||||||||||||
Taiwan: 24.5% | ||||||||||||||
487,998 | AU Optronics Corp. | 519,174 | ||||||||||||
109,000 | Catcher Technology Co., Ltd. | 274,189 | ||||||||||||
640,000 | Chi Mei Optoelectronics Corp. | 318,341 | ||||||||||||
410,000 | China Steel Corp. | 317,215 | ||||||||||||
21,700 | Chunghwa Telecom Co. Ltd. ADR | 410,130 | ||||||||||||
83,038 | Chunghwa Telecom Co., Ltd. | 158,171 | ||||||||||||
606,280 | Far Eastern Textile Co., Ltd. | 565,635 | ||||||||||||
119,000 | First Financial Holding Co., Ltd. | 62,856 | ||||||||||||
31,000 | High Tech Computer Corp. | 419,791 | ||||||||||||
164,200 | Hon Hai Precision Industry Co., Ltd. — GDR | 1,003,309 | ||||||||||||
181,000 | Huaku Development Co. Ltd. | 314,016 | ||||||||||||
259,000 | Hung Poo Real Estate Development Corp. | 239,862 | ||||||||||||
165,000 | Prince Housing Development Corp. | 44,699 | ||||||||||||
313,742 | Radium Life Tech Co., Ltd. | 137,662 | ||||||||||||
482,180 | Taiwan Cement Corp. | 460,669 | ||||||||||||
295,000 | Taiwan Fertilizer Co., Ltd. | 676,992 | ||||||||||||
564,512 | Taiwan Semiconductor Manufacturing Co., Ltd. | 955,291 | ||||||||||||
1,560,000 | United Microelectronics Corp. | 589,216 | ||||||||||||
7,467,218 | ||||||||||||||
Total Common Stock (Cost $26,724,114) | 28,237,646 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 0.6% | ||||||||||||||
Hong Kong: 0.6% | ||||||||||||||
87,000 | Link Real Estate Investment Trust | 169,124 | ||||||||||||
Total Real Estate Investment Trusts (Cost $170,661) | 169,124 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $26,894,775)* | 93.3 | % | $ | 28,406,770 | ||||||||||
Other Assets and Liabilities - Net | 6.7 | 2,049,221 | ||||||||||||
Net Assets | 100.0 | % | $ | 30,455,991 | ||||||||||
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
* | Cost for federal income tax purposes is $28,656,547. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 3,961,320 | ||
Gross Unrealized Depreciation | (4,211,097 | ) | ||
Net Unrealized Depreciation | $ | (249,777 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Apparel | 1.9 | % | ||
Banks | 10.2 | |||
Building Materials | 1.5 | |||
Chemicals | 2.2 | |||
Coal | 1.2 | |||
Computers | 1.4 | |||
Diversified Financial Services | 3.3 | |||
Electric | 4.1 | |||
Electrical Components & Equipment | 1.5 | |||
Electronics | 6.0 | |||
Engineering & Construction | 0.5 | |||
Holding Companies — Diversified | 0.7 | |||
Insurance | 5.1 | |||
Internet | 1.1 | |||
Iron/Steel | 1.0 | |||
Metal Fabricate/Hardware | 0.9 | |||
Mining | 1.5 | |||
Oil & Gas | 10.3 | |||
Real Estate | 18.6 | |||
Retail | 3.0 | |||
Semiconductors | 5.1 | |||
Shopping Centers | 0.6 | |||
Telecommunications | 10.4 | |||
Transportation | 1.2 | |||
Other Assets and Liabilities — Net | 6.7 | |||
Net Assets | 100.0 | % | ||
129
Table of Contents
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 537,814 | $ | — | ||||
Level 2 — Other Significant Observable Inputs† | 27,868,956 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 28,406,770 | $ | — | ||||
130
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 96.6% | ||||||||||||||
Australia: 6.5% | ||||||||||||||
22,921 | AMP Ltd. | $ | 86,281 | |||||||||||
6,156 | ASX Ltd. | 145,936 | ||||||||||||
32,717 | Australia & New Zealand Banking Group Ltd. | 377,299 | ||||||||||||
18,327 | Bendigo Bank Ltd. | 91,259 | ||||||||||||
34,609 | BHP Billiton Ltd. | 836,069 | ||||||||||||
9,950 | Billabong International Ltd. | 75,506 | ||||||||||||
25,176 | BlueScope Steel Ltd. | 42,591 | ||||||||||||
26,704 | Brambles Ltd. | 114,594 | ||||||||||||
8,515 | Caltex Australia Ltd. | 60,803 | ||||||||||||
1,117 | Cochlear Ltd. | 40,292 | ||||||||||||
21,831 | Commonwealth Bank of Australia | 557,807 | ||||||||||||
11,444 | Computershare Ltd. | 75,863 | ||||||||||||
8,642 | CSL Ltd. | 215,358 | ||||||||||||
135,814 | Incitec Pivot Ltd. | 206,438 | ||||||||||||
62,633 | Insurance Australia Group | 157,846 | ||||||||||||
31,290 | Lion Nathan Ltd. | 266,422 | ||||||||||||
3,017 | Macquarie Group Ltd. | 73,408 | ||||||||||||
81,590 | Metcash Ltd. | 246,422 | ||||||||||||
17,835 | National Australia Bank Ltd. | 266,727 | ||||||||||||
14,145 | Newcrest Mining Ltd. | 305,509 | ||||||||||||
12,638 | Nufarm Ltd. | 121,343 | ||||||||||||
108,144 | Qantas Airways Ltd. | 156,018 | ||||||||||||
18,585 | QBE Insurance Group Ltd. | 293,918 | ||||||||||||
16,940 | Tattersall’s Ltd. | 33,968 | ||||||||||||
136,389 | Telstra Corp., Ltd. | 329,504 | ||||||||||||
40,996 | Westpac Banking Corp. | 571,548 | ||||||||||||
12,389 | Woodside Petroleum Ltd. | 340,621 | ||||||||||||
1,463 | WorleyParsons Ltd. | 19,297 | ||||||||||||
6,108,647 | ||||||||||||||
Austria: 1.1% | ||||||||||||||
14,716 | OMV AG | 455,903 | ||||||||||||
28,782 | Voestalpine AG | 550,678 | ||||||||||||
1,006,581 | ||||||||||||||
Belgium: 1.0% | ||||||||||||||
5,792 | Anheuser-Busch InBev NV | 177,306 | ||||||||||||
24,344 | @ | Anheuser-Busch InBev NV | 64 | |||||||||||
215 | Colruyt SA | 48,869 | ||||||||||||
31,638 | Dexia | 153,445 | ||||||||||||
18,236 | Fortis | 44,826 | ||||||||||||
4,142 | @ | Fortis — STRIP VVPR | 5 | |||||||||||
2,006 | Groupe Bruxelles Lambert SA | 144,614 | ||||||||||||
6,901 | KBC Groep NV | 151,694 | ||||||||||||
3,140 | Mobistar SA | 187,901 | ||||||||||||
1,017 | Nationale A Portefeuille | 49,021 | ||||||||||||
957,745 | ||||||||||||||
Bermuda: 0.1% | ||||||||||||||
8,200 | SeaDrill Ltd. ADR | 87,517 | ||||||||||||
87,517 | ||||||||||||||
Denmark: 0.4% | ||||||||||||||
14 | AP Moller — Maersk A/S — Class B | 81,321 | ||||||||||||
6,833 | Novo-Nordisk A/S | 325,120 | ||||||||||||
406,441 | ||||||||||||||
Finland: 0.8% | ||||||||||||||
10,676 | Elisa OYJ | 141,347 | ||||||||||||
33,563 | Nokia OYJ | 476,711 | ||||||||||||
15,955 | OKO Bank | 118,091 | ||||||||||||
736,149 | ||||||||||||||
France: 10.6% | ||||||||||||||
42,601 | Air France-KLM | 472,988 | ||||||||||||
25,428 | AXA SA | 427,234 | ||||||||||||
499 | BioMerieux | 37,377 | ||||||||||||
8,386 | BNP Paribas | 441,472 | ||||||||||||
13,588 | Bouygues SA | 579,662 | ||||||||||||
6,775 | Capgemini SA | 253,251 | ||||||||||||
18,517 | Carrefour SA | 750,809 | ||||||||||||
2,896 | Christian Dior SA | 194,054 | ||||||||||||
35,898 | @ | Compagnie Generale de Geophysique SA | 518,623 | |||||||||||
9,435 | Compagnie Generale des Etablissements Michelin | 482,963 | ||||||||||||
13,387 | Credit Agricole SA | 195,739 | ||||||||||||
6,465 | Electricite de France | 299,464 | ||||||||||||
2,624 | Eurazeo | 107,196 | ||||||||||||
22,897 | France Telecom SA | 508,314 | ||||||||||||
1,343 | Gaz de France | 48,233 | ||||||||||||
8,931 | Lafarge SA | 503,963 | ||||||||||||
9,247 | Lagardere SCA | 290,291 | ||||||||||||
23,074 | Natixis | 52,243 | ||||||||||||
9,490 | Pernod-Ricard SA | 560,547 | ||||||||||||
20,099 | Peugeot SA | 464,141 | ||||||||||||
16,035 | Sanofi-Aventis | 928,621 | ||||||||||||
8,707 | Schneider Electric SA | 662,590 | ||||||||||||
850 | Societe BIC SA | 45,631 | ||||||||||||
4,135 | Societe Generale | 211,334 | ||||||||||||
17,823 | Total SA | 891,788 | ||||||||||||
823 | Vallourec | 89,955 | ||||||||||||
10,018,483 | ||||||||||||||
Germany: 7.6% | ||||||||||||||
1,570 | Adidas AG | 59,318 | ||||||||||||
6,357 | Allianz AG | 586,580 | ||||||||||||
13,162 | Bayer AG | 654,250 | ||||||||||||
1,119 | Beiersdorf AG | 46,106 | ||||||||||||
4,872 | Deutsche Bank AG | 259,810 | ||||||||||||
1,136 | Deutsche Boerse AG | 83,922 | ||||||||||||
39,424 | Deutsche Lufthansa AG | 502,921 | ||||||||||||
9,538 | Deutsche Post AG | 110,048 | ||||||||||||
49,411 | Deutsche Telekom AG | 597,534 | ||||||||||||
38,065 | E.ON AG | 1,287,244 | ||||||||||||
3,100 | Fresenius Medical Care AG & Co. KGaA | 120,299 | ||||||||||||
12,747 | Metro AG | 542,224 | ||||||||||||
3,191 | Muenchener Rueckversicherungs AG | 440,901 | ||||||||||||
279 | Puma AG Rudolf Dassler Sport | 59,790 | ||||||||||||
8,094 | RWE AG | 583,484 | ||||||||||||
1,660 | Salzgitter AG | 118,080 | ||||||||||||
5,903 | SAP AG | 226,948 | ||||||||||||
3,966 | Siemens AG | 266,653 | ||||||||||||
21,017 | ThyssenKrupp AG | 449,632 | ||||||||||||
10,902 | United Internet AG | 114,385 | ||||||||||||
630 | Wacker Chemie AG | 65,207 | ||||||||||||
7,175,336 | ||||||||||||||
Greece: 0.5% | ||||||||||||||
3,770 | Alpha Bank AE | 36,721 | ||||||||||||
10,700 | National Bank of Greece SA | 222,516 | ||||||||||||
2,785 | OPAP SA | 85,918 | ||||||||||||
16,119 | Piraeus Bank SA | 147,803 | ||||||||||||
492,958 | ||||||||||||||
Hong Kong: 2.3% | ||||||||||||||
8,000 | Cheung Kong Holdings Ltd. | 82,525 | ||||||||||||
25,500 | CLP Holdings Ltd. | 172,082 | ||||||||||||
36,500 | Esprit Holdings Ltd. | 223,645 | ||||||||||||
30,000 | Hang Lung Group Ltd. | 109,872 | ||||||||||||
35,000 | Hang Lung Properties Ltd. | 98,304 | ||||||||||||
17,570 | Hang Seng Bank Ltd. | 194,741 | ||||||||||||
49,767 | Hong Kong & China Gas | 92,561 | ||||||||||||
5,200 | Hong Kong Aircraft Engineerg Co., Ltd. | 48,761 | ||||||||||||
5,300 | Hong Kong Exchanges and Clearing Ltd. | 61,047 | ||||||||||||
36,500 | HongKong Electric Holdings | 215,478 | ||||||||||||
34,500 | Hopewell Holdings | 88,812 | ||||||||||||
81,000 | Hutchison Telecommunications Hong Kong Holdings Ltd. | 7,630 | ||||||||||||
81,000 | @ | Hutchison Telecommunications International Ltd. | 14,946 |
131
Table of Contents
Shares | Value | |||||||||||||
Hong Kong (continued) | ||||||||||||||
76,162 | Hutchison Whampoa Ltd. | $ | 448,592 | |||||||||||
26,000 | Sun Hung Kai Properties Ltd. | 268,782 | ||||||||||||
2,127,778 | ||||||||||||||
Italy: 4.7% | ||||||||||||||
9,220 | Assicurazioni Generali S.p.A. | 187,589 | ||||||||||||
12,705 | Banca Monte dei Paschi di Siena S.p.A. | 20,330 | ||||||||||||
13,940 | Banche Popolari Unite Scpa | 192,210 | ||||||||||||
20,474 | Banco Popolare Scarl | 134,506 | ||||||||||||
141,984 | Enel S.p.A. | 769,623 | ||||||||||||
13,115 | ENI S.p.A. | 281,437 | ||||||||||||
8,859 | Fiat S.p.A | 86,609 | ||||||||||||
19,316 | Finmeccanica S.p.A. | 272,108 | ||||||||||||
8,321 | Fondiaria-Sai S.p.A. | 138,379 | ||||||||||||
121,225 | Intesa Sanpaolo S.p.A. | 386,206 | ||||||||||||
10,065 | Lottomatica S.p.A. | 206,901 | ||||||||||||
13,501 | Mediobanca S.p.A. | 155,768 | ||||||||||||
234,133 | Parmalat S.p.A | 465,017 | ||||||||||||
501,499 | Pirelli & C S.p.A. | 195,099 | ||||||||||||
250,937 | Telecom Italia S.p.A. | 317,309 | ||||||||||||
144,200 | Telecom Italia S.p.A. RNC | 128,824 | ||||||||||||
188,379 | UniCredito Italiano S.p.A. | 458,698 | ||||||||||||
47,926 | Unipol S.p.A. | 59,560 | ||||||||||||
4,456,173 | ||||||||||||||
Japan: 22.8% | ||||||||||||||
3,732 | Acom Co., Ltd. | 89,576 | ||||||||||||
6,700 | Aeon Mall Co., Ltd. | 87,706 | ||||||||||||
900 | Alfresa Holdings Corp. | 34,911 | ||||||||||||
7,300 | Astellas Pharma, Inc. | 237,375 | ||||||||||||
5,000 | Bank of Kyoto Ltd. | 40,133 | ||||||||||||
1,100 | Benesse Corp. | 42,096 | ||||||||||||
33,485 | Bridgestone Corp. | 499,122 | ||||||||||||
56,927 | Brother Industries Ltd. | 462,693 | ||||||||||||
2,700 | Canon Sales Co., Inc. | 32,648 | ||||||||||||
8,232 | Chubu Electric Power Co., Inc. | 180,981 | ||||||||||||
2,800 | Chugai Pharmaceutical Co., Ltd. | 52,002 | ||||||||||||
1,100 | Coca-Cola West Holdings Co., Ltd. | 18,084 | ||||||||||||
8,000 | Dai Nippon Printing Co., Ltd. | 84,687 | ||||||||||||
24,419 | Daihatsu Motor Co., Ltd. | 220,728 | ||||||||||||
2,700 | Daiichi Sankyo Co., Ltd. | 45,147 | ||||||||||||
3,122 | Daito Trust Construction Co., Ltd. | 130,182 | ||||||||||||
17,000 | Daiwa House Industry Co., Ltd. | 148,469 | ||||||||||||
2,990 | Diamond Lease Co., Ltd. | 69,160 | ||||||||||||
7,800 | East Japan Railway Co. | 439,525 | ||||||||||||
6,700 | FamilyMart Co., Ltd. | 184,367 | ||||||||||||
34 | Fuji Television Network, Inc. | 37,906 | ||||||||||||
850 | Hakuhodo DY Holdings, Inc. | 38,995 | ||||||||||||
800 | Hisamitsu Pharmaceutical Co., Inc. | 22,582 | ||||||||||||
1,400 | Hitachi Chemical Co. Ltd. | 18,782 | ||||||||||||
4,900 | Hitachi High-Technologies Corp. | 68,580 | ||||||||||||
4,700 | Honda Motor Co., Ltd. | 137,743 | ||||||||||||
35 | Inpex Holdings, Inc. | 222,728 | ||||||||||||
52,660 | Itochu Corp. | 282,365 | ||||||||||||
11,364 | Iyo Bank Ltd. | 113,370 | ||||||||||||
400 | Japan Petroleum Exploration Co. | 15,789 | ||||||||||||
22,000 | Japan Steel Works Ltd. | 238,273 | ||||||||||||
17,000 | JGC Corp. | 222,908 | ||||||||||||
28,000 | Joyo Bank Ltd. | 129,357 | ||||||||||||
15,000 | JSR Corp. | 182,766 | ||||||||||||
18,000 | Kamigumi Co., Ltd. | 115,612 | ||||||||||||
900 | Kansai Electric Power Co., Inc. | 18,327 | ||||||||||||
9,614 | Kansai Paint Co., Ltd. | 51,343 | ||||||||||||
13,483 | Kao Corp. | 252,176 | ||||||||||||
56,000 | Kawasaki Kisen Kaisha Ltd. | 210,998 | ||||||||||||
114 | KDDI Corp. | 512,660 | ||||||||||||
40,000 | Keisei Electric Railway Co., Ltd. | 190,189 | ||||||||||||
1,100 | Keyence Corp. | 194,256 | ||||||||||||
13,676 | Kinden Corp. | 114,101 | ||||||||||||
59,411 | Konica Minolta Holdings, Inc. | 490,767 | ||||||||||||
3,500 | Kurita Water Industries Ltd. | 85,257 | ||||||||||||
900 | Lawson, Inc. | 35,002 | ||||||||||||
12,401 | Leopalace21 Corp. | 90,841 | ||||||||||||
72,000 | Marubeni Corp. | 261,737 | ||||||||||||
1,800 | Mediceo Paltac Holdings Co., Ltd. | 18,211 | ||||||||||||
4,900 | Mitsubishi Corp. | 75,408 | ||||||||||||
26,000 | Mitsubishi Electric Corp. | 138,471 | ||||||||||||
9,000 | Mitsubishi Estate Co., Ltd. | 117,640 | ||||||||||||
120,697 | Mitsubishi UFJ Financial Group, Inc. | 658,386 | ||||||||||||
37,192 | Mitsui & Co., Ltd. | 394,479 | ||||||||||||
17,452 | Mitsui Fudosan Co., Ltd. | 219,589 | ||||||||||||
1,700 | Mitsui Sumitomo Insurance Group Holdings, Inc. | 46,382 | ||||||||||||
154,024 | Mizuho Financial Group, Inc. | 324,789 | ||||||||||||
7,300 | Namco Bandai Holdings, Inc. | 72,637 | ||||||||||||
13,736 | NGK Insulators Ltd. | 210,659 | ||||||||||||
600 | Nidec Corp. | 33,336 | ||||||||||||
33,587 | Nippon Electric Glass Co., Ltd. | 273,312 | ||||||||||||
63,664 | Nippon Express Co., Ltd. | 227,044 | ||||||||||||
4,000 | Nippon Oil Corp. | 20,815 | ||||||||||||
46,966 | Nishi-Nippon City Bank Ltd. | 94,681 | ||||||||||||
2,600 | Nissin Food Products Co., Ltd. | 70,660 | ||||||||||||
23,101 | Nitto Denko Corp. | 538,042 | ||||||||||||
16,100 | Nomura Holdings, Inc. | 97,156 | ||||||||||||
1,900 | Nomura Real Estate Holdings, Inc. | 31,103 | ||||||||||||
32 | NTT Data Corp. | 84,128 | ||||||||||||
199 | NTT DoCoMo, Inc. | 277,683 | ||||||||||||
107 | NTT Urban Development Corp. | 86,743 | ||||||||||||
1,600 | Ono Pharmaceutical Co., Ltd. | 67,883 | ||||||||||||
82,231 | Osaka Gas Co., Ltd. | 260,584 | ||||||||||||
5,400 | Otsuka Corp. | 200,840 | ||||||||||||
2,200 | Resona Holdings, Inc. | 29,561 | ||||||||||||
10,600 | Sankyo Co., Ltd. | 537,716 | ||||||||||||
1,300 | Santen Pharmaceutical Co., Ltd. | 36,715 | ||||||||||||
2,600 | Secom Co., Ltd. | 96,018 | ||||||||||||
15,500 | Seven & I Holdings Co., Ltd. | 350,248 | ||||||||||||
38 | Seven Bank Ltd. | 89,740 | ||||||||||||
9,000 | Shikoku Electric Power Co. | 246,697 | ||||||||||||
70,116 | Shimadzu Corp. | 428,597 | ||||||||||||
6,399 | Shin-Etsu Chemical Co., Ltd. | 311,009 | ||||||||||||
14,000 | Shionogi & Co., Ltd. | 240,858 | ||||||||||||
15,989 | Shiseido Co., Ltd. | 280,710 | ||||||||||||
17,000 | Shizuoka Bank Ltd. | 153,164 | ||||||||||||
700 | SMC Corp. | 68,668 | ||||||||||||
30,374 | Sony Corp. | 789,238 | ||||||||||||
28,300 | Sumitomo Electric Industries Ltd. | 275,697 | ||||||||||||
6,300 | Sumitomo Mitsui Financial Group, Inc. | 218,491 | ||||||||||||
11,000 | Sumitomo Realty & Development Co., Ltd. | 131,948 | ||||||||||||
60,605 | Sumitomo Rubber Industries, Inc. | 417,725 | ||||||||||||
1,800 | Sumitomo Titanium Corp. | 54,425 | ||||||||||||
12,802 | Suruga Bank Ltd. | 109,762 | ||||||||||||
16,400 | Suzuki Motor Corp. | 309,318 | ||||||||||||
2,000 | Taisho Pharmaceutical Co., Ltd. | 36,592 | ||||||||||||
15,251 | Takeda Pharmaceutical Co., Ltd. | 540,873 | ||||||||||||
1,500 | THK Co., Ltd. | 20,803 | ||||||||||||
2,600 | Toho Co., Ltd. | 34,342 | ||||||||||||
44,985 | Toho Gas Co., Ltd. | 191,499 | ||||||||||||
4,200 | Tohoku Electric Power Co., Inc. | 87,600 | ||||||||||||
5,249 | Tokio Marine Holdings, Inc. | 138,433 | ||||||||||||
47,000 | Tokuyama Corp. | 280,269 | ||||||||||||
7,900 | Tokyo Electric Power Co., Inc. | 185,062 | ||||||||||||
81,099 | Tokyo Gas Co., Ltd. | 307,463 | ||||||||||||
5,800 | Tokyo Steel Manufacturing Co., Ltd. | 59,405 | ||||||||||||
4,000 | TonenGeneral Sekiyu KK | 38,044 | ||||||||||||
11,100 | Toyota Boshoku Corp. | 140,749 | ||||||||||||
22,490 | Toyota Motor Corp. | 890,126 | ||||||||||||
14,500 | Toyota Tsusho Corp. | 171,241 | ||||||||||||
2,700 | Ushio, Inc. | 35,033 | ||||||||||||
5,025 | USS Co., Ltd. | 227,713 | ||||||||||||
1,811 | Yahoo! Japan Corp. | 452,088 | ||||||||||||
11,000 | Yamaguchi Financial Group, Inc. | 106,277 | ||||||||||||
7,000 | Yamato Holdings Co., Ltd. | 78,010 | ||||||||||||
11,400 | Yamato Kogyo Co., Ltd. | 258,939 | ||||||||||||
11,000 | Yaskawa Electric Corp. | 51,191 | ||||||||||||
21,603,720 | ||||||||||||||
132
Table of Contents
Shares | Value | |||||||||||||
Luxembourg: 0.7% | ||||||||||||||
1,490 | ArcelorMittal | $ | 36,668 | |||||||||||
27,494 | ArcelorMittal | 644,030 | ||||||||||||
680,698 | ||||||||||||||
Mauritius: 0.4% | ||||||||||||||
1,667,259 | Golden Agri-Resources Ltd. | 411,416 | ||||||||||||
411,416 | ||||||||||||||
Netherlands: 4.6% | ||||||||||||||
13,379 | Fugro NV | 478,995 | ||||||||||||
4,567 | Heineken Holding NV | 107,835 | ||||||||||||
35,424 | Koninklijke Philips Electronics NV | 639,155 | ||||||||||||
48,509 | Reed Elsevier NV | 532,956 | ||||||||||||
525 | Royal Dutch Shell PLC | 12,041 | ||||||||||||
45,678 | Royal Dutch Shell PLC — Class A | 1,051,630 | ||||||||||||
50,059 | Royal Dutch Shell PLC — Class B | 1,132,865 | ||||||||||||
8,433 | Royal KPN NV | 101,384 | ||||||||||||
19,423 | SNS Reaal | 109,330 | ||||||||||||
7,039 | Unilever NV | 139,284 | ||||||||||||
4,305,475 | ||||||||||||||
New Zealand: 0.1% | ||||||||||||||
31,623 | Fletcher Building Ltd. | 119,479 | ||||||||||||
119,479 | ||||||||||||||
Norway: 0.3% | ||||||||||||||
40,600 | Telenor ASA | 252,495 | ||||||||||||
252,495 | ||||||||||||||
Singapore: 0.4% | ||||||||||||||
8,000 | DBS Group Holdings Ltd. | 50,859 | ||||||||||||
15,000 | Jardine Cycle & Carriage Ltd. | 143,467 | ||||||||||||
5,000 | Oversea-Chinese Banking Corp. | 19,706 | ||||||||||||
9,000 | Singapore Airlines Ltd. | 64,729 | ||||||||||||
7,000 | United Overseas Bank Ltd. | 53,954 | ||||||||||||
35,000 | United Overseas Land Ltd. | 52,119 | ||||||||||||
384,834 | ||||||||||||||
Spain: 5.5% | ||||||||||||||
11,925 | ACS Actividades de Construccion y Servicios SA | 596,420 | ||||||||||||
53,741 | Banco Bilbao Vizcaya Argentaria SA | 582,427 | ||||||||||||
26,247 | Banco De Sabadell SA | 151,462 | ||||||||||||
21,270 | Banco Popular Espanol SA | 175,307 | ||||||||||||
113,170 | Banco Santander Central Hispano SA | 1,088,576 | ||||||||||||
34,196 | Gas Natural SDG SA | 542,232 | ||||||||||||
20,917 | Gestevision Telecinco SA | 197,204 | ||||||||||||
19,019 | Grupo Ferrovial | 551,515 | ||||||||||||
10,105 | Indra Sistemas SA | 199,859 | ||||||||||||
13,871 | Repsol YPF SA | 263,656 | ||||||||||||
44,080 | Telefonica SA | 846,840 | ||||||||||||
2,297 | Zardoya-Otis SA | 47,081 | ||||||||||||
5,242,579 | ||||||||||||||
Sweden: 1.4% | ||||||||||||||
6,485 | Hennes & Mauritz AB | 288,711 | ||||||||||||
11,209 | Modern Times Group AB | 303,236 | ||||||||||||
26,585 | Nordea Bank AB | 197,748 | ||||||||||||
1,076 | Svenska Handelsbanken AB | 18,744 | ||||||||||||
25,043 | Swedbank AB | 141,023 | ||||||||||||
41,628 | Telefonaktiebolaget LM Ericsson | 353,584 | ||||||||||||
1,303,046 | ||||||||||||||
Switzerland: 7.5% | ||||||||||||||
982 | Actelion Ltd. — Reg | 44,740 | ||||||||||||
10,624 | Credit Suisse Group | 415,149 | ||||||||||||
6,625 | EFG International | 80,150 | ||||||||||||
800 | Geberit AG — Reg | 85,260 | ||||||||||||
12,931 | Holcim Ltd. | 655,891 | ||||||||||||
25 | Lindt & Spruengli AG | 40,014 | ||||||||||||
11 | Lindt & Spruengli AG — REG | 210,456 | ||||||||||||
18,233 | Logitech International SA | 243,670 | ||||||||||||
34,669 | Nestle SA | 1,130,096 | ||||||||||||
34,397 | Novartis AG | 1,301,868 | ||||||||||||
1,841 | Pargesa Holding SA | 116,455 | ||||||||||||
7,445 | Roche Holding AG | 938,845 | ||||||||||||
60 | SGS SA | 67,285 | ||||||||||||
8,766 | Swiss Reinsurance | 208,079 | ||||||||||||
2,366 | Synthes, Inc. | 239,383 | ||||||||||||
29,546 | @ | UBS AG — Reg | 405,858 | |||||||||||
79,581 | Xstrata PLC | 701,599 | ||||||||||||
1,263 | Zurich Financial Services AG | 234,704 | ||||||||||||
7,119,502 | ||||||||||||||
United Kingdom: 17.3% | ||||||||||||||
4,946 | 3i Group PLC | 23,265 | ||||||||||||
7,753 | Admiral Group PLC | 103,681 | ||||||||||||
6,685 | Amec PLC | 60,853 | ||||||||||||
2,598 | Anglo American PLC | 55,905 | ||||||||||||
23,094 | AstraZeneca PLC | 808,647 | ||||||||||||
3,832 | @ | Autonomy Corp. PLC | 80,392 | |||||||||||
57,091 | Aviva PLC | 262,849 | ||||||||||||
57,949 | BAE Systems PLC | 304,827 | ||||||||||||
139,823 | Barclays PLC | 567,695 | ||||||||||||
27,102 | BG Group PLC | 432,762 | ||||||||||||
38,441 | BHP Billiton PLC | 797,844 | ||||||||||||
214,306 | BP PLC | 1,514,430 | ||||||||||||
8,749 | British American Tobacco PLC | 210,998 | ||||||||||||
96,582 | BT Group PLC | 133,102 | ||||||||||||
14,218 | Burberry Group PLC | 84,630 | ||||||||||||
117,241 | Cable & Wireless PLC | 258,190 | ||||||||||||
3,340 | @ | Cairn Energy PLC | 104,719 | |||||||||||
33,662 | Capita Group PLC | 339,403 | ||||||||||||
456 | Carnival PLC | 12,531 | ||||||||||||
124,674 | Carphone Warehouse Group | 273,027 | ||||||||||||
85,076 | Centrica PLC | 284,440 | ||||||||||||
18,768 | Compass Group PLC | 89,242 | ||||||||||||
80,634 | Daily Mail & General Trust | 391,500 | ||||||||||||
64,676 | Diageo PLC | 771,571 | ||||||||||||
5,525 | Drax Group PLC | 41,898 | ||||||||||||
10,665 | Experian Group Ltd. | 70,225 | ||||||||||||
60,538 | GlaxoSmithKline PLC | 932,481 | ||||||||||||
13,617 | Home Retail Group | 50,107 | ||||||||||||
202,835 | HSBC Holdings PLC | 1,442,454 | ||||||||||||
27,768 | Imperial Tobacco Group PLC | 633,562 | ||||||||||||
154,123 | International Power PLC | 563,240 | ||||||||||||
11,849 | Investec PLC | 56,755 | ||||||||||||
104,382 | J Sainsbury PLC | 505,838 | ||||||||||||
15,148 | Ladbrokes PLC | 52,326 | ||||||||||||
