Ing Mayflower Trust NCSR Certified annual shareholder report (management investment company)



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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-7978

ING Mayflower Trust

(Exact name of registrant as specified in charter)


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 October 31, 2009

Item 1. Reports to Stockholders.

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-l under the Act (17 CFR 270.30e-l):

Annual Report

October 31, 2009

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

Global Equity Funds

n ING Global Equity Dividend Fund

n ING Global Natural Resources Fund

n ING Global Real Estate Fund

n ING Global Value Choice Fund

International Equity Funds

n ING Asia-Pacific Real Estate Fund

n ING Emerging Countries Fund

n ING European Real Estate Fund

n ING Foreign Fund

n ING Greater China Fund

n ING Index Plus International Equity Fund

n ING International Capital Appreciation Fund

n ING International Real Estate Fund


	n	ING International SmallCap Multi-Manager Fund

n ING International Value Fund

n ING International Value Choice Fund

n ING Russia Fund

Global and International Fixed-Income Funds

n ING Global Bond Fund

International Fund-of-Funds

n ING Diversified International Fund

E-Delivery Sign-up — details inside

This report is submitted for general information to shareholders of the ING Funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds’ investment objectives, risks, charges, expenses and other information. This information should be read carefully.

MUTUAL FUNDS

 

TABLE OF CONTENTS


President’s Letter		1
Market Perspective		2
Portfolio Managers’ Reports		4
Shareholder Expense Examples		40
Report of Independent Registered Public Accounting Firm		44
Statements of Assets and Liabilities		45
Statements of Operations		55
Statements of Changes in Net Assets		60
Financial Highlights		69
Notes to Financial Statements		80
Portfolios of Investments		110
Tax Information		177
Trustee and Officer Information		179
Advisory Contract Approval Discussion		183
EX-99.CERT
EX-99.906CERT
EX-99.CODE ETH

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PROXY VOTING INFORMATION

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

QUARTERLY PORTFOLIO HOLDINGS

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

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PRESIDENT’S LETTER

Dear Shareholder,

October witnessed events reminiscent of times past for investors and baseball fans alike. The New York Yankees returned to the World Series after a six-year hiatus, and double-digit unemployment returned to the United States after a 26-year break. New Yorkers may have regarded the Yankees’ championship as a restoration of order to the world, but investors found little relief as unemployment rose to 10.2%.⁽¹⁾ Nevertheless, the economy did not collapse and the markets did not melt down. Although higher unemployment is not good news, most recognize that it represents a lagging effect of the recession, and as such is likely to persist even after the economy has swung into recovery.

On the other hand, fund investors seem still to be focusing more on safety than appreciation potential. Year-to-date, investors have moved large amounts out of money market funds. They have been adding significantly to bond funds, but disinvesting from stock funds.⁽²⁾

Volatile equity markets over the past year and a half have led many investors to seek refuge in fixed income investments, a move that may have made sense when the highest priority was to avoid losses. Despite October’s news, it seems like a good time to start thinking longer term again; this may be an opportunity for investors to rethink their balance between potential risk and potential return.

Of course, only you and your financial advisor can determine what is best for your particular situation, so we encourage you to discuss these points thoroughly with your advisor before taking any action in your portfolio.

Thank you for your continued confidence in ING Funds. We look forward to serving your investment needs in the future.

Sincerely,

Shaun P. Mathews

President and Chief Executive Officer

ING Funds

November 6, 2009

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

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

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


⁽¹⁾	Source: The Employment Situation — October 2009, Bureau of Labor Statistics, U.S. Department of Labor.

⁽²⁾	Source: Investment Company Institute, Trends in Mutual Fund Investing, October 2009, http://www.ici.org/research/stats/trends/trends_10_09.com

Market Perspective: Year Ended October 31, 2009

Global equities in the form of the MSCI World^® Index⁽¹⁾ measured in local currencies, including net reinvested dividends (“MSCI” for regions discussed below), returned 18.5% in the second half of the fiscal year and 11.6% for the entire fiscal year ended October 31, 2009. (The MSCI World^® Index returned 18.42% for the fiscal year ended October 31, 2009, measured in U.S. dollars.) By the end of September equities had rallied 54% from the March 9th low point, but in increasingly nervous conditions pulled back in October. In currencies, the dollar, perhaps the new funding currency for carry trades because of very low dollar interest rates, resumed a weakening trend, falling 10.7% against the euro in the second half of the fiscal year, 10.9% against the pound and 6.1% against the yen. For the entire fiscal year, dollar losses were 11.8%, 0.3% and 7.4% against the euro, pound and yen, respectively.

From its earliest days in mid-March, the resurgence of risky asset classes like equities encountered skeptics. It was based they said, not on good economic news but news that was merely less awful. Banks’ new-found earnings relied on extraordinarily low interest rates to depositors and “special” items. The U.S. government’s willingness to incur $1.75 trillion in additional debt to bail out banks, insurers, auto companies and people who bought housing beyond their means, while the Federal Reserve printed money to buy the debt and keep interest rates down, would have its day of inflationary reckoning.

But the believers would have none of it. Conditions don’t go from bad to good in one step, they said. The news has to get less bad first. The richest harvest must start with a few green shoots in an empty field. We heard about “green shoots” all spring.

However described, the news on which markets advanced was on balance improving, albeit weakly and erratically.

In housing, the Standard & Poor’s (“S&P”)/Case-Shiller National U.S. Home Price Index⁽²⁾ of house prices in 20 cities sank a record 19% year-over-year in January. But from there the declines moderated to 11.3% in the most recent report. The housing market became heavily influenced by an $8,000 government tax credit to first-time home buyers. But it would expire on November 30, 2009*, and while existing home sales were still surging as our fiscal year ended, new homes sales fell after three months of gain.

After a decline in first quarter gross domestic product (“GDP”) of 5.5% annualized, the contraction for the second quarter was just 0.7% annualized and after four straight falls, the first estimate of third quarter GDP growth was 3.5%.

A “Cash-for-Clunkers” program under which the U.S. government offered to subsidize the trade in of old vehicles for newer, more efficient models was vigorously taken up. Retail sales and industrial production were boosted. Auto companies re-opened production lines.

But so much of the outlook depended on jobs. The September employment report showed payroll cuts at little more than one third of the January level. But cuts spiked up again in the October report and the unemployment rate rose to a 26-year high 9.8% as of September 30, 2009. The average work week matched the lowest since records began in 1964. Wage growth remained insipid. Increasingly commentators asked what kind of real recovery could take place under these conditions and as the various government support programs expired.

In fixed income markets, the Barclays Capital U.S. Aggregate Bond Index⁽³⁾ of investment grade bonds returned 5.61% for the second half of the fiscal year and 13.62% for the entire fiscal year. But within this figure the Barclays Capital U.S. Treasury Index⁽⁴⁾ only gained 0.81% in the second half of the fiscal year and 6.33% for the entire fiscal year, as greater risk appetite was reinforced by concerns about massive government borrowing. Corporate investment grade bonds performed much better and high yield bonds, represented by the Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index⁽⁵⁾, did best of all: up 27.72% in the second half of the fiscal year and 48.66% for the entire fiscal year.

U.S. equities, represented by the S&P 500^® Composite Stock Price (“S&P 500^®”) Index⁽⁶⁾ including dividends, returned 20.0% in the second half of the fiscal year and 9.8% for the entire fiscal year, led by financials and technology. Profits for S&P 500^® companies suffered their eighth straight quarter of decline in the second quarter and by the end of September the price to earnings (“P/E”) ratio of the S&P 500^® Index, based on operating earnings in the trailing four quarters, was the highest since the first half of 2002. Volatility picked up in October and when on October 30th it was announced that consumer spending had fallen with

Market Perspective: Year Ended October 31, 2009

incomes flat, the market dropped more than 2%, leading to a monthly fall for the first month in eight.

In international markets, referring to MSCI indices in local currencies with net reinvested dividends, the MSCI Japan^® Index⁽⁷⁾ rose 7.2% in the second half of the fiscal year and 4.7% for the entire fiscal year, but weakened in the last two months. A rise in GDP of 2.3% annualized was due to net exports and government stimulus. Domestic demand was still in the doldrums and deflation had again taken hold at record levels. The MSCI Europe ex UK^® Index⁽⁸⁾ advanced 19.2% in the second half of the fiscal year and 11.8% for the entire fiscal year. After a drop in GDP of 2.5% in the first quarter, second quarter GDP barely fell and actually rose in France and Germany. Prices continued to fall slightly, and unemployment edged up to 9.6%. Banks were still not lending however: M3** growth reached a record low in September. Yet confidence measures, from investor to business to consumer, continued to advance. The MSCI UK^® Index⁽⁹⁾ rose 21.3% in the second half of the fiscal year and 20.9% for the entire fiscal year. GDP fell for the sixth consecutive quarter and stood 5.9% below the level one year earlier. Yet house prices were by all accounts edging back up again. Purchasing managers’ indices were in or near expansion territory. And in September, consumer confidence rose by the most since 1995.

* On November 5, 2009, Congress approved extending the deadline to April 30, 2010.

** M3 refers to the broadest measure of the available money supply.

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

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

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

⁽⁴⁾ The Barclays Capital U.S. Treasury Index is an unmanaged index that includes public obligations of the U.S. Treasury. Treasury bills, certain special issues, such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS and STRIPS, are excluded.

⁽⁵⁾ The Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index is an unmanaged index that measures the performance of fixed-income securities.

⁽⁶⁾ 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.

⁽⁷⁾ The MSCI Japan^® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.

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

⁽⁹⁾ The MSCI UK^® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.

Parentheses denote a negative number.

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

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

ING Global Equity Dividend Fund

Portfolio Managers’ Report

Country Allocation
as of October 31, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the year ended October 31, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 10.41%, including a return of capital of $0.02 per share, compared to the MSCI World Index^sm(1), which returned 18.42% for the same period.

Portfolio Specifics: Over the year, the recovery scenario, supported by substantial stimulus policies around the world, pushed the markets to higher levels. The problems in the financials sector started to ease as several steps were taken at different levels to help financials sector companies stabilize their balance sheets and support their liquidity needs. With the huge quantitative easing undertaken by many central banks, the economy jumped from recession to an expansionary mode during this period.

The Fund’s focus on dividends hurt performance during the year, as the market strongly favored troubled or distressed companies, which mostly no longer paid dividends. Security selection and sector allocation both detracted from results. The most significant detractors were security selection and underweights in the financial and information technology sectors. The greatest contributions to results came from security selection in the consumer discretionary and consumer staples sectors, though these effects were not enough to offset the detractors.

The losses among financials came from the underweight but also from our exposure. We were exposed to dividend paying financial companies that were less distressed than their peers. These stocks underperformed their sector as troubled companies had a brighter rally in light of the rescue plans and the recovery.

Current Strategy and Outlook: Our outlook for the Fund remains positive. We believe that, after the rally of the last several months, investors should pay more attention to the dividend theme in a market caught between a rock and a hard place. In our view, a potentially low-return environment would favor the resurgence of dividend investing. We believe the current stage in the style cycle is more favorable for dividend investing, as are the recovery and boom phases when earnings growth translates into dividend growth. We continue to look for individual stocks to exploit what we believe are any temporary undervaluations that may take place.


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

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

Top Ten Holdings
as of October 31, 2009
(as a percent of net assets)


Kraft Foods, Inc.	1.6	%
AT&T, Inc.	1.6	%
Chevron Corp.	1.6	%
Coca-Cola Co.	1.5	%
Pfizer, Inc.	1.5	%
Royal Dutch Shell PLC	1.5	%
Total SA	1.5	%
Nintendo Co., Ltd.	1.5	%
Vivendi	1.5	%
ENI S.p.A.	1.4	%

Portfolio holdings are subject to change daily.

ING Global Equity Dividend Fund

Portfolio Managers’ Report


Average Annual Total Returns for the Periods Ended October 31, 2009
							Since Inception			Since Inception			Since Inception			Since Inception			Since Inception			Since Inception
							of Class A			of Class B			of Class C			of Class I			of Class O			of Class W
	1 Year			5 Year			September 17, 2003			October 24, 2003			October 29, 2003			August 1, 2007			November 15, 2006			February 12, 2008

Including Sales Charge:
Class A⁽¹⁾		4.00	%		0.10	%		4.28	%		—			—			—			—			—
Class B⁽²⁾		4.60	%		0.23	%		—			4.10	%		—			—			—			—
Class C⁽³⁾		8.63	%		0.53	%		—			—			3.89	%		—						—
Class I		10.92	%		—			—			—			—			(14.22	)%		—			—
Class O		10.41	%		—			—			—			—			—			(9.17	)%		—
Class W		10.92	%		—			—			—			—			—			—			(14.98	)%
Excluding Sales Charge:
Class A		10.41	%		1.30	%		5.30	%		—			—			—			—			—
Class B		9.60	%		0.53	%		—			4.10	%		—			—			—			—
Class C		9.63	%		0.53	%					—			3.89	%		—			—			—
Class I		10.92	%		—			—			—			—			(14.22	)%		—			—
Class O		10.41	%		—						—			—			—			(9.17	)%		—
Class W		10.92	%		—			—			—			—			—			—			(14.98	)%
MSCI World Index^SM(4)		18.42	%		2.64	%		5.27	%⁽⁵⁾		4.34	%⁽⁶⁾		4.34	%⁽⁶⁾		(12.37	)%		(6.06	)%⁽⁷⁾		(12.76	)%⁽⁸⁾

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING Global Equity Dividend Fund against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in the index. The Fund’s performance is shown both with and without the imposition of sales charges.

The graph and performance table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund Shares.

The performance shown may include the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

Performance data represents past performance and is no assurance of future results. Investment return and principal value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data shown. Please log on to www.ingfunds.com or call (800) 992-0180 to get performance through the most recent month end.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.

Fund holdings are subject to change daily.


⁽¹⁾	Reflects deduction of the maximum Class A sales charge of 5.75%.


⁽²⁾	Reflects deduction of the Class B deferred sales charge of 5% and 2%, respectively, for the 1 year and 5 year returns.


⁽³⁾	Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.


⁽⁴⁾	The MSCI World Index^sm is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.


⁽⁵⁾	Since inception performance for the index is shown from October 1, 2003.


⁽⁶⁾	Since inception performance for the index is shown from November 1, 2003.


⁽⁷⁾	Since inception performance for the index is shown from November 1, 2006.


⁽⁸⁾	Since inception performance for the index is shown from February 1, 2008.

ING Global Natural Resources Fund

Portfolio Managers’ Report

Country Allocation
as of October 31, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the year ended October 31, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 24.38% compared to the Standard & Poor’s 500^® Composite Stock Price Index⁽¹⁾ (“S&P 500^® Index”) and the Standard & Poor’s (“S&P”) North American Natural Resources Sector Index⁽²⁾ which returned 9.80% and 22.75%, respectively, for the same period.

Portfolio Specifics: At the beginning of the reporting period, natural resources companies were declining along with the rest of the market due to concerns over falling commodity prices and overall global demand destruction. Since reaching a low on March 6, the equity market has significantly recovered, as policy moves from the Federal Reserve and U.S. Treasury renewed hopes of a global economic recovery. Better than expected earnings estimates and positive economic data further fueled upward momentum. This led to an even stronger recovery in natural resources equities, due to their cyclical nature and a rebound in commodity prices. Within energy, stocks with high sensitivity to commodity prices — such as drillers, coal, and equipment and storage companies — exhibited the strongest results. Within materials, precious metals, gold and diversified metals and mining were the best performing sub-sectors.

The Fund’s outperformance was due largely to its holdings within the materials sector. In particular, our holdings within gold, diversified metals and mining and aluminum aided results. Within diversified metals and mining, Rio Tinto PLC ADR and BHP Billiton Ltd. ADR were among the top performers. We continue to have an overweight position in the diversified metals and mining stocks as we believe they offer significant leverage to a recovering global economy. Within energy, our holdings within the oil and gas storage and transportation sub-sector helped relative returns. We also benefited from underweighting or not having exposure to some of the lackluster performers during this period including ConocoPhillips and Weatherford International, Inc.

Our small and mid cap positions within the exploration and production industry, including W&T Offshore, Inc. (“W&T Offshore”), Stone Energy Corp. (“Stone Energy”) and Cimarex Energy Co. (“Cimarex”), detracted from results during this period. These companies were plagued by rising costs and larger than expected reserve write-downs due to falling oil prices at the beginning of the year. As a result of deteriorating fundamentals, we decided to exit the Fund’s positions in W&T Offshore and Stone Energy. We continue to like Cimarex, for what we believe to be the upside potential of its reserve base due to a recent exploration of a Woodford Shale position. Finally, our underexposure to Teck Resources Ltd., a mid sized, lower quality diversified metal and mining company, also detracted from relative results during the period.

Current Strategy and Outlook: We continue to believe the long-term case for commodities remains intact; and believe it will be driven by industrialization and urbanization trends in emerging economies, and the need for infrastructure spending globally. We believe that, as the global economy gradually improves and growth resumes, demand for natural resources will continue to rebound. We expect finite supplies of resources to put further upward pressure on commodity prices, leading to solid return potential for this asset class going forward.


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


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

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

Top Ten Holdings
as of October 31, 2009
(as a percent of net assets)


ExxonMobil Corp.	7.2	%
Chevron Corp.	6.4	%
ConocoPhillips	6.2	%
Schlumberger, Ltd.	4.7	%
EnCana Corp.	4.4	%
Apache Corp.	4.3	%
Canadian Natural Resources, Ltd.	3.3	%
Devon Energy Corp.	3.1	%
Barrick Gold Corp.	3.0	%
National Oilwell Varco, Inc.	2.9	%

Portfolio holdings are subject to change daily.

ING Global Natural Resources Fund

Portfolio Managers’ Report


Average Annual Total Returns for the Periods Ended October 31, 2009
										Since Inception			Since Inception
										of Class I			of Class W
	1 Year			5 Year			10 Year			August 1, 2007			February 12, 2008

Including Sales Charge:
Class A⁽¹⁾		17.25	%		8.56	%		12.41	%		—			—
Class I		25.10	%		—			—			(6.01	)%		—
Class W		24.84	%		—			—			—			(11.18	)%
Excluding Sales Charge:
Class A		24.38	%		9.84	%		13.07	%		—			—
Class I		25.10	%		—			—			(6.01	)%		—
Class W		24.84	%		—			—			—			(11.18	)%
S&P 500^® Index⁽²⁾		9.80	%		0.33	%		(0.95	)%		(11.97	)%		(12.95	)%⁽⁴⁾
S&P North American Natural Resources Sector Index⁽³⁾		22.75	%		10.64	%		8.85	%		(7.82	)%		(11.01	)%⁽⁴⁾

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING Global Natural Resources Fund against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charge and incurs no operating expenses. An investor cannot invest directly in an index. The Fund’s performance is shown both with and without the imposition of sales charges.

The graph and performance table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Fund Holdings are subject to change daily.


⁽¹⁾	Reflects deduction of the maximum Class A sales charge of 5.75%.


⁽²⁾	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.


⁽³⁾	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.


⁽⁴⁾	Since inception performance for index is shown from February 1, 2008.

ING Global Real Estate Fund

Portfolio Managers’ Report

Country Allocation
as of October 31, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the year ended October 31, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 17.37%, including a return of capital of $0.09 per share, compared to the Standard & Poor’s (“S&P”) Developed Property Index⁽¹⁾, which returned 22.11% for the same period.

Portfolio Specifics: The past twelve months has been a period of positive total returns for global real estate stocks, as improving capital market conditions and improving economic conditions have benefited investors. Governments and Central Banks responded quickly and aggressively to credit issues in the fourth quarter of 2008 and first quarter of 2009, providing access to significant capital support for financial institutions as well as interest rate cuts. The resulting impact is becoming evident via recent economic reports, including second quarter gross domestic product (“GDP”) data that surpassed expectations, which has led to positive revisions to future growth estimates and an acknowledgment that the recession, which impacted many of the world’s developed economies, may have ended. The Asia-Pacific property stocks fared the best over the past twelve months, followed by the European region and Americas.

Within the Asia-Pacific region, performance was driven by the strength of the Singapore and Hong Kong markets. Economic growth in Asia has been robust. China’s economic growth accelerated to an 8.9% rate year-on-year versus 6.1% and 7.9% during the first two quarters of 2009, respectively. Singapore revised its GDP growth forecast range for 2009 to −2.0% to −2.5% from the previous forecast range of −4% to −6%. The notable laggard in the region has been Japan, where property markets were up by a modest 9% during the past twelve months.

Within the European region, the return differential between countries has been quite substantial, ranging from a positive return posted by Austria, the best-performing market during the period, to a negative return posted by Spain, the poorest-performing market during the period. On whole, the countries which fared the best in the current environment were the countries in the Benelux region (the Benelux region is a union in Western Europe that comprises three neighboring countries — Belgium, the Netherlands, and Luxembourg) as well as Germany and France; the countries which fared the worst were in Southern, Central and Eastern Europe as well as the U.K.

Within the North American region, U.S. property stocks were flat during the period while Canadian property companies posted an increase.

While absolute returns were strong during the period, the Fund lagged its benchmark as the result of both stock selection and asset allocation decisions. Stock selection, which accounted for approximately half of the period’s underperformance, was mixed as positive stock selection in the Americas and the U.K. was more than offset by sub-par stock selection in the Asia-Pacific region, primarily in Japan, Australia and Singapore. Country allocation decisions hurt returns as an average underweight to the outperforming Asia-Pacific and European regions, along with an overweight to the underperforming Americas all detracted from relative performance.

Current Strategy and Outlook: The Fund continues to maintain a bias toward, what we believe are, high-quality companies. We remain overweight sectors and geographies offering long-term leases and high percentages of earnings from recurring sources (primarily contract lease rental income). We prefer companies that we believe offer more transparency, strong balance sheets and good, experienced management teams.

We believe global property companies are generally fairly valued. We estimate the average global property company is trading in-line with our internal estimate of inherent private real estate market value. In our opinion, the rationale for a global listed property strategy remains very much intact, including diversification via low long-term correlation to broad equities and bonds, attractive current yield, reasonable valuations and the continued, gradual spread of the real estate investment trust (“REIT”) structure globally. In our view, through an average 4% to 5% dividend yield, plus fundamentals which we believe are bottoming and access to the capital markets, global property stocks should be well-positioned to deliver modestly attractive total returns over the next several years.

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

Top Ten Holdings*
as of October 31, 2009
(as a percent of net assets)


Simon Property Group, Inc.	5.2	%
Sun Hung Kai Properties, Ltd.	4.9	%
Unibail	4.3	%
Westfield Group	4.2	%
Cheung Kong Holdings, Ltd.	3.8	%
Mitsui Fudosan Co., Ltd.	3.1	%
Land Securities Group PLC	2.6	%
Vornado Realty Trust	2.5	%
Mitsubishi Estate Co., Ltd.	2.0	%
Macerich Co.	1.9	%


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

Portfolio holdings are subject to change daily.

ING Global Real Estate Fund

Portfolio Managers’ Report


Average Annual Total Returns for the Periods Ended October 31, 2009
							Since Inception			Since Inception			Since Inception			Since Inception			Since Inception			Since Inception
							of Class A			of Class B			of Class C			of Class I			of Class O			of Class W
	1 Year			5 Year			November 5, 2001			March 15, 2002			January 8, 2002			June 3, 2005			November 15, 2006			February 12, 2008

Including Sales Charge:
Class A⁽¹⁾		10.59	%		3.48	%		10.36	%		—			—			—			—			—
Class B⁽²⁾		11.39	%		3.61	%		—			9.29	%		—			—			—			—
Class C⁽³⁾		15.40	%		3.94	%		—			—			9.53	%		—			—			—
Class I		17.76	%		—			—			—			—			2.42	%		—			—
Class O		17.38	%		—			—			—			—			—			(9.97	)%		—
Class W		17.78	%		—			—			—			—			—			—			(13.28	)%
Excluding Sales Charge:
Class A		17.37	%		4.71	%		11.18	%		—			—			—			—			—
Class B		16.39	%		3.92	%		—			9.29	%		—			—			—			—
Class C		16.40	%		3.94	%		—			—			9.53	%		—			—			—
Class I		17.76	%		—			—			—			—			2.42	%		—			—
Class O		17.38	%		—			—			—			—			—			(9.97	)%		—
Class W		17.78	%		—			—			—			—			—			—			(13.28	)%
S&P Developed Property Index⁽⁴⁾		22.11	%		1.99	%		8.94	%⁽⁵⁾		8.60	%⁽⁶⁾		8.40	%⁽⁷⁾		(0.30	)%⁽⁸⁾		(12.68	)%⁽⁹⁾		(18.38	)%⁽¹⁰⁾

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING Global Real Estate Fund against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charge and incurs no operating expenses. An investor cannot invest directly in the index. The Fund’s performance is shown both with and without the imposition of sales charges.

The graph and performance table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Fund holdings are subject to change daily.


⁽¹⁾	Reflects deduction of the maximum Class A sales charge of 5.75%.
⁽²⁾	Reflects deduction of the Class B deferred sales charge of 5% and 2%, respectively, for the 1 year and 5 year returns.
⁽³⁾	Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.
⁽⁴⁾	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.
⁽⁵⁾	Since inception performance for index is shown from November 1, 2001.
⁽⁶⁾	Since inception performance for index is shown from March 1, 2002.
⁽⁷⁾	Since inception performance for index is shown from January 1, 2002.
⁽⁸⁾	Since inception performance for index is shown from June 1, 2005.
⁽⁹⁾	Since inception performance for index is shown from November 1, 2006.
⁽¹⁰⁾	Since inception performance for index is shown from February 1, 2008.

ING Global Value Choice Fund

Portfolio Managers’ Report

Country Allocation
as of October 31, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the year ended October 31, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 55.88% compared to the MSCI All Country World Index^sm(1) (“MSCI ACWI”) which returned 22.65% for the same period.

Portfolio Specifics: The Fund returned positive absolute returns during the twelve month period ended October 31, 2009, and outperformed its benchmark, the MSCI All Country World Index^sm.

Investors continued to gain confidence that the worst of the financial crisis had passed and consequently, bid up shares of financials companies, especially towards the end of the reporting period. The financial sector was the fourth-best performing sector in the benchmark for the annual period, but was the best contributor in third quarter of 2009. The Fund’s financial holdings contributed to performance, although it maintained an underweight position in the financials sector. Furthermore, our positions in consumer discretionary companies hurt relative returns, while our positions in the materials and energy sectors added most to relative performance, even though the materials sector was also the benchmark’s top performing sector for the period.

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

The Fund maintained its overweight position in the materials sector. Gold prices rose above the $1,000-an-ounce mark in the third quarter of 2009 amid investor concerns about inflation and the weakness of the dollar. Most gold companies in the Fund experienced share price appreciation as a result, and several positions were among the top contributors to performance during the reporting period.

The Fund’s worst detractor from performance during the period was consumer discretionary sector holding Sekisui House Ltd. The company undertakes design, execution, construction contracting and supervision of buildings or structures and manufacture, sale and purchase of construction materials. The company revised down its full year operating profit estimates in the third quarter due to weaker than expected housing statistics. In addition, worsening deflationary trends in Japan are causing concerns that the company may have to write down its inventory of property for redevelopment. There are also fears that the new government will introduce policies which could hurt future housing demand.

Current Strategy and Outlook: We believe that the markets will continue to be volatile as a recovery which is slower than past economic recoveries may no longer be greeted with enthusiasm. In this environment, investors are advised to protect their portfolio from the threat of a loss of purchasing power (driven by inflation). We continue to believe that all investors should maintain a meaningful allocation in hard assets, gold and global equities especially in light of low nominal returns (and negative real returns) on cash equivalents and sovereign bonds. We remain attracted to reserve-rich resource companies that are trading at below what we perceive to be their intrinsic value and select healthcare companies have recently become very attractive, particularly in the U.S. as the healthcare debate rages. We expect common stocks to be volatile and unsettling at times but should reward patient, long-term investors.


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

Top Ten Holdings*
as of October 31, 2009
(as a percent of net assets)


Nippon Telegraph & Telephone Corp.	3.6	%
Newmont Mining Corp.	3.3	%
Barrick Gold Corp.	3.3	%
Lihir Gold, Ltd.	3.2	%
Sanofi-Aventis ADR	2.3	%
Gabriel Resources, Ltd.	2.3	%
Tyson Foods, Inc.	2.2	%
Sekisui House, Ltd.	2.0	%
Pfizer, Inc.	1.9	%
Kao Corp.	1.9	%


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

Portfolio holdings are subject to change daily.

ING Global Value Choice Fund

Portfolio Managers’ Report


Average Annual Total Returns for the Periods Ended October 31, 2009
										Since Inception			Since Inception
										of Class I			of Class W
	1 Year			5 Year			10 Year			September 6, 2006			June 1, 2009

Including Sales Charge:
Class A⁽¹⁾		46.89	%		9.46	%		1.33	%		—			—
Class B⁽²⁾		49.70	%		9.71	%		1.23	%		—			—
Class C⁽³⁾		53.73	%		9.99	%		1.25	%		—			—
Class I		56.38	%		—			—			7.47	%		—
Class Q		56.02	%		10.98	%		2.17	%		—			—
Class W		—			—			—			—			9.16	%
Excluding Sales Charge:
Class A		55.88	%		10.75	%		1.93	%		—			—
Class B		54.70	%		9.99	%		1.23	%		—			—
Class C		54.73	%		9.99	%		1.25	%		—			—
Class I		56.38	%		—			—			7.47	%		—
Class Q		56.02	%		10.98	%		2.17	%		—			—
Class W		—			—			—			—			9.16	%
MSCI ACWI^SM*(4)		22.65	%		3.73	%		1.39	%		(3.20	)%⁽⁵⁾		15.39	%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING Global Value Choice Fund against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charge and incurs no operating expenses. An investor cannot invest directly in an index. The Fund’s performance is shown both with and without the imposition of sales charges.

The graph and performance table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Fund holdings are subject to change daily.


	*	Prior to October 31, 2002, the index did not include the deduction of withholding taxes.


⁽¹⁾	Reflects deduction of the maximum Class A sales charge of 5.75%.
⁽²⁾	Reflects deduction of the Class B deferred sales charge of 5% and 2%, respectively, for the 1 year and 5 year returns.
⁽³⁾	Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.
⁽⁴⁾	The MSCI ACWI^SM is a free-float adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets.
⁽⁵⁾	Since inception performance for the index is shown from September 1, 2006.

Prior to April 24, 2006, the Fund was advised by a different sub-adviser.

ING Asia-Pacific Real Estate Fund

Portfolio Managers’ Report

Country Allocation
as of October 31, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the year ended October 31, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 29.71% compared to the Standard & Poor’s (“S&P”) Asia-Pacific Property Index⁽¹⁾ which returned 41.14% for the same period.

Portfolio Specifics: The past twelve months has been a period of positive total returns for Asia-Pacific real estate stocks, as improving capital market conditions and improving economic conditions have benefited investors. Governments and Central Banks responded quickly and aggressively to credit issues in the fourth quarter of 2008 and first quarter of 2009, providing access to significant capital support for financial institutions as well as interest rate cuts. The resulting impact is becoming evident via recent economic reports, including second quarter gross domestic product (“GDP”) data that surpassed expectations, which has led to positive revisions to future growth estimates and an acknowledgment that the recession, which impacted many of the world’s developed economies, may have ended.

Within the region, performance was driven by the strength of the Singapore and Hong Kong markets. Economic growth in Asia has been robust. China’s economic growth accelerated to an 8.9% rate year-on-year versus 6.1% and 7.9% during the first two quarters of 2009, respectively. Singapore revised its GDP growth forecast range for 2009 to −2.0% to −2.5% from the previous forecast range of −4% to −6%. The notable laggard in the region has been Japan, where property markets were up modestly during the past twelve months.

While absolute returns were strong during the period, the Fund lagged its benchmark primarily as the result of stock selection. Although stock selection decisions in Hong Kong were positive, the benefit was more than offset by the underperformance of Fund holdings in Japan, Australia and Singapore. Country allocation decisions hurt returns as an underweight to the outperforming Singapore market constituted the majority of the relative shortfall during the period, overshadowing the positive contributions of an overweight to the outperforming Hong Kong market as well as an underweight to the underperforming Japanese market.

We believe Asia-Pacific property companies generally remain fairly valued and many of the companies within the region trade at discounts to our internal estimate of inherent private real estate market value.

In our opinion the rationale for an Asia-Pacific listed property strategy remains very much intact, including the opportunity for diversification in the region, access to solid long-term underlying property fundamentals and the continued expansion of the real estate investment trust (“REIT”) structure throughout the region.

⁽¹⁾

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

Top Ten Holdings*
as of October 31, 2009
(as a percent of net assets)


Westfield Group	8.5	%
Sun Hung Kai Properties, Ltd.	8.2	%
Cheung Kong Holdings, Ltd.	7.0	%
Mitsui Fudosan Co., Ltd.	6.5	%
Mitsubishi Estate Co., Ltd.	6.2	%
Sumitomo Realty & Development Co., Ltd.	3.0	%
CapitaLand, Ltd.	2.8	%
Stockland	2.8	%
Hongkong Land Holdings, Ltd.	2.6	%
Mirvac Group	2.2	%


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

Portfolio holdings are subject to change daily.

ING Asia-Pacific Real Estate Fund

Portfolio Managers’ Report


Average Annual Total Returns for the Periods Ended October 31, 2009
				Since Inception
				of Class A, B, C, and I
	1 Year			November 1, 2007

Including Sales Charge:
Class A⁽¹⁾		22.13	%		(25.23	)%
Class B⁽²⁾		23.60	%		(25.12	)%
Class C⁽³⁾		27.54	%		(23.62	)%
Class I		29.97	%		(22.89	)%
Excluding Sales Charge:
Class A		29.71	%		(22.98	)%
Class B		28.60	%		(23.62	)%
Class C		28.54	%		(23.62	)%
Class I		29.97	%		(22.89	)%
S&P Asia-Pacific Property Index⁽⁴⁾		41.14	%		(22.24	)%

Based on a $10,000 initial investment, the table and graph above illustrate the total return of ING Asia-Pacific Real Estate Fund against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charge and incurs no operating expenses. An investor cannot invest directly in the index. The Fund’s performance is shown both with and without the imposition of sales charges.

The graph and performance table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund Shares.

The performance shown may include the effect of the waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

It is important to note that the Fund has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Fund holdings are subject to change daily.


⁽¹⁾	Reflects deduction of the maximum Class A sales charge of 5.75%.
⁽²⁾	Reflects deduction of the Class B deferred sales charge of 5% and 4%, respectively, for the 1 year and since inception returns.
⁽³⁾	Reflects deduction of the Class C deferred sales charge of 1% for the since inception return.
⁽⁴⁾	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.

ING Emerging Countries Fund

Portfolio Managers’ Report

Country Allocation
as of October 31, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the year ended October 31, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 52.02%, including a return of capital of $0.02 per share, compared to the MSCI Emerging Markets Index^sm(1) (“MSCI EM Index^sm”), which returned 64.13% for the same period.

Portfolio Specifics: The start of the reporting period almost coincided with the 2008 trough of the benchmark. As the fiscal year began, the markets already had corrected an unprecedented 60% in response to deteriorating global economic and financial conditions. An extremely pessimistic outlook regarding the global economy, and the troubling state of the financial sector in the United States and Europe, kept investors paralyzed. What followed was a four-month period of considerable volatility, which culminated in another market bottom in early March 2009.

At that point, the markets staged an unheard-of rally in response to globally coordinated stimulus measures, loose monetary policies and strong growth in China. The MSCI EM Index^sm doubled over the March-October 2009 period, and recovered the majority of last year’s losses. Emerging markets outperformed developed markets of the U.S., Europe and Japan by wide margins.

The Fund lagged the benchmark during the reporting period. Particularly in March, when the market rally started, the Fund was too defensively positioned in sectors with strong earnings visibility and steady cash flows, such as consumer staples, telecommunications and healthcare.

Investors became much more opportunity driven and started pushing up cyclical sectors like consumer discretionary, materials and information technology, sectors in which the Fund held underweight positions. These underweights, together with a significant cash position, were the main reasons why the Fund underperformed. However, the Fund reversed course quickly to move into more cyclical sectors; it also added exposure to more export-oriented countries in Asia that were expected to benefit in the early phases of an economic recovery. Stock selection also detracted from results for the reporting period.

In recent months, the Fund has focused on markets that tend to benefit from abundant global liquidity and an increase in risk appetite, for example, Hungary, Poland, Russia and Turkey.

Current Strategy and Outlook: From a country perspective, the Fund has a slightly offensive positioning, with overweights in markets that tend to benefit from a high level of risk appetite (Hungary, Poland, Russia and Turkey) and strong commodity prices (Brazil, Indonesia and India). The largest overweight country is China. Outstanding economic growth coupled with good earnings perspectives and a stable currency offer attractive upside potential. At a sector level, the biggest positive active positions are in consumer discretionary, energy and financials. The Fund is at its maximum allowed underweight of telecom services and utilities, two defensive sectors that we believe will stay behind in the current market environment.

In recent months, we have increased the Fund’s number of mid cap stocks, selecting companies that we believe will show above-average earnings growth compared to larger capitalization companies.

In our opinion, the emerging markets still have potential to outperform the developed markets. Four factors underpin our positive view. First, we believe the financial sector in emerging markets is much healthier than in developed markets; we believe this will help economic growth recover faster. Second, strong growth in China and India will keep upward pressure on commodity prices. This is supportive for emerging markets, which on balance are net commodity exporters. Third, global liquidity is abundant and interest rates are low, which is beneficial to higher yielding, risky asset classes like emerging markets. Fourth, on a forward earnings basis, emerging markets are still cheaper than developed markets.


⁽¹⁾	The MSCI EM Index^sm is an unmanaged index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.

Top Ten Holdings
as of October 31, 2009
(as a percent of net assets)


Samsung Electronics Co., Ltd.	4.1	%
Petroleo Brasileiro SA	3.6	%
CIA Vale do Rio Doce	2.9	%
Taiwan Semiconductor Manufacturing Co., Ltd.	2.8	%
Industrial and Commercial Bank of China, Ltd.	2.4	%
OAO Rosneft Oil Co. GDR	2.4	%
Turkiye Garanti Bankasi A/S	2.2	%
CNOOC, Ltd.	2.2	%
China Shenhua Energy Co., Ltd.	2.1	%
iShares MSCI South Korea Index Fund	2.1	%

Portfolio holdings are subject to change daily.

ING Emerging Countries Fund

Portfolio Managers’ Report


Average Annual Total Returns for the Periods Ended October 31, 2009
										Since Inception			Since Inception
										of Class I			of Class W
	1 Year			5 Year			10 Year			December 21, 2005			February 12, 2008

Including Sales Charge:
Class A⁽¹⁾		43.26	%		4.75	%		4.12	%		—			—
Class B⁽²⁾		45.68	%		4.86	%		4.04	%		—			—
Class C⁽³⁾		49.69	%		5.18	%		3.91	%		—			—
Class I		52.74	%		—			—			0.68	%
Class Q		52.23	%		6.15	%		4.88	%		—			—
Class W		52.70	%		—			—			—			(17.99	)%
Excluding Sales Charge:
Class A		52.02	%		5.99	%		4.74	%		—			—
Class B		50.68	%		5.19	%		4.04	%		—			—
Class C		50.69	%		5.18	%		3.91	%		—			—
Class I		52.74	%		—			—			0.68	%		—
Class Q		52.23	%		6.15	%		4.88	%		—			—
Class W		52.70	%		—			—			—			(17.99	)%
MSCI EM Index^SM*(4)		64.13	%		16.78	%		11.49	%		9.49	%⁽⁵⁾		(7.17	)%⁽⁶⁾

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING Emerging Countries Fund against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charge and incurs no operating expenses. An investor cannot invest directly in the index. The Fund’s performance is shown both with and without the imposition of sales charges.

The graph and performance table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Fund holdings are subject to change daily.


^*	Prior to October 31, 2001, the MSCI EM Index^SM did not include the deduction of withholding taxes.
⁽¹⁾	Reflects deduction of the maximum Class A sales charge of 5.75%.
⁽²⁾	Reflects deduction of the Class B deferred sales charge of 5% and 2%, respectively, for the 1 year and 5 year returns.
⁽³⁾	Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.
⁽⁴⁾	The MSCI EM Index^SM is an unmanaged index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.
⁽⁵⁾	Since inception performance for index is shown from January 1, 2006.
⁽⁶⁾	Since inception performance for index is shown from February 1, 2008.

Prior to March 1, 2005, the Fund was advised by a different sub-adviser.

ING European Real Estate Fund

Portfolio Managers’ Report

Country Allocation
as of October 31, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the year ended October 31, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 36.84% compared to the Standard & Poor’s Europe Property Index⁽¹⁾ (“S&P Europe Property Index”), which returned 33.46% for the same period.

Portfolio Specifics: The past twelve months has been a period of positive total returns for European real estate stocks, as improving capital market conditions and improving economic conditions have benefited investors. Governments and Central Banks responded quickly and aggressively to credit issues in the fourth quarter of 2008 and first quarter of 2009, providing access to significant capital support for financial institutions as well as interest rate cuts. The resulting impact is becoming evident via recent economic reports, including second quarter gross domestic product (“GDP”) data that surpassed expectations, which has led to positive revisions to future growth estimates and an acknowledgment that the recession, which impacted many of the world’s developed economies, may have ended.

Within the region, the return differential between countries has been quite substantial, ranging from a positive return posted by Austria, the best-performing market during the period, to a negative return posted by Spain, the poorest-performing market during the period. On whole, the countries which fared the best in the current environment were the countries in the Benelux region (the Benelux region is a union in Western Europe that comprises three neighboring countries — Belgium, the Netherlands, and Luxembourg) as well as Germany and France; the countries which fared the worst were in Southern, Central and Eastern Europe as well as the U.K.

In addition to strong absolute returns, the Fund outperformed the benchmark for the period by more than 300 basis points as the result of superior stock selection and most country allocation decisions. Stock selection contributed the majority of relative outperformance and was especially strong in the U.K., led by overweight positions to Safestore and Derwent London. Stock selection was also positive in the Netherlands, Switzerland, Germany and France during the period. Selective country allocation decisions added value through overweights to outperforming property markets in France and the Netherlands, along with underweights to underperforming property markets in Spain, Italy and Greece. An underweight to the outperforming Austrian market detracted from relative performance during the period.

We believe European property companies are generally fairly valued. We estimate that U.K. property companies now trade at a modest premium to our internal estimate of inherent private real estate market value, which we believe is warranted as the U.K. listed property companies own higher-quality properties, on average. On the Continent, we estimate that companies are trading at a slight discount to inherent real estate value.

In our opinion, the investment rationale for a European listed property strategy remains very much intact including diversification via low correlation to broad equities and bonds, attractive current yield, attractive valuations and the gradual spread of the real estate investment trust (“REIT”) structure to an increased number of countries.

⁽¹⁾

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

Top Ten Holdings
as of October 31, 2009
(as a percent of net assets)


Unibail	19.2	%
Land Securities Group PLC	9.2	%
Corio NV	5.5	%
British Land Co. PLC	4.5	%
Hammerson PLC	4.4	%
Swiss Prime Site AG	3.6	%
Castellum AB	3.1	%
Immoeast Immobilien Anlagen AG	3.0	%
Gecina SA	2.8	%
Mercialys	2.8	%

Portfolio holdings are subject to change daily.

ING European Real Estate Fund

Portfolio Managers’ Report


Average Annual Total Returns for the Periods Ended October 31, 2009
				Since Inception
				of Class A, B, C, and I
	1 Year			November 1, 2007

Including Sales Charge:
Class A⁽¹⁾		28.86	%		(16.48)	%
Class B⁽²⁾		30.71	%		(16.28)	%
Class C⁽³⁾		34.77	%		(14.83)	%
Class I		37.07	%		(13.78)	%
Excluding Sales Charge:
Class A		36.84	%		(13.97)	%
Class B		35.71	%		(14.67)	%
Class C		35.77	%		(14.83)	%
Class I		37.07	%		(13.78)	%
S&P Europe Property Index⁽⁴⁾		33.46	%		(23.58)	%

Based on a $10,000 initial investment, the table and graph above illustrate the total return of ING European Real Estate Fund against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charge and incurs no operating expenses. An investor cannot invest directly in the index. The Fund’s performance is shown both with and without the imposition of sales charges.

The graph and performance table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund Shares.

It is important to note that the Fund has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Fund holdings are subject to change daily.


⁽¹⁾	Reflects deduction of the maximum Class A sales charge of 5.75%.
⁽²⁾	Reflects deduction of the Class B deferred sales charge of 5% and 4%, respectively, for the 1 year and since inception returns.
⁽³⁾	Reflects deduction of the Class C deferred sales charge of 1% for the since inception return.
⁽⁴⁾	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.

ING Foreign Fund

Portfolio Managers’ Report

Country Allocation

as of October 31, 2009

(as a percent of net assets)


United Kingdom	12.2	%
Japan	11.0	%
France	8.9	%
Germany	7.7	%
Australia	6.7	%
Switzerland	6.7	%
China	4.7	%
Canada	4.3	%
Russia	4.3	%
Netherlands	3.9	%
Italy	3.3	%
Spain	3.2	%
Countries between 1.6% – 2.7%⁽¹⁾	11.8	%
Countries less than 1.6%⁽²⁾	11.9	%
Other Assets and Liabilities – Net*	(0.6	)%
Net Assets	100.0	%


	*	Includes short-term investments related to ING Institutional Prime Money Market Fund – Class I and securities lending collateral.
	⁽¹⁾	Includes five countries, which each represents 1.6% - 2.7% of net assets.
	⁽²⁾	Includes twenty countries, which each represents less than 1.6% of net assets.

Portfolio holdings are subject to change daily.

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

Performance: For the year ended October 31, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 14.38% compared to the MSCI All Country World (ex-US) Index^sm(1) (“MSCI ACWI (ex-US)”), which returned 34.10% for the same period.

Portfolio Specifics: The twelve months ended October 31, 2009 marked a dramatic period of extremes for equity investors. After suffering severe market disruptions in the beginning of the period, an environment which initially centered on risk aversion quickly shifted toward risk taking amid massive stimulus programs by governments worldwide. The market’s abrupt move upward began in early March and was of a magnitude not witnessed in decades. It proved especially challenging to navigate through these historic inflection points within international equity markets.

During the reporting period, the Fund underperformed its benchmark. Our defensive positioning, which was initially supportive to relative results, led to the underperformance. In early March, negative sentiment previously targeted at banks and other areas quickly began to turn hopeful. A sudden, sharp move upward in financial companies, emerging markets and more cyclical industries led us to underperform given our underweight to and stock selection within many of these sectors as well as a focus on companies we deemed as having higher-quality balance sheets. As fundamentals improved, we reduced the defensive positioning between the Fund and the benchmark but the speed and extent that markets turned left a negative imprint on relative results.

The Fund’s underweight to Latin America (notably Brazil) and emerging Asia negatively impacted performance. Additionally, positions held in Central and Eastern European banks detracted from performance. An avoidance of developed market financial firms at the start of the reporting period also proved costly. Stock selection had a negative impact in most sectors, especially financials. On a positive note, stock selection within the materials sector, particularly in metals and mining holdings in Australia, Canada and the UK, contributed to results amid expectations that government stimulus efforts would lead to increased demand for raw materials. Finally, the position held in cash equivalents hurt returns.

Current Strategy and Outlook: We have transitioned the Fund to take advantage of sectors and companies which we believe may benefit from the dynamics unfolding in the New World versus Old World. This has led us to favor companies and countries linked to the commodity/materials sector amid continued stimulus spending in the emerging markets. We also favor industrial companies such as airports and seaports which we have long viewed as quasi-monopolies and the cement industry.

Headwinds which plagued the financial sector appear to have moderated partially as a result of efforts to increase the overall level of capital in the system. Our investments in the industry have generally been in larger companies across markets, affording us the opportunity to reposition quickly if necessary.

In the long-term, we see emerging Asia and Latin America closely linked to global imbalances (i.e. US overspending), which we believe creates market vulnerabilities. However, these regions’ cyclicality may support investments. In China, we increased the banking sector weighting to potentially benefit from a recovery of the local economy and attractive valuations. The Chinese government is taking steps to move from an export-oriented economy to a consumer-driven model, but this process is expected to take years.


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

Top Ten Holdings
as of October 31, 2009
(as a percent of net assets)


iShares MSCI Taiwan Index Fund	2.2	%
Rio Tinto, Ltd.	1.6	%
Nestle SA	1.3	%
HSBC Holdings PLC	1.3	%
Komercni Banka A/S	1.2	%
Rio Tinto PLC	1.2	%
China Construction Bank	1.2	%
Fraport AG Frankfurt Airport Services Worldwide	1.1	%
Telefonica SA	1.1	%
Toyota Motor Corp.	1.1	%

Portfolio holdings are subject to change daily.

ING Foreign Fund

Portfolio Managers’ Report


Average Annual Total Returns for the Periods Ended October 31, 2009
							Since Inception			Since Inception			Since Inception			Since Inception			Since Inception			Since Inception
							of Class A			of Class B			of Class C			of Class I			of Class Q			of Class W
	1 Year			5 Year			July 1, 2003			July 8, 2003			July 7, 2003			September 8, 2003			July 10, 2003			February 12, 2008

Including Sales Charge:
Class A⁽¹⁾		7.82	%		2.84	%		6.01	%		—			—			—			—			—
Class B⁽²⁾		8.42	%		2.93	%		—			5.73	%		—			—			—			—
Class C⁽³⁾		12.43	%		3.28	%		—			—			5.79	%		—			—			—
Class I		14.82	%		4.42	%		—			—			—			6.56	%		—			—
Class Q		14.37	%		4.11	%		—			—			—			—			6.83	%		—
Class W		14.79	%		—			—			—			—			—			—			(17.92)	%
Excluding Sales Charge:
Class A		14.38	%		4.07	%		7.00	%		—			—			—			—			—
Class B		13.42	%		3.28	%		—			5.73	%		—			—			—			—
Class C		13.43	%		3.28	%		—			—			5.79	%		—			—			—
Class I		14.82	%		4.42	%		—			—			—			6.56	%		—			—
Class Q		14.37	%		4.11	%		—			—			—			—			6.83	%		—
Class W		14.79	%		—			—			—			—			—			—			(17.92)	%
MSCI ACWI (ex-US)⁽⁴⁾		34.10	%		7.10	%		11.06	%		11.06	%⁽⁵⁾		11.06	%⁽⁵⁾		10.38	%⁽⁶⁾		11.06	%⁽⁵⁾		(11.20)	%⁽⁷⁾

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING Foreign Fund against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charge and incurs no operating expenses. An investor cannot invest directly in an index. The Fund’s performance is shown both with and without imposition of sales charges.

The graph and performance table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Fund holdings are subject to change daily.


⁽¹⁾	Reflects deduction of the maximum Class A sales charge of 5.75%.
⁽²⁾	Reflects deduction of the Class B deferred sales charge of 5% and 2%, respectively, for the 1 year and 5 year returns.
⁽³⁾	Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.
⁽⁴⁾	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 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.
⁽⁵⁾	Since inception performance for the index is shown from July 1, 2003.
⁽⁶⁾	Since inception performance for the index is shown from September 1, 2003.
⁽⁷⁾	Since inception performance for the index is shown from February 1, 2008.

ING Greater China Fund

Portfolio Managers’ Report

Country Allocation

as of October 31, 2009

(as a percent of net assets)


Hong Kong	39.3	%
China	34.7	%
Taiwan	27.0	%
Other Assets and Liabilities – Net	(1.0	)%
Net Assets	100.0	%

Portfolio holdings are subject to change daily.

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

Performance: For the year ended October 31, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 67.10% compared to the MSCI All Countries Golden Dragon Index⁽¹⁾, which returned 66.85% for the same period.

Portfolio Specifics: China was the best performer during the Fund’s fiscal year, as the MSCI China^® Index gained 82.2% in U.S.-dollar terms. The central government of China responded to the global credit crisis by actively promoting new bank lending to stimulate domestic credit demand. New loans extended reached 9.5 trillion renminbi ($1.4 trillion U.S.) for the year ended October 31. As a result, the economy recovered gradually with gross domestic product (“GDP”) growth of 8.9% year-over-year.

Industrial production in China also climbed significantly from 5.4% year-over-year growth in November 2008 to 16.1% in October 2009. Due to weak external demand, exports fell significantly, to (26.4)% year-over-year in May 2009, but recovered to (13.8)% year-over-year in October 2009. To divert growth from the export sector to domestic consumption, the Chinese government launched various subsidy policies from the autos sector to appliances. As a result, domestic retail sales grew 15.3% year-over-year in the first 10 months of 2009.

In the earlier part of the year, the Fund’s overweights in China and Hong Kong real estate benefited returns as property prices rebounded. Overweights in certain materials stocks also contributed to results. Stock selection in other higher beta sectors such as information technology and industrials also helped results as those sectors outperformed in the rising market.

The Fund’s positions in defensive sectors such as telecommunications services and utilities hurt results for the period. An overweight in telecommunications, combined with strongly negative stock selection, represented the most significant drag on performance. An underweight in utilities was a positive, but was offset by negative stock selection. The Fund’s underweight of consumer discretionary stocks also hurt results for the period.

The stocks that made the greatest contributions to return over the period were overweights in China Overseas Land and Investment Ltd. and Taiwan Fertilizer Co. Ltd. Overweights in Guangzhou R&F Properties Co. Ltd. and Agile Property Holdings Ltd., helped as the Chinese property sector rebounded strongly in the first half of the year. Overweights in Taiwan Cement Corp. and Far Eastern New Century Corp. also helped as the materials sector benefited from global economic stimulus.

The most significant detractors from results were underweights in MediaTek, Inc. (information technology) and Hutchison Whampoa Ltd. (industrials). Other detractors included underweights of China Unicom (Hong Kong) Ltd. (telecommunications services), Cathay Financial Holding Co. Ltd. (financials) and Taiwan Semiconductor Manufacturing Co. Ltd. (information technology).

Current Strategy and Outlook: In our opinion, the macroeconomic recovery in China is picking up steam. Despite market concerns, we believe bank lending and money supply data continue to show strong support for liquidity conditions. Thanks to its strong fiscal position and healthy household sector, we believe China’s economic outlook and stock market potential are still superior to the rest of the world. On the negative side, inflation could accelerate, which could lead to tightening measures such as increased reserve ratios or interest rate hikes.

Nevertheless, we believe the valuations of Chinese stocks are still not excessive and the strong fundamentals warrant a premium to other developed markets. In Taiwan, the political situation should continue to improve with both sides of the strait taking a more pragmatic view on promoting economic growth in Taiwan. We believe the longer-term outlook of the Taiwan asset play remains positive with such improvement in the political situation.


⁽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.

Top Ten Holdings
as of October 31, 2009
(as a percent of net assets)


China Mobile, Ltd.	7.0	%
China Construction Bank	5.3	%
Industrial and Commercial Bank of China, Ltd.	5.2	%
Wharf Holdings, Ltd.	3.5	%
China Life Insurance Co., Ltd.	3.4	%
Cheung Kong Holdings, Ltd.	3.4	%
PetroChina Co., Ltd.	3.3	%
Bank of China, Ltd.	3.1	%
China Petroleum & Chemical Corp.	2.9	%
HongKong Electric Holdings	2.7	%

Portfolio holdings are subject to change daily.

ING Greater China Fund

Portfolio Managers’ Report


Average Annual Total Returns for the Periods Ended October 31, 2009
				Since Inception			Since Inception			Since Inception			Since Inception			Since Inception
				of Class A			of Class B			of Class C			of Class I			of Class O
	1 Year			December 21, 2005			January 6, 2006			January 11, 2006			May 8, 2006			June 4, 2008

Including Sales Charge:
Class A⁽¹⁾		57.55	%		13.61	%		—			—			—			—
Class B⁽²⁾		60.73	%		—			12.38	%		—			—			—
Class C⁽³⁾		64.77	%		—			—			12.81	%		—			—
Class I		67.79	%		—			—			—			9.43	%		—
Class O		66.79	%		—			—			—			—			(5.92	)%
Excluding Sales Charge:
Class A		67.10	%		15.37	%		—			—			—			—
Class B		65.73	%		—			12.94	%		—			—			—
Class C		65.77	%		—			—			12.81	%		—			—
Class I		67.79	%		—			—			—			9.43	%		—
Class O		66.79	%		—			—			—			—			(5.92	)%
MSCI All Countries Golden Dragon Index⁽⁴⁾		66.85	%		11.69	%⁽⁵⁾		11.69	%⁽⁵⁾		11.69	%⁽⁵⁾		8.05	%⁽⁶⁾		(8.86	)%⁽⁷⁾

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING Greater China Fund against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charge and incurs no operating expenses. An investor cannot invest directly in the index. The Fund’s performance is shown both with and without the imposition of sales charges.

The graph and performance table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

It is important to note that the Fund has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Fund holdings are subject to change daily.


⁽¹⁾	Reflects deduction of the maximum Class A sales charge of 5.75%.
⁽²⁾	Reflects deduction of the Class B deferred sales charge of 5% and 3%, respectively, for the 1 year and since inception returns.
⁽³⁾	Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.
⁽⁴⁾	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.
⁽⁵⁾	Since inception performance for the index is shown from January 1, 2006.
⁽⁶⁾	Since inception performance for the index is shown from May 1, 2006.
⁽⁷⁾	Since inception performance for the index is shown from June 1, 2008.

ING Index Plus International Equity Fund

Portfolio Managers’ Report

Country Allocation
as of October 31, 2009
(as a percent of net assets)


Japan	21.2	%
United Kingdom	18.1	%
Australia	8.8	%
France	8.6	%
Switzerland	8.2	%
Germany	7.6	%
Spain	5.6	%
Sweden	4.4	%
Netherlands	4.3	%
Italy	3.0	%
Hong Kong	2.4	%
Belgium	1.4	%
Countries less than 1.4%⁽¹⁾	6.6	%
Other Assets and Liabilities – Net	(0.2	)%
Net Assets	100.0	%


	⁽¹⁾	Includes ten countries, which each represents less than 1.4% of net assets.

Portfolio holdings are subject to change daily.

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

Performance: For the year ended October 31, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 27.40% compared to the MSCI EAFE^® Index, which returned 27.71% for the same period.

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

The predictive power of the quantitative models in exceptionally volatile and turbulent markets proved modestly problematic in the period through March, but our models were effective in the remainder of the reporting period in tandem with strongly recovering markets. For the reporting period as a whole, valuation factors were effective, especially after March, while business momentum and quality factors were caught on a wrong footing after the major trough in March.

On a net-asset-value basis, the Fund underperformed its benchmark for the fiscal year ended October 31, 2009. Before deducting fees, however, the Fund’s positive performance was largely due to stock selection in Europe, and to a lesser extent developed Asia ex-Japan and Japan. Modest value and small capitalization tilts constituted a headwind in the first half of the reporting year, but were appropriate in the recovery phase. By design, the Fund’s sector and region weights approximate that of the benchmark and accordingly did not add value relative to the benchmark.

The efficacy of the individual factors included in each of the regional sector models for a particular reporting period substantially determines the stock selection result in each sector. For this reporting period, our positioning in the materials had the largest positive impact, due largely to valuation factors in the sector model. In financials, the percentile/best factor (valuation) added value. Positioning in the industrials, consumer discretionary and consumer staples sectors also proved beneficial. A detraction from the healthcare sector was due to the poor predictive power of the earnings growth and price reversion factors for that sector.

Current Strategy and Outlook: By design, the Fund maintains approximate benchmark weights of the regions, economic sectors, and industries constituting the MSCI EAFE^® Index and is expected to track the benchmark relatively closely. Stock selection flows from the in-sector/industry ranking models. Portfolio construction and risk control are utilized to ensure the characteristics of the Fund stay within an acceptable band around the benchmark. Our most attractive ranking stocks may have overweights of up to half a percentage point above their weightings in the index; for risk control purposes the maximum allowable underweight per security is half a percentage point below its weighting in the index. Within this context, the Fund currently has a modest tilt towards lower valuation and smaller capitalization stocks and has a resultant modest focus on stocks linked primarily to local economies and a recovery of the developed economies. The current portfolio of stocks has historically generated earnings growth slightly exceeding that of the index, carries a dividend yield similar to the index, has an equivalent return on equity, but has less leverage than the index.


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

Top Ten Holdings
as of October 31, 2009
(as a percent of net assets)


HSBC Holdings PLC	2.0	%
Total SA	1.7	%
BP PLC	1.5	%
Banco Santander SA	1.5	%
Telefonica SA	1.4	%
Roche Holding AG – Genusschein	1.4	%
BHP Billiton, Ltd.	1.4	%
Novartis AG	1.3	%
Nestle SA	1.3	%
Royal Dutch Shell PLC – Class B	1.2	%

Portfolio holdings are subject to change daily.

ING Index Plus International Equity Fund

Portfolio Managers’ Report


Average Annual Total Returns for the Periods Ended October 31, 2009
				Since Inception			Since Inception			Since Inception
				of Class A and I			of Class B and C			of Class O
	1 Year			December 21, 2005			January 12, 2006			November 9, 2007

Including Sales Charge:
Class A⁽¹⁾		20.03	%		(3.03	)%		—			—
Class B⁽²⁾		21.41	%		—			(3.81	)%		—
Class C⁽³⁾		25.45	%		—			(3.22	)%		—
Class I		27.81	%		(0.97	)%		—			—
Class O		27.60	%		—			—			(16.52	)%
Excluding Sales Charge:
Class A		27.40	%		(1.53	)%		—			—
Class B		26.41	%		—			(3.16	)%		—
Class C		26.45	%		—			(3.22	)%		—
Class I		27.81	%		(0.97	)%		—			—
Class O		27.60	%		—			—			(16.52	)%
MSCI EAFE^® Index⁽⁴⁾		27.71	%		0.33	%⁽⁵⁾		0.33	%⁽⁵⁾		(17.44	)%⁽⁶⁾

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING Index Plus International Equity Fund against the index indicated. The Index is unmanaged and has no cash in its portfolio, imposes no sales charge and incurs no operating expenses. An investor cannot invest directly in the index. The Fund’s performance is shown both with and without the imposition of sales charges.

The graph and performance table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

It is important to note that the Fund has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Fund holdings are subject to change daily.


⁽¹⁾	Reflects deduction of the maximum Class A sales charge of 5.75%.


⁽²⁾	Reflects deduction of the Class B deferred sales charge of 5% and 3%, respectively, for the 1 year and since inception returns.


⁽³⁾	Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.


⁽⁴⁾	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.


⁽⁵⁾	Since inception performance for the index is shown from January 1, 2006.


⁽⁶⁾	Since inception performance for the index is shown from November 1, 2007.

ING International Capital Appreciation Fund

Portfolio Managers’ Report

Country Allocation
as of October 31, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the year ended October 31, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 37.80%, including a return of capital of $0.01 per share, compared to the MSCI All Country World (ex-US) Index^sm(1) (“MSCI ACWI (ex-US) Index^sm”), which returned 34.10% for the same period.

Portfolio Specifics: The Fund outperformed the benchmark during the year ended October 31, 2009 as volatility declined from the levels seen during the fourth quarter of 2008 and investors returned to equities. The majority of the Fund’s outperformance was driven by security selection reflective of the fundamental bottom-up strategy used by the Sub-Adviser.

According to attribution, the information technology, industrials and materials sectors were the largest contributors to performance over the past year, due primarily to positive security selection. Within the information technology sector, Tencent Holdings Ltd. and Autonomy Corp. PLC were the largest contributors to relative performance. Within the industrials sector, global wind power giant, Vestas Wind Systems A/S was the largest contributor followed by Japanese battery maker and diesel particulate filter manufacturer NGK Insulators Ltd. China Communications Construction Co., Ltd. also contributed to performance as China’s large stimulus spend impacted the company positively. Vedanta Resources PLC, a UK mining company with exposure to Indian economic growth was a large contributor in the materials sector as global expectations of an economic recovery took hold. The consumer discretionary, consumer staples and healthcare sectors were the only sectors to detract from performance during the past year.

Attribution indicates that from a regional perspective, Europe, Emerging Markets and Pacific ex-Japan were the largest contributors to relative performance, primarily due to security selection. Japan also contributed to relative performance due to an underweight position relative to the benchmark. Millicom International Cellular SA, Prudential PLC and Telefonica SA were among the stronger European performers in the Fund over the past year. Emerging Markets posted strong returns over the year driven by Chinese property company Agile Property Holdings Ltd., Brazilian oil company Petroleo Brasileiro SA ADR and Brazilian mining company, Vale SA ADR.

Current Strategy and Outlook: Economically, we believe the stimulus is kicking in and we’ve continued to see some stabilization in developed economies in 2009. Many countries are now starting to think about their exit strategies in terms of stimulus plans. We believe that emerging markets should continue to be the engine of growth. We are optimistic about China and the growth opportunities there from infrastructure spending and government stimulus. India is also growing faster than the developed world, but it is more of a domestic growth story. Commodity-related emerging economies may have a bit of a time lag in terms of growth, as the demand for energy and commodities in emerging markets may not be enough to offset the decline in demand from developed economies. In our opinion, demand appears to be rising, but it is still fairly muted at this point and risks remain that growth expectations will not be met.

We continue to actively pursue a disciplined, consistent approach that seeks to select stocks from, what we believe are, high quality companies with strong secular growth profiles and compelling competitive advantages. We believe the Fund is well positioned to capitalize on good growth opportunities over the coming year.


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

Top Ten Holdings*
as of October 31, 2009
(as a percent of net assets)


Vedanta Resources PLC	2.5	%
Autonomy Corp. PLC	2.2	%
Tencent Holdings, Ltd.	2.2	%
Cameco Corp.	2.1	%
Electricite de France	2.0	%
Vale SA ADR	2.0	%
Prudential PLC	1.9	%
Rio Tinto, Ltd.	1.9	%
Telefonica SA	1.9	%
Iliad SA	1.8	%


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

Portfolio holdings are subject to change daily.