181,719 | Legal & General Group PLC | 154,385 | ||||||||||||
46,764 | Lloyds TSB Group PLC | 75,851 | ||||||||||||
36,605 | Man Group PLC | 135,302 | ||||||||||||
13,432 | Marks & Spencer Group PLC | 66,546 | ||||||||||||
149,911 | Old Mutual PLC | 149,356 | ||||||||||||
17,704 | Prudential PLC | 101,757 | ||||||||||||
1,586 | Reckitt Benckiser PLC | 62,259 | ||||||||||||
7,805 | Rio Tinto PLC | 317,128 | ||||||||||||
420,604 | Royal Bank of Scotland Group PLC | 256,697 | ||||||||||||
17,438 | Sage Group PLC | 47,487 | ||||||||||||
3,731 | Shire PLC | 46,652 | ||||||||||||
27,110 | Standard Chartered PLC | 419,373 | ||||||||||||
18,425 | Standard Life PLC | 51,229 | ||||||||||||
112,101 | Tate & Lyle PLC | 454,360 | ||||||||||||
20,389 | Tesco PLC | 101,024 | ||||||||||||
6,990 | Unilever PLC | 136,106 | ||||||||||||
559,162 | Vodafone Group PLC | 1,027,724 | ||||||||||||
15,331 | Wolseley PLC | 274,959 | ||||||||||||
30,917 | WPP PLC | 211,532 | ||||||||||||
16,405,116 | ||||||||||||||
Total Common Stock (Cost $110,522,985) | 91,402,168 | |||||||||||||
133
Table of Contents
Shares | Value | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 1.2% | ||||||||||||||
Australia: 0.5% | ||||||||||||||
93,717 | CFS Retail Property Trust | $ | 112,048 | |||||||||||
227,244 | GPT Group | 77,401 | ||||||||||||
36,976 | Westfield Group | 288,624 | ||||||||||||
478,073 | ||||||||||||||
France: 0.3% | ||||||||||||||
1,584 | Unibail | 236,215 | ||||||||||||
236,215 | ||||||||||||||
Hong Kong: 0.1% | ||||||||||||||
72,000 | Link Real Estate Investment Trust | 139,965 | ||||||||||||
139,965 | ||||||||||||||
Japan: 0.3% | ||||||||||||||
24 | Japan Prime Realty Investment Corp. | 41,341 | ||||||||||||
25 | Japan Retail Fund Investment Corp. | 87,427 | ||||||||||||
10 | Nippon Building Fund, Inc. | 81,247 | ||||||||||||
9 | Nomura Real Estate Office Fund, Inc. | 46,633 | ||||||||||||
256,648 | ||||||||||||||
Singapore: 0.0% | ||||||||||||||
49,000 | @ | Ascendas Real Estate Investment Trust | 44,021 | |||||||||||
44,021 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $1,265,274) | 1,154,922 | |||||||||||||
PREFERRED STOCK: 0.7% | ||||||||||||||
Germany: 0.7% | ||||||||||||||
8,897 | Porsche AG | 633,970 | ||||||||||||
633,970 | ||||||||||||||
Italy: 0.0% | ||||||||||||||
28,851 | Unipol S.p.A. | 23,977 | ||||||||||||
23,977 | ||||||||||||||
Total Preferred Stock (Cost $646,003) | 657,947 | |||||||||||||
RIGHTS: 0.0% | ||||||||||||||
Belgium: 0.0% | ||||||||||||||
5,625 | Fortis | — | ||||||||||||
Total Rights (Cost $–) | — | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $112,434,262)* | 98.5 | % | $ | 93,215,037 | ||||||||||
Other Assets and Liabilities - Net | 1.5 | 1,411,112 | ||||||||||||
Net Assets | 100.0 | % | $ | 94,626,149 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
STRIP | Separate Trading of Registered Interest and Principal of Securities | |
* | Cost for federal income tax purposes is $122,809,270. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 3,490,894 | ||
Gross Unrealized Depreciation | (33,085,127 | ) | ||
Net Unrealized Depreciation | $ | (29,594,233 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Advertising | 0.0 | % | ||
Aerospace/Defense | 0.6 | |||
Agriculture | 1.3 | |||
Airlines | 1.3 | |||
Apparel | 0.5 | |||
Auto Manufacturers | 2.9 | |||
Auto Parts & Equipment | 2.1 | |||
Banks | 14.4 | |||
Beverages | 2.0 | |||
Biotechnology | 0.2 | |||
Building Materials | 1.4 | |||
Chemicals | 2.6 | |||
Commercial Services | 1.0 | |||
Computers | 1.1 | |||
Cosmetics/Personal Care | 0.6 | |||
Distribution/Wholesale | 1.8 | |||
Diversified | 0.4 | |||
Diversified Financial Services | 0.9 | |||
Electric | 4.9 | |||
Electrical Components & Equipment | 1.4 | |||
Electronics | 1.5 | |||
Engineering & Construction | 2.3 | |||
Entertainment | 1.0 | |||
Environmental Control | 0.1 | |||
Food | 5.1 | |||
Food Service | 0.1 | |||
Gas | 1.8 | |||
Hand/Machine Tools | 0.1 | |||
Healthcare — Products | 0.8 | |||
Healthcare — Services | 0.2 | |||
Holding Companies — Diversified | 0.7 | |||
Home Builders | 0.2 | |||
Home Furnishings | 0.8 | |||
Household Products/Wares | 0.1 | |||
Insurance | 4.1 | |||
Internet | 0.6 | |||
Investment Companies | 0.4 | |||
Iron/Steel | 2.3 | |||
Leisure Time | 0.0 | |||
Machinery — Diversified | 0.3 | |||
Media | 2.1 | |||
Metal Fabricate/Hardware | 0.1 | |||
Mining | 3.2 | |||
Miscellaneous Manufacturers | 0.8 | |||
Office Property | 0.2 | |||
Oil & Gas | 7.3 | |||
Oil & Gas Services | 1.1 | |||
Pharmaceuticals | 7.0 | |||
Real Estate | 1.7 | |||
Retail | 1.8 | |||
Shopping Centers | 0.6 | |||
Software | 0.4 | |||
Telecommunications | 6.8 | |||
Toys/Games/Hobbies | 0.1 | |||
Transportation | 1.4 | |||
Venture Capital | 0.0 | |||
Other Assets and Liabilities — Net | 1.5 | |||
Net Assets | 100.0 | % | ||
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 4,596,016 | $ | — | ||||
Level 2 — Other Significant Observable Inputs† | 88,619,016 | — | ||||||
Level 3 — Significant Unobservable Inputs | 5 | — | ||||||
Total | $ | 93,215,037 | $ | — | ||||
134
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Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Beginning Balance at 10/31/08 | $ | — | $ | — | ||||
Net Purchases/(Sales) | — | — | ||||||
Accrued Discounts/(Premiums) | — | — | ||||||
Total Realized Gain/(Loss) | — | — | ||||||
Total Unrealized Appreciation/(Depreciation) | — | — | ||||||
Net Transfers In/(Out) of Level 3 | 5 | — | ||||||
Ending Balance at 04/30/09 | $ | 5 | $ | — | ||||
135
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 98.3% | ||||||||||||||
Australia: 4.4% | ||||||||||||||
28,377 | BHP Billiton Ltd. | $ | 685,519 | |||||||||||
24,384 | CSL Ltd. | 607,648 | ||||||||||||
18,065 | Rio Tinto Ltd. | 841,224 | ||||||||||||
2,134,391 | ||||||||||||||
Belgium: 1.1% | ||||||||||||||
16,902 | Anheuser-Busch InBev NV | 517,408 | ||||||||||||
517,408 | ||||||||||||||
Brazil: 4.9% | ||||||||||||||
49,568 | Cia Vale do Rio Doce ADR | 818,368 | ||||||||||||
43,566 | Itau Unibanco Banco Multiplo SA ADR | 598,161 | ||||||||||||
29,313 | Petroleo Brasileiro SA ADR | 984,037 | ||||||||||||
2,400,566 | ||||||||||||||
Canada: 8.1% | ||||||||||||||
52,127 | Cameco Corp. | 1,187,974 | ||||||||||||
45,775 | Manulife Financial Corp. | 782,753 | ||||||||||||
26,904 | Rogers Communications, Inc. | 661,045 | ||||||||||||
14,323 | Shoppers Drug Mart Corp. | 517,923 | ||||||||||||
31,394 | Suncor Energy, Inc. | 796,152 | ||||||||||||
3,945,847 | ||||||||||||||
China: 3.8% | ||||||||||||||
544,000 | China Communications Construction Co., Ltd. | 645,227 | ||||||||||||
263,500 | China Merchants Bank Co., Ltd. | 470,802 | ||||||||||||
82,600 | Tencent Holdings Ltd. | 730,070 | ||||||||||||
1,846,099 | ||||||||||||||
Denmark: 2.3% | ||||||||||||||
17,322 | @ | Vestas Wind Systems A/S | 1,124,397 | |||||||||||
1,124,397 | ||||||||||||||
France: 6.2% | ||||||||||||||
45,001 | AXA SA | 756,093 | ||||||||||||
13,775 | Electricite de France | 638,069 | ||||||||||||
11,302 | Groupe Danone | 537,599 | ||||||||||||
10,384 | Iliad SA | 1,090,661 | ||||||||||||
3,022,422 | ||||||||||||||
Germany: 7.2% | ||||||||||||||
16,187 | Adidas AG | 611,583 | ||||||||||||
10,704 | Deutsche Boerse AG | 790,755 | ||||||||||||
22,214 | E.ON AG | 751,211 | ||||||||||||
16,754 | SAP AG ADR | 638,160 | ||||||||||||
7,144 | Wacker Chemie AG | 739,432 | ||||||||||||
3,531,141 | ||||||||||||||
Hong Kong: 5.0% | ||||||||||||||
1,060,000 | Agile Property Holdings Ltd. | 788,278 | ||||||||||||
140,800 | Esprit Holdings Ltd. | 862,716 | ||||||||||||
278,000 | Li & Fung Ltd. | 781,017 | ||||||||||||
2,432,011 | ||||||||||||||
India: 2.5% | ||||||||||||||
8,346 | HDFC Bank Ltd. ADR | 617,771 | ||||||||||||
19,876 | Infosys Technologies Ltd. ADR | 612,380 | ||||||||||||
1,230,151 | ||||||||||||||
Israel: 1.2% | ||||||||||||||
12,851 | Teva Pharmaceutical Industries Ltd. ADR | 564,030 | ||||||||||||
564,030 | ||||||||||||||
Italy: 1.7% | ||||||||||||||
38,952 | Saipem S.p.A. | 832,572 | ||||||||||||
832,572 | ||||||||||||||
Japan: 10.6% | ||||||||||||||
10,200 | Fanuc Ltd. | 736,055 | ||||||||||||
733 | Jupiter Telecommunications Co. | 515,787 | ||||||||||||
39,000 | NGK Insulators Ltd. | 598,114 | ||||||||||||
1,600 | Nintendo Co., Ltd. | 430,178 | ||||||||||||
9,200 | Shin-Etsu Chemical Co., Ltd. | 447,146 | ||||||||||||
187 | Sony Financial Holdings, Inc. | 588,344 | ||||||||||||
13,900 | Terumo Corp. | 525,906 | ||||||||||||
22,000 | Toyota Motor Corp. | 870,733 | ||||||||||||
10,170 | Yamada Denki Co., Ltd. | 468,446 | ||||||||||||
5,180,709 | ||||||||||||||
Luxembourg: 1.7% | ||||||||||||||
17,477 | @ | Millicom International Cellular SA | 846,935 | |||||||||||
846,935 | ||||||||||||||
Mexico: 1.1% | ||||||||||||||
20,365 | Wal-Mart de Mexico SA de CV ADR | 558,117 | ||||||||||||
558,117 | ||||||||||||||
Netherlands: 1.1% | ||||||||||||||
30,493 | Koninklijke Philips Electronics NV- NY Shares | 548,264 | ||||||||||||
548,264 | ||||||||||||||
Norway: 1.2% | ||||||||||||||
66,676 | @ | Renewable Energy Corp. A/S | 602,317 | |||||||||||
602,317 | ||||||||||||||
Russia: 1.4% | ||||||||||||||
38,705 | OAO Gazprom ADR | 679,077 | ||||||||||||
679,077 | ||||||||||||||
Singapore: 1.2% | ||||||||||||||
153,000 | Keppel Corp., Ltd. | 610,826 | ||||||||||||
610,826 | ||||||||||||||
South Africa: 1.2% | ||||||||||||||
43,677 | MTN Group Ltd. | 567,067 | ||||||||||||
567,067 | ||||||||||||||
South Korea: 1.2% | ||||||||||||||
2,574 | # | Samsung Electronics Co., Ltd. GDR | 593,846 | |||||||||||
593,846 | ||||||||||||||
Spain: 5.9% | ||||||||||||||
61,888 | Banco Bilbao Vizcaya Argentaria SA | 670,722 | ||||||||||||
72,419 | Banco Santander Central Hispano SA | 696,595 | ||||||||||||
36,908 | Gamesa Corp. Tecnologica SA | 696,619 | ||||||||||||
43,521 | Telefonica SA | 836,000 | ||||||||||||
2,899,936 | ||||||||||||||
Switzerland: 8.0% | ||||||||||||||
39,196 | @ | ABB Ltd. | 554,872 | |||||||||||
22,737 | Credit Suisse Group | 888,483 | ||||||||||||
19,455 | Nestle SA | 634,169 | ||||||||||||
27,062 | Nobel Biocare Holding AG | 551,692 | ||||||||||||
12,760 | Novartis AG | 482,944 | ||||||||||||
6,166 | Roche Holding AG | 777,558 | ||||||||||||
3,889,718 | ||||||||||||||
United Kingdom: 15.3% | ||||||||||||||
377,244 | ARM Holdings PLC | 662,571 | ||||||||||||
58,990 | @ | Autonomy Corp. PLC | 1,237,559 | |||||||||||
52,431 | BG Group PLC | 837,212 | ||||||||||||
85,858 | British Sky Broadcasting PLC | 611,224 | ||||||||||||
138,017 | ICAP PLC | 754,454 | ||||||||||||
133,273 | Prudential PLC | 766,011 | ||||||||||||
78,179 | Smith & Nephew PLC | 550,040 | ||||||||||||
39,735 | Standard Chartered PLC | 614,673 |
136
Table of Contents
Shares | Value | |||||||||||||
United Kingdom (continued) | ||||||||||||||
127,538 | Tesco PLC | $ | 631,929 | |||||||||||
51,451 | Vedanta Resources PLC | 804,793 | ||||||||||||
7,470,466 | ||||||||||||||
Total Common Stock (Cost $61,902,797) | 48,028,313 | |||||||||||||
EXCHANGE-TRADED FUNDS: 1.2% | ||||||||||||||
Developed Markets: 1.0% | ||||||||||||||
11,264 | iShares MSCI EAFE Index Fund | 472,187 | ||||||||||||
472,187 | ||||||||||||||
Emerging Markets: 0.2% | ||||||||||||||
3,315 | iShares MSCI Emerging Markets Index Fund | 94,975 | ||||||||||||
94,975 | ||||||||||||||
Total Exchange-Traded Funds (Cost $544,237) | 567,162 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $62,447,034)* | 99.5 | % | $ | 48,595,475 | ||||||||||
Other Assets and Liabilities - Net | 0.5 | 232,936 | ||||||||||||
Net Assets | 100.0 | % | $ | 48,828,411 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees. | |
* | Cost for federal income tax purposes is $69,730,969. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 1,170,566 | ||
Gross Unrealized Depreciation | (22,306,060 | ) | ||
Net Unrealized Depreciation | $ | (21,135,494 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Apparel | 1.3 | % | ||
Auto Manufacturers | 1.8 | |||
Banks | 9.3 | |||
Beverages | 1.1 | |||
Biotechnology | 1.2 | |||
Chemicals | 2.4 | |||
Computers | 1.3 | |||
Distribution/Wholesale | 1.6 | |||
Diversified Financial Services | 3.2 | |||
Electric | 2.8 | |||
Electrical Components & Equipment | 3.7 | |||
Electronics | 2.3 | |||
Energy — Alternate Sources | 1.2 | |||
Engineering & Construction | 2.5 | |||
Food | 3.7 | |||
Healthcare — Products | 3.3 | |||
Holding Companies — Diversified | 1.3 | |||
Insurance | 5.9 | |||
Internet | 3.7 | |||
Machinery — Diversified | 1.5 | |||
Media | 3.7 | |||
Mining | 8.9 | |||
Oil & Gas | 6.8 | |||
Oil & Gas Services | 1.7 | |||
Pharmaceuticals | 3.7 | |||
Real Estate | 1.6 | |||
Retail | 4.9 | |||
Semiconductors | 2.6 | |||
Software | 3.8 | |||
Telecommunications | 4.6 | |||
Toys/Games/Hobbies | 0.9 | |||
Other Long-Term Investments | 1.2 | |||
Other Assets and Liabilities — Net | 0.5 | |||
Net Assets | 100.0 | % | ||
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 13,715,995 | $ | — | ||||
Level 2 — Other Significant Observable Inputs† | 34,879,480 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 48,595,475 | $ | — | ||||
137
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 94.5% | ||||||||||||||
Australia: 6.5% | ||||||||||||||
24,530 | Australia & New Zealand Banking Group Ltd. | $ | 282,885 | |||||||||||
80,412 | Foster’s Group Ltd. | 307,465 | ||||||||||||
89,725 | Insurance Australia Group | 226,122 | ||||||||||||
147,879 | Macquarie Airports Management Ltd. | 194,920 | ||||||||||||
48,272 | Suncorp-Metway Ltd. | 205,967 | ||||||||||||
16,248 | Wesfarmers Ltd. | 266,949 | ||||||||||||
1,484,308 | ||||||||||||||
Brazil: 2.2% | ||||||||||||||
18,913 | Cia Vale do Rio Doce ADR | 259,675 | ||||||||||||
3,979 | Petroleo Brasileiro SA ADR | 107,353 | ||||||||||||
8,591 | Tele Norte Leste Participacoes SA ADR | 133,590 | ||||||||||||
500,618 | ||||||||||||||
Canada: 3.2% | ||||||||||||||
12,892 | Enerplus Resources Fund | 243,401 | ||||||||||||
5,846 | Toronto Dominion Bank | 230,744 | ||||||||||||
10,477 | TransCanada Corp. | 261,464 | ||||||||||||
735,609 | ||||||||||||||
Finland: 1.6% | ||||||||||||||
16,285 | Nokia OYJ | 231,303 | ||||||||||||
15,950 | UPM-Kymmene OYJ | 142,735 | ||||||||||||
374,038 | ||||||||||||||
France: 7.4% | ||||||||||||||
5,637 | Accor SA | 238,511 | ||||||||||||
5,672 | Carrefour SA | 229,983 | ||||||||||||
5,644 | Sanofi-Aventis | 326,856 | ||||||||||||
6,222 | Total SA | 311,323 | ||||||||||||
8,199 | Vinci SA | 367,319 | ||||||||||||
7,834 | Vivendi | 210,649 | ||||||||||||
1,684,641 | ||||||||||||||
Germany: 10.6% | ||||||||||||||
2,032 | Allianz AG | 187,499 | ||||||||||||
6,096 | Bayer AG | 303,017 | ||||||||||||
3,897 | Deutsche Boerse AG | 287,890 | ||||||||||||
14,710 | E.ON AG | 497,448 | ||||||||||||
4,789 | MAN AG | 296,842 | ||||||||||||
2,500 | Muenchener Rueckversicherungs AG | 345,406 | ||||||||||||
3,484 | Siemens AG | 234,246 | ||||||||||||
12,057 | ThyssenKrupp AG | 257,944 | ||||||||||||
2,410,292 | ||||||||||||||
Hong Kong: 1.4% | ||||||||||||||
4,763 | China Mobile Ltd. ADR | 205,571 | ||||||||||||
15,605 | CLP Holdings Ltd. | 105,307 | ||||||||||||
310,878 | ||||||||||||||
Italy: 9.4% | ||||||||||||||
7,321 | Autostrade S.p.A. | 129,150 | ||||||||||||
24,493 | Banche Popolari Unite Scpa | 337,718 | ||||||||||||
88,073 | Enel S.p.A. | 477,399 | ||||||||||||
16,181 | ENI S.p.A. | 347,231 | ||||||||||||
32,627 | Italcementi S.p.A. RSP | 206,821 | ||||||||||||
46,367 | Mediaset S.p.A. | 260,470 | ||||||||||||
64,495 | Milano Assicurazioni S.p.A. | 197,128 | ||||||||||||
62,924 | Saras S.p.A. | 184,263 | ||||||||||||
2,140,180 | ||||||||||||||
Japan: 7.1% | ||||||||||||||
19,000 | Mitsui OSK Lines Ltd. | 108,575 | ||||||||||||
1,100 | Nintendo Co., Ltd. | 295,747 | ||||||||||||
5,300 | Sumitomo Mitsui Financial Group, Inc. | 183,810 | ||||||||||||
51,000 | Sumitomo Trust & Banking Co., Ltd. | 213,418 | ||||||||||||
8,500 | Takeda Pharmaceutical Co., Ltd. | 301,450 | ||||||||||||
8,700 | Toyota Motor Corp. | 344,335 | ||||||||||||
5,500 | @ | Trend Micro, Inc. | 167,479 | |||||||||||
1,614,814 | ||||||||||||||
Netherlands: 6.8% | ||||||||||||||
4,462 | Akzo Nobel NV | 186,602 | ||||||||||||
5,528 | Heineken NV | 164,271 | ||||||||||||
13,997 | Reed Elsevier NV | 153,782 | ||||||||||||
20,615 | Royal Dutch Shell PLC | 472,800 | ||||||||||||
14,407 | TNT NV | 265,514 | ||||||||||||
16,242 | Unilever NV | 321,388 | ||||||||||||
1,564,357 | ||||||||||||||
New Zealand: 0.9% | ||||||||||||||
132,240 | Telecom Corp. of New Zealand Ltd. | 211,449 | ||||||||||||
211,449 | ||||||||||||||
Poland: 0.6% | ||||||||||||||
28,209 | Telekomunikacja Polska SA | 148,195 | ||||||||||||
148,195 | ||||||||||||||
Singapore: 0.8% | ||||||||||||||
28,500 | DBS Group Holdings Ltd. | 181,184 | ||||||||||||
181,184 | ||||||||||||||
South Korea: 1.5% | ||||||||||||||
11,331 | @ | KT Corp. ADR | 162,260 | |||||||||||
3,743 | S-Oil Corp. | 174,692 | ||||||||||||
336,952 | ||||||||||||||
Spain: 8.2% | ||||||||||||||
42,507 | Banco Bilbao Vizcaya Argentaria SA | 460,677 | ||||||||||||
49,507 | Banco Santander Central Hispano SA | 476,205 | ||||||||||||
55,954 | Iberdrola SA | 446,418 | ||||||||||||
5,867 | Inditex SA | 250,156 | ||||||||||||
13,062 | Telefonica SA | 250,940 | ||||||||||||
1,884,396 | ||||||||||||||
Switzerland: 5.8% | ||||||||||||||
16,557 | @ | ABB Ltd. | 234,387 | |||||||||||
13,233 | Compagnie Financiere Richemont SA | 236,892 | ||||||||||||
6,330 | Nestle SA | 206,337 | ||||||||||||
8,343 | Novartis AG | 315,768 | ||||||||||||
1,842 | Zurich Financial Services AG | 342,300 | ||||||||||||
1,335,684 | ||||||||||||||
Taiwan: 1.2% | ||||||||||||||
25,263 | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 267,030 | ||||||||||||
267,030 | ||||||||||||||
Thailand: 0.9% | ||||||||||||||
57,100 | Siam Cement PCL | 196,478 | ||||||||||||
196,478 | ||||||||||||||
United Kingdom: 18.4% | ||||||||||||||
9,552 | AstraZeneca PLC | 334,468 | ||||||||||||
46,825 | BP PLC | 330,896 | ||||||||||||
6,823 | British American Tobacco PLC | 164,549 | ||||||||||||
178,135 | BT Group PLC | 245,492 | ||||||||||||
15,042 | Diageo PLC | 179,448 | ||||||||||||
21,610 | GlaxoSmithKline PLC | 332,864 | ||||||||||||
13,116 | Greene King PLC | 120,388 | ||||||||||||
61,549 | HSBC Holdings PLC | 437,704 | ||||||||||||
6,496 | Johnson Matthey PLC | 114,711 | ||||||||||||
102,838 | Kingfisher PLC | 279,948 | ||||||||||||
40,167 | Rexam PLC | 186,055 | ||||||||||||
25,574 | Scottish & Southern Energy PLC | 416,764 | ||||||||||||
71,689 | Stagecoach Group PLC | 137,952 | ||||||||||||
38,652 | Tate & Lyle PLC | 156,662 | ||||||||||||
31,689 | United Utilities Group PLC | 236,982 |
138
Table of Contents
Shares | Value | |||||||||||||
United Kingdom (continued) | ||||||||||||||
181,631 | Vodafone Group PLC | $ | 333,833 | |||||||||||
28,832 | WPP PLC | 197,267 | ||||||||||||
4,205,983 | ||||||||||||||
Total Common Stock (Cost $26,995,519) | 21,587,086 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 1.0% | ||||||||||||||
Australia: 0.5% | ||||||||||||||
15,845 | Westfield Group | 123,681 | ||||||||||||
123,681 | ||||||||||||||
Netherlands: 0.5% | ||||||||||||||
2,629 | Corio NV | 116,684 | ||||||||||||
116,684 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $487,884) | 240,365 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $27,483,403)* | 95.5 | % | $ | 21,827,451 | ||||||||||
Other Assets and Liabilities - Net | 4.5 | 1,016,685 | ||||||||||||
Net Assets | 100.0 | % | $ | 22,844,136 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
* | Cost for federal income tax purposes is $29,598,259. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 1,144,580 | ||
Gross Unrealized Depreciation | (8,915,388 | ) | ||
Net Unrealized Depreciation | $ | (7,770,808 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Agriculture | 0.7 | % | ||
Auto Manufacturers | 1.5 | |||
Banks | 13.2 | |||
Beverages | 2.9 | |||
Building Materials | 1.8 | |||
Chemicals | 2.7 | |||
Commercial Services | 0.6 | |||
Diversified | 0.5 | |||
Diversified Financial Services | 1.3 | |||
Electric | 8.5 | |||
Engineering & Construction | 3.5 | |||
Food | 4.0 | |||
Forest Products & Paper | 0.6 | |||
Insurance | 5.7 | |||
Internet | 0.7 | |||
Iron/Steel | 1.1 | |||
Lodging | 1.0 | |||
Machinery — Diversified | 1.3 | |||
Media | 3.6 | |||
Mining | 1.1 | |||
Miscellaneous Manufacturers | 1.0 | |||
Oil & Gas | 9.5 | |||
Packaging & Containers | 0.8 | |||
Pharmaceuticals | 7.1 | |||
Pipelines | 1.1 | |||
Retail | 5.1 | |||
Semiconductors | 1.2 | |||
Shopping Centers | 0.5 | |||
Telecommunications | 8.4 | |||
Toys/Games/Hobbies | 1.3 | |||
Transportation | 2.2 | |||
Water | 1.0 | |||
Other Assets and Liabilities — Net | 4.5 | |||
Net Assets | 100.0 | % | ||
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 3,559,006 | $ | — | ||||
Level 2 — Other Significant Observable Inputs† | 18,268,445 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 21,827,451 | $ | — | ||||
139
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 97.4% | ||||||||||||||
Brazil: 5.8% | ||||||||||||||
81,500 | Banco Bradesco SA ADR | $ | 1,000,820 | |||||||||||
128,900 | @ | Cosan SA Industria e Comercio | 785,548 | |||||||||||
27,100 | Petroleo Brasileiro SA ADR | 909,747 | ||||||||||||
2,696,115 | ||||||||||||||
Canada: 10.6% | ||||||||||||||
68,900 | Barrick Gold Corp. | 2,004,990 | ||||||||||||
19,800 | EnCana Corp. | 907,452 | ||||||||||||
35,277 | Nexen, Inc. | 673,791 | ||||||||||||
106,358 | Talisman Energy, Inc. | 1,333,729 | ||||||||||||
4,919,962 | ||||||||||||||
China: 3.4% | ||||||||||||||
55,933 | L | Aluminum Corp. of China Ltd. ADR | 1,075,592 | |||||||||||
310,800 | Guangzhou R&F Properties Co., Ltd. | 499,752 | ||||||||||||
1,575,344 | ||||||||||||||
Finland: 1.5% | ||||||||||||||
31,997 | Outotec OYJ | 678,579 | ||||||||||||
678,579 | ||||||||||||||
France: 7.3% | ||||||||||||||
19,952 | Alstom | 1,243,758 | ||||||||||||
12,454 | PPR | 954,139 | ||||||||||||
27,788 | Technip SA | 1,193,779 | ||||||||||||
3,391,676 | ||||||||||||||
Germany: 3.7% | ||||||||||||||
21,147 | Bayerische Motoren Werke AG | 732,725 | ||||||||||||
76,036 | GEA Group AG | 1,000,057 | ||||||||||||
1,732,782 | ||||||||||||||
Hong Kong: 8.4% | ||||||||||||||
520,000 | China Overseas Land & Investment Ltd. | 905,692 | ||||||||||||
348,000 | Li & Fung Ltd. | 977,676 | ||||||||||||
805,000 | New World Development Ltd. | 1,052,889 | ||||||||||||
95,000 | Sun Hung Kai Properties Ltd. | 982,087 | ||||||||||||
3,918,344 | ||||||||||||||
India: 1.6% | ||||||||||||||
23,478 | Infosys Technologies Ltd. ADR | 723,357 | ||||||||||||
723,357 | ||||||||||||||