ING International Capital Appreciation Fund

Portfolio Managers’ Report


Average Annual Total Returns for the Periods Ended October 31, 2009
				Since Inception			Since Inception			Since Inception			Since Inception
				of Class A and I			of Class B			of Class C			of Class Q
	1 Year			December 21, 2005			January 9, 2006			January 24, 2006			August 7, 2009

Including Sales Charge:
Class A⁽¹⁾		29.85	%		(1.67	)%		—			—			—
Class B⁽²⁾		31.68	%		—			(2.71	)%		—			—
Class C⁽³⁾		35.38	%		—			—			(1.70	)%		—
Class I		38.21	%		0.18	%		—			—			—
Class Q		—			—			—			—			5.12	%
Excluding Sales Charge:
Class A		37.80	%		(0.15	)%		—			—			—
Class B		36.68	%		—			(1.99	)%		—			—
Class C		36.38	%		—			—			(1.70	)%		—
Class I		38.21	%		0.18	%		—			—			—
Class Q		—			—			—			—			5.12	%
MSCI ACWI (ex-US)^SM(4)		34.10	%		2.12	%⁽⁵⁾		2.12	%⁽⁵⁾		0.35	%⁽⁶⁾		7.68	%⁽⁷⁾

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING International Capital Appreciation Fund against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charge and incurs no operating expenses. An investor cannot invest directly in the index. The Fund’s performance is shown both with and without the imposition of sales charges.

The graph and performance table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

It is important to note that the Fund has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Fund holdings are subject to change daily.


⁽¹⁾	Reflects deduction of the maximum Class A sales charge of 5.75%.
⁽²⁾	Reflects deduction of the Class B deferred sales charge of 5% and 3%, respectively, for the 1 year and since inception returns.
⁽³⁾	Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.
⁽⁴⁾	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.
⁽⁵⁾	Since inception performance for the index is shown from January 1, 2006.
⁽⁶⁾	Since inception performance for the index is shown from February 1, 2006.
⁽⁷⁾	Since inception performance for the index is shown from August 1, 2009.

ING International Real Estate Fund

Portfolio Managers’ Report

Country Allocation
as of October 31, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the year ended October 31, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 25.77% compared to the Standard & Poor’s (“S&P”) Developed ex-US Property Index⁽¹⁾ which returned 38.93% for the same period.

Portfolio Specifics: The past twelve months have been a period of positive total returns for international real estate stocks, as improving capital market conditions and improving economic conditions have benefited investors. Governments and Central Banks responded quickly and aggressively to credit issues in the fourth quarter of 2008 and first quarter of 2009, providing access to significant capital support for financial institutions as well as interest rate cuts. The resulting impact is becoming evident via recent economic reports, including second quarter gross domestic product (“GDP”) data that surpassed expectations, which has led to positive revisions to future growth estimates an acknowledgment that the recession, which impacted many of the world’s developed economies, may have ended. The Asia-Pacific property stocks fared the best over the past twelve months, followed by the European region.

Within the Asia-Pacific region, performance was driven by the strength of the Singapore and Hong Kong markets. Economic growth in Asia has been robust. China’s economic growth accelerated to an 8.9% rate year-on-year versus 6.1% and 7.9% during the first two quarters of 2009, respectively. Singapore revised its GDP growth forecast range for 2009 to -2.0% to -2.5% from the previous forecast range of -4% to -6%. The notable laggard in the region has been Japan, where property markets were up modestly during the past twelve months.

While absolute returns were strong during the period, the Fund lagged its benchmark as the result of both stock selection and asset allocation decisions. Stock selection, which accounted for two-thirds of the period’s underperformance, was somewhat mixed as positive stock selection in Brazil and the U.K. was more than offset by sub-par stock selection in the Asia-Pacific region, primarily in Japan, Singapore, Australia and Hong Kong. Country allocation decisions hurt returns as an average underweight to the outperforming Asia-Pacific more than offset the slightly positive contribution of favorable country selection in Europe.

We believe international property companies are generally fairly valued. We estimate the average international property company trades at a modest discount to our internal estimate of inherent private real estate market value. In our opinion, the rationale for an international listed property strategy remains very much intact including diversification via low long-term correlation to broad equities and bonds, attractive current yield, reasonable valuations and the continued, gradual spread of the real estate investment trust (“REIT”) structure globally. In our view, through an average 3% to 4% dividend yield plus, fundamentals which are bottoming and access to the capital markets, international property stocks should be well-positioned to deliver modestly attractive total returns over the next several years.

⁽¹⁾

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

Top Ten Holdings*
as of October 31, 2009
(as a percent of net assets)


Sun Hung Kai Properties, Ltd.	7.0	%
Westfield Group	6.3	%
Unibail	6.2	%
Cheung Kong Holdings, Ltd.	5.5	%
Mitsui Fudosan Co., Ltd.	4.3	%
Mitsubishi Estate Co., Ltd.	3.6	%
Land Securities Group PLC	3.5	%
Sumitomo Realty & Development Co., Ltd.	2.7	%
Stockland	2.5	%
British Land Co. PLC	2.0	%


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

Portfolio holdings are subject to change daily.

ING International Real Estate Fund

Portfolio Managers’ Report


Average Annual Total Returns for the Periods Ended October 31, 2009
				Since Inception			Since Inception
				of Class A, B, C and I			of Class W
	1 Year			February 28, 2006			February 12, 2008

Including Sales Charge:
Class A⁽¹⁾		18.56	%		(3.27	)%		—
Class B⁽²⁾		19.82	%		(3.16	)%		—
Class C⁽³⁾		23.76	%		(2.45	)%		—
Class I		26.12	%		(1.40	)%		—
Class W		26.61	%		—			(13.89	)%
Excluding Sales Charge:
Class A		25.77	%		(1.70	)%		—
Class B		24.82	%		(2.42	)%		—
Class C		24.76	%		(2.45	)%		—
Class I		26.12	%		(1.40	)%		—
Class W		26.61	%		—			(13.89	)%
S&P Developed ex-US Property Index⁽⁴⁾		38.93	%		(3.07	)%⁽⁵⁾		(16.89	)%⁽⁶⁾

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING International Real Estate Fund against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in the index. The Fund’s performance is shown both with and without the imposition of sales charges.

The graph and performance table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund Shares.

The performance data represents past performance and is no assurance of future results. Investment return and principal value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data shown. Please log on to www.ingfunds.com or call (800) 992-0180 to get performance through the most recent month end.

It is important to note that the Fund has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Fund holdings are subject to change daily.


⁽¹⁾	Reflects deduction of the maximum Class A sales charge of 5.75%.
⁽²⁾	Reflects deduction of the Class B deferred sales charge of 5% and 3%, respectively, for the 1 year and since inception returns.
⁽³⁾	Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.
⁽⁴⁾	The S&P Developed ex-US Property Index (formerly, the S&P/Citigroup BMI World 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.
⁽⁵⁾	Since inception performance of the index is shown from March 1, 2006.
⁽⁶⁾	Since inception performance of the index is shown from February 1, 2008.

ING International SmallCap Multi-Manager Fund

Portfolio Managers’ Report

Country Allocation
as of October 31, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the year ended October 31, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 42.73% compared to the Standard & Poor’s (“S&P”) Developed ex-US SmallCap Index⁽¹⁾ and the S&P Euro-Pacific Asia Composite (“EPAC”) SmallCap Index⁽²⁾, which returned 44.31% and 43.11%, respectively, for the same period.

Portfolio Specifics: Acadian Sleeve⁽³⁾ — During the period, the fund was focused on attractively valued small-cap stocks that appeared likely to rise in price based on earnings data, price characteristics and quality. For the year ended October 31, 2009, the fund outperformed the S&P Developed ex-US SmallCap Index by approximately 9.50%⁽⁴⁾. Value added was largely the result of country allocations, with active stock selection also contributing modestly. Key drivers of positive active returns were a combination of stock- and country-level performance in Singapore and China, the active allocations to India, Taiwan and Turkey, and stock selection in Germany. Less successful investments included a combination of stock selection and market positioning in Australia and Japan, as well as stock selection in Canada. Batterymarch Sleeve⁽³⁾ — The fund underperformed the S&P Developed ex-US SmallCap Index by approximately 15.80%⁽⁴⁾ for the period. Our investment process is based on broad fundamentals, and for much of this period (after the market bounce in March) only value was rewarded regardless of other fundamental characteristics. The best performing stocks were of lower quality, lower growth and higher leverage, and did not rank well in our process. Stock selection detracted most in the consumer discretionary and information technology sectors within continental Europe and Japan. Schroders Sleeve⁽³⁾ — Over the fiscal year international smallcap equities staged a dramatic recovery and outperformed larger cap stocks in all the major regions. Pacific ex Japan offered the best absolute returns, while in sector terms, the key out-performers have been more cyclical areas such as consumer discretionary, financials and technology, while consumer staples and utilities have lagged. In line with our investment philosophy, our focus remained upon identifying under-valued smaller companies offering scope for superior and visible growth. This philosophy yielded good relative returns over the period as a whole, with stock selection the main contributor to the fund’s excess returns of approximately 5.60%⁽⁴⁾ versus the S&P EPAC SmallCap Index. Stock selection has added value in all the major regions, and while cash holdings have held back returns in a period of rising markets, the overweight in Pacific ex Japan has contributed to relative performance.

Current Strategy and Outlook: Acadian Sleeve⁽³⁾ — We expect continued elevated market volatility over the next year and some moderation of recent gains, but with an overall market trajectory that will be positive. In our opinion, investors will move away from lower quality stocks as market conditions stabilize. We believe there are many areas of attractive valuation across global markets, and earnings are likely to continue to improve as the global economy recovers. We are seeing greater dispersion in terms of how companies rank on our various stock factors, which we believe should provide a fertile ground for active management over the coming months. Batterymarch Sleeve⁽³⁾ — Investors are attempting to reconcile signs of economic improvement with the problems that persist, such as continuing unemployment. However, the value spread has narrowed, removing fuel for a continued value run, and as economic uncertainty decreases, we believe analyst estimate dispersion looks poised to decline. In our opinion, both bode well for a more balanced and broadened market going forward The fund remains well diversified, invested in what we believe are high quality stocks that rank attractively relative to peers. As of October 31, 2009, the fund remained attractively valued versus the benchmark, with a lower 12 month forward price to earnings ratio (11.6x vs. 13.5x) and a higher return on equity (13.5% vs. 9.8% blend of 1 year and 5 year average). Schroders Sleeve⁽³⁾ — In terms of strategy over the year, we retained an overweight stance in Pacific ex Japan, due to what we consider attractive growth prospects and stock opportunities. We remained cautious on Japan, but added to exposure through more defensive stocks which we believed had begun to offer long-term value. The fund has remained underweight in the United Kingdom reflecting our continued concerns over the headwinds to domestic demand. We believe some of these issues confront areas of continental Europe and we remain underweight in sectors such as financials and consumer cyclicals both in the United Kingdom and in continental Europe.


*	Mr. Papageorgiou, Mr. Wolaham 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 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 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.

⁽⁴⁾	Gross performance includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.

Top Ten Holdings*
as of October 31, 2009
(as a percent of net assets)


MTU Aero Engines Holding AG	1.2	%
CGI Group, Inc. – Class A	0.8	%
Rallye SA	0.8	%
Alimentation Couche-Tard, Inc.	0.8	%
Valora Holding AG	0.7	%
Virgin Media, Inc.	0.7	%
Beijing Enterprises Water Group, Ltd.	0.6	%
Schweizerhall Holding AG	0.6	%
Bilfinger Berger AG	0.6	%
NCC AB	0.6	%


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

Portfolio holdings are subject to change daily.

ING International SmallCap Multi-Manager Fund

Portfolio Managers’ Report


Average Annual Total Returns for the Periods Ended October 31, 2009
										Since Inception			Since Inception			Since Inception
										of Class I			of Class O			of Class W
	1 Year			5 Year			10 Year			December 21, 2005			June 4, 2008			February 12, 2008

Including Sales Charge:
Class A⁽¹⁾		34.51	%		4.44	%		3.40	%		—			—			—
Class B⁽²⁾		36.60	%		4.64	%		3.36	%		—			—			—
Class C⁽³⁾		40.80	%		5.00	%		3.36	%		—			—			—
Class I		43.57	%		—			—			(1.06	)%		—			—
Class O		43.07	%		—			—			—			(23.29	)%		—
Class Q		43.13	%		5.90	%		4.26	%		—			—			—
Class W		43.54	%		—			—			—			—			(14.79	)%
Excluding Sales Charge:
Class A		42.73	%		5.69	%		4.01	%		—			—			—
Class B		41.60	%		4.98	%		3.36	%		—			—			—
Class C		41.80	%		5.00	%		3.36	%		—			—			—
Class I		43.57	%		—			—			(1.06	)%		—			—
Class O		43.07	%		—			—			—			(23.29	)%		—
Class Q		43.13	%		5.90	%		4.26	%		—			—			—
Class W		43.54	%		—			—			—			—			(14.79	)%
S&P Developed ex-US SmallCap Index⁽⁴⁾		44.31	%		7.18	%		6.71	%		0.65	%⁽⁶⁾		(17.91	)%⁽⁷⁾		(10.76	)%⁽⁸⁾
S&P EPAC SmallCap Index⁽⁵⁾		43.11	%		7.25	%		6.44	%		0.70	%⁽⁶⁾		(17.56	)%⁽⁷⁾		(10.38	)%⁽⁸⁾

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING International SmallCap Multi-Manager Fund against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index. The Fund’s performance is shown both with and without the imposition of sales charge.

The graph and performance table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund Shares.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Fund holdings are subject to change daily.


⁽¹⁾	Reflects deduction of the maximum Class A sales charge of 5.75%.
⁽²⁾	Reflects deduction of the Class B deferred sales charge of 5% and 2%, respectively, for the 1 year and 5 year returns.
⁽³⁾	Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.
⁽⁴⁾	The S&P Developed ex-US SmallCap Index (formerly, the S&P/Citigroup EMI World ex-US Index) 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.
⁽⁵⁾	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.
⁽⁶⁾	Since inception performance for the indices is shown from January 1, 2006.
⁽⁷⁾	Since inception performance for the indices is shown from June 1, 2008.
⁽⁸⁾	Since inception performance for the indices is shown from February 1, 2008.

Prior to March 1, 2005, the Fund was advised by a different sub-adviser.

ING International Value Fund

Portfolio Managers’ Report

Country Allocation
as of October 31, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For year ended October 31, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 21.74% compared to the MSCI Europe, Australasia and Far East^® Index (“MSCI EAFE^® Index”)⁽¹⁾, which returned 27.71% for the same period.

Portfolio Specifics: Brandes Sleeve⁽²⁾ - While the fund advanced during the 12-month period, returns trailed the MSCI EAFE^® Index by approximately 6.00%⁽³⁾. Weak relative returns from individual holdings in the commercial banks industry had the greatest negative effect on performance during the period. Conversely, the Fund’s overweight (relative to the benchmark) in the diversified telecommunication services industry proved the greatest benefit to overall results during the period. From a country perspective, on an absolute and relative basis, the fund’s stock selection and allocation in Japan weakened returns, while stock selection in the United Kingdom made the greatest positive contributions to performance during the period. In addition, the fund’s overweight and stock selection in emerging markets made positive contributions to absolute and relative performance. IIM Sleeve⁽²⁾ — The fund underperformed its benchmark by approximately 10.90%⁽³⁾ due to a combination of weak security selection and negative sector allocation. Weak selection was most acute in materials, consumer staples, telecommunication services and industrials. Selection within information technology coupled with selection in energy helped to mitigate the losses. From a regional standpoint, selection in Europe, mainly France and the United Kingdom, led to material losses. In contrast, the Fund’s exposure to non-benchmark emerging markets contributed to results and helped to offset the detraction from Europe. Bumi Resources Tbk PT, BMW AG and Deutsche Bank AG were among the top performing stocks during the reporting period. The worst detractors included AXA S.A., Xstrata PLC and Daiwa Securities Group Inc.

Current Strategy and Outlook: Brandes Sleeve⁽²⁾ — The fund’s industry exposure is a result of our focus on the fundamentals and valuations of individual companies, not any “industry allocation” decision. We take a long-term perspective and believe that none or very little of the short-term “market news” provides useful information to investors. As of October 31, 2009, the fund’s most substantial weights were in Japan and in the diversified telecommunication services industry. IIM Sleeve⁽²⁾- We remain positive on equities for the next 12 months, though our outlook is a bit less sanguine than a few months prior. We are more optimistic in the case of international equities, particularly those tied to the emerging markets. Downside risks remain however, as we believe benefits from both stimulus programs and the inventory cycle should peak in the near future. We have reduced our allocation to higher beta stocks, though we continue to have a modest active weight in both oil and gold.


	*	Mr. Germain was added to the Brandes Large Cap Investment Committee on April 30, 2009.


⁽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.

⁽³⁾	Gross performance includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing.

Top Ten Holdings*
as of October 31, 2009
(as a percent of net assets)


Sony Corp.	2.7	%
Sanofi-Aventis	2.7	%
GlaxoSmithKline PLC	2.5	%
Carrefour SA	2.3	%
Deutsche Telekom AG	1.9	%
Barclays PLC	1.6	%
Portugal Telecom SGPS SA	1.6	%
Seven & I Holdings Co., Ltd.	1.6	%
Royal Dutch Shell PLC – Class A	1.5	%
BP PLC ADR	1.4	%


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

Portfolio holdings are subject to change daily.

ING International Value Fund

Portfolio Managers’ Report


Average Annual Total Returns for the Periods Ended October 31, 2009
										Since Inception			Since Inception			Since Inception
										of Class I			of Class Q			of Class W
	1 Year			5 Year			10 Year			June 18, 2001			January 24, 2000			July 20, 2009

Including Sales Charge:
Class A⁽¹⁾		14.73	%		3.01	%		5.32	%		—			—			—
Class B⁽²⁾		15.91	%		3.27	%		5.21	%		—			—			—
Class C⁽³⁾		19.92	%		3.53	%		5.23	%		—			—			—
Class I		22.23	%		4.62	%		—			6.09	%		—			—
Class Q		22.21	%		4.51	%		—			—			4.99	%		—
Class W		—			—			—			—			—			8.45	%
Excluding Sales Charge:
Class A		21.74	%		4.24	%		5.95	%		—			—			—
Class B		20.91	%		3.51	%		5.21	%		—			—			—
Class C		20.92	%		3.53	%		5.23	%		—			—			—
Class I		22.23	%		4.62	%		—			6.09	%		—			—
Class Q		22.21	%		4.51	%		—			—			4.99	%		—
Class W		—			—			—			—			—			8.45	%
MSCI EAFE^® Index⁽⁴⁾		27.71	%		5.10	%		2.05	%		4.83	%⁽⁵⁾		1.53	%⁽⁶⁾		8.10	%⁽⁷⁾

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING International Value Fund against the index indicated. The Index is unmanaged and has no cash in its portfolio, imposes no sales charge and incurs no operating expenses. An investor cannot invest directly in the index. The Fund’s performance is shown both with and without the imposition of sales charges.

The graph and performance table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

The performance shown may include the effect of the fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total return. Had all fees and expenses been considered, the total returns would have been lower.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Fund holdings are subject to change daily.


⁽¹⁾	Reflects deduction of the maximum Class A sales charge of 5.75%.
⁽²⁾	Reflects deduction of the Class B deferred sales charge of 5% and 2%, respectively, for the 1 year and 5 year returns.
⁽³⁾	Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.
⁽⁴⁾	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.
⁽⁵⁾	Since inception performance for index is shown from July 1, 2001.
⁽⁶⁾	Since inception performance for index is shown from February 1, 2000.
⁽⁷⁾	Since inception performance for index is shown from August 1, 2009.

ING International Value Choice Fund

Portfolio Managers’ Report

Country Allocation
as of October 31, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING International Value Choice Fund (the “Fund”) seeks long term capital appreciation. The Fund is managed by Peter Boardman and Alberto Jimenez Crespo, Portfolio Managers* of Tradewinds Global Investors, LLC — the Sub-Adviser.

Performance: For the year ended October 31, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 29.22% compared to the MSCI Europe, Australasia, Far East^® Index⁽¹⁾ (“MSCI EAFE^® Index”), which returned 27.71% for the same period.

Portfolio Specifics: The Fund was up for the year ended October 31, 2009 and fared better than the MSCI EAFE^® Index for the same period. The period was marked by volatility and markets generally posted positive returns and closed at levels significantly higher than the lows reached during the period. As long term investors and stewards of client capital, we continue to focus on investing client assets in those areas where we find most opportunity and that we believe are likely to participate on the upside but also limit losses on the downside.

From both an absolute and relative perspective, the Fund benefited from its materials allocation and the holdings therein, which are comprised of a diverse range of industries operating in several different regions. Gold companies were the standout as their share prices rose as the price of gold moved higher and eventually crossed the psychologically significant $1,000 level. Anglogold Ashanti Ltd. ADR (“Anglogold”) of South Africa and Barrick Gold Corp. of Canada were top contributors to returns over the period; Anglogold further benefited from a strong South African rand, which added to U.S. dollar returns. Conversely, Stora Enso OYJ (Euro Denominated Security), the Finnish paper company, which was one of the Fund’s largest individual detractors, was sold out of the Fund during the period. The paper industry faces declining demand for paper products and pricing pressures that will impact their respective near term profitability objectives. Lonmin PLC, a British platinum company, also weighed on performance and was eliminated from the Fund, in favor of adding to our existing position in its competitor, Impala Platinum Holdings Ltd., which we believe presented a more favorable risk reward opportunity.

The U.S. dollar remains weak. The Fund was also aided by currency returns in both an absolute sense, as the dollar continued its decline during the period, as well as relative to the benchmark, where the Fund’s overweight in both South African rand and Canadian dollar contributed to additional gains versus the benchmark.

The financials sector, in which the Fund maintains a significant underweight relative to the benchmark, was the largest detractor from relative performance. As the markets rallied from their intra-period lows, European financials, including Societe Generale, generally benefited from improving profit margins. Our Japanese financials names did not have the tailwind of sharply higher profits. Takefuji Corp., a Japanese consumer loan provider, was the largest absolute detractor from returns and was eliminated from the Fund on credit concerns and news that company would have to continue to increase its provisions to cover higher than expected refund trend claims from past loans. Additionally, stock selection in technology contributed to overall outperformance for the period, while weaker stock selection in consumer staples weighed on relative returns.

Current Strategy and Outlook: We believe that the markets will continue to be volatile as a recovery which is slower than past economic recoveries may no longer be greeted with enthusiasm. In this environment, we believe investors are advised to protect their portfolio from the threat of a loss of purchasing power (driven by inflation). We continue to believe that all investors should maintain a meaningful allocation in hard assets, gold and global equities especially in light of low nominal returns (and negative real returns) on cash equivalents and sovereign bonds. We remain attracted to reserve-rich resource companies that are trading at below what we perceive to be their intrinsic value as well as consumer staples companies in Europe and select technology names. We expect common stocks to be volatile and unsettling at times but should reward patient, long-term investors.


	*	Effective June 15, 2009, Mr. Boardman and Mr. Crespo replaced Paul Hechmer as portfolio managers to the Fund.


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

Top Ten Holdings*
as of October 31, 2009
(as a percent of net assets)


Barrick Gold Corp.	3.6	%
Novartis AG	3.4	%
SK Telecom Co., Ltd. ADR	3.1	%
Sanofi-Aventis	2.9	%
Mabuchi Motor Co., Ltd.	2.8	%
Coca-Cola West Holdings Co., Ltd.	2.8	%
Royal Dutch Shell PLC ADR – Class B	2.7	%
Nippon Telegraph & Telephone Corp. ADR	2.7	%
Dai Nippon Printing Co., Ltd.	2.7	%
Kinross Gold Corp.	2.6	%


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

Portfolio holdings are subject to change daily.

ING International Value Choice Fund

Portfolio Managers’ Report


Average Annual Total Returns for the Periods Ended October 31, 2009
				Since Inception			Since Inception			Since Inception			Since Inception
				of Class A and B			of Class C			of Class I			of Class W
	1 Year			February 1, 2005			February 4, 2005			December 21, 2005			June 1, 2009

Including Sales Charge:
Class A⁽¹⁾		21.81	%		2.68	%		—			—			—
Class B⁽²⁾		23.13	%		2.81	%		—			—			—
Class C⁽³⁾		27.19	%		—			3.20	%		—			—
Class I		29.58	%		—			—			1.93	%		—
Class W		—			—			—			—			5.45	%
Excluding Sales Charge:
Class A		29.22	%		3.97	%		—			—			—
Class B		28.13	%		3.17	%		—			—			—
Class C		28.19	%		—			3.20	%		—			—
Class I		29.58	%		—			—			1.93	%		—
Class W		—			—			—			—			5.45	%
MSCI EAFE^® Index⁽⁴⁾		27.71	%		2.93	%		3.39	%⁽⁵⁾		0.33	%⁽⁶⁾		17.30	%

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING International Value Choice Fund against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charge and incurs no operating expenses. An investor cannot invest directly in the index. The Fund’s performance is shown both with and without the imposition of sales charges.

The graph and performance table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

It is important to note that the Fund has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Fund Holdings are subject to change daily.


⁽¹⁾	Reflects deduction of the maximum Class A sales charge of 5.75%.
⁽²⁾	Reflects deduction of the Class B deferred sales charge of 5% and 3%, respectively, for the 1 year and since inception returns.
⁽³⁾	Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.
⁽⁴⁾	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.
⁽⁵⁾	Since inception performance for index is shown from February 1, 2005.
⁽⁶⁾	Since inception performance for index is shown from January 1, 2006.

ING Russia Fund

Portfolio Managers’ Report

Industry Allocation
as of October 31, 2009
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the year ended October 31, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 65.55% compared to the Russian Trading System (“RTS”) Index⁽¹⁾ and the MSCI Russia 10/40 Index⁽²⁾,which returned 74.37% and 73.40%, respectively, for the same period.

Portfolio Specifics: Earlier this year Russian equities were priced for disaster, with many market participants expecting a collapse in the ruble and widespread corporate bankruptcies. As the global economic recovery has taken hold and markets have become unstuck, a number of global and local factors have worked together to push Russian equities up from their depressed levels. Historically low interest rates and large economic stimulus packages have created a global surge in liquidity. This has pushed risk appetite higher as investors seek out higher yielding assets. With the risk trade back on, those investors who had fled toward U.S. dollar assets during the crisis have moved the other way; this has weakened the dollar and supported risky assets such as commodities and emerging market currencies and equities. The Russian equity market, which is heavily reliant on commodities and perceived as a high-risk investment, has been benefiting from all these factors.

On top of the global environment, local factors that have played a role in the revaluation of Russian stocks include state support for various sectors, widespread corporate debt restructuring and falling interest rates made possible by decreasing inflationary pressures. In such an environment, the stocks that have performed the best have been those perceived as the most risky, among them a number of stocks that the market was previously pricing for bankruptcy.

The Fund has benefited from the recovery by holding a combination of large cap stocks, which have benefited from global money flowing into the Russian market; and smaller, riskier companies that had too much risk priced in. In terms of relative performance the Fund has benefited from its overweight in the small and mid cap space while it has suffered due to the underweight in the financials sector — Russian bank stocks were benefiting from global inflows while the Fund managers were not yet comfortable with the underlying fundamentals and maintained an underweight position in the sector.

The Fund’s best relative performance contributors at the stock level were LSR Group, Bank of St Petersburg, TMK Pipe and Magnit, while the worst detractors were VTB Bank and Sberbank.

Current Outlook and Strategy: After such a strong market performance and rebound in earnings expectations, we believe Russian valuation levels are no longer as attractive as they were earlier this year; however, we believe they remain attractive compared to their global emerging market peers and their peak levels of 2007 and 2008. If the environment of strong global liquidity and high appetite for risk persists, we believe it is likely that the Russian market will generally continue to outperform global emerging peers and developed markets. We are acutely aware, however, that any swing in the external environment is likely to put pressure on Russian equities. We therefore are closely monitoring the news flow on the global economic environment, inflation expectations and interest rates.

Besides the global or external angle, we believe the Fund is positioned to benefit from a number of domestic themes, including infrastructure spending, domestic consumption recovery, liberalizing of markets and increasing economic links with China. The Fund continues to underweight the energy sector (dominated by large cap, blue chip stocks) in favor of domestic sectors, particularly utilities, real estate and the consumer sectors. The Fund’s positioning in Russian banks is currently neutral.


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


⁽¹⁾	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.
⁽²⁾	The MSCI Russia 10/40 Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the Russian market taking into account the Undertakings for Collective Investment in Transferable Securities (UCITS III) directive which constrains the weight of any single group entity, as defined therein, at 10% of a fund’s total assets and the sum of the weights of all group entities representing more than 5% of the fund at 40% of the fund’s total assets.

Top Ten Holdings*
as of October 31, 2009
(as a percent of net assets)


Sberbank RF	12.7	%
Lukoil-Spon ADR	11.6	%
OAO Rosneft Oil Co. GDR	8.3	%
MMC Norilsk Nickel ADR	5.7	%
OAO Gazprom	4.9	%
OAO Gazprom ADR	3.9	%
Tatneft GDR	3.4	%
Magnit OAO	3.3	%
Surgutneftegaz ADR	3.3	%
Polyus Gold Co. ZAO ADR	2.8	%


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

Portfolio holdings are subject to change daily.

ING Russia Fund

Portfolio Managers’ Report


Average Annual Total Returns for the Periods Ended October 31, 2009
										Since Inception
										of Class I
	1 Year			5 Year			10 Year			September 30, 2009

Including Sales Charge:
Class A⁽¹⁾		56.04	%		14.43	%		28.90	%		—
Class I		—			—			—			4.49	%
Excluding Sales Charge:
Class A		65.55	%⁽²⁾		15.80	%		29.67	%		—
Class I		—			—			—			4.49	%
RTS Index⁽³⁾		74.37	%		15.23	%		29.98	%		7.49	%⁽⁵⁾
MSCI Russia 10/40 Index^SM(4)		73.40	%		—			—			3.87	%⁽⁵⁾

Based on a $10,000 initial investment, the graph and table above illustrate the total return of ING Russia Fund against the indices indicated. An index is unmanaged and has no cash in its portfolio, imposes no sales charge and incurs no operating expenses. An investor cannot invest directly in an index. The Fund’s performance is shown both with and without the imposition of sales charges.

The graph and performance table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Fund holdings are subject to change daily.


⁽¹⁾	Reflects deduction of the maximum Class A sales charge of 5.75%.


⁽²⁾	Redemptions on shares held less than 365 days are subject to a redemption fee of 2% of the redemption proceeds.


⁽³⁾	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.


⁽⁴⁾	The MSCI Russia 10/40 Index^SM is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the Russian market taking into account the Undertakings for Collective Investment in Transferable Securities (UCITS III) directive which constrains the weight of any single group entity, as defined therein, at 10% of a fund’s total assets and the sum of the weights of all group entities representing more than 5% of the fund at 40% of the fund’s total assets. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. Index commenced operations on May 31, 2006.


⁽⁵⁾	Since inception performance for index is shown from October 1, 2009.

ING Global Bond Fund

Portfolio Managers’ Report

Investment Type Allocation

as of October 31, 2009

(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the year ended October 31, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 24.43% compared to the Barclays Capital Global Aggregate Index⁽¹⁾ (the “Index”), which returned 18.41% for the same period.

Portfolio Specifics: Capital markets swung from abject fear to a rebound in risk appetites over the year ended October 31, 2009. Massive doses of stimulus, low short-term lending rates and quantitative easing were hallmarks of policy responses to the global banking crisis of 2008. Emerging economies outpaced the developed world. In response, investors eventually left the “safe haven” of U.S. Treasury debt and embraced riskier assets. Domestic inflation remained muted. Despite the ultimate sell-off in Treasuries, the Barclays Capital Global Aggregate Bond Index returned 18.41% for the period.

Risk-based fixed income assets posted strong, positive excess returns⁽²⁾. Corporate bonds, in general, posted 20.50% of excess returns, but utilities led the pack with 25.86% of return above comparable duration Treasuries. Generally, lower rated corporate bonds outperformed higher credit quality issuers, as did bonds with longer maturities. Commercial mortgage-backed securities (“CMBS”) earned 27.85% of excess return as asset-backed securities (“ABS”) posted 24.24%.

As fear abated, the U.S. dollar (“USD”) resumed its slide after a buoyant fourth quarter 2008 and as a result of international risk aversion. With U.S. interest rates among the lowest in the world, the USD became the funding currency of choice for investors, as they borrow in USD and invest in higher-yielding currencies or assets.

While the sources of outperformance varied over time in a volatile market, our tactical management of currency exposures dominated. Initially we were long the USD in the waning days of 2008 but quickly moved to a number of non-dollar exposures as 2009 unfolded. Key themes that benefited the Fund included overweights to commodities based currencies, emerging markets currencies, and Scandinavian currencies. In particular, overweights to Australia, New Zealand, Canada, Brazil and Mexico helped as commodities recovered from depressed levels during the period.

Adding to results was a timely call on credit. The Fund had been significantly underweight corporate bonds as they underperformed Treasuries. We began adding to credit exposure in November of 2008. This helped results as corporate bonds outperformed Treasuries significantly. Ultimately, we added exposures to non-agency residential mortgage-backed securities (“RMBS”), emerging market debt and high yield bonds. All of these additions helped performance but we could have been earlier on our allocations. We underweighted agency debentures and agency RMBS to “fund” our overweights in the riskier sectors; this call was correct as we were very happy to underweight two modestly winning sectors in order to increase the overweight to an even stronger sector.

During the first quarter of 2009, we anticipated quantitative easing and added interest rate exposure in the UK and Germany. Although the benefits (and exposures) of duration and yield curve management varied over time, these positions helped on an annual basis although they may have provided interim drag during specific quarters.

Current Strategy and Outlook: Our key themes for the second half of 2009 are for range-bound U.S. Treasury rates and little likelihood of Federal Reserve tightening, because of expected high, continuing unemployment and significant slack in the domestic economy — despite growing evidence of bottoming in the major global economies. Although concerns about inflation may resurface, we believe that it will not be a problem for the near term.

Housing prices have slowed their rate of descent, and we believe consumer confidence is turning up. Although our macro outlook is for a modest and drawn-out recovery, we are mindful of the increasing number of upside surprises both in the United States and abroad. We believe that the brighter news on residential real estate prices remains key to the pace and direction of the economic recovery. We note, however, that the last quarter of 2009 may witness a small pause in the nascent housing price recovery.

We are maintaining our active risk to high-quality emerging markets, specifically expressed in Brazil, with emphasis on the high yields available in short-dated bonds. Allocations to the currencies of India and Indonesia follow our positive theme that emerging economies that have high savings rates may benefit from rising internal consumption and a rebound in exports. We believe that although the USD may benefit from a late year risk hiccup, we expect it to remain weak for some time.


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


⁽¹⁾	The Barclays Capital Global Aggregate Index provides a broad-based measure of the global investment-grade fixed-rate debt markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices.
⁽²⁾	For fixed income asset classes, excess return is defined as the return of an asset class over a U.S. Treasury security of comparable duration.

Top Ten Holdings

as of October 31, 2009

(as a percent of net assets)



Brazil Notas do Tesouro Nacional Series F, 10.000%, due 01/01/12	15.1	%

U.S. Treasury Note, 2.375%, due 09/30/14	5.7	%

Japan Government Two Year Bond, 0.400%, due 03/15/11	3.0	%

U.S. Treasury Note, 1.375%, due 10/15/12	2.8	%

Bundesrepublik Deutschland, 3.750%, due 01/04/19	2.6	%

Bundesrepublik Deutschland, 4.250%, due 07/04/39	2.3	%

Japan Government Ten Year Bond, 1.400%, due 12/20/11	1.9	%

Bundesrepublik Deutschland, 4.250%, due 01/04/14	1.8	%

Deutsche Bank AG, 13.150%, due 01/25/12	1.7	%

U.S. Treasury Note, 4.250%, due 05/15/39	1.7	%

Portfolio holdings are subject to change daily.

ING Global Bond Fund

Portfolio Managers’ Report


Average Annual Total Returns for the Periods Ended October 31, 2009
				Since Inception			Since Inception			Since Inception
				of Class A, B, C and I			of Class O			of Class W
	1 Year			June 30, 2006			June 4, 2008			June 1, 2009

Including Sales Charge:
Class A⁽¹⁾		21.33	%		10.13	%		—			—
Class B⁽²⁾		18.56	%		10.19	%		—			—
Class C⁽³⁾		22.48	%		10.94	%		—			—
Class I		24.94	%		12.24	%		—			—
Class O		24.26	%		—			13.59	%		—
Class W		—			—			—			10.54	%
Excluding Sales Charge:
Class A		24.43	%		11.75	%		—			—
Class B		23.56	%		10.91	%		—			—
Class C		23.48	%		10.94	%		—			—
Class I		24.94	%		12.24	%		—			—
Class O		24.26	%		—			13.59	%		—
Class W		—			—			—			10.54	%
Barclays Capital Global Aggregate Bond Index⁽⁴⁾		18.41	%		8.09	%⁽⁵⁾		6.80	%⁽⁶⁾		7.17	%

Based on a $10,000 initial investment, the table and graph above illustrate the total return of ING Global Bond Fund against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charge and incurs no operating expenses. An investor cannot invest directly in the index. The Fund’s performance is shown both with and without the imposition of sales charges.

The graph and performance table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.

It is important to note that the Fund has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Fund holdings are subject to change daily.


⁽¹⁾	Effective July 31, 2006, the maximum Class A sales charge was lowered to 2.50% Return calculations with a starting date prior to July 31, 2006 are based on a 4.75% sales charge, while returns with a starting date on or after July 31, 2006 are based on a 2.50% sales charge.
⁽²⁾	Reflects deduction of the Class B deferred sales charge of 5% and 3%, respectively, for the 1 year and since inception returns.
⁽³⁾	Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.
⁽⁴⁾	The Barclays Capital Global Aggregate Bond 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.
⁽⁵⁾	Since inception performance for the index is shown from July 1, 2006.
⁽⁶⁾	Since inception performance for the index is shown from June 1, 2008.

ING Diversified International Fund

Portfolio Managers’ Report

Asset Allocation

as of October 31, 2009

(as a percent of net assets)


ING Foreign Fund – Class I	24.9	%
ING International Capital Appreciation Fund – Class I	22.6	%
ING International SmallCap Multi-Manager Fund – Class I	11.7	%
ING International Value Fund – Class I	9.9	%
ING International Value Choice Fund – Class I	9.8	%
ING Emerging Countries Fund – Class I	8.0	%
ING Index Plus International Equity Fund – Class I	8.0	%
ING International Real Estate Fund – Class I	5.1	%
Other Assets and Liabilities – Net	0.0	%
Net Assets	100.0	%

Portfolio holdings are subject to change daily.

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

Performance: For the year ended October 31, 2009, the Fund’s Class A shares, excluding sales charges, provided a total return of 28.22% compared to the MSCI All Country World Index^sm (ex-US)⁽²⁾ (“MSCI ACWI (ex-US)”) which returned 34.10% for the same period.

Portfolio Specifics: The one-year period began while all the major developed economies were in recessionary territory, with slow growth and poorly performing equity markets. Global industrial production fell dramatically and fears of deflation arose. Governments and policy makers met this situation with unprecedented global monetary and fiscal support, which ultimately proved to be major catalysts for stabilization. The stock markets turned around in the spring, with many economic indicators picking up. The second half of the period saw double-digit returns, low interest rates and improving sentiment. Despite the rough start, all the major asset classes finished the period with extraordinary gains, ranging from a low of 24.09% for the MSCI Europe Australasia and Far East^® Growth (“MSCI EAFE Growth”) Index, to 64.63% for the MSCI Emerging Markets^® Index.

The Fund’s underperformance relative to its benchmark was a result of the performance of the Underlying Funds. Positive relative results came from ING International Capital Appreciation Fund and marginally from ING Index Plus International Equity Fund. However, those contributions were not enough to offset the negative relative results from ING Foreign Fund, which was the greatest detractor for the period. Additionally, ING Emerging Countries Fund, ING International Value Fund, ING International Small Cap Multi-Manager Fund and ING International Value Choice Fund underperformed their strategic benchmarks for the period and detracted from relative results.

ING International Capital Appreciation Fund’s positive relative results for the period were due to strong stock selection across regions. Europe, Emerging Markets and Asia Pacific ex-Japan were the largest contributors to relative performance, primarily due to security selection. An underweight position Japan relative to the benchmark also contributed to relative performance.

The greatest detractors from relative performance were ING Foreign Fund, ING Emerging Countries Fund and ING International Real Estate Fund. ING Foreign Fund’s defensive positioning, which was initially supportive to relative results, led to the underperformance. The Fund’s underweights to Latin America (notably Brazil) and emerging Asia negatively impacted performance. Stock selection had a negative impact in most sectors, especially financials. ING Emerging Countries Fund lagged its benchmark because of a conservative sector allocation and significant cash balance after emerging markets rebounded sharply in early March and because of stock selection, which on balance detracted from results for the reporting period. ING International Real Estate Fund lagged its benchmark as the result of poor stock selection in the Asia-Pacific region, primarily in Japan, Singapore, Australia and Hong Kong. An underweight to the outperforming Asia-Pacific region more than offset the slight contribution of favorable country selection in Europe.

We made two tactical moves during the period. The first move, made in late March, was to reverse the underweight to small cap and corresponding overweight to large cap core, moving into a neutral position. In mid June, with a more sanguine forecast for global economies, we moved to overweight emerging markets. This was funded by a decrease in large cap core. Our view was that emerging markets were positioned for the strongest rebound in a gradual healing of the global economy. In concert with these asset allocation moves, we also implemented changes of Underlying Funds. ING International Value Fund was added to the Fund in August and ING International Equity Dividend Fund was removed in October.

Current Strategy and Outlook: Looking forward, we believe the global economic outlook has improved, and growth in the major developed economies is expected to resume in the second half of 2009 and into 2010. We do expect, however, the recovery to be relatively weak as consumption in the developed economies faces a secular headwind.

The Fund’s approximate target investment allocations among the asset classes in which the Fund invests are set out in the table. As these are target allocations, the actual allocations of the Fund’s assets may deviate from the percentages shown.

The investment committee allocates the Fund’s assets among the Underlying Funds based on advice from ING Investment Management Co., a consultant to the committee. The performance of the Fund reflects the performance of the Underlying Funds in which it invests and the weightings of Fund’s assets in each Underlying Fund.

There is a risk that the Fund may allocate assets to an Underlying Fund or market that underperforms other asset classes. For example, the Fund may be underweighted in assets or a market that is experiencing significant returns or over-weighted in assets or a market with significant declines.


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

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

Target Allocations

as of October 31, 2009

(as a percent of net assets)


International Core	30.0	%
International Growth	17.5	%
International Value	17.5	%
International Small Cap	10.0	%
Emerging Markets	20.0	%
Real Estate	5.0	%

Portfolio holdings are subject to change daily.

ING Diversified International Fund

Portfolio Managers’ Report


Average Annual Total Returns for the Periods Ended October 31, 2009
				Since Inception			Since Inception			Since Inception			Since Inception
				of Class A, B, C and I			of Class O			of Class R			of Class W
	1 Year			December 21, 2005			June 4, 2008			December 12, 2006			February 12, 2008

Including Sales Charge:
Class A⁽¹⁾		20.77	%		(2.44)	%		—			—			—
Class B⁽²⁾		22.46	%		(2.31)	%		—			—			—
Class C⁽³⁾		26.32	%		(1.67)	%		—			—			—
Class I		28.78	%		(0.74)	%		—			—			—
Class O		28.45	%		—			(20.74)	%		—			—
Class R		28.13	%		—						(8.21)	%
Class W		28.84	%		—			—			—			(14.00)	%
Excluding Sales Charge:
Class A		28.22	%		(0.93)	%		—			—			—
Class B		27.46	%		(1.64)	%		—			—			—
Class C		27.32	%		(1.67)	%		—			—			—
Class I		28.78	%		(0.74)	%		—			—			—
Class O		28.45	%		—			(20.74)	%		—			—
Class R		28.13	%		—			—			(8.21)	%		—
Class W		28.84	%		—			—			—			(14.00)	%
MSCI ACWI (ex-US)^SM(4)		34.10	%		2.12	%⁽⁵⁾		(18.42)	%⁽⁶⁾		(4.20)	%⁽⁷⁾		(11.20)	%⁽⁸⁾

Based on a $10,000 initial investment, the table and graph above illustrate the total return of ING Diversified International Fund against the index indicated. The index is unmanaged and has no cash in its portfolio, imposes no sales charge and incurs no operating expenses. An investor cannot invest directly in the index. The Fund’s performance is shown both with and without the imposition of sales charges.

The graph and performance table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund Shares.

It is important to note that the Fund has a limited operating history. Performance over a longer period of time may be more meaningful than short-term performance.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

Fund holdings are subject to change daily.


⁽¹⁾	Reflects deduction of the maximum Class A sales charge of 5.75%.


⁽²⁾	Reflects deduction of the Class B deferred sales charge of 5% and 3%, respectively, for the 1 year and since inception returns.


⁽³⁾	Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.


⁽⁴⁾	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.

⁽⁵⁾	Since inception performance of the index is shown from January 1, 2006.

⁽⁶⁾	Since inception performance of the index is shown from June 1, 2008.

⁽⁷⁾	Since inception performance of the index is shown from December 1, 2006.

⁽⁸⁾	Since inception performance of the index is shown from February 1, 2008.

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2009 to October 31, 2009. The Funds’ expenses are shown without the imposition of any sales charges or fees. Expenses would have been higher if such charges were included.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


	Actual Fund Return									Hypothetical (5% return before expenses)
	Beginning		Ending					Expenses Paid		Beginning		Ending					Expenses Paid
	Account		Account					During the		Account		Account					During the
	Value		Value		Annualized			Period Ended		Value		Value		Annualized			Period Ended
	May 1,		October 31,		Expense			October 31,		May 1,		October 31,		Expense			October 31,
	2009		2009		Ratio			2009*		2009		2009		Ratio			2009*

ING Global Equity Dividend Fund

Class A	$	1,000.00	$	1,254.30		1.40	%	$	7.95	$	1,000.00	$	1,018.15		1.40	%	$	7.12
Class B		1,000.00		1,249.10		2.15			12.19		1,000.00		1,014.37		2.15			10.92
Class C		1,000.00		1,249.80		2.15			12.19		1,000.00		1,014.37		2.15			10.92
Class I		1,000.00		1,257.20		0.93			5.29		1,000.00		1,020.52		0.93			4.74
Class O		1,000.00		1,254.40		1.40			7.96		1,000.00		1,018.15		1.40			7.12
Class W		1,000.00		1,255.90		0.93			5.29		1,000.00		1,020.52		0.93			4.74
ING Global Natural Resources Fund

Class A		1,000.00		1,269.50		1.64			9.38		1,000.00		1,016.94		1.64			8.34
Class I		1,000.00		1,273.20		1.19			6.82		1,000.00		1,019.21		1.19			6.06
Class W		1,000.00		1,272.30		1.19			6.82		1,000.00		1,019.21		1.19			6.06


*	Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half-year.

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)


	Actual Fund Return									Hypothetical (5% return before expenses)
	Beginning		Ending					Expenses Paid		Beginning		Ending					Expenses Paid
	Account		Account					During the		Account		Account					During the
	Value		Value		Annualized			Period Ended		Value		Value		Annualized			Period Ended
	May 1,		October 31,		Expense			October 31,		May 1,		October 31,		Expense			October 31,
	2009		2009		Ratio			2009*		2009		2009		Ratio			2009*

ING Global Real Estate Fund

Class A	$	1,000.00	$	1,358.10		1.49	%	$	8.86	$	1,000.00	$	1,017.69		1.49	%	$	7.58
Class B		1,000.00		1,352.90		2.24			13.28		1,000.00		1,013.91		2.24			11.37
Class C		1,000.00		1,352.30		2.24			13.28		1,000.00		1,013.91		2.24			11.37
Class I		1,000.00		1,360.50		1.12			6.66		1,000.00		1,019.56		1.12			5.70
Class O		1,000.00		1,358.00		1.49			8.86		1,000.00		1,017.69		1.49			7.58
Class W		1,000.00		1,359.80		1.12			6.66		1,000.00		1,019.56		1.12			5.70
ING Global Value Choice Fund

Class A		1,000.00		1,295.70		1.50			8.68		1,000.00		1,017.64		1.50			7.63
Class B		1,000.00		1,290.90		2.25			12.99		1,000.00		1,013.86		2.25			11.42
Class C		1,000.00		1,291.10		2.25			12.99		1,000.00		1,013.86		2.25			11.42
Class I		1,000.00		1,297.70		1.17			6.78		1,000.00		1,019.31		1.17			5.96
Class Q		1,000.00		1,296.10		1.42			8.22		1,000.00		1,018.05		1.42			7.22
Class W⁽¹⁾		1,000.00		1,091.60		1.17			5.13		1,000.00		1,019.31		1.17			5.96
ING Asia-Pacific Real Estate Fund

Class A		1,000.00		1,417.60		1.77			10.79		1,000.00		1,016.28		1.77			9.00
Class B		1,000.00		1,412.60		2.52			15.32		1,000.00		1,012.50		2.52			12.78
Class C		1,000.00		1,409.50		2.52			15.30		1,000.00		1,012.50		2.52			12.78
Class I		1,000.00		1,420.30		1.51			9.21		1,000.00		1,017.59		1.51			7.68
ING Emerging Countries Fund

Class A		1,000.00		1,352.40		2.04			12.10		1,000.00		1,014.92		2.04			10.36
Class B		1,000.00		1,347.70		2.79			16.51		1,000.00		1,011.14		2.79			14.14
Class C		1,000.00		1,347.00		2.79			16.50		1,000.00		1,011.14		2.79			14.14
Class I		1,000.00		1,355.90		1.60			9.50		1,000.00		1,017.14		1.60			8.13
Class Q		1,000.00		1,354.10		1.85			10.98		1,000.00		1,015.88		1.85			9.40
Class W		1,000.00		1,355.00		1.60			9.50		1,000.00		1,017.14		1.60			8.13
ING European Real Estate Fund

Class A		1,000.00		1,507.60		1.75			11.06		1,000.00		1,016.38		1.75			8.89
Class B		1,000.00		1,503.50		2.50			15.78		1,000.00		1,012.60		2.50			12.68
Class C		1,000.00		1,500.30		2.50			15.76		1,000.00		1,012.60		2.50			12.68
Class I		1,000.00		1,507.00		1.40			8.85		1,000.00		1,018.15		1.40			7.12
ING Foreign Fund

Class A		1,000.00		1,248.40		1.70			9.63		1,000.00		1,016.64		1.70			8.64
Class B		1,000.00		1,243.90		2.45			13.86		1,000.00		1,012.85		2.45			12.43
Class C		1,000.00		1,242.70		2.45			13.85		1,000.00		1,012.85		2.45			12.43
Class I		1,000.00		1,250.40		1.31			7.43		1,000.00		1,018.60		1.31			6.67
Class Q		1,000.00		1,248.20		1.56			8.84		1,000.00		1,017.34		1.56			7.93
Class W		1,000.00		1,250.30		1.31			7.43		1,000.00		1,018.60		1.31			6.67
ING Greater China Fund

Class A		1,000.00		1,288.80		2.11			12.17		1,000.00		1,014.57		2.11			10.71
Class B		1,000.00		1,283.90		2.86			16.46		1,000.00		1,010.79		2.86			14.50
Class C		1,000.00		1,284.00		2.86			16.46		1,000.00		1,010.79		2.86			14.50
Class I		1,000.00		1,292.70		1.68			9.71		1,000.00		1,016.74		1.68			8.54
Class O		1,000.00		1,288.80		2.11			12.17		1,000.00		1,014.57		2.11			10.71


*	Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half-year.


⁽¹⁾	Commencement of operations was June 1, 2009. Expenses paid for the Actual Fund Return reflect the 153-day period ended October 31, 2009.

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)


	Actual Fund Return									Hypothetical (5% return before expenses)
	Beginning		Ending					Expenses Paid		Beginning		Ending					Expenses Paid
	Account		Account					During the		Account		Account					During the
	Value		Value		Annualized			Period Ended		Value		Value		Annualized			Period Ended
	May 1,		October 31,		Expense			October 31,		May 1,		October 31,		Expense			October 31,
	2009		2009		Ratio			2009*		2009		2009		Ratio			2009*

ING Index Plus International Equity Fund

Class A	$	1,000.00	$	1,319.80		1.15	%	$	6.72	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class B		1,000.00		1,315.30		1.90			11.09		1,000.00		1,015.63		1.90			9.65
Class C		1,000.00		1,315.80		1.90			11.09		1,000.00		1,015.63		1.90			9.65
Class I		1,000.00		1,321.50		0.90			5.27		1,000.00		1,020.67		0.90			4.58
Class O		1,000.00		1,320.30		1.15			6.73		1,000.00		1,019.41		1.15			5.85
ING International Capital Appreciation Fund

Class A		1,000.00		1,303.10		1.51			8.77		1,000.00		1,017.59		1.51			7.68
Class B		1,000.00		1,299.70		2.26			13.10		1,000.00		1,013.81		2.26			11.47
Class C		1,000.00		1,298.90		2.26			13.10		1,000.00		1,013.81		2.26			11.47
Class I		1,000.00		1,306.80		1.14			6.63		1,000.00		1,019.46		1.14			5.80
Class Q⁽¹⁾		1,000.00		1,051.20		1.39			3.36		1,000.00		1,018.20		1.39			7.07
ING International Real Estate Fund

Class A		1,000.00		1,406.60		1.53			9.28		1,000.00		1,017.49		1.53			7.78
Class B		1,000.00		1,402.20		2.28			13.81		1,000.00		1,013.71		2.28			11.57
Class C		1,000.00		1,402.10		2.28			13.80		1,000.00		1,013.71		2.28			11.57
Class I		1,000.00		1,409.90		1.23			7.47		1,000.00		1,019.00		1.23			6.26
Class W		1,000.00		1,413.20		1.23			7.48		1,000.00		1,019.00		1.23			6.26
ING International SmallCap Multi-Manager Fund

Class A		1,000.00		1,389.10		1.95			11.74		1,000.00		1,015.38		1.95			9.91
Class B		1,000.00		1,384.60		2.60			15.63		1,000.00		1,012.10		2.60			13.19
Class C		1,000.00		1,384.70		2.60			15.63		1,000.00		1,012.10		2.60			13.19
Class I		1,000.00		1,393.30		1.45			8.75		1,000.00		1,017.90		1.45			7.37
Class O		1,000.00		1,390.80		1.85			11.15		1,000.00		1,015.88		1.85			9.40
Class Q		1,000.00		1,390.70		1.70			10.24		1,000.00		1,016.64		1.70			8.64
Class W		1,000.00		1,393.10		1.45			8.75		1,000.00		1,017.90		1.45			7.37
ING International Value Fund

Class A		1,000.00		1,233.60		1.75			9.85		1,000.00		1,016.38		1.75			8.89
Class B		1,000.00		1,230.90		2.45			13.78		1,000.00		1,012.85		2.45			12.43
Class C		1,000.00		1,230.30		2.40			13.49		1,000.00		1,013.11		2.40			12.18
Class I		1,000.00		1,237.70		1.33			7.50		1,000.00		1,018.50		1.33			6.77
Class Q		1,000.00		1,237.20		1.33			7.50		1,000.00		1,018.50		1.33			6.77
Class W⁽²⁾		1,000.00		1,084.50		1.33			3.95		1,000.00		1,018.50		1.33			6.77
ING International Value Choice Fund

Class A		1,000.00		1,201.00		1.70			9.43		1,000.00		1,016.64		1.70			8.64
Class B		1,000.00		1,195.70		2.45			13.56		1,000.00		1,012.85		2.45			12.43
Class C		1,000.00		1,195.00		2.45			13.55		1,000.00		1,012.85		2.45			12.43
Class I		1,000.00		1,201.20		1.39			7.71		1,000.00		1,018.20		1.39			7.07
Class W⁽³⁾		1,000.00		1,054.50		1.39			5.99		1,000.00		1,018.20		1.39			7.07


*	Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half-year.


⁽¹⁾	Commencement of operations was August 7, 2009. Expenses paid for the Actual Fund Return reflect the 86-day period ended October 31, 2009.
⁽²⁾	Commencement of operations was July 20, 2009. Expenses paid for the Actual Fund Return reflect the 104-day period ended October 31, 2009.
⁽³⁾	Commencement of operations was June 1, 2009. Expenses paid for the Actual Fund Return reflect the 153-day period ended October 31, 2009.

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)


	Actual Fund Return									Hypothetical (5% return before expenses)
	Beginning		Ending					Expenses Paid		Beginning		Ending					Expenses Paid
	Account		Account					During the		Account		Account					During the
	Value		Value		Annualized			Period Ended		Value		Value		Annualized			Period Ended
	May 1,		October 31,		Expense			October 31,		May 1,		October 31,		Expense			October 31,
	2009		2009		Ratio			2009*		2009		2009		Ratio			2009*

ING Russia Fund

Class A	$	1,000.00	$	1,608.40		2.21	%	$	14.53	$	1,000.00	$	1,014.06		2.21	%	$	11.22
Class I⁽¹⁾		1,000.00		1,044.90		1.68			1.51		1,000.00		1,016.74		1.68			8.54
ING Global Bond Fund

Class A		1,000.00		1,140.80		0.91	%		4.91		1,000.00		1,020.62		0.91	%		4.63
Class B		1,000.00		1,137.10		1.66			8.94		1,000.00		1,016.84		1.66			8.44
Class C		1,000.00		1,136.70		1.66			8.94		1,000.00		1,016.84		1.66			8.44
Class I		1,000.00		1,142.90		0.56			3.02		1,000.00		1,022.38		0.56			2.85
Class O		1,000.00		1,140.20		0.91			4.91		1,000.00		1,020.62		0.91			4.63
Class W⁽²⁾		1,000.00		1,105.40		0.56			2.47		1,000.00		1,022.38		0.56			2.85
ING Diversified International Fund**

Class A		1,000.00		1,294.20		0.38			2.20		1,000.00		1,023.29		0.38			1.94
Class B		1,000.00		1,290.00		1.13			6.52		1,000.00		1,019.51		1.13			5.75
Class C		1,000.00		1,288.90		1.13			6.52		1,000.00		1,019.51		1.13			5.75
Class I		1,000.00		1,294.70		0.10			0.58		1,000.00		1,024.70		0.10			0.51
Class O		1,000.00		1,295.60		0.38			2.20		1,000.00		1,023.29		0.38			1.94
Class R		1,000.00		1,292.30		0.63			3.64		1,000.00		1,022.03		0.63			3.21
Class W		1,000.00		1,295.10		0.10			0.58		1,000.00		1,024.70		0.10			0.51


*	Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half-year.


**	The annualized expense ratios do not include expenses of underlying funds.


⁽¹⁾	Commencement of operations was September 30, 2009. Expenses paid for the Actual Fund Return reflect the 32-day period ended October 31, 2009.
⁽²⁾	Commencement of operations was June 1, 2009. Expenses paid for the Actual Fund Return reflect the 153-day period ended October 31, 2009.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Shareholders and Board of Trustees

ING Mutual Funds and ING Mayflower Trust

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of ING Global Equity Dividend Fund, ING Global Natural Resources Fund, ING Global Real Estate Fund, ING Global Value Choice Fund, ING Asia-Pacific Real Estate Fund, ING Emerging Countries Fund, ING European Real Estate Fund, ING Foreign Fund, ING Greater China Fund, ING Index Plus International Equity Fund, ING International Capital Appreciation Fund, ING International Real Estate Fund, ING International SmallCap Multi-Manager Fund, ING International Value Choice Fund, ING Russia Fund, ING Global Bond Fund, and ING Diversified International Fund, each a series of ING Mutual Funds, and ING International Value Fund, a series of ING Mayflower Trust, as of October 31, 2009, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the aforementioned funds as of October 31, 2009, and the results of their operations, the changes in their net assets, and the financial highlights for the periods specified in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

December 22, 2009

STATEMENTS OF ASSETS AND LIABILITIES as of October 31, 2009


	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+*	$	133,784,886		$	99,542,008		$	1,596,174,745		$	155,063,237
Investments in affiliates**		—			—			8,639,456			—
Short-term investments at value***		302,120			—			23,538,253			3,860,218
Short-term investments in affiliates****		—			1,006,000			60,713,731			21,411,118
Cash		4,729,598			431			—			45
Foreign currencies at value*****		738,173			10,643			317,004			332,661
Receivables:
Investment securities sold		1,297,057			383,314			33,919,640			319,700
Fund shares sold		285,008			204,140			15,572,853			1,933,145
Dividends and interest		409,776			71,158			4,155,554			256,091
Unrealized appreciation on forward foreign currency contracts		—			—			—			8,821
Prepaid expenses		29,231			11,543			70,344			21,416
Reimbursement due from manager		701			—			—			—

Total assets		141,576,550			101,229,237			1,743,101,580			183,206,452


LIABILITIES:
Payable for investment securities purchased		1,485,418			513,866			23,988,754			2,277,768
Payable for fund shares redeemed		615,745			115,057			3,637,161			505,828
Payable upon receipt of securities loaned		326,900			—			24,087,317			3,917,772
Payable to affiliates		176,888			108,108			1,530,915			230,115
Payable for directors fees		5,882			13,510			18,622			13,667
Other accrued expenses and liabilities		195,331			108,120			1,332,831			90,848

Total liabilities		2,806,164			858,661			54,595,600			7,035,998

NET ASSETS	$	138,770,386		$	100,370,576		$	1,688,505,980		$	176,170,454


NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	237,884,996		$	119,828,706		$	2,288,958,998		$	250,493,874
Undistributed net investment income/(distributions in excess of net investment income)		11,181			94,442			(5,402,287	)		1,036,069
Accumulated net realized loss on investments and foreign currency related transactions		(104,297,566	)		(26,813,358	)		(756,362,653	)		(100,703,282	)
Net unrealized appreciation on investments and foreign currency related transactions		5,171,775			7,260,786			161,311,922			25,343,793

NET ASSETS	$	138,770,386		$	100,370,576		$	1,688,505,980		$	176,170,454



+ Including securities loaned at value	$	301,908		$	—		$	22,514,050		$	3,263,771
* Cost of investments in securities	$	128,574,634		$	92,281,118		$	1,433,837,564		$	129,657,383
** Cost of investments in affiliates	$	—		$	—		$	9,109,815		$	—
*** Cost of short-term investments	$	326,900		$	—		$	24,087,317		$	3,917,772
**** Cost of short-term investments in affiliates	$	—		$	1,006,000		$	60,713,731		$	21,411,118
***** Cost of foreign currencies	$	738,005		$	10,629		$	316,062		$	332,661

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of October 31, 2009 (continued)


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

Class A:
Net assets	$	46,871,029	$	99,674,223	$	893,469,726	$	107,498,577
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		4,981,625		12,738,026		62,662,954		4,095,704
Net asset value and redemption price per share	$	9.41	$	7.82	$	14.26	$	26.25
Maximum offering price per share (5.75%)⁽¹⁾	$	9.98	$	8.30	$	15.13	$	27.85
Class B:
Net assets	$	16,147,174		n/a	$	22,217,641	$	7,104,678
Shares authorized		unlimited		n/a		unlimited		unlimited
Par value	$	—		n/a	$	—	$	—
Shares outstanding		1,721,160		n/a		1,849,532		253,709
Net asset value and redemption price per share⁽²⁾	$	9.38		n/a	$	12.01	$	28.00
Maximum offering price per share	$	9.38		n/a	$	12.01	$	28.00
Class C:
Net assets	$	37,686,865		n/a	$	149,942,861	$	48,308,248
Shares authorized		unlimited		n/a		unlimited		unlimited
Par value	$	—		n/a	$	—	$	—
Shares outstanding		4,027,475		n/a		11,832,498		1,941,948
Net asset value and redemption price per share⁽²⁾	$	9.36		n/a	$	12.67	$	24.88
Maximum offering price per share	$	9.36		n/a	$	12.67	$	24.88
Class I:
Net assets	$	1,823,709	$	510,089	$	457,742,141	$	10,387,715
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		193,640		65,148		32,104,094		392,509
Net asset value and redemption price per share	$	9.42	$	7.83	$	14.26	$	26.46
Maximum offering price per share	$	9.42	$	7.83	$	14.26	$	26.46
Class O:
Net assets	$	14,920,282		n/a	$	13,575,181		n/a
Shares authorized		unlimited		n/a		unlimited		n/a
Par value	$	—		n/a	$	—		n/a
Shares outstanding		1,587,724		n/a		952,251		n/a
Net asset value and redemption price per share	$	9.40		n/a	$	14.26		n/a
Maximum offering price per share	$	9.40		n/a	$	14.26		n/a
Class Q:
Net assets		n/a		n/a		n/a	$	2,621,523
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		84,936
Net asset value and redemption price per share		n/a		n/a		n/a	$	30.86
Maximum offering price per share		n/a		n/a		n/a	$	30.86
Class W:
Net assets	$	21,321,327	$	186,264	$	151,558,430	$	249,713
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		2,079,826		18,891		10,612,879		9,439
Net asset value and redemption price per share	$	10.25	$	9.86	$	14.28	$	26.46
Maximum offering price per share	$	10.25	$	9.86	$	14.28	$	26.46


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

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of October 31, 2009


	ING						ING
	Asia-Pacific			ING			European
	Real			Emerging			Real			ING
	Estate			Countries			Estate			Foreign
	Fund			Fund			Fund			Fund

ASSETS:
Investments in securities at value+*	$	4,298,687		$	132,192,662		$	6,332,784		$	252,022,149
Investments in affiliates**		50,440			—			—			—
Short-term investments at value***		—			758,292			—			217,966
Short-term investments in affiliates****		152,029			—			36,147			272,747
Cash		—			1,411,061			—			3
Foreign currencies at value*****		2,778			4,597,218			118,389			4,922,822
Receivables:
Investment securities sold		86,049			2,295,691			—			12,150,903
Fund shares sold		—			187,929			38,880			142,089
Dividends and interest		16,171			240,586			13,445			486,915
Unrealized appreciation on forward foreign currency contracts		—			—			—			149,503
Prepaid expenses		23,137			16,034			23,124			27,558
Reimbursement due from manager		12,467			—			4,497			—

Total assets		4,641,758			141,699,473			6,567,266			270,392,655


LIABILITIES:
Payable for investment securities purchased		161,495			1,701,671			—			16,386,301
Payable for fund shares redeemed		—			802,420			44,020			1,740,903
Payable upon receipt of securities loaned		—			790,615			—			252,707
Unrealized depreciation on forward foreign currency contracts		—			—			—			680,938
Payable to affiliates		5,764			205,811			7,404			354,152
Payable for directors fees		1,627			25,770			521			11,407
Other accrued expenses and liabilities		35,594			174,697			18,557			358,374
Payable for borrowings against line of credit		—			—			—			180,000

Total liabilities		204,480			3,700,984			70,502			19,964,782

NET ASSETS	$	4,437,278		$	137,998,489		$	6,496,764		$	250,427,873


NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	9,364,943		$	209,757,389		$	8,367,724		$	368,003,510
Undistributed net investment income		337,370			—			288,525			532,896
Accumulated net realized loss on investments and foreign currency related transactions		(5,640,036	)		(103,019,292	)		(2,711,907	)		(161,108,524	)
Net unrealized appreciation on investments and foreign currency related transactions		375,001			31,260,392			552,422			42,999,991

NET ASSETS	$	4,437,278		$	137,998,489		$	6,496,764		$	250,427,873



+ Including securities loaned at value	$	—		$	764,839		$	—		$	229,191
* Cost of investments in securities	$	3,925,582		$	100,872,063		$	5,779,472		$	208,474,135
** Cost of investments in affiliates	$	48,723		$	—		$	—		$	—
*** Cost of short-term investments	$	—		$	790,615		$	—		$	252,707
**** Cost of short-term investments in affiliates	$	152,029		$	—		$	36,147		$	272,747
***** Cost of foreign currencies	$	2,778		$	4,642,494		$	119,142		$	4,929,078

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of October 31, 2009 (continued)


	ING				ING
	Asia-Pacific		ING		European
	Real		Emerging		Real		ING
	Estate		Countries		Estate		Foreign
	Fund		Fund		Fund		Fund

Class A:
Net assets	$	3,479,291	$	77,556,073	$	6,399,513	$	93,828,563
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		609,600		3,281,198		934,523		7,304,587
Net asset value and redemption price per share	$	5.71	$	23.64	$	6.85	$	12.85
Maximum offering price per share (5.75%)⁽¹⁾	$	6.06	$	25.08	$	7.27	$	13.63
Class B:
Net assets	$	27,048	$	4,973,007	$	29,879	$	14,076,779
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		4,761		212,104		4,383		1,139,269
Net asset value and redemption price per share⁽²⁾	$	5.68	$	23.45	$	6.82	$	12.36
Maximum offering price per share	$	5.68	$	23.45	$	6.82	$	12.36
Class C:
Net assets	$	930,371	$	16,867,725	$	66,688	$	76,676,845
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		163,642		766,411		9,791		6,203,980
Net asset value and redemption price per share⁽²⁾	$	5.69	$	22.01	$	6.81	$	12.36
Maximum offering price per share	$	5.69	$	22.01	$	6.81	$	12.36
Class I:
Net assets	$	568	$	30,757,793	$	684	$	65,256,027
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		100		1,300,175		100		4,989,597
Net asset value and redemption price per share	$	5.68	$	23.66	$	6.84	$	13.08
Maximum offering price per share	$	5.68	$	23.66	$	6.84	$	13.08
Class Q:
Net assets		n/a	$	7,750,666		n/a	$	23,446
Shares authorized		n/a		unlimited		n/a		unlimited
Par value		n/a	$	—		n/a	$	—
Shares outstanding		n/a		315,213		n/a		1,775
Net asset value and redemption price per share		n/a	$	24.59		n/a	$	13.21
Maximum offering price per share		n/a	$	24.59		n/a	$	13.21
Class W:
Net assets		n/a	$	93,225		n/a	$	566,213
Shares authorized		n/a		unlimited		n/a		unlimited
Par value		n/a	$	—		n/a	$	—
Shares outstanding		n/a		3,763		n/a		40,496
Net asset value and redemption price per share		n/a	$	24.77		n/a	$	13.98
Maximum offering price per share		n/a	$	24.77		n/a	$	13.98


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

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of October 31, 2009


				ING			ING			ING
	ING			Index Plus			International			International
	Greater			International			Capital			Real
	China			Equity			Appreciation			Estate
	Fund			Fund			Fund			Fund

ASSETS:
Investments in securities at value+*	$	46,407,998		$	110,186,574		$	108,419,171		$	511,357,414
Investments in affiliates**		—			—			—			3,704,870
Short-term investments at value***		—			—			3,716,811			—
Short-term investments in affiliates****		—			—			—			14,529,285
Cash		1,502,558			442,578			—			—
Foreign currencies at value*****		167,944			—			631			105,200
Receivables:
Investment securities sold		—			—			2,186,050			27,515,128
Fund shares sold		704,225			16,738			79,617			982,353
Dividends and interest		10,643			538,139			319,409			1,871,860
Prepaid expenses		8,597			1,773			9,526			31,594
Reimbursement due from manager		—			1,463			1,961			—

Total assets		48,801,965			111,187,265			114,733,176			560,097,704


LIABILITIES:
Payable for investment securities purchased		655,456			67			1,539,861			6,224,044
Payable for fund shares redeemed		2,045,554			770,481			96,699			16,285,220
Payable upon receipt of securities loaned		—			—			3,732,764			—
Payable to affiliates		78,283			78,060			114,635			537,964
Payable to custodian due to bank overdraft		—			—			413,257			—
Payable to custodian due to foreign currency overdraft******		—			187,396			—			—
Payable for directors fees		2,362			6,733			15,995			8,530
Other accrued expenses and liabilities		77,175			178,091			82,593			313,175

Total liabilities		2,858,830			1,220,828			5,995,804			23,368,933

NET ASSETS	$	45,943,135		$	109,966,437		$	108,737,372		$	536,728,771


NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	45,180,034		$	190,947,144		$	172,029,959		$	783,940,836
Undistributed net investment income		675,252			1,980,573			1,452			31,518,711
Accumulated net realized loss on investments and foreign currency related transactions		(7,178,753	)		(91,617,072	)		(72,671,359	)		(313,249,761	)
Net unrealized appreciation on investments and foreign currency related transactions		7,266,602			8,655,792			9,377,320			34,518,985

NET ASSETS	$	45,943,135		$	109,966,437		$	108,737,372		$	536,728,771



+ Including securities loaned at value	$	—		$	—		$	3,552,353		$	—
* Cost of investments in securities	$	39,141,112		$	101,555,068		$	99,029,877		$	476,681,823
** Cost of investments in affiliates	$	—		$	—		$	—		$	3,865,065
*** Cost of short-term investments	$	—		$	—		$	3,732,764		$	—
**** Cost of short-term investments in affiliates	$	—		$	—		$	—		$	14,529,285
***** Cost of foreign currencies	$	168,228		$	—		$	712		$	104,737
****** Cost of foreign currency overdraft	$	—		$	187,671		$	—		$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of October 31, 2009 (continued)


			ING		ING		ING
	ING		Index Plus		International		International
	Greater		International		Capital		Real
	China		Equity		Appreciation		Estate
	Fund		Fund		Fund		Fund

Class A:
Net assets	$	32,859,582	$	8,828,117	$	25,818,693	$	116,988,760
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		2,301,646		1,131,341		2,857,632		13,798,896
Net asset value and redemption price per share	$	14.28	$	7.80	$	9.03	$	8.48
Maximum offering price per share (5.75%)⁽¹⁾	$	15.15	$	8.28	$	9.58	$	9.00
Class B:
Net assets	$	3,245,547	$	1,221,441	$	4,459,575	$	3,874,958
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		230,015		156,590		498,282		459,000
Net asset value and redemption price per share⁽²⁾	$	14.11	$	7.80	$	8.95	$	8.44
Maximum offering price per share	$	14.11	$	7.80	$	8.95	$	8.44
Class C:
Net assets	$	6,182,189	$	1,444,959	$	7,825,032	$	26,520,307
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		436,833		186,337		871,075		3,142,353
Net asset value and redemption price per share⁽²⁾	$	14.15	$	7.75	$	8.98	$	8.44
Maximum offering price per share	$	14.15	$	7.75	$	8.98	$	8.44
Class I:
Net assets	$	690,119	$	51,144,046	$	58,959,106	$	387,250,562
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		48,221		6,546,122		6,551,842		45,610,706
Net asset value and redemption price per share	$	14.31	$	7.81	$	9.00	$	8.49
Maximum offering price per share	$	14.31	$	7.81	$	9.00	$	8.49
Class O:
Net assets	$	2,965,698	$	47,327,874		n/a		n/a
Shares authorized		unlimited		unlimited		n/a		n/a
Par value	$	—	$	—		n/a		n/a
Shares outstanding		209,015		6,107,734		n/a		n/a
Net asset value and redemption price per share	$	14.19	$	7.75		n/a		n/a
Maximum offering price per share	$	14.19	$	7.75		n/a		n/a
Class Q:
Net assets		n/a		n/a	$	11,674,966		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		1,292,194		n/a
Net asset value and redemption price per share		n/a		n/a	$	9.03		n/a
Maximum offering price per share		n/a		n/a	$	9.03		n/a
Class W:
Net assets		n/a		n/a		n/a	$	2,094,184
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		246,119
Net asset value and redemption price per share		n/a		n/a		n/a	$	8.51
Maximum offering price per share		n/a		n/a		n/a	$	8.51


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

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of October 31, 2009


	ING						ING
	International			ING			International
	SmallCap			International			Value
	Multi-Manager			Value			Choice
	Fund			Fund			Fund

ASSETS:
Investments in securities at value+*	$	412,895,776		$	1,629,713,898		$	46,835,595
Investments in affiliates**		117,697			—			—
Short-term investments at value***		274,757			47,446,834			—
Short-term investments in affiliates****		3,763,854			56,070,000			1,670,572
Cash		8,683,489			6,463			—
Foreign currencies at value*****		69,092			10,218,273			—
Receivables:
Investment securities sold		2,890,972			42,645,016			1,066,213
Fund shares sold		1,299,134			871,533			200,748
Dividends and interest		1,106,485			7,800,947			131,229
Prepaid expenses		26,564			36,418			8,131

Total assets		431,127,820			1,794,809,382			49,912,488


LIABILITIES:
Payable for investment securities purchased		2,411,135			46,559,125			627,121
Payable for fund shares redeemed		661,806			19,586,336			38,153
Payable upon receipt of securities loaned		290,696			47,687,292			—
Payable to affiliates		517,259			2,126,523			55,712
Payable to custodian due to foreign currency overdraft******		—			—			1,709
Payable for directors fees		16,888			45,829			2,268
Other accrued expenses and liabilities		448,429			1,646,975			39,431
Payable for borrowings against line of credit		—			3,240,000			—

Total liabilities		4,346,213			120,892,080			764,394

NET ASSETS	$	426,781,607		$	1,673,917,302		$	49,148,094


NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	758,437,325		$	2,598,766,710		$	67,044,310
Undistributed net investment income		5,637,485			26,247,882			313,098
Accumulated net realized loss on investments and foreign currency related transactions		(361,154,422	)		(826,105,283	)		(16,157,257	)
Net unrealized appreciation or depreciation on investments and foreign currency related transactions		23,861,219			(124,992,007	)		(2,052,057	)

NET ASSETS	$	426,781,607		$	1,673,917,302		$	49,148,094



+ Including securities loaned at value	$	274,117		$	44,188,883		$	—
* Cost of investments in securities	$	389,019,994		$	1,755,034,277		$	48,889,534
** Cost of investments in affiliates	$	130,868		$	—		$	—
*** Cost of short-term investments	$	290,696		$	47,687,292		$	—
**** Cost of short-term investments in affiliates	$	3,763,854		$	56,070,000		$	1,670,572
***** Cost of foreign currencies	$	68,933		$	10,122,158		$	—
****** Cost of foreign currency overdraft	$	—		$	—		$	1,795

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of October 31, 2009 (continued)


	ING				ING
	International		ING		International
	SmallCap		International		Value
	Multi-Manager		Value		Choice
	Fund		Fund		Fund

Class A:
Net assets	$	177,914,410	$	725,329,491	$	15,614,974
Shares authorized		unlimited		unlimited		unlimited
Par value	$	—	$	0.01	$	—
Shares outstanding		5,656,926		64,188,898		1,613,108
Net asset value and redemption price per share	$	31.45	$	11.30	$	9.68
Maximum offering price per share (5.75%)⁽¹⁾	$	33.37	$	11.99	$	10.27
Class B:
Net assets	$	8,383,027	$	37,743,427	$	1,785,643
Shares authorized		unlimited		unlimited		unlimited
Par value	$	—	$	0.01	$	—
Shares outstanding		253,958		3,389,270		187,373
Net asset value and redemption price per share⁽²⁾	$	33.01	$	11.14	$	9.53
Maximum offering price per share	$	33.01	$	11.14	$	9.53
Class C:
Net assets	$	31,928,031	$	279,060,325	$	4,090,634
Shares authorized		unlimited		unlimited		unlimited
Par value	$	—	$	0.01	$	—
Shares outstanding		1,085,654		25,487,306		427,845
Net asset value and redemption price per share⁽²⁾	$	29.41	$	10.95	$	9.56
Maximum offering price per share	$	29.41	$	10.95	$	9.56
Class I:
Net assets	$	164,985,170	$	607,516,611	$	27,653,678
Shares authorized		unlimited		unlimited		unlimited
Par value	$	—	$	0.01	$	—
Shares outstanding		5,232,914		53,780,411		2,859,699
Net asset value and redemption price per share	$	31.53	$	11.30	$	9.67
Maximum offering price per share	$	31.53	$	11.30	$	9.67
Class O:
Net assets	$	564,891		n/a		n/a
Shares authorized		unlimited		n/a		n/a
Par value	$	—		n/a		n/a
Shares outstanding		18,058		n/a		n/a
Net asset value and redemption price per share	$	31.28		n/a		n/a
Maximum offering price per share	$	31.28		n/a		n/a
Class Q:
Net assets	$	30,910,466	$	24,264,195		n/a
Shares authorized		unlimited		unlimited		n/a
Par value	$	—	$	0.01		n/a
Shares outstanding		899,749		2,143,148		n/a
Net asset value and redemption price per share	$	34.35	$	11.32		n/a
Maximum offering price per share	$	34.35	$	11.32		n/a
Class W:
Net assets	$	12,095,612	$	3,253	$	3,165
Shares authorized		unlimited		unlimited		unlimited
Par value	$	—	$	0.01	$	—
Shares outstanding		325,078		288		327
Net asset value and redemption price per share	$	37.21	$	11.30	$	9.68
Maximum offering price per share	$	37.21	$	11.30	$	9.68


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

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of October 31, 2009


				ING		ING
	ING			Global		Diversified
	Russia			Bond		International
	Fund			Fund		Fund

ASSETS:
Investments in securities at value+*	$	364,558,980		$	288,889,717	$	—
Investments in affiliates**		—			—		229,623,077
Short-term investments at value***		12,134,158			—		—
Short-term investments in affiliates****		—			2,295,000		—
Short-term investments at amortized cost		—			999,925		—
Cash		219,504			—		945,283
Receivable for derivatives collateral held at broker (Note 2)		—			1,150,000		—
Cash collateral for futures		—			2,796,269		—
Foreign cash collateral for futures at value*****		—			205,930		—
Receivables:
Investment securities sold on a delayed-delivery or when-issued basis		—			5,696,873		—
Investment securities sold		7,921,399			5,989,888		320,564
Fund shares sold		1,277,862			8,117,608		240,653
Dividends and interest		1,841,897			3,051,474		—
Futures variation margin receivable		—			145,752		—
Unrealized appreciation on forward foreign currency contracts		—			1,178,531		—
Upfront payments made on swap agreements		—			380,365		—
Unrealized appreciation on swap agreements		—			183,575		—
Prepaid expenses		14,435			27,113		15,608
Reimbursement due from manager		—			64,572		13,485

Total assets		387,968,235			321,172,592		231,158,670


LIABILITIES:
Payable for investment securities purchased on a delayed-delivery or when-issued basis		—			14,075,453		—
Payable for investment securities purchased		—			8,006,432		—
Payable for terminated investment contracts (Note 15)		—			163,367		—
Payable for fund shares redeemed		1,249,577			433,765		1,123,413
Payable for futures variation margin		—			631,751		—
Payable upon receipt of securities loaned		12,302,448			—		—
Unrealized depreciation on forward foreign currency contracts		—			1,485,210		—
Unrealized depreciation on swap agreements		—			212,061		—
Payable to affiliates		524,938			176,468		132,487
Payable to custodian due to bank overdraft		—			628,283		—
Payable for directors fees		24,376			2,269		10,266
Other accrued expenses and liabilities		614,926			134,812		313,779
Written optionsˆ		—			221,277		—

Total liabilities		14,716,265			26,171,148		1,579,945

NET ASSETS	$	373,251,970		$	295,001,444	$	229,578,725


NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	459,997,897		$	265,927,751	$	406,272,610
Undistributed net investment income		—			7,124,031		—
Accumulated net realized gain (loss) on investments, foreign currency related transactions, futures, swaps, and written options		(71,432,621	)		1,363,618		(152,226,311	)
Net unrealized appreciation or depreciation on investments, foreign currency related transactions, futures, swaps, and written options		(15,313,306	)		20,586,044		(24,467,574	)

NET ASSETS	$	373,251,970		$	295,001,444	$	229,578,725



+ Including securities loaned at value	$	11,548,629		$	—	$	—
* Cost of investments in securities	$	379,717,906		$	267,707,712	$	—
** Cost of investments in affiliates	$	—		$	—	$	254,090,651
*** Cost of short-term investments	$	12,302,448		$	—	$	—
**** Cost of short-term investments in affiliates	$	—		$	2,295,000	$	—
***** Cost of foreign cash collateral for futures	$	—		$	206,635	$	—
ˆ Premiums received on written options	$	—		$	218,966	$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of October 31, 2009 (continued)


				ING			ING
	ING			Global			Diversified
	Russia			Bond			International
	Fund			Fund			Fund

Class A:
Net assets	$	373,248,836		$	103,255,386		$	129,965,548
Shares authorized		unlimited			unlimited			unlimited
Par value	$	—		$	—		$	—
Shares outstanding		12,639,723			8,425,914			15,712,205
Net asset value and redemption price per share	$	29.53		$	12.25		$	8.27
Maximum offering price per share	$	31.33⁽¹	⁾	$	12.57⁽²	⁾	$	8.77⁽¹	⁾
Class B:
Net assets		n/a		$	5,135,427		$	19,918,959
Shares authorized		n/a			unlimited			unlimited
Par value		n/a		$	—		$	—
Shares outstanding		n/a			422,412			2,421,741
Net asset value and redemption price per share⁽³⁾		n/a		$	12.16		$	8.23
Maximum offering price per share		n/a		$	12.16		$	8.23
Class C:
Net assets		n/a		$	45,772,715		$	71,830,669
Shares authorized		n/a			unlimited			unlimited
Par value		n/a		$	—		$	—
Shares outstanding		n/a			3,752,064			8,754,427
Net asset value and redemption price per share⁽³⁾		n/a		$	12.20		$	8.21
Maximum offering price per share		n/a		$	12.20		$	8.21
Class I:
Net assets	$	3,134		$	136,178,148		$	3,209,017
Shares authorized		unlimited			unlimited			unlimited
Par value	$	—		$	—		$	—
Shares outstanding		106			11,147,615			388,568
Net asset value and redemption price per share	$	29.54		$	12.22		$	8.26
Maximum offering price per share	$	29.54		$	12.22		$	8.26
Class O:
Net assets		n/a		$	3,126,486		$	1,911,456
Shares authorized		n/a			unlimited			unlimited
Par value		n/a		$	—		$	—
Shares outstanding		n/a			259,156			232,083
Net asset value and redemption price per share		n/a		$	12.06		$	8.24
Maximum offering price per share		n/a		$	12.06		$	8.24
Class R:
Net assets		n/a			n/a		$	198,289
Shares authorized		n/a			n/a			unlimited
Par value		n/a			n/a		$	—
Shares outstanding		n/a			n/a			24,243
Net asset value and redemption price per share		n/a			n/a		$	8.18
Maximum offering price per share		n/a			n/a		$	8.18
Class W:
Net assets		n/a		$	1,533,282		$	2,544,787
Shares authorized		n/a			unlimited			unlimited
Par value		n/a		$	—		$	—
Shares outstanding		n/a			127,134			308,596
Net asset value and redemption price per share		n/a		$	12.06		$	8.25
Maximum offering price per share		n/a		$	12.06		$	8.25


⁽¹⁾	Maximum offering price is 5.75% and is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced.
⁽²⁾	Maximum offering price is 2.50% and is computed at 100/97.50 of net asset value. On purchases of $100,000 or more, the offering price is reduced.
⁽³⁾	Redemption price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended October 31, 2009


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

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*⁽¹⁾	$	5,642,124		$	1,776,138		$	51,281,396		$	2,551,078
Interest*		4,819			228			478,799			92,105
Securities lending income, net		8,308			—			194,786			46,414

Total investment income		5,655,251			1,776,366			51,954,981			2,689,597


EXPENSES:
Investment management fees		866,532			763,936			9,134,298			1,195,599
Distribution and service fees:
Class A		118,802			212,003			1,713,857			216,759
Class B		164,151			—			191,764			58,820
Class C		375,788			—			1,217,492			300,776
Class O		33,039			—			28,021			—
Class Q		—			—			—			6,516
Transfer agent fees:
Class A		138,126			182,585			1,925,991			153,229
Class B		47,612			—			53,990			10,386
Class C		108,860			—			340,790			52,994
Class I		1,160			46			492,959			1,666
Class O		38,542			—			31,666			—
Class Q		—			—			—			596
Class W		5,786			15			163,501			3
Administrative service fees		123,789			85,191			1,242,387			132,843
Shareholder reporting expense		56,786			39,452			645,850			54,342
Registration fees		79,184			42,733			202,441			74,448
Professional fees		37,072			26,465			276,608			36,331
Custody and accounting expense		49,723			20,160			347,966			28,700
Directors fees		8,231			4,482			41,729			4,110
Miscellaneous expense		15,671			18,975			77,386			8,488
Interest expense		1,682			87			158			1,562

Total expenses		2,270,536			1,396,130			18,128,854			2,338,168
Net waived and reimbursed fees		(172,058	)		(809	)		(22,738	)		(101,804	)
Brokerage commission recapture		(1,791	)		—			—			(13,945	)

Net expenses		2,096,687			1,395,321			18,106,116			2,222,419

Net investment income		3,558,564			381,045			33,848,865			467,178


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS
Net realized loss on:
Investments		(72,935,200	)		(24,750,146	)		(502,880,201	)		(11,686,896	)
Foreign currency related transactions		(354,860	)		(23,296	)		(299,572	)		(116,939	)

Net realized loss on investments and foreign currency related transactions		(73,290,060	)		(24,773,442	)		(503,179,773	)		(11,803,835	)

Net change in unrealized appreciation or depreciation on:
Investments		80,181,803			43,917,033			688,316,349			65,878,079
Foreign currency related transactions		10,110			26,492			(952	)		(10,955	)

Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		80,191,913			43,943,525			688,315,397			65,867,124

Net realized and unrealized gain on investments and foreign currency related transactions		6,901,853			19,170,083			185,135,624			54,063,289

Increase in net assets resulting from operations	$	10,460,417		$	19,551,128		$	218,984,489		$	54,530,467



* Foreign taxes withheld	$	331,290		$	57,279		$	2,641,339		$	178,594
⁽¹⁾ Dividends from affiliates	$	—		$	4,110		$	236,062		$	38,372

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended October 31, 2009


	ING			ING			ING
	Asia-Pacific			Emerging			European			ING
	Real Estate			Countries			Real Estate			Foreign
	Fund			Fund			Fund			Fund

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*⁽¹⁾	$	137,232		$	2,208,648		$	138,136		$	7,185,630
Interest*		2,591			320,689			302			121,786
Securities lending income, net		—			29,980			—			72,184

Total investment income		139,823			2,559,317			138,438			7,379,600


EXPENSES:
Investment management fees		35,133			1,368,070			33,845			2,623,683
Distribution and service fees:
Class A		6,785			216,616			8,302			259,101
Class B		200			40,960			160			146,861
Class C		7,788			146,012			471			817,253
Class Q		—			14,366			—			84
Transfer agent fees:
Class A		4,468			170,741			7,958			227,922
Class B		33			11,273			38			32,204
Class C		1,289			40,313			112			179,146
Class I		1			19,777			1			11,158
Class Q		—			4,912			—			6
Class W		—			39			—			73
Administrative service fees		3,513			109,444			3,384			262,363
Shareholder reporting expense		1,477			46,556			1,120			108,668
Registration fees		47,021			78,943			45,553			88,967
Professional fees		16,910			81,032			5,801			57,574
Custody and accounting expense		53,549			102,115			20,789			249,755
Directors fees		137			5,825			828			17,453
Miscellaneous expense		5,808			17,332			1,994			27,371
Interest expense		305			—			—			974

Total expenses		184,417			2,474,326			130,356			5,110,616
Net waived and reimbursed fees		(116,265	)		(210,421	)		(70,622	)		(164,655	)

Net expenses		68,152			2,263,905			59,734			4,945,961

Net investment income		71,671			295,412			78,704			2,433,639


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS
Net realized gain (loss) on:
Investments		(3,270,730	)		(40,873,628	)		(1,160,758	)		(59,668,934	)
Foreign currency related transactions		(3,167	)		(548,196	)		7,922			9,522,806

Net realized loss on investments and foreign currency related transactions		(3,273,897	)		(41,421,824	)		(1,152,836	)		(50,146,128	)

Net change in unrealized appreciation or depreciation on:
Investments		3,792,084			85,943,383			2,231,466			86,719,836
Foreign currency related transactions		(776	)		(16,932	)		210			(15,079,427	)

Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		3,791,308			85,926,451			2,231,676			71,640,409

Net realized and unrealized gain on investments and foreign currency related transactions		517,411			44,504,627			1,078,840			21,494,281

Increase in net assets resulting from operations	$	589,082		$	44,800,039		$	1,157,544		$	23,927,920



* Foreign taxes withheld	$	9,091		$	190,908		$	16,435		$	852,960
⁽¹⁾ Dividends from affiliates	$	1,404		$	—		$	579		$	55,203

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended October 31, 2009


				ING			ING
	ING			Index Plus			International			ING
	Greater			International			Capital			International
	China			Equity			Appreciation			Real Estate
	Fund			Fund			Fund			Fund

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*⁽¹⁾	$	836,520		$	3,319,582		$	1,226,328		$	16,946,739
Interest*		55,556			458,421			51,663			222,841
Securities lending income, net		—			—			6,693			—

Total investment income		892,076			3,778,003			1,284,684			17,169,580


EXPENSES:
Investment management fees		380,274			559,852			512,003			4,080,622
Distribution and service fees:
Class A		63,257			21,069			16,768			191,364
Class B		25,024			12,101			12,047			33,670
Class C		36,729			12,615			20,423			249,080
Class O		3,885			102,123			—			—
Class Q		—			—			6,773			—
Transfer agent fees:
Class A		81,664			33,880			8,950			201,089
Class B		8,075			4,837			1,455			8,817
Class C		11,817			4,990			2,493			65,096
Class I		380			18,528			4,809			19,945
Class O		4,249			161,299			—			—
Class Q		—			—			95			—
Class W		—			—			—			30
Administrative service fees		33,067			101,790			60,235			426,648
Shareholder reporting expense		15,458			51,083			6,105			133,050
Registration fees		66,848			66,840			53,576			76,797
Professional fees		19,411			23,737			13,326			117,680
Custody and accounting expense		33,554			70,558			42,753			229,612
Directors fees		2,785			6,454			3,915			17,155
Miscellaneous expense		14,276			22,598			14,143			26,530
Interest expense		1,227			827			1,361			2,969
Tax expense		—			—			—			114,403

Total expenses		801,980			1,275,181			781,230			5,994,557
Net waived and reimbursed fees		(60,086	)		(208,916	)		(25,287	)		(223,172	)
Brokerage commission recapture		—			—			(6,057	)		—

Net expenses		741,894			1,066,265			749,886			5,771,385

Net investment income		150,182			2,711,738			534,798			11,398,195


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS
Net realized loss on:
Investments		(6,177,513	)		(45,672,151	)		(24,690,003	)		(174,431,657	)
Foreign currency related transactions		(5,637	)		(739,688	)		(58,002	)		(163,364	)

Net realized loss on investments and foreign currency related transactions		(6,183,150	)		(46,411,839	)		(24,748,005	)		(174,595,021	)

Net change in unrealized appreciation or depreciation on:
Investments		22,037,349			66,957,891			42,969,293			274,382,718
Foreign currency related transactions		616			336,732			13,657			382

Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		22,037,965			67,294,623			42,982,950			274,383,100

Net realized and unrealized gain on investments and foreign currency related transactions		15,854,815			20,882,784			18,234,945			99,788,079

Increase in net assets resulting from operations	$	16,004,997		$	23,594,522		$	18,769,743		$	111,186,274



* Foreign taxes withheld	$	113,903		$	331,778		$	107,468		$	1,472,817
⁽¹⁾ Dividends from affiliates	$	—		$	—		$	—		$	121,772

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended October 31, 2009


	ING
	International			ING			ING
	SmallCap			International			International
	Multi-Manager			Value			Value Choice
	Fund			Fund			Fund

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*⁽¹⁾	$	9,559,439		$	50,011,328		$	1,160,558
Interest*		197,429			970,864			—
Securities lending income, net		89,488			216,330			—

Total investment income		9,846,356			51,198,522			1,160,558


EXPENSES:
Investment management fees		3,545,956			17,113,032			449,873
Distribution and service fees:
Class A		537,694			2,286,377			27,030
Class B		87,309			545,670			16,900
Class C		280,440			2,781,778			30,695
Class O		743			—			—
Class Q		69,878			40,124			—
Transfer agent fees:
Class A		367,950			1,622,054			22,207
Class B		21,286			114,198			3,464
Class C		67,118			593,100			6,279
Class I		105,963			579,207			5,492
Class O		706			—			—
Class Q		24,448			15,393			—
Class W		8,069			2			—
Administrative service fees		354,593			1,711,284			44,987
Shareholder reporting expense		162,164			447,165			8,498
Registration fees		114,419			105,386			57,983
Professional fees		69,186			240,443			29,075
Custody and accounting expense		381,238			695,360			13,362
Directors fees		24,090			63,145			1,941
Miscellaneous expense		29,502			689,342			13,580
Interest expense		14,892			42,404			—
Tax expense		145,436			—			—

Total expenses		6,413,080			29,685,464			731,366
Net waived and reimbursed fees		(17,844	)		(183,314	)		(20,988	)
Brokerage commission recapture		—			(23,542	)		(336	)

Net expenses		6,395,236			29,478,608			710,042

Net investment income		3,451,120			21,719,914			450,516


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS
Net realized gain (loss) on:
Investments (net of Indian capital gains tax withheld)**		(201,927,087	)		(795,405,206	)		(15,201,329	)
Foreign currency related transactions		374,712			6,315,438			12,375

Net realized loss on investments and foreign currency related transactions		(201,552,375	)		(789,089,768	)		(15,188,954	)

Net change in unrealized appreciation or depreciation on:
Investments (net of Indian capital gains tax accrued)***		322,039,262			1,078,756,058			25,186,501
Foreign currency related transactions		(61,669	)		(6,994,676	)		(18,306	)

Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		321,977,593			1,071,761,382			25,168,195

Net realized and unrealized gain on investments and foreign currency related transactions		120,425,218			282,671,614			9,979,241

Increase in net assets resulting from operations	$	123,876,338		$	304,391,528		$	10,429,757



* Foreign taxes withheld	$	879,096		$	4,350,898		$	97,217
** Foreign tax on sale of Indian investments	$	96,946		$	29,044		$	—
*** Foreign tax accrued on Indian Investments	$	8,286		$	—		$	—
⁽¹⁾ Dividends from affiliates	$	3,716		$	168,206		$	5,590

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended October 31, 2009


				ING			ING
	ING			Global			Diversified
	Russia			Bond			International
	Fund			Fund			Fund

INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	2,969,289		$	—		$	—
Dividends from affiliates		—			76,062			—
Dividends from affiliated underlying funds		—			—			8,318,779
Interest		13,208			7,798,942			—
Securities lending income, net		95,712			—			—

Total investment income		3,078,209			7,875,004			8,318,779


EXPENSES:
Investment management fees		3,128,881			732,425			—
Distribution and service fees:
Class A		625,774			187,095			320,614
Class B		—			46,584			181,143
Class C		—			332,217			691,513
Class O		—			3,055			2,256
Class R		—			—			862
Transfer agent fees:
Class A		714,003			83,780			308,893
Class B		—			5,203			44,971
Class C		—			37,104			169,820
Class I		—			5,535			7,404
Class O		—			1,365			2,735
Class R		—			—			428
Class W		—			8			3,946
Administrative service fees		250,308			183,105			221,739
Shareholder reporting expense		141,351			63,873			120,866
Registration fees		41,000			82,779			118,200
Professional fees		104,924			49,873			84,640
Custody and accounting expense		470,312			140,165			19,403
Directors fees		19,016			4,872			14,463
Miscellaneous expense		33,675			28,399			20,741
Interest expense		—			773			109

Total expenses		5,529,244			1,988,210			2,334,746
Net waived and reimbursed fees		—			(282,919	)		(856,932	)

Net expenses		5,529,244			1,705,291			1,477,814

Net investment income (loss)		(2,451,035	)		6,169,713			6,840,965


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		(70,843,118	)		3,009,860			—
Sale of investments in affiliated underlying funds		—			—			(111,148,949	)
Foreign currency related transactions		(261,357	)		912,034			—
Futures		—			1,337,965			—
Swaps		—			2,003,042			—
Written options		—			71,942			—

Net realized gain (loss) on investments, investments in affiliated underlying funds, foreign currency related transactions, futures, swaps, and written options		(71,104,475	)		7,334,843			(111,148,949	)

Net change in unrealized appreciation or depreciation on:
Investments		211,068,449			28,884,650			—
Investments in affiliated underlying funds		—			—			153,259,480
Foreign currency related transactions		164,593			(306,310	)		—
Futures		—			(1,432,147	)		—
Swaps		—			(107,081	)		—
Written options		—			(2,311	)		—

Net change in unrealized appreciation or depreciation on investments, investments in affiliated underlying funds, foreign currency related transactions, futures, swaps, and written options		211,233,042			27,036,801			153,259,480

Net realized and unrealized gain on investments, investments in affiliated underlying funds, foreign currency related transactions, futures, swaps, and written options		140,128,567			34,371,644			42,110,531

Increase in net assets resulting from operations	$	137,677,532		$	40,541,357		$	48,951,496



* Foreign taxes withheld	$	677,085		$	—		$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS


	ING Global Equity Dividend Fund						ING Global Natural Resources Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,
	2009			2008			2009			2008

FROM OPERATIONS:
Net investment income	$	3,558,564		$	9,635,589		$	381,045		$	524,746
Net realized gain (loss) on investments and foreign currency related transactions		(73,290,060	)		(30,844,710	)		(24,773,442	)		6,564,298
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		80,191,913			(106,376,002	)		43,943,525			(68,185,043	)

Increase (decrease) in net assets resulting from operations		10,460,417			(127,585,123	)		19,551,128			(61,095,999	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(1,266,772	)		(4,919,694	)		(253,882	)		(1,172,269	)
Class B		(316,335	)		(1,311,619	)		—			—
Class C		(724,052	)		(2,963,675	)		—			—
Class I		(48,623	)		(16,676	)		(766	)		(25	)
Class O		(355,824	)		(927,480	)		—			—
Class W		(310,735	)		(1,617	)		(194	)		—
Net realized gains:
Class A		—			(12,404,290	)		(5,296,232	)		(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		(89,224	)		(432,988	)		—			—
Class B		(31,064	)		(143,749	)		—			—
Class C		(71,099	)		(322,744	)		—			—
Class I		(2,889	)		(1,297	)		—			—
Class O		(25,247	)		(80,273	)		—			—
Class W		(10,305	)		(86	)		—			—

Total distributions		(3,252,169	)		(38,028,588	)		(5,558,097	)		(28,174,309	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		34,686,563			50,356,257			10,330,214			20,082,371
Reinvestment of distributions		1,993,528			26,212,767			4,970,473			25,092,370

		36,680,091			76,569,024			15,300,687			45,174,741
Cost of shares redeemed		(54,101,898	)		(151,235,644	)		(12,664,477	)		(29,532,033	)

Net increase (decrease) in net assets resulting from capital share transactions		(17,421,807	)		(74,666,620	)		2,636,210			15,642,708

Net increase (decrease) in net assets		(10,213,559	)		(240,280,331	)		16,629,241			(73,627,600	)


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

End of year	$	138,770,386		$	148,983,945		$	100,370,576		$	83,741,335

Undistributed net investment income (distributions in excess of net investment income) at end of year	$	11,181		$	(917	)	$	94,442		$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS


	ING Global Real Estate Fund						ING Global Value Choice Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,
	2009			2008			2009			2008

FROM OPERATIONS:
Net investment income	$	33,848,865		$	25,495,756		$	467,178		$	131,187
Net realized gain (loss) on investments and foreign currency related transactions		(503,179,773	)		(221,443,835	)		(11,803,835	)		6,370,233
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		688,315,397			(761,700,130	)		65,867,124			(59,937,524	)

Increase (decrease) in net assets resulting from operations		218,984,489			(957,648,209	)		54,530,467			(53,436,104	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(15,188,664	)		(38,019,770	)		—			(330,676	)
Class B		(421,176	)		(1,594,287	)		—			—
Class C		(2,475,980	)		(8,408,664	)		—			(28,732	)
Class I		(8,166,937	)		(6,003,778	)		—			(77,786	)
Class O		(258,598	)		(781,015	)		—			—
Class Q		—			—			—			(15,997	)
Class W		(3,115,932	)		(687,839	)		—			—
Net realized gains:
Class A		(865,442	)		(1,914,849	)		—			—
Class B		(29,080	)		(111,208	)		—			—
Class C		(171,978	)		(570,013	)		—			—
Class I		(327,550	)		(144,690	)		—			—
Class O		(13,443	)		(44,110	)		—			—
Class W		(52,833	)		—			—			—
Return of capital:
Class A		(5,852,941	)		—			—			—
Class B		(159,326	)		—			—			—
Class C		(909,582	)		—			—			—
Class I		(2,604,321	)		—			—			—
Class O		(82,691	)		—			—			—
Class W		(437,241	)		—			—			—

Total distributions		(41,133,715	)		(58,280,223	)		—			(453,191	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		870,249,148			1,452,693,092			164,167,759			48,823,856
Reinvestment of distributions		33,200,656			45,987,277			—			305,217

		903,449,804			1,498,680,369			164,167,759			49,129,073
Cost of shares redeemed		(694,752,679	)		(760,365,301	)		(115,689,883	)		(52,760,826	)

Net increase (decrease) in net assets resulting from capital share transactions		208,697,125			738,315,068			48,477,876			(3,631,753	)

Net increase (decrease) in net assets		386,547,899			(277,613,364	)		103,008,343			(57,521,048	)


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

End of year	$	1,688,505,980		$	1,301,958,081		$	176,170,454		$	73,162,111

Undistributed net investment income (distributions in excess of net investment income) at end of year	$	(5,402,287	)	$	(42,244,315	)	$	1,036,069		$	(3,478	)

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS


	ING Asia-Pacific Real Estate Fund						ING Emerging Countries Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,
	2009			2008			2009			2008

FROM OPERATIONS:
Net investment income	$	71,671		$	85,018		$	295,412		$	4,137,274
Net realized loss on investments and foreign currency related transactions		(3,273,897	)		(2,044,242	)		(41,421,824	)		(64,250,220	)
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		3,791,308			(3,416,307	)		85,926,451			(112,328,277	)

Increase (decrease) in net assets resulting from operations		589,082			(5,375,531	)		44,800,039			(172,441,223	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(64,634	)		(59,954	)		(1,746,630	)		(2,167,642	)
Class B		(353	)		(206	)		(42,502	)		(57,378	)
Class C		(12,255	)		(8,444	)		(203,409	)		(291,243	)
Class I		(13	)		(12	)		(725,836	)		(594,705	)
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	)
Return of capital:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class I		—			—			—			—
Class Q		—			—			—			—
Class W		—			—			—			—

Total distributions		(77,255	)		(68,616	)		(2,865,899	)		(12,338,472	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		993,978			13,425,429			29,894,212			76,881,539
Payments by affiliates (Note 18)		—			—			1,400,280			—
Reinvestment of distributions		7,495			7,752			2,564,649			10,561,811

		1,001,473			13,433,181			33,859,141			87,443,350
Cost of shares redeemed		(3,771,209	)		(1,293,847	)		(40,483,488	)		(130,619,438	)

Net increase (decrease) in net assets resulting from capital share transactions		(2,769,736	)		12,139,334			(6,624,347	)		(43,176,088	)

Net increase (decrease) in net assets		(2,257,909	)		6,695,187			35,309,793			(227,955,783	)


NET ASSETS:
Beginning of year		6,695,187			—			102,688,696			330,644,479

End of year	$	4,437,278		$	6,695,187		$	137,998,489		$	102,688,696

Undistributed net investment income at end of year	$	337,370		$	10,178		$	—		$	2,746,170

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS


	ING European Real Estate Fund						ING Foreign Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,
	2009			2008			2009			2008

FROM OPERATIONS:
Net investment income	$	78,704		$	77,907		$	2,433,639		$	4,417,454
Net realized loss on investments and foreign currency related transactions		(1,152,836	)		(1,169,983	)		(50,146,128	)		(111,925,743	)
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		2,231,676			(1,679,254	)		71,640,409			(234,522,763	)

Increase (decrease) in net assets resulting from operations		1,157,544			(2,771,330	)		23,927,920			(342,031,052	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(181,768	)		(76,349	)		(4,924,315	)		—
Class B		(671	)		(197	)		(461,405	)		—
Class C		(2,381	)		(619	)		(2,720,389	)		—
Class I		(32	)		(15	)		(3,274,378	)		—
Class Q		—			—			(675	)		—
Class W		—			—			(13,885	)		—
Net realized gains:
Class A		—			—			—			(20,918,671	)
Class B		—			—			—			(3,020,180	)
Class C		—			—			—			(13,831,219	)
Class I		—			—			—			(6,602,918	)
Class Q		—			—			—			(50,212	)

Total distributions		(184,852	)		(77,180	)		(11,395,047	)		(44,423,200	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		2,521,942			6,945,489			45,668,879			177,808,541
Reinvestment of distributions		26,992			14,148			8,751,093			32,055,604

		2,548,934			6,959,637			54,419,972			209,864,145
Cost of shares redeemed		(240,480	)		(895,509	)		(157,258,780	)		(224,896,551	)

Net increase (decrease) in net assets resulting from capital share transactions		2,308,454			6,064,128			(102,838,808	)		(15,032,406	)

Net increase (decrease) in net assets		3,281,146			3,215,618			(90,305,935	)		(401,486,658	)


NET ASSETS:
Beginning of year		3,215,618			—			340,733,808			742,220,466

End of year	$	6,496,764		$	3,215,618		$	250,427,873		$	340,733,808

Undistributed net investment income at end of year	$	288,525		$	95,557		$	532,896		$	(3,840,375	)

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS


							ING Index Plus
	ING Greater China Fund						International Equity Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,
	2009			2008			2009			2008

FROM OPERATIONS:
Net investment income	$	150,182		$	99,166		$	2,711,738		$	5,128,927
Net realized gain (loss) on investments and foreign currency related transactions		(6,183,150	)		2,354,386			(46,411,839	)		(46,162,768	)
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		22,037,965			(47,933,410	)		67,294,623			(75,447,161	)

Increase (decrease) in net assets resulting from operations		16,004,997			(45,479,858	)		23,594,522			(116,481,002	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(80,583	)		(206,726	)		(337,810	)		(28,649	)
Class B		(6,660	)		—			(28,973	)		(8,557	)
Class C		(8,156	)		—			(31,419	)		(13,088	)
Class I		(235	)		(210	)		(2,734,906	)		(2,125,491	)
Class O		(1,283	)		—			(1,555,036	)		(19	)
Net realized gains:
Class A		(1,583,601	)		(6,348,739	)		—			(221,431	)
Class B		(135,431	)		(607,794	)		—			(74,576	)
Class C		(166,482	)		(1,066,835	)		—			(113,554	)
Class I		(4,563	)		(4,310	)		—			(11,934,519	)
Class O		(24,941	)		—			—			(106	)

Total distributions		(2,011,935	)		(8,234,614	)		(4,688,144	)		(14,519,990	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		28,491,821			21,915,224			16,412,648			110,662,967
Payments by affiliates (Note 18)		—			—			497,810			—
Proceeds from shares issued in merger (Note 14)		—			—			—			128,431,314
Reinvestment of distributions		1,500,221			5,628,333			3,297,835			14,382,164

		29,992,042			27,543,557			20,208,293			253,476,445
Cost of shares redeemed		(23,362,569	)		(42,164,045	)		(37,853,048	)		(136,788,066	)

Net increase (decrease) in net assets resulting from capital share transactions		6,629,473			(14,620,488	)		(17,644,755	)		116,688,379

Net increase (decrease) in net assets		20,622,535			(68,334,960	)		1,261,623			(14,312,613	)


NET ASSETS:
Beginning of year		25,320,600			93,655,560			108,704,814			123,017,427

End of year	$	45,943,135		$	25,320,600		$	109,966,437		$	108,704,814

Undistributed net investment income at end of year	$	675,252		$	1,754,292		$	1,980,573		$	4,340,300

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS


	ING International Capital
	Appreciation Fund						ING International Real Estate Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,
	2009			2008			2009			2008

FROM OPERATIONS:
Net investment income	$	534,798		$	1,310,333		$	11,398,195		$	11,006,499
Net realized loss on investments and foreign currency related transactions		(24,748,005	)		(8,360,001	)		(174,595,021	)		(92,273,326	)
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		42,982,950			(62,269,125	)		274,383,100			(314,335,293	)

Increase (decrease) in net assets resulting from operations		18,769,743			(69,318,793	)		111,186,274			(395,602,120	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(27,773	)		(46,790	)		(1,805,423	)		(6,762,764	)
Class B		(2,107	)		(6,221	)		(56,721	)		(208,426	)
Class C		(645	)		(7,324	)		(397,980	)		(2,311,512	)
Class I		(1,471,342	)		(1,713,778	)		(8,854,996	)		(9,218,250	)
Class W		—			—			(22,546	)		(3,394	)
Net realized gains:
Class A		—			(171,474	)		—			—
Class B		—			(29,527	)		—			—
Class C		—			(33,222	)		—			—
Class I		—			(4,964,217	)		—			—
Return of capital:
Class A		(1,123	)		—			—			(3,653,580	)
Class B		(174	)		—			—			(146,325	)
Class C		(277	)		—			—			(1,612,691	)
Class I		(34,524	)		—			—			(4,371,301	)
Class W		—			—			—			(1,599	)

Total distributions		(1,537,965	)		(6,972,553	)		(11,137,666	)		(28,289,842	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		13,295,441			24,115,204			244,320,032			609,238,402
Proceeds from shares issued in merger (Note 14)		54,440,262			—			—			—
Reinvestment of distributions		1,520,985			6,792,519			4,243,297			13,626,372

		69,256,688			30,907,723			248,563,329			622,864,774
Cost of shares redeemed		(27,912,810	)		(51,860,888	)		(232,704,593	)		(309,952,586	)

Net increase (decrease) in net assets resulting from capital share transactions		41,343,878			(20,953,165	)		15,858,736			312,912,188

Net increase (decrease) in net assets		58,575,656			(97,244,511	)		115,907,344			(110,979,774	)


NET ASSETS:
Beginning of year		50,161,716			147,406,227			420,821,427			531,801,201

End of year	$	108,737,372		$	50,161,716		$	536,728,771		$	420,821,427

Undistributed net investment income (distributions in excess of net investment income) at end of year	$	1,452		$	1,056,223		$	31,518,711		$	(10,247	)

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS


	ING International SmallCap
	Multi-Manager Fund						ING International Value Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,
	2009			2008			2009			2008

FROM OPERATIONS:
Net investment income	$	3,451,120		$	11,128,871		$	21,719,914		$	76,380,681
Net realized gain (loss) on investments and foreign currency related transactions		(201,552,375	)		(158,816,436	)		(789,089,768	)		505,106,913
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		321,977,593			(509,074,218	)		1,071,761,382			(2,414,730,218	)

Increase (decrease) in net assets resulting from operations		123,876,338			(656,761,783	)		304,391,528			(1,833,242,624	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(4,710,212	)		(2,482,496	)		(29,625,296	)		(20,593,112	)
Class B		(75,770	)		—			(1,344,909	)		(250,157	)
Class C		(548,565	)		—			(7,248,733	)		(2,488,818	)
Class I		(4,347,655	)		(2,905,473	)		(27,711,835	)		(29,292,792	)
Class O		(3,592	)		—			—			—
Class Q		(1,075,645	)		(658,389	)		(477,615	)		(353,269	)
Class W		(349,538	)		—			—			—
Net realized gains:
Class A		—			(60,574,187	)		(127,294,102	)		(304,767,165	)
Class B		—			(7,140,703	)		(11,916,381	)		(41,150,109	)
Class C		—			(12,894,884	)		(46,020,354	)		(110,803,630	)
Class I		—			(43,991,753	)		(100,409,222	)		(313,841,980	)
Class O		—			(1	)		—			—
Class Q		—			(14,059,252	)		(1,708,325	)		(3,792,184	)
Class W		—			(131	)		—			—

Total distributions		(11,110,977	)		(144,707,269	)		(353,756,772	)		(827,333,216	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		113,096,459			267,975,778			392,893,693			671,204,202
Payments by affiliates (Note 18)		2,661,920			—			955,441			—
Reinvestment of distributions		7,610,077			106,441,115			252,944,813			592,109,119

		123,368,456			374,416,893			646,793,947			1,263,313,321
Cost of shares redeemed		(204,983,628	)		(378,623,842	)		(1,015,622,982	)		(1,909,403,374	)

Net decrease in net assets resulting from capital share transactions		(81,615,172	)		(4,206,949	)		(368,829,035	)		(646,090,053	)

Net increase (decrease) in net assets		31,150,189			(805,676,001	)		(418,194,279	)		(3,306,665,893	)


NET ASSETS:
Beginning of year		395,631,418			1,201,307,419			2,092,111,581			5,398,777,474

End of year	$	426,781,607		$	395,631,418		$	1,673,917,302		$	2,092,111,581

Undistributed net investment income at end of year	$	5,637,485		$	10,631,527		$	26,247,882		$	63,338,094

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS


	ING International Value Choice Fund						ING Russia Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,
	2009			2008			2009			2008

FROM OPERATIONS:
Net investment income (loss)	$	450,516		$	492,702		$	(2,451,035	)	$	(4,900,253	)
Net realized gain (loss) on investments and foreign currency related transactions		(15,188,954	)		(401,390	)		(71,104,475	)		165,557,937
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions		25,168,195			(35,708,799	)		211,233,042			(675,721,202	)

Increase (decrease) in net assets resulting from operations		10,429,757			(35,617,487	)		137,677,532			(515,063,518	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(87,098	)		(112,875	)		—			—
Class B		(498	)		(307	)		—			—
Class C		(897	)		—			—			—
Class I		(532,022	)		(693,103	)		—			—
Net realized gains:
Class A		—			(2,221,665	)		(82,435,965	)		(137,654,710	)
Class B		—			(507,826	)		—			—
Class C		—			(656,889	)		—			—
Class I		—			(8,389,969	)		—			—

Total distributions		(620,515	)		(12,582,634	)		(82,435,965	)		(137,654,710	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		14,285,055			29,490,166			64,172,973			221,879,155
Reinvestment of distributions		611,830			11,960,549			71,291,248			116,874,956

		14,896,885			41,450,715			135,464,221			338,754,111
Redemption fee proceeds (Note 4)		—			—			262,776			1,344,090
Cost of shares redeemed		(24,592,282	)		(29,962,847	)		(78,843,963	)		(348,756,344	)

Net increase (decrease) in net assets resulting from capital share transactions		(9,695,397	)		11,487,868			56,883,034			(8,658,143	)

Net increase (decrease) in net assets		113,845			(36,712,253	)		112,124,601			(661,376,371	)


NET ASSETS:
Beginning of year		49,034,249			85,746,502			261,127,369			922,503,740

End of year	$	49,148,094		$	49,034,249		$	373,251,970		$	261,127,369

Undistributed net investment income at end of year	$	313,098		$	557,203		$	—		$	—

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS


	ING Global Bond Fund						ING Diversified International Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,
	2009			2008			2009			2008

FROM OPERATIONS:
Net investment income	$	6,169,713		$	2,043,534		$	6,840,965		$	5,865,573
Net realized gain (loss) on investments, investments in affiliated underlying funds, foreign currency related transactions, futures, swaps, and written options		7,334,843			3,186,716			(111,148,949	)		(18,522,580	)
Net change in unrealized appreciation or depreciation on investments, investments in affiliated underlying funds, foreign currency related transactions, futures, swaps, and written options		27,036,801			(7,619,480	)		153,259,480			(292,969,322	)

Increase (decrease) in net assets resulting from operations		40,541,357			(2,389,230	)		48,951,496			(305,626,329	)


FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(1,002,341	)		(3,359,515	)		(16,890,294	)		(6,883,232	)
Class B		(48,083	)		(100,198	)		(2,007,249	)		(519,915	)
Class C		(369,590	)		(710,709	)		(7,933,560	)		(2,156,592	)
Class I		(2,185,382	)		(9,087	)		(585,985	)		(586	)
Class O		(39,407	)		(1,127	)		(33,579	)		—
Class R		—			—			(21,054	)		(6,279	)
Class W		(6,692	)		—			(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		(6,115,579	)		(4,587,274	)		(27,653,940	)		(13,242,409	)


FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		230,053,379			125,112,248			36,087,099			166,546,295
Reinvestment of distributions		4,998,292			2,140,936			21,285,904			9,865,969

		235,051,671			127,253,184			57,373,003			176,412,264
Cost of shares redeemed		(87,745,529	)		(37,864,589	)		(117,220,417	)		(185,570,371	)

Net increase (decrease) in net assets resulting from capital share transactions		147,306,142			89,388,595			(59,847,414	)		(9,158,107	)

Net increase (decrease) in net assets		181,731,920			82,412,091			(38,549,858	)		(328,026,845	)


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

End of year	$	295,001,444		$	113,269,524		$	229,578,725		$	268,128,583

Undistributed net investment income at end of year	$	7,124,031		$	23,882		$	—		$	20,777,313

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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


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

ING Global Equity Dividend Fund
Class A
10-31-09		8	.77		0	.26^•		0	.62		0	.88		0	.22		—			0	.02		0	.24		—		—		9	.41		10	.41		1	.54		1	.40		1	.40		3	.24		46,871		93
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
Class B
10-31-09		8	.74		0	.21		0	.61		0	.82		0	.16		—			0	.02		0	.18		—		—		9	.38		9	.60		2	.29		2	.15		2	.15		2	.48		16,147		93
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
Class C
10-31-09		8	.72		0	.21		0	.61		0	.82		0	.16		—			0	.02		0	.18		—		—		9	.36		9	.63		2	.29		2	.15		2	.15		2	.48		37,687		93
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
Class I
10-31-09		8	.78		0	.29^•		0	.63		0	.92		0	.26		—			0	.02		0	.28		—		—		9	.42		10	.92		1	.07		0	.93		0	.93		3	.61		1,824		93
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
10-31-09		8	.76		0	.26^•		0	.62		0	.88		0	.22		—			0	.02		0	.24		—		—		9	.40		10	.41		1	.54		1	.40		1	.40		3	.18		14,920		93
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
10-31-09		9	.53		0	.26^•		0	.74		1	.00		0	.26		—			0	.02		0	.28		—		—		10	.25		10	.92		1	.07		0	.93		0	.93		2	.68		21,321		93
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
10-31-09		6	.74		0	.03		1	.50		1	.53		0	.02		0	.43		—			0	.45		—		—		7	.82		24	.38		1	.64		1	.64†		1	.64†		0	.45†		99,674		81
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
Class I
10-31-09		6	.75		0	.05^•		1	.52		1	.57		0	.06		0	.43		—			0	.49		—		—		7	.83		25	.10		1	.19		1	.19†		1	.19†		0	.68†		510		81
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
10-31-09		8	.39		0	.05^•		1	.91		1	.96		0	.06		0	.43		—			0	.49		—		—		9	.86		24	.84		1	.19		1	.19†		1	.19†		0	.64†		186		81
02-12-08⁽⁴⁾–10-31-08		12	.84		0	.03^•		(4	.48)		(4	.45)		—			—			—			—			—		—		8	.39		(34	.66)		1	.11		1	.11†		1	.11†		0	.38†		27		116

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

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


				Income
				(loss)
				from
				investment																																												Supplemental
				operations									Less distributions																							Ratios to average net assets												Data
	Net
	asset						Net																							Net									Expenses net of
	value,						realized			Total																				asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net															Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of			Total			Payment			fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital			distributions			by affiliate			to capital		year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)			($)			($)			($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING Global Real Estate Fund
Class A
10-31-09		12	.56		0	.32^•		1	.75		2	.07		0	.27		0	.01		0	.09		0	.37		—			—		14	.26		17	.37		1	.49		1	.49†		1	.49†		2	.74†		893,470		66
10-31-08		24	.19		0	.33^•		(11	.19)		(10	.86)		0	.73		0	.04		—			0	.77		—			—		12	.56		(46	.00)		1	.41		1	.41†		1	.41†		1	.76†		836,314		44
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
Class B
10-31-09		10	.66		0	.20^•		1	.46		1	.66		0	.22		0	.01		0	.08		0	.31		—			—		12	.01		16	.39		2	.24		2	.24†		2	.24†		2	.06†		22,218		66
10-31-08		20	.67		0	.16^•		(9	.52)		(9	.36)		0	.61		0	.04		—			0	.65		—			—		10	.66		(46	.40)		2	.16		2	.16†		2	.16†		0	.99†		23,663		44
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
Class C
10-31-09		11	.22		0	.21^•		1	.54		1	.75		0	.22		0	.01		0	.07		0	.30		—			—		12	.67		16	.40		2	.24		2	.24†		2	.24†		2	.03†		149,943		66
10-31-08		21	.70		0	.16		(9	.99)		(9	.83)		0	.61		0	.04		—			0	.65		—			—		11	.22		(46	.38)		2	.16		2	.16†		2	.16†		0	.99†		153,110		44
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
Class I
10-31-09		12	.57		0	.35^•		1	.76		2	.11		0	.30		0	.01		0	.11		0	.42		—			—		14	.26		17	.76		1	.12		1	.12†		1	.12†		2	.96†		457,742		66
10-31-08		24	.21		0	.38^•		(11	.17)		(10	.79)		0	.81		0	.04		—			0	.85		—			—		12	.57		(45	.77)		1	.01		1	.01†		1	.01†		2	.12†		225,881		44
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⁽⁴⁾–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
10-31-09		12	.55		0	.32^•		1	.76		2	.08		0	.27		0	.01		0	.09		0	.37		—			—		14	.26		17	.38		1	.49		1	.49†		1	.49†		2	.76†		13,575		66
10-31-08		24	.19		0	.33^•		(11	.19)		(10	.86)		0	.74		0	.04		—			0	.78		—			—		12	.55		(46	.03)		1	.41		1	.41†		1	.41†		1	.74†		12,758		44
11-15-06⁽⁴⁾–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
10-31-09		12	.59		0	.34^•		1	.78		2	.12		0	.31		0	.01		0	.11		0	.43		—			—		14	.28		17	.78		1	.12		1	.12†		1	.12†		2	.88†		151,558		66
02-12-08⁽⁴⁾–10-31-08		19	.29		0	.28		(6	.65)		(6	.37)		0	.33		—			—			0	.33		—			—		12	.59		(33	.53)		1	.01		1	.01†		1	.01†		1	.95†		50,233		44

ING Global Value Choice Fund
Class A
10-31-09		16	.84		0	.12^•		9	.29		9	.41		—			—			—			—			—			—		26	.25		55	.88		1	.58		1	.50†		1	.49†		0	.56†		107,499		81
10-31-08		28	.40		0	.11		(11	.51)		(11	.40)		0	.16		—			—			0	.16		—			—		16	.84		(40	.34)		1	.62		1	.55†		1	.53†		0	.41†		38,258		73
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
Class B
10-31-09		18	.10		(0	.05)		9	.95		9	.90		—			—			—			—			—			—		28	.00		54	.70		2	.33		2	.25†		2	.24†		(0	.19)†		7,105		81
10-31-08		30	.58		(0	.11)^•		(12	.37)		(12	.48)		—			—			—			—			—			—		18	.10		(40	.81)		2	.37		2	.30†		2	.28†		(0	.39)†		6,722		73
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

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

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


				Income
				(loss)
				from
				investment																																											Supplemental
				operations									Less distributions																						Ratios to average net assets												Data
	Net
	asset						Net																						Net									Expenses net of
	value,						realized			Total																			asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net														Redemption		value,						before			and/or			all			Net investment			end			Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of		Total			Payment			fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or			turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital		distributions			by affiliate			to capital		year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period			rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)		($)			($)			($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)			(%)
ING Global Value Choice Fund (continued)
Class C
10-31-09		16	.08		(0	.05)		8	.85		8	.80		—			—			—		—			—			—		24	.88		54	.73		2	.33		2	.25†		2	.24†		(0	.30)†		48,308			81
10-31-08		27	.18		(0	.09)		(10	.99)		(11	.08)		0	.02		—			—		0	.02		—			—		16	.08		(40	.79)		2	.37		2	.30†		2	.28†		(0	.36)†		21,045			73
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
Class I
10-31-09		16	.92		0	.18^•		9	.36		9	.54		—			—			—		—			—			—		26	.46		56	.38		1	.18		1	.17†		1	.16†		0	.82†		10,388			81
10-31-08		28	.57		0	.22		(11	.59)		(11	.37)		0	.28		—			—		0	.28		—			—		16	.92		(40	.13)		1	.22		1	.22†		1	.20†		0	.76†		5,794			73
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
10-31-09		19	.78		0	.18^•		10	.90		11	.08		—			—			—		—			—			—		30	.86		56	.02		1	.43		1	.42†		1	.41†		0	.72†		2,622			81
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
Class W
06-01-09⁽⁴⁾–10-31-09		24	.24		(0	.08)^•		2	.30		2	.22		—			—			—		—			—			—		26	.46		9	.16		1	.18		1	.17†		1	.16†		(0	.79)†		250			81

ING Asia-Pacific Real Estate Fund
Class A
10-31-09		4	.51		0	.10^•		1	.21		1	.31		0	.11		—			—		0	.11		—			—		5	.71		29	.71		5	.08		1	.77†		1	.77†		2	.23†		3,479			98
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
10-31-09		4	.50		0	.07		1	.19		1	.26		0	.08		—			—		0	.08		—			—		5	.68		28	.60		5	.83		2	.52†		2	.52†		1	.43†		27			98
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
10-31-09		4	.50		0	.06^•		1	.21		1	.27		0	.08		—			—		0	.08		—			—		5	.69		28	.54		5	.83		2	.52†		2	.52†		1	.39†		930			98
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
10-31-09		4	.50		0	.11^•		1	.20		1	.31		0	.13		—			—		0	.13		—			—		5	.68		29	.97		4	.82		1	.51†		1	.51†		2	.40†		1			98
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 Emerging Countries Fund
Class A
10-31-09		16	.04		0	.05^•		7	.82		7	.87		0	.50		—			—		0	.50		0	.23		—		23	.64		52	.02^(e)		2	.28		2	.04		2	.04		0	.29		77,556			148
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^(c)		2	.09		2	.00		2	.00		0	.91		87,143			124
Class B
10-31-09		15	.73		(0	.08)^•		7	.74		7	.66		0	.17		—			—		0	.17		0	.23		—		23	.45		50	.68^(e)		2	.93		2	.79		2	.79		(0	.44)		4,973			148
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^(c)		2	.74		2	.74		2	.74		0	.14		12,562			124

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

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


				Income
				(loss)
				from
				investment																																											Supplemental
				operations									Less distributions																						Ratios to average net assets												Data
	Net
	asset						Net																						Net									Expenses net of
	value,						realized			Total																			asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net														Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of		Total			Payment			fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital		distributions			by affiliate			to capital		year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)		($)			($)			($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING Emerging Countries Fund (continued)
Class C
10-31-09		14	.82		(0	.07)^•		7	.26		7	.19		0	.22		—			—		0	.22		0	.22		—		22	.01		50	.69^(e)		2	.93		2	.79		2	.79		(0	.42)		16,868		148
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^(c)		2	.74		2	.74		2	.74		0	.25		20,985		124
Class I
10-31-09		16	.11		0	.13^•		7	.82		7	.95		0	.63		—			—		0	.63		0	.23		—		23	.66		52	.74^(e)		1	.74		1	.60		1	.60		0	.71		30,758		148
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
10-31-09		16	.65		0	.10^•		8	.10		8	.20		0	.50		—			—		0	.50		0	.24		—		24	.59		52	.23^(e)		1	.99		1	.85		1	.85		0	.53		7,751		148
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^(c)		1	.85		1	.85		1	.85		1	.12		10,776		124
Class W
10-31-09		16	.85		0	.01^•		8	.31		8	.32		0	.64		—			—		0	.64		0	.24		—		24	.77		52	.70^(e)		1	.74		1	.60		1	.60		0	.04		93		148
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
10-31-09		5	.33		0	.12^•		1	.71		1	.83		0	.31		—			—		0	.31		—			—		6	.85		36	.84		3	.84		1	.75†		1	.75†		2	.34†		6,400		130
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
10-31-09		5	.32		0	.08^•		1	.69		1	.77		0	.27		—			—		0	.27		—			—		6	.82		35	.71		4	.59		2	.50†		2	.50†		1	.56†		30		130
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
10-31-09		5	.30		0	.10		1	.68		1	.78		0	.27		—			—		0	.27		—			—		6	.81		35	.77		4	.59		2	.50†		2	.50†		1	.85†		67		130
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
10-31-09		5	.33		0	.16^•		1	.67		1	.83		0	.32		—			—		0	.32		—			—		6	.84		37	.07		3	.49		1	.40†		1	.40†		3	.07†		1		130
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
10-31-09		11	.68		0	.12^•		1	.50		1	.62		0	.45		—			—		0	.45		—			—		12	.85		14	.38		1	.78		1	.70†		1	.70†		1	.13†		93,829		176
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
Class B
10-31-09		11	.19		0	.04^•		1	.43		1	.47		0	.30		—			—		0	.30		—			—		12	.36		13	.42		2	.53		2	.45†		2	.45†		0	.38†		14,077		176
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