Indonesia: 4.5% | ||||||||||||||
15,244,500 | Bumi Resources Tbk PT | 2,096,547 | ||||||||||||
2,096,547 | ||||||||||||||
Israel: 1.6% | ||||||||||||||
16,600 | Teva Pharmaceutical Industries Ltd. ADR | 728,574 | ||||||||||||
728,574 | ||||||||||||||
Italy: 1.9% | ||||||||||||||
73,472 | Prysmian S.p.A. | 893,370 | ||||||||||||
893,370 | ||||||||||||||
Japan: 10.7% | ||||||||||||||
40,100 | Capcom Co., Ltd. | 699,388 | ||||||||||||
41,000 | Denso Corp. | 969,194 | ||||||||||||
494 | Japan Tobacco, Inc. | 1,241,122 | ||||||||||||
155,000 | Mitsui OSK Lines Ltd. | 885,746 | ||||||||||||
4,500 | Nintendo Co., Ltd. | 1,209,875 | ||||||||||||
5,005,325 | ||||||||||||||
Luxembourg: 2.3% | ||||||||||||||
22,544 | @,L | Millicom International Cellular SA | 1,092,482 | |||||||||||
1,092,482 | ||||||||||||||
Russia: 3.5% | ||||||||||||||
103,821 | Mechel OAO ADR | 552,328 | ||||||||||||
61,864 | OAO Gazprom ADR | 1,085,400 | ||||||||||||
1,637,728 | ||||||||||||||
South Korea: 2.5% | ||||||||||||||
37,834 | @ | Hyundai Development Co. | 1,178,219 | |||||||||||
1,178,219 | ||||||||||||||
Switzerland: 7.7% | ||||||||||||||
86,671 | @ | ABB Ltd. | 1,226,944 | |||||||||||
265,055 | Xstrata PLC | 2,336,769 | ||||||||||||
3,563,713 | ||||||||||||||
Taiwan: 2.0% | ||||||||||||||
90,100 | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 952,357 | ||||||||||||
952,357 | ||||||||||||||
United Kingdom: 18.4% | ||||||||||||||
43,231 | Anglo American PLC | 930,258 | ||||||||||||
178,342 | Compass Group PLC | 848,014 | ||||||||||||
776,593 | Hays PLC | 1,030,883 | ||||||||||||
66,007 | Imperial Tobacco Group PLC | 1,506,033 | ||||||||||||
36,315 | Reckitt Benckiser PLC | 1,425,553 | ||||||||||||
10,600 | L | Rio Tinto PLC ADR | 1,727,270 | |||||||||||
217,710 | Tesco PLC | 1,078,715 | ||||||||||||
8,546,726 | ||||||||||||||
Total Common Stock (Cost $53,672,045) | 45,331,200 | |||||||||||||
PREFERRED STOCK: 0.8% | ||||||||||||||
Russia: 0.8% | ||||||||||||||
517,845 | I | TNK-BP Holding | 378,027 | |||||||||||
Total Preferred Stock (Cost $1,469,547) | 378,027 | |||||||||||||
Total Long-Term Investments (Cost $55,141,592) | 45,709,227 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 5.2% | ||||||||||||||
Securities Lending Collateralcc: 5.2% | ||||||||||||||
$ | 2,434,322 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 2,418,369 | ||||||||||
Total Short-Term Investments (Cost $2,434,322) | 2,418,369 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $57,575,914)* | 103.4 | % | $ | 48,127,596 | ||||||||||
Other Assets and Liabilities - Net | (3.4 | ) | (1,577,638 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 46,549,958 | ||||||||||
140
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@ | Non-income producing security | |
ADR | American Depositary Receipt | |
cc | Securities purchased with cash collateral for securities loaned. | |
L | Loaned security, a portion or all of the security is on loan at April 30, 2009. | |
I | Illiquid Security | |
* | Cost for federal income tax purposes is $61,109,975. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 5,869,136 | ||
Gross Unrealized Depreciation | (18,851,515 | ) | ||
Net Unrealized Depreciation | $ | (12,982,379 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Agriculture | 5.9 | % | ||
Auto Manufacturers | 1.6 | |||
Auto Parts & Equipment | 2.1 | |||
Banks | 2.2 | |||
Coal | 4.5 | |||
Commercial Services | 2.2 | |||
Computers | 1.6 | |||
Distribution/Wholesale | 2.1 | |||
Electrical Components & Equipment | 1.9 | |||
Engineering & Construction | 2.6 | |||
Food | 4.0 | |||
Food Service | 1.8 | |||
Holding Companies — Diversified | 2.1 | |||
Home Builders | 2.5 | |||
Household Products/Wares | 3.1 | |||
Iron/Steel | 1.2 | |||
Machinery — Construction & Mining | 1.5 | |||
Machinery — Diversified | 2.7 | |||
Mining | 17.3 | |||
Oil & Gas | 11.3 | |||
Oil & Gas Services | 2.6 | |||
Pharmaceuticals | 1.6 | |||
Real Estate | 7.4 | |||
Retail | 2.1 | |||
Semiconductors | 2.0 | |||
Software | 1.5 | |||
Telecommunications | 2.3 | |||
Toys/Games/Hobbies | 2.6 | |||
Transportation | 1.9 | |||
Short-Term Investments | 5.2 | |||
Other Assets and Liabilities — Net | (3.4 | ) | ||
Net Assets | 100.0 | % | ||
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 14,846,064 | $ | — | ||||
Level 2 — Other Significant Observable Inputs† | 33,281,532 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 48,127,596 | $ | — | ||||
141
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 45.1% | ||||||||||||||
Australia: 0.8% | ||||||||||||||
567,100 | Lend Lease Corp., Ltd. | $ | 2,970,459 | |||||||||||
2,970,459 | ||||||||||||||
Brazil: 0.8% | ||||||||||||||
426,800 | @ | BR Malls Participacoes SA | 3,193,761 | |||||||||||
3,193,761 | ||||||||||||||
Canada: 0.2% | ||||||||||||||
129,250 | Brookfield Properties Co. | 965,498 | ||||||||||||
965,498 | ||||||||||||||
Germany: 0.3% | ||||||||||||||
41,059 | Deutsche Euroshop AG | 1,164,233 | ||||||||||||
1,164,233 | ||||||||||||||
Hong Kong: 20.2% | ||||||||||||||
1,814,265 | Cheung Kong Holdings Ltd. | 18,715,228 | ||||||||||||
1,851,200 | Hang Lung Group Ltd. | 6,779,857 | ||||||||||||
2,796,400 | Hang Lung Properties Ltd. | 7,854,243 | ||||||||||||
1,028,000 | Henderson Land Development Co., Ltd. | 4,788,441 | ||||||||||||
1,519,600 | Hongkong Land Holdings Ltd. | 3,753,271 | ||||||||||||
1,653,100 | Kerry Properties Ltd. | 4,991,764 | ||||||||||||
1,807,700 | Sino Land Co. | 2,302,446 | ||||||||||||
2,500,800 | Sun Hung Kai Properties Ltd. | 25,852,659 | ||||||||||||
917,850 | Wharf Holdings Ltd. | 3,019,946 | ||||||||||||
78,057,855 | ||||||||||||||
India: 0.1% | ||||||||||||||
382,800 | Unitech Ltd. (Global Instrument, Issuer: Macquarie Group Ltd.) | 337,011 | ||||||||||||
337,011 | ||||||||||||||
Japan: 17.3% | ||||||||||||||
146,100 | Aeon Mall Co., Ltd. | 1,912,524 | ||||||||||||
123,200 | Daito Trust Construction Co., Ltd. | 5,137,210 | ||||||||||||
1,961,900 | Mitsubishi Estate Co., Ltd. | 25,644,289 | ||||||||||||
1,682,700 | Mitsui Fudosan Co., Ltd. | 21,172,507 | ||||||||||||
1,975 | NTT Urban Development Corp. | 1,601,090 | ||||||||||||
934,300 | Sumitomo Realty & Development Co., Ltd. | 11,207,214 | ||||||||||||
66,674,834 | ||||||||||||||
Philippines: 0.3% | ||||||||||||||
8,527,200 | Ayala Land, Inc. | 1,125,794 | ||||||||||||
1,125,794 | ||||||||||||||
Singapore: 2.3% | ||||||||||||||
4,764,700 | CapitaLand Ltd. | 8,789,457 | ||||||||||||
8,789,457 | ||||||||||||||
Sweden: 0.9% | ||||||||||||||
346,897 | Castellum AB | 2,187,621 | ||||||||||||
230,223 | Hufvudstaden AB | 1,374,963 | ||||||||||||
3,562,584 | ||||||||||||||
Switzerland: 1.2% | ||||||||||||||
97,040 | @ | PSP Swiss Property AG | 4,561,017 | |||||||||||
4,561,017 | ||||||||||||||
Thailand: 0.2% | ||||||||||||||
1,929,000 | I | Central Pattana PCL | 776,880 | |||||||||||
776,880 | ||||||||||||||
United Kingdom: 0.5% | ||||||||||||||
1,351,100 | I | Safestore Holdings Ltd. | 1,565,585 | |||||||||||
90,700 | @,I | Yatra Capital Ltd. | 280,812 | |||||||||||
1,846,397 | ||||||||||||||
Total Common Stock (Cost $248,730,510) | 174,025,780 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 51.8% | ||||||||||||||
Australia: 13.6% | ||||||||||||||
4,693,900 | CFS Retail Property Trust | 5,612,038 | ||||||||||||
3,293,700 | I | Challenger Diversified Property Group | 963,670 | |||||||||||
1,548,100 | Charter Hall Group | 415,086 | ||||||||||||
2,318,100 | Commonwealth Property Office Fund | 1,371,198 | ||||||||||||
13,419,257 | Dexus Property Group | 7,096,829 | ||||||||||||
4,555,100 | GPT Group | 1,551,506 | ||||||||||||
8,360,758 | Macquarie Goodman Group | 2,237,831 | ||||||||||||
4,405,226 | Mirvac Group | 3,342,233 | ||||||||||||
1,151,000 | Stockland | 2,625,943 | ||||||||||||
3,507,339 | Westfield Group | 27,377,257 | ||||||||||||
52,593,591 | ||||||||||||||
Belgium: 0.1% | ||||||||||||||
5,833 | Cofinimmo | 639,658 | ||||||||||||
639,658 | ||||||||||||||
Canada: 3.7% | ||||||||||||||
228,900 | @,# | Calloway Real Estate Investment Trust | 2,042,894 | |||||||||||
127,700 | Canadian Real Estate Investment Trust | 2,086,776 | ||||||||||||
354,500 | Cominar Real Estate Investment Trust | 3,942,190 | ||||||||||||
532,600 | RioCan Real Estate Investment Trust | 6,105,730 | ||||||||||||
14,177,590 | ||||||||||||||
France: 9.8% | ||||||||||||||
208 | Fonciere Des Regions | 11,390 | ||||||||||||
32,760 | ICADE | 2,534,275 | ||||||||||||
197,520 | Klepierre | 4,391,156 | ||||||||||||
103,928 | Mercialys | 3,191,470 | ||||||||||||
18,019 | Societe Immobiliere de Location pour l’Industrie et le Commerce | 1,515,963 | ||||||||||||
175,182 | Unibail | 26,124,137 | ||||||||||||
37,768,391 | ||||||||||||||
Germany: 0.2% | ||||||||||||||
130,700 | Alstria Office AG | 811,255 | ||||||||||||
811,255 | ||||||||||||||
Hong Kong: 2.5% | ||||||||||||||
4,919,200 | Link Real Estate Investment Trust | 9,562,716 | ||||||||||||
9,562,716 | ||||||||||||||
Japan: 7.9% | ||||||||||||||
339 | Frontier Real Estate Investment Corp. | 1,870,066 | ||||||||||||
281 | Japan Logistics Fund, Inc. | 1,679,276 | ||||||||||||
1,075 | Japan Real Estate Investment Corp. | 7,605,986 | ||||||||||||
367 | Japan Retail Fund Investment Corp. | 1,283,428 | ||||||||||||
118 | Nippon Accommodations Fund, Inc. | 521,352 | ||||||||||||
1,058 | Nippon Building Fund, Inc. | 8,595,956 | ||||||||||||
221 | Nomura Real Estate Office Fund, Inc. | 1,145,106 | ||||||||||||
468 | Orix JREIT, Inc. | 1,755,568 |
142
Table of Contents
Shares | Value | |||||||||||||
Japan (continued) | ||||||||||||||
924 | Tokyu Real Estate Investment Trust, Inc. | $ | 4,258,955 | |||||||||||
368 | United Urban Investment Corp. | 1,662,868 | ||||||||||||
30,378,561 | ||||||||||||||
Netherlands: 3.6% | ||||||||||||||
154,440 | Corio NV | 6,854,597 | ||||||||||||
75,683 | Eurocommercial Properties NV | 2,230,491 | ||||||||||||
25,110 | Vastned Retail NV | 1,109,026 | ||||||||||||
53,200 | Wereldhave NV | 3,649,904 | ||||||||||||
13,844,018 | ||||||||||||||
Singapore: 2.6% | ||||||||||||||
3,801,553 | @ | Ascendas Real Estate Investment Trust | 3,415,230 | |||||||||||
6,558,383 | @ | CapitaMall Trust | 5,488,013 | |||||||||||
3,667,500 | @ | Macquarie MEAG Prime Real Estate Investment Trust | 1,185,216 | |||||||||||
10,088,459 | ||||||||||||||
United Kingdom: 7.8% | ||||||||||||||
1,004,516 | British Land Co. PLC | 6,338,447 | ||||||||||||
143,810 | Derwent Valley Holdings PLC | 1,771,368 | ||||||||||||
206,100 | Great Portland Estates PLC | 929,595 | ||||||||||||
1,182,998 | Hammerson PLC | 5,481,327 | ||||||||||||
1,425,401 | Land Securities Group PLC | 11,754,752 | ||||||||||||
388,000 | Liberty International PLC | 2,274,206 | ||||||||||||
2,555,800 | Segro PLC | 896,305 | ||||||||||||
154,400 | Shaftesbury PLC | 796,434 | ||||||||||||
30,242,434 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $317,866,793) | 200,106,673 | |||||||||||||
Total Long-Term Investments (Cost $566,597,303) | 374,132,453 | |||||||||||||
SHORT-TERM INVESTMENTS: 2.8% | ||||||||||||||
Affiliated Mutual Fund: 2.8% | ||||||||||||||
10,737,182 | ING Institutional Prime Money Market Fund — Class I | 10,737,182 | ||||||||||||
Total Short-Term Investments (Cost $10,737,182) | 10,737,182 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $577,334,485)* | 99.7 | % | $ | 384,869,635 | ||||||||||
Other Assets and Liabilities - Net | 0.3 | 1,083,811 | ||||||||||||
Net Assets | 100.0 | % | $ | 385,953,446 | ||||||||||
@ | Non-income producing security | |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees. | |
I | Illiquid Security | |
* | Cost for federal income tax purposes is $619,187,912. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 1,839,126 | ||
Gross Unrealized Depreciation | (236,157,403 | ) | ||
Net Unrealized Depreciation | $ | (234,318,277 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Apartments | 0.1 | % | ||
Diversified | 27.2 | |||
Engineering & Construction | 0.1 | |||
Holding Companies — Diversified | 0.8 | |||
Office Property | 8.1 | |||
Real Estate | 43.8 | |||
Shopping Centers | 0.5 | |||
Shopping Centers | 15.5 | |||
Storage/Warehousing | 0.4 | |||
Warehouse/Industrial | 0.4 | |||
Short-Term Investments | 2.8 | |||
Other Assets and Liabilities — Net | 0.3 | |||
Net Assets | 100.0 | % | ||
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 29,354,843 | $ | — | ||||
Level 2 — Other Significant Observable Inputs† | 355,514,792 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 384,869,635 | $ | — | ||||
143
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 90.9% | ||||||||||||||
Australia: 2.6% | ||||||||||||||
36,700 | AJ Lucas Group Ltd. | $ | 68,659 | |||||||||||
4,250 | Ansell Ltd. | 25,832 | ||||||||||||
2,319,494 | @ | Australian Worldwide Exploration Ltd. | 4,079,374 | |||||||||||
109,300 | AWB Ltd. | 105,658 | ||||||||||||
183,872 | @ | Babcock & Brown Capital Ltd. | 159,971 | |||||||||||
248,921 | Beach Petroleum Ltd. | 137,967 | ||||||||||||
21,850 | Caltex Australia Ltd. | 156,025 | ||||||||||||
53,966 | Computershare Ltd. | 357,743 | ||||||||||||
28,898 | David Jones Ltd. | 63,362 | ||||||||||||
21,626 | Dominion Mining Ltd. | 82,165 | ||||||||||||
67,332 | Downer EDI Ltd. | 246,234 | ||||||||||||
1,118,518 | Emeco Holdings Ltd. | 319,861 | ||||||||||||
13,500 | Energy Resources of Australia Ltd. | 203,892 | ||||||||||||
9,200 | Felix Resources Ltd. | 74,047 | ||||||||||||
368,255 | Futuris Corp., Ltd. | 115,932 | ||||||||||||
51,800 | Healthscope Ltd. | 144,957 | ||||||||||||
103,909 | @ | Iluka Resources Ltd. | 247,126 | |||||||||||
323,697 | John Fairfax Holdings Ltd. | 278,422 | ||||||||||||
49,400 | Kingsgate Consolidated Ltd. | 215,681 | ||||||||||||
27,300 | Monadelphous Group Ltd. | 200,003 | ||||||||||||
673,856 | @ | Octaviar Ltd. | — | |||||||||||
111,936 | @ | Pan Pacific Petroleum NL | 25,934 | |||||||||||
284,200 | Sigma Pharmaceuticals Ltd. | 231,206 | ||||||||||||
37,066 | Sonic Healthcare Ltd. | 314,401 | ||||||||||||
139,500 | # | Spark Infrastructure Group | 104,513 | |||||||||||
81,318 | Transpacific Industries Group Ltd. | 106,376 | ||||||||||||
8,065,341 | ||||||||||||||
Austria: 0.6% | ||||||||||||||
9,888 | Andritz AG | 336,137 | ||||||||||||
9,200 | @ | bwin Interactive Entertainment | 290,377 | |||||||||||
12,964 | Kapsch TrafficCom AG | 296,477 | ||||||||||||
16,500 | Rosenbauer International AG | 585,147 | ||||||||||||
11,959 | Schoeller-Bleckmann Oilfield Equipment AG | 371,424 | ||||||||||||
1,879,562 | ||||||||||||||
Belgium: 1.0% | ||||||||||||||
134,000 | @ | AGFA-Gevaert NV | 299,602 | |||||||||||
4,669 | Compagnie d’Entreprises CFE | 158,217 | ||||||||||||
1,049 | D’ieteren SA | 199,773 | ||||||||||||
12,230 | EVS Broadcast Equipment SA | 560,665 | ||||||||||||
3,900 | Mobistar SA | 233,380 | ||||||||||||
73,183 | Nyrstar | 471,352 | ||||||||||||
14,500 | @ | Telenet Group Holding NV | 280,612 | |||||||||||
25,557 | Tessenderlo Chemie NV | 758,788 | ||||||||||||
2,962,389 | ||||||||||||||
Bermuda: 1.0% | ||||||||||||||
217,171 | Catlin Group Ltd. | 1,123,842 | ||||||||||||
88,200 | Hiscox Ltd. | 436,639 | ||||||||||||
184,563 | Lancashire Holdings Ltd. | 1,301,206 | ||||||||||||
848,000 | L | Regal Hotels International Holdings Ltd. | 163,451 | |||||||||||
8,349 | Signet Jewelers Ltd. | 132,254 | ||||||||||||
3,157,392 | ||||||||||||||
Brazil: 0.1% | ||||||||||||||
7,742 | Banco Nossa Caixa SA | 253,380 | ||||||||||||
253,380 | ||||||||||||||
Canada: 6.5% | ||||||||||||||
22,198 | @ | Aastra Technologies Ltd. | 553,415 | |||||||||||
80,389 | Aecon Group, Inc. | 764,615 | ||||||||||||
169,972 | Alamos Gold, Inc. | 1,103,899 | ||||||||||||
235,400 | Alimentation Couche-Tard, Inc. | 2,574,349 | ||||||||||||
5,400 | Atco Ltd. | 155,443 | ||||||||||||
34,400 | Aurizon Mines Ltd. | 127,418 | ||||||||||||
124,500 | Biovail Corp. | 1,361,540 | ||||||||||||
10,200 | Bird Construction Income Fund | 190,187 | ||||||||||||
112,500 | Capstone Mining Corp. | 188,553 | ||||||||||||
390,628 | @ | Celestica, Inc. | 2,350,380 | |||||||||||
406,466 | @ | CGI Group, Inc. — Class A | 3,603,796 | |||||||||||
74,561 | Chemtrade Logistics Income Fund | 321,788 | ||||||||||||
15,300 | Corus Entertainment, Inc. | 203,863 | ||||||||||||
68,900 | Dorel Industries, Inc. | 1,313,563 | ||||||||||||
9,300 | Empire Co., Ltd. | 388,429 | ||||||||||||
33,100 | Enerflex Systems Income Fund | 280,711 | ||||||||||||
10,000 | Genivar Income Fund | 189,475 | ||||||||||||
34,900 | @ | Highpine Oil & Gas Ltd. | 159,687 | |||||||||||
27,376 | Home Capital Group Inc. | 631,577 | ||||||||||||
21,500 | Keyera Facilities Income Fund | 278,006 | ||||||||||||
30,168 | Laurentian Bank of Canada | 728,097 | ||||||||||||
24,800 | Maple Leaf Foods, Inc. | 174,990 | ||||||||||||
31,000 | Metro Inc. | 961,200 | ||||||||||||
28,900 | @ | Open Text Corp. | 951,789 | |||||||||||
11,400 | @ | Rona, Inc. | 126,200 | |||||||||||
106,200 | SEMAFO, Inc. | 163,754 | ||||||||||||
20,600 | Westjet Airlines Ltd. | 200,251 | ||||||||||||
20,046,975 | ||||||||||||||
China: 0.5% | ||||||||||||||
366,000 | Beijing Capital International Airport Co., Ltd. | 231,133 | ||||||||||||
175,000 | Beijing Jingkelong Co., Ltd. | 68,482 | ||||||||||||
102,000 | China National Building Material Co., Ltd. | 213,203 | ||||||||||||
1,000,000 | China Rare Earth Holdings Ltd. | 128,281 | ||||||||||||
216,000 | China Zhongwang Holdings Ltd. | 197,064 | ||||||||||||
12,135 | Ctrip.com International Ltd. ADR | 375,214 | ||||||||||||
334,000 | Maanshan Iron & Steel | 135,477 | ||||||||||||
268,000 | People’s Food Holdings Ltd. | 89,031 | ||||||||||||
567,000 | SunVic Chemical Holdings Ltd. | 51,260 | ||||||||||||
1,489,145 | ||||||||||||||
Denmark: 0.5% | ||||||||||||||
22,944 | East Asiatic Co., Ltd. A/S | 723,966 | ||||||||||||
16,500 | H Lundbeck A/S | 298,523 | ||||||||||||
43,618 | @ | TK Development | 183,799 | |||||||||||
346 | @ | Topdanmark A/S | 40,902 | |||||||||||
6,509 | TrygVesta A/S | 356,243 | ||||||||||||
1,603,433 | ||||||||||||||
Finland: 0.8% | ||||||||||||||
8,000 | Elisa OYJ | 105,918 | ||||||||||||
140,000 | F-Secure OYJ | 420,758 | ||||||||||||
58,484 | KCI Konecranes OYJ | 1,188,293 | ||||||||||||
85,734 | Oriola-KD OYJ | 248,328 | ||||||||||||
7,800 | Outotec OYJ | 165,419 | ||||||||||||
86,699 | Sponda OYJ | 351,753 | ||||||||||||
8,912 | Tietoenator OYJ | 114,491 | ||||||||||||
2,594,960 | ||||||||||||||
France: 5.3% | ||||||||||||||
17,000 | @ | Alten | 305,512 | |||||||||||
64,400 | @ | Altran Technologies SA | 216,210 | |||||||||||
4,034 | Bacou Dalloz | 203,140 | ||||||||||||
4,691 | BioMerieux | 351,373 | ||||||||||||
8,814 | Bonduelle S.C.A. | 617,510 | ||||||||||||
1,399 | Bongrain SA | 68,622 | ||||||||||||
13,500 | Bourbon SA | 505,255 | ||||||||||||
1,796 | Boursorama | 14,784 | ||||||||||||
9,610 | CNP Assurances | 757,707 | ||||||||||||
24,690 | Derichebourg | 57,682 | ||||||||||||
1,647 | @ | Easydentic | 17,350 | |||||||||||
400 | Faiveley SA | 29,203 | ||||||||||||
168,415 | @ | Groupe Eurotunnel SA | 867,123 | |||||||||||
250,577 | Havas SA | 785,112 | ||||||||||||
25,913 | @ | Homair SA | 75,428 | |||||||||||
9,000 | Ipsen | 368,486 |
144
Table of Contents
Shares | Value | |||||||||||||
France (continued) | ||||||||||||||
11,200 | Lagardere SCA | $ | 351,601 | |||||||||||
6,400 | M6-Metropole Television | 119,623 | ||||||||||||
3,620 | Maximiles | 35,060 | ||||||||||||
13,873 | @ | Meetic | 309,352 | |||||||||||
2,200 | Neopost SA | 186,301 | ||||||||||||
10,256 | Nexans SA | 475,153 | ||||||||||||
24,300 | PagesJaunes Groupe SA | 263,964 | ||||||||||||
176,109 | Rallye SA | 3,580,213 | ||||||||||||
6,100 | Rubis | 346,008 | ||||||||||||
25,164 | @ | Saft Groupe SA | 770,191 | |||||||||||
9,815 | Scor SA | 205,992 | ||||||||||||
3,986 | Societe BIC SA | 213,981 | ||||||||||||
4,718 | Sopra Group SA | 168,850 | ||||||||||||
16,264 | @ | Store Electronic | 258,411 | |||||||||||
21,048 | Sword Group | 415,358 | ||||||||||||
962,449 | @ | Thomson | 1,295,934 | |||||||||||
62,371 | Valeo SA | 1,285,249 | ||||||||||||
3,460 | Virbac SA | 233,231 | ||||||||||||
13,000 | Zodiac SA | 379,673 | ||||||||||||
16,134,642 | ||||||||||||||
Germany: 6.3% | ||||||||||||||
83,847 | Aareal Bank AG | 780,838 | ||||||||||||
985 | Bauer AG | 37,175 | ||||||||||||
60,095 | Bechtle AG | 904,005 | ||||||||||||
15,500 | Bilfinger Berger AG | 736,031 | ||||||||||||
6,421 | Carl Zeiss Meditec AG | 76,275 | ||||||||||||
1,300 | Centrotherm Photovoltaics AG | 51,177 | ||||||||||||
840 | CTS Eventim AG | 24,143 | ||||||||||||
69,302 | Demag Cranes AG | 1,462,058 | ||||||||||||
2,318 | Deutsche Euroshop AG | 65,727 | ||||||||||||
5,127 | Duerr AG | 97,172 | ||||||||||||
4,832 | ElringKlinger AG | 69,962 | ||||||||||||
6,253 | Fresenius Medical Care AG & Co. KGaA | 242,655 | ||||||||||||
4,119 | Gerresheimer AG | 99,255 | ||||||||||||
7,771 | Gesco AG | 359,465 | ||||||||||||
146,760 | Gildemeister AG | 1,438,594 | ||||||||||||
9,064 | Grenkeleasing AG | 281,499 | ||||||||||||
6,950 | Hannover Rueckversicheru — Reg | 224,556 | ||||||||||||
6,179 | Hawesko Holding AG | 134,800 | ||||||||||||
22,827 | Heidelberger Druckmaschinen | 165,152 | ||||||||||||
5,341 | Koenig & Bauer AG | 56,847 | ||||||||||||
751 | KWS Saat AG | 94,250 | ||||||||||||
10,100 | Lanxess | 218,178 | ||||||||||||
110,314 | L | Medion AG | 849,488 | |||||||||||
11,000 | @ | Morphosys AG | 200,793 | |||||||||||
177,672 | MTU Aero Engines Holding AG | 5,982,702 | ||||||||||||
97,562 | Norddeutsche Affinerie AG | 2,764,259 | ||||||||||||
904 | @ | Open Business Club AG | 35,860 | |||||||||||
9,050 | Phoenix Solar AG | 407,561 | ||||||||||||
11,900 | Rheinmetall AG | 503,831 | ||||||||||||
3,018 | SFC Smart Fuel Cell AG | 23,117 | ||||||||||||
2,300 | Software AG | 145,476 | ||||||||||||
10,000 | Symrise | 136,787 | ||||||||||||
261 | Takkt AG | 2,593 | ||||||||||||
4,362 | Tognum AG | 53,315 | ||||||||||||
8,000 | United Internet AG | 83,937 | ||||||||||||
2,900 | Wincor Nixdorf AG | 145,580 | ||||||||||||
48,548 | @ | Wirecard AG | 402,927 | |||||||||||
1,364 | Wuestenrot & Wuerttembergische | 28,857 | ||||||||||||
19,386,897 | ||||||||||||||
Greece: 0.1% | ||||||||||||||
5,009 | Aegean Airlines SA | 21,121 | ||||||||||||
10,333 | Jumbo SA | 88,208 | ||||||||||||
6,190 | Public Power Corp. | 119,323 | ||||||||||||
8,300 | Titan Cement Co. SA | 211,595 | ||||||||||||
440,247 | ||||||||||||||
Hong Kong: 3.0% | ||||||||||||||
578,000 | Belle International Holdings | 440,366 | ||||||||||||
9,528,000 | @ | Brilliance China Automotive | 694,335 | |||||||||||
79,000 | Cheung Kong Infrastructure Holdings Ltd. | 304,745 | ||||||||||||