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

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


				Income
				(loss)
				from
				investment																																											Supplemental
				operations									Less distributions																					Ratios to average net assets													Data
	Net
	asset						Net																					Net									Expenses net of
	value,						realized			Total																		asset						Expenses			fee waivers			Expenses net of							Net assets,
	beginning			Net			and			from			From net													Redemption		value,						before			and/or			all				Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of		Total			Payment		fees applied		end of			Total			reductions/			recoupments,			reductions/				income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital		distributions			by affiliate		to capital		year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾				(loss)⁽²⁾⁽³⁾			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)		($)			($)		($)		($)			(%)			(%)			(%)			(%)				(%)			($000’s)		(%)
ING Foreign Fund (continued)
Class C
10-31-09		11	.21		0	.04^•		1	.43		1	.47		0	.32		—			—		0	.32		—		—		12	.36		13	.43		2	.53		2	.45†		2	.45†			0	.38†		76,677		176
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
Class I
10-31-09		11	.92		0	.16^•		1	.54		1	.70		0	.54		—			—		0	.54		—		—		13	.08		14	.82		1	.33		1	.31†		1	.31†			1	.44†		65,256		176
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
Class Q
10-31-09		11	.73		0	.15^•		1	.52		1	.67		0	.19		—			—		0	.19		—		—		13	.21		14	.37		1	.58		1	.56†		1	.56†			1	.29†		23		176
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
Class W																																											��
10-31-09		12	.71		0	.18^•		1	.63		1	.81		0	.54		—			—		0	.54		—		—		13	.98		14	.79		1	.33		1	.31†		1	.31†			1	.47†		566		176
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
10-31-09		9	.24		0	.07^•		5	.78		5	.85		0	.21		0	.60		—		0	.81		—		—		14	.28		67	.10		2	.29		2	.11		2	.11			0	.58		32,860		134
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
10-31-09		9	.08		(0	.03)^•		5	.72		5	.69		0	.06		0	.60		—		0	.66		—		—		14	.11		65	.73		3	.04		2	.86		2	.86			(0	.29)		3,246		134
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
10-31-09		9	.09		(0	.02)^•		5	.73		5	.71		0	.05		0	.60		—		0	.65		—		—		14	.15		65	.77		3	.04		2	.86		2	.86			(0	.15)		6,182		134
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
10-31-09		9	.28		0	.19^•		5	.72		5	.91		0	.28		0	.60		—		0	.88		—		—		14	.31		67	.79		1	.86		1	.68		1	.68			1	.48		690		134
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
10-31-09		9	.26		0	.11^•		5	.70		5	.81		0	.28		0	.60		—		0	.88		—		—		14	.19		66	.79		2	.29		2	.11		2	.11			0	.85		2,966		134
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

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

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


				Income
				(loss)
				from
				investment																																												Supplemental
				operations									Less distributions																							Ratios to average net assets												Data
	Net
	asset						Net																							Net									Expenses net of
	value,						realized			Total																				asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net															Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of			Total			Payment			fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital			distributions			by affiliate			to capital		year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)			($)			($)			($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING Index Plus International Equity Fund
Class A
10-31-09		6	.35		0	.16^•		1	.49		1	.65		0	.23		—			—			0	.23		0	.03		—		7	.80		27	.40^(f)		1	.53		1	.15		1	.15		2	.58		8,828		169
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
10-31-09		6	.29		0	.11^•		1	.49		1	.60		0	.12		—			—			0	.12		0	.03		—		7	.80		26	.41^(f)		2	.28		1	.90		1	.90		1	.74		1,221		169
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
Class C
10-31-09		6	.28		0	.11^•		1	.48		1	.59		0	.15		—			—			0	.15		0	.03		—		7	.75		26	.45^(f)		2	.28		1	.90		1	.90		1	.78		1,445		169
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
10-31-09		6	.42		0	.18^•		1	.50		1	.68		0	.32		—			—			0	.32		0	.03		—		7	.81		27	.81^(f)		0	.92		0	.90		0	.90		2	.83		51,144		169
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
10-31-09		6	.31		0	.16^•		1	.49		1	.65		0	.24		—			—			0	.24		0	.03		—		7	.75		27	.60^(f)		1	.53		1	.15		1	.15		2	.53		47,328		169
11-09-07⁽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
10-31-09		6	.70		0	.00^•,*		2	.49		2	.49		0	.15		—			0	.01		0	.16		—			—		9	.03		37	.80		1	.55		1	.51		1	.50		0	.01		25,819		75
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
10-31-09		6	.58		(0	.06)^•		2	.47		2	.41		0	.03		—			0	.01		0	.04		—			—		8	.95		36	.68		2	.30		2	.26		2	.25		(0	.75)		4,460		75
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
10-31-09		6	.60		(0	.06)^•		2	.47		2	.41		0	.02		—			0	.01		0	.03		—			—		8	.98		36	.38		2	.30		2	.26		2	.25		(0	.69)		7,825		75
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
10-31-09		6	.73		0	.09^•		2	.41		2	.50		0	.22		—			0	.01		0.23			—			—		9	.00		38	.21		1	.18		1	.14		1	.13		1	.17		58,959		75
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
Class Q
08-07-09⁽⁴⁾–10-31-09		8	.59		0	.00^•,*		0	.44		0	.44		—			—			—			—			—			—		9	.03		5	.12		1	.43		1	.39		1	.38		0	.04		11,675		75

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

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


				Income
				(loss)
				from
				investment																																												Supplemental
				operations									Less distributions																							Ratios to average net assets												Data
	Net
	asset						Net																							Net									Expenses net of
	value,						realized			Total																				asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net															Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of			Total			Payment			fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital			distributions			by affiliate			to capital		year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)			($)			($)			($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING International Real Estate Fund
Class A
10-31-09		6	.91		0	.17		1	.57		1	.74		0	.17		—			—			0	.17		—			—		8	.48		25	.77		1	.73		1	.53†		1	.53†		2	.43†		116,989		72
10-31-08		14	.56		0	.33		(7	.43)		(7	.10)		0	.36		—			0	.19		0	.55		—			—		6	.91		(50	.31)		1	.48		1	.50†		1	.50†		1	.76†		89,623		46
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
10-31-09		6	.88		0	.12		1	.56		1	.68		0	.12		—			—			0	.12		—			—		8	.44		24	.82		2	.48		2	.28†		2	.28†		1	.78†		3,875		72
10-31-08		14	.50		0	.25		(7	.41)		(7	.16)		0	.27		—			0	.19		0	.46		—			—		6	.88		(50	.72)		2	.23		2	.25†		2	.25†		1	.00†		4,004		46
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
10-31-09		6	.88		0	.13		1	.54		1	.67		0	.11		—			—			0	.11		—			—		8	.44		24	.76		2	.48		2	.28†		2	.28†		1	.81†		26,520		72
10-31-08		14	.49		0	.29		(7	.44)		(7	.15)		0	.27		—			0	.19		0	.46		—			—		6	.88		(50	.69)		2	.23		2	.25†		2	.25†		1	.00†		36,661		46
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
10-31-09		6	.92		0	.19		1	.57		1	.76		0	.19		—			—			0	.19		—			—		8	.49		26	.12		1	.23		1	.23†		1	.23†		2	.80†		387,251		72
10-31-08		14	.58		0	.23^•		(7	.31)		(7	.08)		0	.39		—			0	.19		0	.58		—			—		6	.92		(50	.14)		1	.16		1	.18†		1	.18†		2	.22†		290,227		46
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
10-31-09		6	.91		0	.19		1	.60		1	.79		0	.19		—			—			0	.19		��			—		8	.51		26	.61		1	.23		1	.23†		1	.23†		2	.85†		2,094		72
02-12-08⁽⁴⁾–10-31-08		11	.48		0	.17^•		(4	.59)		(4	.42)		0	.10		—			0	.05		0	.15		—			—		6	.91		(38	.91)		1	.18		1	.20†		1	.20†		2	.45†		307		46

ING International SmallCap Multi-Manager Fund
Class A
10-31-09		22	.73		0	.21^•		9	.04		9	.25		0	.71		—			—			0	.71		0	.18		—		31	.45		42	.73^(g)		1	.95		1	.95†		1	.95†		0	.85†		177,914		103
10-31-08		66	.43		0	.65		(36	.15)		(35	.50)		0	.32		7	.88		—			8	.20		—			—		22	.73		(59	.84)		1	.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^(d)		1	.74		1	.74		1	.74		0	.98		173,612		124
Class B
10-31-09		23	.48		0	.06^•		9	.45		9	.51		0	.17		—			—			0	.17		0	.19		—		33	.01		41	.60^(g)		2	.60		2	.60†		2	.60†		0	.24†		8,383		103
10-31-08		68	.31		0	.21^•		(37	.16)		(36	.95)		—			7	.88		—			7	.88		—			—		23	.48		(60	.10)		2	.35		2	.35		2	.35		0	.45		11,892		84
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^(d)		2	.39		2	.39		2	.39		0	.29		57,131		124
Class C
10-31-09		21	.15		0	.05^•		8	.46		8	.51		0	.42		—			—			0	.42		0	.17		—		29	.41		41	.80^(g)		2	.60		2	.60†		2	.60†		0	.21†		31,928		103
10-31-08		62	.48		0	.34		(33	.79)		(33	.45)		—			7	.88		—			7	.88		—			—		21	.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^(d)		2	.39		2	.39		2	.39		0	.30		52,420		124
Class I
10-31-09		22	.85		0	.32^•		9	.09		9	.41		0	.91		—			—			0	.91		0	.18		—		31	.53		43	.57^(g)		1	.45		1	.45†		1	.45†		1	.29†		164,985		103
10-31-08		66	.72		0	.78		(36	.25)		(35	.47)		0	.52		7	.88		—			8	.40		—			—		22	.85		(59	.66)		1	.29		1	.29		1	.29		1	.71		139,213		84
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

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

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


				Income
				(loss)
				from
				investment																																												Supplemental
				operations									Less distributions																							Ratios to average net assets												Data
	Net
	asset						Net																							Net									Expenses net of
	value,						realized			Total																				asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net															Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of			Total			Payment			fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital			distributions			by affiliate			to capital		year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)			($)			($)			($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING International SmallCap Multi-Manager Fund (continued)
Class O
10-31-09		22	.75		0	.18^•		9	.07		9	.25		0	.90		—			—			0	.90		0	.18		—		31	.28		43	.07^(g)		1	.85		1	.85†		1	.85†		0	.69†		565		103
06-04-08⁽⁴⁾–10-31-08		47	.28		0	.18^•		(24	.71)		(24	.53)		—			0	.00^*		—			—			—			—		22	.75		(51	.88)		1	.60		1	.60		1	.60		1	.39		62		84
Class Q
10-31-09		24	.74		0	.29^•		9	.88		10	.17		0	.76		—			—			0	.76		0	.20		—		34	.35		43	.13^(g)		1	.70		1	.70†		1	.70†		1	.09†		30,910		103
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^(d)		1	.49		1	.49		1	.49		1	.18		57,846		124
Class W
10-31-09		26	.83		0	.37		10	.71		11	.08		0	.92		—			—			0	.92		0	.22		—		37	.21		43	.54^(g)		1	.45		1	.45†		1	.45†		1	.32†		12,096		103
02-12-08⁽⁴⁾–10-31-08		50	.70		0	.50^•		(24	.37)		(23	.87)		—			0.00^*			—			—			—			—		26	.83		(47	.08)		1	.29		1	.29		1	.29		1	.80		10,366		84

ING International Value Fund
Class A
10-31-09		11	.13		0	.14		1	.88		2	.02		0	.35		1	.51		—			1	.86		0	.01		—		11	.30		21	.74^(h)		1	.75		1	.75†		1	.75†		1	.25†		725,329		92
10-31-08		23	.15		0	.39		(8	.83)		(8	.44)		0	.23		3	.35		—			3	.58		—			—		11	.13		(42	.58)		1	.58		1	.58†		1	.57†		1	.95†		931,162		23
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
Class B
10-31-09		10	.88		0	.06^•		1	.87		1	.93		0	.17		1	.51		—			1	.68		0	.01		—		11	.14		20	.91^(h)		2	.45		2	.45†		2	.45†		0	.65†		37,743		92
10-31-08		22	.64		0	.19^•		(8	.58)		(8	.39)		0	.02		3	.35		—			3	.37		—			—		10	.88		(43	.00)		2	.28		2	.28†		2	.27†		1	.12†		85,873		23
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
Class C
10-31-09		10	.79		0	.05^•		1	.85		1	.90		0	.24		1	.51		—			1	.75		0	.01		—		10	.95		20	.92^(h)		2	.45		2	.40†		2	.40†		0	.58†		279,060		92
10-31-08		22	.52		0	.27		(8	.57)		(8	.30)		0	.08		3	.35		—			3	.43		—			—		10	.79		(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
Class I
10-31-09		11	.16		0	.16^•		1	.90		2	.06		0	.42		1	.51		—			1	.93		0	.01		—		11	.30		22	.23^(h)		1	.33		1	.33†		1	.33†		1	.65†		607,517		92
10-31-08		23	.22		0	.47		(8	.87)		(8	.40)		0	.31		3	.35		—			3	.66		—			—		11	.16		(42	.37)		1	.28		1	.28†		1	.27†		2	.23†		735,622		23
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
Class Q
10-31-09		11	.18		0	.17		1	.89		2	.06		0	.42		1	.51		—			1	.93		0	.01		—		11	.32		22	.21^(h)		1	.58		1	.33†		1	.33†		1	.76†		24,264		92
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
Class W
07-20-09⁽⁴⁾–10-31-09		10	.42		0	.01^•		0	.87		0	.88		—			—			—			—			—			—		11	.30		8	.45		1	.33		1	.33†		1	.33†		0	.20†		3		92

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

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


				Income
				(loss)
				from
				investment																																											Supplemental
				operations									Less distributions																						Ratios to average net assets												Data
	Net
	asset						Net																						Net									Expenses net of
	value,						realized			Total																			asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net													Redemption			value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of		Total			Payment		fees applied			end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital		distributions			by affiliate		to capital			year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)		($)			($)		($)			($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING International Value Choice Fund
Class A
10-31-09		7	.56		0	.06		2	.14		2	.20		0	.08		—			—		0	.08		—		—			9	.68		29	.22		1	.83		1	.70†		1	.70†		0	.86†		15,615		44
10-31-08		14	.89		0	.06		(5	.31)		(5	.25)		0	.10		1	.98		—		2	.08		—		—			7	.56		(40	.21)		1	.62		1	.65†		1	.64†		0	.52†		8,940		73
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
10-31-09		7	.44		0	.02^•		2	.07		2	.09		0	.00*		—			—		0	.00*		—		—			9	.53		28	.13		2	.58		2	.45†		2	.45†		0	.18†		1,786		44
10-31-08		14	.67		(0	.03)^•		(5	.22)		(5	.25)		0	.00^*		1	.98		—		1	.98		—		—			7	.44		(40	.63)		2	.37		2	.40†		2	.39†		(0	.27)†		1,738		73
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
10-31-09		7	.46		0	.01^•		2	.09		2	.10		0	.00*		—			—		0	.00*		—		—			9	.56		28	.19		2	.58		2	.45†		2	.45†		0	.14†		4,091		44
10-31-08		14	.70		(0	.03)^•		(5	.23)		(5	.26)		—			1	.98		—		1	.98		—		—			7	.46		(40	.62)		2	.37		2	.40†		2	.39†		(0	.25)†		2,267		73
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
10-31-09		7	.57		0	.10^•		2	.12		2	.22		0	.12		—			—		0	.12		—		—			9	.67		29	.58		1	.39		1	.39†		1	.39†		1	.19†		27,654		44
10-31-08		14	.92		0	.09		(5	.30)		(5	.21)		0	.16		1	.98		—		2	.14		—		—			7	.57		(39	.96)		1	.27		1	.30†		1	.29†		0	.80†		36,089		73
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
Class W
06-01-09⁽⁴⁾–10-31-09		9	.18		0	.01^•		0	.49		0	.50		—			—			—		—			—		—			9	.68		5	.45		1	.39		1	.39†		1	.39†		0	.30†		3		44

ING Russia Fund
Class A
10-31-09		25	.60		(0	.19)		12	.20		12	.01		—			8	.08		—		8	.08		—		—			29	.53		65	.55		2	.21		2	.21		2	.21		(0	.98)		373,249		46
10-31-08		78	.13		(0	.48)		(40	.46)		(40	.94)		—			11	.59		—		11	.59		—		0	.00^*		25	.60		(61	.70)		2	.06		2	.06		2	.06		(0	.60)		261,127		43
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
Class I
09-30-09⁽⁴⁾–10-31-09		28	.27		(0	.04)^•		1	.31		1	.27		—			—			—		—			—		—			29	.54		4	.49		1	.68		1	.68		1	.68		(1	.68)		3		46

ING Global Bond Fund
Class A
10-31-09		10	.19		0	.32		2	.13		2	.45		0	.15		0	.24		—		0	.39		—		—			12	.25		24	.43		1	.06		0	.91†		0	.91†		3	.30†		103,255		396
10-31-08		10	.59		0	.27^•		0	.07		0	.34		0	.62		0	.12		—		0	.74		—		—			10	.19		3	.04		1	.05		0	.93†		0	.93†		2	.53†		79,451		830
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
10-31-09		10	.16		0	.29		2	.07		2	.36		0	.12		0	.24		—		0	.36		—		—			12	.16		23	.56		1	.81		1	.66†		1	.66†		2	.59†		5,135		396
10-31-08		10	.55		0	.18^•		0	.08		0	.26		0	.53		0	.12		—		0	.65		—		—			10	.16		2	.26		1	.80		1	.68†		1	.68†		1	.71		4,085		830
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

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

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


				Income
				(loss)
				from
				investment																																										Supplemental
				operations									Less distributions																					Ratios to average net assets												Data
	Net
	asset						Net																					Net									Expenses net of
	value,						realized			Total																		asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net													Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of		Total			Payment		fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital		distributions			by affiliate		to capital		year or period			Return⁽¹⁾			additions⁽²⁾			if any⁽²⁾⁽³⁾			additions⁽²⁾⁽³⁾			(loss)⁽²⁾⁽³⁾			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)		($)			($)		($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING Global Bond Fund (continued)
Class C
10-31-09		10	.20		0	.28^•		2	.08		2	.36		0	.12		0	.24		—		0	.36		—		—		12	.20		23	.48		1	.81		1	.66†		1	.66†		2	.54†		45,773		396
10-31-08		10	.59		0	.18^•		0	.09		0	.27		0	.54		0	.12		—		0	.66		—		—		10	.20		2	.31		1	.80		1	.68†		1	.68†		1	.71†		29,009		830
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
Class I
10-31-09		10	.21		0	.45^•		2	.04		2	.49		0	.24		0	.24		—		0	.48		—		—		12	.22		24	.94		0	.71		0	.56†		0	.56†		3	.89†		136,178		396
10-31-08		10	.58		0	.28^•		0	.14		0	.42		0	.67		0	.12		—		0	.79		—		—		10	.21		3	.78		0	.74		0	.62†		0	.62†		2	.69		503		830
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
10-31-09		10	.15		0	.37^•		2	.04		2	.41		0	.26		0	.24		—		0	.50		—		—		12	.06		24	.26		1	.06		0	.91†		0	.91†		3	.30†		3,126		396
06-04-08⁽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
Class W
06-01-09⁽⁴⁾–10-31-09		11	.22		0	.14^•		1	.03		1	.17		0	.33		—			—		0	.33		—		—		12	.06		10	.54		0	.71		0	.56†		0	.56†		2	.85†		1,533		396

ING Diversified International Fund
Class A
10-31-09		7	.30		0	.24^•		1	.59		1	.83		0	.86		—			—		0	.86		—		—		8	.27		28	.22		0	.76		0	.38		0	.38		3	.45		129,966		32
10-31-08		14	.98		0	.17^•		(7	.50)		(7	.33)		0	.26		0	.09		—		0	.35		—		—		7	.30		(50	.04)		0	.57		0	.31		0	.31		1	.41		167,282		55
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
10-31-09		7	.22		0	.17^•		1	.61		1	.78		0	.77		—			—		0	.77		—		—		8	.23		27	.46		1	.51		1	.13		1	.13		2	.43		19,919		32
10-31-08		14	.84		0	.07		(7	.43)		(7	.36)		0	.17		0	.09		—		0	.26		—		—		7	.22		(50	.43)		1	.32		1	.06		1	.06		0	.67		20,167		55
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
10-31-09		7	.21		0	.17^•		1	.60		1	.77		0	.77		—			—		0	.77		—		—		8	.21		27	.32		1	.51		1	.13		1	.13		2	.54		71,831		32
10-31-08		14	.83		0	.07		(7	.42)		(7	.35)		0	.18		0	.09		—		0	.27		—		—		7	.21		(50	.43)		1	.32		1	.06		1	.06		0	.67		78,834		55
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
10-31-09		7	.30		0	.31^•		1	.55		1	.86		0	.90		—			—		0	.90		—		—		8	.26		28	.78		0	.48		0	.10		0	.10		4	.55		3,209		32
10-31-08		14	.99		0	.21		(7	.53)		(7	.32)		0	.28		0	.09		—		0	.37		—		—		7	.30		(49	.97)		0	.32		0	.06		0	.06		1	.69		16		55
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
10-31-09		7	.29		0	.10^•		1	.74		1	.84		0	.89		—			—		0	.89		—		—		8	.24		28	.45		0	.76		0	.38		0	.38		1	.30		1,911		32
06-04-08⁽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
10-31-09		7	.22		0	.20		1	.60		1	.80		0	.84		—			—		0	.84		—		—		8	.18		28	.13		1	.01		0	.63		0	.63		2	.94		198		32
10-31-08		14	.82		0	.15		(7	.44)		(7	.29)		0	.22		0	.09		—		0	.31		—		—		7	.22		(50	.18)		0	.82		0	.56		0	.56		1	.26		183		55
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
10-31-09		7	.29		0	.21^•		1	.65		1	.86		0	.90		—			—		0	.90		—		—		8	.25		28	.84		0	.48		0	.10		0	.10		2	.96		2,545		32
02-12-08⁽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

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)


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

⁽²⁾		Annualized for periods less than one year.

⁽³⁾		Expense ratios reflect operating expenses of a Fund. Expenses before reductions 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. Net investment income (loss) is net of all such additions or reductions.

⁽⁴⁾		Commencement of operations.

^†		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 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.

^(d)		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.

^(e)		Excluding a payment by affiliate in the fiscal year ended October 31, 2009, Emerging Countries total return would have been 50.54%, 49.21%, 49.19%, 51.26%, 50.75% and 51.22% on Classes A,B,C,I,Q and W, respectively.

^(f)		Excluding a payment by affiliate in the fiscal year ended October 31, 2009, Index Plus International Equity total return would have been 26.91%, 25.92%, 25.96%, 27.32% and 27.11% on Classes A,B,C,I and Q, respectively.

^(g)		Excluding a payment by affiliate in the fiscal year ended October 31, 2009, International SmallCap Multi-Manager total return would have been 41.91%, 40.78%, 40.97%, 42.75%, 42.20%, 42.30% and 42.70% on Classes A,B,C,I,O,Q and W, respectively.

^(h)		Excluding a payment by affiliate in the fiscal year ended October 31, 2009, International Value total return would have been 21.64%, 20.80%, 20.81%, 22.12% and 22.10% on Classes A,B,C,I and Q, respectively.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009

NOTE 1 — ORGANIZATION

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

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

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

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

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

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

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

Security Valuation. For all Funds except Russia and Diversified International, investments in equity securities traded on a national securities exchange are valued at the last reported sale price. Securities reported by National Association of Securities Dealers Automated Quotation System (“NASDAQ”) will be valued at the NASDAQ official closing prices. Securities traded on an exchange or NASDAQ for which there has been no sale, securities traded in the over-the-counter-market, gold and silver bullion, platinum and palladium are valued at the mean between the last reported 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 acquired with more than 60 days to maturity are fair valued using matrix pricing

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

methods determined by an independent pricing service which takes into consideration such factors as yields, maturities, liquidity, ratings and traded prices in similar or identical securities. Securities for which valuations are not readily available from an independent pricing service may be valued by brokers which use prices provided by market makers or estimates of fair market value obtained from yield data relating to investments or securities with similar characteristics.

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

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

If an event occurs after the time at which the market for foreign securities held by a Fund closes but before the time that a Fund’s next NAV is calculated, such event may cause the closing price on the foreign exchange to not represent a readily available reliable market value quotation for such securities at the time a Fund determines its NAV. In such a case, a Fund will use the fair value of such securities as determined under the Funds’ valuation procedures. Events after the close of trading on a foreign market that could require a Fund to fair value some or all of its foreign securities include, among others, securities trading in the U.S. and other markets, corporate announcements, natural and other disasters, and political and other events. Among other elements of analysis in the determination of a security’s fair value, the Board has authorized the use of one or more independent research services to assist with such determinations. An independent research service may use statistical analyses and quantitative models to help determine fair value as of the time a Fund calculates its NAV. There can be no assurance that such models accurately reflect the behavior of the applicable markets or the effect of the behavior of such markets on the fair value of securities, or that such markets will continue to behave in a fashion that is consistent with such models. Unlike the closing price of a security on an exchange, fair value determinations employ elements of judgment. Consequently, the fair value assigned to a security may not represent the actual value that a Fund could obtain if it were to sell the security at the time of the close of the NYSE. Pursuant to procedures adopted by the Board, a Fund is not obligated to use the fair valuations suggested by any research service, and

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

valuation recommendations provided by such research services may be overridden if other events have occurred or if other fair valuations are determined in good faith to be more accurate. Unless an event is such that it causes a Fund to determine that the closing prices for one or more securities do not represent readily available reliable market value quotations at the time a Fund determines its NAV, events that occur between the time of the close of the foreign market on which they are traded and the close of regular trading on the NYSE will not be reflected in a Fund’s NAV. Investments in securities maturing in 60 days or less from the date of acquisition are valued at amortized cost which generally approximates market value.

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

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

Fair value is defined as the price that the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each investment asset or liability of the Funds is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1”, inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and unobservable inputs, including the adviser’s or sub-adviser’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3”. The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Securities valued at amortized cost are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Funds’ investments under these levels of classification is included following the Portfolios of Investments.

For the year ended October 31, 2009, there have been no significant changes to the fair valuation methodologies.

On April 9, 2009, the Financial Accounting Standards Board (“FASB”) issued additional guidance related to fair value measurement entitled 820, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly. This guidance requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosure are to be expanded for each major category of equity and debt securities. There was no change to the financial position of the Funds and the results of their operations due to the adoption of this guidance and all disclosures have been made for the current

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

period as part of the Notes to Financial Statements and Portfolio of Investments.

On March 19, 2008, the FASB issued new disclosure requirements related to derivatives entitled, “Disclosure about Derivative Instruments and Hedging Activities.” Entities are required to provide enhanced disclosures about (a) how and why an entity invests in derivatives, (b) how derivatives are accounted, and (c) how derivatives affect an entity’s financial position, financial performance, and cash flows. Enhanced disclosures regarding credit-risk-related contingent features of derivative instruments is also required. All changes to disclosures have been incorporated for the current period as part of the Notes to Financial Statements and Portfolio of Investments.

Effective for fiscal years and interim periods ending after November 15, 2008, the FASB established new disclosure requirements entitled, “Disclosures about Credit Derivatives and Certain Guarantees”. These amendments require enhanced disclosure regarding credit derivatives sold, including (1) the nature and terms of the credit derivative, reasons for entering into the credit derivative, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative, (2) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative, (3) the fair value of the credit derivative, and (4) the nature of any recourse provisions and assets held either as collateral or by third parties. These amendments require additional disclosures about the current status of the payment/performance risk of a guarantee. All changes to accounting policies have been incorporated for the current period as part of the Notes to Financial Statements and Portfolio of Investments.

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

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

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


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


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

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

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

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies,

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Risk Exposures and the use of Derivative Instruments. The Funds’ investment objectives permit them to enter into various types of derivatives contracts, including, but not limited to, forward foreign currency exchange contracts, futures, purchased options, written options, and swaps. In doing so, the Funds will employ strategies in differing combinations to permit them to increase or decrease the level of risk, or change the level or types of exposure to market risk factors. This may allow the Funds to pursue their objectives more quickly, and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

Market Risk Factors. In pursuit of their investment objectives, the Funds may seek to use derivatives to increase or decrease their exposure to the following market risk factors:

Credit Risk. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Risks of Investing in Derivatives. The Funds use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Funds are using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

The use of these strategies involves certain special risks, including a possible imperfect correlation, or even no correlation, between price movements of derivative instruments and price movements of related investments. While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in related investments or otherwise, due to the possible inability of the Funds to purchase or sell a portfolio security at a time that otherwise would be favorable or the possible need to sell a portfolio security at a disadvantageous time because the Funds are required to maintain asset coverage or offsetting positions in connection with transactions in derivative instruments. Additional

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Associated risks are not the risks that the Funds are attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. Associated risks can be different for each type of derivative and are discussed by each derivative type in the following notes.

Counterparty Credit Risk. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. The Funds derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Funds intend to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk the Funds have entered into master netting arrangements, established within the Funds International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements. These agreements are with select counterparties that govern transactions, over-the-counter derivative and forward foreign exchange contracts, entered into by the Funds and those counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement.

A Fund may also enter into collateral agreements with certain counterparties to further mitigate counterparty risk on swaps, over the counter (“OTC”) derivatives and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from a Fund is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies. At October 31, 2009, Global Bond has pledged $1,150,000 in collateral.

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

For the year ended October 31, 2009, certain Funds have entered into forward foreign currency contracts with the obligation to buy and sell specified foreign currencies in the future at a currently negotiated forward rate in order to increase or decrease exposure to foreign exchange rate risk. The Funds use forward foreign currency contracts to enhance potential gain, hedge against anticipated currency exchange rates, and to maintain diversity and liquidity of the portfolio.

For the year-ended October 31, 2009, the total amount of all open forward foreign currency contracts as presented following the Portfolio of Investments is indicative of the volume of this derivative type.

Each Fund and Underlying Fund may enter into futures contracts involving foreign currency, interest rates, securities and securities indices. Each Fund and Underlying Fund intends to limit its use of futures contracts and futures options to “bona fide hedging” transactions, as such term is

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended October 31, 2009, Global Bond has both purchased and sold futures contracts on various bonds and notes to increase or decrease exposure to interest rate risk. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where the Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund’s securities.

For the year-ended October 31, 2009, the total amount of all open futures contracts as presented following the Portfolio of Investments represents an increase during the year for this type of derivative instrument.

Options Contracts. The Funds may write call and put options on futures, swaps (“swaptions”), securities, commodities or foreign currencies it owns or in which it may invest. Writing put options tends to increase the Funds exposure to the underlying instrument. Writing call options tends to decrease the Funds exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Funds may not be able to enter into a closing transaction because of an illiquid market.

The Funds may also purchase put and call options. Purchasing call options tends to increase the Funds exposure to the underlying instrument. Purchasing put options tends to decrease the Funds exposure to the underlying instrument. The Funds pays a premium which is included on the Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.

During the year ended October 31, 2009, Global Bond has both purchased and written options on foreign currencies to increase or decrease exposure to foreign exchange rate risk. The total notional amounts, at absolute value, as presented in the Portfolio of Investments and the table

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

following, represents an increase in activity during the year for this type of derivative.

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

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

Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on each Fund’s Statements of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.

Credit Default Swap Contracts. A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Fund will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.

A Fund is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Fund may execute these contracts to manage its exposure to the market or certain sectors of the market. A Fund may also enter into credit default swaps to speculate on changes in an issuer’s credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).

Certain Funds may sell credit default swaps which expose these Funds to the risk of loss from credit risk- related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Fund’s Portfolio of Investment and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting market values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of October 31, 2009, for which a Fund is seller of protection, are disclosed in each Fund’s Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

For the year ended October 31, 2009, Global Bond has purchased credit protection through credit default swaps to decrease exposure to the credit risk of individual securities and to hedge against anticipated potential credit events.

For the year ended October 31, 2009, Global Bond has sold credit protection through credit default swaps to gain exposure to the credit risk of individual securities that are either unavailable or considered to be less attractive in the bond market.

For the year ended October 31, 2009, the total notional amounts, at absolute value, of all open credit default swap positions as presented following the Portfolio of Investments represents a decrease in activity during the year for this type of derivative instrument.

Interest Rate Swap Agreements. Certain Funds are subject to interest risk exposure in the normal course of pursuing their investment objectives. Because the Funds hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Funds may enter into interest rate swap agreements. For the year ended October 31, 2009, Global Bond has entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate in order to increase exposure to interest rate risk.

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

For the year ended October 31, 2009, the total notional amounts, at absolute value, of all open interest rate swap positions as presented following the Portfolio of Investments represents an increase in activity during the year for this type of derivative instrument.


H.	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 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.

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

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


J.	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.

K.	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.

L.	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 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.

M.	Securities Lending. Each Fund and Underlying Fund has the option to temporarily loan up to 331/3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. The borrower is required to fully collateralize the loans with cash or U.S. government securities. Generally, in the event of counterparty default, 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

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)


	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.


N.	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.

O.	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.

P.	Indemnifications. In the normal course of business, each Trust may enter into contracts that provide certain indemnifications. Each Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

NOTE 3 — INVESTMENT TRANSACTIONS

For the year ended October 31, 2009, the cost of purchases and the proceeds from the sales of securities, excluding U.S. government and short-term securities, were as follows:


	Purchases		Sales

Global Equity Dividend	$	111,988,968	$	130,044,495
Global Natural Resources		68,242,921		69,319,241
Global Real Estate		987,535,200		817,097,762
Global Value Choice		127,921,289		98,430,253
Asia-Pacific Real Estate		3,607,352		6,862,036
Emerging Countries		153,030,772		160,605,008
European Real Estate		6,545,851		4,294,228
Foreign		444,766,056		526,080,191
Greater China		47,592,599		42,279,788
Index Plus International Equity		169,414,414		183,223,319
International Capital Appreciation		45,484,474		58,571,449
International Real Estate		311,829,577		303,490,936
International SmallCap Multi-Manager		358,652,732		455,838,322
International Value		1,540,192,173		2,140,659,898
International Value Choice		19,241,926		30,722,729
Russia		111,590,800		109,578,072
Global Bond		318,584,649		170,741,608
Diversified International		71,380,954		151,699,071

Purchases and sales of long-term U.S. government securities not included above were as follows:


	Purchases		Sales

Global Bond	$	517,107,180	$	506,230,106

NOTE 4 — REDEMPTION FEES

A 2% redemption fee is charged on shares of Russia that are redeemed (including in connection with an exchange) within 365 days or less from their date of purchase. The redemption fee is recorded as an addition to paid-in capital. Total redemption fee proceeds for the year ended October 31, 2009 and year ended October 31, 2008 were $262,776 and $1,344,090, respectively, and are set forth in the Statements of Changes in Net Assets.

NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES

Each of the Funds has entered into an investment management agreement (“Management

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES (continued)

Agreements”) with ING Investments, LLC (“ING Investments” or “Investment Adviser”). The Management Agreements compensate the Investment Adviser with a fee, computed daily and payable monthly, based on the average daily net assets of each Fund, at the following annual rates:


		As a Percentage of Average
		Daily Net Assets

Global Equity Dividend		0.70%
Global Natural Resources		1.00% on first $50 million; and 0.75% thereafter
Global Real Estate		0.80% on the first $250 million; 0.775% on the next $250 million; and 0.70% thereafter
Global Value Choice		0.90% on the first $500 million; 0.80% on the next $500 million; and 0.75% thereafter
Asia-Pacific Real Estate		1.00% on the first $250 million; 0.90% on the next $250 million; 0.80% thereafter
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 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⁾		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%
Global Bond		0.40%
Diversified International		0.00%

⁽¹⁾

ING Investments has contractually agreed to waive a portion of the advisory fee for Emerging Countries and Foreign. These advisory fee waivers will continue through at least March 1, 2010 for Emerging Countries and Foreign; and March 1, 2011 for International SmallCap Multi-Manager. Effective June 1, 2009, ING Investments has also contractually agreed to waive a portion of the advisory fee for International SmallCap Multi-Manager. There is no guarantee that these waivers will continue after this date. These agreements will only renew if ING Investments elects to renew them.

ING Investments has contractually agreed to waive a portion of the advisory fee for Emerging Countries, Foreign, and International SmallCap Multi-Manager. The waiver is calculated as 50% of the difference between the former sub-advisory fee minus the new sub-advisory fee.

For the year ended October 31, 2009, ING Investments waived $148,531, $41,093, and $16,871 in advisory fees for Emerging Countries, Foreign, and International SmallCap Multi-Manager, respectively.

Each of the Funds has entered into a sub-advisory agreement with each sub-adviser. These sub-advisers provide investment advice for the various Funds and are paid by the Investment Adviser based on the average daily net assets of the respective Funds. The sub-adviser of each of the Funds is as follows (*denotes a related party adviser):


Fund		Sub Adviser

Global Equity Dividend Fund		ING Investment Management Advisors B.V*
Emerging Countries		ING Investment Management Advisors B.V*
Index Plus International Equity		ING Investment Management Advisors B.V*
Russia		ING Investment Management Advisors B.V*
Asia-Pacific Real Estate		ING Clarion Real Estate Securities L.P.*
European Real Estate		ING Clarion Real Estate Securities L.P.*
Global Real Estate		ING Clarion Real Estate Securities L.P.*
International Real Estate		ING Clarion Real Estate Securities L.P.*
Global Value Choice		Tradewinds Global Investors, LLC
International Value Choice		Tradewinds Global Investors, LLC
International Value		Brandes Investment Partners, L.P. and ING Investment Management Co.*
Foreign		Artio Global Investment Management LLC
Global Natural Resources		ING Investment Management Co.*
Global Bond		ING Investment Management Co.*
International SmallCap Multi-Manager		Acadian Asset Management LLC, Batterymarch Financial Management, Inc and Schroder Investment Management North America, Inc.
Greater China		ING Investment Management Asia/Pacific (Hong Kong) Limited*
International Capital Appreciation		Hansberger Global Investors, Inc.

For Diversified International, ING Investment Management Co. (the “Consultant” or “ING IM”) is a

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES (continued)

consultant to the Investment Adviser. The Consultant provides tactical allocation recommendations to the Investment Adviser. The Investment Adviser has set up an Investment Committee made up of a team of professionals to consider, review and implement the recommendations of the Consultant, and retains discretion over implementation of the Consultant’s recommendations. The Consultant provides ongoing recommendations to the Investment Committee of the Investment Adviser quarterly or as warranted by market conditions.

ING Funds are permitted to invest end-of-day cash balances into ING Institutional Prime Money Market Fund. Investment management fees paid by the Funds will be reduced by an amount equal to the management fees paid indirectly to ING Institutional Prime Money Market Fund with respect to assets invested by the Funds. For the year ended October 31, 2009, the following funds waived such management fees which are not subject to recoupment:


Global Natural Resources	$	809
Global Real Estate		22,738
Global Value Choice		9,360
Asia-Pacific Real Estate		46
European Real Estate		60
Foreign		6,482
International Real Estate		6,083
International SmallCap Multi-Manager		973
International Value		21,332
International Value Choice		1,120
Global Bond		10,493

ING Funds Services, LLC (the “Administrator”), serves as administrator to each Fund. The Funds pay the Administrator a fee calculated at an annual rate of 0.10% of each Fund’s average daily net assets.

International Value also pays the Administrator an annual shareholder account-servicing fee of $5.00 for each account of beneficial owners of shares.

The Investment Adviser, ING IM, ING CRES, IIMA, ING Asia and the Administrator are indirect, wholly-owned subsidiaries of ING Groep N.V. (“ING Groep”). ING Groep is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services.

On October 19, 2008, ING Groep announced that it reached an agreement with the Dutch government to strengthen its capital position. ING Groep issued non-voting core Tier-1 securities for a total consideration of EUR 10 billion to the Dutch State. The transaction boosted ING Bank’s core Tier-1 ratio, strengthened the insurance balance sheet and reduced ING Groep’s Debt/Equity ratio.

On October 26, 2009, ING Groep announced that it will move towards a complete separation of its banking and insurance operations. A formal restructuring plan (“Restructuring Plan”) was submitted to the European Commission (“EC”), which approved it on November 18, 2009. ING Groep expects that the Restructuring Plan will be achieved over the next four years by a divestment of all insurance operations (including ING Investment Management) as well as a divestment of ING Direct US by the end of 2013. ING Groep has represented that it will explore all options, including initial public offerings, sales or combinations thereof. ING Groep has also announced its intention to repurchase EUR 5 billion of Core Tier 1 securities in the fourth quarter of 2009, financed by a EUR 7.5 billion underwritten rights issue.

NOTE 6 — DISTRIBUTION AND SERVICE FEES

Each share class of the Funds, except Class I and Class W, has adopted a Plan pursuant to Rule 12b-1 under the 1940 Act (the “12b-1 Plans”), whereby ING Funds Distributor, LLC (“IFD” or the “Distributor”), an indirect, wholly-owned subsidiary of ING Groep, is reimbursed or compensated (depending on the class of shares) by the Funds for expenses incurred in the distribution of each Funds’ shares (“Distribution Fees”). Pursuant to the 12b-1 Plans, the Distributor is entitled to a payment each month for expenses incurred in the distribution and promotion of each Fund’s shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees (“Service Fees”) paid to securities dealers who have executed a distribution agreement with the Distributor. Under the 12b-1 Plans, each class of shares of a Fund pays the Distributor a Distribution and/or Service Fee based on average daily net assets at the following annual rates:


	Class A			Class B			Class C			Class O			Class Q			Class R

Global Equity Dividend		0.25%			1.00	%		1.00	%		0.25	%		N/A			N/A
Global Natural Resources		0.25%			N/A			N/A			N/A			N/A			N/A
Global Real Estate		0.25%			1.00	%		1.00	%		0.25	%		N/A			N/A
Global Value Choice		0.25%			1.00	%		1.00	%		N/A			0.25	%		N/A
Asia-Pacific Real Estate		0.25%			1.00	%		1.00	%		N/A			N/A			N/A
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

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 6 — DISTRIBUTION AND SERVICE FEES (continued)


	Class A		Class B			Class C			Class O			Class Q			Class R

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			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	%⁽²⁾		N/A			0.25	%⁽²⁾		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
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.
⁽²⁾	The Distributor has voluntarily agreed to waive 0.25% of the Distribution Fee for Class Q shares and a portion of the Distribution Fee for Class C shares of International value for the period from January 1, 2007 through December 31, 2008.

The Distributor also receives the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares, and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the year ended October 31, 2009, the Distributor retained the following amounts in sales charges for the Funds:


	Class A		Class C
	Shares		Shares

Initial Sales Charges:
Global Equity Dividend	$	14,072		N/A
Global Natural Resources		21,110		N/A
Global Real Estate		96,977		N/A
Global Value Choice		42,455		N/A
Asia-Pacific Real Estate		758		N/A
Emerging Countries		9,941		N/A
European Real Estate		1,754		N/A
Foreign		4,894		N/A
Greater China		33,596		N/A
Index Plus International Equity		530		N/A
International Capital Appreciation		1,284		N/A
International Real Estate		7,603		N/A
International SmallCap Multi-Manager		5,147		N/A
International Value		5,408		N/A
International Value Choice		6,849		N/A
Russia		186,595		N/A
Global Bond		44,188		N/A
Diversified International		13,007		N/A

Contingent Deferred Sales Charges:
Global Equity Dividend		2,824	$	1,689
Global Natural Resources		287		—
Global Real Estate		10,964		32,521
Global Value Choice		305		6,177
Asia-Pacific Real Estate		—		32
Emerging Countries		1		1,021
European Real Estate		1		15
Foreign		6,964		7,860
Greater China		315		3,047
Index Plus International Equity		—		128
International Capital Appreciation		—		27
International Real Estate		4,334		3,998
International SmallCap Multi-Manager		10,930		3,332
International Value		21,682		8,704
International Value Choice		—		1,133
Russia		111,938		—
Global Bond		8,043		29,890
Diversified International		267		11,042

NOTE 7 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At October 31, 2009, the Funds had the following amounts recorded in payable to affiliates on the accompanying Statements of Assets and Liabilities (See Notes 5 and 6):


					Accrued
	Accrued				Shareholder
	Investment		Accrued		Service and
Fund	Management Fees		Administrative Fees		Distribution Fees		Total

Global Equity Dividend	$	104,070	$	12,109	$	60,709	$	176,888
Global Natural Resources		77,154		8,888		22,066		108,108
Global Real Estate		1,043,399		144,368		343,148		1,530,915
Global Value Choice		132,721		14,866		82,528		230,115
Asia-Pacific Real Estate		3,828		384		1,552		5,764
Emerging Countries		154,618		12,369		38,824		205,811
European Real Estate		5,439		544		1,421		7,404
Foreign		227,581		22,762		103,809		354,152
Greater China		58,493		4,007		15,783		78,283
Index Plus International Equity		53,586		9,743		14,731		78,060
International Capital Appreciation		85,704		9,700		19,231		114,635
International Real Estate		440,467		47,205		50,292		537,964
International SmallCap Multi-Manager		382,589		37,382		97,288		517,259
International Value		1,505,025		150,583		470,915		2,126,523
International Value Choice		42,976		4,314		8,422		55,712
Russia		410,109		32,808		82,021		524,938
Global Bond		93,383		23,428		59,657		176,468
Diversified International		—		20,572		111,915		132,487

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 7 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)

At October 31, 2009, the following indirect, wholly owned subsidiaries of ING Groep owned the following Funds:


Diversified International —		Emerging Countries (13.29%); Foreign (22.09%); Index Plus International Equity (16.63%); International Capital Appreciation (47.80%); International SmallCap Multi-Manager (6.33%); International Value Choice (45.80%).


ING Global Target Payment Fund —		Index Plus International Equity (5.28%).


ING Life Insurance and Annuity Company —		Asia-Pacific Real Estate (64.27%); European Real Estate (52.66%); International SmallCap Multi-Manager (8.78%).


ING Luxenbourg SA —		International Real Estate (5.75%).


ING National Trust —		International Capital Appreciation (9.40%); International Value (8.85%).


ING Solution 2015 Portfolio —		Global Bond (11.89%).


ING Solution 2025 Portfolio —		Global Bond (17.21%).


ING Solution 2035 Portfolio —		Global Bond (9.83%).


ING Strategic Allocation Growth Fund —		Index Plus International Equity (10.39%).


ING Strategic Allocation Moderate Fund —		Index Plus International Equity (8.37%).


Reliance Trust Company —		Emerging Countries (5.52%); International Capital Appreciation (6.23%).

Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. The 1940 Act defines affiliates as companies that are under common control. Therefore, because the Funds have a common owner that owns over 25% of the outstanding securities of the Funds, they may be deemed to be affiliates of each other. Investment activities of these shareholders could have a material impact on the Funds.

The Investment Adviser may request that the Funds’ portfolio managers use their best efforts (subject to obtaining best execution of each transaction) to allocate a portfolio’s equity security transactions through certain designated broker-dealers. The designated broker-dealer, in turn, will reimburse a portion of the brokerage commissions to pay certain expenses of that Fund. Any amounts credited to a Fund are reflected as a reimbursement of expenses in the Statements of Operations.

The Registrants have adopted a Retirement Policy covering all independent trustees of the Funds who will have served as an independent trustee for at least five years at the time of retirement. Benefits under this plan are based on an annual rate as defined in the plan agreement.

The following Funds placed a portion of their portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were:


	Affiliated	Commissions
Fund	Brokers	Paid

Global Equity Dividend	ING Baring LLC	$	2,024
Global Real Estate	ING Baring LLC		39,761
Asia-Pacific Real Estate	ING Baring LLC		47
Emerging Countries	ING Baring LLC		14,736
Foreign	ING Baring LLC		51
Greater China	ING Baring LLC		6,929
International Real Estate	ING Baring LLC		23,321
International SmallCap Multi-Manager	ING Baring LLC		1,683
International Value Choice	ING Baring LLC		306

NOTE 8 — OTHER ACCRUED EXPENSES AND LIABILITIES

At October 31, 2009, the Funds had the following payables included in Other Accrued Expenses and Liabilities on the Statements of Assets and Liabilities that exceeded 5% of total liabilities:


Fund	Accrued Expenses	Amount

Global Natural Resources	Transfer Agent	$	51,259
Asia-Pacific Real Estate	Custody		14,976
	Professional		13,106
European Real Estate	Custody		3,883
	Transfer Agent		4,368
	Professional		3,793
Index Plus International Equity	Transfer Agent		65,540
Diversified International	Transfer Agent		158,284

NOTE 9 — EXPENSE LIMITATION AGREEMENTS

The Investment Adviser and/or Distributor have agreed to limit expenses, excluding interest expense, taxes, brokerage commissions and extraordinary expenses

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 9 — EXPENSE LIMITATION AGREEMENTS (continued)

(and acquired fund fees and expenses) to the levels listed below:

Maximum Operating Expense Limit (as a percentage of average net assets)


	Class A			Class B			Class C			Class I			Class O			Class Q			Class R			Class W

Global Equity Dividend		1.40	%		2.15	%		2.15	%		1.15	%		1.40	%		N/A			N/A			1.15	%
Global Natural Resources		2.75	%		N/A			N/A			2.50	%		N/A			N/A			N/A			2.50	%
Global Real Estate		1.75	%		2.50	%		2.50	%		1.50	%		1.75	%		N/A			N/A			1.50	%
Global Value Choice		1.50	%		2.25	%		2.25	%		1.25	%		N/A			1.50	%		N/A			1.25	%
Asia-Pacific Real Estate		1.75	%		2.50	%		2.50	%		1.50	%		N/A			N/A			N/A			N/A
Emerging Countries⁽¹⁾		2.25	%		2.90	%		2.90	%		1.75	%		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⁽²⁾		1.95	%		2.70	%		2.70	%		1.60	%		N/A			1.85	%		N/A			1.45	%
Greater China⁽³⁾		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 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	%
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			1.45	%
Russia		3.35	%		N/A			N/A			3.10	%		N/A			N/A			N/A			N/A
Global Bond		0.90	%		1.65	%		1.65	%		0.61	%		0.90	%		N/A			N/A			0.65	%
Diversified International⁽⁴⁾		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⁾	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.
⁽³⁾	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.
⁽⁴⁾	The operating expense limits for Diversified International set out above apply only at the fund level and do not limit the fees payable by the underlying investment companies in which the fund invests. The operating expense limits for Class O and Class W of Diversified International will increase to 0.50% and 0.25%, respectively, at the fund level, effective March 1, 2010. Effective March 1, 2009, the expense limits for Class A, B, C and R were revised from 0.35%, 1.10%, 1.10%, 0.25% and 0.60%, respectively to limits set forth in the table above.

The Investment Adviser may at a later date recoup from a Fund management and/or class specific fees waived and other expenses assumed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Fund’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations for each Fund. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities for each Fund.

As of October 31, 2009, the amounts of waived or reimbursed fees that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, are as follows:


	2010		2011		2012		Total

Global Equity Dividend	$	—	$	46,818	$	172,058	$	218,876
Asia-Pacific Real Estate		—		142,848		116,219		259,067
European Real Estate		—		138,620		70,562		209,182
Greater China		—		—		60,086		60,086
Index Plus International Equity		—		936,939		22,838		959,777
International Capital Appreciation		—		—		25,287		25,287
Global Bond		148,408		86,497		272,426		507,331
Diversified International		1,428,892		1,337,950		786,289		3,553,131

As of October 31, 2009, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, are as follows:


	2010		2011		2012		Total

Foreign
Class A	$	—	$	—	$	60,601	$	60,601
Class B		—		—		8,618		8,618
Class C		—		—		47,861		47,861
Index Plus International Equity
Class A	$	—	$	—	$	30,515	$	30,515
Class B		—		—		4,392		4,392
Class C		—		—		4,534		4,534
Class O		—		—		146,637		146,637
International Real Estate
Class A	$	—	$	—	$	158,438	$	158,438
Class B		—		—		6,996		6,996
Class C		—		—		51,655		51,655
International Value Choice
Class A	$	—	$	—	$	13,778	$	13,778
Class B		—		—		2,169		2,169
Class C		—		—		3,921		3,921

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 9 — EXPENSE LIMITATION AGREEMENTS (continued)


	2010		2011		2012		Total

Diversified International
Class A	$	—	$	—	$	39,041	$	39,041
Class B		—		—		5,755		5,755
Class C		—		—		21,656		21,656
Class O		—		—		1,830		1,830
Class R		—		—		54		54
Class W		—		—		2,307		2,307

The expense limitation agreements are contractual and shall renew automatically for one-year terms unless ING Investments or IMF provides written notice of the termination of the expense limitation agreement at least 90 days prior to the end of the then current term.

NOTE 10 — WRITTEN OPTIONS

Transactions in written options for Global Bond for the year ended October 31, 2009 were as follows:


	USD			CHF
	Notional			Notional		Premium

Balance at 10/31/08		—			—	$	—
Options Written		20,289,000			7,164,109		299,757
Options Terminated in Closing Purchase Transactions		(4,446,000	)		—		(40,056	)
Options Expired		(2,865,000	)		—		(40,735	)

Balance at 10/31/09		12,978,000			7,164,109	$	218,966

NOTE 11 — LINE OF CREDIT

All of the Funds included in this report, in addition to certain other funds managed by the Investment Adviser or an affiliate of the investment adviser, have entered into an unsecured committed revolving line of credit agreement (the “Credit Agreement”) with The Bank of New York Mellon (“BNY”) for an aggregate amount of $125,000,000. The proceeds may be used only to: (1) temporarily finance the purchase and sale of securities; or (2) finance the redemption of shares of an investor in the Funds. The Funds to which the line of credit is available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears for the period ended October 31, 2009.

The following Funds utilized the line of credit during the year ended October 31, 2009:


					Approximate
			Approximate		Weighted
			Average		Average
			Daily Balance		Interest Rate
	Days		for Days		for Days
Fund	Utilized		Utilized		Utilized

Global Equity Dividend		27	$	3,295,185		0.69	%
Global Natural Resources		13		323,846		0.75	%
Global Real Estate		8		1,075,000		0.67	%
Global Value Choice		11		4,755,455		1.09	%
Asia-Pacific Real Estate		29		474,138		0.81	%
Foreign⁽¹⁾		34		1,124,118		0.93	%
Greater China		52		1,367,308		0.63	%
Index Plus International Equity		27		1,415,556		0.79	%
International Capital Appreciation		75		712,133		0.93	%
International Real Estate		27		3,974,444		1.01	%
International SmallCap Multi-Manager		197		2,874,194		0.96	%
International Value⁽²⁾		162		9,186,543		1.04	%
Global Bond		20		1,397,000		1.01	%
Diversified International		1		3,640,000		1.09	%


⁽¹⁾	At October 31, 2009, Foreign had an outstanding balance of $180,000.

⁽²⁾	At October 31, 2009, International Value had an outstanding balance of $3,240,000.

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 12 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:


			Proceeds								Net increase					Proceeds
			from shares								(decrease) in					from shares					Redemption
	Shares		issued in		Reinvestment			Shares			shares			Shares		issued in		Reinvestment			fee		Shares			Net increase
Year or	sold		merger		of distributions			redeemed			outstanding			sold		merger		of distributions			proceeds		redeemed			(decrease)
period ended	#		#		#			#			#			($)		($)		($)			($)		($)			($)

Global Equity Dividend

Class A

10-31-09		910,513		—		120,461			(3,249,618	)		(2,218,644	)		7,243,833		—		996,853			—		(26,003,285	)		(17,762,599	)
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

10-31-09		78,456		—		30,196			(825,295	)		(716,643	)		634,273		—		249,985			—		(6,553,571	)		(5,669,313	)
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

10-31-09		468,872		—		55,436			(2,066,211	)		(1,541,903	)		3,852,465		—		458,079			—		(16,369,585	)		(12,059,041	)
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

10-31-09		97,132		—		5,729			(46,693	)		56,168			767,296		—		47,693			—		(375,732	)		439,257
10-31-08		138,648		—		1,647			(2,887	)		137,408			1,611,488		—		17,934			—		(27,782	)		1,601,640

Class O

10-31-09		276,310		—		2,762			(369,666	)		(90,594	)		2,213,745		—		22,787			—		(2,950,118	)		(713,586	)
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

10-31-09		2,239,182		—		23,282			(189,981	)		2,072,483			19,974,951		—		218,131			—		(1,849,607	)		18,343,475
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

10-31-09		1,470,178		—		787,696			(1,932,899	)		324,975			9,701,353		—		4,962,490			—		(12,571,476	)		2,092,367
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

10-31-09		73,310		—		1,015			(9,277	)		65,048			461,755		—		6,371			—		(60,312	)		407,814
10-31-08		7		—		20			(83	)		(56	)		100		—		209			—		(913	)		(604	)

Class W

10-31-09		18,740		—		204			(3,315	)		15,629			167,106		—		1,612			—		(32,689	)		136,029
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

10-31-09		35,273,811		—		1,466,408			(40,636,758	)		(3,896,539	)		408,890,679		—		16,720,591			—		(432,634,570	)		(7,023,300	)
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

10-31-09		166,384		—		49,738			(587,295	)		(371,173	)		1,702,193		—		473,970			—		(5,308,965	)		(3,132,802	)
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

10-31-09		2,985,466		—		254,710			(5,057,405	)		(1,817,229	)		32,724,474		—		2,561,518			—		(49,038,114	)		(13,752,122	)
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

10-31-09		26,525,227		—		902,861			(13,297,323	)		14,130,765			309,867,495		—		10,316,518			—		(154,903,172	)		165,280,841
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

10-31-09		165,069		—		1,903			(231,028	)		(64,056	)		1,869,772		—		21,409			—		(2,599,886	)		(708,705	)
10-31-08		353,337		—		38,884			(456,536	)		(64,315	)		6,903,345		—		762,024			—		(8,610,674	)		(945,305	)

Class W

10-31-09		10,717,462		—		273,573			(4,367,066	)		6,623,969			115,194,535		—		3,106,650			—		(50,267,972	)		68,033,213
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

10-31-09		6,538,227		—		—			(4,714,108	)		1,824,119			132,608,998		—		—			—		(98,627,829	)		33,981,169
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

10-31-09		97,118		—		—			(214,707	)		(117,589	)		2,359,749		—		—			—		(4,388,375	)		(2,028,626	)
10-31-08		108,879		—		—			(458,496	)		(349,617	)		2,970,432		—		—			—		(12,293,459	)		(9,323,027	)

Class C

10-31-09		964,841		—		—			(331,636	)		633,205			20,983,932		—		—			—		(6,137,973	)		14,845,959
10-31-08		271,913		—		565			(418,092	)		(145,614	)		6,485,007		—		14,032			—		(9,480,420	)		(2,981,381	)

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 12 — CAPITAL SHARES (continued)


										Net increase
			Payments by							(decrease) in					Payments by				Redemption
	Shares		affiliate		Reinvestment		Shares			shares			Shares		affiliate		Reinvestment		fee		Shares			Net increase
Year or	sold		(Note 18)		of distributions		redeemed			outstanding			sold		(Note 18)		of distributions		proceeds		redeemed			(decrease)
period ended	#		#		#		#			#			($)		($)		($)		($)		($)			($)

Global Value Choice (continued)

Class I

10-31-09		216,033		—		—		(165,913	)		50,120			4,623,100		—		—		—		(3,400,709	)		1,222,391
10-31-08		164,533		—		3,007		(99,756	)		67,784			4,158,310		—		77,786		—		(2,306,604	)		1,929,492

Class Q

10-31-09		137,594		—		—		(120,545	)		17,049			3,299,839		—		—		—		(3,102,099	)		197,740
10-31-08		17,033		—		511		(29,161	)		(11,617	)		484,802		—		15,493		—		(816,263	)		(315,968	)

Class W

06-01-09⁽¹⁾-10-31-09		10,629		—		—		(1,190	)		9,439			292,141		—		—		—		(32,898	)		259,243

Asia-Pacific Real Estate

Class A

10-31-09		70,910		—		1,315		(159,906	)		(87,681	)		396,983		—		6,056		—		(668,134	)		(265,095	)
10-31-08		780,760		—		980		(84,459	)		697,281			6,996,175		—		6,748		—		(456,097	)		6,546,826

Class B

10-31-09		647		—		77		(9	)		715			3,076		—		348		—		(54	)		3,370
10-31-08		4,402		—		26		(382	)		4,046			35,352		—		201		—		(3,153	)		32,400

Class C

10-31-09		114,637		—		237		(736,123	)		(621,249	)		593,919		—		1,091		—		(3,103,015	)		(2,508,005	)
10-31-08		974,716		—		110		(189,935	)		784,891			6,392,882		—		803		—		(834,587	)		5,559,098

Class I

10-31-09		—		—		—		(1	)		(1	)		—		—		—		—		(6	)		(6	)
10-31-08		102		—		—		(1	)		101			1,020		—		—		—		(10	)		1,010

Emerging Countries

Class A

10-31-09		511,157		—		94,935		(1,077,430	)		(471,338	)		10,120,722		787,440		1,498,911		—		(18,239,250	)		(5,832,177	)
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

10-31-09		28,193		—		2,330		(92,590	)		(62,067	)		568,063		52,639		36,664		—		(1,546,719	)		(889,353	)
10-31-08		48,419		—		12,124		(195,755	)		(135,212	)		1,665,983		—		427,641		—		(5,956,437	)		(3,862,813	)

Class C

10-31-09		118,019		—		10,848		(346,829	)		(217,962	)		2,032,627		189,173		160,382		—		(5,702,039	)		(3,319,857	)
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

10-31-09		717,479		—		46,082		(607,296	)		156,265			12,379,748		295,440		725,836		—		(10,528,832	)		2,872,192
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

10-31-09		239,986		—		8,656		(240,918	)		7,724			4,724,590		75,204		141,928		—		(4,437,488	)		504,234
10-31-08		108,895		—		20,139		(316,696	)		(187,662	)		3,902,063		—		745,231		—		(10,326,260	)		(5,678,966	)

Class W

10-31-09		3,260		—		56		(1,682	)		1,634			68,462		384		928		—		(29,160	)		40,614
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

10-31-09		380,060		—		5,024		(42,539	)		342,545			2,499,959		—		24,404		—		(231,184	)		2,293,179
10-31-08		693,672		—		1,632		(103,326	)		591,978			6,733,767		—		13,407		—		(796,654	)		5,950,520

Class B

10-31-09		2,865		—		123		(548	)		2,440			13,462		—		586		—		(2,806	)		11,242
10-31-08		3,076		—		24		(1,157	)		1,943			28,991		—		196		—		(9,393	)		19,794

Class C

10-31-09		1,342		—		420		(1,047	)		715			8,521		—		2,002		—		(6,484	)		4,039
10-31-08		19,205		—		66		(10,195	)		9,076			181,711		—		545		—		(89,452	)		92,804

Class I

10-31-09		—		—		—		(1	)		(1	)		—		—		—		—		(6	)		(6	)
10-31-08		102		—		—		(1	)		101			1,020		—		—		—		(10	)		1,010

Foreign

Class A

10-31-09		1,371,631		—		284,304		(7,301,637	)		(5,645,702	)		15,185,123		—		3,268,720		—		(78,630,589	)		(60,176,746	)
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	)

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 12 — CAPITAL SHARES (continued)


			Proceeds							Net increase							Proceeds
			from shares							(decrease) in					Payments by		from shares
	Shares		issued in		Reinvestment		Shares			shares			Shares		affiliate		issued in		Reinvestment		Shares			Net increase
Year or	sold		merger		of distributions		redeemed			outstanding			sold		(Note 18)		merger		of distributions		redeemed			(decrease)
period ended	#		#		#		#			#			($)		($)		($)		($)		($)			($)

Foreign (continued)

Class B

10-31-09		55,680		—		30,318		(630,033	)		(544,035	)		594,826		—		—		337,982		(6,541,059	)		(5,608,251	)
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

10-31-09		627,944		—		167,024		(3,714,605	)		(2,919,637	)		6,702,848		—		—		1,862,026		(39,092,373	)		(30,527,499	)
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

10-31-09		2,039,880		—		280,181		(3,037,898	)		(717,837	)		22,812,939		—		—		3,268,812		(32,771,577	)		(6,689,826	)
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

10-31-09		—		—		57		(3,945	)		(3,888	)		—		—		—		675		(41,702	)		(41,027	)
10-31-08		—		—		2,445		(33,010	)		(30,565	)		—		—		—		50,214		(440,821	)		(390,607	)

Class W

10-31-09		31,220		—		1,029		(15,049	)		17,200			373,143		—		—		12,878		(181,480	)		204,541
02-12-08⁽¹⁾-10-31-08		42,471		—		—		(19,175	)		23,296			878,887		—		—		—		(309,649	)		569,238

Greater China

Class A

10-31-09		1,620,136		—		123,707		(1,659,729	)		84,114			19,265,434		—		—		1,239,574		(18,938,896	)		1,566,112
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

10-31-09		80,471		—		11,348		(71,120	)		20,699			942,985		—		—		113,136		(788,399	)		267,722
10-31-08		92,034		—		29,578		(219,342	)		(97,730	)		1,652,070		—		—		517,910		(3,355,264	)		(1,185,284	)

Class C

10-31-09		303,440		—		14,271		(177,326	)		140,385			3,924,773		—		—		142,714		(2,096,269	)		1,971,218
10-31-08		173,882		—		49,298		(439,357	)		(216,177	)		3,131,398		—		—		863,707		(7,284,343	)		(3,289,238	)

Class I

10-31-09		74,850		—		480		(31,315	)		44,015			1,012,075		—		—		4,797		(448,599	)		568,273
10-31-08		1,864		—		255		(31	)		2,088			28,250		—		—		4,518		(628	)		32,140

Class O

10-31-09		270,635		—		—		(83,831	)		186,804			3,346,554		—		—		—		(1,090,406	)		2,256,148

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

10-31-09		101,065		—		50,580		(508,408	)		(356,763	)		656,750		42,188		—		316,123		(3,249,309	)		(2,234,248	)
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

10-31-09		13,926		—		3,810		(110,968	)		(93,232	)		86,071		5,630		—		23,930		(680,898	)		(565,267	)
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

10-31-09		26,669		—		3,268		(52,196	)		(22,259	)		162,592		6,257		—		20,424		(310,039	)		(120,766	)
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

10-31-09		1,779,458		—		437,590		(4,214,852	)		(1,997,804	)		11,549,179		239,494		—		2,730,559		(26,438,519	)		(11,919,287	)
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

10-31-09		636,241		—		33,354		(1,142,220	)		(472,625	)		3,958,056		204,241		—		206,799		(7,174,283	)		(2,805,187	)
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

International Capital Appreciation

Class A

10-31-09		102,826		2,847,730		1,714		(335,120	)		2,617,150			880,999		—		24,468,063		12,234		(2,601,438	)		22,759,858
10-31-08		96,218		—		4,821		(169,646	)		(68,607	)		1,239,482		—		—		62,381		(1,327,786	)		(25,923	)

Class B

10-31-09		48,165		463,335		252		(55,669	)		456,083			395,179		—		3,950,116		2,182		(424,084	)		3,923,393
10-31-08		46,616		—		2,138		(70,820	)		(22,066	)		580,009		—		—		27,323		(807,705	)		(200,373	)

Class C

10-31-09		29,940		836,791		81		(49,346	)		817,466			253,183		—		7,160,428		703		(405,801	)		7,008,513
10-31-08		53,113		—		1,936		(67,450	)		(12,401	)		645,740		—		—		24,821		(714,775	)		(44,214	)

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 12 — CAPITAL SHARES (continued)


			Proceeds							Net increase							Proceeds
			from shares							(decrease) in					Payments by		from shares
	Shares		issued in		Reinvestment		Shares			shares			Shares		affiliate		issued in		Reinvestment		Shares			Net increase
Year or	sold		merger		of distributions		redeemed			outstanding			sold		(Note 18)		merger		of distributions		redeemed			(decrease)
period ended	#		#		#		#			#			($)		($)		($)		($)		($)			($)

International Capital Appreciation (continued)

Class I

10-31-09		1,850,459		847,064		215,139		(3,481,989	)		(569,327	)		11,581,208		—		7,244,473		1,505,866		(23,752,279	)		(3,420,732	)
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	)

Class Q

08-07-09⁽¹⁾-10-31-09		20,196		1,352,395		—		(80,397	)		1,292,194			184,872		—		11,617,182		—		(729,208	)		11,072,846

International Real Estate

Class A

10-31-09		10,856,139		—		187,058		(10,216,094	)		827,103			80,995,390		—		—		1,251,514		(68,335,161	)		13,911,743
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

10-31-09		32,511		—		6,668		(161,717	)		(122,538	)		221,994		—		—		44,407		(1,010,676	)		(744,275	)
10-31-08		71,839		—		23,566		(329,118	)		(233,713	)		857,933		—		—		282,366		(3,544,764	)		(2,404,465	)

Class C

10-31-09		463,520		—		37,943		(2,688,671	)		(2,187,208	)		3,385,481		—		—		252,590		(16,625,935	)		(12,987,864	)
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

10-31-09		24,743,016		—		397,990		(21,468,261	)		3,672,745			157,988,044		—		—		2,682,070		(146,561,555	)		14,108,559
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

Class W

10-31-09		222,598		—		1,804		(22,663	)		201,739			1,729,123		—		—		12,716		(171,266	)		1,570,573
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

10-31-09		1,348,432		—		150,477		(2,921,857	)		(1,422,948	)		33,018,290		1,161,532		—		3,373,881		(69,598,429	)		(32,044,726	)
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

10-31-09		11,148		—		2,719		(266,483	)		(252,616	)		291,306		68,188		—		64,369		(6,411,677	)		(5,987,814	)
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

10-31-09		63,914		—		20,386		(405,458	)		(321,158	)		1,447,283		212,607		—		429,751		(8,998,765	)		(6,909,124	)
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

10-31-09		2,715,701		—		105,575		(3,681,362	)		(860,086	)		69,313,964		923,408		—		2,362,922		(88,778,751	)		(16,178,457	)
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

10-31-09		24,136		—		—		(8,794	)		15,342			607,858		1,900		—		—		(242,535	)		367,223
06-04-08⁽¹⁾-10-31-08		4,615		—		—		(1,899	)		2,716			150,303		—		—		—		(54,844	)		95,459

Class Q

10-31-09		181,108		—		42,371		(1,079,348	)		(855,869	)		4,856,128		221,207		—		1,035,594		(25,746,978	)		(19,634,049	)
10-31-08		441,947		—		273,392		(796,120	)		(80,781	)		21,564,716		—		—		14,027,428		(36,553,425	)		(961,281	)

Class W

10-31-09		126,076		—		13,008		(200,286	)		(61,202	)		3,561,630		73,078		—		343,560		(5,206,493	)		(1,228,225	)
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

10-31-09		16,601,423		—		13,240,763		(49,286,953	)		(19,444,767	)		155,743,430		417,878		—		125,310,400		(456,666,236	)		(175,194,528	)
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

10-31-09		136,224		—		1,111,861		(5,749,201	)		(4,501,116	)		1,262,493		28,612		—		10,444,144		(53,332,951	)		(41,597,702	)
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

10-31-09		1,782,967		—		4,284,938		(10,863,629	)		(4,795,724	)		16,368,193		154,097		—		39,564,402		(98,584,395	)		(42,497,703	)
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

10-31-09		21,932,485		—		8,057,767		(42,131,776	)		(12,141,524	)		208,458,026		345,180		—		75,935,416		(403,753,973	)		(119,015,351	)
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	)

100

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 12 — CAPITAL SHARES (continued)


										Net increase
			Payments by							(decrease) in					Payments by				Redemption
	Shares		affiliate		Reinvestment		Shares			shares			Shares		affiliate		Reinvestment		fee		Shares			Net increase
Year or	sold		(Note 18)		of distributions		redeemed			outstanding			sold		(Note 18)		of distributions		proceeds		redeemed			(decrease)
period ended	#		#		#		#			#			($)		($)		($)		($)		($)			($)

International Value (continued)

Class Q

10-31-09		1,206,557		—		178,994		(373,051	)		1,012,500			11,058,551		9,674		1,690,451		—		(3,285,427	)		9,473,249
10-31-08		80,922		—		168,251		(258,323	)		(9,150	)		1,352,835		—		3,102,544		—		(4,062,976	)		392,403

Class W
07-20-09⁽¹⁾-10-31-09		288		—		—		—			288			3,000		—		—		—		—			3,000

International Value Choice

Class A

10-31-09		844,928		—		9,558		(424,179	)		430,307			7,718,059		—		78,920		—		(3,560,528	)		4,236,451
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

10-31-09		37,433		—		40		(83,839	)		(46,366	)		312,771		—		332		—		(679,570	)		(366,467	)
10-31-08		42,499		—		29,707		(97,833	)		(25,627	)		499,053		—		345,496		—		(1,061,670	)		(217,121	)

Class C

10-31-09		240,962		—		67		(117,188	)		123,841			2,061,616		—		557		—		(940,153	)		1,122,020
10-31-08		63,426		—		39,133		(133,854	)		(31,295	)		741,122		—		456,287		—		(1,515,447	)		(318,038	)

Class I

10-31-09		496,035		—		64,604		(2,471,198	)		(1,910,559	)		4,189,609		—		532,021		—		(19,412,031	)		(14,690,401	)
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

Class W
06-01-09⁽¹⁾-10-31-09		327		—		—		—			327			3,000		—		—		—		—			3,000

Russia

Class A

10-31-09		3,136,367		—		3,839,001		(4,536,852	)		2,438,516			64,169,973		—		71,291,248		262,776		(78,843,963	)		56,880,034
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	)

Class I

09-30-09⁽¹⁾-10-31-09		106		—		—		—			106			3,000		—		—		—		—			3,000

Global Bond

Class A

10-31-09		6,373,003		—		163,753		(5,903,951	)		632,805			74,265,421		—		1,865,656		—		(65,323,554	)		10,807,523
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

10-31-09		174,593		—		9,908		(164,067	)		20,434			1,952,301		—		111,648		—		(1,817,097	)		246,852
10-31-08		482,365		—		7,800		(120,595	)		369,570			5,209,000		—		84,783		—		(1,265,336	)		4,028,447

Class C

10-31-09		2,199,636		—		72,957		(1,364,310	)		908,283			25,493,127		—		823,517		—		(15,196,556	)		11,120,088
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

10-31-09		11,315,341		—		185,482		(402,479	)		11,098,344			123,295,021		—		2,192,977		—		(4,570,432	)		120,917,566
10-31-08		146,220		—		511		(97,562	)		49,169			1,585,456		—		5,482		—		(1,042,215	)		548,723

Class O

10-31-09		307,733		—		7		(70,439	)		237,301			3,487,641		—		79		—		(797,912	)		2,689,808
06-04-08⁽¹⁾-10-31-08		27,965		—		2		(6,112	)		21,855			292,477		—		21		—		(63,489	)		229,009

Class W				��

06-01-09⁽¹⁾-10-31-09		130,083		—		372		(3,321	)		127,134			1,559,868		—		4,415		—		(39,978	)		1,524,305

Diversified International

Class A

10-31-09		2,533,302		—		1,998,138		(11,750,100	)		(7,218,660	)		17,593,370		—		13,047,285		—		(78,261,758	)		(47,621,103	)
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

10-31-09		174,017		—		252,791		(797,854	)		(371,046	)		1,189,186		—		1,650,743		—		(5,252,991	)		(2,413,062	)
10-31-08		654,048		—		48,497		(851,393	)		(148,848	)		8,251,659		—		654,909		—		(9,548,622	)		(642,054	)

Class C

10-31-09		1,304,646		—		901,364		(4,385,138	)		(2,179,128	)		8,889,191		—		5,877,016		—		(29,433,360	)		(14,667,153	)
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

10-31-09		773,346		—		90,151		(477,064	)		386,433			5,193,236		—		585,985		—		(3,165,096	)		2,614,125
10-31-08		7		—		57		(47	)		17			100		—		766		—		(640	)		226

101

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 12 — CAPITAL SHARES (continued)


			Proceeds							Net increase					Proceeds
			from shares							(decrease) in					from shares				Redemption
	Shares		issued in		Reinvestment		Shares			shares			Shares		issued in		Reinvestment		fee		Shares			Net increase
Year or	sold		merger		of distributions		redeemed			outstanding			sold		merger		of distributions		proceeds		redeemed			(decrease)
period ended	#		#		#		#			#			($)		($)		($)		($)		($)			($)

Diversified International (continued)

Class O

10-31-09		276,907		—		—		(64,041	)		212,866			1,938,487		—		—		—		(466,642	)		1,471,845
06-04-08⁽¹⁾-10-31-08		29,313		—		—		(10,096	)		19,217			279,607		—		—		—		(91,526	)		188,081

Class R

10-31-09		30		—		3,254		(4,324	)		(1,040	)		170		—		21,053		—		(25,429	)		(4,206	)
10-31-08		1,146		—		655		(5,672	)		(3,871	)		14,594		—		8,800		—		(68,665	)		(45,271	)

Class W

10-31-09		178,713		—		16,022		(92,628	)		102,107			1,283,459		—		103,822		—		(615,141	)		772,140
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.

NOTE 13 — ILLIQUID SECURITIES

Pursuant to guidelines adopted by the Funds’ Board, the following securities have been deemed to be illiquid. The Funds currently limit investments in illiquid securities to 15% of a Fund’s net assets, at market value, at time of purchase. Fair value for certain securities was determined by ING Funds Valuation Committee appointed by the Funds’ Board and in accordance with the methods specifically authorized by the Board.


					Initial						Percent
					Acquisition						of Net
Fund	Security	Shares			Date		Cost		Value		Assets

Global Real Estate	Safestore Holdings Ltd.		2,833,565			03/09/07	$	11,308,383	$	6,582,675		0.4	%
	Atrium European Real Estate, Ltd.		1,234,420			08/20/09		7,942,395		8,067,754		0.5

							$	19,250,778	$	14,650,429		0.9	%

Global Value Choice	Endeavour Financial Corp.		477,125			01/29/09	$	591,685	$	828,977		0.5	%
	Endeavour Financial Corp.		336,822			01/29/09		139,231		227,235		0.1
	Westjet Airlines, Ltd.		113,926			09/23/09		1,186,950		1,151,842		0.7

							$	1,917,866	$	2,208,054		1.3	%

Foreign	Mediobanca S.p.A.		11,204			04/24/09	$	381	$	2,432		0.0	%
	Rolls-Royce Group PLC — C Shares		1,307,040			09/30/05		1,529		2,145		0.0

							$	1,910	$	4,577		0.0	%

Index Plus International Equity	Fortis		5,625			10/20/08	$	—	$	—		0.0	%

International Real Estate	Atrium European Real Estate, Ltd.		512,070			08/20/09	$	3,202,644	$	3,346,716		0.6	%
	Central Pattana PCL		1,730,000			03/01/06		1,135,490		1,108,813		0.2
	LXB Retail Properties PLC		4,875,400	��		10/20/09		7,979,509		8,181,812		1.5
	Safestore Holdings, Ltd.		1,324,970			03/09/07		4,519,903		3,078,047		0.6
	Yatra Capital, Ltd.		90,400			11/27/06		1,187,365		532,148		0.1

							$	18,024,911	$	16,247,536		3.0	%

International SmallCap Multi-Manager	China Resources Gas Group, Ltd.		740,660			04/07/09	$	450,597	$	716,749		0.2	%
	D Carnegie AB		27,938			11/07/08		68,403		—		0.0
	Hawesko Holding AG		20,000			02/29/08		534,911		559,003		0.1
	Humax Co., Ltd.		4,575			07/22/09		62,065		49,752		0.0
	Jidosha Buhin Kogyo Co., Ltd.		51,000			03/01/05		322,208		80,619		0.0
	Newave Energy Holding SA		10,690			03/31/08		367,219		431,897		0.1
	Programmed Maintenance Services, Ltd.		10,164			10/08/09		40,531		37,054		0.0
	Rosenbauer International AG		40,000			01/16/08		1,344,964		1,546,697		0.4
	Tsann Kuen Enterprise Co., Ltd.		34,000			12/19/08		14,079		28,017		0.0

							$	3,147,487	$	3,462,101		0.8	%

102

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 13 — ILLIQUID SECURITIES (continued)


				Initial						Percent
				Acquisition						of Net
Fund	Security	Shares		Date		Cost		Value		Assets

Russia	Aeroflot — Russian International Airlines		1,800,000		08/28/09	$	1,874,808	$	2,610,000		0.7	%
	Bank St. Petersburg BRD — Class S		1,709,000		11/02/07		8,893,549		4,892,365		1.3
	Holding MRSK OAO		53,769,600		07/22/09		2,873,519		6,282,440		1.7
	OGK-2 OAO		99,532,300		07/22/09		1,850,001		3,433,864		0.9
	Open Investments		33,000		11/07/07		9,071,850		1,485,000		0.4
	RBC Information Systems		1,324,122		06/16/04		7,874,627		1,644,560		0.4
	RenShares Utilities, Ltd.		636,687		08/26/05		752,296		1,299,101		0.3
	Sibirskiy Cement OAO		100,000		08/28/09		1,495,000		2,600,000		0.7
	VolgaTelecom		1,145,400		11/11/98		2,015,123		2,348,070		0.6
	Vsmpo-Avisma Corp.		32,800		04/06/04		4,214,442		2,230,400		0.6

						$	40,915,216	$	28,825,800		7.6	%

NOTE 14 — REORGANIZATION

On August 8, 2009, International Capital Appreciation, as listed below (“Acquiring Fund”), acquired the assets and certain liabilities of ING International Growth Opportunities Fund, also listed below (“Acquired Fund”), in a tax-free reorganization in exchange for shares of the Acquiring Fund, pursuant to a plan of reorganization approved by the Acquired Fund’s shareholders. The number and value of shares issued by the Acquiring Fund are presented in Note 12 — Capital Share Transactions. Net assets and unrealized appreciation as of the reorganization date were as follows:

Acquired

Capital Loss

Acquired Fund

Acquiring

Acquired

Total Net Assets of

Carryforwards

Unrealized

Conversion

Fund

Acquired Fund (000’s)

Acquiring Fund (000’s)

(000’s)

Appreciation (000’s)

Ratio

International
Capital
Appreciation

ING International Growth
Opportunities Fund

54,440

54,174

45,649

894

0.8897

The net assets of International Capital Appreciation after the acquisition was $108,614,246.

On December 9, 2007, Index Plus International Equity, as listed below (“Acquiring Fund”), acquired the assets and certain liabilities of ING International Equity Fund, also listed below (“Acquired Fund”), in a tax-free reorganization in exchange for shares of the Acquiring Fund, pursuant to a plan of reorganization approved by the Acquired Fund’s shareholders. The number and value of shares issued by the Acquiring Fund are presented in Note 12 — Capital Share Transactions. Net assets and unrealized appreciation as of the reorganization date were as follows:

Acquired

Capital Loss

Acquired Fund

Acquiring

Acquired

Total Net Assets of

Carry forwards

Unrealized

Conversion

Fund

Acquired Fund (000’s)

Acquiring Fund (000’s)

(000’s)

Appreciation (000’s)

Ratio

Index Plus
International
Equity

ING International
Equity Fund

128,431

122,957

13,594

3,120

1.0243

The net assets of Index Plus International Equity after the acquisition were $251,388,007.

NOTE 15 — CONCENTRATION OF RISKS

All mutual funds involve risk — some more than others — and there is always the chance that you could lose money or not earn as much as you hope. A Fund’s risk profile is largely a factor of the principal securities in which it invests and investment techniques that it uses. For more information regarding the types of securities and investment techniques that may be used by the Funds and their corresponding risks, see each Fund’s most recent Prospectus and/or the Statement of Additional Information.

Diversified International is also affected by other kinds of risks, depending on the types of securities held or strategies used by an Underlying Fund.

Investment by Funds-of-Funds (Diversified International). Each of the Underlying Funds’ shares may be purchased by other investment companies. In some cases, an Underlying Fund may experience large inflows or redemptions due to allocations or rebalancings. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on portfolio management. The Investment

103

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 15 — CONCENTRATION OF RISKS (continued)

Adviser will monitor transactions by each Underlying Fund and will attempt to minimize any adverse effects on the Underlying Funds and the Fund as a result of these transactions. So long as an Underlying Fund accepts investments by other investment companies, it will not purchase securities of other investment companies, except to the extent permitted by the 1940 Act or under the terms of an exemptive order granted by the SEC.

Foreign Securities (All Funds). Investments in foreign securities may entail risks not present in domestic investments. Since securities in which the Funds and Underlying Funds may invest are denominated in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds and Underlying Funds. Foreign investments may also subject the Funds and Underlying Funds to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, as well as changes vis-a-vis the U.S. dollar from movements in currency, and changes in security value and interest rate, all of which could affect the market and/or credit risk of the Funds’ and Underlying Funds’ investments.

Non-Diversified (Global Natural Resources, Global Real Estate, Asia-Pacific Real Estate, European Real Estate, Greater China, International Real Estate, Russia, Emerging Markets Fixed Income and Global Bond). Certain of the Funds and Underlying Funds are classified as non-diversified investment companies under the 1940 Act, which means that they are not limited by the 1940 Act in the proportion of assets that they may invest in the obligations of a single issuer. Declines in the value of that single company can significantly impact the value of a Fund or Underlying Fund. The investment of a large percentage of a Fund’s or Underlying Fund’s assets in the securities of a small number of issuers may cause a Fund’s share price to fluctuate more than that of a diversified investment company. Conversely, even though classified as non-diversified, a Fund or Underlying Fund may actually maintain a portfolio that is diversified with a large number of issuers. In such an event, a Fund or Underlying Fund would benefit less from appreciation in a single corporate issuer than if it had greater exposure to that issuer.

During the period, Lehman Brothers Holdings, Inc. (LBHI) and certain of its affiliates sought protection under the insolvency laws of their jurisdictions of organization, including the United States, the United Kingdom and Japan. For the year ended October 31, 2009, Global Bond had outstanding securities trades with counterparties affiliated with LBHI. As a result of these events, LBHI’s affiliates were unable to fulfill their commitments and, in certain cases, Global Bond may have terminated its trades and related agreements with the relevant entities and, where appropriate, is in the process of initiating claims for damages. Management has determined that the financial impact to the Funds relating to these events is immaterial.

NOTE 16 — SECURITIES LENDING

Under an agreement with The Bank of New York Mellon (“BNY”), the Funds can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Funds on the next business day. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with BNY (the “Agreement”). The Funds bear the risk of loss with respect to the investment of collateral. Currently, the cash collateral is invested in the Bank of New York Mellon Corp. Institutional Cash Reserves Fund (“BICR Fund”). BNY serves as investment manager, custodian and operational trustee of the BICR Fund. As of October 31, 2009, the BICR Fund held certain defaulted securities issued by Lehman Brothers Holdings, Inc. (the “Lehman Securities”) in a separate sleeve designated as Series B. The Lehman Securities have market values significantly below amortized cost. On May 22, 2009, the Funds agreed to the terms of a capital support agreement (the “Capital Support Agreement”) extended by The Bank of New York Mellon Corporation (“BNYC”), an affiliated company of BNY, for the Lehman Securities held by the BICR Fund, Series B. Under the terms of the Capital Support Agreement, BNYC will support the value of the Lehman Securities up to 80% of the par value (the remaining 20% of the par value represents an unrealized loss to the Funds) and subject, in part, to the Funds’ continued participation in the BNY securities lending program through September 15,

104

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 16 — SECURITIES LENDING (continued)

2011. At September 15, 2011, if the Funds have complied with the requirements under the Capital Support Agreement to continue to participate in the BNY securities lending program and if such securities have not otherwise been sold, the Funds will have the right to sell the defaulted securities to BNYC at a price equal to 80% of par value. The recorded value of each Fund’s investment in the BICR Fund includes the value of the underlying securities held by the BICR Fund and the estimated value of the support to be provided by BNYC. The investment in the BICR Fund is included in the Portfolio of Investments under Securities Lending Collateral and the unrealized loss on such investment is included in Net Unrealized Depreciation on the Statements of Assets and Liabilities.

Generally, in the event of counterparty default, the Funds have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss to the Funds in the event the Funds are delayed or prevented from exercising their right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Fund. At October 31, 2009, the following Funds had securities on loan with the following market values:


	Value of		Cash
	Securities		Collateral
	Loaned		Received*

Global Equity Dividend	$	301,908	$	326,900
Global Real Estate		22,514,050		24,087,317
Global Value Choice		3,263,771		3,917,772
Emerging Countries		764,839		790,615
Foreign		229,191		252,707
International Capital Appreciation		3,552,353		3,732,764
International SmallCap Multi-Manager		274,117		290,696
International Value		44,188,883		47,687,292
Russia		11,548,629		12,302,448


*	Cash collateral received was invested in the BICR Fund, the fair value of which is presented in the respective Funds’ Portfolios of Investments.

NOTE 17 — FEDERAL INCOME TAXES

The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

The following permanent tax differences have been reclassified as of October 31, 2009:


				Undistributed			Accumulated
	Paid-in			Net Investment Income			Net Realized
	Capital			On Investments			Gains/(Losses)

Global Equity Dividend	$	(16	)	$	(524,125	)	$	524,141
Global Natural Resources		8,701			(31,761	)		23,060
Global Real Estate⁽¹⁾		(40,493,671	)		32,620,450			7,873,221
Global Value Choice		(60,707,345	)		572,369			60,134,976
Asia-Pacific Real Estate		—			332,776			(332,776	)
Emerging Countries		(1,407,862	)		(175,683	)		1,583,545
European Real Estate		—			299,116			(299,116	)
Foreign		(2,666,680	)		13,334,679			(10,667,999	)
Greater China		11,005			(1,132,305	)		1,121,300
Index Plus International Equity		(482,785	)		(383,321	)		866,106
International Capital Appreciation		(7,538,135	)		(58,002	)		7,596,137
International Real Estate		(1,143,635	)		31,268,429			(30,124,794	)
International SmallCap Multi-Manager		(2,436,149	)		2,665,815			(229,666	)
International Value		(955,441	)		7,598,262			(6,642,821	)
International Value Choice		(2,563	)		(74,106	)		76,669
Russia		(2,762,160	)		2,451,035			311,125
Global Bond		—			4,581,931			(4,581,931	)
Diversified International		(35,662	)		35,662			—


⁽¹⁾		As of the Fund’s tax year ended December 31, 2008. Amounts include approximately $25 million of Return of Capital due to passive foreign investment company (PFIC) adjustments.

105

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 17 — FEDERAL INCOME TAXES (continued)

Dividends paid by the Funds from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:


	Year Ended October 31, 2009						Year Ended October 31, 2008
													Dividends Paid
	Ordinary		Long-Term		Return		Ordinary		Long-Term		Return of		Deduction on
	Income		Capital Gains		of Capital		Income		Capital Gains		Capital		Redemptions

Global Equity Dividend	$	3,022,341	$	—	$	229,828	$	16,829,413	$	20,212,116	$	987,059	$	—
Global Natural Resources		254,842		5,303,255		—		20,465,025		7,709,284		—		2,046,138
Global Real Estate⁽¹⁾		—		1,460,326		35,042,128		63,966,650		3,853,410		—		4,315,681
Global Value Choice		—		—		—		453,191		—		—		—
Asia-Pacific Real Estate		77,255		—		—		68,616		—		—		—
Emerging Countries		2,865,899		—		—		3,353,946		8,984,526		—		—
European Real Estate		184,852		—		—		77,180		—		—		—
Foreign		11,395,047		—		—		4,162,876		40,260,324		—		—
Greater China		96,917		1,915,018		—		6,807,369		1,427,245		—		704,722
Index Plus International Equity		4,688,144		—		—		11,803,802		2,716,188		—		—
International Capital Appreciation		1,501,867		—		36,098		5,739,016		1,233,537		—		—
International Real Estate		11,137,666		—		—		18,504,346		—		9,785,496		—
International SmallCap Multi-Manager		11,110,977		—		—		78,413,094		66,294,175		—		—
International Value		96,517,633		257,239,139		—		169,348,535		657,984,681		—		122,133,081
International Value Choice		620,515		—		—		4,885,936		7,696,698		—		—
Russia		—		82,435,965		—		—		137,654,710		—		54,251,300
Global Bond		6,116,254		—		—		4,587,274		—		—		—
Diversified International		27,653,940		—		—		11,317,059		1,925,350		—		—


⁽¹⁾		Composition and amounts of dividends and distributions presented herein is based on the Fund’s tax year-ends of December 31, 2008 and December 31, 2007.

The tax-basis components of distributable earnings and the expiration dates of the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of October 31, 2009 were:


	Undistributed		Unrealized			Post-October
	Ordinary		Appreciation/			Capital Loss			Capital Loss			Expiration
	Income		(Depreciation)			Deferred			Carryforwards			Dates

Global Equity Dividend	$	—	$	(2,543,220	)	$	—		$	(24,895,240	)		2016
										(71,676,150	)		2017

									$	(96,571,390	)

Global Natural Resources		94,433		3,036,634			—			(22,589,197	)		2017
Global Real Estate⁽¹⁾		—		(604,656,120	)		(102,876,037	)		(164,232,218	)		2016
Global Value Choice		1,050,362		20,538,634			—			(81,779,077	)		2010
										(6,183,953	)		2011
										(7,949,386	)		2017

									$	(95,912,416	)

Asia-Pacific Real Estate		337,822		(641,115	)		—			(1,331,831	)		2016
										(3,292,541	)		2017

									$	(4,624,372	)

Emerging Countries		—		22,532,186			—			(53,090,356	)		2016
										(41,200,730	)		2017

									$	(94,291,086	)

European Real Estate		288,525		(489,318	)		—			(872,339	)		2016
										(797,828	)		2017

									$	(1,670,167	)

Foreign		—		35,974,205			—			(73,349,517	)		2016
										(80,200,325	)		2017

									$	(153,549,842	)

Greater China		675,252		5,289,449			—			(5,201,600	)		2017

106

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 17 — FEDERAL INCOME TAXES (continued)


	Undistributed		Unrealized			Post-October
	Ordinary		Appreciation/			Capital Loss		Capital Loss			Expiration
	Income		(Depreciation)			Deferred		Carryforwards			Dates

Index Plus International Equity	$	1,980,510	$	1,437,554		$	—	$	(37,732,800	)		2016
									(46,665,971	)		2017

								$	(84,398,771	)

International Capital Appreciation		—		3,455,941			—		(4,921,856	)		2015
									(46,983,912	)		2016
									(14,842,759	)		2017

								$	(66,748,527	)*

International Real Estate		31,510,476		(52,554,571	)		—		(26,312	)		2014
									(2,556,095	)		2015
									(67,952,089	)		2016
									(155,633,473	)		2017

								$	(226,167,969	)

International SmallCap Multi-Manager		5,650,507		18,384,209			—		(153,088,443	)		2016
									(202,601,991	)		2017

								$	(355,690,434	)

International Value		26,116,366		(140,589,828	)		—		(810,375,946	)		2017
International Value Choice		314,319		(3,448,641	)		—		(104,782	)		2016
									(14,657,112	)		2017

								$	(14,761,894	)

Russia		—		(15,763,775	)		—		(70,982,152	)		2017
Global Bond		8,319,175		20,754,518			—		—
Diversified International		—		(55,187,905	)		—		(28,060,058	)		2016
									(93,445,922	)		2017

								$	(121,505,980	)


⁽¹⁾		As of the Fund’s tax year ended December 31, 2008.


*	Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code.

The Funds’ major tax jurisdictions are federal and Arizona. The earliest tax year that remains subject to examination by these jurisdictions is 2004.

As of October 31, 2009, no provisions for income tax would be required in the Funds’ financial statements as a result of tax positions taken on federal income tax returns for open tax years. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue.

NOTE 18 — INFORMATION REGARDING TRADING OF ING’S U.S. MUTUAL FUNDS

As discussed in earlier supplements that were previously filed with the SEC, ING agreed with the Funds to indemnify and hold harmless the 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 U.S. Securities and Exchange Commission in connection with investigations related to mutual funds and variable insurance products. On December 17, 2008, ING settled its indemnification commitments by making payments to the affected Funds. In connection with the settlement, ING paid:



Emerging Countries	$	1,400,280
Index Plus International Equity	$	497,810
International SmallCap Multi-Manager	$	2,661,920
International Value	$	955,441

107

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 19 — SUBSEQUENT EVENTS

Dividends: Subsequent to October 31, 2009, the following Funds paid dividends and distributions of:


	Net Investment		Short-Term		Payable	Record
	Income		Capital Gains		Date	Date

Global Natural Resources
Class A	$	0.0238	$	—	December 16, 2009	December 14, 2009
Class I	$	0.0567	$	—	December 16, 2009	December 14, 2009
Class W	$	0.0546	$	—	December 16, 2009	December 14, 2009
Global Value Choice
Class A	$	0.0686	$	—	November 19, 2009	November 17, 2009
Class B	$	—	$	—	November 19, 2009	November 17, 2009
Class C	$	—	$	—	November 19, 2009	November 17, 2009
Class I	$	0.1290	$	—	November 19, 2009	November 17, 2009
Class Q	$	0.0610	$	—	November 19, 2009	November 17, 2009
Class W	$	0.1307	$	—	November 19, 2009	November 17, 2009
Class A	$	0.0968	$	—	December 16, 2009	December 14, 2009
Class B	$	0.0708	$	—	December 16, 2009	December 14, 2009
Class C	$	0.0751	$	—	December 16, 2009	December 14, 2009
Class I	$	0.1082	$	—	December 16, 2009	December 14, 2009
Class W	$	0.1082	$	—	December 16, 2009	December 14, 2009
Greater China
Class A	$	0.2107	$	—	December 16, 2009	December 14, 2009
Class B	$	0.1201	$	—	December 16, 2009	December 14, 2009
Class C	$	0.1568	$	—	December 16, 2009	December 14, 2009
Class I	$	0.2672	$	—	December 16, 2009	December 14, 2009
Class O	$	0.2340	$	—	December 16, 2009	December 14, 2009
Index Plus International Equity
Class A	$	0.1358	$	—	December 16, 2009	December 14, 2009
Class B	$	0.0722	$	—	December 16, 2009	December 14, 2009
Class C	$	0.0812	$	—	December 16, 2009	December 14, 2009
Class I	$	0.1481	$	—	December 16, 2009	December 14, 2009
Class O	$	0.1360	$	—	December 16, 2009	December 14, 2009
International SmallCap Multi-Manager
Class A	$	0.2561	$	—	November 19, 2009	November 17, 2009
Class B	$	0.0126	$	—	November 19, 2009	November 17, 2009
Class C	$	0.1116	$	—	November 19, 2009	November 17, 2009
Class I	$	0.3856	$	—	November 19, 2009	November 17, 2009
Class O	$	0.3318	$	—	November 19, 2009	November 17, 2009
Class Q	$	0.3151	$	—	November 19, 2009	November 17, 2009
Class W	$	0.3790	$	—	November 19, 2009	November 17, 2009
Class A	$	0.0909	$	—	December 16, 2009	December 14, 2009
Class B	$	0.0635	$	—	December 16, 2009	December 14, 2009
Class C	$	0.0695	$	—	December 16, 2009	December 14, 2009
Class I	$	0.1106	$	—	December 16, 2009	December 14, 2009
Class O	$	0.0794	$	—	December 16, 2009	December 14, 2009
Class W	$	0.1062	$	—	December 16, 2009	December 14, 2009
International Value
Class A	$	0.1432	$	—	November 19, 2009	November 17, 2009
Class B	$	0.0247	$	—	November 19, 2009	November 17, 2009
Class C	$	0.0839	$	—	November 19, 2009	November 17, 2009
Class I	$	0.1883	$	—	November 19, 2009	November 17, 2009
Class Q	$	0.1912	$	—	November 19, 2009	November 17, 2009
Class W	$	0.1862	$	—	November 19, 2009	November 17, 2009
Class A	$	0.0278	$	—	December 16, 2009	December 14, 2009
Class B	$	0.0178	$	—	December 16, 2009	December 14, 2009
Class C	$	0.0197	$	—	December 16, 2009	December 14, 2009
Class I	$	0.0333	$	—	December 16, 2009	December 14, 2009
Class W	$	0.0329	$	—	December 16, 2009	December 14, 2009

108

NOTES TO FINANCIAL STATEMENTS as of October 31, 2009 (continued)

NOTE 19 — SUBSEQUENT EVENTS (continued)


	Net Investment		Short-Term		Payable	Record
	Income		Capital Gains		Date	Date

International Value Choice
Class A	$	0.0551	$	—	December 16, 2009	December 14, 2009
Class B	$	—	$	—	December 16, 2009	December 14, 2009
Class C	$	—	$	—	December 16, 2009	December 14, 2009
Class I	$	0.0719	$	—	December 16, 2009	December 14, 2009
Class W	$	0.0740	$	—	December 16, 2009	December 14, 2009
Global Bond
Class A	$	0.0916	$	—	November 3, 2009	October 30, 2009
Class B	$	0.0838	$	—	November 3, 2009	October 30, 2009
Class C	$	0.0844	$	—	November 3, 2009	October 30, 2009
Class I	$	0.0951	$	—	November 3, 2009	October 30, 2009
Class O	$	0.0914	$	—	November 3, 2009	October 30, 2009
Class W	$	0.0951	$	—	November 3, 2009	October 30, 2009
Class A	$	0.1069	$	—	December 2, 2009	November 30, 2009
Class B	$	0.0990	$	—	December 2, 2009	November 30, 2009
Class C	$	0.0997	$	—	December 2, 2009	November 30, 2009
Class I	$	0.1100	$	—	December 2, 2009	November 30, 2009
Class O	$	0.1068	$	—	December 2, 2009	November 30, 2009
Class W	$	0.1093	$	—	December 2, 2009	November 30, 2009
Class A	$	—	$	0.0465	December 16, 2009	December 14, 2009
Class B	$	—	$	0.0465	December 16, 2009	December 14, 2009
Class C	$	—	$	0.0465	December 16, 2009	December 14, 2009
Class I	$	—	$	0.0465	December 16, 2009	December 14, 2009
Class O	$	—	$	0.0465	December 16, 2009	December 14, 2009
Class W	$	—	$	0.0465	December 16, 2009	December 14, 2009

Effective November 21, 2009, Class Q shares of Foreign, Global Value Choice, International SmallCap Multi-Manager and International Value will be converted to Class W shares. Effective March 5, 2010, Class Q shares of Emerging Countries and International Capital Appreciation will be converted to Class W shares. Because Class Q shares of Global Natural Resources and Russia have no assets or shareholders, Class Q shares will be dissolved.

Effective January 4, 2010, Class B shares of the Funds, are closed to new investment, provided that: (1) Class B shares of the Funds may be purchased through the reinvestment of dividends issued by Class B Shares of the Fund; and (2) subject to the terms and conditions of relevant exchange privileges and as permitted under their respective prospectuses, Class B shares of the Fund may be acquired through exchange of Class B shares of other funds in the ING Mutual Funds Complex.

On November 12, 2009, the Board approved the removal of Batterymarch as one of the investment sub-advisers for International SmallCap Multi-Manager effective February 26, 2010. ING Investments will evaluate the optimal allocation of the assets under management by Batterymarch between International SmallCap Multi-Manager’s remaining sub-advisers, Acadian and Schroders on or near February 26, 2010. Additionally, in conjunction with this change and effective January 1, 2010, ING Investments has agreed to waive a portion of the advisory fee and revise the sub-advisory fee payable, with respect to Acadian.

Effective January 1, 2010, ING Investments has lowered the expense limitation agreements for Russia and Global Natural Resources.

The Funds have evaluated events occurring after the balance sheet date (subsequent events) through December 22, 2009, the date the financial statements were issued, to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

109

PORTFOLIO OF INVESTMENTS

ING Global Equity Dividend Fund

as of October 31, 2009


Shares				Value



COMMON STOCK: 94.0%

			Australia: 6.1%
	66,141		Australia & New Zealand Banking Group, Ltd.	$	1,349,020
	283,002		Foster’s Group, Ltd.		1,387,922
	301,820		Insurance Australia Group		1,015,289
	280,477		Macquarie Airports Management, Ltd.		713,440
	25,497	@	Macquarie Airports Management, Ltd. — New		65,869
	125,278		Suncorp-Metway, Ltd.		979,908
	501,548		Telstra Corp., Ltd.		1,490,411
	59,943		Wesfarmers, Ltd.		1,495,773

					8,497,632


			Brazil: 1.3%
	36,611		Tele Norte Leste Participacoes SA ADR		697,806
	45,158	@	Vale SA ADR		1,043,150

					1,740,956


			Canada: 1.7%
	30,496	@,L	Enerplus Resources Fund		662,373
	56,607		TransCanada Corp.		1,734,752

					2,397,125


			Finland: 1.0%
	107,428		Nokia OYJ		1,356,947

					1,356,947


			France: 5.8%
	31,817		Carrefour SA		1,365,671
	18,539		Sanofi-Aventis		1,358,948
	34,019	@	Total SA		2,035,706
	24,265	@	Vinci SA		1,266,342
	72,580		Vivendi		2,013,538

					8,040,205


			Germany: 3.6%
	11,717		Deutsche Boerse AG		948,991
	37,106		E.ON AG		1,422,083
	8,509		Muenchener Rueckversicherungs AG		1,346,233
	14,267		Siemens AG		1,289,264

					5,006,571


			Hong Kong: 1.0%
	28,365		China Mobile, Ltd. ADR		1,325,496

					1,325,496


			Italy: 3.1%
	45,354		Banche Popolari Unite Scpa		647,830
	79,953		ENI S.p.A.		1,980,178
	20,014		Italcementi S.p.A. RSP		151,052
	302,265		Snam Rete Gas S.p.A.		1,466,049

					4,245,109


			Japan: 7.4%
	724,600		Mizuho Financial Group, Inc.		1,429,224
	8,100		Nintendo Co., Ltd.		2,031,680
	972		NTT DoCoMo, Inc.		1,409,656
	107,100		Shiseido Co., Ltd.		1,955,340
	39,800		Sumitomo Mitsui Financial Group, Inc.		1,352,807
	35,500		Takeda Pharmaceutical Co., Ltd.		1,419,771
	19,000	@	Trend Micro, Inc.		657,632

					10,256,110


			Netherlands: 2.5%
	69,538		Royal Dutch Shell PLC		2,061,708
	46,804		Unilever NV		1,442,173

					3,503,881


			Singapore: 0.8%
	116,500		DBS Group Holdings, Ltd.		1,066,857

					1,066,857


			South Korea: 1.2%
	63,352		KT Corp. ADR		1,016,800
	13,875		S-Oil Corp.		671,213

					1,688,013


			Spain: 2.7%
	77,801		Banco Bilbao Vizcaya Argentaria SA		1,390,693
	83,545		Banco Santander SA		1,344,427
	38,278	@	Telefonica SA		1,068,970

					3,804,090


			Switzerland: 1.8%
	7,442		Alcon, Inc.		1,062,643
	27,807		Novartis AG		1,448,026

					2,510,669


			Taiwan: 1.0%
	146,738		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,399,881

					1,399,881


			United Kingdom: 9.5%
	31,732		AstraZeneca PLC		1,424,500
	155,036		BP PLC		1,452,730
	69,620		GlaxoSmithKline PLC		1,428,096
	126,278		HSBC Holdings PLC		1,395,388
	29,470		Johnson Matthey PLC		678,674
	183,852		Reed Elsevier PLC		1,391,981
	82,691		Scottish & Southern Energy PLC		1,459,478
	300,863		Thomas Cook Group PLC		1,007,498
	202,954		United Utilities Group PLC		1,463,177
	653,001		Vodafone Group PLC		1,439,106

					13,140,628


			United States: 43.5%
	27,898		Abbott Laboratories		1,410,802
	39,096		AGL Resources, Inc.		1,366,796
	8,695		Air Products & Chemicals, Inc.		670,645
	59,555		Altria Group, Inc.		1,078,541
	45,937		American Electric Power Co., Inc.		1,388,216
	59,865	@	Arthur J. Gallagher & Co.		1,335,588
	84,064		AT&T, Inc.		2,157,920
	17,852		Automatic Data Processing, Inc.		710,510
	34,382		Bank of Hawaii Corp.		1,526,561
	63,435		Bristol-Myers Squibb Co.		1,382,883
	33,156		Campbell Soup Co.		1,052,703
	28,144		Chevron Corp.		2,154,142
	39,892		Coca-Cola Co.		2,126,643
	34,792		Consolidated Edison, Inc.		1,415,339
	14,370	@	Cullen/Frost Bankers, Inc.		672,372
	54,499		Dow Chemical Co.		1,279,637
	42,089	@	EI Du Pont de Nemours & Co.		1,339,272
	45,960		Emerson Electric Co.		1,734,990
	28,230	@	Exelon Corp.		1,325,681
	19,792		ExxonMobil Corp.		1,418,493
	68,992		General Electric Co.		983,826
	55,249		H&R Block, Inc.		1,013,267
	26,743		Home Depot, Inc.		670,982
	47,407		Honeywell International, Inc.		1,701,437
	71,392		Intel Corp.		1,364,301
	23,824		Johnson & Johnson		1,406,807
	30,534		Kimberly-Clark Corp.		1,867,459
	12,996	@	Kinder Morgan Energy Partners LP		701,784
	79,732		Kraft Foods, Inc.		2,194,225

See Accompanying Notes to Financial Statements

110

PORTFOLIO OF INVESTMENTS

ING Global Equity Dividend Fund

as of October 31, 2009 (continued)


Shares						Value


			United States (continued)
	54,724		Leggett & Platt, Inc.			$	1,057,815
	26,020	@	Linear Technology Corp.				673,398
	8,935		Lorillard, Inc.				694,428
	30,725		McDonald’s Corp.				1,800,792
	44,144		Merck & Co., Inc.				1,365,374
	37,606	@	NYSE Euronext				972,115
	121,561		Pfizer, Inc.				2,070,184
	27,868		Philip Morris International, Inc.				1,319,828
	70,514		Pitney Bowes, Inc.				1,727,593
	25,214		Procter & Gamble Co.				1,462,412
	29,586		Reynolds American, Inc.				1,434,329
	128,764		Sara Lee Corp.				1,453,746
	29,150		Snap-On, Inc.				1,064,850
	44,453		Southern Co.				1,386,489
	52,982	@	Spectra Energy Corp.				1,013,016
	29,859		Travelers Cos., Inc.				1,486,680

							60,434,871

			Total Common Stock (Cost $125,026,840)				130,415,041


REAL ESTATE INVESTMENT TRUSTS: 2.4%

			Australia: 0.4%
	57,343		Westfield Group				621,256

							621,256


			Netherlands: 0.5%
	9,993		Corio NV				677,609

							677,609


			United Kingdom: 0.5%
	90,698		British Land Co. PLC				700,517

							700,517


			United States: 1.0%
	11,403		Boston Properties, Inc.				692,960
	17,561	@	Rayonier, Inc.				677,503

							1,370,463

			Total Real Estate Investment Trusts (Cost $3,547,794)				3,369,845

			Total Long-Term Investments (Cost $128,574,634)				133,784,886

Principal
Amount						Value



SHORT-TERM INVESTMENTS: 0.2%

			Securities Lending Collateral^CC: 0.2%
$	203,000		Bank of New York Mellon Corp. Institutional Cash Reserves, Series A⁽¹⁾			$	203,000
	123,900		Bank of New York Mellon Corp. Institutional Cash Reserves, Series B⁽¹⁾⁽²⁾				99,120

			Total Short-Term Investments (Cost $326,900)				302,120

		Total Investments in Securities
		(Cost $128,901,534)*		96.6	%	$	134,087,006
		Other Assets and Liabilities - Net		3.4			4,683,380

		Net Assets		100.0	%	$	138,770,386


@		Non-income producing security
ADR		American Depositary Receipt
cc		Securities purchased with cash collateral for securities loaned.
(1)		Collateral received from brokers for securities lending was invested in these short-term investments.
(2)		On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being marked to market daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.
L		Loaned security, a portion or all of the security is on loan at October 31, 2009.

*		Cost for federal income tax purposes is $136,627,710.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	12,202,443
Gross Unrealized Depreciation		(14,743,147	)

Net Unrealized Depreciation	$	(2,540,704	)


	Percentage of
Industry	Net Assets


Agriculture		3.3	%
Banks		9.5
Beverages		2.5
Building Materials		0.1
Chemicals		2.9
Commercial Services		1.2
Cosmetics/Personal Care		2.5
Diversified		1.0
Diversified Financial Services		1.4
Electric		6.0
Electrical Components & Equipment		1.2
Engineering & Construction		1.5
Food		5.4
Forest Products & Paper		0.5
Gas		2.0
Hand/Machine Tools		0.8
Healthcare — Products		1.8
Household Products/Wares		1.3
Insurance		3.7
Internet		0.5
Leisure Time		0.7
Media		2.5
Mining		0.7
Miscellaneous Manufacturing		3.6
Office Property		0.5
Office/Business Equipment		1.2
Oil & Gas		9.0
Pharmaceuticals		9.6
Pipelines		2.5
Retail		2.9
Semiconductors		2.5
Shopping Centers		0.4
Telecommunications		8.6
Toys/Games/Hobbies		1.5
Water		1.1
Short-Term Investments		0.2
Other Assets and Liabilities — Net		3.4

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

111

PORTFOLIO OF INVESTMENTS

ING Global Equity Dividend Fund

as of October 31, 2009 (continued)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2009 in valuing the Fund’s assets and liabilities:


	Quoted Prices		Significant
	in Active Markets		Other		Significant
	for Identical		Observable		Unobservable		Fair Value
	Investments		Inputs		Inputs		at
	(Level 1)		(Level 2)^#		(Level 3)		10/31/2009

Asset Table
Investments, at value
Common Stock
Australia	$	65,869	$	8,431,763	$	—	$	8,497,632
Brazil		1,740,956		—		—		1,740,956
Canada		2,397,125		—		—		2,397,125
Finland		—		1,356,947		—		1,356,947
France		—		8,040,205		—		8,040,205
Germany		—		5,006,571		—		5,006,571
Hong Kong		1,325,496		—		—		1,325,496
Italy		—		4,245,109		—		4,245,109
Japan		—		10,256,110		—		10,256,110
Netherlands		—		3,503,881		—		3,503,881
Singapore		—		1,066,857		—		1,066,857
South Korea		1,016,800		671,213		—		1,688,013
Spain		—		3,804,090		—		3,804,090
Switzerland		1,062,643		1,448,026		—		2,510,669
Taiwan		1,399,881		—		—		1,399,881
United Kingdom		—		13,140,628		—		13,140,628
United States		60,434,871		—		—		60,434,871

Total Common Stock		69,443,641		60,971,400		—		130,415,041

Real Estate Investment Trusts		1,370,463		1,999,382		—		3,369,845
Short-Term Investments		203,000		99,120		—		302,120

Total Investments, at value	$	71,017,104	$	63,069,902	$	—	$	134,087,006


ˆ	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments.

See Accompanying Notes to Financial Statements

112

PORTFOLIO OF INVESTMENTS

ING Global Natural Resources Fund

as of October 31, 2009


Shares						Value



COMMON STOCK: 99.2%

			Australia: 1.3%
	129,732	@	Australian Worldwide Exploration, Ltd.			$	297,382
	15,076		BHP Billiton, Ltd. ADR				988,684

							1,286,066


			Canada: 23.2%
	94,473		Advantage Oil & Gas, Ltd.				590,211
	83,188		Barrick Gold Corp.				2,988,945
	51,817		Canadian Natural Resources, Ltd.				3,351,005
	43,353	@	Eldorado Gold Corp. (Canadian Denominated Security)				483,191
	80,140		EnCana Corp.				4,438,955
	39,869		GoldCorp, Inc.				1,465,983
	56,242		Kinross Gold Corp.				1,044,976
	109,441		Nexen, Inc.				2,349,698
	70,364		Suncor Energy, Inc.				2,323,419
	160,370		Talisman Energy, Inc.				2,721,479
	51,444	@	Teck Cominco, Ltd. — Class B				1,487,760

							23,245,622


			France: 1.1%
	17,556		Total SA ADR				1,054,589

							1,054,589


			Japan: 0.8%
	92		Inpex Holdings, Inc.				751,301

							751,301


			Netherlands: 2.0%
	34,541		Royal Dutch Shell PLC ADR — Class A				2,052,081

							2,052,081


			Russia: 1.2%
	21,300	@	Lukoil-Spon ADR				1,235,648

							1,235,648


			South Africa: 1.0%
	9,146		Anglogold Ashanti, Ltd. ADR				343,341
	33,969		Gold Fields, Ltd. ADR				433,105
	23,726		Harmony Gold Mining Co., Ltd.				237,644

							1,014,090


			United Kingdom: 2.7%
	77,325	@	Anglo American PLC ADR				1,399,583
	7,547		Rio Tinto PLC ADR				1,343,592

							2,743,175


			United States: 65.9%
	101,847		Alcoa, Inc.				1,264,940
	38,930	@	Alpha Natural Resources, Inc.				1,322,452
	46,119		Apache Corp.				4,340,720
	77,957		Arch Coal, Inc.				1,688,549
	28,965		Atlas Energy, Inc.				758,304
	51,535	@	Cal Dive International, Inc.				395,789
	42,362	@	Cameron International Corp.				1,566,123
	52,587	@	Century Aluminum Co.				455,929
	84,032		Chevron Corp.				6,431,809
	31,993		Cimarex Energy Co.				1,252,846
	44,828		Cliffs Natural Resources, Inc.				1,594,532
	123,907		ConocoPhillips				6,217,653
	48,160		Devon Energy Corp.				3,116,434
	44,564	@	DryShips, Inc.				269,167
	29,219		ENSCO International, Inc.				1,337,938
	100,499		ExxonMobil Corp.				7,202,763
	28,088		Freeport-McMoRan Copper & Gold, Inc.				2,060,536
	59,128		Frontier Oil Corp.				819,514
	91,258		Halliburton Co.				2,665,646
	83,734		International Paper Co.				1,868,106
	70,481	@	National Oilwell Varco, Inc.				2,889,016
	37,399		Occidental Petroleum Corp.				2,837,836
	91,479		Patterson-UTI Energy, Inc.				1,425,243
	32,101		Peabody Energy Corp.				1,270,879
	76,443		Schlumberger, Ltd.				4,754,755
	56,393		Smith International, Inc.				1,563,778
	16,928	@	Transocean, Ltd.				1,420,428
	16,392		United States Steel Corp.				565,360
	67,430		XTO Energy, Inc.				2,802,391

							66,159,436

			Total Common Stock (Cost $92,281,118)				99,542,008


SHORT-TERM INVESTMENTS: 1.0%

			Affiliated Mutual Fund: 1.0%
	1,006,000	S	ING Institutional Prime Money Market Fund — Class I				1,006,000

			Total Short-Term Investments (Cost $1,006,000)				1,006,000

		Total Investments in Securities
		(Cost $93,287,118)*		100.2	%	$	100,548,008
		Other Assets and Liabilities - Net		(0.2	)		(177,432	)

		Net Assets		100.0	%	$	100,370,576


@		Non-income producing security
ADR		American Depositary Receipt
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.

*		Cost for federal income tax purposes is $97,511,279.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	12,419,365
Gross Unrealized Depreciation		(9,382,636	)

Net Unrealized Appreciation	$	3,036,729


	Percentage of
Industry	Net Assets


Coal		4.3	%
Forest Products & Paper		1.9
Iron/Steel		2.1
Mining		15.9
Oil & Gas		60.3
Oil & Gas Services		14.4
Trucking & Leasing		0.3
Short-Term Investments		1.0
Other Assets and Liabilities — Net		(0.2	)

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

113

PORTFOLIO OF INVESTMENTS

ING Global Natural Resources Fund

as of October 31, 2009 (continued)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2009 in valuing the Fund’s assets and liabilities:


	Quoted Prices
	in Active		Significant
	Markets		Other		Significant
	for Identical		Observable		Unobservable		Fair Value
	Investments		Inputs		Inputs		at
	(Level 1)		(Level 2)^#		(Level 3)		10/31/2009

Asset Table
Investments, at value
Common Stock
Australia	$	988,684	$	297,382	$	—	$	1,286,066
Canada		23,245,622		—		—		23,245,622
France		1,054,589		—		—		1,054,589
Japan		—		751,301		—		751,301
Netherlands		2,052,081		—		—		2,052,081
Russia		—		1,235,648		—		1,235,648
South Africa		776,446		237,644		—		1,014,090
United Kingdom		1,343,592		1,399,583		—		2,743,175
United States		66,159,436		—		—		66,159,436

Total Common Stock		95,620,450		3,921,558		—		99,542,008

Short-Term Investments		1,006,000		—		—		1,006,000

Total Investments, at value	$	96,626,450	$	3,921,558	$	—	$	100,548,008


ˆ	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

114

PORTFOLIO OF INVESTMENTS

ING Global Real Estate Fund

as of October 31, 2009


Shares				Value



COMMON STOCK: 30.8%

			Australia: 0.7%
	1,404,000		Lend Lease Corp., Ltd.	$	11,637,917

					11,637,917


			Austria: 0.2%
	612,510	@,L	Immoeast Immobilien Anlagen AG		3,233,273

					3,233,273


			Brazil: 1.1%
	1,185,700	@	BR Malls Participacoes SA		12,714,506
	822,800		PDG Realty SA Empreendimentos e Participacoes		6,866,008

					19,580,514


			China: 0.4%
	9,795,000		Kwg Property Holding, Ltd.		7,026,438

					7,026,438


			Finland: 0.0%
	176,680	@	Sponda OYJ		633,060

					633,060


			Hong Kong: 15.0%
	5,053,657		Cheung Kong Holdings, Ltd.		64,137,454
	1,399,500		Great Eagle Holding Co.		3,691,718
	2,126,800		Hang Lung Group, Ltd.		10,661,012
	5,057,600		Hang Lung Properties, Ltd.		19,113,537
	1,452,000		Henderson Land Development Co., Ltd.		10,265,190
	3,850,700		Hongkong Land Holdings, Ltd.		18,177,657
	3,820,600		Kerry Properties, Ltd.		21,302,702
	5,488,500		Shui On Land, Ltd.		3,326,794
	1,718,800		Sino Land Co.		3,269,104
	5,411,000		Sun Hung Kai Properties, Ltd.		81,979,388
	3,239,075		Wharf Holdings, Ltd.		17,501,099

					253,425,655


			India: 0.1%
	1,023,600		Unitech, Ltd. (Global Instrument, Issuer: Macquarie Group, Ltd.)		1,792,635

					1,792,635


			Japan: 8.7%
	280,400		Aeon Mall Co., Ltd.		5,875,589
	175,000		Daito Trust Construction Co., Ltd.		7,274,121
	1,479,100		Daiwa House Industry Co., Ltd.		15,802,050
	2,258,300		Mitsubishi Estate Co., Ltd.		34,111,427
	3,238,100		Mitsui Fudosan Co., Ltd.		52,392,500
	1,665,900		Sumitomo Realty & Development Co., Ltd.		31,587,804

					147,043,491


			Luxembourg: 0.3%
	506,550		GAGFAH SA		4,817,881

					4,817,881


			Norway: 0.9%
	7,782,110	@	Norwegian Property ASA		14,759,705

					14,759,705


			Singapore: 1.1%
	4,563,600		CapitaLand, Ltd.		13,233,913
	683,000		City Developments, Ltd.		4,785,269

					18,019,182


			Sweden: 0.4%
	714,230		Castellum AB		6,648,016

					6,648,016


			Switzerland: 0.7%
	215,420	@,L	Swiss Prime Site AG		11,857,978

					11,857,978


			United Kingdom: 1.2%
	1,234,420	@,I	Atrium European Real Estate, Ltd.		8,067,754
	628,230	@	Grainger PLC		2,952,224
	476,477		Helical Bar PLC		2,583,977
	2,833,565	I	Safestore Holdings, Ltd.		6,582,675

					20,186,630

			Total Common Stock (Cost $459,045,669)		520,662,375


REAL ESTATE INVESTMENT TRUSTS: 63.3%

			Australia: 10.2%
	5,873,200		CFS Retail Property Trust		10,091,840
	31,204,845		Dexus Property Group		22,046,727
	20,301,600		GPT Group		10,360,517
	36,386,386		Macquarie Goodman Group		19,510,686
	8,975,886		Mirvac Group		11,752,268
	8,525,520		Stockland		28,321,106
	6,529,754		Westfield Group		70,743,610

					172,826,754


			Canada: 1.0%
	309,600	@	Calloway Real Estate Investment Trust		5,058,665
	114,100		Canadian Real Estate Investment Trust		2,694,196
	261,700	@	Primaris Retail Real Estate		3,809,228
	279,600		RioCan Real Estate Investment Trust		4,739,027

					16,301,116


			France: 7.3%
	66,310		Gecina SA		7,054,170
	31,950		ICADE		3,363,696
	630,577		Klepierre		26,137,625
	333,422		Mercialys		13,437,555
	326,636		Unibail		72,332,072

					122,325,118


			Hong Kong: 0.5%
	4,067,200		Link Real Estate Investment Trust		9,159,306

					9,159,306


			Japan: 2.7%
	1,049	@	Frontier Real Estate Investment Corp.		7,905,419
	185	@	Japan Excellent, Inc.		868,419
	771		Japan Logistics Fund, Inc.		5,858,239
	836		Japan Real Estate Investment Corp.		6,670,544
	306		Japan Retail Fund Investment Corp.		1,438,603
	1,626		Kenedix Realty Investment Corp.		4,663,211
	572	L	Nippon Accommodations Fund, Inc.		3,160,519
	1,785		Orix JREIT, Inc.		8,175,787
	177		Top REIT, Inc.		783,654
	1,165	@	United Urban Investment Corp.		6,795,734

					46,320,129

See Accompanying Notes to Financial Statements

115

PORTFOLIO OF INVESTMENTS

ING Global Real Estate Fund

as of October 31, 2009 (continued)


Shares						Value



			Netherlands: 1.4%
	272,454		Corio NV			$	18,474,650
	121,049	@,S	Eurocommercial Properties NV				5,244,125

							23,718,775


			Singapore: 1.0%
	9,492,266		Ascendas Real Estate Investment Trust				12,337,914
	4,255,801		CapitaMall Trust				4,780,444

							17,118,358


			United Kingdom: 6.2%
	3,306,887		British Land Co. PLC				25,541,142
	166,960		Derwent Valley Holdings PLC				3,400,879
	2,576,296		Hammerson PLC				17,088,544
	4,090,517		Land Securities Group PLC				44,259,763
	1,676,399		Liberty International PLC				12,374,655
	340,257		Segro PLC				1,960,774

							104,625,757


			United States: 33.0%
	266,361		Acadia Realty Trust				4,235,140
	224,400	L	Alexandria Real Estate Equities, Inc.				12,155,748
	617,700		AMB Property Corp.				13,577,047
	629,800	@,L	Apartment Investment & Management Co.				7,778,030
	248,771		AvalonBay Communities, Inc.				17,110,469
	265,900	L	Boston Properties, Inc.				16,158,743
	317,900		BRE Properties, Inc.				8,656,417
	302,800		Camden Property Trust				10,976,500
	39,700		Corporate Office Properties Trust SBI MD				1,317,643
	371,810	L	Digital Realty Trust, Inc.				16,779,785
	1,001,100		Duke Realty Corp.				11,252,364
	278,800		Equity Residential				8,051,744
	77,600		Essex Property Trust, Inc.				5,833,968
	397,300	@	Extra Space Storage, Inc.				3,802,161
	187,800		Federal Realty Investment Trust				11,085,834
	885,800		HCP, Inc.				26,210,822
	432,200		Highwoods Properties, Inc.				11,894,144
	1,918,010		Host Hotels & Resorts, Inc.				19,391,081
	507,500		Kimco Realty Corp.				6,414,800
	706,075		Liberty Property Trust				20,737,423
	1,102,233		Macerich Co.				32,846,543
	764,300		Nationwide Health Properties, Inc.				24,648,675
	400,800		Omega Healthcare Investors, Inc.				6,076,128
	2,184,900		ProLogis				24,754,917
	186,854		Public Storage, Inc.				13,752,454
	303,300	@,L	Regency Centers Corp.				10,175,715
	1,296,444		Simon Property Group, Inc.				88,015,583
	295,000	L	SL Green Realty Corp.				11,434,200
	323,700		Tanger Factory Outlet Centers, Inc.				12,323,259
	251,000	L	Taubman Centers, Inc.				7,658,010
	1,126,609		UDR, Inc.				16,200,637
	562,600		Ventas, Inc.				22,577,138
	708,651		Vornado Realty Trust				42,207,254
	599,400		Weingarten Realty Investors				11,088,900

							557,179,276

			Total Real Estate Investment Trusts (Cost $970,421,950)				1,069,574,589


MUTUAL FUNDS: 0.9%
			Australia:0.5%
	16,374,500	**	ING Office Fund				8,639,456

							8,639,456


			Luxembourg: 0.4%
	920,434		Prologis European Properties				5,937,781

							5,937,781

			Total Mutual Funds (Cost $13,479,760)				14,577,237

			Total Long-Term Investments (Cost $1,442,947,379)				1,604,814,201


SHORT-TERM INVESTMENTS: 5.0%

			Affiliated Mutual Fund: 3.6%
	60,713,731		ING Institutional Prime Money Market Fund — Class I				60,713,731

			Total Mutual Fund (Cost $60,713,731)				60,713,731

Principal
Amount						Value



			Securities Lending Collateral^CC: 1.4%
$	21,342,000		Bank of New York Mellon Corp. Institutional Cash Reserves, Series A⁽¹⁾			$	21,342,000
	2,745,317		Bank of New York Mellon Corp. Institutional Cash Reserves, Series B⁽¹⁾⁽²⁾				2,196,253

			Total Securities Lending Collateral (Cost $24,087,317)				23,538,253

			Total Short-Term Investments (Cost $84,801,048)				84,251,984

		Total Investments in Securities
		(Cost $1,527,748,427)*		100.0	%	$	1,689,066,185
		Other Assets and Liabilities - Net		(0.0	)		(560,205	)

		Net Assets		100.0	%	$	1,688,505,980


@		Non-income producing security
cc		Securities purchased with cash collateral for securities loaned.
(1)		Collateral received from brokers for securities lending was invested in these short-term investments.
(2)		On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being marked to market daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.
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.
I		Illiquid security
L		Loaned security, a portion or all of the security is on loan at October 31, 2009.
**		Investment in affiliate

*		Cost for federal income tax purposes is $1,775,235,051.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	156,138,316
Gross Unrealized Depreciation		(242,307,182	)

Net Unrealized Depreciation	$	(86,168,866	)

See Accompanying Notes to Financial Statements

116

PORTFOLIO OF INVESTMENTS

ING Global Real Estate Fund

as of October 31, 2009 (continued)


	Percentage of
Industry	Net Assets


Apartments		4.6	%
Closed-End Funds		0.4
Diversified		27.1
Engineering & Construction		0.1
Health Care		4.7
Holding Companies — Diversified		1.0
Home Builders		0.9
Hotels		1.2
Lodging		0.3
Office Property		4.3
Open-End Funds		0.5
Real Estate		28.3
Regional Malls		7.6
Shopping Centers		10.0
Storage		1.0
Storage/Warehousing		0.4
Warehouse/Industrial		2.6
Short-Term Investments		5.0
Other Assets and Liabilities — Net		0.0

Net Assets		100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2009 in valuing the Fund’s assets and liabilities:


	Quoted Prices
	in Active Markets		Significant Other		Significant
	for Identical		Observable		Unobservable		Fair Value
	Investments		Inputs		Inputs		at
	(Level 1)		(Level 2)^#		(Level 3)		10/31/2009

Asset Table
Investments, at value
Common Stock
Australia	$	—	$	11,637,917	$	—	$	11,637,917
Austria		—		3,233,273		—		3,233,273
Brazil		19,580,514		—		—		19,580,514
China		—		7,026,438		—		7,026,438
Finland		—		633,060		—		633,060
Hong Kong		—		253,425,655		—		253,425,655
India		—		1,792,635		—		1,792,635
Japan		—		147,043,491		—		147,043,491
Luxembourg		—		4,817,881		—		4,817,881
Norway		—		14,759,705		—		14,759,705
Singapore		—		18,019,182		—		18,019,182
Sweden		—		6,648,016		—		6,648,016
Switzerland		—		11,857,978		—		11,857,978
United Kingdom		—		20,186,630		—		20,186,630

Total Common Stock		19,580,514		501,081,861		—		520,662,375

Real Estate Investment Trusts		573,480,392		496,094,197		—		1,069,574,589
Mutual Funds		—		14,577,237		—		14,577,237
Short-Term Investments		82,055,731		2,196,253		—		84,251,984

Total Investments, at value	$	675,116,637	$	1,013,949,548	$	—	$	1,689,066,185


ˆ	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

117

PORTFOLIO OF INVESTMENTS

ING Global Value Choice Fund

as of October 31, 2009


Shares				Value



COMMON STOCK: 87.2%


			Australia: 0.8%
	1,086,270	@	Minara Resources, Ltd.	$	838,949
	643,500	@	Mineral Deposits, Ltd.		558,952

					1,397,901


			Brazil: 2.5%
	203,411	@	Centrais Eletricas Brasileiras SA ADR — Class B		2,589,422
	46,000	@	Cia de Saneamento Basico do Estado de Sao Paulo ADR		1,771,920

					4,361,342


			Canada: 8.7%
	162,440		Barrick Gold Corp.		5,836,469
	107,000		Cameco Corp.		2,911,470
	1,527,375	@	Eastern Platinum, Ltd.		1,016,321
	2,136,372	@	Gabriel Resources, Ltd.		4,086,955
	113,926	@,I	Westjet Airlines, Ltd.		1,151,842
	34,115	@	Westjet Airlines, Ltd. — Variable Voting Shares		346,179

					15,349,236


			Cayman Islands: 0.5%
	477,125	@,I	Endeavour Financial Corp.		828,977

					828,977


			China: 0.7%
	11,120		PetroChina Co., Ltd. ADR		1,334,845

					1,334,845


			Finland: 0.8%
	116,490		UPM-Kymmene OYJ		1,398,042

					1,398,042


			France: 5.9%
	1,465		Areva SA		769,948
	23,120		Electricite de France		1,288,606
	111,275		Sanofi-Aventis ADR		4,108,273
	18,650		Technip SA		1,170,065
	62,297		Thales SA		3,018,445

					10,355,337


			Germany: 0.9%
	115,626		Deutsche Telekom AG ADR		1,565,576

					1,565,576


			India: 1.0%
	34,175		ICICI Bank, Ltd. ADR		1,074,804
	62,400	L	Tata Motors, Ltd. ADR		710,112

					1,784,916


			Italy: 2.7%
	221,400		ERG S.p.A.		3,267,914
	1,391,336		Telecom Italia S.p.A. RNC		1,531,147

					4,799,061


			Japan: 18.1%
	153,000		77 Bank, Ltd.		880,514
	332,000		Daiwa Securities Group, Inc.		1,747,423
	406		Fields Corp.		542,786
	45,700		Futaba Corp.		707,547
	5,800		Hakuhodo DY Holdings, Inc.		291,316
	42,400		JS Group Corp.		691,990
	150,000		Kao Corp.		3,341,076
	69,000		Kirin Brewery Co., Ltd.		1,126,293
	123,000		Mitsui & Co., Ltd.		1,615,353
	253,000		Nippon Oil Corp.		1,246,722
	154,100		Nippon Telegraph & Telephone Corp.		6,358,532
	29,575		Nippon Telegraph & Telephone Corp. ADR		607,471
	22,600		Nissin Food Products Co., Ltd.		797,507
	415,000		Sekisui House, Ltd.		3,588,810
	78,200		Seven & I Holdings Co., Ltd.		1,711,974
	949,000		Sumitomo Osaka Cement Co., Ltd.		1,662,405
	479,000		Sumitomo Trust & Banking Co., Ltd.		2,495,587
	196,000		Toppan Printing Co., Ltd.		1,751,736
	452		TV Asahi Corp.		687,254

					31,852,296


			Norway: 2.4%
	3,998,030	@,L	Marine Harvest		2,900,659
	57,000		Statoil ASA ADR		1,348,620

					4,249,279


			Papua New Guinea: 3.2%
	2,051,100	@	Lihir Gold, Ltd.		5,610,082

					5,610,082


			Russia: 0.7%
	50,650	@	OAO Gazprom ADR		1,214,691

					1,214,691


			South Africa: 2.4%
	35,240		Anglogold Ashanti, Ltd. ADR		1,322,910
	230,310		Gold Fields, Ltd.		2,946,593

					4,269,503


			South Korea: 2.0%
	196,850	@	Korea Electric Power Corp. ADR		2,732,278
	51,810		KT Corp. ADR		831,551

					3,563,829


			Switzerland: 1.0%
	103,500	@	UBS AG — Reg		1,717,065

					1,717,065


			Thailand: 0.8%
	233,700		Bangkok Bank PCL		783,829
	2,435,400		Krung Thai Bank PCL		634,909

					1,418,738


			Turkey: 0.7%
	71,625		Turkcell Iletisim Hizmet AS ADR		1,176,799

					1,176,799


			United Kingdom: 4.7%
	19,325		AstraZeneca PLC ADR		867,886
	29,900		BP PLC ADR		1,692,938
	293,300		Mondi PLC		1,618,933
	188,500	@	Stolt-Nielsen SA		2,598,475
	69,505		Vodafone Group PLC ADR		1,542,316

					8,320,548


			United States: 26.7%
	62,100		Aetna, Inc.		1,616,463
	68,800	@	AGCO Corp.		1,933,968
	115,600		Alcoa, Inc.		1,435,752
	61,700		Ameren Corp.		1,501,778
	101,150		BJ Services Co.		1,942,080
	31,624		ConocoPhillips		1,586,892

See Accompanying Notes to Financial Statements

118

PORTFOLIO OF INVESTMENTS

ING Global Value Choice Fund

as of October 31, 2009 (continued)


Shares						Value


			United States (continued)
	17,250	@	Consol Energy, Inc.			$	738,473
	114,373	@	eBay, Inc.				2,547,087
	118,820		Kroger Co.				2,748,307
	32,200		Loews Corp.				1,065,820
	86,150		Microsoft Corp.				2,388,940
	135,715		Newmont Mining Corp.				5,898,174
	66,700		Peabody Energy Corp.				2,640,653
	201,600		Pfizer, Inc.				3,433,248
	194,000	@	Smithfield Foods, Inc.				2,587,960
	29,015	@	Tech Data Corp.				1,115,046
	111,441		Tesoro Corp.				1,575,776
	302,712		Tyson Foods, Inc.				3,789,954
	57,221		Union Pacific Corp.				3,155,166
	66,210		Wal-Mart Stores, Inc.				3,289,313

							46,990,850

			Total Common Stock (Cost $128,775,817)				153,558,913


PREFERRED STOCK: 0.7%


			Brazil: 0.7%
	539,501		Tim Participacoes SA				1,277,089

			Total Preferred Stock (Cost $742,335)				1,277,089


WARRANTS: 0.1%


			Cayman Islands: 0.1%
	336,822	I	Endeavour Financial Corp.				227,235

			Total Warrants (Cost $139,231)				227,235

			Total Long-Term Investments (Cost $129,657,383)				155,063,237


SHORT-TERM INVESTMENTS: 14.4%


			Affiliated Mutual Fund: 12.2%
	21,411,118		ING Institutional Prime Money Market Fund — Class I				21,411,118

			Total Mutual Fund (Cost $21,411,118)				21,411,118

Principal
Amount						Value



			Securities Lending Collateral^CC: 2.2%
$	3,630,000		Bank of New York Mellon Corp. Institutional Cash Reserves, Series A ⁽¹⁾			$	3,630,000
	287,772		Bank of New York Mellon Corp. Institutional Cash Reserves, Series B ⁽¹⁾⁽²⁾				230,218

			Total Securities Lending Collateral (Cost $3,917,772)				3,860,218

			Total Short-Term Investments (Cost $25,328,890)				25,271,336

		Total Investments in Securities
		(Cost $154,986,273)*		102.4	%	$	180,334,573
		Other Assets and Liabilities - Net		(2.4	)		(4,164,119	)

		Net Assets		100.0	%	$	176,170,454


@		Non-income producing security
ADR		American Depositary Receipt
cc		Securities purchased with cash collateral for securities loaned.
(1)		Collateral received from brokers for securities lending was invested in these short-term investments.
(2)		On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being marked to market daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.
I		Illiquid security
L		Loaned security, a portion or all of the security is on loan at October 31, 2009.