194,000 | China Everbright Ltd. | 375,421 | ||||||||||||
191,000 | China Insurance International Holdings Co., Ltd. | 318,327 | ||||||||||||
64,000 | China Mengniu Dairy Co. Ltd. | 113,834 | ||||||||||||
320,000 | China Pharmaceutical Group Ltd. | 159,296 | ||||||||||||
310,000 | China Resources Gas Group Ltd. | 176,702 | ||||||||||||
474,400 | Dah Sing Banking Group Ltd. | 340,200 | ||||||||||||
716,500 | Dickson Concepts International Ltd. | 222,710 | ||||||||||||
324,000 | Dynamic Energy Holdings Ltd. | 37,112 | ||||||||||||
1,671,111 | @ | eSun Holdings Ltd. | 199,345 | |||||||||||
765,000 | Geely Automobile Holdings Ltd. | 102,625 | ||||||||||||
4,435,000 | Genesis Energy Holdings Ltd. | 159,284 | ||||||||||||
6,523,840 | @ | Global Green Tech Group Ltd. | 225,539 | |||||||||||
194,000 | Goldlion Holdings Ltd. | 38,876 | ||||||||||||
636,000 | Hutchinson Telecommunications Hong Kong Holdings Ltd. | 59,907 | ||||||||||||
933,000 | Hutchison Telecommunications Hong Kong Holdings Ltd. | 87,882 | ||||||||||||
1,836,000 | @ | Hutchison Telecommunications International Ltd. | 338,770 | |||||||||||
41,000 | Hysan Development Co., Ltd. | 74,461 | ||||||||||||
750,000 | Luk Fook Holdings International Ltd. | 219,851 | ||||||||||||
348,000 | Midland Holdings Ltd. | 142,622 | ||||||||||||
6,776,000 | Minmetals Resources Ltd. | 1,146,091 | ||||||||||||
103,000 | MTR Corp. | 260,713 | ||||||||||||
12,300 | Nam Tai Electronics, Inc. | 50,922 | ||||||||||||
492,000 | Next Media Ltd. | 65,018 | ||||||||||||
272,000 | Noble Group Ltd. | 235,643 | ||||||||||||
620,025 | OM Holdings Ltd. | 567,389 | ||||||||||||
3,345,000 | Polytec Asset Holdings Ltd. | 195,688 | ||||||||||||
200,508 | RCG Holdings Ltd. | 151,097 | ||||||||||||
2,806,000 | SIM Technology Group Ltd. | 222,540 | ||||||||||||
8,918,000 | Sinolink Worldwide Holdings | 740,773 | ||||||||||||
3,784,000 | Skyworth Digital Holdings Ltd. | 383,289 | ||||||||||||
1,168,000 | SRE Group Ltd. | 97,093 | ||||||||||||
214,000 | Tai Fook Securities Group Ltd. | 40,539 | ||||||||||||
18,000 | Television Broadcasts Ltd. | 63,600 | ||||||||||||
438,000 | Texwinca Holdings Ltd. | 266,567 | ||||||||||||
9,319,172 | ||||||||||||||
Hungary: 0.1% | ||||||||||||||
4,550 | EGIS PLC | 251,551 | ||||||||||||
251,551 | ||||||||||||||
India: 2.0% | ||||||||||||||
106,447 | Allahabad Bank | 112,349 | ||||||||||||
10,698 | Bajaj Auto Ltd. | 73,158 | ||||||||||||
226,599 | Bank of Baroda | 1,488,794 | ||||||||||||
162,940 | Bank of India | 770,092 | ||||||||||||
105,910 | Bank of Maharashtra | 49,369 | ||||||||||||
147,774 | Canara Bank | 584,628 | ||||||||||||
75,100 | Central Bank Of India | 64,673 | ||||||||||||
171,923 | Chennai Petroleum Corp., Ltd. | 396,632 | ||||||||||||
100,472 | Dena Bank | 74,826 | ||||||||||||
90,344 | Great Eastern Shipping Co., Ltd. | 374,105 | ||||||||||||
78,162 | Indian Bank | 158,867 | ||||||||||||
77,302 | Mahanagar Telephone Nigam Ltd. | 112,360 | ||||||||||||
43,126 | Oriental Bank of Commerce | 114,045 | ||||||||||||
140,093 | Punjab National Bank Ltd. | 1,349,271 | ||||||||||||
48,216 | Shipping Corp of India, Ltd. | 79,768 | ||||||||||||
3,115 | Tata Tea Ltd. | 42,411 | ||||||||||||
342,628 | UCO Bank | 197,468 | ||||||||||||
35,927 | Union Bank of India | 118,775 | ||||||||||||
152,389 | Vijaya Bank | 80,351 | ||||||||||||
6,241,942 | ||||||||||||||
145
Table of Contents
Shares | Value | |||||||||||||
Ireland: 0.3% | ||||||||||||||
59,914 | C&C Group PLC | $ | 138,132 | |||||||||||
23,400 | DCC PLC | 425,066 | ||||||||||||
11,600 | Kerry Group PLC | 236,973 | ||||||||||||
800,171 | ||||||||||||||
Israel: 0.1% | ||||||||||||||
59,474 | @,I | Oridion Systems Ltd. | 295,110 | |||||||||||
295,110 | ||||||||||||||
Italy: 1.8% | ||||||||||||||
29,659 | ACEA S.p.A. | 367,900 | ||||||||||||
69,096 | Amplifon S.p.A. | 175,444 | ||||||||||||
12,300 | Ansaldo STS S.p.A | 196,035 | ||||||||||||
172,254 | @ | AS Roma S.p.A. | 201,376 | |||||||||||
81,324 | Azimut Holding S.p.A. | 568,297 | ||||||||||||
69,100 | Banca Carige S.p.A | 253,116 | ||||||||||||
276,000 | CIR-Compagnie Industriali Riunite S.p.A. | 359,419 | ||||||||||||
9,693 | ERG S.p.A. | 149,332 | ||||||||||||
8,172 | Esprinet S.p.A. | 60,338 | ||||||||||||
103,730 | Indesit Co. S.p.A. | 518,956 | ||||||||||||
64,155 | Landi Renzo S.p.A. | 270,279 | ||||||||||||
11,800 | Lottomatica S.p.A. | 242,566 | ||||||||||||
98,071 | Maire Tecnimont S.p.A. | 199,765 | ||||||||||||
19,811 | Natuzzi S.p.A. ADR | 30,707 | ||||||||||||
509,318 | Parmalat S.p.A | 1,011,568 | ||||||||||||
8,938 | Prima Industrie S.p.A. | 102,438 | ||||||||||||
29,300 | Prysmian S.p.A. | 356,268 | ||||||||||||
53,064 | Recordati S.p.A. | 305,432 | ||||||||||||
21,500 | Zignago Vetro SpA | 102,433 | ||||||||||||
5,471,669 | ||||||||||||||
Japan: 23.5% | ||||||||||||||
58,000 | Adores, Inc. | 103,103 | ||||||||||||
21,300 | Aica Kogyo Co., Ltd. | 182,279 | ||||||||||||
63,000 | Aichi Machine Industry Co., Ltd. | 150,076 | ||||||||||||
295,200 | @ | Allied Telesis Holdings KK | 153,951 | |||||||||||
11,400 | Aloka Co., Ltd. | 82,545 | ||||||||||||
6,700 | Alpen Co., Ltd. | 110,636 | ||||||||||||
111,548 | Alps Electric Co., Ltd. | 596,535 | ||||||||||||
32,500 | Arcs Co., Ltd. | 400,722 | ||||||||||||
18,800 | Argo Graphics, Inc. | 172,812 | ||||||||||||
94,726 | @ | Arrk Corp. | 86,363 | |||||||||||
7,700 | Bank of the Ryukyus Ltd. | 59,916 | ||||||||||||
21,400 | BML, Inc. | 377,936 | ||||||||||||
525,000 | Calsonic Kansei Corp. | 983,446 | ||||||||||||
31,500 | Canon Sales Co., Inc. | 380,899 | ||||||||||||
7,700 | Chiyoda Co., Ltd. | 106,959 | ||||||||||||
1,008,000 | @,L | Chori Co., Ltd. | 998,412 | |||||||||||
6,500 | Chubu Steel Plate Co., Ltd. | 40,470 | ||||||||||||
67,000 | Chuetsu Pulp & Paper Co., Ltd. | 190,388 | ||||||||||||
77,000 | Chugoku Marine Paints Ltd. | 440,086 | ||||||||||||
8,000 | Chuo Denki Kogyo Co., Ltd. | 45,425 | ||||||||||||
19,100 | Coca-Cola Central Japan Co., Ltd. | 232,118 | ||||||||||||
20,000 | COMSYS Holdings Corp. | 162,457 | ||||||||||||
71,000 | Daido Steel Co., Ltd. | 236,514 | ||||||||||||
44,000 | Daihatsu Diesel Manufacturing Co., Ltd. | 227,646 | ||||||||||||
78,000 | Daiichi Jitsugyo Co., Ltd. | 188,646 | ||||||||||||
23,400 | Daiichikosho Co., Ltd. | 187,709 | ||||||||||||
68,000 | Daishi Bank Ltd. | 256,284 | ||||||||||||
235,000 | Daiwa Industries Ltd. | 782,994 | ||||||||||||
12,600 | DC Co., Ltd. | 36,722 | ||||||||||||
55,000 | Dowa Holdings Co., Ltd. | 218,672 | ||||||||||||
31,591 | DTS Corp. | 226,957 | ||||||||||||
9,700 | Dydo Drinco, Inc. | 257,496 | ||||||||||||
111,000 | Ebara Corp. | 298,266 | ||||||||||||
40,610 | Eiken Chemical Co., Ltd. | 319,454 | ||||||||||||
12,000 | Excel Co., Ltd. | 97,812 | ||||||||||||
20,100 | Exedy Corp. | 373,889 | ||||||||||||
1,216 | Faith, Inc. | 83,880 | ||||||||||||
92,000 | Fuji Fire & Marine Insurance Co. | 94,603 | ||||||||||||
67,600 | Fuji Machine Manufacturing Co., Ltd. | 606,126 | ||||||||||||
11,700 | Fuji Oil Co., Ltd. | 116,019 | ||||||||||||
54,727 | Fuji Soft, Inc. | 776,725 | ||||||||||||
37,700 | Fujikura Kasei Co., Ltd. | 143,215 | ||||||||||||
43 | Fujishoji Co. Ltd. | 37,451 | ||||||||||||
14,300 | Fujitsu Frontech Ltd. | 124,809 | ||||||||||||
54,000 | Fukuyama Transporting Co., Ltd. | 209,685 | ||||||||||||
20,100 | Furuno Electric Co., Ltd. | 97,139 | ||||||||||||
19,200 | Futaba Corp. | 342,875 | ||||||||||||
61 | Gendai Agency, Inc. | 43,533 | ||||||||||||
14,700 | Glory Ltd. | 269,762 | ||||||||||||
10,100 | Goldcrest Co., Ltd. | 231,542 | ||||||||||||
152 | Gourmet Navigator, Inc. | 337,330 | ||||||||||||
83,000 | Hanwa Co., Ltd. | 234,878 | ||||||||||||
21,995 | Hiday Hidaka Corp. | 227,265 | ||||||||||||
12,000 | Higo Bank Ltd. | 65,636 | ||||||||||||
74,000 | Hiroshima Bank Ltd. | 280,554 | ||||||||||||
33,400 | HIS Co., Ltd. | 527,229 | ||||||||||||
19,000 | Hisaka Works Ltd. | 189,964 | ||||||||||||
44,491 | Hitachi Information Systems Ltd. | 787,390 | ||||||||||||
83,439 | Hitachi Software Engineering Co., Ltd. | 1,028,935 | ||||||||||||
19,999 | Hitachi Systems & Services Ltd. | 209,157 | ||||||||||||
23,700 | Hitachi Transport System Ltd. | 243,056 | ||||||||||||
129,000 | Hokugin Financial Group, Inc. | 227,561 | ||||||||||||
22,200 | Hosiden Corp. | 272,545 | ||||||||||||
12,100 | Hudson Soft Co., Ltd. | 65,597 | ||||||||||||
64,575 | IBJ Leasing Co., Ltd. | 664,160 | ||||||||||||
4,400 | Icom, Inc. | 89,601 | ||||||||||||
724 | @,L | IDU Co. | 156,762 | |||||||||||
111,709 | Inabata & Co., Ltd. | 300,528 | ||||||||||||
125,900 | Ines Corp. | 670,477 | ||||||||||||
4,800 | Information Services International-Dentsu Ltd. | 24,297 | ||||||||||||
76,800 | Inui Steamship Co., Ltd. | 504,605 | ||||||||||||
395,000 | Itoham Foods, Inc. | 1,203,568 | ||||||||||||
778,000 | JFE Shoji Holdings, Inc. | 2,207,239 | ||||||||||||
51,000 | Jidosha Buhin Kogyo Co., Ltd. | 86,979 | ||||||||||||
24,000 | JMS Co., Ltd. | 87,162 | ||||||||||||
42,000 | J-Oil Mills, Inc. | 113,161 | ||||||||||||
25,900 | JSP Corp. | 135,544 | ||||||||||||
35,000 | Kagawa Bank Ltd. | 147,542 | ||||||||||||
79,000 | Kaken Pharmaceutical Co., Ltd. | 657,718 | ||||||||||||
2,201,000 | @ | Kanematsu Corp. | 1,727,476 | |||||||||||
177,094 | Kanto Auto Works Ltd. | 1,928,020 | ||||||||||||
12,000 | Kasumi Co., Ltd. | 49,191 | ||||||||||||
20,500 | Kato Sangyo Co., Ltd. | 284,917 | ||||||||||||
24,600 | Keiyo Co., Ltd. | 110,839 | ||||||||||||
45,000 | Kinden Corp. | 375,444 | ||||||||||||
28,100 | Kyoden Co., Ltd. | 22,795 | ||||||||||||
36,000 | Kyodo Printing Co., Ltd. | 77,774 | ||||||||||||
436,000 | Kyodo Shiryo Co., Ltd. | 447,631 | ||||||||||||
7,700 | Kyoei Steel Ltd. | 153,637 | ||||||||||||
122,556 | Kyokuyo Co., Ltd. | 229,901 | ||||||||||||
53,000 | Kyowa Exeo Corp. | 415,055 | ||||||||||||
35,600 | Lintec Corp. | 489,647 | ||||||||||||
7,200 | Mars Engineering Corp. | 201,682 | ||||||||||||
145,000 | Marudai Food Co., Ltd. | 322,335 | ||||||||||||
60,400 | Matsui Securities Co., Ltd. | 428,168 | ||||||||||||
23,400 | Matsumotokiyoshi Holdings Co., Ltd. | 406,521 | ||||||||||||
15,000 | Mie Bank Ltd. | 42,638 | ||||||||||||
30,100 | Mikuni Coca-Cola Bottling Co., Ltd. | 229,952 | ||||||||||||
87,027 | Mimasu Semiconductor Industry Co., Ltd. | 998,812 | ||||||||||||
57,000 | Minebea Co., Ltd. | 220,916 | ||||||||||||
22,900 | Ministop Co., Ltd. | 325,140 | ||||||||||||
26,200 | Miraca Holdings, Inc. | 534,743 | ||||||||||||
26,000 | Mitsubishi Gas Chemical Co., Inc. | 121,500 | ||||||||||||
65,000 | Mitsui Engineering & Shipbuilding Co., Ltd. | 133,120 | ||||||||||||
15,000 | Mitsui High-Tec, Inc. | 120,699 |
146
Table of Contents
Shares | Value | |||||||||||||
Japan (continued) | ||||||||||||||
264,000 | Mitsui Sugar Co., Ltd. | $ | 709,191 | |||||||||||
7,600 | Miura Co., Ltd. | 166,813 | ||||||||||||
12,700 | Modec, Inc. | 182,263 | ||||||||||||
28,392 | Morinaga Milk Industry Co., Ltd. | 87,381 | ||||||||||||
34,800 | Musashi Seimitsu Industry Co., Ltd. | 440,087 | ||||||||||||
53,000 | Nabtesco Corp. | 430,795 | ||||||||||||
22,100 | Namco Bandai Holdings, Inc. | 219,901 | ||||||||||||
50,583 | Namura Shipbuilding Co., Ltd. | 208,008 | ||||||||||||
5,557 | NEC Fielding Ltd. | 57,263 | ||||||||||||
6,500 | NEC Leasing Ltd. | 53,180 | ||||||||||||
26,800 | NEC Networks & System Integration Corp. | 253,952 | ||||||||||||
704 | Net One systems Co., Ltd. | 887,053 | ||||||||||||
18,300 | Nichi-iko Pharmaceutical Co., Ltd. | 494,099 | ||||||||||||
162,000 | Nichirei Corp. | 566,874 | ||||||||||||
18,700 | Nidec Copal Corp. | 121,560 | ||||||||||||
46,800 | Nifco, Inc. | 620,742 | ||||||||||||
19,000 | Nihon Parkerizing Co., Ltd. | 158,398 | ||||||||||||
36,200 | Nihon Unisys Ltd. | 227,531 | ||||||||||||
135,000 | Nippo Corp. | 1,014,634 | ||||||||||||
28,000 | Nippon Chemical Industrial Co., Ltd. | 52,734 | ||||||||||||
82,000 | Nippon Denko Co., Ltd. | 349,603 | ||||||||||||
86,000 | Nippon Flour Mills Co., Ltd. | 331,373 | ||||||||||||
57,786 | Nippon Road Co., Ltd. | 153,139 | ||||||||||||
179,000 | Nippon Shinyaku Co., Ltd. | 1,597,939 | ||||||||||||
22,300 | Nippon Signal Co., Ltd. | 134,905 | ||||||||||||
183,000 | Nippon Soda Co., Ltd. | 600,474 | ||||||||||||
103,000 | Nippon Steel Trading Co., Ltd. | 139,847 | ||||||||||||
85,000 | Nippon Thompson Co., Ltd. | 367,489 | ||||||||||||
49,400 | @ | NIS Group Co., Ltd. | 21,699 | |||||||||||
370,000 | Nishimatsu Construction Co., Ltd. | 318,790 | ||||||||||||
17,100 | Nishimatsuya Chain Co. Ltd. | 137,158 | ||||||||||||
114,000 | Nishi-Nippon City Bank Ltd. | 229,818 | ||||||||||||
79,000 | Nisshin Oillio Group Ltd. | 312,222 | ||||||||||||
25,200 | Nitta Corp. | 289,616 | ||||||||||||
199,000 | Nittetsu Mining Co., Ltd. | 680,416 | ||||||||||||
44,600 | NSD CO., Ltd. | 351,018 | ||||||||||||
2,700 | Obic Co., Ltd. | 366,530 | ||||||||||||
12,012 | Oiles Corp. | 138,875 | ||||||||||||
44,700 | Okabe Co., Ltd. | 169,219 | ||||||||||||
23,970 | Okinawa Electric Power Co., Inc. | 1,139,856 | ||||||||||||
4,100 | Pack Corp. | 52,232 | ||||||||||||
30,900 | Park24 Co. Ltd. | 238,479 | ||||||||||||
314 | Pilot Corp. | 335,619 | ||||||||||||
53,600 | L | Pioneer Corp. | 171,619 | |||||||||||
3,870 | Point, Inc. | 172,453 | ||||||||||||
173,000 | @ | Prima Meat Packers Ltd. | 199,837 | |||||||||||
62,516 | Ricoh Leasing Co., Ltd. | 925,673 | ||||||||||||
12,100 | Right On Co., Ltd. | 83,470 | ||||||||||||
4,200 | Rinnai Corp. | 146,449 | ||||||||||||
27,200 | Saizeriya Co., Ltd. | 306,145 | ||||||||||||
124,000 | Sanden Corp. | 279,536 | ||||||||||||
11,000 | San-In Godo Bank Ltd. | 85,229 | ||||||||||||
103,000 | Sanki Engineering Co., Ltd. | 694,859 | ||||||||||||
52,354 | Sanshin Electronics Co., Ltd. | 323,754 | ||||||||||||
72,000 | Sanyo Special Steel Co., Ltd. | 255,994 | ||||||||||||
159 | SBI VeriTrans Co. Ltd. | 79,198 | ||||||||||||
29,300 | Sega Sammy Holdings, Inc. | 265,231 | ||||||||||||
53,960 | Seino Holdings Co., Ltd. | 294,249 | ||||||||||||
229,000 | Shinmaywa Industries Ltd. | 656,039 | ||||||||||||
243,000 | Shinsho Corp. | 377,391 | ||||||||||||
89,500 | Shizuoka Gas Co., Ltd. | 500,552 | ||||||||||||
27,000 | Showa Shell Sekiyu KK | 237,500 | ||||||||||||
72,800 | Siix Corp. | 261,288 | ||||||||||||
1,612 | Softbank Investment Corp. | 192,589 | ||||||||||||
54,330 | Sorun Corp. | 216,505 | ||||||||||||
30,700 | Sumida Corp. | 150,265 | ||||||||||||
511,000 | Sumikin Bussan Corp. | 1,045,822 | ||||||||||||
4,700 | Sumisho Computer Systems Corp. | 55,068 | ||||||||||||
53,500 | Sumitomo Densetsu Co., Ltd. | 258,816 | ||||||||||||
48,600 | Tachi-S Co., Ltd. | 312,532 | ||||||||||||
96,000 | Taihei Kogyo Co., Ltd. | 315,122 | ||||||||||||
66,000 | Taiheiyo Cement Corp. | 115,871 | ||||||||||||
25,882 | Taiho Kogyo Co., Ltd. | 181,146 | ||||||||||||
108,334 | Taikisha Ltd. | 1,235,507 | ||||||||||||
19,000 | Takasago International Corp. | 91,088 | ||||||||||||
3,000 | Takeuchi Manufacturing Co., Ltd. | 21,232 | ||||||||||||
37,000 | Tamura Corp. | 73,128 | ||||||||||||
87,000 | TBK Co., Ltd. | 127,511 | ||||||||||||
233 | Telepark Corp. | 284,543 | ||||||||||||
26,518 | TKC Corp. | 482,533 | ||||||||||||
418,000 | @ | Toa Corp. | 503,025 | |||||||||||
138,000 | TOA Road Corp. | 262,494 | ||||||||||||
65,000 | Toagosei Co., Ltd. | 161,980 | ||||||||||||
136,000 | Tokyo Tekko Co., Ltd. | 389,510 | ||||||||||||
10,700 | Tokyo Tomin Bank Ltd. | 149,540 | ||||||||||||
2,900 | Tokyu Community Corp. | 44,919 | ||||||||||||
248,000 | @,L | Tonichi Carlife Group, Inc. | 248,666 | |||||||||||
204,782 | Topy Industries Ltd. | 316,564 | ||||||||||||
95,000 | Toyo Engineering Corp. | 302,319 | ||||||||||||
275,000 | Toyo Kohan Co., Ltd. | 1,087,377 | ||||||||||||
212,179 | Toyo Securities Co., Ltd. | 350,136 | ||||||||||||
50,800 | Toyota Auto Body Co., Ltd. | 813,983 | ||||||||||||
26,400 | Trusco Nakayama Corp. | 320,175 | ||||||||||||
32,500 | TS Tech Co., Ltd. | 401,529 | ||||||||||||
81,000 | Tsubakimoto Chain Co. | 265,696 | ||||||||||||
37,000 | Tsudakoma Corp. | 40,056 | ||||||||||||
6,500 | Tsumura & Co. | 178,008 | ||||||||||||
5,500 | Tsuruha Holdings, Inc. | 137,374 | ||||||||||||
10,800 | Tsutsumi Jewelry Co., Ltd. | 177,343 | ||||||||||||
82,000 | Uchida Yoko Co., Ltd. | 219,762 | ||||||||||||
15,200 | Union Tool Co. | 363,966 | ||||||||||||
47,534 | Unipres Corp. | 348,463 | ||||||||||||
244,588 | @ | Usen Corp. | 289,925 | |||||||||||
7,500 | Vital KSK Holdings, Inc. | 36,960 | ||||||||||||
12,500 | Warabeya Nichiyo Co., Ltd. | 138,084 | ||||||||||||
8,800 | Waseda Academy Co., Ltd. | 57,457 | ||||||||||||
11,900 | Watabe Wedding Corp. | 188,665 | ||||||||||||
45 | Wowow, Inc. | 56,496 | ||||||||||||
12,000 | Yamaguchi Financial Group, Inc. | 115,938 | ||||||||||||
10,000 | Yamazaki Baking Co., Ltd. | 102,498 | ||||||||||||
301,400 | Yamazen Corp. | 870,066 | ||||||||||||
31,000 | Yonekyu Corp. | 294,512 | ||||||||||||
10,200 | Yorozu Corp. | 89,499 | ||||||||||||
1,049,000 | Yuasa Trading Co., Ltd. | 1,027,717 | ||||||||||||
72,324,173 | ||||||||||||||
Kazakhstan: 0.1% | ||||||||||||||
17,600 | Eurasian Natural Resources Corp. | 153,254 | ||||||||||||
153,254 | ||||||||||||||
Luxembourg: 0.4% | ||||||||||||||
1,125,019 | Regus PLC | 1,273,811 | ||||||||||||
1,273,811 | ||||||||||||||
Malaysia: 0.4% | ||||||||||||||
516,500 | Kulim Malaysia BHD | 802,165 | ||||||||||||
1,142,300 | Lion Industries Corp. Bhd | 318,143 | ||||||||||||
96,900 | Telekom Malaysia BHD | 103,745 | ||||||||||||
1,224,053 | ||||||||||||||
Mexico: 0.2% | ||||||||||||||
211,205 | @,L | Grupo Simec SAB de CV | 313,610 | |||||||||||
194,702 | @ | Industrias CH SA — Series B | 429,004 | |||||||||||
742,614 | ||||||||||||||
Netherlands: 2.5% | ||||||||||||||
3,955 | Accell Group | 113,801 | ||||||||||||
20,000 | Arcadis NV | 294,692 |
147
Table of Contents
Shares | Value | |||||||||||||
Netherlands (continued) | ||||||||||||||
52,768 | Draka Holding | $ | 563,803 | |||||||||||
12,360 | Exact Holding NV | 245,046 | ||||||||||||
19,500 | Fugro NV | 698,139 | ||||||||||||
5,200 | @ | Gemalto NV | 163,734 | |||||||||||
16,212 | Grontmij | 356,680 | ||||||||||||
1,882 | Heijmans NV | 12,121 | ||||||||||||
1,505 | Imtech NV | 23,490 | ||||||||||||
14,351 | Innoconcepts | 55,264 | ||||||||||||
78,031 | James Hardie Industries NV | 260,852 | ||||||||||||
12,400 | Koninklijke DSM NV | 384,552 | ||||||||||||
18,905 | Koninklijke Wessanen NV | 84,519 | ||||||||||||
313,964 | OCE NV | 1,987,044 | ||||||||||||
28,000 | SBM Offshore NV | 451,297 | ||||||||||||
15,415 | @ | Smartrac NV | 189,625 | |||||||||||
37,735 | Ten Cate NV | 720,135 | ||||||||||||
33,751 | Unit 4 Agresso NV | 408,635 | ||||||||||||
944 | USG People NV | 8,875 | ||||||||||||
168,944 | @ | Van der Moolen Holding NV | 483,364 | |||||||||||
24,324 | Wavin NV | 68,240 | ||||||||||||
7,573,908 | ||||||||||||||
New Zealand: 0.2% | ||||||||||||||
116,987 | Fisher & Paykel Healthcare Corp. | 200,993 | ||||||||||||
92,588 | Fletcher Building Ltd. | 349,818 | ||||||||||||
550,811 | ||||||||||||||
Norway: 0.3% | ||||||||||||||
29,200 | Acergy SA | 225,540 | ||||||||||||
127,950 | @ | Norske Skogindustrier ASA | 299,390 | |||||||||||
45,000 | @ | Pronova BioPharma AS | 112,883 | |||||||||||
59,319 | @ | StepStone ASA | 52,882 | |||||||||||
3,000 | Tandberg ASA | 42,209 | ||||||||||||
25,400 | @ | TGS Nopec Geophysical Co. ASA | 187,557 | |||||||||||
920,461 | ||||||||||||||
Pakistan: 0.1% | ||||||||||||||
657,000 | Bank Alfalah Ltd. | 100,248 | ||||||||||||
601,500 | Pakistan Telecommunication Co., Ltd. | 130,868 | ||||||||||||
231,116 | ||||||||||||||
Singapore: 4.1% | ||||||||||||||
859,000 | # | ARA Asset Management Ltd. | 266,896 | |||||||||||
100,000 | ComfortDelgro Corp., Ltd. | 95,334 | ||||||||||||
288,000 | Goodpack Ltd. | 157,636 | ||||||||||||
267,000 | Hong Leong Asia Ltd. | 129,756 | ||||||||||||
335,000 | Indofood Agri Resources Ltd. | 204,209 | ||||||||||||
86,000 | Jardine Cycle & Carriage Ltd. | 822,544 | ||||||||||||
1,223,000 | LC Development Ltd. | 111,224 | ||||||||||||
3,943,000 | Macquarie International Infrastructure Fund Ltd. | 898,826 | ||||||||||||
216,000 | Meiban Group Ltd. | 24,858 | ||||||||||||
4,939,000 | Mercator Lines Singapore Ltd. | 545,098 | ||||||||||||
1,362,000 | @ | Oceanus Group Ltd. | 123,009 | |||||||||||
170,000 | Olam International Ltd. | 200,482 | ||||||||||||
148,000 | Parkway Holdings Ltd. | 119,698 | ||||||||||||
75,000 | SembCorp Marine Ltd. | 105,590 | ||||||||||||
3,611,000 | Singapore Petroleum Co., Ltd. | 8,101,922 | ||||||||||||
570,000 | Singapore Post Ltd. | 291,977 | ||||||||||||
190,000 | SMRT Corp., Ltd. | 198,311 | ||||||||||||
50,000 | Super Coffeemix Manufacturing Ltd. | 14,429 | ||||||||||||
223,000 | Yanlord Land Group Ltd. | 214,633 | ||||||||||||
12,626,432 | ||||||||||||||
South Africa: 0.0% | ||||||||||||||
24,500 | First Uranium Corp. | 131,811 | ||||||||||||
131,811 | ||||||||||||||
South Korea: 2.1% | ||||||||||||||
11,010 | Chong Kun Dang Pharm Corp. | 165,233 | ||||||||||||
56,420 | @ | Dongbu Steel Co., Ltd. | 400,521 | |||||||||||
70,420 | @ | From30 Co., Ltd. | 186,834 | |||||||||||
17,770 | Global & Yuasa Battery Co., Ltd. | 413,179 | ||||||||||||
16,400 | Hanwha Chemical Corp. | 147,490 | ||||||||||||
1,517 | @ | Hite Brewery Co., Ltd. | 216,445 | |||||||||||
5,470 | @ | Hite Holdings Co., Ltd. | 138,169 | |||||||||||
17,400 | @ | Hyundai DSF Co., Ltd. | 106,456 | |||||||||||
81,380 | Hyundai Marine & Fire Insurance Co., Ltd. | 942,661 | ||||||||||||
19,690 | @ | Korean Petrochemical Industrial Co. | 636,968 | |||||||||||
3,840 | Kumho Electric, Inc. | 112,536 | ||||||||||||
10,946 | @ | Kyeryong Construction Industrial Co., Ltd. | 236,114 | |||||||||||
17,040 | LIG Non-Life Insurance Co., Ltd. | 213,980 | ||||||||||||
1,626 | @ | NHN Corp. | 196,640 | |||||||||||
44,384 | People & Telecommunication, Inc. | 346,858 | ||||||||||||
15,210 | @ | S&T Dynamics Co., Ltd. | 172,132 | |||||||||||
4,093 | @ | Samsung Corp. | 141,146 | |||||||||||
41,577 | @ | SeAH Steel Corp. | 1,415,343 | |||||||||||
9,640 | Woongjin Thinkbig Co. Ltd. | 163,457 | ||||||||||||
1,358 | @ | Yuhan Corp. | 209,928 | |||||||||||
6,562,090 | ||||||||||||||
Spain: 1.4% | ||||||||||||||
27,670 | Banco Espanol de Credito SA (Banesto) | 287,494 | ||||||||||||
23,300 | Bankinter SA | 275,416 | ||||||||||||
571 | Baron de Ley | 20,539 | ||||||||||||
8,225 | Bolsas y Mercados Espanoles | 229,772 | ||||||||||||
3,340 | Construcciones y Auxiliar de Ferrocarriles SA | 1,213,568 | ||||||||||||
4,645 | Corp. Mapfre SA | 13,240 | ||||||||||||