*		Cost for federal income tax purposes is $159,777,139.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	26,847,507
Gross Unrealized Depreciation		(6,290,073	)

Net Unrealized Appreciation	$	20,557,434


	Percentage of
Industry	Net Assets


Advertising		0.2	%
Aerospace/Defense		1.7
Airlines		0.9
Auto Manufacturers		0.4
Banks		4.3
Beverages		0.6
Building Materials		1.3
Coal		1.9
Commercial Services		1.0
Cosmetics/Personal Care		1.9
Distribution/Wholesale		1.6
Diversified Financial Services		1.0
Electric		4.6
Electronics		0.4
Energy — Alternate Sources		0.4
Food		7.3
Forest Products & Paper		1.7
Healthcare — Services		0.9
Home Builders		2.0
Insurance		0.6
Internet		1.5
Investment Companies		0.6
Leisure Time		0.3
Machinery — Diversified		1.1
Media		0.4
Mining		18.4
Oil & Gas		7.5
Oil & Gas Services		1.8
Pharmaceuticals		4.8
Retail		2.8
Software		1.4
Telecommunications		8.4
Transportation		3.3
Water		1.0
Short-Term Investments		14.4
Other Assets and Liabilities — Net		(2.4	)

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

119

PORTFOLIO OF INVESTMENTS

ING Global Value Choice Fund

as of October 31, 2009 (continued)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2009 in valuing the Fund’s assets and liabilities:


	Quoted Prices
	in Active Markets		Significant Other		Significant
	for Identical		Observable		Unobservable		Fair Value
	Investments		Inputs		Inputs		at
	(Level 1)		(Level 2)^#		(Level 3)		10/31/2009

Asset Table
Investments, at value
Common Stock
Australia	$	—	$	1,397,901	$	—	$	1,397,901
Brazil		4,361,342		—		—		4,361,342
Canada		15,349,236		—		—		15,349,236
Cayman Islands		828,977		—		—		828,977
China		1,334,845		—		—		1,334,845
Finland		—		1,398,042		—		1,398,042
France		4,108,273		6,247,064		—		10,355,337
Germany		1,565,576		—		—		1,565,576
India		1,784,916		—		—		1,784,916
Italy		—		4,799,061		—		4,799,061
Japan		607,471		31,244,825		—		31,852,296
Norway		1,348,620		2,900,659		—		4,249,279
Papua New Guinea		—		5,610,082		—		5,610,082
Russia		—		1,214,691		—		1,214,691
South Africa		1,322,910		2,946,593		—		4,269,503
South Korea		3,563,829		—		—		3,563,829
Switzerland		1,717,065		—		—		1,717,065
Thailand		—		1,418,738		—		1,418,738
Turkey		1,176,799		—		—		1,176,799
United Kingdom		4,103,140		4,217,408		—		8,320,548
United States		46,990,850		—		—		46,990,850

Total Common Stock		90,163,849		63,395,064		—		153,558,913

Preferred Stock		1,277,089		—		—		1,277,089
Warrants		—		227,235		—		227,235
Short-Term Investments		25,041,118		230,218		—		25,271,336

Total Investments, at value	$	116,482,056	$	63,852,517	$	—	$	180,334,573

Other Financial Instruments⁺:
Forward foreign currency contracts		—		8,821		—		8,821

Total Assets	$	116,482,056	$	63,861,338	$	—	$	180,343,394


ˆ	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

+	Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options.


	Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Fund. Swaps and written options are reported at their market value at measurement date.

At October 31, 2009 the following forward foreign currency contracts were outstanding for the ING Global Value Choice Fund:

Unrealized

Settlement

Exchange

Appreciation

Currency

Buy/Sell

Date

For

Value

(Depreciation)

USD

Canadian Dollar

CAD 339,980

SELL

11/4/09

323,021

314,200

8,821

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of October 31, 2009 was as follows:


Derivatives not accounted for
as hedging instruments	Location on Statement
under FASB ASC 815	of Assets and Liabilities	Fair Value

Asset Derivatives

Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	8,821

Total Asset Derivatives		$	8,821

The effect of derivative instruments on the Fund’s Statement of Operations for the year ended October 31, 2009 was as follows:


	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not	Forward
accounted for as	Foreign
hedging instruments	Currency
under FASB ASC 815	Contracts

Foreign exchange contracts	$	(40,737	)

Total	$	(40,737	)


	Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not	Forward
accounted for as	Foreign
hedging instruments	Currency
under FASB ASC 815	Contracts

Foreign exchange contracts	$	8,821

Total	$	8,821

See Accompanying Notes to Financial Statements

120

PORTFOLIO OF INVESTMENTS

ING Asia-Pacific Real Estate Fund

as of October 31, 2009


Shares						Value



COMMON STOCK: 61.3%

			Australia: 1.7%
	9,000		Lend Lease Corp., Ltd.			$	74,602

							74,602


			Hong Kong: 32.3%
	24,602		Cheung Kong Holdings, Ltd.				312,231
	11,000		China Resources Land, Ltd.				26,554
	18,400		Great Eagle Holding Co.				48,537
	14,000		Hang Lung Group, Ltd.				70,178
	24,000		Hang Lung Properties, Ltd.				90,700
	13,600		Henderson Land Development Co., Ltd.				96,148
	24,600		Hongkong Land Holdings, Ltd.				116,127
	2,000		Hopewell Holdings				6,292
	17,000		Kerry Properties, Ltd.				94,788
	39,500		Shui On Land, Ltd.				23,942
	28,000		Sino Land Co.				53,255
	24,100		Sun Hung Kai Properties, Ltd.				365,127
	16,600		Wharf Holdings, Ltd.				89,692
	13,000		Wheelock & Co., Ltd.				41,766

							1,435,337


			Japan: 20.7%
	3,620		Aeon Mall Co., Ltd.				75,855
	819		Daito Trust Construction Co., Ltd.				34,043
	6,900		Daiwa House Industry Co., Ltd.				73,717
	18,100		Mitsubishi Estate Co., Ltd.				273,398
	17,900		Mitsui Fudosan Co., Ltd.				289,622
	47		NTT Urban Development Corp.				37,757
	7,000		Sumitomo Realty & Development Co., Ltd.				132,730

							917,122


			Macau: 1.1%
	37,600	@	Wynn Macau, Ltd.				48,369

							48,369


			Singapore: 5.5%
	27,000		Allgreen Properties, Ltd.				21,796
	34,000		Ascendas India Trust				22,561
	42,150		CapitaLand, Ltd.				122,230
	9,000		City Developments, Ltd.				63,056
	11,000	@	Wing Tai Holdings, Ltd.				12,877

							242,520

			Total Common Stock (Cost $2,541,534)				2,717,950


REAL ESTATE INVESTMENT TRUSTS: 35.6%

			Australia: 21.2%
	50,900		CFS Retail Property Trust				87,461
	114,900		Dexus Property Group				81,179
	82,294		GPT Group				41,997
	60,200		Macquarie CountryWide Trust				33,307
	176,473		Macquarie Goodman Group				94,626
	75,924		Mirvac Group				99,408
	36,784		Stockland				122,194
	34,961	S	Westfield Group				378,769

							938,941


			Hong Kong: 2.2%
	44,000		Link Real Estate Investment Trust				99,088

							99,088


			Japan: 8.7%
	6		Frontier Real Estate Investment Corp.				45,217
	3		Fukuoka Real Estate Investment Trust Corp.				17,190
	4		Japan Excellent, Inc.				18,777
	4		Japan Logistics Fund, Inc.				30,393
	6		Japan Real Estate Investment Corp.				47,875
	9		Kenedix Realty Investment Corp.				25,811
	3		Nippon Accommodations Fund, Inc.				16,576
	5		Nippon Building Fund, Inc.				40,985
	7		Nomura Real Estate Office Fund, Inc.				43,251
	5		Orix JREIT, Inc.				22,901
	6		Top REIT, Inc.				26,565
	9		United Urban Investment Corp.				52,499

							388,040


			Singapore: 3.5%
	43,133		Ascendas Real Estate Investment Trust				56,064
	57,000		CapitaCommercial Trust				42,855
	29,480		CapitaMall Trust				33,114
	63,000		Fortune Real Estate Investment Trust				22,635

							154,668

			Total Real Estate Investment Trusts (Cost $1,384,048)				1,580,737


MUTUAL FUNDS: 1.1%

			Australia: 1.1%
	95,600	**	ING Office Fund				50,440

			Total Mutual Funds (Cost $48,723)				50,440

			Total Long-Term Investments (Cost $3,974,305)				4,349,127


SHORT-TERM INVESTMENTS: 3.4%

			Affiliated Mutual Fund: 3.4%
	152,029		ING Institutional Prime Money Market Fund — Class I				152,029

			Total Short-Term Investments (Cost $152,029)				152,029

		Total Investments in Securities
		(Cost $4,126,334)*		101.4	%	$	4,501,156
		Other Assets and Liabilities - Net		(1.4	)		(63,878	)

		Net Assets		100.0	%	$	4,437,278


@		Non-income producing 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.
**		Investment in affiliate

*		Cost for federal income tax purposes is $5,141,998.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	300,092
Gross Unrealized Depreciation		(940,934	)

Net Unrealized Depreciation	$	(640,842	)


	Percentage of
Industry	Net Assets


Apartments		0.4	%
Diversified		14.9
Holding Companies — Diversified		2.0
Home Builders		1.7
Lodging		2.5
Office Property		4.4
Open-End Funds		1.1
Real Estate		54.6
Shopping Centers		15.7
Warehouse/Industrial		0.7
Short-Term Investments		3.4
Other Assets and Liabilities — Net		(1.4	)

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

121

PORTFOLIO OF INVESTMENTS

ING Asia-Pacific Real Estate Fund

as of October 31, 2009 (continued)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2009 in valuing the Fund’s assets and liabilities:


	Quoted Prices		Significant
	in Active Markets		Other		Significant
	for Identical		Observable		Unobservable		Fair Value
	Investments		Inputs		Inputs		at
	(Level 1)		(Level 2)^#		(Level 3)		10/31/2009

Asset Table
Investments, at value
Common Stock
Australia	$	—	$	74,602	$	—	$	74,602
Hong Kong		—		1,435,337		—		1,435,337
Japan		—		917,122		—		917,122
Macau		48,369		—		—		48,369
Singapore		22,561		219,959		—		242,520

Total Common Stock		70,930		2,647,020		—		2,717,950

Real Estate Investment Trusts		—		1,580,737		—		1,580,737
Mutual Funds		—		50,440		—		50,440
Short-Term Investments		152,029		—		—		152,029

Total Investments, at value	$	222,959	$	4,278,197	$	—	$	4,501,156


ˆ	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

122

PORTFOLIO OF INVESTMENTS

ING Emerging Countries Fund

as of October 31, 2009


Shares				Value



COMMON STOCK: 91.5%

			Bermuda: 0.6%
	12,542		Credicorp, Ltd.	$	865,774

					865,774


			Brazil: 17.1%
	127,418		Banco Itau Holding Financeira SA ADR		2,438,780
	138,000	@	Banco Santander Brasil SA		1,629,428
	89,345	@	BR Malls Participacoes SA		958,065
	8,841		Cia de Bebidas das Americas ADR		796,397
	47,977		Cia Siderurgica Nacional SA		1,584,799
	159,025		CIA Vale do Rio Doce		4,039,719
	41,000		Lojas Renner SA		726,158
	112,000	@	MMX Mineracao e Metalicos SA		733,061
	36,106		Mrv Engenharia		678,422
	1,600		OGX Petroleo e Gas Participacoes SA		1,289,737
	28,665	@	Perdigao SA		691,078
	214,970		Petroleo Brasileiro SA		4,942,260
	41,267		Petroleo Brasileiro SA ADR		1,655,632
	56,512		Vale SA ADR		1,440,491

					23,604,027


			Canada: 0.9%
	106,386	@	Pacific Rubiales Energy Corp.		1,294,860

					1,294,860


			China: 11.5%
	2,483	@	Baidu.com ADR		938,375
	4,033,000		Bank of China, Ltd.		2,339,508
	377,500		China Life Insurance Co., Ltd.		1,735,683
	987,000		China Petroleum & Chemical Corp.		837,047
	643,500		China Shenhua Energy Co., Ltd.		2,886,807
	11,800	@	Ctrip.com International, Ltd. ADR		631,772
	4,248,000		Industrial and Commercial Bank of China, Ltd.		3,379,772
	749,000		Parkson Retail Group, Ltd.		1,212,605
	962,000		Sino-Ocean Land Holdings, Ltd.		935,541
	1,609,000		Want Want China Holdings, Ltd.		945,299

					15,842,409


			Egypt: 1.2%
	137,000		Egyptian Financial Group-Hermes Holding		795,392
	17,000		Orascom Construction Industries		803,493

					1,598,885


			Hong Kong: 6.7%
	88,000		Beijing Enterprises Holdings, Ltd.		526,764
	1,257,000		C C Land Holdings, Ltd.		683,811
	930,000	@	Chaoda Modern Agriculture		718,561
	221,500		China Mobile, Ltd.		2,076,436
	549,840		China Overseas Land & Investment, Ltd.		1,185,405
	1,988,000		CNOOC, Ltd.		2,977,301
	226,000		Shanghai Industrial Holdings, Ltd.		1,061,691

					9,229,969


			Hungary: 1.2%
	60,632	@	OTP Bank Nyrt		1,704,941

					1,704,941


			India: 4.1%
	104,790		Bharti Airtel, Ltd.		647,754
	35,343		Housing Development Finance Corp.		1,977,671
	34,142		ICICI Bank, Ltd.		563,822
	37,070		Larsen & Toubro, Ltd.		1,223,639
	1,465		Punjab National Bank, Ltd.		26,317
	31,332		Reliance Industries, Ltd.		1,267,623

					5,706,826


			Indonesia: 2.7%
	2,257,500		Bank Mandiri		1,083,272
	2,284,000		Perusahaan Gas Negara PT		849,840
	228,000		PT Astra International Tbk		733,544
	1,278,000		Telekomunikasi Indonesia Tbk PT		1,100,504

					3,767,160


			Israel: 1.1%
	28,652		Teva Pharmaceutical Industries, Ltd. ADR		1,446,353

					1,446,353


			Kazakhstan: 0.7%
	71,276		Eurasian Natural Resources Corp.		969,933

					969,933


			Luxembourg: 0.5%
	26,500	@,L	Ternium SA ADR		665,945

					665,945


			Mauritius: 0.4%
	1,893,600	@	Golden Agri-Resources, Ltd.		569,884

					569,884


			Mexico: 3.4%
	39,419		America Movil SA de CV — Series L ADR		1,739,560
	26,193	@,L	Desarrollado ADR		931,423
	143,688	@	Empresas ICA S.A.B. de C.V.		315,153
	18,910		Fomento Economico Mexicano SA de CV ADR		823,912
	65,149	@	Grupo Financiero Banorte SA de CV		208,220
	192,397	@	Wal-Mart de Mexico SA de CV		671,158

					4,689,426


			Poland: 1.8%
	44,900	@	Bank Pekao SA		2,409,972

					2,409,972


			Russia: 7.8%
	60,574		Mechel OAO ADR		1,039,450
	87,400	@	MMC Norilsk Nickel ADR		1,148,132
	23,780		Mobile Telesystems Finance SA ADR		1,077,234
	99,501		OAO Gazprom ADR		2,386,239
	435,750	@	OAO Rosneft Oil Co. GDR		3,313,367
	805,400		Sberbank RF		1,784,649

					10,749,071


			South Africa: 5.1%
	49,974		Impala Platinum Holdings, Ltd.		1,099,603
	115,000		Imperial Holdings, Ltd.		1,183,944
	83,000		MTN Group, Ltd.		1,235,807

See Accompanying Notes to Financial Statements

123

PORTFOLIO OF INVESTMENTS

ING Emerging Countries Fund

as of October 31, 2009 (continued)


Shares						Value


			South Africa (continued)
	43,700		Naspers, Ltd.			$	1,577,503
	119,000		Shoprite Holdings, Ltd.				969,723
	75,018		Standard Bank Group, Ltd.				936,298

							7,002,878


			South Korea: 9.5%
	16,080		Doosan Heavy Industries and Construction Co., Ltd.				862,933
	16,114		GS Engineering & Construction Corp.				1,413,072
	20,500	@	KB Financial Group, Inc.				986,048
	93,440	@	Kia Motors Corp.				1,387,915
	13,784		LG Electronics, Inc.				1,281,367
	3,850		Posco				1,595,547
	9,323		Samsung Electronics Co., Ltd.				5,609,958

							13,136,840


			Taiwan: 10.0%
	465,000		Acer, Inc.				1,096,069
	1,018,000	@	Cathay Financial Holding Co., Ltd.				1,745,735
	1,740,000	@	Eva Airways Corp.				652,679
	868,000		Far Eastern Textile Co., Ltd.				1,023,561
	462,300		HON HAI Precision Industry Co., Ltd.				1,810,750
	165,818		Hon Hai Precision Industry Co., Ltd. — GDR				1,322,149
	97,644		MediaTek, Inc.				1,366,625
	263,000		Taiwan Fertilizer Co., Ltd.				816,479
	2,166,610		Taiwan Semiconductor Manufacturing Co., Ltd.				3,930,224

							13,764,271


			Thailand: 0.6%
	125,000		PTT PCL				884,792

							884,792


			Turkey: 2.7%
	192,724		Haci Omer Sabanci Holding A/S				704,599
	820,915		Turkiye Garanti Bankasi A/S				2,981,188

							3,685,787


			United Kingdom: 1.9%
	101,355		Antofagasta PLC				1,277,012
	40,704		Vedanta Resources PLC				1,392,744

							2,669,756

			Total Common Stock (Cost $96,150,339)				126,259,759


EXCHANGE-TRADED FUNDS: 3.1%

			Hong Kong: 1.0%
	790,400		iShares FTSE/Xinhua A50 CHINA Index ETF				1,456,338

							1,456,338


			South Korea: 2.1%
	66,789		iShares MSCI South Korea Index Fund				2,863,912

							2,863,912

			Total Exchange-Traded Funds (Cost $3,366,212)				4,320,250


PREFERRED STOCK: 1.2%

			Brazil: 1.2%
	107,000		Gerdau SA				1,612,653

			Total Preferred Stock (Cost $1,355,512)				1,612,653

			Total Long-Term Investments (Cost $100,872,063)				132,192,662

Principal
Amount						Value



SHORT-TERM INVESTMENTS: 0.5%

			Securities Lending Collateral^cc:0.5%
$	629,000		Bank of New York Mellon Corp. Institutional Cash Reserves, Series A⁽¹⁾			$	629,000
	161,615		Bank of New York Mellon Corp. Institutional Cash Reserves, Series B⁽¹⁾⁽²⁾				129,292

			Total Short-Term Investments (Cost $790,615)				758,292

		Total Investments in Securities
		(Cost $101,662,678)*		96.3	%	$	132,950,954
		Other Assets and Liabilities - Net		3.7			5,047,535

		Net Assets		100.0	%	$	137,998,489


@		Non-income producing security
ADR		American Depositary Receipt
GDR		Global Depositary Receipt
cc		Securities purchased with cash collateral for securities loaned.
(1)		Collateral received from brokers for securities lending was invested in these short-term investments.
(2)		On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being marked to market daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.
L		Loaned security, a portion or all of the security is on loan at October 31, 2009.

*		Cost for federal income tax purposes is $110,390,884.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	32,991,823
Gross Unrealized Depreciation		(10,431,753	)

Net Unrealized Appreciation	$	22,560,070

See Accompanying Notes to Financial Statements

124

PORTFOLIO OF INVESTMENTS

ING Emerging Countries Fund

as of October 31, 2009 (continued)


	Percentage of
Industry	Net Assets


Agriculture		0.9	%
Airlines		0.5
Apparel		0.8
Auto Manufacturers		1.0
Banks		16.0
Beverages		1.2
Chemicals		0.6
Coal		2.1
Computers		0.8
Diversified Financial Services		2.9
Electrical Components & Equipment		0.9
Electronics		2.3
Engineering & Construction		2.7
Food		1.9
Gas		1.0
Holding Companies — Diversified		2.6
Home Builders		1.2
Insurance		2.5
Internet		1.1
Iron/Steel		5.3
Machinery — Diversified		0.6
Media		1.2
Mining		8.2
Oil & Gas		14.2
Oil & Gas Services		0.9
Pharmaceuticals		1.1
Real Estate		2.2
Retail		2.4
Semiconductors		7.9
Telecommunications		5.7
Other Long-Term Investments		3.1
Short-Term Investments		0.5
Other Assets and Liabilities — Net		3.7

Net Assets		100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2009 in valuing the Fund’s assets and liabilities:


	Quoted Prices		Significant
	in Active Markets		Other		Significant
	for Identical		Observable		Unobservable		Fair Value
	Investments		Inputs		Inputs		at
	(Level 1)		(Level 2)^#		(Level 3)		10/31/2009

Asset Table
Investments, at value
Common Stock
Bermuda	$	865,774	$	—	$	—	$	865,774
Brazil		21,165,247		2,438,780		—		23,604,027
Canada		1,294,860		—		—		1,294,860
China		1,570,147		14,272,262		—		15,842,409
Egypt		—		1,598,885		—		1,598,885
Hong Kong		—		9,229,969		—		9,229,969
Hungary		—		1,704,941		—		1,704,941
India		—		5,706,826		—		5,706,826
Indonesia		—		3,767,160		—		3,767,160
Israel		1,446,353		—		—		1,446,353
Kazakhstan		—		969,933		—		969,933
Luxembourg		665,945		—		—		665,945
Mauritius		—		569,884		—		569,884
Mexico		4,689,426		—		—		4,689,426
Poland		—		2,409,972		—		2,409,972
Russia		2,116,684		8,632,387		—		10,749,071
South Africa		—		7,002,878		—		7,002,878
South Korea		—		13,136,840		—		13,136,840
Taiwan		—		13,764,271		—		13,764,271
Thailand		—		884,792		—		884,792
Turkey		—		3,685,787		—		3,685,787
United Kingdom		—		2,669,756		—		2,669,756

Total Common Stock		33,814,436		92,445,323		—		126,259,759

Exchange-Traded Funds		4,320,250		—		—		4,320,250
Preferred Stock		—		1,612,653		—		1,612,653
Short-Term Investments		629,000		129,292		—		758,292

Total Investments, at value	$	38,763,686	$	94,187,268	$	—	$	132,950,954


ˆ	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

125

PORTFOLIO OF INVESTMENTS

ING European Real Estate Fund

as of October 31, 2009


Shares						Value



COMMON STOCK: 23.6%

			Austria: 3.0%
	36,943	@	Immoeast Immobilien Anlagen AG			$	195,012

							195,012


			British Virgin Islands: 0.5%
	1,110	@	Eastern Property Holdings, Ltd.				35,409

							35,409


			Germany: 1.4%
	2,579		Deutsche Euroshop AG				88,026

							88,026


			Greece: 0.2%
	2,030	@	Babis Vovos International Technical Co.				15,085

							15,085


			Norway: 2.7%
	92,500	@	Norwegian Property ASA				175,437

							175,437


			Sweden: 3.5%
	21,507		Castellum AB				200,186
	1,455		Wihlborgs Fastigheter AB				27,299

							227,485


			Switzerland: 3.6%
	4,207	@	Swiss Prime Site AG				231,578

							231,578


			United Kingdom: 8.7%
	23,425	@	Atrium European Real Estate, Ltd.				153,098
	20,900		Grainger PLC				98,215
	23,435		Helical Bar PLC				127,090
	19,550	@	LXB Retail Properties PLC				32,808
	52,067		Safestore Holdings, Ltd.				120,957
	7,460	@	Unite Group PLC				32,471

							564,639

			Total Common Stock (Cost $1,428,613)				1,532,671


REAL ESTATE INVESTMENT TRUSTS: 72.3%

			Belgium:2.1%
	290		Cofinimmo				41,791
	1,831		Warehouses De Pauw SCA				92,453

							134,244


			France: 31.1%
	314		Fonciere Des Regions				34,610
	1,738		Gecina SA				184,891
	1,073		ICADE				112,965
	1,839		Klepierre				76,227
	4,542		Mercialys				183,051
	1,450	@	Societe de la Tour Eiffel				108,622
	1,590		Societe Fonciere Lyonnaise SA				74,746
	5,630	S	Unibail				1,246,738

							2,021,850


			Germany: 2.1%
	12,537		Alstria Office AG				137,689

							137,689


			Netherlands: 9.8%
	5,277		Corio NV				357,825
	3,500	@,S	Eurocommercial Properties NV				151,628
	1,577		Vastned Retail NV				105,166
	252		Wereldhave NV				24,602

							639,221


			United Kingdom: 27.2%
	37,875		British Land Co. PLC				292,532
	5,290		Derwent Valley Holdings PLC				107,754
	23,753		Great Portland Estates PLC				96,002
	43,075		Hammerson PLC				285,716
	40,462	@	Hansteen Holdings PLC				58,585
	55,479		Land Securities Group PLC				600,289
	19,411		Liberty International PLC				143,286
	18,296		Segro PLC				105,433
	2,216		Shaftesbury PLC				13,651
	22,006		Town Centre Securities PLC				63,386

							1,766,634

			Total Real Estate Investment Trusts (Cost $4,275,289)				4,699,638


MUTUAL FUNDS: 1.5%

			Luxembourg: 1.5%
	15,575		Protogis European Properties				100,475

			Total Mutual Funds (Cost $75,570)				100,475

			Total Long-Term Investments (Cost $5,779,472)				6,332,784


SHORT-TERM INVESTMENTS: 0.6%

			Affiliated Mutual Fund: 0.6%
	36,147		ING Institutional Prime Money Market Fund — Class I				36,147

			Total Short-Term Investments (Cost $36,147)				36,147

		Total Investments in Securities
		(Cost $5,815,619)*		98.0	%	$	6,368,931
		Other Assets and Liabilities - Net		2.0			127,833

		Net Assets		100.0	%	$	6,496,764


@		Non-income producing 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.

*		Cost for federal income tax purposes is $6,857,359.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	332,495
Gross Unrealized Depreciation		(820,923	)

Net Unrealized Depreciation	$	(488,428	)


	Percentage of
Industry	Net Assets


Closed-End Funds		1.5	%
Diversified		60.7
Engineering & Construction		0.2
Office Property		7.7
Operations/Development		0.9
Real Estate		21.5
Shopping Centers		1.6
Storage/Warehousing		1.9
Warehouse/Industrial		1.4
Short-Term Investments		0.6
Other Assets and Liabilities — Net		2.0

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

126

PORTFOLIO OF INVESTMENTS

ING European Real Estate Fund

as of October 31, 2009 (continued)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2009 in valuing the Fund’s assets and liabilities:


	Quoted Prices		Significant
	in Active Markets		Other		Significant
	for Identical		Observable		Unobservable		Fair Value
	Investments		Inputs		Inputs		at
	(Level 1)		(Level 2)^#		(Level 3)		10/31/2009

Asset Table
Investments, at value
Common Stock
Austria	$	—	$	195,012	$	—	$	195,012
British Virgin Islands		35,409		—		—		35,409
Germany		—		88,026		—		88,026
Greece		—		15,085		—		15,085
Norway		—		175,437		—		175,437
Sweden		—		227,485		—		227,485
Switzerland		—		231,578		—		231,578
United Kingdom		32,808		531,831		—		564,639

Total Common Stock		68,217		1,464,454		—		1,532,671

Real Estate Investment Trusts		63,386		4,636,252		—		4,699,638
Mutual Funds		—		100,475		—		100,475
Short-Term Investments		36,147		—		—		36,147

Total Investments, at value	$	167,750	$	6,201,181	$	—	$	6,368,931


ˆ	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

127

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of October 31, 2009


Shares				Value



COMMON STOCK: 96.8%
			Australia: 6.5%
	163,017	@	Alumina, Ltd.	$	239,225
	45,129		AMP, Ltd.		237,789
	72,537	@	Asciano Group		97,127
	49,253		Australia & New Zealand Banking Group, Ltd.		1,004,570
	70,343		BHP Billiton, Ltd.		2,307,014
	90,923		BlueScope Steel, Ltd.		240,960
	11,026		Boral, Ltd.		56,240
	19,474		Brambles, Ltd.		122,771
	28,405		Commonwealth Bank of Australia		1,312,636
	11,965		CSL, Ltd.		335,949
	22,885	@	Fortescue Metals Group, Ltd.		76,625
	43,523		Foster’s Group, Ltd.		213,449
	44,401		Insurance Australia Group		149,360
	5,106		Leighton Holdings, Ltd.		162,145
	189,354		Macquarie Airports Management, Ltd.		481,654
	17,214	@	Macquarie Airports Management, Ltd.		44,471
	5,949	@	Macquarie Group, Ltd.		260,541
	60,029		Macquarie Infrastructure Group		76,818
	47,508		National Australia Bank, Ltd.		1,255,239
	14,080		QBE Insurance Group, Ltd.		283,554
	73,000	@	Rio Tinto, Ltd.		4,046,444
	22,263		Suncorp-Metway, Ltd.		174,138
	46,297		Telstra Corp., Ltd.		137,577
	17,850		Toll Holdings, Ltd.		135,305
	20,442		Wesfarmers, Ltd.		510,095
	53,624		Westpac Banking Corp.		1,253,331
	14,767		Woodside Petroleum, Ltd.		619,409
	15,668		Woolworths, Ltd.		401,036

					16,235,472


			Austria: 0.8%
	281		Andritz AG		15,475
	6,372		Erste Bank der Oesterreichischen Sparkassen AG		256,173
	31,122		OMV AG		1,282,502
	1,801		Raiffeisen International Bank Holding AG		105,613
	10,285		Telekom Austria AG		168,479
	6,173		Voestalpine AG		211,079

					2,039,321


			Belgium: 0.9%
	5,480		Anheuser-Busch InBev NV		257,287
	1,648		Belgacom SA		61,724
	17,077	@	Dexia		141,943
	288,444		Fortis		1,247,095
	13,310	@	KBC Groep NV		569,759

					2,277,808


			Bermuda: 0.0%
	6,029	@	SeaDrill, Ltd. ADR		125,202

					125,202


			Brazil: 0.9%
	3,356		Banco do Brasil SA		53,742
	10,534		Cia Siderurgica Nacional SA		347,964
	5,887	@	Perdigao SA		141,928
	64,220		Vale SA ADR		1,636,968

					2,180,602


			Canada: 4.3%
	7,922		Agrium, Inc.		368,554
	15,057	@	Bank of Montreal		696,598
	19,579	@	Bank of Nova Scotia		818,770
	69,869	@	Bombardier, Inc. — Class B		283,466
	8,961		Canadian Imperial Bank of Commerce		513,453
	4,366	@	Canadian Oil Sands Trust		117,739
	7,703	@	Canadian Pacific Railway, Ltd.		333,876
	16,550		EnCana Corp.		917,703
	3,392		Finning International, Inc.		50,031
	2,075	@	IGM Financial, Inc.		73,926
	11,507	@	Ivanhoe Mines, Ltd.		123,998
	19,175	@	Manulife Financial Corp.		359,736
	2,667		National Bank of Canada		138,988
	8,696	@	Nexen, Inc.		187,092
	7,735		Potash Corp. of Saskatchewan		721,352
	6,312	@	Research In Motion, Ltd.		370,704
	21,440	@	Royal Bank of Canada		1,085,820
	3,224		Shoppers Drug Mart Corp.		128,090
	4,493	@	Sun Life Financial, Inc.		124,278
	38,873	@	Suncor Energy, Inc.		1,290,438
	52,447	@	Talisman Energy, Inc.		894,757
	17,678	@	Teck Cominco, Ltd. — Class B		513,161
	11,736	@	Toronto Dominion Bank		668,986

					10,781,516


			China: 4.7%
	70,000	@	Aluminum Corp. of China, Ltd.		76,256
	70,000		Angang New Steel Co., Ltd.		129,033
	2,869,315		Bank of China, Ltd.		1,664,464
	581,000		Bank of Communications Co., Ltd.		694,693
	185,156	@	Beijing Capital International Airport Co., Ltd.		124,515
	116,000		China Citic Bank		86,831
	179,000		China Coal Energy Co. — Class H		249,027
	114,000		China Communications Construction Co., Ltd.		122,560
	3,359,860		China Construction Bank		2,896,642
	103,500		China COSCO Holdings Co., Ltd.		127,564
	27,000		China Dongxiang Group Co.		16,757
	179,551		China Life Insurance Co., Ltd.		825,546
	112,500		China Merchants Bank Co., Ltd.		287,813
	1,117,198		China Petroleum & Chemical Corp.		947,464
	26,000		China Railway Construction Corp., Ltd.		35,024
	44,500		China Shenhua Energy Co., Ltd.		199,632
	24,000		China Shipping Development Co., Ltd.		33,687
	282,792		China Telecom Corp., Ltd.		124,988
	105,000	@	Foxconn International Holdings, Ltd.		92,219
	18,000		Huaneng Power International, Inc.		11,490
	1,885,543		Industrial and Commercial Bank of China, Ltd.		1,500,166
	808,812		PetroChina Co., Ltd.		973,228

See Accompanying Notes to Financial Statements

128

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of October 31, 2009 (continued)


Shares				Value


			China (continued)
	59,195		Ping An Insurance Group Co. of China, Ltd.	$	518,778
	4,000		Shandong Weigao Group Medical Polymer Co., Ltd.		14,219

					11,752,596


			Czech Republic: 1.2%
	15,910	S	Komercni Banka A/S		3,119,964

					3,119,964


			Denmark: 0.7%
	54		AP Moller — Maersk A/S — Class B		368,714
	12,377	@	Danske Bank A/S		284,258
	1,458	@	Flsmidth & Co. A/S		77,132
	12,298		Novo-Nordisk A/S		764,028
	1,931	@	Vestas Wind Systems A/S		135,434

					1,629,566


			Finland: 0.4%
	2,194		Fortum OYJ		51,929
	4,367		Kesko OYJ		145,330
	5,312		Metso OYJ		148,336
	13,340		Neste Oil OYJ		235,944
	15,743		Nokia OYJ		198,853
	2,247		Nokian Renkaat OYJ		47,947
	4,145		Outokumpu OYJ		68,540
	27,590	@	Stora Enso OYJ (Euro Denominated Security)		208,828

					1,105,707


			France: 8.9%
	3,191		Accor SA		152,817
	9,902		ADP		751,607
	64,014	@	Alcatel SA		239,729
	4,154		Alstom		287,823
	46,490		AXA SA		1,156,214
	26,695		BNP Paribas		2,011,045
	5,241		Bouygues SA		246,810
	14,901		Carrefour SA		639,591
	676		Casino Guichard Perrachon SA		53,716
	12,245		Cie de Saint-Gobain		596,695
	2,327	@	Compagnie Generale de Geophysique SA		46,087
	2,974		Compagnie Generale des Etablissements Michelin		220,305
	61,876		Credit Agricole SA		1,185,244
	6,486		Electricite de France		361,501
	97		Eramet SLN		30,206	��
	45,219		France Telecom SA		1,120,470
	18,612	@	Gaz de France		778,120
	18,259		Groupe Danone		1,096,896
	7,537		Lafarge SA		611,777
	3,784		L’Oreal SA		386,901
	3,553	@	LVMH Moet Hennessy Louis Vuitton SA		367,917
	33,042	@	Natixis		185,615
	1,704		Pernod-Ricard SA		141,955
	8,817	@	Peugeot SA		287,206
	1,643		PPR		179,060
	9,191		Publicis Groupe		349,235
	13,218	@	Renault SA		591,515
	18,649		Sanofi-Aventis		1,367,011
	4,154		Schneider Electric SA		431,969
	23,140		Societe Generale		1,536,954
	44,946	@,S	Total SA		2,689,581
	1,739		Vallourec		273,803
	9,392		Veolia Environnement		306,831
	23,790	@	Vinci SA		1,241,553
	11,927		Vivendi		330,883

					22,254,642


			Germany: 7.6%
	8,108		Adidas AG		375,405
	11,015		Allianz AG		1,262,581
	9,329		BASF AG		499,381
	15,162		Bayer AG		1,051,945
	7,085		Bayerische Motoren Werke AG		346,586
	1,036		Beiersdorf AG		63,816
	2,948		Celesio AG		73,131
	15,885	@	Commerzbank AG		165,446
	30,520		DaimlerChrysler AG		1,482,447
	16,439		Deutsche Bank AG		1,194,316
	4,670		Deutsche Boerse AG		378,236
	29,751		Deutsche Post AG		503,309
	55,117		Deutsche Telekom AG		753,195
	32,300		E.ON AG		1,237,894
	60,088		Fraport AG Frankfurt Airport Services Worldwide		2,829,034
	3,802		Fresenius AG		189,405
	621		Hamburger Hafen und Logistik AG		24,195
	12,551		HeidelbergCement AG		750,736
	3,213		Henkel KGaA		124,156
	6,018		K+S AG		328,502
	6,956		MAN AG		572,803
	7,708		Metro AG		427,824
	4,315		Muenchener Rueckversicherungs AG		682,688
	6,418		RWE AG		562,941
	2,983		Salzgitter AG		268,172
	13,472		SAP AG		610,216
	22,035		Siemens AG		1,991,234
	3,806		ThyssenKrupp AG		122,598
	12,776	@	UkrTelecom GDR		35,159
	560		Wacker Chemie AG		80,457

					18,987,808


			Greece: 0.5%
	27,270	@	Alpha Bank AE		525,766
	3,166		Coca-Cola Hellenic Bottling Co. SA		82,515
	16,084		Hellenic Telecommunications Organization SA		270,546
	10,185	@	National Bank of Greece SA		372,367

					1,251,194


			Hong Kong: 2.6%
	2,000		Beijing Enterprises Holdings, Ltd.		11,972
	21,000		Cheung Kong Holdings, Ltd.		266,517
	103,000	@	China Mengniu Dairy Co., Ltd.		288,595
	79,461		China Merchants Holdings International Co., Ltd.		253,428
	126,866		China Mobile, Ltd.		1,189,296
	54,000		China Overseas Land & Investment, Ltd.		116,419
	10,000		China Resources Enterprise		33,498
	97,000		China Resources Land, Ltd.		234,154
	156,000		China Unicom, Ltd.		198,353
	321,000		CNOOC, Ltd.		480,741
	90,000		Cnpc Hong Kong, Ltd.		95,012
	92,000		Cosco Pacific, Ltd.		127,085
	510,000		Denway Motors, Ltd.		244,121
	39,400		Esprit Holdings, Ltd.		262,284

See Accompanying Notes to Financial Statements

129

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of October 31, 2009 (continued)


Shares				Value


			Hong Kong (continued)
	480,717	@	GOME Electrical Appliances Holdings, Ltd.	$	140,816
	38,000		Hang Lung Properties, Ltd.		143,609
	36,000		Henderson Land Development Co., Ltd.		254,509
	20,400		Hong Kong Exchanges and Clearing, Ltd.		359,093
	103,823		Hutchison Whampoa, Ltd.		728,722
	486,000	@	Lenovo Group, Ltd.		270,602
	32,000		Li & Fung, Ltd.		133,087
	39,000		MTR Corp.		138,130
	59,000		New World Development, Ltd.		126,994
	19,000		Sun Hung Kai Properties, Ltd.		287,860
	11,500		Swire Pacific, Ltd.		140,144
	16,500		Yue Yuen Industrial Holdings		45,978

					6,571,019


			Hungary: 0.7%
	59,802	@,S	OTP Bank Nyrt		1,681,602

					1,681,602


			India: 1.6%
	2,749		Bharat Heavy Electricals		128,565
	32,188		Bharti Airtel, Ltd.		198,968
	1,239		HDFC Bank, Ltd. ADR		137,046
	4,573		Housing Development Finance Corp.		255,889
	30,592		ICICI Bank, Ltd.		505,197
	7,611		ICICI Bank, Ltd. ADR		239,366
	5,186		Infosys Technologies, Ltd. ADR		238,556
	29,831		ITC, Ltd.		160,624
	15,156		Larsen & Toubro, Ltd.		500,283
	37,971		Reliance Communication		139,958
	11,727		Reliance Industries, Ltd.		474,448
	16,907		State Bank of India, Ltd.		780,100
	10,574		Sterlite Industries India, Ltd. ADR		166,752

					3,925,752


			Indonesia: 0.1%
	220,116		Telekomunikasi Indonesia Tbk PT		189,545

					189,545


			Ireland: 0.5%
	23,672	@	Allied Irish Banks PLC		65,521
	121,912	@	Bank of Ireland — Dublin Exchange		305,798
	32,879		CRH PLC		804,186

					1,175,505


			Italy: 3.3%
	24,392		Assicurazioni Generali S.p.A.		614,172
	9,641	@	Autostrade S.p.A.		227,976
	127,505		Banca Monte dei Paschi di Siena S.p.A.		242,272
	32,219		Banca Popolare di Milano Scrl		239,721
	14,795	@	Banco Popolare Scarl		128,526
	8,962		Buzzi Unicem S.p.A.		150,356
	63,487	@	Enel S.p.A.		377,767
	63,902		ENI S.p.A.		1,582,646
	19,130	@	Fiat S.p.A		284,802
	4,814		Fondiaria-Sai S.p.A.		87,739
	216,389	@	Intesa Sanpaolo S.p.A.		910,669
	12,230		Italcementi S.p.A.		176,041
	13,583		Mediaset S.p.A.		88,203
	29,509		Mediobanca S.p.A.		376,404
	40,662		Parmalat S.p.A		112,695
	208,393		Telecom Italia S.p.A.		331,060
	683,566		UniCredito Italiano S.p.A.		2,290,086

					8,221,135


			Japan: 11.0%
	3,800		Aeon Mall Co., Ltd.		79,626
	10,601		Aisin Seiki Co., Ltd.		269,537
	13,700		Asahi Breweries, Ltd.		242,198
	16,000		Asahi Glass Co., Ltd.		134,797
	39,500		Bank of Yokohama, Ltd.		193,962
	2,700		Benesse Corp.		119,051
	23,200		Bridgestone Corp.		382,585
	30,105	S	Canon, Inc.		1,135,044
	29		Central Japan Railway Co.		193,206
	24,800		Chiba Bank, Ltd.		152,939
	3,100		Daikin Industries, Ltd.		105,077
	46,200		Daiwa Securities Group, Inc.		243,166
	18,188		Denso Corp.		496,955
	1,650		Diamond Lease Co., Ltd.		49,147
	6,000		East Japan Railway Co.		384,233
	4,600		Eisai Co., Ltd.		163,347
	1,600		FamilyMart Co., Ltd.		47,658
	9,400		Fanuc, Ltd.		780,775
	43,000		Fujitsu, Ltd.		253,218
	26,000		Fukuoka Financial Group, Inc.		95,066
	2,874		Hitachi Construction Machinery Co., Ltd.		66,982
	46,228	S	Honda Motor Co., Ltd.		1,427,830
	9,600		Hoya Corp.		211,270
	97,000		Itochu Corp.		613,116
	3,886		Japan Steel Works, Ltd.		42,856
	11,800	@	JFE Holdings, Inc.		384,383
	30,000	@	Kawasaki Heavy Industries, Ltd.		74,964
	38		KDDI Corp.		201,684
	26,800		Kirin Brewery Co., Ltd.		437,459
	26,405		Komatsu, Ltd.		514,764
	7,000		Konica Minolta Holdings, Inc.		65,756
	24,319		Kubota Corp.		188,978
	1,569		Kurita Water Industries, Ltd.		47,986
	1,700		Kyocera Corp.		142,603
	1,200		Lawson, Inc.		53,649
	2,900		Makita Corp.		96,106
	63,384		Matsushita Electric Industrial Co., Ltd.		894,667
	60,000		Mitsubishi Corp.		1,272,021
	26,000	@	Mitsubishi Electric Corp.		197,779
	22,000		Mitsubishi Estate Co., Ltd.		332,308
	29,000		Mitsubishi Heavy Industries, Ltd.		102,546
	180,100		Mitsubishi UFJ Financial Group, Inc.		959,285
	97,100		Mitsui & Co., Ltd.		1,275,209
	20,500		Mitsui Fudosan Co., Ltd.		331,690
	14,000		NGK Insulators, Ltd.		314,020
	8,200		Nidec Corp.		692,348
	16,000		Nikon Corp.		298,202
	901		Nintendo Co., Ltd.		225,993
	73,000	@	Nippon Steel Corp.		278,497
	5,100		Nippon Telegraph & Telephone Corp.		210,438
	50,000	@	Nissan Motor Co., Ltd.		361,807
	93,300		Nomura Holdings, Inc.		657,599
	223		NTT DoCoMo, Inc.		323,409
	4,900		Olympus Corp.		152,945
	2,170		ORIX Corp.		140,171
	9,000	@	Resona Holdings, Inc.		107,160

See Accompanying Notes to Financial Statements

130

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of October 31, 2009 (continued)


Shares					Value


				Japan (continued)
	15,000			Ricoh Co., Ltd.	$	203,854
	3,100			Seven & I Holdings Co., Ltd.		67,866
	2,600			Shin-Etsu Chemical Co., Ltd.		137,881
	7,000			Shiseido Co., Ltd.		127,800
	27,000			Shizuoka Bank, Ltd.		268,271
	700			SMC Corp.		79,943
	10,033			Sony Corp.		296,263
	2,600			Stanley Electric Co., Ltd.		50,909
	44,000			Sumitomo Metal Industries, Ltd.		112,411
	38,700			Sumitomo Mitsui Financial Group, Inc.		1,315,418
	16,000			Sumitomo Realty & Development Co., Ltd.		303,382
	75,900			Sumitomo Trust & Banking Co., Ltd.		395,439
	5,000			Suruga Bank, Ltd.		45,174
	26,200			Suzuki Motor Corp.		633,939
	4,500			Takeda Pharmaceutical Co., Ltd.		179,971
	6,300			Tokio Marine Holdings, Inc.		161,093
	4,900			Tokyo Electric Power Co., Inc.		120,447
	96,000		@	Toshiba Corp.		548,673
	69,800		S	Toyota Motor Corp.		2,755,491
	3,520			Uni-Charm Corp.		337,337
	388		@	Yahoo! Japan Corp.		118,926

						27,480,555

		��
				Luxembourg: 0.6%
	36,343			ArcelorMittal		1,229,940
	11,499		@	Evraz Group SA GDR — Reg S		278,611

						1,508,551


				Mexico: 1.2%
	26,764			America Movil SA de CV — Series L ADR		1,181,095
	44,323		@	Cemex SA de CV ADR		460,073
	260,013		@	Cemex SAB de C.V.		269,982
	6,384			Fomento Economico Mexicano SA de CV ADR		276,491
	57,628		@	Grupo Modelo SA		261,566
	37,123			Grupo Televisa SA		143,670
	21,859			Grupo Televisa SA ADR		423,190

						3,016,067


				Netherlands: 3.9%
	58,664		@	Aegon NV		416,951
	1,558			Boskalis Westminster		54,683
	9,242			European Aeronautic Defence and Space Co. NV		173,061
	21,904			Heineken NV		968,254
	30,310			Koninklijke Philips Electronics NV		761,412
	3,155		@	Randstad Holdings NV		119,708
	35,546			Reed Elsevier NV		414,233
	89,784		@	Royal Dutch Shell PLC		2,661,975
	38,427		@	Royal Dutch Shell PLC — Class A		1,134,505
	83,546			Royal KPN NV		1,515,418
	6,410			SBM Offshore NV		122,755
	6,463			TNT NV		171,397
	37,763			Unilever NV		1,163,592
	5,700		@	X5 Retail Group N.V. GDR		136,800

						9,814,744


				Norway: 1.4%
	22,912		@	DnB NOR ASA		262,469
	108,486		@	Norsk Hydro ASA		711,014
	50,106			Orkla ASA		463,217
	56,831			Statoil ASA		1,339,177
	21,721		@	Storebrand ASA		147,604
	20,945		@	Telenor ASA		270,064
	7,821			Yara International ASA		258,539

						3,452,084


				Poland: 0.6%
	17,139		@	Bank Pekao SA		919,922
	38,894			Powszechna Kasa Oszczednosci Bank Polski SA		460,855

						1,380,777


				Portugal: 0.1%
	37,885			Banco Comercial Portugues SA		54,008
	37,399			Energias de Portugal SA		165,399
	8,008			Galp Energia SGPS SA		134,879

						354,286


				Russia: 4.3%
	34,450		@	Lukoil-Spon ADR		1,998,502
	14,742			Mechel OAO ADR		252,973
	72,241		@	MMC Norilsk Nickel ADR		948,995
	4,176			Mobile Telesystems Finance SA ADR		189,173
	5,300			Novatek OAO GDR		266,067
	87,050			OAO Gazprom ADR		2,087,638
	232,150		@	OAO Rosneft Oil Co. GDR		1,765,228
	1,129,138			Sberbank RF		2,502,005
	5,507		@	Severstal GDR		39,724
	24,745		@,#	Sistema-Hals GDR		40,829
	3,598		@	Uralkali GDR		80,986
	7,333		@	Vimpel-Communications OAO ADR		131,481
	100,959			VTB Bank OJSC GDR		401,846

						10,705,447


				Singapore: 0.3%
	20,000			Keppel Corp., Ltd.		114,942
	12,000			Oversea-Chinese Banking Corp.		64,667
	191,000			Singapore Telecommunications, Ltd.		396,083
	11,000			United Overseas Bank, Ltd.		131,855
	32,000			Wilmar International, Ltd.		141,087

						848,634


				South Africa: 0.3%
	10,349			Impala Platinum Holdings, Ltd.		227,714
	15,855			MTN Group, Ltd.		236,069
	10,772			Sasol, Ltd.		403,576

						867,359


				South Korea: 2.7%
	1,377			Doosan Heavy Industries and Construction Co., Ltd.		73,897
	4,710			Hana Financial Group, Inc.		139,687
	4,820		@	Hynix Semiconductor, Inc.		71,560
	3,305			Hyundai Heavy Industries		452,696
	9,796			Hyundai Motor Co.		888,541
	18,393		@	KB Financial Group, Inc.		884,701
	9,240			LG Display Co., Ltd.		221,108
	2,357			LG Electronics, Inc.		219,108
	1,343		@	NHN Corp.		198,079
	3,313			Posco		1,372,999

See Accompanying Notes to Financial Statements

131

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of October 31, 2009 (continued)


Shares				Value


			South Korea (continued)
	1,725		Samsung Electronics Co., Ltd.	$	1,037,990
	17,070	@	Shinhan Financial Group, Ltd.		647,652
	3,225		SK Telecom Co., Ltd.		491,163
	3,890	@	Woori Finance Holdings Co., Ltd.		52,360

					6,751,541


			Spain: 3.2%
	72,362		Banco Bilbao Vizcaya Argentaria SA		1,293,471
	17,364		Banco Popular Espanol SA		154,672
	157,150		Banco Santander SA		2,528,898
	191,696	@,S	Banco Santander SA		33,853
	4,671		Cintra Concesiones DE Infrae		48,057
	1,179		Fomento de Construcciones y Contratas SA		47,960
	3,626		Gamesa Corp. Tecnologica SA		66,258
	5,191		Grupo Ferrovial		215,043
	20,291		Iberdrola SA		183,808
	4,676		Inditex SA		274,477
	9,857		Repsol YPF SA		262,406
	99,646		Telefonica SA		2,782,763

					7,891,666


			Sweden: 1.1%
	19,073		Atlas Copco AB — Class A		255,751
	1,542		Autoliv, Inc.		52,341
	4,710		Hennes & Mauritz AB		267,536
	49,872		Sandvik AB		550,904
	7,609	@	Skandinaviska Enskilda Banken AB		46,089
	25,970		SKF AB — B Shares		411,235
	31,585		Svenska Cellulosa AB — B Shares		434,011
	21,030	@	Swedbank AB		181,164
	5,714		Swedish Match AB		117,272
	21,076		TeliaSonera AB		139,690
	42,422		Volvo AB		401,750

					2,857,743


			Switzerland: 6.7%
	53,753	@	ABB, Ltd.		999,879
	25,163		Credit Suisse Group		1,345,143
	1,530		Flughafen Zuerich AG		445,399
	6,110	@	Holcim, Ltd.		388,870
	2,888	@	Logitech International SA		49,298
	69,360		Nestle SA		3,225,349
	4,267		Nobel Biocare Holding AG		121,058
	41,763		Novartis AG		2,174,773
	15,175		Roche Holding AG — Genusschein		2,430,473
	872		Swatch Group AG — BR		203,609
	10,355		Swiss Reinsurance		421,662
	810		Swisscom AG		292,344
	1,802		Syngenta AG		426,680
	91,562	@	UBS AG — Reg		1,526,773
	154,366	@	Xstrata PLC		2,223,420
	2,401		Zurich Financial Services AG		549,811

					16,824,541


			Taiwan: 0.5%
	11,325	L	AU Optronics Corp. ADR		100,000
	8,715		Chunghwa Telecom Co., Ltd. ADR		151,467
	99,370		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		947,990
	39,971	@,L	United Microelectron ADR		131,505

					1,330,962


			Ukraine: 0.5%
	5,090,724	@	JSCB Ukrsotsbank		224,047
	3,938,839	@	Raiffeisen Bank Aval		133,102
	11,482	@	Ukrnafta Oil Co. ADR		242,413
	10,545,713	@	UkrTelecom		626,271

					1,225,833


			United Kingdom: 12.2%
	55,617	@	Anglo American PLC		2,012,395
	14,237		AstraZeneca PLC		639,122
	52,095		Aviva PLC		325,759
	268,826	@	Barclays PLC		1,408,939
	20,059		BG Group PLC		345,282
	63,651		BHP Billiton PLC		1,715,074
	278,053		BP PLC		2,605,433
	13,040		British American Tobacco PLC		415,533
	91,534		BT Group PLC		196,153
	48,870		Cadbury PLC		617,845
	3,131	@	Carnival PLC		97,065
	78,879	S	Diageo PLC		1,284,786
	117,494		Friends Provident Group PLC		156,649
	44,214	@	GKN PLC		77,451
	105,932		GlaxoSmithKline PLC		2,172,954
	287,593		HSBC Holdings PLC		3,177,942
	72,000		HSBC Holdings PLC — Hong Kong		795,079
	13,691		Imperial Tobacco Group PLC		403,466
	33,767		Kingfisher PLC		123,422
	146,043		Legal & General Group PLC		187,394
	549,512	@	Lloyds TSB Group PLC		774,796
	6,454	@	Lonmin PLC		154,395
	45,395		Marks & Spencer Group PLC		254,251
	170,878	@	Old Mutual PLC		296,579
	46,940		Prudential PLC		426,375
	67,129		Rio Tinto PLC		2,967,767
	21,784	@	Rolls-Royce Group PLC		160,653
	1,307,040	@,I	Rolls-Royce Group PLC — C Shares		2,145
	533,264	@	Royal Bank of Scotland Group PLC		363,782
	42,022		Standard Chartered PLC		1,030,886
	231,892		Tesco PLC		1,546,188
	860		Vedanta Resources PLC		29,426
	1,183,064	S	Vodafone Group PLC		2,607,277
	748		Whitbread PLC		15,561
	7,832	@	Wolseley PLC		158,426
	103,413		WPP PLC		926,778

					30,473,028

			Total Common Stock (Cost $200,283,205)		242,289,774


REAL ESTATE INVESTMENT TRUSTS: 0.2%


			Australia:0.2%
	49,603		Westfield Group		537,401

					537,401

See Accompanying Notes to Financial Statements

132

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of October 31, 2009 (continued)


Shares						Value



			Japan: 0.0%
	9	@	Nippon Building Fund, Inc.			$	73,773

							73,773

			Total Real Estate Investment Trusts (Cost $538,293)				611,174


EXCHANGE-TRADED FUNDS: 2.2%

			Taiwan: 2.2%
	465,468		iShares MSCI Taiwan Index Fund				5,404,083

			Total Exchange-Traded Funds (Cost $4,641,104)				5,404,083


PREFERRED STOCK: 1.4%


			Brazil: 1.3%
	17,206		Banco Bradesco S.A.				336,580
	23,347	@	Banco Itau Holding Financeira SA				444,118
	1,039	@	Centrais Eletricas Brasileiras SA				13,212
	724		Cia Brasileira de Distribuicao Grupo Pao de Acucar				21,852
	34,690		Gerdau SA				522,831
	66,339		Petroleo Brasileiro SA				1,315,031
	18,601		Usinas Siderurgicas de Minas Gerais SA				485,721
	6,040		Vivo Participacoes SA				147,023

							3,286,368


			Germany: 0.1%
	1,949		Porsche AG				146,620
	1,671		Volkswagen AG				165,076

							311,696

			Total Preferred Stock (Cost $2,939,332)				3,598,064


RIGHTS: 0.0%


			Poland: 0.0%
	9,723	S	Powszechna Kasa Oszczednosci Bank Polski SA				116,622

			Total Rights (Cost $71,820)				116,622


WARRANTS: 0.0%


			Italy: 0.0%
	11,204	I	Mediobanca S.p.A.				2,432

			Total Warrants (Cost $381)				2,432

			Total Long-Term Investments (Cost $208,474,135)				252,022,149


SHORT-TERM INVESTMENTS: 0.2%


			Affiliated Mutual Fund: 0.1%
	272,747		ING Institutional Prime Money Market Fund — Class I				272,747

			Total Mutual Fund (Cost $272,747)				272,747

Principal
Amount						Value



			Securities Lending Collateral^CC: 0.1%
$	79,000		Bank of New York Mellon Corp. Institutional Cash Reserves, Series A⁽¹⁾			$	79,000
	173,707		Bank of New York Mellon Corp. Institutional Cash Reserves, Series B⁽¹⁾⁽²⁾				138,966

			Total Securities Lending Collateral (Cost $252,707)				217,966

			Total Short-Term Investments (Cost $525,454)				490,713

		Total Investments in Securities
		(Cost $208,999,589)*		100.8	%	$	252,512,862
		Other Assets and Liabilities - Net		(0.8	)		(2,084,989	)

		Net Assets		100.0	%	$	250,427,873


@		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.
(1)		Collateral received from brokers for securities lending was invested in these short-term investments.
(2)		On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B) to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being marked to market daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.
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.
I		Illiquid security
L		Loaned security, a portion or all of the security is on loan at October 31, 2009.