11,300 | Corporacion Financiera Alba SA | 486,824 | ||||||||||||
20,091 | Enagas | 349,300 | ||||||||||||
338,183 | @ | Ercros SA | 66,750 | |||||||||||
19,800 | Indra Sistemas SA | 391,609 | ||||||||||||
6,592 | Laboratorios Farmaceuticos Rovi SA | 47,164 | ||||||||||||
5,406 | Pescanova SA | 182,400 | ||||||||||||
15,310 | Red Electrica de Espana | 640,763 | ||||||||||||
3,023 | Viscofan SA | 56,124 | ||||||||||||
16,600 | @ | Vueling Airlines SA | 110,630 | |||||||||||
4,371,593 | ||||||||||||||
Sweden: 1.6% | ||||||||||||||
123,939 | BE Group AB | 416,306 | ||||||||||||
35,400 | @ | Betsson AB | 405,850 | |||||||||||
123,762 | Bure Equity AB | 403,371 | ||||||||||||
6,633 | Cardo AB | 148,007 | ||||||||||||
27,938 | D Carnegie AB | — | ||||||||||||
133,084 | JM AB | 911,891 | ||||||||||||
1,326 | Lundbergforetagen AB — B Shares | 50,729 | ||||||||||||
237,827 | NCC AB | 2,086,414 | ||||||||||||
30,000 | Saab AB | 202,888 | ||||||||||||
30,000 | Swedish Match AB | 428,104 | ||||||||||||
5,053,560 | ||||||||||||||
Switzerland: 4.5% | ||||||||||||||
5,000 | Actelion Ltd. — Reg | 227,798 | ||||||||||||
801 | Advanced Digital Broadcast Holdings SA | 22,466 | ||||||||||||
545 | AFG Arbonia-Forster Holding | 6,519 | ||||||||||||
5,000 | @ | Aryzta AG | 144,817 | |||||||||||
16,700 | @ | Aryzta AG | 486,716 | |||||||||||
6,722 | Baloise Holding AG | 493,473 | ||||||||||||
10,712 | Bank Sarasin & Compagnie AG | 255,353 | ||||||||||||
920 | Banque Cantonale Vaudoise | 313,945 | ||||||||||||
4,900 | Bellevue Group AG | 173,470 | ||||||||||||
4,600 | BKW FMB Energie AG | 319,878 | ||||||||||||
8,046 | Bobst Group AG | 200,497 | ||||||||||||
659 | Bucher Industries AG | 53,700 | ||||||||||||
1,701 | Coltene Holding AG | 57,928 |
148
Table of Contents
Shares | Value | |||||||||||||
Switzerland (continued) | ||||||||||||||
1,435 | Compagnie Financiere Tradition (CFT) | $ | 133,666 | |||||||||||
2,486 | Dufry Group | 66,223 | ||||||||||||
1,290 | Flughafen Zuerich AG | 270,836 | ||||||||||||
4,809 | @ | Forbo Holding AG | 801,105 | |||||||||||
1,540 | Galenica AG | 443,306 | ||||||||||||
2,725 | @ | Georg Fischer AG | 457,308 | |||||||||||
4,689 | Helvetia Holding AG | 1,215,527 | ||||||||||||
1,061 | Kuoni Reisen Holding | 306,551 | ||||||||||||
30 | Lindt & Spruengli AG | 48,017 | ||||||||||||
4,200 | Lonza Group AG | 385,300 | ||||||||||||
14,949 | @ | Micronas Semiconductor Hold | 47,983 | |||||||||||
66,016 | Mobilezone Holding AG | 397,941 | ||||||||||||
6,629 | @ | Newave Energy Holding SA | 174,152 | |||||||||||
1,000 | Partners Group | 87,374 | ||||||||||||
25,293 | @ | PSP Swiss Property AG | 1,188,807 | |||||||||||
6,600 | Schindler Holding AG | 345,995 | ||||||||||||
3,000 | Schweizerhall Holding AG | 445,907 | ||||||||||||
200 | Sika AG | 181,440 | ||||||||||||
6,781 | @ | Swiss Life Holding | 524,614 | |||||||||||
1,294 | Syngenta AG | 276,257 | ||||||||||||
22,005 | @ | Temenos Group AG — Reg | 304,677 | |||||||||||
9,019 | L | Valiant Holding | 1,586,117 | |||||||||||
7,881 | Valora Holding AG | 1,376,721 | ||||||||||||
13,822,384 | ||||||||||||||
Taiwan: 3.0% | ||||||||||||||
405 | Altek Corp. | 400 | ||||||||||||
333,059 | @ | Chia Hsin Cement Corp. | 168,173 | |||||||||||
11,326,000 | Chunghwa Picture Tubes Ltd. | 1,886,906 | ||||||||||||
111,000 | Fubon Financial Holding Co., Ltd. | 86,038 | ||||||||||||
260,295 | Gamania Digital Entertainment Co., Ltd. | 269,647 | ||||||||||||
503,000 | Gigabyte Technology Co., Ltd. | 350,069 | ||||||||||||
121,000 | Inventec Appliances Corp. | 113,310 | ||||||||||||
683,000 | Inventec Co., Ltd. | 341,678 | ||||||||||||
451,000 | KGI Securities Co., Ltd. | 161,976 | ||||||||||||
236,000 | Kindom Construction Co., Ltd. | 86,341 | ||||||||||||
2,366,334 | Macronix International | 985,075 | ||||||||||||
1,112,198 | Micro-Star International Co., Ltd. | 682,031 | ||||||||||||
489,000 | Mitac International | 226,013 | ||||||||||||
769,000 | @ | Taiwan Business Bank | 173,745 | |||||||||||
160,022 | Taiwan Surface Mounting Technology Co., Ltd. | 252,747 | ||||||||||||
7,286,000 | @ | Tatung Co., Ltd. | 1,944,088 | |||||||||||
247,000 | Tsann Kuen Enterprise Co., Ltd. | 184,258 | ||||||||||||
160,000 | Ttet Union Corp. | 159,195 | ||||||||||||
192,000 | Universal Scientific Industrial Co., Ltd. | 61,406 | ||||||||||||
1,146,000 | @ | Winbond Electronics Corp. | 206,106 | |||||||||||
1,375,000 | Yageo Corp. | 311,390 | ||||||||||||
1,497,050 | Yieh Phui Enterprise | 484,661 | ||||||||||||
9,135,253 | ||||||||||||||
Thailand: 0.2% | ||||||||||||||
522,900 | Charoen Pokphand Foods PCL | 49,029 | ||||||||||||
1,605,200 | Krung Thai Bank PCL | 239,630 | ||||||||||||
7,856,300 | Tata Steel Thailand PCL | 239,228 | ||||||||||||
527,887 | ||||||||||||||
Turkey: 0.8% | ||||||||||||||
316,793 | @ | Aksa Akrilik Kimya Sanayii | 389,598 | |||||||||||
275,328 | Anadolu Sigorta | 185,156 | ||||||||||||
1 | Bolu Cimento Sanayii | 1 | ||||||||||||
199,007 | @ | Dogan Sriketler Grubu Holdings | 79,885 | |||||||||||
125,637 | Eczacibasi Ilac Sanayi | 94,908 | ||||||||||||
28,916 | @ | Goodyear Lastikleri TAS | 136,158 | |||||||||||
1 | @ | Petrol Ofisi | 2 | |||||||||||
244,931 | @ | Turk Hava Yollari | 1,198,961 | |||||||||||
274,687 | @ | Vestel Elektronik Sanayi | 242,728 | |||||||||||
2,327,397 | ||||||||||||||
United Kingdom: 12.6% | ||||||||||||||
100,422 | Aberdeen Asset Management PLC | 194,744 | ||||||||||||
490,380 | Aggreko PLC | 4,158,912 | ||||||||||||
83,907 | Albemarle & Bond Holdings | 231,719 | ||||||||||||
70,900 | Amec PLC | 645,396 | ||||||||||||
137,343 | Amlin PLC | 726,820 | ||||||||||||
24,900 | @ | ASOS PLC | 141,757 | |||||||||||
77,500 | AssetCo PLC | 46,331 | ||||||||||||
85,214 | Atkins WS PLC | 768,645 | ||||||||||||
14,400 | @ | Autonomy Corp. PLC | 302,100 | |||||||||||
160,278 | Aveva Group PLC | 1,333,621 | ||||||||||||
97,047 | @ | Avocet Mining PLC | 112,285 | |||||||||||
807,044 | Beazley Group PLC | 1,201,531 | ||||||||||||
28,571 | Bespak PLC | 164,546 | ||||||||||||
51,448 | Bodycote PLC | 108,597 | ||||||||||||
341,022 | Brit Insurance Holdings PLC | 926,333 | ||||||||||||
66,600 | British Airways PLC | 144,215 | ||||||||||||
50,000 | BSS Group PLC | 234,925 | ||||||||||||
526,952 | Chaucer Holdings PLC | 319,801 | ||||||||||||
87,045 | Chloride Group PLC | 209,576 | ||||||||||||
28,322 | Close Brothers Group PLC | 261,726 | ||||||||||||
44,500 | Cobham PLC | 115,284 | ||||||||||||
21,962 | Cranswick PLC | 196,312 | ||||||||||||
23,700 | Croda International | 189,087 | ||||||||||||
88,021 | @ | CSR PLC | 338,884 | |||||||||||
50,000 | Daily Mail & General Trust | 242,763 | ||||||||||||
74,349 | Dairy Crest Group PLC | 340,293 | ||||||||||||
16,700 | @ | Dana Petroleum PLC | 308,757 | |||||||||||
37,417 | Dechra Pharmaceuticals PLC | 223,186 | ||||||||||||
398,512 | Dimension Data Holdings PLC | 298,148 | ||||||||||||
141,955 | Drax Group PLC | 1,076,498 | ||||||||||||
360,237 | DS Smith PLC | 411,020 | ||||||||||||
61,200 | eaga PLC | 120,968 | ||||||||||||
104,100 | Electrocomponents PLC | 242,220 | ||||||||||||
265,556 | Elementis PLC | 101,441 | ||||||||||||
305,249 | Evolution Group PLC | 538,326 | ||||||||||||
12,500 | Forth Ports PLC | 180,151 | ||||||||||||
217,218 | Friends Provident PLC | 204,389 | ||||||||||||
628,624 | Future PLC | 145,953 | ||||||||||||
941,131 | Game Group PLC | 2,737,614 | ||||||||||||
75,000 | Grainger PLC | 185,389 | ||||||||||||
7,223 | Greggs PLC | 367,958 | ||||||||||||
42,913 | Group 4 Securicor PLC | 118,995 | ||||||||||||
58,100 | Halfords Group PLC | 284,381 | ||||||||||||
42,035 | Hamworthy KSE | 119,859 | ||||||||||||
157,605 | Healthcare Locums PLC | 346,232 | ||||||||||||
368,207 | HMV Group PLC | 773,424 | ||||||||||||
9,700 | Homeserve PLC | 175,561 | ||||||||||||
25,000 | Hunting PLC | 170,683 | ||||||||||||
100,525 | IG Group Holdings PLC | 325,183 | ||||||||||||
88,100 | IMI PLC | 461,894 | ||||||||||||
1,196,797 | Inchcape PLC | 277,625 | ||||||||||||
22,700 | Intertek Group PLC | 340,346 | ||||||||||||
25,500 | Investec PLC | 122,142 | ||||||||||||
184,293 | Investec PLC | 888,349 | ||||||||||||
81,291 | ITE Group PLC | 114,535 | ||||||||||||
35,000 | John Wood Group PLC | 122,502 | ||||||||||||
28,814 | Keller Group PLC | 252,126 | ||||||||||||
19,403 | Kier Group PLC | 280,457 | ||||||||||||
123,152 | Laird Group PLC | 281,112 | ||||||||||||
75,000 | Liontrust Asset Management PLC | 116,398 | ||||||||||||
105,753 | Micro Focus International PLC | 496,813 | ||||||||||||
84,300 | Misys PLC | 172,058 | ||||||||||||
57,355 | Mitie Group | 176,640 | ||||||||||||
20,900 | Next PLC | 499,894 | ||||||||||||
57,634 | Oxford Instruments PLC | 135,133 | ||||||||||||
41,104 | Pace PLC | 103,060 | ||||||||||||
44,800 | Petrofac Ltd. | 377,916 | ||||||||||||
12,500 | @ | Premier Oil PLC | 191,519 | |||||||||||
50,428 | Ricardo PLC | 163,386 | ||||||||||||
36,800 | Rightmove PLC | 175,619 | ||||||||||||
25,295 | Rotork PLC | 302,534 | ||||||||||||
256,128 | Savills PLC | 1,060,009 |
149
Table of Contents
Shares | Value | |||||||||||||
United Kingdom (continued) | ||||||||||||||
26,242 | @ | SDL PLC | $ | 126,595 | ||||||||||
111,162 | Senior PLC | 57,610 | ||||||||||||
75,265 | SIG PLC | 178,707 | ||||||||||||
129,593 | Smiths News PLC | 191,284 | ||||||||||||
23,000 | Spectris PLC | 199,585 | ||||||||||||
20,600 | Spirax-Sarco Engineering PLC | 259,546 | ||||||||||||
613,933 | Spirent Communications PLC | 509,993 | ||||||||||||
1,478,407 | @ | Sportingbet PLC | 1,200,469 | |||||||||||
93,846 | SSL International PLC | 657,948 | ||||||||||||
18,043 | St. James’s Place PLC | 44,754 | ||||||||||||
82,646 | Stagecoach Group PLC | 159,036 | ||||||||||||
71,533 | Sthree PLC | 242,009 | ||||||||||||
17,314 | Synergy Health PLC | 99,625 | ||||||||||||
103,391 | Tate & Lyle PLC | 419,057 | ||||||||||||
18,643 | Thomas Cook Group PLC | 71,966 | ||||||||||||
121,084 | Tullett Prebon PLC | 474,812 | ||||||||||||
129,639 | Vitec Group PLC | 447,823 | ||||||||||||
30,111 | VT Group PLC | 204,909 | ||||||||||||
60,800 | Wetherspoon (J.D.) PLC | 365,962 | ||||||||||||
393,996 | WH Smith PLC | 2,428,218 | ||||||||||||
38,564,514 | ||||||||||||||
United States: 0.3% | ||||||||||||||
114,900 | Virgin Media, Inc. | 887,028 | ||||||||||||
887,028 | ||||||||||||||
Total Common Stock (Cost $394,719,160) | 279,398,128 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 0.5% | ||||||||||||||
France: 0.1% | ||||||||||||||
1,551 | Gecina SA | 84,886 | ||||||||||||
1,736 | ICADE | 134,295 | ||||||||||||
2,900 | Klepierre | 64,471 | ||||||||||||
2,476 | Mercialys | 76,034 | ||||||||||||
907 | Societe Immobiliere de Location pour l’Industrie et le Commerce | 76,307 | ||||||||||||
435,993 | ||||||||||||||
Greece: 0.0% | ||||||||||||||
4,986 | Eurobank Properties Real Estate Investment Co. | 45,946 | ||||||||||||
45,946 | ||||||||||||||
Japan: 0.1% | ||||||||||||||
10 | Global One Real Estate Investment Corp. | 59,403 | ||||||||||||
39 | Japan Hotel and Resort, Inc. | 53,436 | ||||||||||||
47 | Kenedix Realty Investment Corp. | 111,951 | ||||||||||||
224,790 | ||||||||||||||
Netherlands: 0.0% | ||||||||||||||
12,487 | Vastned Offices | 143,841 | ||||||||||||
143,841 | ||||||||||||||
Singapore: 0.1% | ||||||||||||||
588,000 | @ | Fortune Real Estate Investment Trust | 227,263 | |||||||||||
227,263 | ||||||||||||||
United Kingdom: 0.2% | ||||||||||||||
19,861 | Derwent Valley Holdings PLC | 244,636 | ||||||||||||
629,433 | Segro PLC | 220,739 | ||||||||||||
465,375 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $1,613,316) | 1,543,208 | |||||||||||||
MUTUAL FUNDS: 0.1% | ||||||||||||||
Canada: 0.1% | ||||||||||||||
7,800 | ** | ING Canada Inc. | 225,901 | |||||||||||
Total Mutual Funds (Cost $199,039) | 225,901 | |||||||||||||
PREFERRED STOCK: 0.7% | ||||||||||||||
Brazil: 0.1% | ||||||||||||||
34,100 | Metalurgica Gerdau SA | 323,716 | ||||||||||||
323,716 | ||||||||||||||
Germany: 0.4% | ||||||||||||||
32,076 | Draegerwerk AG | 793,120 | ||||||||||||
28,141 | Jungheinrich AG | 335,512 | ||||||||||||
1,128,632 | ||||||||||||||
Italy: 0.2% | ||||||||||||||
89,324 | @ | Instituto Finanziario Industriale S.p.A. | 731,113 | |||||||||||
731,113 | ||||||||||||||
Total Preferred Stock (Cost $4,152,013) | 2,183,461 | |||||||||||||
RIGHTS: 0.0% | ||||||||||||||
United Kingdom: 0.0% | ||||||||||||||
5,555 | Premier Oil PLC | 45,773 | ||||||||||||
Total Rights (Cost $38,650) | 45,773 | |||||||||||||
Total Long-Term Investments (Cost $400,722,178) | 283,396,471 | |||||||||||||
SHORT-TERM INVESTMENTS: 2.0% | ||||||||||||||
Affiliated Mutual Fund: 0.9% | ||||||||||||||
2,761,907 | ING Institutional Prime Money Market Fund — Class I | 2,761,907 | ||||||||||||
Total Mutual Fund (Cost $2,761,907) | 2,761,907 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Securities Lending CollateralCC: 1.1% | ||||||||||||||
$ | 3,412,553 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 3,396,614 | ||||||||||
Total Securities Lending Collateral (Cost $3,412,553) | 3,396,614 | |||||||||||||
Total Short-Term Investments (Cost $6,174,460) | 6,158,521 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $406,896,638)* | 94.2 | % | $ | 289,554,992 | ||||||||||
Other Assets and Liabilities - Net | 5.8 | 17,805,639 | ||||||||||||
Net Assets | 100.0 | % | $ | 307,360,631 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees. |
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cc | Securities purchased with cash collateral for securities loaned. | |
** | Investment in affiliate | |
I | Illiquid Security | |
L | Loaned security, a portion or all of the security is on loan at April 30, 2009. | |
* | Cost for federal income tax purposes is $411,358,296. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 13,032,181 | ||
Gross Unrealized Depreciation | (134,835,485 | ) | ||
Net Unrealized Depreciation | $ | (121,803,304 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Advertising | 0.3 | % | ||
Aerospace/Defense | 2.2 | |||
Agriculture | 0.6 | |||
Airlines | 0.5 | |||
Auto Manufacturers | 1.5 | |||
Auto Parts & Equipment | 2.2 | |||
Banks | 4.2 | |||
Beverages | 0.5 | |||
Biotechnology | 0.1 | |||
Building Materials | 1.0 | |||
Chemicals | 2.0 | |||
Coal | 0.0 | |||
Commercial Services | 3.2 | |||
Computers | 3.8 | |||
Distribution/Wholesale | 3.4 | |||
Diversified | 0.3 | |||
Diversified Financial Services | 2.4 | |||
Electric | 0.9 | |||
Electrical Components & Equipment | 1.8 | |||
Electronics | 3.3 | |||
Energy — Alternate Sources | 0.0 | |||
Engineering & Construction | 4.5 | |||
Entertainment | 0.9 | |||
Environmental Control | 0.2 | |||
Food | 4.1 | |||
Food Service | 0.0 | |||
Forest Products & Paper | 0.3 | |||
Gas | 0.5 | |||
Hand/Machine Tools | 1.1 | |||
Healthcare — Products | 0.9 | |||
Healthcare — Services | 0.5 | |||
Holding Companies — Diversified | 0.9 | |||
Home Furnishings | 1.4 | |||
Hotels | 0.0 | |||
Household Products/Wares | 0.3 | |||
Insurance | 3.9 | |||
Internet | 0.9 | |||
Investment Companies | 1.1 | |||
Iron/Steel | 1.5 | |||
Leisure Time | 0.5 | |||
Lodging | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Machinery — Diversified | 2.4 | |||
Media | 0.9 | |||
Metal Fabricate/Hardware | 2.2 | |||
Mining | 2.1 | |||
Miscellaneous Manufacturers | 1.1 | |||
Office Property | 0.1 | |||
Office/Business Equipment | 0.8 | |||
Oil & Gas | 4.7 | |||
Oil & Gas Services | 1.4 | |||
Open-End Funds | 0.1 | |||
Packaging & Containers | 0.1 | |||
Pharmaceuticals | 3.0 | |||
Pipelines | 0.0 | |||
Real Estate | 1.7 | |||
Retail | 6.6 | |||
Semiconductors | 0.9 | |||
Shipbuilding | 0.1 | |||
Shopping Centers | 0.1 | |||
Software | 2.4 | |||
Telecommunications | 1.5 | |||
Textiles | 0.1 | |||
Toys/Games/Hobbies | 0.1 | |||
Transportation | 1.8 | |||
Trucking & Leasing | 0.1 | |||
Short-Term Investments | 2.0 | |||
Other Assets and Liabilities — Net | 5.8 | |||
Net Assets | 100.0 | % | ||
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 31,346,899 | $ | — | ||||
Level 2 — Other Significant Observable Inputs† | 258,208,093 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 289,554,992 | $ | — | ||||
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Shares | Value | |||||||||||||
COMMON STOCK: 96.8% | ||||||||||||||
Bermuda: 1.7% | ||||||||||||||
1,080,234 | Tyco Electronics Ltd. | $ | 18,839,281 | |||||||||||
897,800 | XL Capital, Ltd. | 8,538,078 | ||||||||||||
27,377,359 | ||||||||||||||
Brazil: 3.8% | ||||||||||||||
1,023,900 | Banco do Brasil SA | 8,770,472 | ||||||||||||
1,193,871 | Centrais Eletricas Brasileiras SA ADR — Class A | 15,615,833 | ||||||||||||
873,400 | Cia Vale do Rio Doce ADR | 14,419,834 | ||||||||||||
3,542,186 | L | Contax Participacoes SA ADR | 3,170,256 | |||||||||||
555,854 | Tele Norte Leste Participacoes SA ADR | 8,643,530 | ||||||||||||
34,858 | Telemig Celular Participation SA ADR | 1,494,014 | ||||||||||||
220,358 | Tim Participacoes SA ADR | 3,671,164 | ||||||||||||
298,261 | Vivo Participacoes SA ADR | 4,760,246 | ||||||||||||
60,545,349 | ||||||||||||||
Canada: 1.7% | ||||||||||||||
150,800 | EnCana Corp. | 6,911,298 | ||||||||||||
235,900 | GoldCorp, Inc. | 6,491,968 | ||||||||||||
389,600 | Nexen, Inc. | 7,441,360 | ||||||||||||
254,500 | Suncor Energy, Inc. | 6,454,120 | ||||||||||||
27,298,746 | ||||||||||||||
China: 1.1% | ||||||||||||||
7,958,000 | Huaneng Power International, Inc. | 5,423,511 | ||||||||||||
148,800 | L | PetroChina Co., Ltd. ADR | 12,932,208 | |||||||||||
18,355,719 | ||||||||||||||
France: 11.6% | ||||||||||||||
361,142 | L | Air France-KLM | 4,009,668 | |||||||||||
8,738,520 | @ | Alcatel SA | 22,096,177 | |||||||||||
211,600 | BNP Paribas | 11,139,444 | ||||||||||||
920,360 | Carrefour SA | 37,317,856 | ||||||||||||
1,356,000 | Credit Agricole SA | 19,826,828 | ||||||||||||
835,462 | France Telecom SA | 18,547,281 | ||||||||||||
5,274,228 | Natixis | 11,941,653 | ||||||||||||
91,800 | PPR | 7,033,079 | ||||||||||||
725,283 | Sanofi-Aventis | 42,002,695 | ||||||||||||
243,204 | Total SA | 12,168,907 | ||||||||||||
186,083,588 | ||||||||||||||
Germany: 6.8% | ||||||||||||||
127,100 | Allianz AG | 11,727,910 | ||||||||||||
386,300 | Bayerische Motoren Werke AG | 13,384,954 | ||||||||||||
150,700 | L | Deutsche Bank AG | 7,901,201 | |||||||||||
307,000 | L | Deutsche Lufthansa AG | 3,916,310 | |||||||||||
394,000 | Deutsche Post AG | 4,545,894 | ||||||||||||
2,333,119 | Deutsche Telekom AG | 28,214,749 | ||||||||||||
193,060 | E.ON AG | 6,528,707 | ||||||||||||
3,113,300 | @,L | Infineon Technologies AG | 8,276,962 | |||||||||||
140,000 | L | MAN AG | 8,677,788 | |||||||||||
237,245 | Siemens AG | 15,951,136 | ||||||||||||
109,125,611 | ||||||||||||||
Greece: 0.6% | ||||||||||||||
452,200 | National Bank of Greece SA | 9,403,903 | ||||||||||||
9,403,903 | ||||||||||||||
Hong Kong: 1.5% | ||||||||||||||
3,314,000 | Hongkong Land Holdings Ltd. | 8,185,272 | ||||||||||||
2,033,000 | Swire Pacific Ltd. | 15,891,723 | ||||||||||||
24,076,995 | ||||||||||||||
Indonesia: 0.7% | ||||||||||||||
83,944,500 | Bumi Resources Tbk PT | 11,544,738 | ||||||||||||
11,544,738 | ||||||||||||||
Italy: 4.3% | ||||||||||||||
8,272,182 | Intesa Sanpaolo S.p.A. | 26,354,036 | ||||||||||||
9,779,185 | Telecom Italia S.p.A. | 12,365,752 | ||||||||||||
20,598,316 | Telecom Italia S.p.A. RNC | 18,401,862 | ||||||||||||
3,593,739 | Terna S.p.A | 11,540,610 | ||||||||||||
68,662,260 | ||||||||||||||
Japan: 25.2% | ||||||||||||||
2,488,400 | Aiful Corp. | 4,917,191 | ||||||||||||
701,000 | Akita Bank Ltd. | 2,339,703 | ||||||||||||
307,400 | Astellas Pharma, Inc. | 9,995,753 | ||||||||||||
402,300 | L | Canon, Inc. ADR | 12,153,483 | |||||||||||
1,621,000 | Dai Nippon Printing Co., Ltd. | 17,159,606 | ||||||||||||
850,436 | Daiichi Sankyo Co., Ltd. | 14,220,088 | ||||||||||||
376,800 | Denso Corp. | 8,907,125 | ||||||||||||
908,900 | Fuji Photo Film Co., Ltd. | 23,384,406 | ||||||||||||
2,026,700 | Hitachi Ltd. | 7,081,936 | ||||||||||||
5,931,200 | Mitsubishi UFJ Financial Group, Inc. | 32,353,913 | ||||||||||||
657,800 | Mitsui Sumitomo Insurance Group Holdings, Inc. | 17,947,127 | ||||||||||||
4,006,000 | Mitsui Trust Holdings, Inc. | 13,174,163 | ||||||||||||
6,614,700 | L | Mizuho Financial Group, Inc. | 13,948,377 | |||||||||||
8,200,000 | NEC Corp. | 27,262,344 | ||||||||||||
518,600 | Nippon Telegraph & Telephone Corp. | 19,541,108 | ||||||||||||
416,000 | Ono Pharmaceutical Co., Ltd. | 17,649,558 | ||||||||||||
423,900 | Rohm Co., Ltd. | 25,997,177 | ||||||||||||
435,500 | Seven & I Holdings Co., Ltd. | 9,840,834 | ||||||||||||
714,000 | L | Sharp Corp. | 7,518,230 | |||||||||||
1,375,600 | Sony Corp. | 35,743,594 | ||||||||||||
761,900 | Sumitomo Corp. | 6,631,982 | ||||||||||||
546,600 | Sumitomo Mitsui Financial Group, Inc. | 18,956,731 | ||||||||||||
270,000 | Taisho Pharmaceutical Co., Ltd. | 4,939,923 | ||||||||||||
874,700 | Takefuji Corp. | 4,701,781 | ||||||||||||
246,400 | TDK Corp. | 11,237,044 | ||||||||||||
644,900 | Tokio Marine Holdings, Inc. | 17,008,139 | ||||||||||||
335,700 | Toyota Motor Corp. | 13,286,591 | ||||||||||||
51,700 | L | Toyota Motor Corp. ADR | 4,092,572 | |||||||||||
401,990,479 | ||||||||||||||
Mexico: 1.2% | ||||||||||||||
864,465 | Telefonos de Mexico SA de CV ADR | 13,831,440 | ||||||||||||
445,420 | Telmex Internacional SAB de CV ADR | 4,623,460 | ||||||||||||
18,454,900 | ||||||||||||||
Netherlands: 6.5% | ||||||||||||||
4,455,347 | Aegon NV | 22,408,680 | ||||||||||||
470,000 | Akzo Nobel NV | 19,655,496 | ||||||||||||
1,464,612 | Koninklijke Ahold NV | 16,046,493 | ||||||||||||
568,503 | Royal KPN NV | 6,834,728 | ||||||||||||
846,179 | SNS Reaal | 4,763,071 | ||||||||||||
1,181,700 | Unilever NV | 23,382,811 | ||||||||||||
618,032 | Wolters Kluwer NV | 10,170,098 | ||||||||||||
103,261,377 | ||||||||||||||
New Zealand: 0.6% | ||||||||||||||
6,422,372 | Telecom Corp. of New Zealand Ltd. | 10,269,245 | ||||||||||||
10,269,245 | ||||||||||||||
Portugal: 1.1% | ||||||||||||||
2,383,176 | Portugal Telecom SGPS SA | 18,171,698 | ||||||||||||
18,171,698 | ||||||||||||||
Singapore: 0.7% | ||||||||||||||
1,441,000 | United Overseas Bank Ltd. | 11,106,779 | ||||||||||||
11,106,779 | ||||||||||||||
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Shares | Value | |||||||||||||
South Korea: 3.1% | ||||||||||||||
68,600 | Hyundai Motor Co. | $ | 3,665,638 | |||||||||||
594,910 | @ | Korea Electric Power Corp. | 12,850,541 | |||||||||||
368,410 | @,L | KT Corp. ADR | 5,275,631 | |||||||||||
33,700 | L | Posco ADR | 2,593,889 | |||||||||||
21,000 | Samsung Electronics Co., Ltd. | 9,696,900 | ||||||||||||
104,285 | SK Telecom Co., Ltd. | 14,866,509 | ||||||||||||