*		Cost for federal income tax purposes is $216,558,271.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	51,670,329
Gross Unrealized Depreciation		(15,715,738	)

Net Unrealized Appreciation	$	35,954,591


	Percentage of
Industry	Net Assets


Advertising		0.1	%
Aerospace/Defense		0.1
Agriculture		0.5
Apparel		0.2
Auto Manufacturers		4.0
Auto Parts & Equipment		0.6
Banks		24.2
Beverages		1.7
Biotechnology		0.1
Building Materials		1.8
Chemicals		1.6
Coal		0.2
Commercial Services		0.4
Computers		0.5
Cosmetics/Personal Care		0.4
Distribution/Wholesale		1.4
Diversified Financial Services		1.8

See Accompanying Notes to Financial Statements

133

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of October 31, 2009 (continued)


	Percentage of
Industry	Net Assets


Electric		1.5
Electrical Components & Equipment		0.5
Electronics		1.2
Engineering & Construction		3.3
Environmental Control		0.0
Food		4.2
Forest Products & Paper		0.3
Gas		0.0
Hand/Machine Tools		0.3
Healthcare — Products		0.1
Holding Companies — Diversified		0.7
Home Furnishings		0.5
Household Products/Wares		0.1
Insurance		3.8
Internet		0.1
Iron/Steel		2.6
Leisure Time		0.0
Lodging		0.1
Machinery — Construction & Mining		0.3
Machinery — Diversified		0.9
Media		0.9
Metal Fabricate/Hardware		0.3
Mining		8.0
Miscellaneous Manufacturing		1.1
Office Property		0.0
Office/Business Equipment		0.5
Oil & Gas		11.1
Oil & Gas Services		0.7
Pharmaceuticals		4.0
Real Estate		1.0
Retail		1.0
Semiconductors		0.9
Shipbuilding		0.2
Shopping Centers		0.2
Software		0.2
Telecommunications		7.0
Toys/Games/Hobbies		0.1
Transportation		1.0
Water		0.1
Other Long-Term Investments		2.2
Short-Term Investments		0.2
Other Assets and Liabilities — Net		(0.8	)

Net Assets		100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2009 in valuing the Fund’s assets and liabilities:


	Quoted Prices		Significant
	in Active Markets		Other			Significant
	for Identical		Observable			Unobservable		Fair Value
	Investments		Inputs			Inputs		at
	(Level 1)		(Level 2)^#			(Level 3)		10/31/2009

Asset Table
Investments, at value
Common Stock
Australia	$	44,471	$	16,191,001		$	—	$	16,235,472
Austria		—		2,039,321			—		2,039,321
Belgium		—		2,277,808			—		2,277,808
Bermuda		—		125,202			—		125,202
Brazil		2,180,602		—			—		2,180,602
Canada		10,781,516		—			—		10,781,516
China		66,000		11,686,596			—		11,752,596
Czech Republic		—		3,119,964			—		3,119,964
Denmark		—		1,629,566			—		1,629,566
Finland		—		1,105,707			—		1,105,707
France		—		22,254,642			—		22,254,642
Germany		35,159		18,952,649			—		18,987,808
Greece		—		1,251,194			—		1,251,194
Hong Kong		—		6,571,019			—		6,571,019
Hungary		—		1,681,602			—		1,681,602
India		781,720		3,144,032			—		3,925,752
Indonesia		—		189,545			—		189,545
Ireland		—		1,175,505			—		1,175,505
Italy		—		8,221,135			—		8,221,135
Japan		—		27,480,555			—		27,480,555
Luxembourg		—		1,508,551			—		1,508,551
Mexico		3,016,067		—			—		3,016,067
Netherlands		136,800		9,677,944			—		9,814,744
Norway		—		3,452,084			—		3,452,084
Poland		—		1,380,777			—		1,380,777
Portugal		—		354,286			—		354,286
Russia		614,456		10,090,991			—		10,705,447
Singapore		—		848,634			—		848,634
South Africa		—		867,359			—		867,359
South Korea		—		6,751,541			—		6,751,541
Spain		33,853		7,857,813			—		7,891,666
Sweden		—		2,857,743			—		2,857,743
Switzerland		—		16,824,541			—		16,824,541
Taiwan		1,330,962		—			—		1,330,962
Ukraine		133,102		1,092,731			—		1,225,833
United Kingdom		—		30,473,028			—		30,473,028

Total Common Stock		19,154,708		223,135,066			—		242,289,774

Real Estate Investment Trusts		—		611,174			—		611,174
Exchange-Traded Funds		5,404,083		—			—		5,404,083
Preferred Stock		626,205		2,971,859			—		3,598,064
Rights		—		116,622			—		116,622
Warrants		—		2,432			—		2,432
Short-Term Investments		351,747		138,966			—		490,713

Total Investments, at value	$	25,536,743	$	226,976,119		$	—	$	252,512,862
		��
Other Financial Instruments⁺:
Forward foreign currency contracts		—		149,503			—		149,503

Total Assets	$	25,536,743	$	227,125,622		$	—	$	252,662,365

Liabilities Table
Other Financial Instruments⁺:
Forward foreign currency contracts	$	—	$	(680,938	)	$	—	$	(680,938	)

Total Liabilities	$	—	$	(680,938	)	$	—	$	(680,938	)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended October 31, 2009:


																	Change In
	Beginning											Accrued					Unrealized		Transfers		Transfers		Ending
	Balance											Discounts/		Total Realized			Appreciation/		Into		Out of		Balance
	at 10/31/2008		Purchases		Issuances		Settlements		Sales			(Premiums)		Gain/(Loss)			(Depreciation)		Level 3		Level 3		at 10/31/09

Asset Table
Investments, at value
Common Stock	$	58,849	$	—	$	—	$	—	$	(119,591	)	$	—	$	(268,980	)	$	329,722	$	—	$	—	$	—

Total Investments, at value	$	58,849	$	—	$	—	$	—	$	(119,591	)	$	—	$	(268,980	)	$	329,722	$	—	$	—	$	—

See Accompanying Notes to Financial Statements

134

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of October 31, 2009 (continued)


ˆ	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.


⁺	Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options.

Forward foreign currency contracts and futures are reported at their unrealized gain/loss at measurement date which represents the amount due to/from the Fund. Swaps and written options are reported at their market value at measurement date.

Transfers into Level 3 represents either the beginning balance (for transfer in), or the ending value (for transfers out) of any security or derivative instrument where a change in the pricing level occurred from the beginning to the end of the period.

At October 31, 2009 the following forward foreign currency contracts were outstanding for the ING Foreign Fund:


									Unrealized
			Settlement		In Exchange				Appreciation
Currency	Buy/Sell		Date		For		Value		(Depreciation)
					USD

Brazilian Real
BRL 1,178,426		BUY		11/4/09		674,929		668,401	$	(6,528	)
Canadian Dollar
CAD 3,946,921		BUY		12/16/09		3,667,239		3,647,736		(19,503	)
Japanese Yen
JPY 449,887,396		BUY		12/16/09		4,971,818		4,999,267		27,449
Polish Zloty
PLN 12,744,984		BUY		11/19/09		4,714,975		4,399,432		(315,543	)

									$	(314,125	)

Brazilian Real
BRL 1,178,426		SELL		11/4/09		681,340		668,401	$	12,939
Czech Koruna
CZK 46,318,818		SELL		12/16/09		2,675,455		2,566,340		109,115
Polish Zloty
PLN 3,070,417		SELL		11/19/09		973,885		1,059,875		(85,990	)
Polish Zloty
PLN 9,674,567		SELL		11/19/09		3,086,183		3,339,557		(253,374	)

									$	(217,310	)

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of October 31, 2009 was as follows:


Derivatives not accounted for
as hedging instruments	Location on Statement
under FASB ASC 815	of Assets and Liabilities	Fair Value

Asset Derivatives

Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	149,503

Total Asset Derivatives		$	149,503

Liability Derivatives

Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	680,938

Total Liability Derivatives		$	680,938

The effect of derivative instruments on the Fund’s Statement of Operations for the year ended October 31, 2009 was as follows:


	Amount of Realized Gain or (Loss)
	on Derivatives Recognized in Income
Derivatives not	Forward
accounted for as	Foreign
hedging instruments	Currency
under FASB ASC 815	Contracts

Foreign exchange contracts	$	8,830,331

Total	$	8,830,331


	Change in Unrealized
	Appreciation or (Depreciation)
	on Derivatives Recognized in Income
Derivatives not	Forward
accounted for as	Foreign
hedging instruments	Currency
under FASB ASC 815	Contracts

Foreign exchange contracts	$	(14,936,615	)

Total	$	(14,936,615	)

See Accompanying Notes to Financial Statements

135

PORTFOLIO OF INVESTMENTS

ING Greater China Fund

as of October 31, 2009


Shares						Value



COMMON STOCK: 100.0%

			China: 34.7%
	2,426,000		Bank of China, Ltd.			$	1,407,301
	210,000		China Coal Energy Co. — Class H				292,154
	2,819,000		China Construction Bank				2,430,349
	503,500		China COSCO Holdings Co., Ltd.				620,566
	263,000		China High Speed Transmission Equipment Group Co., Ltd.				527,444
	340,000		China Life Insurance Co., Ltd.				1,563,264
	1,582,000		China Petroleum & Chemical Corp.				1,341,650
	440,000	@	China Railway Group, Ltd.				346,393
	83,000		China Shenhua Energy Co., Ltd.				372,346
	36,000		Dongfang Electrical Machinery Co., Ltd.				178,834
	286,000		Fujian Zijin Mining Industry Co., Ltd.				276,830
	2,996,000		Industrial and Commercial Bank of China, Ltd.				2,383,665
	244,000		Jiangxi Copper Co., Ltd.				552,842
	7,800		Mindray Medical International, Ltd. ADR				239,694
	1,254,000		PetroChina Co., Ltd.				1,508,914
	602,500	@	Real Gold Mining, Ltd.				756,595
	630,000		Shanghai Forte Land Co.				191,141
	38,000		Tencent Holdings, Ltd.				661,678
	180,000		Yanzhou Coal Mining Co., Ltd.				278,273

							15,929,933


			Hong Kong: 38.3%
	164,500		BOC Hong Kong Holdings, Ltd.				378,660
	123,000		Cheung Kong Holdings, Ltd.				1,561,029
	341,500		China Mobile, Ltd.				3,201,367
	170,160		China Overseas Land & Investment, Ltd.				366,849
	84,000		China Resources Enterprise				281,332
	704,000		Chow Sang Sang Holdings International, Ltd.				697,536
	780,000		CNOOC, Ltd.				1,168,156
	46,000		Esprit Holdings, Ltd.				306,219
	1,456,000		Global Bio-Chem Technology Group Co., Ltd.				354,392
	45,100		Hang Seng Bank, Ltd.				637,133
	32,800		Hong Kong Exchanges and Clearing, Ltd.				577,365
	232,500		HongKong Electric Holdings				1,243,381
	84,000		Hutchison Whampoa, Ltd.				589,586
	250,000		Hysan Development Co., Ltd.				738,355
	134,500		Kerry Properties, Ltd.				749,938
	94,000		Li & Fung, Ltd.				390,942
	183,500		MTR Corp.				649,920
	333,000		New World Development, Ltd.				716,764
	306,000		Pacific Basin Shipping, Ltd.				224,877
	265,000		Ports Design, Ltd.				714,145
	31,000		Sun Hung Kai Properties, Ltd.				469,666
	294,000		Wharf Holdings, Ltd.				1,588,516

							17,606,128


			Taiwan: 27.0%
	502,637		AU Optronics Corp.				445,715
	27,436		AU Optronics Corp. ADR				242,260
	59,400		Catcher Technology Co., Ltd.				143,794
	640,000	@	Chi Mei Optoelectronics Corp.				319,286
	713,000	@	China Life Insurance Co., Ltd.				517,812
	757,117		China Steel Corp.				672,200
	113,341		Chunghwa Telecom Co., Ltd.				198,944
	38,060		Chunghwa Telecom Co., Ltd. ADR				661,483
	1,389,180		E.Sun Financial Holding Co., Ltd.				540,751
	153,000		Far Eastern Department Stores Co., Ltd.				157,177
	194,085		Far Eastern Textile Co., Ltd.				228,868
	896,975		First Financial Holding Co., Ltd.				518,174
	185,110		Formosa Plastics Corp.				355,057
	16,800		High Tech Computer Corp.				166,833
	138,830		Hon Hai Precision Industry Co., Ltd. — GDR				1,106,961
	147,000		Hung Poo Real Estate Development Corp.				212,111
	30,060		MediaTek, Inc.				420,719
	39,780		Nan Ya Printed Circuit Board Corp.				123,789
	1,050,000	@	Prince Housing & Development Corp.				455,486
	376,310		Quanta Computer, Inc.				711,853
	200,291	@	Radium Life Tech Co., Ltd.				147,999
	623,180		Taiwan Cement Corp.				639,349
	252,000		Taiwan Fertilizer Co., Ltd.				782,330
	586,000		Taiwan Semiconductor Manufacturing Co., Ltd.				1,063,003
	300,000		The Ambassador Hotel				304,152
	1,822,000	@	United Microelectronics Corp.				875,860
	340,000		Yulon Motor Co., Ltd.				380,296

							12,392,262

			Total Common Stock (Cost $38,697,311)				45,928,323


REAL ESTATE INVESTMENT TRUSTS: 1.0%

			Hong Kong: 1.0%
	213,000		Link Real Estate Investment Trust				479,675

			Total Real Estate Investment Trusts (Cost $443,801)				479,675

		Total Investments in Securities
		(Cost $39,141,112)*		101.0	%	$	46,407,998
		Other Assets and Liabilities - Net		(1.0	)		(464,863	)

		Net Assets		100.0	%	$	45,943,135


@		Non-income producing security
ADR		American Depositary Receipt
GDR		Global Depositary Receipt

*		Cost for federal income tax purposes is $41,118,265.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	7,771,573
Gross Unrealized Depreciation		(2,481,840	)

Net Unrealized Appreciation	$	5,289,733


	Percentage of
Industry	Net Assets


Apparel		0.5	%
Auto Manufacturers		0.8
Banks		15.8
Biotechnology		0.8
Building Materials		1.4
Chemicals		2.5
Coal		2.0
Computers		1.9
Distribution/Wholesale		0.8
Diversified Financial Services		3.6
Electric		2.7
Electrical Components & Equipment		1.5
Electronics		4.9
Engineering & Construction		0.8
Healthcare — Products		0.5
Holding Companies — Diversified		5.4
Insurance		4.5
Internet		1.4
Iron/Steel		1.5
Lodging		0.7
Metal Fabricate/Hardware		0.3
Mining		3.5
Oil & Gas		8.7
Real Estate		12.2
Retail		4.1

See Accompanying Notes to Financial Statements

136

PORTFOLIO OF INVESTMENTS

ING Greater China Fund

as of October 31, 2009 (continued)


	Percentage of
Industry	Net Assets


Semiconductors		5.1
Shopping Centers		1.0
Telecommunications		8.8
Transportation		3.3
Other Assets and Liabilities — Net		(1.0	)

Net Assets		100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2009 in valuing the Fund’s assets and liabilities:


	Quoted Prices		Significant
	in Active Markets		Other		Significant
	for Identical		Observable		Unobservable		Fair Value
	Investments		Inputs		Inputs		at
	(Level 1)		(Level 2)^#		(Level 3)		10/31/2009

Asset Table
Investments, at value
Common Stock
China	$	239,694	$	15,690,239	$	—	$	15,929,933
Hong Kong		—		17,606,128		—		17,606,128
Taiwan		903,743		11,488,519		—		12,392,262

Total Common Stock		1,143,437		44,784,886		—		45,928,323

Real Estate Investment Trusts		—		479,675		—		479,675

Total Investments, at value	$	1,143,437	$	45,264,561	$	—	$	46,407,998


ˆ	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

137

PORTFOLIO OF INVESTMENTS

ING Index Plus International Equity Fund

as of October 31, 2009


Shares				Value



COMMON STOCK: 99.1%
			Australia: 8.3%
	5,191		AGL Energy, Ltd.	$	64,343
	18,239		AMP, Ltd.		96,103
	31,461		Australia & New Zealand Banking Group, Ltd.		641,682
	45,346		BHP Billiton, Ltd.		1,487,196
	47,101		BlueScope Steel, Ltd.		124,825
	39,835		Brambles, Ltd.		251,135
	1,117		Cochlear, Ltd.		64,008
	17,980		Commonwealth Bank of Australia		830,882
	4,215		Computershare, Ltd.		40,921
	7,651		CSL, Ltd.		214,822
	9,660		Energy Resources of Australia, Ltd.		199,502
	4,882	@	Macquarie Group, Ltd.		213,811
	94,658		Metcash, Ltd.		397,978
	25,548		National Australia Bank, Ltd.		675,020
	2,892		Orica, Ltd.		61,348
	179,143		Qantas Airways, Ltd.		445,438
	16,568		QBE Insurance Group, Ltd.		333,659
	6,496	@	Rio Tinto, Ltd.		360,078
	12,813		Sims Group, Ltd.		225,896
	133,592		Tattersall’s, Ltd.		295,801
	119,290		Telstra Corp., Ltd.		354,485
	23,749		Wesfarmers, Ltd.		592,615
	28,507		Westpac Banking Corp.		666,282
	10,167		Woodside Petroleum, Ltd.		426,460
	4,321		Woolworths, Ltd.		110,600

					9,174,890


			Austria: 0.8%
	4,547		Erste Bank der Oesterreichischen Sparkassen AG		182,803
	12,001		OMV AG		494,547
	15,025		Telekom Austria AG		246,125

					923,475


			Belgium: 1.4%
	17,046		Anheuser-Busch InBev NV		800,313
	24,344	@	Anheuser-Busch InBev-ST		179
	7,510		Delhaize Group		510,168
	17,577		Fortis		75,995
	4,142	@	Fortis — STRIP VVPR		12
	2,088		Groupe Bruxelles Lambert SA		184,021

					1,570,688


			China: 0.1%
	62,000	@	Foxconn International Holdings, Ltd.		54,453

					54,453


			Denmark: 1.0%
	5,551		Carlsberg A/S		389,179
	9,558	@	Danske Bank A/S		219,515
	10,911		H Lundbeck A/S		211,323
	3,274		Novo-Nordisk A/S		203,401
	458	@	William Demant Holding		32,566

					1,055,984


			Finland: 1.0%
	12,743		Kone OYJ		475,772
	34,918		Nokia OYJ		441,057
	920		Sampo OYJ		22,020
	4,071		Wartsila OYJ		147,373

					1,086,222


			France: 8.3%
	40,544	@	Alcatel SA		151,835
	14,391		AXA SA		357,906
	10,122		BNP Paribas		762,532
	1,616		Capgemini SA		74,864
	621	@	Christian Dior SA		61,931
	2,017		Cie Generale D’Optique Essilor International SA		112,934
	6,865		Compagnie Generale des Etablissements Michelin		508,538
	14,711		Credit Agricole SA		281,791
	14,515		France Telecom SA		359,664
	3,601	@	Gaz de France		150,549
	1,938		Hermes International		269,510
	1,702		Lafarge SA		138,151
	229		L’Oreal SA		23,414
	3,481	@	LVMH Moet Hennessy Louis Vuitton SA		360,462
	4,099		Pernod-Ricard SA		341,476
	3,007		PPR		327,713
	11,917		Publicis Groupe		452,816
	15,006		Sanofi-Aventis		1,099,972
	6,870		Schneider Electric SA		714,403
	5,756		Scor SA		146,495
	850		Societe BIC SA		58,993
	6,480		Societe Generale		430,400
	31,310		Total SA		1,873,599
	2,680		Vivendi		74,349

					9,134,297


			Germany: 7.3%
	6,111		Allianz AG		700,466
	17,684		BASF AG		946,624
	5,528		Bayer AG		383,535
	12,239		Bayerische Motoren Werke AG		598,712
	1,313		DaimlerChrysler AG		63,776
	8,083		Deutsche Bank AG		587,241
	846		Deutsche Boerse AG		68,520
	48,608		Deutsche Telekom AG		664,247
	32,551		E.ON AG		1,247,513
	3,173	@	Hannover Rueckversicheru — Reg		143,045
	3,041		Muenchener Rueckversicherungs AG		481,125
	9,706		RWE AG		851,340
	1,406		Salzgitter AG		126,400
	14,391		SAP AG		651,842
	4,530		Siemens AG		409,362
	5,836	@	United Internet AG		75,987

					7,999,735


			Greece: 0.7%
	4,010	@	National Bank of Greece SA		146,607
	20,209		OPAP SA		514,415
	3,387	@	Public Power Corp.		69,085

					730,107


			Hong Kong: 2.4%
	25,000		Cheung Kong Holdings, Ltd.		317,282
	16,500		CLP Holdings, Ltd.		110,584
	28,000		Hang Lung Group, Ltd.		140,356
	53,000		Hang Lung Properties, Ltd.		200,296
	3,470		Hang Seng Bank, Ltd.		49,021
	39,000		Hong Kong & China Gas		93,829
	17,300		Hong Kong Exchanges and Clearing, Ltd.		304,525
	35,500		HongKong Electric Holdings		189,850
	37,500		Hopewell Holdings		117,975
	36,162		Hutchison Whampoa, Ltd.		253,817
	82,000		New World Development, Ltd.		176,500
	84,000		Sino Land Co.		159,765
	22,000		Sun Hung Kai Properties, Ltd.		333,311
	17,500		Swire Pacific, Ltd.		213,263
	4,000		Wharf Holdings, Ltd.		21,612

					2,681,986


			Italy: 3.0%
	8,406		Assicurazioni Generali S.p.A.		211,657
	12,625	@	Autostrade S.p.A.		298,537
	19,479		Banca Popolare di Milano Scrl		144,931
	13,940		Banche Popolari Unite Scpa		199,117

See Accompanying Notes to Financial Statements

138

PORTFOLIO OF INVESTMENTS

ING Index Plus International Equity Fund

as of October 31, 2009 (continued)


Shares					Value


				Italy (continued)
	5,861		@	Banco Popolare Scarl	$	50,915
	81,691		@	Enel S.p.A.		486,086
	11,675			ENI S.p.A.		289,152
	110,815		@	Intesa Sanpaolo S.p.A.		466,363
	38,739			Intesa Sanpaolo S.p.A. — RNC		126,317
	153,067			Parmalat S.p.A		424,227
	187,640			UniCredito Italiano S.p.A.		628,633

						3,325,935


				Japan: 21.2%
	1,500			Aeon Credit Service Co., Ltd.		14,442
	8,000			Aioi Insurance Co., Ltd.		35,219
	10,700			Aisin Seiki Co., Ltd.		272,054
	5,000			Bank of Kyoto, Ltd.		45,372
	2,885			Bridgestone Corp.		47,576
	30,900			Brother Industries, Ltd.		351,816
	3,800			Canon, Inc.		143,271
	80			Central Japan Railway Co.		532,982
	21,600			Chubu Electric Power Co., Inc.		482,244
	23,419			Daihatsu Motor Co., Ltd.		239,582
	23,800			Daiichi Sankyo Co., Ltd.		464,951
	3,422			Daito Trust Construction Co., Ltd.		142,240
	15,000		@	Daiwa House Industry Co., Ltd.		160,253
	3,000			Daiwa Securities Group, Inc.		15,790
	4,420			Diamond Lease Co., Ltd.		131,653
	6,700			East Japan Railway Co.		429,060
	3,500			Electric Power Development Co.		107,915
	600			Fast Retailing Co., Ltd.		98,756
	66,000		@	Fuji Heavy Industries, Ltd.		257,914
	17,000			Fuji Photo Film Co., Ltd.		483,298
	15			Fuji Television Network, Inc.		22,040
	21,000			Fujitsu, Ltd.		123,665
	20,000			Gunma Bank, Ltd.		104,196
	1,300			Hirose Electric Co., Ltd.		133,997
	12,500			Honda Motor Co., Ltd.		386,084
	85,660			Itochu Corp.		541,438
	184			Japan Tobacco, Inc.		516,213
	17,800		@	JFE Holdings, Inc.		579,831
	199			Jupiter Telecommunications Co.		181,893
	86,000			Kajima Corp.		201,350
	10,900			Kao Corp.		242,785
	74			KDDI Corp.		392,754
	37,000			Keisei Electric Railway Co., Ltd.		208,044
	700			Kyocera Corp.		58,719
	19,400			Kyushu Electric Power Co., Inc.		396,110
	1,400			Mabuchi Motor Co., Ltd.		66,994
	78,000			Marubeni Corp.		385,911
	112,000		@	Mazda Motor Corp.		252,769
	20,600			Mediceo Paltac Holdings Co., Ltd.		287,677
	7,000			Mitsubishi Corp.		148,402
	7,000			Mitsubishi Estate Co., Ltd.		105,734
	120,997			Mitsubishi UFJ Financial Group, Inc.		644,479
	37,392			Mitsui & Co., Ltd.		491,067
	88,000		@	Mitsui Engineering & Shipbuilding Co., Ltd.		227,862
	8,452			Mitsui Fudosan Co., Ltd.		136,753
	26,000		@	Mitsui OSK Lines, Ltd.		150,969
	2,400			Mitsui Sumitomo Insurance Group Holdings, Inc.		55,867
	16,700			Mitsumi Electric Co., Ltd.		336,877
	94,524		@	Mizuho Financial Group, Inc.		186,442
	2,500			Murata Manufacturing Co., Ltd.		121,979
	25,000			NHK Spring Co., Ltd.		195,200
	1,200			Nikon Corp.		22,365
	1,500			Nintendo Co., Ltd.		376,237
	41,000			Nippon Electric Glass Co., Ltd.		441,482
	52,500			Nippon Mining Holdings, Inc.		234,214
	4,000			Nippon Oil Corp.		19,711
	16,800	��		Nippon Paper Group, Inc.		445,832
	10,300			Nippon Telegraph & Telephone Corp.		425,002
	38,966		@	Nishi-Nippon City Bank, Ltd.		96,395
	7,500			Nisshin Seifun Group, Inc.		100,048
	900			Nissin Food Products Co., Ltd.		31,759
	3,800			NOK Corp.		50,419
	47,400			Nomura Holdings, Inc.		334,086
	37			NTT DoCoMo, Inc.		53,660
	16,000		@	Onward Kashiyama Co., Ltd.		99,324
	1,740			ORIX Corp.		112,395
	21,650		@	Promise Co., Ltd.		137,616
	4,000			Rohm Co., Ltd.		265,268
	5,400			Sankyo Co., Ltd.		308,447
	15,800			Sapporo Hokuyo Holdings, Inc.		53,334
	2,700			Seven & I Holdings Co., Ltd.		59,109
	19,900			Shinko Electric Industries		296,387
	73,000		@	Shinsei Bank, Ltd.		95,234
	25,000			Sompo Japan Insurance, Inc.		146,197
	26,900			Sony Corp.		794,325
	56,900			Sumitomo Corp.		552,369
	20,800			Sumitomo Electric Industries, Ltd.		252,403
	11,000		@	Sumitomo Heavy Industries		49,908
	7,200			Sumitomo Mitsui Financial Group, Inc.		244,729
	9,000			Sumitomo Realty & Development Co., Ltd.		170,653
	36,000			Sumitomo Trust & Banking Co., Ltd.		187,560
	10,802			Suruga Bank, Ltd.		97,593
	1,100			Suzuki Motor Corp.		26,616
	16,751			Takeda Pharmaceutical Co., Ltd.		669,932
	80,000			Toho Gas Co., Ltd.		414,857
	12,249			Tokio Marine Holdings, Inc.		313,212
	61,000			Tokuyama Corp.		383,300
	1,000			Tokyo Electric Power Co., Inc.		24,581
	16,000			Tokyu Land Corp.		64,515
	4,000			TonenGeneral Sekiyu KK		36,502
	10,000			Toyo Suisan Kaisha, Ltd.		261,669
	4,000			Toyoda Gosei Co., Ltd.		112,135
	25,990			Toyota Motor Corp.		1,026,006
	11,300			Toyota Tsusho Corp.		161,568
	5,880			USS Co., Ltd.		355,697
	9,000			Yamaguchi Financial Group, Inc.		85,987
	15,200			Yamato Kogyo Co., Ltd.		456,151

						23,287,278


				Kazakhstan: 0.1%
	10,136			Eurasian Natural Resources Corp.		137,932

						137,932


				Luxembourg: 0.7%
	431			ArcelorMittal		14,726
	21,342			ArcelorMittal		722,268

						736,994


				Netherlands: 4.3%
	6,131		@	Aegon NV		43,576
	2,640			European Aeronautic Defence and Space Co. NV		49,435
	27,854			Koninklijke Philips Electronics NV		699,715
	9,871		@	Randstad Holdings NV		374,529
	525		@	Royal Dutch Shell PLC		15,566
	40,746			Royal Dutch Shell PLC — Class A		1,202,971
	44,924			Royal Dutch Shell PLC — Class B		1,293,251
	33,162			Royal KPN NV		601,516
	13,512			Unilever NV		416,346

						4,696,905


				Norway: 0.7%
	8,000		@	DnB NOR ASA		91,644
	29,700			Statoil ASA		699,857

						791,501


				Portugal: 0.6%
	39,274			Jeronimo Martins		349,865
	26,399			Portugal Telecom SGPS SA		301,754

						651,619

See Accompanying Notes to Financial Statements

139

PORTFOLIO OF INVESTMENTS

ING Index Plus International Equity Fund

as of October 31, 2009 (continued)


Shares				Value



			Singapore: 0.9%
	27,000		ComfortDelgro Corp., Ltd.	$	29,339
	10,000		DBS Group Holdings, Ltd.		91,576
	15,000		Jardine Cycle & Carriage, Ltd.		246,333
	34,000		Oversea-Chinese Banking Corp.		183,222
	25,000	@	Singapore Exchange, Ltd.		141,670
	19,000		Singapore Press Holdings, Ltd.		52,031
	30,000		Singapore Telecommunications, Ltd.		62,212
	5,000		United Overseas Bank, Ltd.		59,934
	35,000		United Overseas Land, Ltd.		83,500

					949,817


			Spain: 5.6%
	14,198		Abertis Infraestructuras SA		301,892
	10,371		ACS Actividades de Construccion y Servicios SA		497,979
	46,586		Banco Bilbao Vizcaya Argentaria SA		832,725
	21,302		Banco Popular Espanol SA		189,750
	100,673		Banco Santander SA		1,620,055
	33,637		Corp. Mapfre SA		144,147
	27,874	@	Criteria Caixacorp SA		135,880
	23,167		Gas Natural SDG SA		465,443
	39,522		Iberdrola SA		358,013
	56,853		Telefonica SA		1,587,705

					6,133,589


			Sweden: 4.4%
	28,442		Assa Abloy AB		497,016
	16,559		Atlas Copco AB — Class A		222,040
	41,458		Atlas Copco AB — Class B		493,964
	5,202		Getinge AB		96,936
	4,066		Hennes & Mauritz AB		230,956
	11,412		Investor AB		201,912
	46,299		Nordea Bank AB		496,947
	33,515	@	Skandinaviska Enskilda Banken AB		203,008
	33,784		Skanska AB		495,778
	3,228		SKF AB — B Shares		51,115
	37,167		Svenska Cellulosa AB — B Shares		510,714
	9,197		Svenska Handelsbanken AB		237,668
	23,987		Swedish Match AB		492,300
	4,208		Tele2 AB — B Shares		61,335
	56,964		Telefonaktiebolaget LM Ericsson		595,151

					4,886,840


			Switzerland: 8.2%
	2,651	@	ABB, Ltd.		49,312
	14,852		Credit Suisse Group		793,946
	8,942	@	Holcim, Ltd.		569,112
	423		Julius Baer Group, Ltd.		15,924
	423		Julius Baer Holding AG — Reg		5,161
	31,081		Nestle SA		1,445,315
	28,315		Novartis AG		1,474,480
	9,411		Roche Holding AG — Genusschein		1,507,293
	1,639		Swatch Group AG — BR		382,701
	6,149		Swiss Reinsurance		250,391
	1,855		Syngenta AG		439,229
	2,570		Synthes, Inc.		304,882
	35,267	@	UBS AG — Reg		588,068
	49,707	@	Xstrata PLC		715,958
	2,106		Zurich Financial Services AG		482,258

					9,024,030


			United Kingdom: 18.1%
	5,625	@	Anglo American PLC		203,530
	21,452		AstraZeneca PLC		963,014
	4,755	@	Autonomy Corp. PLC		104,547
	46,057		Aviva PLC		288,002
	63,751		BAE Systems PLC		327,813
	143,599	@	Barclays PLC		752,614
	45,979		BG Group PLC		791,451
	17,811		BHP Billiton PLC		479,917
	176,390		BP PLC		1,652,823
	34,763		British American Tobacco PLC		1,107,759
	33,247		BT Group PLC		71,247
	107,912		Cable & Wireless PLC		256,042
	15,048		Compass Group PLC		95,435
	55,311		Diageo PLC		900,909
	10,240		Drax Group PLC		77,908
	18,834		Experian Group, Ltd.		172,112
	50,554		GlaxoSmithKline PLC		1,037,001
	6,012		Group 4 Securicor PLC		24,855
	200,075		HSBC Holdings PLC		2,210,851
	20,364		ICAP PLC		135,344
	3,683		Imperial Tobacco Group PLC		108,536
	115,862		International Power PLC		481,023
	11,849		Investec PLC		84,580
	85,011		J Sainsbury PLC		458,774
	23,415	@	Kazakhmys PLC		416,709
	83,944		Kingfisher PLC		306,825
	136,782	@	Lloyds TSB Group PLC		192,859
	8,639		London Stock Exchange Group PLC		120,172
	31,406		National Grid PLC		311,104
	129,474	@	Old Mutual PLC		224,718
	40,906		Pearson PLC		556,027
	4,006		Petrofac, Ltd.		61,656
	17,704		Prudential PLC		160,813
	15,670		Reckitt Benckiser PLC		778,406
	11,902	@	Rio Tinto PLC		526,186
	68,639	@	Rolls-Royce Group PLC		506,201
	4,118,340	@	Rolls-Royce Group PLC — C Shares		6,759
	90,510		Royal & Sun Alliance Insurance Group		179,357
	142,995	@	Royal Bank of Scotland Group PLC		97,548
	18,172		Smith & Nephew PLC		160,638
	27,392		Standard Chartered PLC		671,982
	51,579		Standard Life PLC		183,868
	19,936		Tesco PLC		132,927
	569,522		Vodafone Group PLC		1,255,132
	30,654		WPP PLC		274,718

					19,910,692

			Total Common Stock (Cost $100,517,610)		108,944,969


REAL ESTATE INVESTMENT TRUSTS: 0.8%

			Australia: 0.5%
	79,151		CFS Retail Property Trust		136,004
	32,609		Westfield Group		353,287

					489,291


			France: 0.3%
	303		Gecina SA		32,234
	1,475		Unibail		326,632

					358,866

			Total Real Estate Investment Trusts (Cost $642,235)		848,157


PREFERRED STOCK: 0.3%

			Germany: 0.3%
	3,324		Porsche AG		250,060
	1,829		RWE AG		143,388

			Total Preferred Stock (Cost $395,223)		393,448

See Accompanying Notes to Financial Statements

140

PORTFOLIO OF INVESTMENTS

ING Index Plus International Equity Fund

as of October 31, 2009 (continued)

Value

RIGHTS: 0.0%

Belgium: 0.0%

5,625

I,X

Fortis

—

Total Rights
(Cost $—)

—

Total Investments in Securities

(Cost $101,555,068)*

100.2

110,186,574

Other Assets and
Liabilities - Net

(0.2

)

(220,137

)

Net Assets

100.0

109,966,437


@		Non-income producing security
I		Illiquid security
X		Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees.

*		Cost for federal income tax purposes is $108,773,369.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	12,924,928
Gross Unrealized Depreciation		(11,511,723	)

Net Unrealized Appreciation	$	1,413,205


	Percentage of
Industry	Net Assets


Advertising		0.4	%
Aerospace/Defense		0.8
Agriculture		2.0
Airlines		0.4
Apparel		0.4
Auto Manufacturers		2.8
Auto Parts & Equipment		1.3
Banks		16.7
Beverages		2.2
Biotechnology		0.2
Building Materials		0.6
Chemicals		2.0
Commercial Services		1.3
Computers		0.2
Cosmetics/Personal Care		0.2
Distribution/Wholesale		2.3
Diversified		0.3
Diversified Financial Services		1.8
Electric		5.0
Electrical Components & Equipment		1.0
Electronics		1.7
Engineering & Construction		1.1
Entertainment		1.0
Food		4.2
Food Service		0.1
Forest Products & Paper		0.9
Gas		0.9
Healthcare — Products		0.7
Holding Companies — Diversified		1.0
Home Builders		0.1
Home Furnishings		0.7
Household Products/Wares		0.8
Insurance		4.5
Internet		0.1
Investment Companies		0.2
Iron/Steel		1.8
Machinery — Construction & Mining		0.7
Machinery — Diversified		0.5
Media		1.1
Metal Fabricate/Hardware		0.7
Mining		4.2
Miscellaneous Manufacturing		1.0
Office/Business Equipment		0.1
Oil & Gas		8.2
Oil & Gas Services		0.1
Pharmaceuticals		7.2
Real Estate		2.0
Retail		2.1
Semiconductors		0.5
Shipbuilding		0.2
Shopping Centers		0.5
Software		0.7
Telecommunications		7.2
Toys/Games/Hobbies		0.3
Transportation		1.2
Other Assets and Liabilities — Net		(0.2	)

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

141

PORTFOLIO OF INVESTMENTS

ING Index Plus International Equity Fund

as of October 31, 2009 (continued)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2009 in valuing the Fund’s assets and liabilities:


	Quoted Prices
	in Active Markets		Significant Other		Significant
	for Identical		Observable		Unobservable		Fair Value
	Investments		Inputs		Inputs		at
	(Level 1)		(Level 2)^#		(Level 3)		10/31/2009

Asset Table
Investments, at value
Common Stock
Australia	$	—	$	9,174,890	$	—	$	9,174,890
Austria		—		923,475		—		923,475
Belgium		—		1,570,688		—		1,570,688
China		—		54,453		—		54,453
Denmark		—		1,055,984		—		1,055,984
Finland		—		1,086,222		—		1,086,222
France		—		9,134,297		—		9,134,297
Germany		—		7,999,735		—		7,999,735
Greece		—		730,107		—		730,107
Hong Kong		—		2,681,986		—		2,681,986
Italy		—		3,325,935		—		3,325,935
Japan		—		23,287,278		—		23,287,278
Kazakhstan		—		137,932		—		137,932
Luxembourg		—		736,994		—		736,994
Netherlands		—		4,696,905		—		4,696,905
Norway		—		791,501		—		791,501
Portugal		—		651,619		—		651,619
Singapore		—		949,817		—		949,817
Spain		—		6,133,589		—		6,133,589
Sweden		—		4,886,840		—		4,886,840
Switzerland		15,924		9,008,106		—		9,024,030
United Kingdom		—		19,910,692		—		19,910,692

Total Common Stock		15,924		108,929,045		—		108,944,969

Real Estate Investment Trusts		—		848,157		—		848,157
Preferred Stock		—		393,448		—		393,448
Rights		—		—		—		—

Total Investments, at value	$	15,924	$	110,170,650	$	—	$	110,186,574

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended October 31, 2009:

Change In

Beginning

Accrued

Total

Unrealized

Transfers

Ending

Balance at

Discounts/

Realized

Appreciation/

Into

Out of

Balance

10/31/2008

Purchases

Issuances

Settlements

Sales

(Premiums)

Gain/(Loss)

(Depreciation)

Level 3’

Level 3

at 10/31/2009

Asset Table

Investments, at value

Rights

—

Total Investments, at value

—

As of October 31, 2009, total change in unrealized gain (loss) on Level 3 securities still held at year end and included in the change in net assets was $-.ˆˆ


ˆ	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.


ˆˆ	Amount is less than $1.

See Accompanying Notes to Financial Statements

142

PORTFOLIO OF INVESTMENTS

ING International Capital Appreciation Fund

as of October 31, 2009


Shares				Value



COMMON STOCK: 98.3%

			Australia: 5.1%
	56,914		BHP Billiton, Ltd.	$	1,866,588
	58,612		CSL, Ltd.		1,645,686
	36,418		Rio Tinto, Ltd.		2,018,677

					5,530,951


			Belgium: 1.1%
	25,571		Anheuser-Busch InBev NV		1,200,563

					1,200,563


			Brazil: 5.2%
	93,245		Banco Itau Holding Financeira SA ADR		1,784,709
	35,740		Petroleo Brasileiro SA ADR		1,651,903
	86,715		Vale SA ADR		2,210,365

					5,646,977


			Canada: 6.5%
	82,526		Cameco Corp.		2,245,532
	99,733		Manulife Financial Corp.		1,854,036
	30,774		Shoppers Drug Mart Corp.		1,222,655
	53,700		Suncor Energy, Inc.		1,773,174

					7,095,397


			China: 7.9%
	1,098,000	L	China Communications Construction Co., Ltd.		1,180,443
	540,500		China Merchants Bank Co., Ltd.		1,382,784
	1,663,000		Industrial and Commercial Bank of China, Ltd.		1,323,108
	16,428	@,L	New Oriental Education & Technology Group ADR		1,147,332
	990,000		PetroChina Co., Ltd.		1,191,248
	134,800		Tencent Holdings, Ltd.		2,347,215

					8,572,130


			Denmark: 2.9%
	19,625		Novo-Nordisk A/S		1,219,227
	27,604	@	Vestas Wind Systems A/S		1,936,048

					3,155,275


			France: 8.4%
	74,637		AXA SA		1,856,234
	25,268		BNP Paribas		1,903,543
	39,833		Electricite de France		2,220,115
	18,501		Iliad SA		2,003,268
	18,611		Total SA ADR		1,117,963

					9,101,123


			Germany: 5.5%
	32,836		Adidas AG		1,520,324
	19,619		Deutsche Boerse AG		1,588,995
	26,425		SAP AG ADR		1,196,260
	11,689		Wacker Chemie AG		1,679,393

					5,984,972


			Hong Kong: 5.9%
	1,194,000		Agile Property Holdings, Ltd.		1,528,213
	257,100		Esprit Holdings, Ltd.		1,711,500
	328,000		Hang Lung Properties, Ltd.		1,239,568
	456,000		Li & Fung, Ltd.		1,896,485

					6,375,766


			India: 2.8%
	15,661		HDFC Bank, Ltd. ADR		1,732,263
	27,280		Infosys Technologies, Ltd. ADR		1,254,880

					2,987,143


			Israel: 1.1%
	24,076		Teva Pharmaceutical Industries, Ltd. ADR		1,215,356

					1,215,356


			Italy: 1.0%
	38,482		Saipem S.p.A.		1,135,407

					1,135,407


			Japan: 10.0%
	18,000		Fanuc, Ltd.		1,495,101
	9,200		Fast Retailing Co., Ltd.		1,514,259
	1,600		Jupiter Telecommunications Co.		1,462,459
	74,000		NGK Insulators, Ltd.		1,659,818
	19,600		Shin-Etsu Chemical Co., Ltd.		1,039,413
	399		Sony Financial Holdings, Inc.		1,144,980
	32,800		Toyota Motor Corp.		1,294,844
	21,490		Yamada Denki Co., Ltd.		1,309,527

					10,920,401


			Luxembourg: 1.4%
	24,670	@	Millicom International Cellular SA		1,545,822

					1,545,822


			Mexico: 1.1%
	34,834	L	Wal-Mart de Mexico SA de CV ADR		1,212,572

					1,212,572


			Russia: 1.2%
	56,143		OAO Gazprom ADR		1,346,425

					1,346,425


			South Africa: 1.0%
	72,987		MTN Group, Ltd.		1,086,721

					1,086,721


			South Korea: 1.6%
	5,533		Samsung Electronics Co., Ltd. GDR		1,691,841

					1,691,841


			Spain: 4.2%
	94,854		Banco Santander SA		1,526,415
	96,733	@	Banco Santander SA		17,083
	52,960		Gamesa Corp. Tecnologica SA		967,738
	72,267		Telefonica SA		2,018,164

					4,529,400


			Sweden: 1.1%
	88,882		Atlas Copco AB — Class A		1,191,823

					1,191,823


			Switzerland: 7.8%
	63,156		ABB, Ltd.		1,174,788
	28,179		Credit Suisse Group		1,506,370
	73,266	@,L	Logitech International SA		1,245,522
	28,589		Nestle SA		1,329,433
	26,203		Novartis AG		1,364,499
	11,869		Roche Holding AG — Genusschein		1,900,974

					8,521,586


			United Kingdom: 15.5%
	684,425		ARM Holdings PLC		1,662,646
	109,657	@	Autonomy Corp. PLC		2,410,997
	75,696		BG Group PLC		1,302,980
	146,859		British Sky Broadcasting PLC		1,280,484
	170,860		ICAP PLC		1,135,579
	222,768		Prudential PLC		2,023,492
	133,723		Smith & Nephew PLC		1,182,093
	58,403		Standard Chartered PLC		1,432,746

See Accompanying Notes to Financial Statements

143

PORTFOLIO OF INVESTMENTS

ING International Capital Appreciation Fund

as of October 31, 2009 (continued)


Shares						Value


			United Kingdom (continued)
	251,988		Tesco PLC			$	1,680,182
	80,168		Vedanta Resources PLC				2,743,059

							16,854,258

			Total Common Stock (Cost $97,494,007)				106,901,909


EXCHANGE-TRADED FUNDS: 1.4%

			Developed Markets: 1.1%
	21,879		iShares MSCI EAFE Index Fund				1,166,151

							1,166,151


			Emerging Markets: 0.3%
	9,348	@	iShares MSCI Emerging Markets Index Fund				351,111

							351,111

			Total Exchange-Traded Funds (Cost $1,535,870)				1,517,262

			Total Long-Term Investments (Cost $99,029,877)				108,419,171

Principal
Amount						Value



SHORT-TERM INVESTMENTS: 3.4%

			Securities Lending Collateral^CC: 3.4%
$	3,653,000		Bank of New York Mellon Corp. Institutional Cash Reserves, Series A⁽¹⁾			$	3,653,000
	79,764		Bank of New York Mellon Corp. Institutional Cash Reserves, Series B ⁽¹⁾⁽²⁾				63,811

			Total Short-Term Investments (Cost $3,732,764)				3,716,811

		Total Investments in Securities
		(Cost $102,762,641)*		103.1	%	$	112,135,982
		Other Assets and Liabilities - Net		(3.1	)		(3,398,610	)

		Net Assets		100.0	%	$	108,737,372


@		Non-income producing security
ADR		American Depositary Receipt
GDR		Global Depositary Receipt
cc		Securities purchased with cash collateral for securities loaned.
(1)		Collateral received from brokers for securities lending was invested in these short-term investments.
(2)		On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B)
		to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being marked to market daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.
L		Loaned security, a portion or all of the security is on loan at October 31, 2009.

*		Cost for federal income tax purposes is $108,685,473.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	11,339,278
Gross Unrealized Depreciation		(7,888,769	)

Net Unrealized Appreciation	$	3,450,509


	Percentage of
Industry	Net Assets


Apparel		1.4	%
Auto Manufacturers		1.2
Banks		11.6
Beverages		1.1
Biotechnology		1.5
Chemicals		2.5
Commercial Services		1.1
Computers		2.3
Distribution/Wholesale		1.7
Diversified Financial Services		2.5
Electric		2.0
Electrical Components & Equipment		2.7
Electronics		1.5
Engineering & Construction		2.2
Food		2.8
Healthcare — Products		1.1
Insurance		6.3
Internet		4.0
Machinery — Construction & Mining		1.1
Machinery — Diversified		1.4
Media		2.5
Mining		10.2
Oil & Gas		7.7
Oil & Gas Services		1.0
Pharmaceuticals		5.2
Real Estate		2.6
Retail		6.4
Semiconductors		3.1
Software		3.3
Telecommunications		4.3
Other Long-Term Investments		1.4
Short-Term Investments		3.4
Other Assets and Liabilities — Net		(3.1	)

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

144

PORTFOLIO OF INVESTMENTS

ING International Capital Appreciation Fund

as of October 31, 2009 (continued)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2009 in valuing the Fund’s assets and liabilities:


	Quoted Prices
	in Active Markets		Significant Other		Significant
	for Identical		Observable		Unobservable		Fair Value
	Investments		Inputs		Inputs		at
	(Level 1)		(Level 2)^#		(Level 3)		10/31/2009


Asset Table
Investments, at value
Common Stock
Australia	$	—	$	5,530,951	$	—	$	5,530,951
Belgium		—		1,200,563		—		1,200,563
Brazil		3,862,268		1,784,709		—		5,646,977
Canada		7,095,397		—		—		7,095,397
China		1,147,332		7,424,798		—		8,572,130
Denmark		—		3,155,275		—		3,155,275
France		1,117,963		7,983,160		—		9,101,123
Germany		1,196,260		4,788,712		—		5,984,972
Hong Kong		—		6,375,766		—		6,375,766
India		2,987,143		—		—		2,987,143
Israel		1,215,356		—		—		1,215,356
Italy		—		1,135,407		—		1,135,407
Japan		—		10,920,401		—		10,920,401
Luxembourg		1,545,822		—		—		1,545,822
Mexico		1,212,572		—		—		1,212,572
Russia		—		1,346,425		—		1,346,425
South Africa		—		1,086,721		—		1,086,721
South Korea		1,691,841		—		—		1,691,841
Spain		17,083		4,512,317		—		4,529,400
Sweden		—		1,191,823		—		1,191,823
Switzerland		1,245,522		7,276,064		—		8,521,586
United Kingdom		—		16,854,258		—		16,854,258

Total Common Stock		24,334,559		82,567,350		—		106,901,909

Exchange-Traded Funds		1,517,262		—		—		1,517,262
Short-Term Investments		3,653,000		63,811		—		3,716,811

Total Investments, at value	$	29,504,821	$	82,631,161	$	—	$	112,135,982


ˆ	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

145

PORTFOLIO OF INVESTMENTS

ING International Real Estate Fund

as of October 31, 2009


Shares				Value



COMMON STOCK: 48.8%

			Australia: 0.9%
	618,000		Lend Lease Corp., Ltd.	$	5,122,673

					5,122,673


			Austria: 0.4%
	393,120	@	Immoeast Immobilien Anlagen AG		2,075,173

					2,075,173


			Brazil: 1.8%
	514,800	@	BR Malls Participacoes SA		5,520,307
	500,500		PDG Realty SA Empreendimentos e Participacoes		4,176,516

					9,696,823


			Canada: 0.2%
	99,250	@	Brookfield Properties Co.		1,008,380

					1,008,380


			China: 0.4%
	2,792,000		Kwg Property Holding, Ltd.		2,002,840

					2,002,840


			Finland: 0.0%
	81,160	@	Sponda OYJ		290,803

					290,803


			Hong Kong: 22.5%
	2,331,065		Cheung Kong Holdings, Ltd.		29,584,235
	1,221,700		Great Eagle Holding Co.		3,222,702
	930,700		Hang Lung Group, Ltd.		4,665,321
	2,113,900		Hang Lung Properties, Ltd.		7,988,790
	983,000		Henderson Land Development Co., Ltd.		6,949,505
	1,660,600		Hongkong Land Holdings, Ltd.		7,839,047
	1,338,000		Kerry Properties, Ltd.		7,460,350
	2,575,000	@	New World China Land, Ltd.		1,023,095
	3,401,500		Shui On Land, Ltd.		2,061,782
	1,097,700		Sino Land Co.		2,087,791
	2,485,500		Sun Hung Kai Properties, Ltd.		37,656,583
	1,199,350		Wharf Holdings, Ltd.		6,480,228
	1,192,000		Wheelock & Co., Ltd.		3,829,610

					120,849,039


			India: 0.1%
	382,800		Unitech, Ltd. (Global Instrument, Issuer: Macquarie Group, Ltd.)		670,399

					670,399


			Japan: 13.0%
	216,200		Aeon Mall Co., Ltd.		4,530,322
	65,300		Daito Trust Construction Co., Ltd.		2,714,286
	530,400	@	Daiwa House Industry Co., Ltd.		5,666,559
	1,269,700		Mitsubishi Estate Co., Ltd.		19,178,710
	1,412,077		Mitsui Fudosan Co., Ltd.		22,847,424
	770,900		Sumitomo Realty & Development Co., Ltd.		14,617,347

					69,554,648


			Luxembourg: 0.4%
	202,250		GAGFAH SA		1,923,633

					1,923,633


			Macau: 0.5%
	2,271,200	@	Wynn Macau, Ltd.		2,921,714

					2,921,714


			Norway: 0.9%
	2,422,700	@	Norwegian Property ASA		4,594,941

					4,594,941


			Philippines: 0.3%
	6,727,200		Ayala Land, Inc.		1,454,579

					1,454,579


			Singapore: 2.1%
	3,272,100		CapitaLand, Ltd.		9,488,712
	223,000		City Developments, Ltd.		1,562,394

					11,051,106


			Sweden: 0.7%
	285,047		Castellum AB		2,653,203
	128,293		Hufvudstaden AB		1,010,207

					3,663,410


			Switzerland: 1.1%
	18,380	@	PSP Swiss Property AG		1,031,402
	92,490	@	Swiss Prime Site AG		5,091,191

					6,122,593


			Thailand: 0.2%
	1,730,000	I	Central Pattana PCL		1,108,813

					1,108,813


			United Kingdom: 3.3%
	512,070	@,I	Atrium European Real Estate, Ltd.		3,346,716
	302,160	@	Grainger PLC		1,419,932
	242,000		Helical Bar PLC		1,312,388
	4,875,400	@,I	LXB Retail Properties PLC		8,181,812
	1,324,970	I	Safestore Holdings, Ltd.		3,078,047
	90,400	@,I	Yatra Capital, Ltd.		532,148

					17,871,043

			Total Common Stock (Cost $243,440,780)		261,982,610


REAL ESTATE INVESTMENT TRUSTS: 46.1%

			Australia: 15.4%
	2,400,400		CFS Retail Property Trust		4,124,575
	3,293,700		Challenger Diversified Property Group		1,394,601
	1,548,100		Charter Hall Group		746,815
	13,277,057		Dexus Property Group		9,380,455
	11,366,100		GPT Group		5,800,463
	14,814,522		Macquarie Goodman Group		7,943,671
	4,344,317		Mirvac Group		5,688,082
	4,020,100		Stockland		13,354,456
	3,124,639	S	Westfield Group		33,852,461

					82,285,579


			Canada: 1.7%
	99,700	@	Calloway Real Estate Investment Trust		1,629,034
	62,500		Canadian Real Estate Investment Trust		1,475,787
	193,700	@	Cominar Real Estate Investment Trust		3,227,587
	166,400		RioCan Real Estate Investment Trust		2,820,365

					9,152,773


			France: 10.3%
	9,738		Fonciere Des Regions		1,073,337
	27,130		Gecina SA		2,886,135
	20,290		ICADE		2,136,131
	252,883		Klepierre		10,482,084
	132,542		Mercialys		5,341,700
	150,952		Unibail		33,427,641

					55,347,028

See Accompanying Notes to Financial Statements

146

PORTFOLIO OF INVESTMENTS

ING International Real Estate Fund

as of October 31, 2009 (continued)


Shares						Value



			Hong Kong: 1.0%
	2,395,200		Link Real Estate Investment Trust			$	5,393,974

							5,393,974


			Japan: 4.7%
	460	@	Frontier Real Estate Investment Corp.				3,466,628
	70	@	Japan Excellent, Inc.				328,591
	318		Japan Logistics Fund, Inc.				2,416,239
	473		Japan Real Estate Investment Corp.				3,774,123
	169		Japan Retail Fund Investment Corp.				794,523
	924		Kenedix Realty Investment Corp.				2,649,943
	171		Nippon Accommodations Fund, Inc.				944,840
	307		Nomura Real Estate Office Fund, Inc.				1,896,871
	683		Orix JREIT, Inc.				3,128,326
	524		Tokyu Real Estate Investment Trust, Inc.				2,633,722
	66		Top REIT, Inc.				292,210
	484	@	United Urban Investment Corp.				2,823,292

							25,149,308


			Netherlands: 2.0%
	109,297		Corio NV				7,411,247
	50,513	@,S	Eurocommercial Properties NV				2,188,341
	15,980		Vastned Retail NV				1,065,659

							10,665,247


			Singapore: 1.5%
	4,735,453		Ascendas Real Estate Investment Trust				6,155,075
	1,786,483		CapitaMall Trust				2,006,715

							8,161,790


			United Kingdom: 9.5%
	1,401,247		British Land Co. PLC				10,822,701
	107,810		Derwent Valley Holdings PLC				2,196,028
	1,116,428		Hammerson PLC				7,405,255
	2,065,076		Hansteen Holdings PLC				2,990,047
	1,720,681		Land Securities Group PLC				18,617,924
	770,093		Liberty International PLC				5,684,587
	371,924		Segro PLC				2,143,259
	178,733		Shaftesbury PLC				1,101,029

							50,960,830

			Total Real Estate Investment Trusts (Cost $231,792,028)				247,116,529


MUTUAL FUNDS: 1.1%

			Australia: 0.7%
	7,021,900	**	ING Office Fund				3,704,870

							3,704,870


			Luxembourg: 0.4%
	336,414		Prologis European Properties				2,170,229

							2,170,229

			Total Mutual Funds (Cost $5,314,080)				5,875,099


RIGHTS: 0.0%

			Hong Kong: 0.0%
	1,287,500		New World China Land, Ltd.				88,046

			Total Rights (Cost $-)				88,046

			Total Long-Term Investments (Cost $480,546,888)				515,062,284


SHORT-TERM INVESTMENTS: 2.7%

			Affiliated Mutual Fund: 2.7%
	14,529,285		ING Institutional Prime Money Market Fund — Class I				14,529,285

			Total Short-Term Investments (Cost $14,529,285)				14,529,285

		Total Investments in Securities
		(Cost $495,076,173)*		98.7	%	$	529,591,569
		Other Assets and Liabilities - Net		1.3			7,137,202

		Net Assets		100.0	%	$	536,728,771


@		Non-income producing 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.
I		Illiquid security
**		Investment in affiliate

*		Cost for federal income tax purposes is $582,157,964.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	39,178,264
Gross Unrealized Depreciation		(91,744,659	)

Net Unrealized Depreciation	$	(52,566,395	)


	Percentage of
Industry	Net Assets

Apartments		0.2	%
Closed-End Funds		0.4
Diversified		32.0
Engineering & Construction		0.1
Holding Companies — Diversified		1.2
Home Builders		1.1
Lodging		0.8
Office Property		2.6
Open-End Funds		0.7
Operations/Development		0.6
Real Estate		45.0
Shopping Centers		10.3
Storage/Warehousing		0.6
Warehouse/Industrial		0.4
Short-Term Investments		2.7
Other Assets and Liabilities — Net		1.3

Net Assets		100.0	%

See Accompanying Notes to Financial Statements

147

PORTFOLIO OF INVESTMENTS

ING International Real Estate Fund

as of October 31, 2009 (continued)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2009 in valuing the Fund’s assets and liabilities:


	Quoted Prices
	in Active Markets		Significant Other		Significant
	for Identical		Observable		Unobservable		Fair Value
	Investments		Inputs		Inputs		at
	(Level 1)		(Level 2)^#		(Level 3)		10/31/2009


Asset Table
Investments, at value
Common Stock
Australia	$	—	$	5,122,673	$	—	$	5,122,673
Austria		—		2,075,173		—		2,075,173
Brazil		9,696,823		—		—		9,696,823
Canada		1,008,380		—		—		1,008,380
China		—		2,002,840		—		2,002,840
Finland		—		290,803		—		290,803
Hong Kong		—		120,849,039		—		120,849,039
India		—		670,399		—		670,399
Japan		—		69,554,648		—		69,554,648
Luxembourg		—		1,923,633		—		1,923,633
Macau		2,921,714		—		—		2,921,714
Norway		—		4,594,941		—		4,594,941
Philippines		—		1,454,579		—		1,454,579
Singapore		—		11,051,106		—		11,051,106
Sweden		—		3,663,410		—		3,663,410
Switzerland		—		6,122,593		—		6,122,593
Thailand		—		1,108,813		—		1,108,813
United Kingdom		8,713,960		9,157,083		—		17,871,043

Total Common Stock		22,340,877		239,641,733		—		261,982,610

Real Estate Investment Trusts		9,152,773		237,963,756		—		247,116,529
Mutual Funds		—		5,875,099		—		5,875,099
Rights		88,046		—		—		88,046
Short-Term Investments		14,529,285		—		—		14,529,285

Total Investments, at value	$	46,110,981	$	483,480,588	$	—	$	529,591,569


ˆ	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

148

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of October 31, 2009


Shares				Value



COMMON STOCK: 95.6%

			Argentina: 0.1%
	9,400	@,L	Grupo Financiero Galicia SA ADR	$	54,520
	16,886	@	Telecom Argentina SA ADR		285,373

					339,893


			Australia: 4.6%
	68,400	@	Aditya Birla Minerals, Ltd.		76,656
	24,253		AJ Lucas Group, Ltd.		93,515
	269,094		Amcor, Ltd.		1,385,703
	174,924		Ansell, Ltd.		1,616,255
	139,123	@	Aquarius Platinum, Ltd.		596,619
	980,702	@	Australian Worldwide Exploration, Ltd.		2,248,042
	229,000	@	AWB, Ltd.		250,051
	42,540		Bradken, Ltd.		233,957
	26,098	@	Caltex Australia, Ltd.		236,621
	119,510		Challenger Financial Services Group, Ltd.		393,001
	229,426		Computershare, Ltd.		2,227,366
	136,947		Crane Group, Ltd.		1,103,530
	5,104	@	Eircom Holdings, Ltd.		2,359
	3,031,116	@	Elders, Ltd.		497,123
	689,000		Emeco Holdings, Ltd.		532,773
	13,500		Energy Resources of Australia, Ltd.		278,807
	17,482	@	Felix Resources, Ltd.		1,533
	103,223		Goodman Fielder, Ltd.		148,069
	494,609	@	Iluka Resources, Ltd.		1,532,314
	457,316		John Fairfax Holdings, Ltd.		648,089
	164,900	@	Kagara Zinc, Ltd.		145,337
	49,400		Kingsgate Consolidated, Ltd.		333,216
	28,348		MacArthur Coal, Ltd.		212,343
	851,194		Macmahon Holdings, Ltd.		424,853
	391,938	@	MEO Australia, Ltd.		193,802
	24,800		New Hope Corp., Ltd.		92,492
	253,351		NRW Holdings, Ltd.		363,998
	111,936	@	Pan Pacific Petroleum NL		41,962
	10,164	I,X	Programmed Maintenance Services, Ltd.		37,054
	36,239		RCR Tomlinson, Ltd.		36,785
	745,209		Sigma Pharmaceuticals, Ltd.		623,799
	163,189		Sonic Healthcare, Ltd.		2,037,344
	574,854	@	Transpacific Industries Group, Ltd.		768,567
	65,405		UXC, Ltd.		50,043
	40,014		Watpac, Ltd.		52,540

					19,516,518


			Austria: 1.8%
	46,102		Andritz AG		2,538,823
	29,000		Kapsch TrafficCom AG		1,019,619
	624		Mayr Melnhof Karton AG		58,789
	39,585		Oesterreichische Post AG		1,155,313
	40,000	I	Rosenbauer International AG		1,546,697
	24,300		Schoeller-Bleckmann Oilfield Equipment AG		1,132,690
	7,444		Semperit AG Holding		262,323

					7,714,254


			Belgium: 1.8%
	134,000	@	AGFA-Gevaert NV		807,181
	11,000		Bekaert SA		1,414,689
	3,008		Compagnie d’Entreprises CFE		171,236
	73,066	@	Deceuninck Plastics		149,096
	1,768		D’ieteren SA		640,917
	19,000		EVS Broadcast Equipment SA		1,397,147
	3,954		Ion Beam Applications		54,005
	3,900		Mobistar SA		267,921
	65,529	@	Nyrstar		763,838
	53,500	@	Telenet Group Holding NV		1,425,950
	20,594		Tessenderlo Chemie NV		754,535

					7,846,515


			Bermuda: 0.3%
	435,982	@	Dockwise, Ltd.		641,344
	848,000		Regal Hotels International Holdings, Ltd.		317,007
	13,981	@	Signet Jewelers, Ltd.		353,015