48,949,108 | ||||||||||||||
Spain: 1.0% | ||||||||||||||
795,902 | Telefonica SA | 15,290,417 | ||||||||||||
15,290,417 | ||||||||||||||
Sweden: 1.5% | ||||||||||||||
701,400 | Skanska AB | 7,565,325 | ||||||||||||
1,921,060 | Telefonaktiebolaget LM Ericsson | 16,317,290 | ||||||||||||
23,882,615 | ||||||||||||||
Switzerland: 4.2% | ||||||||||||||
210,300 | Adecco SA | 8,277,102 | ||||||||||||
3,914,100 | STMicroelectronics NV | 25,795,918 | ||||||||||||
471,310 | Swiss Reinsurance | 11,187,536 | ||||||||||||
53,000 | Swisscom AG | 13,820,114 | ||||||||||||
46,703 | Zurich Financial Services AG | 8,678,843 | ||||||||||||
67,759,513 | ||||||||||||||
Taiwan: 1.1% | ||||||||||||||
4,045,000 | HON HAI Precision Industry Co., Ltd. | 11,678,065 | ||||||||||||
16,309,059 | United Microelectronics Corp. | 6,159,973 | ||||||||||||
17,838,038 | ||||||||||||||
Turkey: 0.4% | ||||||||||||||
1,746,000 | KOC Holding A/S | 3,186,771 | ||||||||||||
1,348,000 | @ | Turkiye Garanti Bankasi A/S | 2,826,195 | |||||||||||
6,012,966 | ||||||||||||||
United Kingdom: 16.4% | ||||||||||||||
989,290 | AstraZeneca PLC | 34,640,437 | ||||||||||||
2,221,991 | Barclays PLC | 9,021,503 | ||||||||||||
187,987 | BP PLC ADR | 7,981,928 | ||||||||||||
1,718,300 | British Sky Broadcasting PLC | 12,232,605 | ||||||||||||
820,464 | Cadbury PLC | 6,134,891 | ||||||||||||
154,100 | Diageo PLC ADR | 7,373,685 | ||||||||||||
1,867,380 | GlaxoSmithKline PLC | 28,763,694 | ||||||||||||
2,615,393 | HSBC Holdings PLC | 18,599,276 | ||||||||||||
31,806,626 | ITV PLC | 14,934,156 | ||||||||||||
950,000 | Kazakhmys PLC | 7,380,535 | ||||||||||||
4,637,700 | Kingfisher PLC | 12,624,846 | ||||||||||||
6,363,351 | Marks & Spencer Group PLC | 31,525,685 | ||||||||||||
345,460 | Rio Tinto PLC | 14,036,519 | ||||||||||||
16,436,349 | Royal Bank of Scotland Group PLC | 10,031,189 | ||||||||||||
5,510,300 | Vodafone Group PLC | 10,127,778 | ||||||||||||
4,616,631 | WM Morrison Supermarkets PLC | 16,722,904 | ||||||||||||
440,668 | Wolseley PLC | 7,903,299 | ||||||||||||
1,768,600 | WPP PLC | 12,100,665 | ||||||||||||
262,135,595 | ||||||||||||||
Total Common Stock (Cost $2,248,446,668) | 1,547,596,998 | |||||||||||||
SHORT-TERM INVESTMENTS: 5.4% | ||||||||||||||
Affiliated Mutual Fund: 2.1% | ||||||||||||||
32,849,388 | ING Institutional Prime Money Market Fund — Class I | 32,849,388 | ||||||||||||
Total Mutual Fund (Cost $32,849,388) | 32,849,388 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Securities Lending CollateralCC: 3.3% | ||||||||||||||
$ | 53,303,120 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 53,062,662 | ||||||||||
Total Securities Lending Collateral (Cost $53,303,120) | 53,062,662 | |||||||||||||
Total Short-Term Investments (Cost $86,152,508) | 85,912,050 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $2,334,599,176)* | 102.2 | % | $ | 1,633,509,048 | ||||||||||
Other Assets and Liabilities - Net | (2.2 | ) | (35,317,041 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 1,598,192,007 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
cc | Securities purchased with cash collateral for securities loaned. | |
L | Loaned security, a portion or all of the security is on loan at April 30, 2009 | |
* | Cost for federal income tax purposes is $2,423,046,122. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 124,234,521 | ||
Gross Unrealized Depreciation | (913,771,595 | ) | ||
Net Unrealized Depreciation | $ | (789,537,074 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Airlines | 0.5 | % | ||
Auto Manufacturers | 2.2 | |||
Auto Parts & Equipment | 0.6 | |||
Banks | 14.5 | |||
Beverages | 0.5 | |||
Chemicals | 1.2 | |||
Coal | 0.7 | |||
Commercial Services | 1.8 | |||
Computers | 0.7 | |||
Distribution/Wholesale | 0.9 | |||
Diversified Financial Services | 0.6 | |||
Electric | 3.3 | |||
Electrical Components & Equipment | 0.4 | |||
Electronics | 3.6 | |||
Engineering & Construction | 0.5 | |||
Food | 6.2 | |||
Holding Companies — Diversified | 1.2 | |||
Home Furnishings | 2.7 | |||
Insurance | 6.1 | |||
Iron/Steel | 0.2 | |||
Machinery — Diversified | 0.5 | |||
Media | 3.1 | |||
Mining | 2.6 | |||
Miscellaneous Manufacturers | 2.5 | |||
Office/Business Equipment | 0.8 | |||
Oil & Gas | 3.4 | |||
Pharmaceuticals | 9.5 | |||
Real Estate | 0.5 | |||
Retail | 3.8 | |||
Semiconductors | 4.7 | |||
Telecommunications | 16.7 | |||
Transportation | 0.3 | |||
Short-Term Investments | 5.4 | |||
Other Assets and Liabilities — Net | (2.2 | ) | ||
Net Assets | 100.0 | % | ||
153
Table of Contents
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 337,240,273 | $ | — | ||||
Level 2 — Other Significant Observable Inputs† | 1,296,268,775 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 1,633,509,048 | $ | — | ||||
154
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Shares | Value | |||||||||||||
COMMON STOCK: 95.9% | ||||||||||||||
Australia: 1.9% | ||||||||||||||
429,986 | Alumina Ltd. | $ | 390,615 | |||||||||||
16,401 | Newcrest Mining Ltd. | 354,235 | ||||||||||||
744,850 | ||||||||||||||
Belgium: 1.7% | ||||||||||||||
22,390 | Belgacom SA | 650,827 | ||||||||||||
650,827 | ||||||||||||||
Brazil: 1.6% | ||||||||||||||
45 | Centrais Eletricas Brasileiras SA | 596 | ||||||||||||
46,350 | Centrais Eletricas Brasileiras SA ADR — Class B | 591,890 | ||||||||||||
592,486 | ||||||||||||||
Canada: 10.4% | ||||||||||||||
39,246 | Barrick Gold Corp. | 1,142,059 | ||||||||||||
51,378 | @ | Ivanhoe Mines Ltd. | 329,333 | |||||||||||
36,998 | Magna International, Inc. | 1,256,452 | ||||||||||||
29,521 | Nexen, Inc. | 563,851 | ||||||||||||
26,870 | Suncor Energy, Inc. | 681,423 | ||||||||||||
3,973,118 | ||||||||||||||
Finland: 3.4% | ||||||||||||||
38,244 | Nokia OYJ ADR | 540,770 | ||||||||||||
130,570 | Stora Enso OYJ (Euro Denominated Security) | 745,276 | ||||||||||||
1,286,046 | ||||||||||||||
France: 9.6% | ||||||||||||||
170,148 | @ | Alcatel SA | 430,235 | |||||||||||
700 | Areva SA | 350,981 | ||||||||||||
18,979 | Sanofi-Aventis | 1,099,115 | ||||||||||||
7,781 | Societe Generale | 397,676 | ||||||||||||
14,901 | Technip SA | 640,150 | ||||||||||||
17,862 | Thales SA | 741,001 | ||||||||||||
3,659,158 | ||||||||||||||
Germany: 2.1% | ||||||||||||||
11,928 | Siemens AG | 801,978 | ||||||||||||
801,978 | ||||||||||||||
Italy: 2.5% | ||||||||||||||
1,090,036 | Telecom Italia S.p.A. RNC | 973,803 | ||||||||||||
973,803 | ||||||||||||||
Japan: 34.5% | ||||||||||||||
69,400 | Coca-Cola West Holdings Co., Ltd. | 1,140,906 | ||||||||||||
117,000 | Dai Nippon Printing Co., Ltd. | 1,238,537 | ||||||||||||
46,200 | Fuji Photo Film Co., Ltd. | 1,188,645 | ||||||||||||
48,500 | JS Group Corp. | 590,193 | ||||||||||||
25,000 | Mabuchi Motor Co., Ltd. | 1,132,482 | ||||||||||||
29,400 | Mitsui Sumitomo Insurance Group Holdings, Inc. | 802,137 | ||||||||||||
56,033 | Nippon Telegraph & Telephone Corp. ADR | 1,053,420 | ||||||||||||
14,100 | Rohm Co., Ltd. | 864,733 | ||||||||||||
61,800 | Sega Sammy Holdings, Inc. | 559,430 | ||||||||||||
68,000 | Sekisui House Ltd. | 586,863 | ||||||||||||
42,800 | Seven & I Holdings Co., Ltd. | 967,136 | ||||||||||||
58,600 | Shiseido Co., Ltd. | 1,028,807 | ||||||||||||
109,000 | Sumitomo Trust & Banking Co., Ltd. | 456,129 | ||||||||||||
49,400 | Toyo Seikan Kaisha Ltd. | 818,071 | ||||||||||||
60,000 | Wacoal Holdings Corp. | 743,302 | ||||||||||||
13,170,791 | ||||||||||||||
Netherlands: 6.2% | ||||||||||||||
24,235 | @ | Gemalto NV | 763,096 | |||||||||||
22,967 | Royal Dutch Shell PLC ADR — Class B | 1,044,999 | ||||||||||||
32,987 | Wolters Kluwer NV | 542,821 | ||||||||||||
2,350,916 | ||||||||||||||
South Africa: 5.4% | ||||||||||||||
25,415 | Anglogold Ashanti Ltd. ADR | 782,782 | ||||||||||||
69,224 | Gold Fields Ltd. | 720,020 | ||||||||||||
30,182 | Impala Platinum Holdings Ltd. | 576,689 | ||||||||||||
2,079,491 | ||||||||||||||
South Korea: 4.2% | ||||||||||||||
45,452 | @ | Korea Electric Power Corp. ADR | 485,427 | |||||||||||
71,145 | SK Telecom Co., Ltd. ADR | 1,114,842 | ||||||||||||
1,600,269 | ||||||||||||||
Switzerland: 3.5% | ||||||||||||||
24,696 | Novartis AG | 934,702 | ||||||||||||
29,393 | @ | UBS AG — Reg | 400,921 | |||||||||||
1,335,623 | ||||||||||||||
United Kingdom: 6.3% | ||||||||||||||
17,834 | BP PLC ADR | 757,232 | ||||||||||||
84,438 | United Utilities Group PLC | 631,458 | ||||||||||||
554,224 | Vodafone Group PLC | 1,018,648 | ||||||||||||
2,407,338 | ||||||||||||||
United States: 2.6% | ||||||||||||||
24,426 | Newmont Mining Corp. | 982,902 | ||||||||||||
982,902 | ||||||||||||||
Total Common Stock (Cost $46,465,195) | 36,609,596 | |||||||||||||
PREFERRED STOCK: 1.4% | ||||||||||||||
United States: 1.4% | ||||||||||||||
1,246 | P | Lucent Technologies Capital Trust I | 505,876 | |||||||||||
Total Preferred Stock (Cost $406,350) | 505,876 | |||||||||||||
Total Long-Term Investments (Cost $46,871,545) | 37,115,472 | |||||||||||||
SHORT-TERM INVESTMENTS: 3.2% | ||||||||||||||
Affiliated Mutual Fund: 3.2% | ||||||||||||||
1,230,587 | ING Institutional Prime Money Market Fund — Class I | 1,230,587 | ||||||||||||
Total Short-Term Investments (Cost $1,230,587) | 1,230,587 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $48,102,132)* | 100.5 | % | $ | 38,346,059 | ||||||||||
Other Assets and Liabilities - Net | (0.5 | ) | (179,596 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 38,166,463 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
P | Preferred Stock may be called prior to convertible date. | |
* | Cost for federal income tax purposes is $49,540,976. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 1,344,938 | ||
Gross Unrealized Depreciation | (12,539,855 | ) | ||
Net Unrealized Depreciation | $ | (11,194,917 | ) | |
155
Table of Contents
Percentage of | ||||
Industry | Net Assets | |||
Aerospace/Defense | 1.9 | % | ||
Apparel | 2.0 | |||
Auto Parts & Equipment | 3.3 | |||
Banks | 3.3 | |||
Beverages | 3.0 | |||
Building Materials | 1.5 | |||
Commercial Services | 3.2 | |||
Computers | 2.0 | |||
Cosmetics/Personal Care | 2.7 | |||
Electric | 2.8 | |||
Electronics | 3.0 | |||
Energy — Alternate Sources | 0.9 | |||
Forest Products & Paper | 2.0 | |||
Home Builders | 1.5 | |||
Insurance | 2.1 | |||
Leisure Time | 1.5 | |||
Media | 1.4 | |||
Mining | 13.8 | |||
Miscellaneous Manufacturers | 5.2 | |||
Oil & Gas | 8.0 | |||
Oil & Gas Services | 1.7 | |||
Packaging & Containers | 2.1 | |||
Pharmaceuticals | 5.3 | |||
Retail | 2.5 | |||
Semiconductors | 2.3 | |||
Telecommunications | 16.6 | |||
Water | 1.7 | |||
Short-Term Investments | 3.2 | |||
Other Assets and Liabilities — Net | (0.5 | ) | ||
Net Assets | 100.0 | % | ||
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 14,449,216 | $ | — | ||||
Level 2 — Other Significant Observable Inputs† | 23,896,843 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 38,346,059 | $ | — | ||||
156
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 93.4% | ||||||||||||||
Banks: 7.0% | ||||||||||||||
1,709,000 | I | Bank St. Petersburg BRD — Class S | $ | 1,473,765 | ||||||||||
17,536,621 | Sberbank RF | 14,577,036 | ||||||||||||
16,050,801 | ||||||||||||||
Chemicals: 1.6% | ||||||||||||||
318,000 | @ | Uralkali GDR | 3,751,103 | |||||||||||
3,751,103 | ||||||||||||||
Coal: 0.4% | ||||||||||||||
572,600 | Raspadskaya — Class S | 902,438 | ||||||||||||
902,438 | ||||||||||||||
Electric: 5.1% | ||||||||||||||
607,564,000 | @ | Federal Grid Co Unified Energy System JSC | 4,070,679 | |||||||||||
281,819,700 | @ | RusHydro | 7,806,406 | |||||||||||
11,877,085 | ||||||||||||||
Food: 1.0% | ||||||||||||||
174,800 | @ | X5 Retail Group N.V. GDR | 2,342,320 | |||||||||||
2,342,320 | ||||||||||||||
Internet: 0.6% | ||||||||||||||
1,324,122 | @,I | RBC Information Systems | 1,324,122 | |||||||||||
1,324,122 | ||||||||||||||
Iron/Steel: 3.0% | ||||||||||||||
2,571,400 | Novolipetsk Steel | 4,062,812 | ||||||||||||
750,000 | Severstal GDR | 2,873,624 | ||||||||||||
6,936,436 | ||||||||||||||
Media: 0.4% | ||||||||||||||
110,000 | CTC Media, Inc. | 862,400 | ||||||||||||
862,400 | ||||||||||||||
Metal Fabricate/Hardware: 1.6% | ||||||||||||||
344,700 | TMK OAO GDR | 2,417,390 | ||||||||||||
32,800 | I | Vsmpo-Avisma Corp. | 1,213,600 | |||||||||||
3,630,990 | ||||||||||||||
Mining: 7.2% | ||||||||||||||
632,021 | MMC Norilsk Nickel ADR | 5,191,730 | ||||||||||||
497,600 | Polymetal GDR | 2,935,840 | ||||||||||||
381,500 | L | Polyus Gold Co. ZAO ADR | 8,469,300 | |||||||||||
16,596,870 | ||||||||||||||
Oil & Gas: 54.3% | ||||||||||||||
811,100 | Lukoil-Spon ADR | 35,593,032 | ||||||||||||
334,100 | Novatek OAO GDR | 11,713,693 | ||||||||||||
4,239,600 | OAO Gazprom | 18,901,363 | ||||||||||||
605,497 | L | OAO Gazprom ADR | 10,623,404 | |||||||||||
5,467,200 | @,L | OAO Rosneft Oil Co. GDR | 28,204,760 | |||||||||||
1,387,400 | L | Surgutneftegaz ADR | 9,768,930 | |||||||||||
171,100 | Tatneft GDR | 10,564,880 | ||||||||||||
125,370,062 | ||||||||||||||
Pharmaceuticals: 1.7% | ||||||||||||||
384,865 | @ | Pharmstandard — Reg S GDR | 4,043,701 | |||||||||||
4,043,701 | ||||||||||||||
Real Estate: 1.3% | ||||||||||||||
811,680 | @,l | LSR Group GDR | 1,623,360 | |||||||||||
33,000 | @,I | Open Investments | 1,419,000 | |||||||||||
3,042,360 | ||||||||||||||
Retail: 3.5% | ||||||||||||||
246,100 | @ | Magnit OAO | 7,972,789 | |||||||||||
7,972,789 | ||||||||||||||
Telecommunications: 4.5% | ||||||||||||||
568,400 | @ | Comstar United Telesystems GDR | 2,474,224 | |||||||||||
78,200 | Mobile Telesystems Finance SA ADR | 2,591,548 | ||||||||||||
135,000 | I | Moscow City Telephone | 1,590,181 | |||||||||||
68,909,100 | I | Uralsvyazinform | 730,712 | |||||||||||
128,700 | Vimpel-Communications OAO ADR | 1,212,354 | ||||||||||||
2,225,000 | I | VolgaTelecom | 1,775,628 | |||||||||||
10,374,647 | ||||||||||||||
Transportation: 0.2% | ||||||||||||||
6,060,000 | I | Novorossiysk Sea Trade Port BRD | 454,500 | |||||||||||
454,500 | ||||||||||||||
Total Common Stock (Cost $382,189,928) | 215,532,624 | |||||||||||||
MUTUAL FUNDS: 3.8% | ||||||||||||||
Alternative Investment: 0.8% | ||||||||||||||
1,899,872 | @,I | RenShares Utilities Ltd. | 1,786,279 | |||||||||||
1,786,279 | ||||||||||||||
Open-End Funds: 3.0% | ||||||||||||||
400,000 | L | Market Vectors Russia ETF | 7,032,000 | |||||||||||
7,032,000 | ||||||||||||||
Total Mutual Funds (Cost $9,086,670) | 8,818,279 | |||||||||||||
Total Long-Term Investments (Cost $391,276,598) | 224,350,903 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 9.0% | ||||||||||||||
Securities Lending CollateralCC: 9.0% | ||||||||||||||
$ | 20,911,094 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 20,679,892 | ||||||||||
Total Short-Term Investments (Cost $20,911,094) | 20,679,892 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $412,187,692)* | 106.2 | % | $ | 245,030,795 | ||||||||||
Other Assets and Liabilities - Net | (6.2 | ) | (14,257,721 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 230,773,074 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
cc | Securities purchased with cash collateral for securities loaned. | |
L | Loaned security, a portion or all of the security is on loan at April 30, 2009. | |
I | Illiquid Security | |
* | Cost for federal income tax purposes is $412,302,011. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 6,486,951 | ||
Gross Unrealized Depreciation | (173,758,167 | ) | ||
Net Unrealized Depreciation | $ | (167,271,216 | ) | |
157
Table of Contents
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 49,010,422 | — | |||||
Level 2 — Other Significant Observable Inputs† | 196,020,373 | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 245,030,795 | $ | — | ||||
158
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
CORPORATE BONDS/NOTES: 20.3% | ||||||||||||||
Argentina: 0.2% | ||||||||||||||
$ | 752,097 | S,I | Province of Mendoza, 5.500%, due 09/04/18 | $ | 285,797 | |||||||||
40,368 | #,±,C,I | Transportadora Gas del Norte, 6.500%, due 12/31/12 | 8,881 | |||||||||||
200,000 | ±,I | Transportadora Gas del Norte, 7.500%, due 12/31/12 | 44,000 | |||||||||||
1,285,000 | #,±,I | Transportadora Gas del Norte, 8.000%, due 12/31/12 | 282,700 | |||||||||||
621,378 | ||||||||||||||
Brazil: 1.6% | ||||||||||||||
BRL | 2,400,000 | #,I | Banco Safra Ltd., 10.875%, due 04/03/17 | 941,548 | ||||||||||
BRL | 2,300,000 | I | Banco Votorantim, 10.625%, due 04/10/14 | 975,867 | ||||||||||
BRL | 250,000 | #,I | Banco Votorantim, 10.625%, due 04/10/14 | 49,199 | ||||||||||
$ | 252,290 | S, | Citigroup Funding, Inc., 6.083%, due 08/17/10 | 315,139 | ||||||||||
1,795,000 | C | Petrobras International Finance Co., 7.875%, due 03/15/19 | 1,929,625 | |||||||||||
4,211,378 | ||||||||||||||
Chile: 0.2% | ||||||||||||||
620,000 | #,C,I | Alto Parana SA, 6.375%, due 06/09/17 | 556,946 | |||||||||||
556,946 | ||||||||||||||
Cyprus: 0.4% | ||||||||||||||
1,150,000 | # | Alfa MTN Invest Ltd., 9.250%, due 06/24/13 | 965,000 | |||||||||||
965,000 | ||||||||||||||
Dominican Republic: 0.6% | ||||||||||||||
2,025,785 | #,,I | Standard Bank PLC, 15.000%, due 03/12/12 | 1,441,875 | |||||||||||
143,584 | ,I | Standard Bank PLC, 16.000%, due 07/20/09 | 132,791 | |||||||||||
1,574,666 | ||||||||||||||
Indonesia: 2.1% | ||||||||||||||
4,920,000 | S, | JPMorgan Chase London, 12.800%, due 06/17/21 | 4,712,868 | |||||||||||
1,060,000 | #,I | Majapahit Holding BV, 7.875%, due 06/29/37 | 710,200 | |||||||||||
5,423,068 | ||||||||||||||
Kazakhstan: 2.8% | ||||||||||||||
1,000,000 | # | HSBK Europe BV, 7.250%, due 05/03/17 | 515,712 | |||||||||||
1,200,000 | #,I | Kazkommerts International BV — REG S, 7.500%, due 11/29/16 | 678,000 | |||||||||||
210,000 | #,I | Kazkommerts International BV, 7.500%, due 11/29/16 | 111,300 | |||||||||||
730,000 | # | KazMunaiGaz Finance Sub BV, 8.375%, due 07/02/13 | 653,350 | |||||||||||
4,900,000 | # | KazMunaiGaz Finance Sub BV, 9.125%, due 07/02/18 | 4,263,000 | |||||||||||
990,150 | Tengizchevroil Finance Co. SARL, 6.124%, due 11/15/14 | 802,589 | ||||||||||||
1,500,000 | I | TuranAlem Finance BV, 8.250%, due 01/22/37 | 352,500 | |||||||||||
7,376,451 | ||||||||||||||
Mexico: 1.5% | ||||||||||||||
1,100,000 | C | Grupo Televisa SA, 6.000%, due 05/15/18 | 1,009,813 | |||||||||||
2,105,000 | C | Pemex Project Funding Master Trust, 5.750%, due 03/01/18 | 1,915,550 | |||||||||||
955,000 | C | Pemex Project Funding Master Trust, 6.625%, due 06/15/35 | 776,997 | |||||||||||
365,000 | #,C | Petroleos Mexicanos, 8.000%, due 05/03/19 | 390,106 | |||||||||||
4,092,466 | ||||||||||||||
Nigeria: 1.2% | ||||||||||||||
500,000 | S | Central Bank of Nigeria, 5.092%, due 01/05/10 | 27,500 | |||||||||||
400,000 | #,,I | UBS AG, due 12/27/13 | 347,490 | |||||||||||
2,000,000 | ,I | UBS AG, 9.850%, due 08/02/17 | 1,663,807 | |||||||||||
1,200,000 | #,,I | UBS AG, 12.000%, due 09/04/17 | 1,036,376 | |||||||||||
3,075,173 | ||||||||||||||
Peru: 0.9% | ||||||||||||||
1,161,806 | #,Z,,I | Interoceanica IV Finance Ltd., 6.720%, due 11/30/25 | 395,014 | |||||||||||
320,000 | #,Z,,I | Interoceanica IV Finance Ltd., 7.080%, due 11/30/18 | 166,080 | |||||||||||
242,200 | #,Z,I | Peru Enhanced Pass-through Finance Ltd., 6.590%, due 05/31/18 | 134,421 |
159
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Peru (continued) | ||||||||||||||
$ | 2,906,401 | Z,I | Peru Enhanced Pass-through Finance Ltd., 6.700%, due 05/31/18 | $ | 1,613,053 | |||||||||
2,308,568 | ||||||||||||||
Philippines: 0.2% | ||||||||||||||
450,000 | S,I | National Power Corp., 9.625%, due 05/15/28 | 432,000 | |||||||||||
432,000 | ||||||||||||||
Russia: 4.8% | ||||||||||||||
1,200,000 | C,I | Alfa Bond Issuance PLC for OJSC Alfa Bank, 8.635%, due 02/22/17 | 690,120 | |||||||||||
590,000 | GAZ Capital SA, 6.510%, due 03/07/22 | 414,475 | ||||||||||||
1,350,000 | S | GAZ Capital SA, 8.625%, due 04/28/34 | 1,255,500 | |||||||||||
1,500,000 | C,S,I | Kuznetski Capital for Bank of Moscow, 7.500%, due 11/25/15 | 1,027,500 | |||||||||||
545,000 | #,C | Lukoil International Finance BV, 6.656%, due 06/07/22 | 410,113 | |||||||||||
2,400,000 | S | Morgan Stanley Bank AG for OAO Gazprom, 9.625%, due 03/01/13 | 2,352,000 | |||||||||||
1,060,000 | # | RSHB Capital SA for OJSC Russian Agricultural Bank, 7.125%, due 01/14/14 | 918,914 | |||||||||||
995,000 | # | RSHB Capital SA for OJSC Russian Agricultural Bank, 7.750%, due 05/29/18 | 812,119 | |||||||||||
RUB | 25,000,000 | I | Sibacademfinance PLC for URSA Bank, 9.125%, due 02/26/10 | 702,234 | ||||||||||
$ | 700,000 | # | TransCapitalInvest Ltd for OJSC AK Transneft, 8.700%, due 08/07/18 | 615,140 | ||||||||||
2,000,000 | # | TransCapitalInvest Ltd. for OJSC AK Transneft, 6.103%, due 06/27/12 | 1,783,454 | |||||||||||
200,000 | # | TransCapitalInvest Ltd. for OJSC AK Transneft, 7.700%, due 08/07/13 | 179,134 | |||||||||||
1,205,000 | UBS Luxembourg SA for OJSC Vimpel Communications, 8.250%, due 05/23/16 | 852,538 | ||||||||||||
1,000,000 | # | VIP FIN (Vimpelcom), 9.125%, due 04/30/18 | 717,500 | |||||||||||
12,730,741 | ||||||||||||||
South Korea: 0.5% | ||||||||||||||
1,200,000 | Korea Development Bank, 8.000%, due 01/23/14 | 1,261,223 | ||||||||||||
1,261,223 | ||||||||||||||
Trinidad And Tobago: 0.7% | ||||||||||||||
2,515,000 | C,I | Petroleum Co. of Trinidad & Tobago Ltd., 6.000%, due 05/08/22 | 1,797,722 | |||||||||||
1,797,722 | ||||||||||||||
Turkey: 0.1% | ||||||||||||||
TRL | 400,000 | S | European Investment Bank, 10.000%, due 01/28/11 | 248,786 | ||||||||||
248,786 | ||||||||||||||
Ukraine: 0.6% | ||||||||||||||
$ | 550,000 | S,I | City of Kiev Ukraine, 8.000%, due 11/06/15 | 219,629 | ||||||||||
500,000 | I | Standard Bank (Nak), 8.125%, due 09/30/09 | 430,000 | |||||||||||
2,800,000 | #,I | UK SPV Credit Finance PLC for JSC Commercial Bank Privatbank, 8.000%, due 02/06/12 | 1,050,000 | |||||||||||
1,699,629 | ||||||||||||||
Venezuela: 1.9% | ||||||||||||||
7,500,000 | C,S | Petroleos de Venezuela SA, 5.250%, due 04/12/17 | 3,420,000 | |||||||||||
4,315,000 | C | Petroleos de Venezuela SA, 5.375%, due 04/12/27 | 1,665,590 | |||||||||||
5,085,590 | ||||||||||||||
Total Corporate Bonds/Notes (Cost $72,435,272 ) | 53,460,785 | |||||||||||||
OTHER BONDS: 70.6% | ||||||||||||||
Argentina: 1.7% | ||||||||||||||
9,005,000 | S | Argentina Government International Bond, due 12/15/35 | 308,872 | |||||||||||
9,525,000 | S | Argentina Government International Bond, due 12/15/35 | 271,939 | |||||||||||
2,000,000 | Argentina Government International Bond, 7.000%, due 10/03/15 | 551,000 | ||||||||||||
5,600,000 | +,#,S,I | Province of Buenos Aires Argentina, 3.000% (step rate 4.000%), due 05/15/35 | 1,122,800 | |||||||||||
2,480,000 | #,S,I | Province of Buenos Aires Argentina, 9.375%, due 09/14/18 | 700,600 |
160
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Argentina (continued) | ||||||||||||||
$ | 4,130,000 | I | Province of Buenos Aires Argentina, 9.625%, due 04/18/28 | $ | 1,166,725 | |||||||||
407,500 | #,I | Provincia Del Neuquen Titulo Provincial, 8.656%, due 10/18/14 | 372,863 | |||||||||||
4,494,799 | ||||||||||||||
Belize: 0.0% | ||||||||||||||
330,000 | +,C,I | Belize Government International Bond, 4.250% (step rate 6.000%), due 02/20/29 | 109,725 | |||||||||||
109,725 | ||||||||||||||
Bosnia and Herzegovina: 0.1% | ||||||||||||||
EUR | 750,000 | S,Z,I | Bosnia & Herzegovina Government International Bond, 17.290%, due 12/11/17 | 251,147 | ||||||||||
251,147 | ||||||||||||||
Brazil: 5.7% | ||||||||||||||
$ | 4,800,000 | S | Brazil Government International Bond, 7.125%, due 01/20/37 | 4,992,000 | ||||||||||
1,080,000 | S | Brazil Government International Bond, 8.750%, due 02/04/25 | 1,282,500 | |||||||||||
1,300,000 | C,S | Brazil Government International Bond, 11.000%, due 08/17/40 | 1,667,250 | |||||||||||
310,000 | C | Federative Republic of Brazil, 6.000%, due 01/17/17 | 316,045 | |||||||||||
3,400,000 | Federative Republic of Brazil, 12.500%, due 01/05/16 | 1,607,620 | ||||||||||||
11,000,000 | S | Federative Republic of Brazil, 12.500%, due 01/05/22 | 5,169,716 | |||||||||||
15,035,131 | ||||||||||||||
Colombia: 5.8% | ||||||||||||||
1,915,000 | S | Republic of Colombia, 7.375%, due 01/27/17 | 2,058,625 | |||||||||||
1,150,000 | Republic of Colombia, 7.375%, due 03/18/19 | 1,214,515 | ||||||||||||
355,000 | S | Republic of Colombia, 8.125%, due 05/21/24 | 390,500 | |||||||||||
22,000,000,000 | S | Republic of Colombia, 12.000%, due 10/22/15 | 11,556,337 | |||||||||||
15,219,977 | ||||||||||||||
Dominican Republic: 0.9% | ||||||||||||||
2,115,000 | #,S | Dominican Republic International Bond, 8.625%, due 04/20/27 | 1,533,375 | |||||||||||
956,355 | S | Dominican Republic International Bond, 9.040%, due 01/23/18 | 825,653 | |||||||||||
2,359,028 | ||||||||||||||
El Salvador: 0.4% | ||||||||||||||
1,230,000 | I | El Salvador Government International Bond, 7.650%, due 06/15/35 | 990,150 | |||||||||||
990,150 | ||||||||||||||
Ghana: 0.3% | ||||||||||||||
900,000 | # | Republic of Ghana, 8.500%, due 10/04/17 | 670,500 | |||||||||||
670,500 | ||||||||||||||
Hungary: 5.7% | ||||||||||||||
HUF | 2,450,000,000 | S | Hungary Government International Bond, 6.750%, due 02/12/13 | 10,023,351 | ||||||||||
HUF | 1,200,000,000 | S | Hungary Government International Bond, 8.000%, due 02/12/15 | 4,911,973 | ||||||||||
14,935,324 | ||||||||||||||
Indonesia: 8.5% | ||||||||||||||
$ | 2,415,000 | Indonesia Government International Bond, 7.500%, due 01/15/16 | 2,318,970 | |||||||||||
1,110,000 | # | Indonesia Government International Bond, 7.750%, due 01/17/38 | 976,800 | |||||||||||
1,470,000 | S | Indonesia Government International Bond, 8.500%, due 10/12/35 | 1,359,750 | |||||||||||
2,300,000 | Indonesia Government International Bond, 11.625%, due 03/04/19 | 2,715,263 | ||||||||||||
IDR | 91,000,000,000 | Indonesia Treasury Bond, 10.750%, due 05/15/16 | 8,263,995 | |||||||||||
IDR | 43,695,000,000 | Indonesia Treasury Bond, 11.250%, due 05/15/14 | 4,191,896 | |||||||||||
$ | 2,545,000 | # | Perusahaan Penerbit SBSN, 8.800%, due 04/23/14 | 2,592,962 | ||||||||||
22,419,636 | ||||||||||||||
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Principal | ||||||||||||||
Amount | Value | |||||||||||||
Iraq: 1.4% | ||||||||||||||
$ | 6,350,000 | C,S | Republic of Iraq, 5.800%, due 01/15/28 | $ | 3,587,750 | |||||||||
3,587,750 | ||||||||||||||
Lebanon: 0.1% | ||||||||||||||
210,000 | I | Lebanon Government International Bond, 8.250%, due 04/12/21 | 199,143 | |||||||||||
�� | 199,143 | |||||||||||||
Malaysia: 3.3% | ||||||||||||||
MYR | 25,000,000 | S | Malaysia Government International Bond, 4.240%, due 02/07/18 | 7,108,490 | ||||||||||
MYR | 5,000,000 | Malaysia Government International Bond, 5.734%, due 07/30/19 | 1,583,840 | |||||||||||
8,692,330 | ||||||||||||||
Mexico: 5.7% | ||||||||||||||
MXN | 182,000,000 | S | Mexican Bonos, 7.750%, due 12/14/17 | 13,321,092 | ||||||||||
$ | 280,000 | C | Mexico Government International Bond, 5.950%, due 03/19/19 | 280,000 | ||||||||||
1,300,000 | Mexico Government International Bond, 8.300%, due 08/15/31 | 1,482,000 | ||||||||||||
15,083,092 | ||||||||||||||
Pakistan: 0.9% | ||||||||||||||
3,695,000 | I | Islamic Republic of Pakistan, 6.875%, due 06/01/17 | 1,967,588 | |||||||||||
610,000 | I | Pakistan Government International Bond, 7.125%, due 03/31/16 | 348,180 | |||||||||||
2,315,768 | ||||||||||||||
Panama: 0.5% | ||||||||||||||
1,000,000 | Panama Government International Bond, 8.875%, due 09/30/27 | 1,147,500 | ||||||||||||
130,000 | S | Panama Government International Bond, 9.375%, due 04/01/29 | 152,750 | |||||||||||
1,300,250 | ||||||||||||||
Peru: 1.6% | ||||||||||||||
1,400,000 | Peru Government International Bond, 6.550%, due 03/14/37 | 1,361,220 | ||||||||||||
PEN | 5,000,000 | # | Peru Government International Bond, 6.900%, due 08/12/37 | 1,801,986 | ||||||||||
PEN | 2,700,000 | Peruvian Government International Bond, 6.900%, due 08/12/37 | 992,487 | |||||||||||
4,155,693 | ||||||||||||||
Philippines: 1.4% | ||||||||||||||
$ | 1,280,000 | Philippine Government International Bond, 8.375%, due 06/17/19 | 1,420,800 | |||||||||||
600,000 | Philippine Government International Bond, 8.875%, due 03/17/15 | 677,250 | ||||||||||||
1,500,000 | Philippine Government International Bond, 9.000%, due 02/15/13 | 1,727,850 | ||||||||||||
3,825,900 | ||||||||||||||
Poland: 3.3% | ||||||||||||||
PLN | 20,000,000 | S | Poland Government International Bond, 5.250%, due 04/25/13 | 5,882,634 | ||||||||||
PLN | 10,000,000 | S | Poland Government International Bond, 5.250%, due 10/25/17 | 2,833,182 | ||||||||||
8,715,816 | ||||||||||||||
Russia: 2.8% | ||||||||||||||
RUB | 3,542,400 | S | Russia Government International Bond, 7.500%, due 03/31/30 | 3,483,880 | ||||||||||
RUB | 2,800,000 | S | Russia Government International Bond, 12.750%, due 06/24/28 | 3,975,300 | ||||||||||
7,459,180 | ||||||||||||||
South Africa: 4.0% | ||||||||||||||
ZAR | 60,000,000 | South Africa Government International Bond, 13.500%, due 09/15/15 | 9,033,481 | |||||||||||
$ | 1,705,000 | South Africa Government International Bond, 5.875%, due 05/30/22 | 1,540,894 | |||||||||||
10,574,375 | ||||||||||||||
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Principal | ||||||||||||||
Amount | Value | |||||||||||||
South Korea: 0.5% | ||||||||||||||
$ | 1,365,000 | Republic of Korea, 7.125%, due 04/16/19 | $ | 1,399,193 | ||||||||||
1,399,193 | ||||||||||||||
Thailand: 4.5% | ||||||||||||||
THB | 70,000,000 | S | Thailand Government International Bond, 4.250%, due 03/13/13 | 2,166,842 | ||||||||||
THB | 200,000,000 | S | Thailand Government International Bond, 5.125%, due 03/13/18 | 6,604,569 | ||||||||||
THB | 100,000,000 | S | Thailand Government International Bond, 5.250%, due 05/12/14 | 3,235,242 | ||||||||||
12,006,653 | ||||||||||||||
Turkey: 7.9% | ||||||||||||||
TRL | 4,800,000 | S,Z | Turkey Government International Bond, 0.000%, due 04/14/10 | 2,705,997 | ||||||||||
$ | 1,000,000 | Turkey Government International Bond, 6.875%, due 03/17/36 | 865,000 | |||||||||||
1,250,000 | S | Turkey Government International Bond, 7.000%, due 02/05/25 | 1,212,500 | |||||||||||
4,450,000 | S | Turkey Government International Bond, 7.000%, due 09/26/16 | 4,516,750 | |||||||||||
TRL | 4,680,000 | S | Turkey Government International Bond, 10.000%, due 02/15/12 | 2,950,864 | ||||||||||
TRL | 3,000,000 | Turkey Government International Bond, 14.000%, due 09/26/12 | 1,895,329 | |||||||||||
TRL | 7,000,000 | S | Turkey Government International Bond, 16.000%, due 03/07/12 | 4,645,524 | ||||||||||
TRL | 3,000,000 | Turkey Government International Bond, 16.280%, due 06/26/13 | 1,971,254 | |||||||||||
20,763,218 | ||||||||||||||
Ukraine: 0.7% | ||||||||||||||
$ | 1,400,000 | I | Credit Suisse First Boston International for CJSC The EXIM of Ukraine, 6.800%, due 10/04/12 | 833,000 | ||||||||||
360,000 | Ukraine Government International Bond, 6.580%, due 11/21/16 | 223,200 | ||||||||||||
1,180,000 | S | Ukraine Government International Bond, 7.650%, due 06/11/13 | 790,600 | |||||||||||
1,846,800 | ||||||||||||||
United Arab Emirates: 0.2% | ||||||||||||||
610,000 | # | Emirate of Abu Dhabi, 6.750%, due 04/08/19 | 621,253 | |||||||||||
621,253 | ||||||||||||||
Uruguay: 1.0% | ||||||||||||||
314,322 | S | Uruguay Government International Bond, 7.625%, due 03/21/36 | 270,317 | |||||||||||
2,767,500 | & | Uruguay Government International Bond, 7.875%, due 01/15/33 | 2,449,238 | |||||||||||
2,719,555 | ||||||||||||||
Venezuela: 1.7% | ||||||||||||||
2,900,000 | Venezuela Government International Bond, 7.000%, due 12/01/18 | 1,587,750 | ||||||||||||
2,400,000 | Venezuela Government International Bond, 7.000%, due 03/31/38 | 1,170,000 | ||||||||||||
160,000 | Venezuela Government International Bond, 9.250%, due 05/07/28 | 91,248 | ||||||||||||
2,200,000 | Venezuela Government International Bond, 9.375%, due 01/13/34 | 1,331,000 | ||||||||||||
340,000 | S | Venezuela Government International Bond, 13.625%, due 08/15/18 | 282,200 | |||||||||||
4,462,198 | ||||||||||||||
Total Other Bonds (Cost $214,615,304) | 186,213,584 | |||||||||||||
Total Long-Term Investments (Cost $287,050,576) | 239,674,369 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $287,050,576)* | 90.9 | % | $ | 239,674,369 | ||||||||||
Other Assets and Liabilities - Net | 9.1 | 24,031,850 | ||||||||||||
Net Assets | 100.0 | % | $ | 263,706,219 | ||||||||||
& | Payment-in-kind | |
+ | Step-up basis bonds. Interest rates shown reflect current and next coupon rates. |
163
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# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees. | |
C | Bond may be called prior to maturity date. | |
I | Illiquid Security | |
S | All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities. | |
± | Defaulted security | |
Structured Note | ||
Z | Indicates Zero Coupon Bond; rate shown reflects current effective yield. | |
BRL | Brazilian Real | |
EUR | EU Euro | |
HUF | Hungarian Forint | |
IDR | Indonesian Rupiah | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
PEN | Peruvian Nuevo Sol | |
PLN | Polish Zloty | |
RUB | Russian Ruble | |
THB | Thai Baht | |
* | Cost for federal income tax purposes is $287,746,887. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 6,271,634 | ||
Gross Unrealized Depreciation | (54,344,152 | ) | ||
Net Unrealized Depreciation | $ | (48,072,518 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Banks | 5.2 | % | ||
Diversified Financial Services | 4.8 | |||
Electric | 0.4 | |||
Foreign Government Bonds | 70.6 | |||
Forest Products & Paper | 0.2 | |||
Gas | 0.1 | |||
Media | 0.4 | |||
Multi-National | 0.1 | |||
Municipal | 0.1 | |||
Oil & Gas | 8.4 | |||
Telecommunications | 0.6 | |||
Other Assets and Liabilities — Net | 9.1 | |||
Net Assets | 100.0 | % | ||
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | — | $ | (306,405 | ) | |||
Level 2 — Other Significant Observable Inputs | 219,602,231 | (57,267 | ) | |||||
Level 3 — Significant Unobservable Inputs | 20,072,138 | — | ||||||
Total | $ | 239,674,369 | $ | (363,672 | ) | |||
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Beginning Balance at 10/31/08 | $ | 27,670,709 | $ | — | ||||
Net Purchases/(Sales) | (9,433,413 | ) | — | |||||
Accrued Discounts/(Premiums) | 267,953 | — | ||||||
Total Realized Gain/(Loss) | (3,931,981 | ) | — | |||||
Total Unrealized Appreciation/(Depreciation) | 5,247,723 | — | ||||||
Net Transfers In/(Out) of Level 3 | 251,147 | — | ||||||
Ending Balance at 04/30/09 | $ | 20,072,138 | $ | — | ||||
In | Unrealized | |||||||||||||||||||
Settlement | Exchange | Appreciation | ||||||||||||||||||
Currency | Buy/Sell | Date | For | Value | (Depreciation) | |||||||||||||||
USD | ||||||||||||||||||||
Brazilian Real BRL 6,300,000 | BUY | 6/15/09 | 2,818,792 | 2,843,555 | $ | 24,763 | ||||||||||||||
Brazilian Real BRL 7,000,000 | BUY | 6/15/09 | 3.153,153 | 3,159,506 | 6,353 | |||||||||||||||
Chilean Peso CLP 3,350,000,000 | BUY | 5/20/09 | 5,638,307 | 5,755,849 | 117,542 | |||||||||||||||
Indonesian Rupiah IDR 15,000,000,000 | BUY | 6/15/09 | 1,305.824 | 1,402,395 | 96,571 | |||||||||||||||
Malaysian Ringgit MYR 7,500,000 | BUY | 6/9/09 | 2,106,742 | 2,103,498 | (3,244 | ) | ||||||||||||||
Polish Zloty PLN 17,000,000 | BUY | 6/15/09 | 5,111,245 | 5,068,070 | (43,175 | ) | ||||||||||||||
Polish Zloty PLN 6,200,000 | BUY | 6/15/09 | 1,877,081 | 1,848,355 | (28,726 | ) | ||||||||||||||
Polish Zloty PLN 18,500,000 | BUY | 6/16/09 | 5,545.564 | 5,514,913 | (30,651 | ) | ||||||||||||||
Thai Bant THB 16,000,000 | BUY | 6/9/09 | 449,817 | 452,234 | 2,417 | |||||||||||||||
Turkish Lira TRY 2,500,000 | BUY | 6/10/09 | 1,527,650 | 1,545,945 | 18,295 | |||||||||||||||
South African Rand ZAR 26,600,000 | BUY | 5/26/09 | 2,770,833 | 3,122,584 | 351,751 | |||||||||||||||
South African Rand ZAR 8,000.000 | BUY | 5/26/09 | 910,384 | 939,123 | 28,739 | |||||||||||||||
$ | 540,635 | |||||||||||||||||||
Chilean Peso CLP 1,200,000,000 | SELL | 5/20/09 | 1,997,004 | 2,061,797 | $ | (64,793 | ) | |||||||||||||
Colombian Peso COP 11,000,000,000 | SELL | 5/14/09 | 4,571,904 | 4,792,546 | (220,642 | ) | ||||||||||||||
Hungarian Forint HUF 324,000,000 | SELL | 6/9/09 | 1,422,675 | 1,472,865 | (50,190 | ) | ||||||||||||||
Hungarian Forint HUF 1,100,000,000 | SELL | 6/15/09 | 4,891,063 | 4,993,868 | (102,805 | ) | ||||||||||||||
Indonesian Rupiah IDR 27,000,000,000 | SELL | 6/15/09 | 2,450,091 | 2,524,311 | (74,220 | ) | ||||||||||||||
Malaysian Ringgit MYR 2,100,000 | SELL | 6/9/09 | 582,896 | 588,979 | (6,083 | ) | ||||||||||||||
Peruvian Nuevo Sol PEN 5,500,000 | SELL | 5/27/09 | 1,735,016 | 1,839,706 | (104,690 | ) | ||||||||||||||
Turkish Lira TRY 3,900,000 | SELL | 6/10/09 | 2,437,195 | 2.411,674 | 25,521 | |||||||||||||||
$ | (597,902 | ) | ||||||||||||||||||
164
Table of Contents
Unrealized | ||||||||||||
Number of | Expiration | Appreciation/ | ||||||||||
Contract Description | Contracts | Date | (Depreciation) | |||||||||
Long Contracts | ||||||||||||
U.S. Treasury 5-Year Note | 55 | 06/30/09 | $ | 4,727 | ||||||||
U.S. Treasury Long Bond | 75 | 06/19/09 | (311,132 | ) | ||||||||
$ | (306,405 | ) | ||||||||||
165
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
CORPORATE BONDS/NOTES: 21.8% | ||||||||||||||
Agriculture: 0.8% | ||||||||||||||
$ | 794,000 | Altria Group, Inc., 10.200%, due 02/06/39 | $ | 876,327 | ||||||||||
498,000 | Philip Morris International, Inc., 6.875%, due 03/17/14 | 546,522 | ||||||||||||
1,422,849 | ||||||||||||||
Banks: 2.5% | ||||||||||||||
744,000 | Barclays PLC, 6.050%, due 12/04/17 | 623,866 | ||||||||||||
573,000 | Citigroup, Inc., 5.500%, due 04/11/13 | 511,133 | ||||||||||||
400,000 | Fifth Third Bancorp., 8.250%, due 03/01/38 | 234,216 | ||||||||||||
518,000 | Goldman Sachs Group, Inc., 5.450%, due 11/01/12 | 518,776 | ||||||||||||
577,000 | Goldman Sachs Group, Inc., 6.000%, due 05/01/14 | 575,391 | ||||||||||||
250,000 | JPMorgan Chase Bank NA, 5.875%, due 06/13/16 | 231,921 | ||||||||||||
1,050,000 | C | Morgan Stanley, 6.750%, due 04/15/11 | 1,073,773 | |||||||||||
3,000 | National City Corp., 6.875%, due 05/15/19 | 2,567 | ||||||||||||
851,000 | Wachovia Bank NA, 6.600%, due 01/15/38 | 671,416 | ||||||||||||
302,000 | C | Wells Fargo & Company, 7.980%, due 02/28/49 | 169,338 | |||||||||||
4,612,397 | ||||||||||||||
Beverages: 1.0% | ||||||||||||||
565,000 | #,C | Anheuser-Busch Cos., Inc., 7.750%, due 01/15/19 | 592,548 | |||||||||||
750,000 | C | Dr Pepper Snapple Group, Inc., 6.820%, due 05/01/18 | 731,608 | |||||||||||
469,000 | C | PepsiCo, Inc., 7.900%, due 11/01/18 | 567,006 | |||||||||||
1,891,162 | ||||||||||||||
Computers: 1.0% | ||||||||||||||
150,000 | C | Hewlett-Packard Co., 4.750%, due 06/02/14 | 156,950 | |||||||||||
576,000 | C | Hewlett-Packard Co., 5.500%, due 03/01/18 | 604,892 | |||||||||||
678,000 | C | International Business Machines Corp., 7.625%, due 10/15/18 | 805,303 | |||||||||||
256,000 | C | International Business Machines Corp., 8.000%, due 10/15/38 | 317,382 | |||||||||||
1,884,527 | ||||||||||||||
Diversified Financial Services: 1.8% | ||||||||||||||
505,000 | American Express Credit Corp., 7.300%, due 08/20/13 | 506,371 | ||||||||||||
331,000 | FIA Card Services NA, 6.625%, due 06/15/12 | 304,769 | ||||||||||||
972,000 | General Electric Capital Corp., 6.875%, due 01/10/39 | 763,646 | ||||||||||||
619,000 | International Lease Finance Corp., 6.625%, due 11/15/13 | 386,872 | ||||||||||||
150,000 | John Deere Capital Corp., 5.350%, due 04/03/18 | 144,936 | ||||||||||||
217,000 | Merrill Lynch & Co., Inc., 4.250%, due 02/08/10 | 214,426 | ||||||||||||
497,000 | Merrill Lynch & Co., Inc., 6.050%, due 08/15/12 | 457,462 | ||||||||||||
369,000 | C | National Rural Utilities Cooperative Finance Corp., 10.375%, due 11/01/18 | 433,258 | |||||||||||
3,211,740 | ||||||||||||||
Electric: 2.8% | ||||||||||||||
64,000 | C | Commonwealth Edison Co., 4.700%, due 04/15/15 | 59,589 | |||||||||||
923,000 | C | Commonwealth Edison Co., 6.150%, due 03/15/12 | 951,742 | |||||||||||
519,000 | C | Constellation Energy Group, 7.600%, due 04/01/32 | 439,007 | |||||||||||
428,000 | C | Duke Energy Corp., 6.300%, due 02/01/14 | 451,806 | |||||||||||
438,000 | C | Entergy Texas, Inc., 7.125%, due 02/01/19 | 435,828 | |||||||||||
430,000 | C | Indiana Michigan Power, 7.000%, due 03/15/19 | 426,965 | |||||||||||
464,000 | C | Metropolitan Edison, 7.700%, due 01/15/19 | 475,076 | |||||||||||
711,000 | C | Nevada Power Co., 7.125%, due 03/15/19 | 722,276 | |||||||||||
527,000 | C | Progress Energy, Inc., 6.050%, due 03/15/14 | 550,209 | |||||||||||
179,000 | C | Progress Energy, Inc., 7.050%, due 03/15/19 | 190,094 | |||||||||||
476,000 | C | Southwestern Electric Power, 5.550%, due 01/15/17 | 439,438 | |||||||||||
5,142,030 | ||||||||||||||
Food: 0.8% | ||||||||||||||
466,000 | Kraft Foods, Inc., 6.125%, due 02/01/18 | 473,823 | ||||||||||||
500,000 | Kraft Foods, Inc., 6.500%, due 08/11/17 | 519,512 | ||||||||||||
395,000 | C | Unilever Capital Corp., 3.650%, due 02/15/14 | 401,645 | |||||||||||
1,394,980 | ||||||||||||||
Household Products/Wares: 0.5% | ||||||||||||||
785,000 | Kimberly-Clark Corp., 7.500%, due 11/01/18 | 919,200 | ||||||||||||
919,200 | ||||||||||||||
Insurance: 0.4% | ||||||||||||||
709,000 | C | Metlife, Inc., 7.717%, due 02/15/19 | 712,344 | |||||||||||
712,344 | ||||||||||||||
Media: 2.3% | ||||||||||||||
675,000 | C | Comcast Corp., 5.700%, due 05/15/18 | 661,073 | |||||||||||
76,000 | C | Comcast Corp., 5.900%, due 03/15/16 | 75,998 | |||||||||||
250,000 | C | Comcast Corp., 6.300%, due 11/15/17 | 254,960 | |||||||||||
751,000 | #,C | COX Communications, Inc., 6.250%, due 06/01/18 | 692,510 | |||||||||||
397,000 | C | News America, Inc., 6.150%, due 03/01/37 | 292,539 | |||||||||||
389,000 | #,C | News America, Inc., 6.900%, due 03/01/19 | 366,714 | |||||||||||
159,000 | C | Time Warner Cable, Inc., 6.200%, due 07/01/13 | 166,273 | |||||||||||
350,000 | C | Time Warner Cable, Inc., 6.750%, due 07/01/18 | 354,746 | |||||||||||
303,000 | C | Time Warner Cable, Inc., 8.750%, due 02/14/19 | 341,199 |
166
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Principal | ||||||||||||||
Amount | Value | |||||||||||||
Media (continued) | ||||||||||||||
$ | 353,000 | C | Time Warner, Inc., 5.500%, due 11/15/11 | $ | 362,613 | |||||||||
446,000 | C | Time Warner, Inc., 7.700%, due 05/01/32 | 407,004 | |||||||||||
373,000 | C | Viacom, Inc., 6.875%, due 04/30/36 | 304,995 | |||||||||||
4,280,624 | ||||||||||||||
Miscellaneous Manufacturers: 0.9% | ||||||||||||||
900,000 | General Electric Co., 5.250%, due 12/06/17 | 853,112 | ||||||||||||
673,000 | C | Tyco International Finance, 8.500%, due 01/15/19 | 721,581 | |||||||||||
1,574,693 | ||||||||||||||
Oil & Gas: 0.8% | ||||||||||||||
265,000 | C | ConocoPhillips, 5.750%, due 02/01/19 | 271,023 | |||||||||||
506,000 | C | Hess Corp., 7.000%, due 02/15/14 | 549,253 | |||||||||||
424,000 | C | Marathon Oil Corp., 6.500%, due 02/15/14 | 440,389 | |||||||||||
115,000 | C | Marathon Oil Corp., 7.500%, due 02/15/19 | 120,707 | |||||||||||
1,381,372 | ||||||||||||||
Oil & Gas Services: 0.1% | ||||||||||||||
140,000 | C | Weatherford International, Ltd., 9.625%, due 03/01/19 | 151,335 | |||||||||||
151,335 | ||||||||||||||
Pharmaceuticals: 1.1% | ||||||||||||||
428,000 | C | Novartis Securities Investment Ltd., 5.125%, due 02/10/19 | 439,079 | |||||||||||
604,000 | C | Pfizer, Inc., 6.200%, due 03/15/19 | 650,351 | |||||||||||
790,000 | C | Pfizer, Inc., 7.200%, due 03/15/39 | 870,815 | |||||||||||
1,960,245 | ||||||||||||||
Pipelines: 0.5% | ||||||||||||||
411,000 | C | Enbridge Energy Partners, 9.875%, due 03/01/19 | 441,827 | |||||||||||
246,000 | C | Energy Transfer Partners, 9.700%, due 03/15/19 | 273,720 | |||||||||||
90,000 | C | Trans-Canada Pipelines, 7.125%, due 01/15/19 | 98,885 | |||||||||||
99,000 | C | Trans-Canada Pipelines, 7.625%, due 01/15/39 | 108,710 | |||||||||||
923,142 | ||||||||||||||
Retail: 0.4% | ||||||||||||||
490,000 | C | CVS Caremark Corp., 5.750%, due 06/01/17 | 493,275 | |||||||||||
278,000 | C | CVS Caremark Corp., 6.600%, due 03/15/19 | 294,604 | |||||||||||
787,879 | ||||||||||||||
Software: 0.1% | ||||||||||||||
159,000 | C | Oracle Corp., 5.250%, due 01/15/16 | 163,234 | |||||||||||
86,000 | C | Oracle Corp., 5.750%, due 04/15/18 | 91,272 | |||||||||||
254,506 | ||||||||||||||
Telecommunications: 3.7% | ||||||||||||||
737,000 | C | AT&T, Inc., 6.550%, due 02/15/39 | 711,048 | |||||||||||
681,000 | C | AT&T, Inc., 6.700%, due 11/15/13 | 755,975 | |||||||||||
470,000 | C | British Telecommunications PLC, 5.950%, due 01/15/18 | 392,495 | |||||||||||
489,000 | C | Cisco Systems, Inc., 5.900%, due 02/15/39 | 464,367 | |||||||||||
438,000 | C | Deutsche Telekom International Finance BV, 5.875%, due 08/20/13 | 460,082 | |||||||||||
120,000 | C | Embarq Corp., 6.738%, due 06/01/13 | 115,901 | |||||||||||
387,000 | C | France Telecom SA, 8.500%, due 03/01/31 | 493,897 | |||||||||||
295,000 | Nokia OYJ, 5.375%, due 05/15/19 | 292,271 | ||||||||||||
223,000 | Nokia OYJ, 6.625%, due 05/15/39 | 221,872 | ||||||||||||
770,000 | C | Telefonica Emisones SAU, 6.421%, due 06/20/16 | 806,707 | |||||||||||
353,000 | C | TELUS Corp., 8.000%, due 06/01/11 | 375,080 | |||||||||||
376,000 | C | Verizon Communications, Inc., 8.950%, due 03/01/39 | 454,784 | |||||||||||
199,000 | #,C | Verizon Wireless, 8.500%, due 11/15/18 | 238,728 | |||||||||||
1,000,000 | #,C | Verizon Wireless Capital LLC, 5.550%, due 02/01/14 | 1,050,118 | |||||||||||
6,833,325 | ||||||||||||||
Transportation: 0.3% | ||||||||||||||
291,000 | C | Union Pacific Corp., 5.125%, due 02/15/14 | 287,514 | |||||||||||
350,000 | C | Union Pacific Corp., 5.700%, due 08/15/18 | 336,682 | |||||||||||
624,196 | ||||||||||||||
Total Corporate Bonds/Notes (Cost $38,051,847) | 39,962,546 | |||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 5.5% | ||||||||||||||
Federal Home Loan Mortgage Corporation##: 1.5% | ||||||||||||||
1,275,000 | W | 5.000%, due 06/01/39 | 1,307,074 | |||||||||||
931,000 | 5.500%, due 05/01/37 | 963,148 | ||||||||||||
343,000 | W | 6.000%, due 05/01/37 | 358,060 | |||||||||||
100,000 | 6.500%, due 06/01/37 | 105,703 | ||||||||||||
2,733,985 | ||||||||||||||
Federal National Mortgage Association##: 3.1% | ||||||||||||||
114,000 | 4.000%, due 02/25/39 | 113,608 | ||||||||||||
515,000 | W | 4.500%, due 06/01/37 | 522,564 | |||||||||||
1,037,000 | W | 5.000%, due 06/01/22-05/01/37 | 1,069,153 | |||||||||||
1,032,000 | 5.500%, due 05/01/37 | 1,069,249 | ||||||||||||
363,745 | S | 5.500%, due 06/01/37 | 377,307 | |||||||||||
646,000 | W | 5.500%, due 05/15/20 | 672,345 | |||||||||||
1,457,000 | W | 6.000%, due 06/01/37 | 1,519,606 | |||||||||||
375,000 | 6.500%, due 06/15/32 | 395,918 | ||||||||||||
5,739,750 | ||||||||||||||
Government National Mortgage Association: 0.9% | ||||||||||||||
226,000 | 4.500%, due 01/15/39 | 229,743 | ||||||||||||
393,000 | W | 5.000%, due 06/15/33 | 405,343 | |||||||||||
408,664 | 5.500%, due 03/20/39 | 424,492 | ||||||||||||
393,000 | W | 6.000%, due 05/15/34 | 410,009 | |||||||||||
146,000 | 6.500%, due 06/15/34 | 153,551 | ||||||||||||
1,623,138 | ||||||||||||||
Total U.S. Government Agency Obligations (Cost $10,077,327) | 10,096,873 | |||||||||||||
167
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
U.S. TREASURY OBLIGATIONS: 11.5% | ||||||||||||||
U.S. Treasury Bonds: 0.9% | ||||||||||||||
$ | 1,548,000 | S | 4.500%, due 05/15/38 | $ | 1,666,278 | |||||||||
1,666,278 | ||||||||||||||
U.S. Treasury Notes: 10.6% | ||||||||||||||
8,219,000 | S | 0.875%, due 03/31/11 | 8,221,573 | |||||||||||
1,984,000 | S | 1.375%, due 04/15/12 | 1,985,236 | |||||||||||
4,902,000 | S | 1.750%, due 03/31/14 | 4,848,387 | |||||||||||
4,427,000 | S | 2.750%, due 02/15/19 | 4,289,334 | |||||||||||
19,344,530 | ||||||||||||||
Total U.S. Treasury Obligations (Cost $21,263,621) | 21,010,808 | |||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: 0.7% | ||||||||||||||
500,000 | C,S | JPMorgan Chase Commercial Mortgage Securities Corp., 5.179%, due 12/15/44 | 432,592 | |||||||||||
500,000 | C,S | LB-UBS Commercial Mortgage Trust, 5.156%, due 02/15/31 | 414,436 | |||||||||||
500,000 | C,S | LB-UBS Commercial Mortgage Trust, 6.149%, due 04/15/41 | 441,113 | |||||||||||
Total Collateralized Mortgage Obligations (Cost $1,437,415) | 1,288,141 | |||||||||||||
OTHER BONDS: 51.6% | ||||||||||||||
Foreign Government Bonds: 51.6% | ||||||||||||||
BRL 57,000,000 | Brazil Notas do Tesouro Nacional Series F, 10.000%, due 01/01/12 | 26,048,900 | ||||||||||||
EUR 4,000,000 | Bundesobligation, 4.000%, due 10/11/13 | 5,675,147 | ||||||||||||
EUR 5,000,000 | Bundesrepublik Deutschland, 3.750%, due 01/04/19 | 6,919,899 | ||||||||||||
EUR 3,340,000 | S | Bundesrepublik Deutschland, 4.250%, due 01/04/14 | 4,788,998 | |||||||||||
EUR 2,665,000 | Bundesrepublik Deutschland, 4.250%, due 07/04/17 | 3,823,894 | ||||||||||||
EUR 3,200,000 | Bundesrepublik Deutschland, 4.250%, due 07/04/39 | 4,479,920 | ||||||||||||
EUR 6,500,000 | S | Bundesschatzanweisungen, 4.000%, due 09/10/10 | 8,926,956 | |||||||||||
CAD 2,200,000 | Canadian Government International Bond, 4.250%, due 06/01/18 | 2,032,709 | ||||||||||||
EUR 930,000 | France Government International Bond, 3.250%, due 04/25/16 | 1,240,508 | ||||||||||||
EUR 915,000 | S | Italy Buoni Poliennali Del Tesoro, 3.750%, due 08/01/16 | 1,225,733 | |||||||||||
EUR 3,000,000 | S | Italy Buoni Poliennali Del Tesoro, 5.500%, due 11/01/10 | 4,198,873 | |||||||||||
JPY 800,000,000 | S | Japan Government International Bond, 0.400%, due 03/15/11 | 8,118,402 | |||||||||||
JPY 500,000,000 | S | Japan Government International Bond, 1.400%, due 12/20/11 | 5,192,486 | |||||||||||
JPY 370,000,000 | S | Japan Government International Bond, 2.400%, due 09/20/38 | 3,942,624 | |||||||||||
UYU 6,067,000 | S | Republica Orient Uruguay, 4.250%, due 04/05/27 | 159,886 | |||||||||||
GBP 2,760,000 | United Kingdom Gilt, 4.750%, due 12/07/38 | 4,354,122 | ||||||||||||
GBP 1,950,000 | United Kingdom Gilt Bond, 5.000%, due 03/07/18 | 3,264,260 | ||||||||||||
Total Other Bonds (Cost $93,009,574) | 94,393,317 | |||||||||||||
Total Long-Term Investments (Cost $163,839,784) | 166,751,685 | |||||||||||||
SHORT-TERM INVESTMENTS: 10.5% | ||||||||||||||
Commercial Paper: 0.5% | ||||||||||||||
$ | 1,000,000 | S | Caissee, 0.700%, due 07/01/09 | 998,800 | ||||||||||
Total Commercial Paper (Cost $998,800) | 998,800 | |||||||||||||
Shares | Value | |||||||||||||
Affiliated Mutual Fund: 10.0% | ||||||||||||||
18,235,000 | S | ING Institutional Prime Money Market Fund — Class I | $ | 18,235,000 | ||||||||||
Total Mutual Fund (Cost $18,235,000) | 18,235,000 | |||||||||||||
Total Short-Term Investments (Cost $19,233,800) | 19,233,800 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $183,073,584)* | 101.6 | % | $ | 185,985,485 | ||||||||||
Other Assets and Liabilities - Net | (1.6 | ) | (2,987,402 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 182,998,083 | ||||||||||
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees. | |
C | Bond may be called prior to maturity date. | |
## | On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship and the U.S. Treasury guaranteed the debt issued by those organizations. | |
W | Settlement is on a when-issued or delayed-delivery basis. | |
S | All or a portion of this security is segregated to cover collateral requirements for applicable futures, options, swaps, foreign forward currency contracts and/or when-issued or delayed-delivery securities. | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
EUR | EU Euro | |
GBP | British Pound | |
JPY | Japanese Yen | |
* | Cost for federal income tax purposes is $183,224,801. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 4,167,256 | ||
Gross Unrealized Depreciation | (1,406,572 | ) | ||
Net Unrealized Appreciation | $ | 2,760,684 | ||
168
Table of Contents
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 24,190,612 | $ | (148,336 | ) | |||
Level 2 — Other Significant Observable Inputs | 135,745,973 | 990,951 | ||||||
Level 3 — Significant Unobservable Inputs | 26,048,900 | — | ||||||
Total | $ | 185,985,485 | $ | 842,615 | ||||
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Beginning Balance at 10/31/08 | $ | 17,964,280 | $ | — | ||||
Net Purchases/(Sales) | 9,067,046 | — | ||||||
Accrued Discounts/(Premiums) | (5,853 | ) | — | |||||
Total Realized Gain/(Loss) | (3,368,425 | ) | — | |||||
Total Unrealized Appreciation/(Depreciation) | 2,391,852 | — | ||||||
Net Transfers In/(Out) of Level 3 | — | — | ||||||
Ending Balance at 04/30/09 | $ | 26,048,900 | $ | — | ||||
Unrealized, | ||||||||||||||||||||
Settlement | In Exchange | Appreciation | ||||||||||||||||||
Currency | Buy/Sell | Date | For | Value | (Depreciation) | |||||||||||||||
USD | ||||||||||||||||||||
Australian Dollar | ||||||||||||||||||||
AUD 996,568 | BUY | 5/8/09 | 694,000 | 723,846 | $ | 29,846 | ||||||||||||||
Australian Dollar | ||||||||||||||||||||
AUD 2,937,244 | BUY | 5/8/09 | 2,087,000 | 2,133,435 | 46,435 | |||||||||||||||
Australian Dollar | ||||||||||||||||||||
AUD 2,040,370 | BUY | 5/8/09 | 1,438,000 | 1,482,001 | 44,001 | |||||||||||||||
Australian Dollar | ||||||||||||||||||||
AUD 3,247,735 | BUY | 5/8/09 | 2,321 ,000 | 2,358,957 | 37,957 | |||||||||||||||
Australian Dollar | ||||||||||||||||||||
AUD 3,221,718 | BUY | 5/8/09 | 2,326,000 | 2,340,060 | 14,060 | |||||||||||||||
Brazilian Real | ||||||||||||||||||||
BRL 20,057,079 | BUY | 5/29/09 | 9,121,000 | 9,087,253 | (33,747 | ) | ||||||||||||||
Canadian Dollar | ||||||||||||||||||||
CAD 2,816,214 | BUY | 5/8/09 | 2,268,944 | 2,360,090 | 91,146 | |||||||||||||||
Canadian Dollar | ||||||||||||||||||||
CAD 40,827 | BUY | 5/8/09 | 33,000 | 34,215 | 1,215 | |||||||||||||||
Canadian Dollar | ||||||||||||||||||||
CAD 650,910 | BUY | 5/8/09 | 526,000 | 545,487 | 19,487 | |||||||||||||||
Canadian Dollar | ||||||||||||||||||||
CAD 1,885,000 | BUY | 5/8/09 | 1,551,393 | 1,579,699 | 28,306 | |||||||||||||||
Canadian Dollar | ||||||||||||||||||||
CAD 689,110 | BUY | 5/8/09 | 556,000 | 577,499 | 21,499 | |||||||||||||||
Swiss Franc | ||||||||||||||||||||
CHF 7,697,300 | BUY | 5/29/09 | 6,658,766 | 6,746,946 | 88,180 | |||||||||||||||
Chilean Peso | ||||||||||||||||||||
CLP 2,148,579,999 | BUY | 5/29/09 | 3,555,780 | 3,690,850 | 135,070 | |||||||||||||||
Danish Krone | ||||||||||||||||||||
DKK 4,186,300 | BUY | 5/29/09 | 730,946 | 743,056 | 12,110 | |||||||||||||||
EU Euro | ||||||||||||||||||||
EUR 9,973,328 | BUY | 5/8/09 | 13,367,231 | 13,195,351 | (171,880 | ) | ||||||||||||||
British Pound | ||||||||||||||||||||
GBP 938,211 | BUY | 5/29/09 | 1,375,000 | 1,387,888 | 12,888 | |||||||||||||||
British Pound | ||||||||||||||||||||
GBP 1,367,500 | BUY | 5/29/09 | 2,000,596 | 2,022,932 | 22,336 | |||||||||||||||
British Pound | ||||||||||||||||||||
GBP 658,628 | BUY | 5/29/09 | 963,000 | 974,303 | 11,303 | |||||||||||||||
British Pound | ||||||||||||||||||||
GBP 652,351 | BUY | 5/29/09 | 963,000 | 965,017 | 2,017 | |||||||||||||||
Japanese Yen | ||||||||||||||||||||
JPY 1,574,542,712 | BUY | 5/8/09 | 15,609,469 | 15,967,650 | 358,181 | |||||||||||||||
South Korean Won | ||||||||||||||||||||
KRW 2,093,500,000 | BUY | 5/15/09 | 1,580,000 | 1,632,614 | 52,614 | |||||||||||||||
New Zealand Dollar | ||||||||||||||||||||
NZD 3,328,939 | BUY | 5/8/09 | 1,909,000 | 1,882,224 | (26,776 | ) | ||||||||||||||
New Zealand Dollar | ||||||||||||||||||||
NZD 147,636 | BUY | 5/8/09 | 85,000 | 83,475 | (1,525 | ) | ||||||||||||||
New Zealand Dollar | ||||||||||||||||||||
NZD 1,351,398 | BUY | 5/8/09 | 787,000 | 764,097 | (22,903 | ) | ||||||||||||||
New Zealand Dollar | ||||||||||||||||||||
NZD 1,404,007 | BUY | 5/8/09 | 830,000 | 793,843 | (36,157 | ) | ||||||||||||||
New Zealand Dollar | ||||||||||||||||||||
NZD 1,383,738 | BUY | 5/8/09 | 807,000 | 782,383 | (24,617 | ) | ||||||||||||||
New Zealand Dollar | ||||||||||||||||||||
NZD 2,805,243 | BUY | 5/8/09 | 1,622,000 | 1,586,120 | (35,880 | ) | ||||||||||||||
Swedish Krona | ||||||||||||||||||||
SEK 22,402,700 | BUY | 5/29/09 | 2,737,562 | 2,784,842 | 47,280 | |||||||||||||||
Taiwan New Dollar | ||||||||||||||||||||
TWD 24,986,555 | BUY | 5/15/09 | 745,000 | 758,885 | 13,885 | |||||||||||||||
$ | 736,331 | |||||||||||||||||||
Australian Dollar | ||||||||||||||||||||
AUD 2,269,437 | SELL | 5/8/09 | 1,611,251 | 1,648,381 | $ | (37,130 | ) | |||||||||||||
Australian Dollar | ||||||||||||||||||||
AUD 2,292,730 | SELL | 5/8/09 | 1,625,000 | 1,665,299 | (40,299 | ) | ||||||||||||||
Australian Dollar | ||||||||||||||||||||
AUD 2,446,765 | SELL | 5/8/09 | 1,727,000 | 1,777,181 | (50,181 | ) | ||||||||||||||
Australian Dollar | ||||||||||||||||||||
AUD 1,011,133 | SELL | 5/8/09 | 738,000 | 734,426 | 3,574 | |||||||||||||||
Brazilian Real | ||||||||||||||||||||
BRL 57,100,000 | SELL | 5/15/09 | 25,668,690 | 25,974,208 | (305,518 | ) | ||||||||||||||
Canadian Dollar | ||||||||||||||||||||
CAD 1,503,776 | SELL | 5/8/09 | 1,229,000 | 1,260,219 | (31,219 | ) | ||||||||||||||
Canadian Dollar | ||||||||||||||||||||
CAD 1,488,150 | SELL | 5/8/09 | 1,231,000 | 1,247,124 | (16,124 | ) | ||||||||||||||
EU Euro | ||||||||||||||||||||
EUR 3,898,205 | SELL | 5/8/09 | 5,171,000 | 5,157,575 | 13,425 | |||||||||||||||
EU Euro | ||||||||||||||||||||
EUR 780,338 | SELL | 5/8/09 | 1,033,000 | 1,032,437 | 563 |
169
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Unrealized, | ||||||||||||||||||||
Settlement | In Exchange | Appreciation | ||||||||||||||||||
Currency | Buy/Sell | Date | For | Value | (Depreciation) | |||||||||||||||
USD | ||||||||||||||||||||
EU Euro | ||||||||||||||||||||
EUR 633,539 | SELL | 5/8/09 | 833,000 | 838,213 | (5,213 | ) | ||||||||||||||
EU Euro | ||||||||||||||||||||
EUR 620,263 | SELL | 5/8/09 | 830,000 | 820,647 | 9,353 | |||||||||||||||
EU Euro | ||||||||||||||||||||
EUR 607,898 | SELL | 5/8/09 | 807,000 | 804,288 | 2,712 | |||||||||||||||
EU Euro | ||||||||||||||||||||
EUR 614,422 | SELL | 5/8/09 | 811,000 | 812,919 | (1,919 | ) | ||||||||||||||
EU Euro | ||||||||||||||||||||
EUR 537,133 | SELL | 5/8/09 | 694,000 | 710,662 | (16,662 | ) | ||||||||||||||
EU Euro | ||||||||||||||||||||
EUR 1,801,054 | SELL | 5/8/09 | 2,342,000 | 2,382,909 | (40,909 | ) | ||||||||||||||
EU Euro | ||||||||||||||||||||
EUR 657,689 | SELL | 5/8/09 | 865,000 | 870,165 | (5,165 | ) | ||||||||||||||
EU Euro | ||||||||||||||||||||
EUR 516,078 | SELL | 5/8/09 | 684,000 | 682,804 | 1,196 | |||||||||||||||
Mexican Peso | ||||||||||||||||||||
MXN 20,477 | SELL | 5/8/09 | 1,492 | 1,481 | 11 | |||||||||||||||
Norwegian Krone | ||||||||||||||||||||
NOK 15,220,600 | SELL | 5/29/09 | 2,253,146 | 2,315,440 | (62,294 | ) | ||||||||||||||
New Zealand Dollar | ||||||||||||||||||||
NZD 5,453,498 | SELL | 5/8/09 | 3,197,310 | 3,083,476 | 113,834 | |||||||||||||||
New Zealand Dollar | ||||||||||||||||||||
NZD 1,671,433 | SELL | 5/8/09 | 927,000 | 945,049 | (18,049 | ) | ||||||||||||||
New Zealand Dollar | ||||||||||||||||||||
NZD 2,679,153 | SELL | 5/8/09 | 1,502,000 | 1,514,827 | (12,827 | ) | ||||||||||||||
New Zealand Dollar | ||||||||||||||||||||
NZD 2,634,274 | SELL | 5/8/09 | 1,505,000 | 1,489,451 | 15,549 | |||||||||||||||
Swedish Krona | ||||||||||||||||||||
SEK 8,991,428 | SELL | 5/29/09 | 1,100,000 | 1,117,709 | (17,709 | ) | ||||||||||||||
Swedish Krona | ||||||||||||||||||||
SEK 8,979,683 | SELL | 5/29/09 | 1,100,000 | 1,116,249 | (16,249 | ) | ||||||||||||||
$ | (517,250 | ) | ||||||||||||||||||
Unrealized | ||||||||||||
Number of | Expiration | Appreciation/ | ||||||||||
Contract Description | Contracts | Date | (Depreciation) | |||||||||
Long Contracts | ||||||||||||
Australia 3-Year Bond | 25 | 06/15/09 | $ | (20,670 | ) | |||||||
Canada 10- Year Bond | 13 | 06/19/09 | (7,252 | ) | ||||||||
Euro-Bund | 72 | 06/08/09 | (56,716 | ) | ||||||||
Euro-Schatz | 8 | 06/08/09 | (3,737 | ) | ||||||||
Japan 10-Year Bond (TSE) | 11 | 06/11/09 | (187,890 | ) | ||||||||
Long Gilt | 22 | 06/26/09 | 15,030 | |||||||||
U.S. Treasury 2-Year Note | 18 | 06/30/09 | 15,705 | |||||||||
$ | (245,530 | ) | ||||||||||
Short Contracts | ||||||||||||
U.S. Treasury 5-Year Note | 66 | 06/30/09 | (28,540 | ) | ||||||||
U.S. Treasury Long Bond | 33 | 06/19/09 | 125,734 | |||||||||
$ | 97,194 | |||||||||||
Upfront | ||||||||||||||||||||||||||||||
Buy | (Pay)/Receive | Termination | Notional | Market | Premium | Unrealized | ||||||||||||||||||||||||
Counterparty | Reference Entity/Obligation | Protection(1) | Fixed Rate (%) | Date | Amount(2) | Value(3) | Paid/(Received) | Depreciation | ||||||||||||||||||||||
The Royal Bank of Scotland PLC | Japan Government 2.000%, 03/21/22 | Buy | (0.930 | ) | 06/20/14 | USD 9,000,000 | $ | (98,310 | ) | $ | — | $ | (98,310 | ) | ||||||||||||||||
$ | (98,310 | ) | $ | — | $ | (98,310 | ) | |||||||||||||||||||||||
(1) | If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either 1.) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or 2.) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) | The maximum amount of future payments (undiscounted) that a Fund as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement. |
(3) | The market values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing market values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring. |
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Notional | Unrealized | |||||||||||
Termination | Principal | Appreciation/ | ||||||||||
Date | Amount | (Depreciation) | ||||||||||
Receive a fixed rate equal to 9.250% and pay a floating rate based on 28-day MXN-TIIE-BANXICO Counterparty: Citibank N.A., New York | 11/17/11 | MXN 103,300,000 | $ | 534,631 | ||||||||
Receive a fixed rate equal to 7.800% and pay a floating rate based on 28-day MXN-TIIE-BANXICO Counterparty: Citibank N.A., New York | 03/06/12 | MXN 120,000,000 | 321,351 | |||||||||
Receive a fixed rate equal to 6.650% and pay a floating rate based on 28-day MXN-TIIE-BANXICO Counterparty: Citibank N.A., New York | 04/09/12 | MXN 120,000,000 | 45,972 | |||||||||
Receive a fixed rate equal to 6.235% and pay a floating rate based on 3-month NZD-BBR-FRA Counterparty: UBS AG, London | 04/24/19 | NZD 19,000,000 | (31,774 | ) | ||||||||
$ | 870,180 | |||||||||||
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Shares | Value | |||||||||||||
AFFILIATED INVESTMENT COMPANIES: 99.9% | ||||||||||||||
711,765 | ING Emerging Countries Fund — Class I | $ | 12,420,305 | |||||||||||
4,544,787 | ING Foreign Fund — Class I | 47,674,811 | ||||||||||||
3,368,389 | ING Index Plus International Equity Fund — Class I | 19,907,176 | ||||||||||||
6,881,425 | ING International Capital Appreciation Fund — Class I | 47,757,089 | ||||||||||||
4,234,867 | ING International Equity Dividend Fund — Class I | 21,047,288 | ||||||||||||
1,669,430 | ING International Real Estate Fund — Class I | 10,183,522 | ||||||||||||
965,106 | ING International SmallCap Multi-Manager Fund — Class I | 21,840,347 | ||||||||||||
2,509,325 | ING International Value Choice Fund — Class I | 20,200,064 | ||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $309,138,584)* | 99.9 | % | $ | 201,030,602 | ||||||||||
Other Assets and Liabilities - Net | 0.1 | 172,013 | ||||||||||||
Net Assets | 100.0 | % | $ | 201,202,615 | ||||||||||
* | Cost for federal income tax purposes is $340,728,683. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | — | ||
Gross Unrealized Depreciation | (139,698,081 | ) | ||
Net Unrealized Depreciation | $ | (139,698,081 | ) | |
Investments in | Other Financial | |||||||
Securities | Instruments* | |||||||
Level 1 — Quoted Prices | $ | 201,030,602 | $ | — | ||||
Level 2 — Other Significant Observable Inputs | — | — | ||||||
Level 3 — Significant Unobservable Inputs | — | — | ||||||
Total | $ | 201,030,602 | $ | — | ||||
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* | An investment in the funds are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds. Please see SEC filings for more information on the funds participation in the U.S. Treasury Department’s Temporary Guarantee Program for money market funds. |
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Item 2. Code of Ethics.
Not required for semi-annual filing.
Item 3. Audit Committee Financial Expert.
Not required for semi-annual filing.
Item 4. Principal Accountant Fees and Services.
Not required for semi-annual filing.
Item 5. Audit Committee Of Listed Registrants.
Not required for semi-annual filing.
Item 6. Schedule of Investments.
Schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-end Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-end Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-end Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The Board has a Nominating Committee for the purpose of considering and presenting to the Board candidates it proposes for nomination to fill Independent Trustee vacancies on the Board. The Committee currently consists of all Independent Trustees of the Board. (6 individuals). The Nominating Committee operates pursuant to a Charter approved by the Board. The primary purpose of the Nominating Committee is to consider and present to the Board the candidates it proposes for nomination to fill vacancies on the Board. In evaluating candidates, the Nominating Committee may consider a variety of factors, but it has not at this time set any specific minium qualifications that must be met. Specific qualifications of candidates for Board membership will be based on the needs of the Board at the time of nomination.
The Nominating Committee is willing to consider nominations received from shareholders and shall assess shareholder nominees in the same manner as it reviews its own nominees. A shareholder nominee for director should be submitted in writing to the Fund’s Secretary. Any such shareholder nomination should include at a minimum the following information as to each individual proposed for nomination as trustee: such individual’s written consent to be named in the proxy statement as a nominee (if nominated) and to serve as a trustee (if elected), and all information relating to such individual that is required to be disclosed in the solicitation of proxies for election of trustees, or is otherwise required, in each case under applicable federal securities laws, rules and regulations.
The secretary shall submit all nominations received in a timely manner to the Nominating Committee. To be timely, any such submission must be delivered to the Fund’s Secretary not earlier than the 90th day prior to such meeting and not later than the close of business on the later of the 60th day prior to such meeting or the 10th day following the day on which public announcement of the date of the meeting is first made, by either disclosure in a press release or in a document publicly filed by the Fund with the Securities and Exchange Commission.
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Item 11. Controls and Procedures.
(a) | Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR. | |||
(b) | There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Exhibits.
(a)(1) | The Code of Ethics is not required for the semi-annual filing. | |||
(a)(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT. | |||
(a)(3) | Not required for semi-annual filing. | |||
(b) | The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant): ING Mayflower Trust
By | /s/ Shaun P. Mathews | |||
Shaun P. Mathews President and Chief Executive Officer | ||||
Date: | July 7, 2009 | |||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | /s/ Shaun P. Mathews | |||
Shaun P. Mathews President and Chief Executive Officer | ||||
Date: | July 7, 2009 | |||
By | /s/ Todd Modic | |||
Todd Modic Senior Vice President and Chief Financial Officer | ||||
Date: | July 7, 2009 | |||