					1,311,366


			Canada: 4.0%
	10,800		AGF Management, Ltd.		160,895
	107,972	@	Alamos Gold, Inc.		862,140
	187,000	@	Alimentation Couche-Tard, Inc.		3,281,854
	2,500	@	Bird Construction Income Fund		75,228
	112,500	@	Capstone Mining Corp.		303,590
	291,766	@	CGI Group, Inc. — Class A		3,564,648
	74,561	@	Chemtrade Logistics Income Fund		650,484
	150,400	@	Compton Petroleum Corp.		152,895
	42,800	@	Consolidated Thompson Iron Mines, Ltd.		197,773
	15,300	@	Corus Entertainment, Inc.		251,548
	16,200	@	Cott Corp.		128,157
	54,200		Dorel Industries, Inc.		1,454,116
	22,700	@	Enerflex Systems Income Fund		298,946
	28,300	@	Flint Energy Services, Ltd.		307,310
	9,800	@	Garda World Security Corp.		85,225
	8,900	@	Home Capital Group Inc.		300,217
	11,400	@	Iamgold Corp.		151,185
	15,400	@	Keyera Facilities Income Fund		282,368
	5,100		Linamar Corp.		71,170
	56,200	@	Mercator Minerals, Ltd.		126,730
	6,800		Methanex Corp.		117,266
	8,300		MI Developments, Inc.		127,820
	14,946	@	Niko Resources, Ltd.		1,209,990
	149,000	@	Northgate Minerals Corp.		381,433
	209,243	@	OceanaGold Corp.		210,676
	25,500	@	Pacific Rubiales Energy Corp.		310,369
	12,000		Quebecor, Inc.		245,201
	7,900		Russel Metals, Inc.		115,428
	106,200	@	SEMAFO, Inc.		321,922
	38,958	@	Sino-Forest Corp.		548,339
	110,000	@	Western Canadian Coal Co.		284,645
	20,600	@	Westjet Airlines, Ltd.		208,275
	17,500		Westshore Terminals Income Fund		206,044

					16,993,887


			China: 0.9%
	175,000		Beijing Jingkelong Co., Ltd.		129,695
	1,561,000	@	Centron Telecom International Holdings, Ltd.		443,379
	4,558,000	@	China Southern Airlines Co., Ltd.		1,325,795
	496,000		China Zaino International, Ltd.		87,261
	268,000		People’s Food Holdings, Ltd.		126,395
	250,000		Qingling Motors Co., Ltd.		52,579
	13,100	@	Shanda Games, Ltd. ADR		130,476
	1,776,000		SinoCom Software Group, Ltd.		197,605
	23,131	@	Sohucom, Inc.		1,286,084
	567,000		SunVic Chemical Holdings, Ltd.		63,778

					3,843,047


			Cyprus: 0.0%
	35,000		ProSafe SE		182,218

					182,218


			Denmark: 1.1%
	21,840		East Asiatic Co., Ltd. A/S		789,028
	16,500		H Lundbeck A/S		319,570
	7,262	@	Royal Unibrew A/S		211,264

See Accompanying Notes to Financial Statements

149

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of October 31, 2009 (continued)


Shares				Value


			Denmark (continued)
	9,335	@	Sydbank A/S	$	228,313
	17,801	@	TK Development		83,982
	10,000	@	Topdanmark A/S		1,441,886
	24,000		TrygVesta A/S		1,729,326

					4,803,369


			Finland: 0.5%
	47,000		Elisa OYJ		910,211
	4,266		HKScan Oyj		55,322
	20,975		Huhtamaki Oyj		283,513
	47,438	@	M-Real OYJ		68,911
	60,344		Oriola-KD OYJ		318,208
	13,945		Tietoenator OYJ		278,508

					1,914,673


			France: 6.4%
	70,000	@	Alten		1,756,104
	4,573		April Group		171,495
	6,299		Arkema		240,463
	3,302		Boiron SA		136,036
	8,814		Bonduelle S.C.A.		1,010,468
	1,105	@	Bongrain SA		83,348
	48,000		Bourbon SA		1,996,273
	44,928	@	Bull SA		187,797
	9,306	@	Club Mediterranee SA		188,780
	3,500		CNP Assurances		338,214
	2,661		Compagnie des Alpes		97,906
	4,700		Compagnie Generale des Etablissements Michelin		348,162
	51,824		Derichebourg		254,438
	111,255		Groupe Eurotunnel SA		1,099,810
	15,247		Groupe Steria SCA		455,500
	190,547		Havas SA		724,219
	34,000		Ipsen		1,732,355
	30,000		IPSOS		918,527
	11,200		Lagardere SCA		506,009
	4,023	@	Maximiles		41,393
	27,000	@	Meetic		790,494
	9,500		Neopost SA		831,382
	7,158		NetGem SA		32,999
	2,322		Nexans SA		163,966
	24,300		PagesJaunes Groupe SA		297,747
	5,700		Publicis Groupe		216,586
	96,978		Rallye SA		3,292,588
	6,507	@	Recylex SA		83,569
	13,380	@	Rhodia SA		197,155
	14,363		Rubis		1,318,636
	2,691		Sa des Ciments Vicat		223,265
	20,000		Saft Groupe SA		1,038,420
	7,808		Scor SA		198,720
	6,188		SEB SA		344,413
	24,300	@	SeLoger.com		851,029
	2,900		Societe BIC SA		201,271
	4,718		Sopra Group SA		337,953
	32,000	@	Store Electronic		557,797
	37,135		Sword Group		1,286,739
	3,200		Technip SA		200,762
	58,124	@	Valeo SA		1,577,825
	6,800		Virbac SA		639,866
	8,450		Zodiac SA		285,023

					27,255,502


			Germany: 6.7%
	6,300		Adidas AG		291,693
	85,000	@	Air Berlin PLC		429,555
	28,000		Bauer AG		1,109,839
	60,095		Bechtle AG		1,428,747
	40,750		Bilfinger Berger AG		2,624,031
	10,000	@	Centrotherm Photovoltaics AG		456,505
	59,400		Demag Cranes AG		2,058,652
	6,700	@	Dialog Semiconductor PLC		58,174
	6,996		Duerr AG		149,887
	6,253		Fresenius Medical Care AG & Co. KGaA		303,467
	6,681		Gesco AG		369,600
	35,000		GFK SE		1,107,283
	72,164		Gildemeister AG		1,014,213
	31,064		Grenkeleasing AG		1,202,979
	6,950	@	Hannover Rueckversicheru — Reg		313,320
	20,000	I	Hawesko Holding AG		559,003
	113,644	@	Infineon Technologies AG		511,733
	11,543	@	Kloeckner & Co. AG		253,086
	5,341	@	Koenig & Bauer AG		91,780
	6,700		Lanxess		210,034
	127,915		Medion AG		1,341,327
	28,300	@	Morphosys AG		741,534
	116,008		MTU Aero Engines Holding AG		5,271,545
	3,613		OHB Technology AG		46,340
	15,000	@	Open Business Club AG		775,927
	34,000		Rheinmetall AG		1,848,198
	55,007	@	SFC Smart Fuel Cell AG		594,666
	30,000		Symrise		543,923
	261		Takkt AG		2,876
	18,563		Tipp24 SE		756,134
	70,120		Tognum AG		1,071,651
	26,972	@	United Internet AG		351,187
	55,000		Wirecard AG		715,484
	1,364		Wuestenrot & Wuerttembergische		30,914

					28,635,287


			Greece: 0.3%
	97,186		Aegean Airlines SA		594,964
	60,000	@	Jumbo SA		750,191

					1,345,155


			Hong Kong: 5.0%
	11,242,000	@	Beijing Enterprises Water Group, Ltd.		2,741,527
	26,620	@	CDC Corp. — Class A		62,025
	5,848,000		Champion Technology Holdings, Ltd.		193,656
	128,000		China Everbright, Ltd.		301,746
	319,000	@	China Insurance International Holdings Co., Ltd.		1,124,302
	740,660	I,X	China Resources Gas Group, Ltd.		716,749
	856,000	@	China Sci-Tech Holdings, Ltd.		26,373
	4,687,000		Citic 1616 Holdings, Ltd.		1,548,530
	189,000		Citic Pacific, Ltd.		487,073
	46,000		Coslight Technology International Group, Ltd.		91,397
	604,800	@	Dah Sing Banking Group, Ltd.		838,523
	45,600	@	DAH Sing Financial		260,060
	492,000		Dickson Concepts International, Ltd.		227,720
	1,076,000	@	DMX Technologies Group, Ltd.		332,991
	324,000	@	Dynamic Energy Holdings, Ltd.		28,569
	316,000		First Pacific Co.		186,606
	3,395,000	@	Genesis Energy Holdings, Ltd.		96,722
	5,605,840	@	Global Green Tech Group, Ltd.		238,709
	603,000		Goldlion Holdings, Ltd.		153,369
	100,000	@	Hkr International, Ltd.		42,181
	176,000		Hung Hing Printing Group, Ltd.		53,433
	543,000		Hutchison Telecommunications Hong Kong Holdings Ltd		93,503
	4,520,000		Inspur International, Ltd.		646,923
	106,000	@	Jinhui Holdings, Ltd.		32,348
	366,000	@	Johnson Electric Holdings, Ltd.		160,750
	118,500		Kerry Properties, Ltd.		660,726
	3,680,000		Lai Fung Holdings, Ltd.		122,329
	654,000	@	Lee & Man Paper Manufacturing, Ltd.		1,289,768
	750,000		Luk Fook Holdings International, Ltd.		434,599

See Accompanying Notes to Financial Statements

150

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of October 31, 2009 (continued)


Shares				Value


			Hong Kong (continued)
	164,500		MTR Corp.	$	582,626
	12,300	@	Nam Tai Electronics, Inc.		68,265
	492,000	@	Next Media, Ltd.		62,592
	136,000		Noble Group, Ltd.		248,547
	38,282	@	OM Holdings, Ltd.		59,158
	2,855,000		Polytec Asset Holdings, Ltd.		483,748
	200,508	@	RCG Holdings, Ltd./Hong Kong		266,937
	2,806,000		SIM Technology Group, Ltd.		460,096
	9,858,000		Sinolink Worldwide Holdings		1,891,064
	4,010,000		Skyworth Digital Holdings, Ltd.		2,262,362
	316,000	@	Strong Petrochemical Holdings, Ltd.		74,207
	1,671,000		Techtronic Industries Co.		1,342,307
	300,000		Texwinca Holdings, Ltd.		254,538

					21,249,654


			Hungary: 0.1%
	3,775		EGIS PLC		397,965

					397,965


			India: 1.7%
	216,321		Allahabad Bank		544,924
	100,638		Apollo Tyres, Ltd.		101,620
	180,536		Bank of Baroda		1,936,223
	105,910		Bank of Maharashtra		95,961
	147,774		Canara Bank		1,061,702
	169,896		Central Bank Of India		475,580
	12,618	@	Chennai Petroleum Corp., Ltd.		56,349
	83,741		Dena Bank		104,679
	23,498		Indian Bank		77,191
	90,126		Oriental Bank of Commerce		456,079
	92,932		Punjab National Bank, Ltd.		1,669,397
	342,628		UCO Bank		362,794
	35,927		Union Bank of India		198,243
	326,715		Vijaya Bank		301,547

					7,442,289


			Indonesia: 0.0%
	81,500		Gudang Garam Tbk PT		119,889

					119,889


			Ireland: 0.6%
	83,400	@	DCC PLC		2,186,998
	37,233		Irish Life & Permanent PLC		269,535
	23,900		Smurfit Kappa Group PLC		186,186

					2,642,719


			Israel: 0.2%
	182,823	@	Bank Hapoalim BM		667,441
	54,000	@	Oridion Systems, Ltd.		354,108

					1,021,549


			Italy: 2.8%
	47,700		ACEA S.p.A.		558,002
	107,788	@	Amplifon S.p.A.		418,791
	172,254	@	AS Roma S.p.A.		197,094
	20,760		Autostrada Torino-Milano S.p.A.		261,899
	190,000		Azimut Holding S.p.A.		2,292,415
	27,100		Banca Popolare di Milano Scrl		201,634
	80,000		Buzzi Unicem S.p.A. RNC		788,658
	369,000	@	CIR-Compagnie Industriali Riunite S.p.A.		830,284
	19,635	@	Danieli & Co. S.p.A.		493,007
	2,179	@	Engineering Ingegneria Informatica S.p.A.		78,709
	39,115		Esprinet S.p.A.		391,931
	54,720		Impregilo S.p.A.		186,872
	103,889	@	Indesit Co. S.p.A.		1,177,521
	98,071		Maire Tecnimont S.p.A.		406,320
	208,450	@	Natuzzi S.p.A. ADR		662,871
	8,306	@	Permasteelisa S.p.A.		157,583
	152,452		Piaggio & C S.p.A.		387,454
	6,897	@	Prima Industrie S.p.A.		92,233
	29,300		Prysmian S.p.A.		515,181
	53,064		Recordati S.p.A.		411,681
	731,518	@	Seat Pagine Gialle S.p.A.		207,363
	12,999		Societa Iniziative Autostradali e Servizi S.p.A.		115,068
	31,880	@	Sorin S.p.A.		58,040
	150,000		Zignago Vetro S.p.A.		870,825

					11,761,436


			Japan: 20.7%
	58,000	@	Adores, Inc.		120,840
	5,900	@	Aeon Fantasy Co., Ltd.		77,989
	70,700		Aica Kogyo Co., Ltd.		676,372
	63,000	@	Aichi Machine Industry Co., Ltd.		186,158
	295,200	@	Allied Telesis Holdings KK		154,636
	11,400		Aloka Co., Ltd.		91,084
	5,000	@	Alpen Co., Ltd.		92,168
	2,900		Arakawa Chemical Industries, Ltd.		35,855
	3,900		Arc Land Sakamoto Co., Ltd.		47,672
	104,400		Arcs Co., Ltd.		1,533,691
	18,800	@	Argo Graphics, Inc.		209,877
	94,726	@	Arrk Corp.		77,435
	7,900	@	ASKUL Corp.		155,122
	11,400		BML, Inc.		306,060
	69,000	@	Calsonic Kansei Corp.		186,588
	11,300	@	Cawachi, Ltd.		234,445
	57,000		Central Glass Co., Ltd.		229,588
	6,700		Century Leasing System, Inc.		74,846
	956,000	@	Chori Co., Ltd.		1,106,795
	6,500		Chubu Steel Plate Co., Ltd.		41,779
	67,000		Chuetsu Pulp & Paper Co., Ltd.		132,470
	39,000		Chugai Ro Co., Ltd.		109,476
	201,000		Chugoku Marine Paints, Ltd.		1,409,777
	11,600		Circle K Sunkus Co., Ltd.		159,236
	17,400		COMSYS Holdings Corp.		171,969
	8,800	@	Cosmos Pharmaceutical Corp.		226,432
	192,000	@	Daido Steel Co., Ltd.		653,489
	73,000	@	Daihatsu Diesel Manufacturing Co., Ltd.		317,657
	78,000		Daiichi Jitsugyo Co., Ltd.		224,415
	26,900		Daiichikosho Co., Ltd.		311,856
	15,000	@	Daikyo, Inc.		37,178
	14,400		Daimei Telecom Engineering Corp.		121,262
	235,000		Daiwa Industries, Ltd.		1,225,915
	12,600		DC Co., Ltd.		38,961
	5,900	@	Don Quijote Co., Ltd.		157,676
	9,000		Doutor Nichires Holdings Co., Ltd.		130,256
	129,000	@	Dowa Holdings Co., Ltd.		753,140
	31,591		DTS Corp.		271,516
	252		eAccess, Ltd.		176,744
	25,300		EDION Corp.		204,341
	12,000		Excel Co., Ltd.		143,424
	44,100		Exedy Corp.		906,783
	1,216		Faith, Inc.		144,855
	126		Fields Corp.		168,451
	63,900		Fuji Machine Manufacturing Co., Ltd.		843,254
	9,500		Fuji Seal International, Inc.		192,056
	54,727		Fuji Soft, Inc.		946,681
	139,100		Fujikura Kasei Co., Ltd.		718,640
	27,000		Fujikura, Ltd.		130,183
	2,400		Fujimori Kogyo Co., Ltd.		34,178
	92		Fujishoji Co., Ltd.		120,168
	6,800		Fujitsu Frontech, Ltd.		56,877
	2,200		Fukuda Denshi Co., Ltd.		57,332
	20,100		Furuno Electric Co., Ltd.		100,853
	5,000		Fuyo General Lease Co., Ltd.		110,479
	61		Gendai Agency, Inc.		72,477

See Accompanying Notes to Financial Statements

151

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of October 31, 2009 (continued)


Shares				Value


			Japan (continued)
	45,800		Glory, Ltd.	$	1,007,784
	5,050		Goldcrest Co., Ltd.		153,292
	10,700		Hakuto Co., Ltd.		95,966
	4,100		Hibiya Engineering, Ltd.		35,136
	17,000		Higo Bank, Ltd.		100,634
	62,100		HIS Co., Ltd.		1,334,678
	50,000		Hisaka Works, Ltd.		523,190
	5,500		Hitachi Capital Corp.		69,875
	4,000		Hitachi Medical Corp.		38,566
	1,100		Hogy Medical Co., Ltd.		59,127
	20,580	@	Honeys Co., Ltd.		138,657
	22,200		Hosiden Corp.		268,840
	11,500		Hudson Soft Co., Ltd.		56,870
	11,700		Icom, Inc.		282,537
	724	@,L	IDU Co.		68,332
	5,400		Iida Home Max		96,994
	1,500	@	Inaba Denki Sangyo Co., Ltd.		35,576
	111,709		Inabata & Co., Ltd.		423,286
	125,900		Ines Corp.		948,642
	4,800		Information Services International-Dentsu, Ltd.		30,394
	1,700		Itochu-Shokuhin Co., Ltd.		57,882
	699,000	@	JFE Shoji Holdings, Inc.		2,529,091
	51,000	@,I	Jidosha Buhin Kogyo Co., Ltd.		80,619
	24,000		JMS Co., Ltd.		105,043
	75,600		JSP Corp.		722,794
	21,000		Kagawa Bank, Ltd.		75,750
	39,000		Kaken Pharmaceutical Co., Ltd.		352,897
	1,863,000	@	Kanematsu Corp.		1,531,683
	5,100		Kanematsu Electronics, Ltd.		45,936
	66,094		Kanto Auto Works, Ltd.		628,222
	20,500		Kato Sangyo Co., Ltd.		353,804
	339	@	Kenedix, Inc.		128,832
	1,500		Kita-Nippon Bank, Ltd.		45,225
	69,400		Kuroda Electric Co., Ltd.		1,003,275
	28,100	@	Kyoden Co., Ltd.		38,698
	36,000		Kyodo Printing Co., Ltd.		103,389
	436,000		Kyodo Shiryo Co., Ltd.		597,818
	95,000		Kyokuyo Co., Ltd.		191,860
	3,000		Kyorin Co., Ltd.		47,980
	53,000		Kyowa Exeo Corp.		485,421
	27,400	@	Leopalace21 Corp.		148,263
	47,900		Lintec Corp.		848,141
	5,100		Marubun Corp.		26,912
	132,000		Marudai Food Co., Ltd.		435,399
	5,000	@	Megachips Corp.		82,798
	11,700		Megane TOP Co., Ltd.		201,543
	19,200		Mikuni Coca-Cola Bottling Co., Ltd.		161,866
	87,027	@	Mimasu Semiconductor Industry Co., Ltd.		1,129,888
	4,400		Ministop Co., Ltd.		61,499
	7,500		Miraca Holdings, Inc.		242,552
	61,000	@	Mitsubishi Steel Manufacturing Co., Ltd.		119,452
	41,500		Miura Co., Ltd.		1,158,934
	71,700		Modec, Inc.		1,424,740
	499		Money Partners Co., Ltd.		227,767
	17,000		Morinaga Milk Industry Co., Ltd.		79,318
	58,350		Moshi Moshi Hotline, Inc.		1,060,202
	107,600		Musashi Seimitsu Industry Co., Ltd.		2,232,696
	159,000		Nabtesco Corp.		1,830,567
	4,000		Nagase & Co., Ltd.		48,652
	61,183		Namura Shipbuilding Co., Ltd.		354,256
	5,557		NEC Fielding, Ltd.		81,819
	1,200		NEC Mobiling, Ltd.		32,697
	76,400		NEC Networks & System Integration Corp.		928,296
	228		Net One systems Co., Ltd.		298,899
	51,500		Nichi-iko Pharmaceutical Co., Ltd.		1,531,981
	83,000		Nidec Copal Corp.		1,244,401
	77,500		Nifco, Inc.		1,586,014
	38,000		Nihon Parkerizing Co., Ltd.		450,514
	135,000		Nippo Corp.		1,041,431
	86,000	@	Nippon Light Metal Co., Ltd.		75,708
	57,786		Nippon Road Co., Ltd.		123,527
	105,000		Nippon Shinyaku Co., Ltd.		1,452,309
	103,000	@	Nippon Steel Trading Co., Ltd.		175,058
	317,000		Nippon Thompson Co., Ltd.		1,662,597
	49,400	@	NIS Group Co., Ltd.		20,410
	552,000		Nishimatsu Construction Co., Ltd.		839,382
	82,700		Nishimatsuya Chain Co., Ltd.		828,272
	114,000	@	Nishi-Nippon City Bank, Ltd.		282,016
	7,600	@	Nisshin Fudosan Co		40,749
	38,000		Nisshin Oillio Group, Ltd.		200,244
	105,000		Nitta Corp.		1,532,028
	199,000		Nittetsu Mining Co., Ltd.		1,065,981
	6,300		Nojima Corp.		59,718
	9,010		Obic Co., Ltd.		1,523,485
	44,700		Okabe Co., Ltd.		158,410
	4,170		Okinawa Electric Power Co., Inc.		224,587
	133		Pacific Golf Group International Holdings KK		91,229
	314		Pilot Corp.		366,675
	3,310		Point, Inc.		195,660
	116,000		Prima Meat Packers, Ltd.		134,209
	1,200		Raito Kogyo Co., Ltd.		2,390
	12,100		Right On Co., Ltd.		102,768
	2,800	@	Riso Kagaku Corp.		32,538
	42	@	Sammy NetWorks Co., Ltd.		110,568
	16,000		San-In Godo Bank, Ltd.		139,124
	85,000		Sanki Engineering Co., Ltd.		624,304
	10,500	@	Sanoyas Hishino Meisho Corp.		36,388
	52,354		Sanshin Electronics Co., Ltd.		412,431
	48		Sanyo Housing Nagoya Co., Ltd.		43,939
	1,900		Sawai Pharmaceutical Co., Ltd.		108,049
	13,000	@	Seika Corp.		30,021
	16,000		Seino Holdings Co., Ltd.		118,397
	419		Seven Bank, Ltd.		1,023,588
	42,600	@	Shinko Plantech Co., Ltd.		435,297
	338,000		Shinmaywa Industries, Ltd.		1,218,131
	191,000	@	Shinsei Bank, Ltd.		249,175
	243,000	@	Shinsho Corp.		402,502
	55,500		Siix Corp.		609,127
	73		So-net Entertainment Corp.		159,294
	59,306	@	Sorun Corp.		299,835
	7,600	@	Studio Alice Co., Ltd.		77,404
	101,500		Sumida Corp.		671,079
	230,000		Sumikin Bussan Corp.		503,437
	3,100		Sumisho Computer Systems Corp.		49,090
	53,500		Sumitomo Densetsu Co., Ltd.		279,417
	32,400		Tachi-S Co., Ltd.		259,030
	142,000		Taihei Kogyo Co., Ltd.		458,128
	25,882		Taiho Kogyo Co., Ltd.		192,514
	77,734		Taikisha, Ltd.		980,980
	201,000		Takasago International Corp.		1,049,900
	87,000	@	TBK Co., Ltd.		146,021
	26,518		TKC Corp.		535,057
	327,000		Toa Corp.		343,842
	138,000		TOA Road Corp.		198,390
	48,000		Toagosei Co., Ltd.		167,910
	6,500		TOC Co., Ltd.		30,485
	59,000		Toho Gas Co., Ltd.		305,957
	341,000		Tokai Tokyo Financial Holdings		1,105,145
	151,000		Tokyo Tekko Co., Ltd.		491,921
	31,800	@	Tokyo Tomin Bank, Ltd.		463,606
	248,000	@,L	Tonichi Carlife Group, Inc.		258,215
	334,782	@	Topy Industries, Ltd.		649,800
	96	@	Tosei Corp.		30,398
	8,000		Totetsu Kogyo Co., Ltd.		46,970
	3,800		Towa Pharmaceutical Co., Ltd.		184,788
	223,800		Toyo Kohan Co., Ltd.		1,084,698

See Accompanying Notes to Financial Statements

152

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of October 31, 2009 (continued)


Shares				Value


			Japan (continued)
	185,179	@	Toyo Securities Co., Ltd.	$	364,692
	89,900		Trusco Nakayama Corp.		1,400,718
	22,400		Tsumura & Co.		770,816
	26,400	@	Tsuruha Holdings, Inc.		1,028,972
	41,000		Tsutsumi Jewelry Co., Ltd.		965,084
	125,000		Uchida Yoko Co., Ltd.		375,544
	26,800		Union Tool Co.		781,571
	45,334		Unipres Corp.		627,354
	244,588	@	Usen Corp.		222,685
	7,500	@	VITAL KSK HOLDINGS, Inc.		44,802
	12,500	@	Warabeya Nichiyo Co., Ltd.		152,887
	8,800		Waseda Academy Co., Ltd.		68,052
	11,900		Watabe Wedding Corp.		153,682
	45		Wowow, Inc.		88,481
	247,300		Yamazen Corp.		802,133
	10,000		Yokohama Reito Co., Ltd.		66,973
	11,500	@	Yonekyu Corp.		116,784
	10,200		Yorozu Corp.		122,131
	1,049,000	@	Yuasa Trading Co., Ltd.		983,438
	7,000		Yurtec Corp.		44,171
	9,600		Yusen Air & Sea Service Co., Ltd.		128,582
	44,000	@	Zeon Corp.		200,012

					88,469,415


			Kazakhstan: 0.1%
	17,600		Eurasian Natural Resources Corp.		239,503

					239,503


			Luxembourg: 0.3%
	841,970		Regus PLC		1,406,333

					1,406,333


			Malaysia: 0.5%
	61,316		EON Capital Bhd		100,146
	114,800		Hong Leong Bank BHD		251,029
	26,900		Hong Leong Financial Group BHD		48,666
	471,000		Kulim Malaysia BHD		1,012,858
	1,142,300	@	Lion Industries Corp. Bhd		467,100
	367,300		Telekom Malaysia BHD		322,794

					2,202,593


			Mexico: 0.2%
	159,705	@	Grupo Simec SAB de CV		391,166
	160,702	@	Industrias CH SA — Series B		489,272

					880,438


			Netherlands: 3.4%
	18,356		Accell Group		894,427
	11,500	@	Asm International NV		233,007
	11,042		Binck NV		218,443
	1,911		Brunel International		53,942
	17,274		CSM		456,624
	44,300	@	Draka Holding		825,749
	27,418		Exact Holding NV		755,924
	29,700		Fugro NV		1,654,247
	12,331		Grontmij		339,430
	2,265	@	Heijmans NV		40,351
	41,500		Imtech NV		1,054,904
	125,309	@	James Hardie Industries NV		794,200
	2,560		KAS Bank NV		52,632
	300,905		OCE NV		1,902,766
	56,300		SBM Offshore NV		1,078,174
	21,415	@	Smartrac NV		367,053
	42,192	@	SNS Reaal		298,222
	3,635	@	Teleplan International NV		9,190
	104,900		Ten Cate NV		2,455,789
	28,907	@	Unit 4 Agresso NV		686,918
	88,573		Wavin NV		182,739

					14,354,731


			New Zealand: 0.6%
	110,977		Fisher & Paykel Healthcare Corp.		245,898
	381,045		Fletcher Building, Ltd.		2,250,852

					2,496,750


			Norway: 0.6%
	29,200		Acergy SA		364,732
	127,950	@	Norske Skogindustrier ASA		212,443
	400,000	@	Pronova BioPharma AS		1,240,812
	11,400	@	Subsea 7, Inc.		159,826
	14,900		Tandberg ASA		398,626
	25,400	@	TGS Nopec Geophysical Co. ASA		385,203

					2,761,642


			Pakistan: 0.1%
	1,100,563	@	Bank Alfalah, Ltd.		178,545
	165,800		Nishat Mills, Ltd.		120,036
	601,500		Pakistan Telecommunication Co., Ltd.		135,951

					434,532


			Peru: 0.0%
	26,900		Hochschild Mining PLC		120,864

					120,864


			Poland: 0.0%
	30,476	@	Netia SA		44,360

					44,360


			Singapore: 2.3%
	1,464,000	#	ARA Asset Management, Ltd.		866,983
	97,000		Chemoil Energy, Ltd.		52,138
	52,494		China Yuchai International, Ltd.		561,686
	64,000		CSE Global, Ltd.		36,115
	889,000	@	Goodpack, Ltd.		803,355
	205,000		Hiap Seng Engineering, Ltd.		95,403
	205,000		Hong Leong Asia, Ltd.		299,784
	29,000		Jardine Cycle & Carriage, Ltd.		476,244
	383,000	@	K1 Ventures, Ltd.		45,965
	609,000		Keppel Land, Ltd.		1,211,341
	1,223,000	@	LC Development, Ltd.		164,444
	4,152,000		Macquarie International Infrastructure Fund, Ltd.		1,202,811
	216,000		Meiban Group, Ltd.		46,894
	583,000	@	Olam International, Ltd.		1,119,124
	101,000	@	OSIM International, Ltd.		31,101
	225,000		SembCorp Industries, Ltd.		530,127
	89,000		SembCorp Marine, Ltd.		217,084
	674,000	@	Singapore Airport Terminal Services, Ltd.		1,177,852
	112,000		Straits Asia Resources, Ltd.		143,169
	50,000		Super Coffeemix Manufacturing, Ltd.		24,931
	613,000	@	Wing Tai Holdings, Ltd.		717,603

					9,824,154


			South Korea: 1.7%
	11,010		Chong Kun Dang Pharm Corp.		201,680
	8,860		Daegu Bank		117,554
	24,720		Daou Technology, Inc.		153,172
	28,140		Doosan Engineering & Construction Co., Ltd.		172,291
	87,620		Doosan Infracore Co., Ltd.		1,246,790
	16,800		Halla Climate Control Corp.		163,330
	31,760		Hanil E-Wha Co., Ltd.		98,504
	679		Hite Brewery Co., Ltd.		92,390
	1,025		Humax Co., Ltd.		12,570
	4,575	@,I,X	Humax Co., Ltd.		49,752
	17,400		Hyundai DSF Co., Ltd.		117,679

See Accompanying Notes to Financial Statements

153

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of October 31, 2009 (continued)


Shares				Value


			South Korea (continued)
	13,270		Hyundai Marine & Fire Insurance Co., Ltd.	$	245,096
	12,700	@	Industrial Bank of Korea		153,856
	7,830		INTOPS Co., Ltd.		112,871
	3,619		KIWOOM Securities Co., Ltd.		135,114
	1,656		Kyeryong Construction Industrial Co., Ltd.		30,849
	8,530		LG Dacom Corp.		134,709
	17,040		LIG Non-Life Insurance Co., Ltd.		349,090
	151		Namyang Dairy Products Co., Ltd.		68,772
	23,950		Pusan Bank		271,570
	14,425		Samsung SDI Co., Ltd.		1,646,797
	41,577		SeAH Steel Corp.		1,183,238
	14,320		Sebang Co., Ltd.		163,483
	7,120		Sejong Industrial Co., Ltd.		35,495
	5,040		Woongjin Thinkbig Co., Ltd.		94,824
	1,358		Yuhan Corp.		219,394

					7,270,870


			Spain: 1.7%
	9,760	@	Baron de Ley		473,532
	8,663		Bolsas y Mercados Espanoles		288,799
	2,680		Construcciones y Auxiliar de Ferrocarriles SA		1,320,658
	8,712	@	Corporacion Financiera Alba SA		454,726
	59,500		Enagas		1,223,869
	8,700		Grupo Catalana Occidente SA		210,796
	7,500		Indra Sistemas SA		176,377
	59,200		Laboratorios Farmaceuticos Rovi SA		668,997
	12,346		Obrascon Huarte Lain SA		328,036
	4,022	L	Pescanova SA		139,835
	35,800		Red Electrica de Espana		1,849,061

					7,134,686


			Sweden: 1.5%
	10,611	@	Billerud Aktiebolag		58,787
	123,762	@	Bure Equity AB		632,037
	6,633		Cardo AB		178,858
	27,938	@,I,X	D Carnegie AB		—
	7,671		Industrivarden AB		83,412
	1,204		Mekonomen AB		23,256
	170,242		NCC AB		2,571,891
	30,000		Saab AB		393,872
	110,000		Swedish Match AB		2,257,600

					6,199,713


			Switzerland: 6.6%
	4,240	@	Actelion, Ltd. — Reg		233,721
	4,500		Adecco SA		201,080
	545	@	AFG Arbonia-Forster Holding		11,632
	6,385		Baloise Holding AG		546,696
	40,000	@	Bank Sarasin & Compagnie AG		1,592,731
	5,700		Banque Cantonale Vaudoise		2,147,018
	4,900		Bellevue Group AG		199,245
	8,000		BKW FMB Energie AG		658,069
	5,102	@	Bobst Group AG		188,796
	7,300		Bucher Industries AG		766,958
	1,995	@	Charles Voegele Holding AG		78,678
	170,529	@	Clariant AG		1,630,319
	1,701		Coltene Holding AG		86,986
	2,751		Compagnie Financiere Tradition (CFT)		341,166
	23,604	@	Dufry Group		1,490,985
	4,809	@	Forbo Holding AG		1,358,868
	1,125		Galenica AG		387,638
	60,000	@	Gategroup Holding AG		1,579,101
	900		Gurit Holding AG		496,576
	3,661		Helvetia Holding AG		1,167,290
	108,000		Julius Baer Holding AG — Reg		1,317,609
	2,975		Kuoni Reisen Holding		1,008,437
	5,610		Lonza Group AG		436,243
	14,949	@	Micronas Semiconductor Hold		53,086
	85,500		Mobilezone Holding AG		656,731
	10,690	@,I	Newave Energy Holding SA		431,897
	10,100		Partners Group		1,238,761
	6,700	@	PSP Swiss Property AG		375,974
	16,000		Schweizerhall Holding AG		2,625,728
	760		Sika AG		1,030,339
	21,800	@	Temenos Group AG — Reg		497,554
	12,002		Valora Holding AG		2,861,580
	176		Vetropack Holding AG		282,607
	3,337		VZ Holding AG		256,968

					28,237,067


			Taiwan: 1.3%
	351,750		AcBel Polytech, Inc.		240,403
	93,000		AmTRAN Technology Co., Ltd.		88,388
	87,000	@	Arima Communications Corp.		31,641
	310,480		Asia Vital Components Co., Ltd.		322,197
	17,000		Audix Corp.		10,295
	16,000		China Steel Structure Co., Ltd.		11,274
	70,000		Feng TAY Enterprise Co., Ltd.		57,811
	773,000		Gigabyte Technology Co., Ltd.		655,654
	410,649		Hai Kwang Enterprise Corp.		225,967
	29,480	@	Ho Tung Chemical Corp.		13,364
	259,000		Hung Poo Real Estate Development Corp.		373,719
	221,550		Inventec Appliances Corp.		214,157
	751,300		Inventec Co., Ltd.		415,615
	62,000		King Yuan Electronics Co., Ltd.		23,930
	126,480		Lingsen Precision Industries, Ltd.		43,792
	249,240		LITE-ON IT Corp.		194,210
	33,000	@	Long Bon International Co., Ltd.		11,565
	59,801		Macronix International		30,313
	95,000	@	Mercuries & Associates, Ltd.		39,938
	800,000	@	Sampo Corp.		125,786
	616,000		Sigurd Microelectronics Corp.		308,237
	2,070		Sinon Corp.		820
	75,000	@	Supreme Electronics Co., Ltd.		49,632
	521,000	@	Taishin Financial Holdings Co., Ltd.		203,893
	181,000		Taiwan Acceptance Corp.		169,871
	178,000	@	Taiwan Life Insurance Co., Ltd.		159,188
	1,842,000	@	Tatung Co., Ltd.		405,688
	34,000	I,X	Tsann Kuen Enterprise Co., Ltd.		28,017
	29,000		Ttet Union Corp.		32,922
	376,170		TYC Brother Industrial Co., Ltd.		228,176
	477,000		Universal Scientific Industrial Co., Ltd.		235,334
	324,000	@	WUS Printed Circuit Co., Ltd.		102,349
	1,375,000		Yageo Corp.		378,963
	71,000		Yosun Industrial Corp.		63,808
	242,000		Zenitron Corp.		146,867

					5,643,784


			Thailand: 0.5%
	205,700		Kiatnakin Bank PLC		154,361
	3,302,900		Krung Thai Bank PCL		861,066
	978,500		Siam City Bank PCL		686,946
	507,600		Thanachart Capital PCL		296,244

					1,998,617


			Turkey: 0.2%
	422,771	@	Aksa Akrilik Kimya Sanayii		455,276
	28,916		Goodyear Lastikleri TAS		220,744

					676,020


			United Arab Emirates: 0.1%
	68,151		Lamprell PLC		226,267

					226,267

See Accompanying Notes to Financial Statements

154

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of October 31, 2009 (continued)


Shares				Value



			United Kingdom: 13.6%
	60,000		A.G.BARR PLC	$	817,194
	109,891	@	Afren PLC		156,056
	150,000		Albemarle & Bond Holdings		592,979
	45,000	@	Amec PLC		592,672
	56,400		Amlin PLC		326,452
	160,000	@	Anglo Pacific Group PLC		542,549
	26,483		Anite PLC		15,098
	63,399		Ashmore Group PLC		283,288
	238,984		Ashtead Group PLC		314,372
	38,800		Atkins WS PLC		358,857
	40,000		Aveva Group PLC		582,599
	237,180	@	Avocet Mining PLC		302,916
	150,231		Babcock International Group		1,491,455
	63,401	@	Barratt Developments PLC		139,975
	634,200		Beazley PLC		1,112,849
	200,000	@	Bodycote PLC		534,381
	700,000		Booker Group PLC		511,595
	118,812	@	BowLeven PLC		169,416
	108,425		Britvic PLC		620,030
	50,000		BSS Group PLC		218,021
	70,000		Burberry Group PLC		617,305
	175,262	@	Cape PLC		718,633
	200,148	@	Capital & Regional PLC		111,195
	100,000		Carillion PLC		481,738
	132,045		Chloride Group PLC		348,622
	2,979		Clarkson PLC		40,306
	172,464		Close Brothers Group PLC		1,983,230
	88,473		Computacenter PLC		409,906
	34,735	@	Cookson Group PLC		207,270
	21,962		Cranswick PLC		252,317
	140,098	@	CSR PLC		1,022,581
	65,000		Daily Mail & General Trust		422,894
	217,605		Dairy Crest Group PLC		1,426,457
	44,079		Davis Service Group PLC		302,023
	163,474	@	Debenhams PLC		208,412
	80,000		Dechra Pharmaceuticals PLC		602,080
	182,920		Delta PLC		500,920
	322,913		Devro PLC		637,188
	398,512		Dimension Data Holdings PLC		463,343
	57,500		Drax Group PLC		437,473
	601,538		DS Smith PLC		1,148,841
	307,932		eaga PLC		734,482
	5,000		Education Development International PLC		10,167
	1,000,000		Elementis PLC		1,040,619
	54,310	@	Ferrexpo PLC		132,216
	44,638		Fiberweb PLC		43,187
	20,000		Fidessa Group PLC		392,111
	21,990		Forth Ports PLC		398,128
	878,624		Future PLC		294,542
	108,493	@	GKN PLC		190,050
	97,054	@	Grainger PLC		456,083
	127,102		Greggs PLC		897,300
	150,000		Halma PLC		559,748
	110,014		Hamworthy KSE		458,622
	7,389		Hays PLC		11,837
	157,605		Healthcare Locums PLC		670,837
	13,500		Homeserve PLC		357,278
	68,171		Hunting PLC		585,567
	80,000		IG Group Holdings PLC		395,583
	59,400		IMI PLC		418,963
	1,408,698	@	Inchcape PLC		675,643
	441,097	@	Intec Telecom Systems PLC		790,035
	50,300		International Personal Finance		169,000
	159,041		Interserve PLC		607,005
	254,293		Investec PLC		1,835,563
	225,000		ITE Group PLC		447,283
	115,000		John Wood Group PLC		602,421
	155,877	@	Johnston Press PLC		71,916
	58,000		Keller Group PLC		678,632
	32,000		Kier Group PLC		505,150
	235,000		Liontrust Asset Management PLC		503,056
	428,244		LogicaCMG PLC		811,875
	408,321		Mcbride PLC		1,490,115
	72,668		Michael Page International PLC		382,959
	110,000		Millennium & Copthorne Hotels PLC		608,023
	84,300	@	Misys PLC		285,377
	224,306		Mitie Group		877,512
	32,614		Mondi PLC		180,020
	17,054		Morgan Sindall PLC		157,724
	30,473		National Express Group PLC		162,095
	19,604	@	Next PLC		575,129
	109,752		Northern Foods PLC		113,566
	32,392		Northgate PLC		116,347
	57,634		Oxford Instruments PLC		229,859
	40,263	@	Pace PLC		145,803
	22,040		Petrofac, Ltd.		339,216
	28,055	@	Premier Oil PLC		540,911
	40,000	@	Provident Financial PLC		610,196
	220,000		PV Crystalox Solar PLC		235,376
	91,545	@	Rank Group PLC		132,875
	160,000		Ricardo PLC		625,960
	36,800		Rightmove PLC		317,469
	110,000		RM PLC		263,414
	25,000		Rotork PLC		465,188
	18,044		RPC Group PLC		76,184
	70,000	@	SDL PLC		463,495
	111,162		Senior PLC		111,344
	26,300		Severfield-Rowen PLC		71,114
	336,231	@	Shanks Group PLC		473,702
	210,265		SIG PLC		409,185
	80,133		Smiths News PLC		159,897
	33,533		Spice PLC		43,755
	618,155	@	Sportingbet PLC		668,975
	56,300		Sports Direct International PLC		89,887
	18,043		St. James’s Place PLC		77,066
	220,000		Stagecoach Group PLC		521,050
	70,766	@	Sthree PLC		291,502
	37,114		Synergy Health PLC		368,884
	93,223		Tate & Lyle PLC		686,291
	159,292	@	Taylor Woodrow PLC		96,572
	41,635	@	Tenon Group PLC		40,719
	115,634	@	Topps Tiles PLC		155,865
	147,276		Tullett Prebon PLC		874,077
	30,000		Ultra Electronics Holdings		647,552
	75,000		United Business Media, Ltd.		567,506
	45,000		Victrex PLC		560,111
	70,000		Vitec Group PLC		436,015
	55,000		VT Group PLC		489,590
	65,000		Wellstream Holdings PLC		544,438
	40,800	@	Wetherspoon (J.D.) PLC		307,519
	160,754		WH Smith PLC		1,325,779
	256,881		William Hill PLC		705,352

					57,888,947


			United States: 0.7%
	58,100	@	Golden Star Resources, Ltd.		180,950
	202,300		Virgin Media, Inc.		2,826,131

					3,007,081

			Total Common Stock (Cost $384,070,648)		407,855,552


REAL ESTATE INVESTMENT TRUSTS: 0.6%

			Australia: 0.4%
	33,073		Babcock & Brown Japan Property Trust		12,828
	800,272		Centro Retail Trust		115,599
	1,072,721		Mirvac Group		1,404,530

					1,532,957


			France: 0.0%
	1,736		ICADE		182,766

					182,766

See Accompanying Notes to Financial Statements

155

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of October 31, 2009 (continued)


Shares						Value



			Greece: 0.1%
	45,000		Eurobank Properties Real Estate Investment Co.			$	566,103

							566,103


			Japan: 0.0%
	76	@	Crescendo Investment Corp.				118,703

							118,703


			Netherlands: 0.0%
	2,754		Vastned Offices				47,746

							47,746


			Singapore: 0.1%
	58,000		K-Real Estate Investment Trust Asia				42,533
	230,000		Suntec Real Estate Investment Trust				195,643

							238,176

			Total Real Estate Investment Trusts (Cost $2,194,569)				2,686,451


MUTUAL FUNDS: 0.0%

			Australia: 0.0%
	232,345	**	ING Industrial Fund				104,965

			Total Mutual Funds (Cost $130,868)				104,965


PREFERRED STOCK: 0.6%

			Brazil: 0.1%
	43,300	@	Confab Industrial SA				127,324

							127,324


			Germany: 0.5%
	32,076		Draegerwerk AG				1,153,563
	829		Hornbach Holding AG				80,959
	6,956		Hugo Boss AG				259,278
	31,256		Jungheinrich AG				581,308
	13,512		ProSieben SAT.1 Media AG				140,659

							2,215,767

			Total Preferred Stock (Cost $2,754,777)				2,343,091


RIGHTS: 0.0%

			Australia: 0.0%
	232,345	**	ING Industrial Fund				12,732
	2,139		Programmed Maintenance Services Ltd.				652

							13,384


			Hong Kong: 0.0%
	63,200		First Pacific Co.				10,030

							10,030

			Total Rights (Cost $-)				23,414

			Total Long-Term Investments (Cost $389,150,862)				413,013,473


SHORT-TERM INVESTMENTS: 0.9%

			Affiliated Mutual Fund: 0.9%
	3,763,854		ING Institutional Prime Money Market Fund — Class I				3,763,854

			Total Mutual Fund (Cost $3,763,854)				3,763,854

Principal
Amount						Value



			Securities Lending Collateral^CC: 0.0%
$	211,000		Bank of New York Mellon Corp. Institutional Cash Reserves, Series A⁽¹⁾			$	211,000
	79,696		Bank of New York Mellon Corp. Institutional Cash Reserves, Series B⁽¹⁾⁽²⁾				63,757

			Total Securities Lending Collateral (Cost $290,696)				274,757

			Total Short-Term Investments (Cost $4,054,550)				4,038,611

		Total Investments in Securities
		(Cost $393,205,412)*		97.7	%	$	417,052,084
		Other Assets and Liabilities - Net		2.3			9,729,352

		Net Assets		100.0	%	$	426,781,607


@		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.
cc		Securities purchased with cash collateral for securities loaned.
(1)		Collateral received from brokers for securities lending was invested in these short-term investments.
(2)		On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B)
		to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being marked to market daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.
I		Illiquid security
L		Loaned security, a portion or all of the security is on loan at October 31, 2009.
**		Investment in affiliate
X		Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees.

*		Cost for federal income tax purposes is $398,669,400.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	63,339,316
Gross Unrealized Depreciation		(44,956,632	)

Net Unrealized Appreciation	$	18,382,684

See Accompanying Notes to Financial Statements

156

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of October 31, 2009 (continued)


	Percentage of
Industry	Net Assets


Advertising		0.7	%
Aerospace/Defense		1.7
Agriculture		0.9
Airlines		0.6
Apartments		0.0
Apparel		0.3
Auto Manufacturers		0.8
Auto Parts & Equipment		2.4
Banks		4.5
Beverages		0.7
Biotechnology		0.2
Building Materials		2.1
Chemicals		2.9
Coal		0.2
Commercial Services		2.8
Computers		4.3
Distribution/Wholesale		2.6
Diversified		0.4
Diversified Financial Services		4.3
Electric		0.8
Electrical Components & Equipment		1.4
Electronics		2.5
Energy — Alternate Sources		0.3
Engineering & Construction		4.7
Entertainment		0.7
Environmental Control		1.1
Food		2.6
Food Service		0.0
Forest Products & Paper		0.9
Gas		0.9
Hand/Machine Tools		0.7
Healthcare — Products		0.6
Healthcare — Services		0.7
Holding Companies — Diversified		0.8
Home Builders		0.1
Home Furnishings		1.5
Household Products/Wares		0.5
Insurance		2.2
Internet		1.4
Investment Companies		0.5
Iron/Steel		1.4
Leisure Time		1.0
Lodging		0.2
Machinery — Construction & Mining		0.7
Machinery — Diversified		4.3
Media		1.1
Metal Fabricate/Hardware		1.6
Mining		2.2
Miscellaneous Manufacturing		2.4
Mutual Funds		0.0
Office Property		0.2
Office/Business Equipment		0.7
Oil & Gas		1.7
Oil & Gas Services		2.7
Open-End Funds		0.0
Packaging & Containers		0.8
Pharmaceuticals		3.6
Pipelines		0.0
Real Estate		2.0
Retail		5.8
Semiconductors		1.0
Shipbuilding		0.1
Shopping Centers		0.0
Software		1.5
Storage/Warehousing		0.0
Telecommunications		2.4
Textiles		0.1
Transportation		1.8
Trucking & Leasing		0.2
Venture Capital		0.0
Short-Term Investments		0.9
Other Assets and Liabilities — Net		2.3

Net Assets		100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2009 in valuing the Fund’s assets and liabilities:


	Quoted Prices
	in Active Markets		Significant Other		Significant
	for Identical		Observable		Unobservable		Fair Value
	Investments		Inputs		Inputs		at
	(Level 1)		(Level 2)^#		(Level 3)		10/31/2009


Asset Table
Investments, at value
Common Stock
Argentina	$	339,893	$	—	$	—	$	339,893
Australia		51,576		19,464,942		—		19,516,518
Austria		—		7,714,254		—		7,714,254
Belgium		—		7,846,515		—		7,846,515
Bermuda		—		1,311,366		—		1,311,366
Canada		16,783,211		210,676		—		16,993,887
China		1,469,139		2,373,908		—		3,843,047
Cyprus		—		182,218		—		182,218
Denmark		—		4,803,369		—		4,803,369
Finland		—		1,914,673		—		1,914,673
France		—		27,255,502		—		27,255,502
Germany		834,101		27,801,186		—		28,635,287
Greece		—		1,345,155		—		1,345,155
Hong Kong		3,206,084		17,326,821		716,749		21,249,654
Hungary		—		397,965		—		397,965
India		—		7,442,289		—		7,442,289
Indonesia		—		119,889		—		119,889
Ireland		—		2,642,719		—		2,642,719
Israel		—		1,021,549		—		1,021,549
Italy		859,965		10,901,471		—		11,761,436
Japan		—		88,469,415		—		88,469,415
Kazakhstan		—		239,503		—		239,503
Luxembourg		—		1,406,333		—		1,406,333
Malaysia		—		2,202,593		—		2,202,593
Mexico		880,438		—		—		880,438
Netherlands		—		14,354,731		—		14,354,731
New Zealand		—		2,496,750		—		2,496,750
Norway		—		2,761,642		—		2,761,642
Pakistan		434,532		—		—		434,532
Peru		—		120,864		—		120,864
Poland		—		44,360		—		44,360
Singapore		1,428,669		8,395,485		—		9,824,154
South Korea		231,964		7,038,906		—		7,270,870
Spain		—		7,134,686		—		7,134,686
Sweden		—		6,199,713		—		6,199,713
Switzerland		2,492,800		25,744,267		—		28,237,067
Taiwan		—		5,615,767		28,017		5,643,784
Thailand		—		1,998,617		—		1,998,617
Turkey		—		676,020		—		676,020
United Arab Emirates		—		226,267		—		226,267
United Kingdom		558,360		57,330,587		—		57,888,947
United States		3,007,081		—		—		3,007,081

Total Common Stock		32,577,813		374,532,973		744,766		407,855,552

Real Estate Investment Trusts		—		2,686,451		—		2,686,451
Mutual Funds		—		104,965		—		104,965
Preferred Stock		127,324		2,215,767		—		2,343,091
Rights		—		23,414		—		23,414
Short-Term Investments		3,974,854		63,757		—		4,038,611

Total Investments, at value	$	36,679,991	$	379,627,327	$	744,766	$	417,052,084

See Accompanying Notes to Financial Statements

157

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of October 31, 2009 (continued)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended October 31, 2009:


																Change In
	Beginning											Accrued		Total		Unrealized			Transfers		Transfers		Ending
	Balance											Discounts/		Realized		Appreciation/			Into		Out of		Balance
	at 10/31/2008		Purchases		Issuances		Settlements		Sales			(Premiums)		Gain/(Loss)		(Depreciation)			Level 3		Level 3		at 10/31/2009


Asset Table
Investments, at value
Common Stock	$	191,561	$	68,403	$	—	$	—	$	(216,198	)	$	—	$	29,002	$	(72,768	)	$	744,766	$	—	$	744,766

Total Investments, at value	$	191,561	$	68,403	$	—	$	—	$	(216,198	)	$	—	$	29,002	$	(72,768	)	$	744,766	$	—	$	744,766

As of October 31, 2009, total change in unrealized gain (loss) on Level 3 securities still held at year end and included in the change in net assets was $211,688.


ˆ	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

158

PORTFOLIO OF INVESTMENTS

ING International Value Fund

as of October 31, 2009


Shares				Value



COMMON STOCK: 97.3%

			Australia: 0.6%
	230,500	@,L	Macquarie Group, Ltd.	$	10,094,917

					10,094,917


			Bermuda: 0.9%
	534,534	@	Tyco Electronics, Ltd.		11,358,848
	241,800	@	XL Capital, Ltd.		3,967,938

					15,326,786


			Brazil: 2.6%
	482,500		Banco do Brasil SA		7,726,683
	781,371	@	Centrais Eletricas Brasileiras SA ADR — Class A		11,204,860
	1,940,186	L	Contax Participacoes SA ADR		4,132,596
	406,754		Tele Norte Leste Participacoes SA ADR		7,752,731
	220,358	@	Tim Participacoes SA ADR		5,198,245
	287,471	@,L	Vivo Participacoes SA ADR		6,971,172

					42,986,287


			Canada: 4.0%
	4,732,500	@	Bombardier, Inc. — Class B		19,200,291
	199,800		EnCana Corp.		11,078,970
	321,800	@	GoldCorp, Inc.		11,832,586
	390,300		Suncor Energy, Inc.		12,887,706
	1,104,500		Yamana Gold, Inc.		11,762,925

					66,762,478


			France: 13.8%
	350,742	@,L	Air France-KLM		5,377,528
	4,703,620	@	Alcatel SA		17,614,780
	488,800		AXA SA		12,156,533
	158,232		AXA SA ADR		3,924,154
	246,100		BNP Paribas		18,539,730
	904,560		Carrefour SA		38,826,131
	987,800		Credit Agricole SA		18,921,462
	856,335		France Telecom SA		21,218,912
	262,516		Lafarge SA		21,308,366
	1,514,928	@	Natixis		8,510,167
	605,983		Sanofi-Aventis		44,419,835
	350,504	@	Total SA		20,974,253

					231,791,851


			Germany: 7.3%
	197,200		Allianz AG		22,603,808
	337,200		Bayerische Motoren Werke AG		16,495,263
	79,500	L	Deutsche Bank AG		5,694,585
	394,000		Deutsche Post AG		6,665,452
	2,333,119		Deutsche Telekom AG		31,882,967
	227,200		MAN AG		18,709,156
	227,945		Siemens AG		20,598,678

					122,649,909


			Greece: 0.8%
	373,900	@	National Bank of Greece SA		13,669,908

					13,669,908


			Hong Kong: 0.9%
	1,152,800	L	China Unicom, Ltd. ADR		14,582,920

					14,582,920


			Hungary: 0.6%
	383,300	@	OTP Bank Nyrt		10,778,200

					10,778,200


			Italy: 3.6%
	2,186,582	@	Intesa Sanpaolo S.p.A.		9,202,186
	6,744,585		Telecom Italia S.p.A.		10,714,670
	20,598,316		Telecom Italia S.p.A. RNC		22,668,181
	5,090,000		UniCredito Italiano S.p.A.		17,052,545

					59,637,582


			Japan: 22.2%
	701,000		Akita Bank, Ltd.		2,736,326
	307,400		Astellas Pharma, Inc.		11,319,654
	484,100		Canon, Inc. ADR		18,231,206
	902,000		Dai Nippon Printing Co., Ltd.		11,301,516
	575,836		Daiichi Sankyo Co., Ltd.		11,249,398
	804,600		Fuji Photo Film Co., Ltd.		22,874,198
	2,026,700	@	Hitachi, Ltd.		6,543,922
	844,000		Kirin Brewery Co., Ltd.		13,776,683
	336,300		Konami Corp.		6,118,710
	3,115,900		Mitsubishi UFJ Financial Group, Inc.		16,596,541
	3,480,000	@	Mitsui Chemicals, Inc.		11,951,449
	657,800		Mitsui Sumitomo Insurance Group Holdings, Inc.		15,312,294
	2,743,000	@	Mitsui Trust Holdings, Inc.		10,017,231
	6,614,700	@	Mizuho Financial Group, Inc.		13,047,047
	6,080,000	@	NEC Corp.		17,281,480
	518,600		Nippon Telegraph & Telephone Corp.		21,398,669
	416,000		Ono Pharmaceutical Co., Ltd.		19,750,737
	81,300		ORIX Corp.		5,251,559
	209,800		Rohm Co., Ltd.		13,913,293
	1,194,400		Seven & I Holdings Co., Ltd.		26,148,106
	1,542,700		Sony Corp.		45,554,089
	258,800		Sumitomo Mitsui Financial Group, Inc.		8,796,643
	270,000		Taisho Pharmaceutical Co., Ltd.		4,921,241
	874,700	L	Takefuji Corp.		3,273,259
	145,800		TDK Corp.		8,382,893
	548,500		Tokio Marine Holdings, Inc.		14,025,355
	312,300		Toyota Motor Corp.		12,328,652

					372,102,151


			Mexico: 1.0%
	864,465	@	Telefonos de Mexico SA de CV ADR		14,358,764
	249,620	@	Telmex Internacional SAB de CV ADR		3,359,885

					17,718,649


			Netherlands: 6.4%
	2,855,747	@	Aegon NV		20,297,036
	195,200		Akzo Nobel NV		11,525,456
	1,464,612		Koninklijke Ahold NV		18,448,509
	822,900	@	Royal Dutch Shell PLC — Class A		24,295,012
	326,103		Royal KPN NV		5,915,092
	511,879	@	SNS Reaal		3,618,075
	434,100		Unilever NV		13,375,936
	429,333		Wolters Kluwer NV		9,571,177

					107,046,293


			New Zealand: 0.5%
	4,260,475		Telecom Corp. of New Zealand, Ltd.		7,693,394

					7,693,394


			Norway: 1.3%
	2,182,300	@	Norsk Hydro ASA		14,302,725
	205,400		Yara International ASA		6,789,923

					21,092,648


			Portugal: 1.6%
	2,383,176		Portugal Telecom SGPS SA		27,240,904

					27,240,904

See Accompanying Notes to Financial Statements

159

PORTFOLIO OF INVESTMENTS

ING International Value Fund

as of October 31, 2009 (continued)


Shares						Value



			Russia: 1.5%
	233,400		Mobile Telesystems Finance SA ADR			$	10,573,020
	1,853,100	@,L	OAO Rosneft Oil Co. GDR				14,090,650

							24,663,670


			Singapore: 0.7%
	983,000		United Overseas Bank, Ltd.				11,783,084

							11,783,084


			South Korea: 1.9%
	322,410	@	Korea Electric Power Corp.				9,135,819
	368,410		KT Corp. ADR				5,912,981
	260,300	@	Shinhan Financial Group, Ltd.				9,876,030
	51,085		SK Telecom Co., Ltd.				7,780,169

							32,704,999


			Spain: 1.5%
	1,223,000		Iberdrola SA				11,078,638
	484,602	@	Telefonica SA				13,533,233

							24,611,871


			Sweden: 1.8%
	907,500	L	Skanska AB				13,317,496
	1,605,060		Telefonaktiebolaget LM Ericsson				16,769,406

							30,086,902


			Switzerland: 5.7%
	1,431,300		STMicroelectronics NV				11,486,533
	413,810		Swiss Reinsurance				16,850,590
	39,000		Swisscom AG				14,075,801
	1,278,100	@	UBS AG — Reg				21,311,989
	928,300	@	Xstrata PLC				13,370,823
	82,803		Zurich Financial Services AG				18,961,273

							96,057,009


			Taiwan: 1.1%
	3,801,100		Asustek Computer, Inc.				6,981,310
	2,795,350		HON HAI Precision Industry Co., Ltd.				10,948,905

							17,930,215


			United Kingdom: 15.0%
	500,550		AstraZeneca PLC				22,470,485
	5,253,391	@	Barclays PLC				27,533,454
	408,387	@	BP PLC ADR				23,122,872
	934,700		British Sky Broadcasting PLC				8,149,776
	2,044,480		GlaxoSmithKline PLC				41,937,867
	953,893		HSBC Holdings PLC				10,540,637
	679,181		Imperial Tobacco Group PLC				20,015,060
	2,116,500		International Power PLC				8,787,044
	9,912,826	@	ITV PLC				6,932,958
	2,924,900		Kingfisher PLC				10,690,860
	4,117,351		Marks & Spencer Group PLC				23,060,740
	6,389,172	@	Royal Bank of Scotland Group PLC				4,358,561
	7,349,200		Vodafone Group PLC				16,196,417
	3,684,731		WM Morrison Supermarkets PLC				16,887,872
	198,968	@	Wolseley PLC				4,024,733
	668,600		WPP PLC				5,991,935

							250,701,271

			Total Common Stock (Cost $1,755,034,277)				1,629,713,898


SHORT-TERM INVESTMENTS: 6.2%

			Affiliated Mutual Fund: 3.4%
	56,070,000		ING Institutional Prime Money Market Fund — Class I				56,070,000

			Total Mutual Fund (Cost $56,070,000)				56,070,000

Principal
Amount						Value



			Securities Lending Collateral^CC: 2.8%
$	46,485,000		Bank of New York Mellon Corp. Institutional Cash Reserves, Series A⁽¹⁾			$	46,485,000
	1,202,292		Bank of New York Mellon Corp. Institutional Cash Reserves, Series B⁽¹⁾⁽²⁾				961,834

			Total Securities Lending Collateral (Cost $47,687,292)				47,446,834

			Total Short-Term Investments (Cost $103,757,292)				103,516,834

		Total Investments in Securities
		(Cost $1,858,791,569)*		103.5	%	$	1,733,230,732
		Other Assets and Liabilities - Net		(3.5	)		(59,313,430	)

		Net Assets		100.0	%	$	1,673,917,302


@		Non-income producing security
ADR		American Depositary Receipt
GDR		Global Depositary Receipt
cc		Securities purchased with cash collateral for securities loaned.
(1)		Collateral received from brokers for securities lending was invested in these short-term investments.
(2)		On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B)
		to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being marked to market daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.
L		Loaned security, a portion or all of the security is on loan at October 31, 2009.

*		Cost for federal income tax purposes is $1,874,520,908.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	201,183,608
Gross Unrealized Depreciation		(342,473,784	)

Net Unrealized Depreciation	$	(141,290,176	)

See Accompanying Notes to Financial Statements

160

PORTFOLIO OF INVESTMENTS

ING International Value Fund

as of October 31, 2009 (continued)


	Percentage of
Industry	Net Assets


Agriculture		1.2	%
Airlines		0.3
Auto Manufacturers		1.7
Banks		14.4
Beverages		0.8
Building Materials		1.3
Chemicals		1.8
Commercial Services		0.9
Computers		0.9
Distribution/Wholesale		0.2
Diversified Financial Services		1.7
Electric		2.4
Electrical Components & Equipment		0.4
Electronics		2.4
Engineering & Construction		0.8
Food		5.2
Home Furnishings		2.7
Insurance		7.7
Machinery — Diversified		1.1
Media		1.8
Mining		3.1
Miscellaneous Manufacturing		3.7
Office/Business Equipment		1.1
Oil & Gas		6.4
Pharmaceuticals		9.3
Retail		3.6
Semiconductors		1.5
Software		0.4
Telecommunications		18.1
Transportation		0.4
Short-Term Investments		6.2
Other Assets and Liabilities — Net		(3.5	)

Net Assets		100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2009 in valuing the Fund’s assets and liabilities:


	Quoted Prices
	in Active Markets		Significant Other		Significant
	for Identical		Observable		Unobservable		Fair Value
	Investments		Inputs		Inputs		at
	(Level 1)		(Level 2)^#		(Level 3)		10/31/2009


Asset Table
Investments, at value
Common Stock
Australia	$	—	$	10,094,917	$	—	$	10,094,917
Bermuda		15,326,786		—		—		15,326,786
Brazil		42,986,287		—		—		42,986,287
Canada		66,762,478		—		—		66,762,478
France		3,924,154		227,867,697		—		231,791,851
Germany		5,694,585		116,955,324		—		122,649,909
Greece		—		13,669,908		—		13,669,908
Hong Kong		14,582,920		—		—		14,582,920
Hungary		—		10,778,200		—		10,778,200
Italy		—		59,637,582		—		59,637,582
Japan		18,231,206		353,870,945		—		372,102,151
Mexico		17,718,649		—		—		17,718,649
Netherlands		—		107,046,293		—		107,046,293
New Zealand		—		7,693,394		—		7,693,394
Norway		—		21,092,648		—		21,092,648
Portugal		—		27,240,904		—		27,240,904
Russia		10,573,020		14,090,650		—		24,663,670
Singapore		—		11,783,084		—		11,783,084
South Korea		5,912,981		26,792,018		—		32,704,999
Spain		—		24,611,871		—		24,611,871
Sweden		—		30,086,902		—		30,086,902
Switzerland		—		96,057,009		—		96,057,009
Taiwan		—		17,930,215		—		17,930,215
United Kingdom		23,122,872		227,578,399		—		250,701,271

Total Common Stock		224,835,938		1,404,877,960		—		1,629,713,898

Short-Term Investments		102,555,000		961,834		—		103,516,834

Total Investments, at value	$	327,390,938	$	1,405,839,794	$	—	$	1,733,230,732


ˆ	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

161

PORTFOLIO OF INVESTMENTS

ING International Value Choice Fund

as of October 31, 2009


Shares						Value



COMMON STOCK: 93.4%

			Australia: 2.9%
	429,986	@	Alumina, Ltd.			$	630,999
	27,952		Newcrest Mining, Ltd.				803,471

							1,434,470


			Belgium: 1.9%
	25,273		Belgacom SA				946,567

							946,567


			Bermuda: 1.0%
	17,365		Axis Capital Holdings, Ltd.				501,675

							501,675


			Brazil: 1.7%
	45	@	Centrais Eletricas Brasileiras SA				641
	46,350	@	Centrais Eletricas Brasileiras SA ADR — Class B				590,036
	44,699	@	Empresa Brasileira de Aeronautica SA				227,859

							818,536


			Canada: 10.7%
	49,250	@	Barrick Gold Corp.				1,769,553
	27,942	@	Ivanhoe Mines, Ltd.				300,935
	69,597	@	Kinross Gold Corp.				1,293,112
	23,621	@	Magna International, Inc.				936,100
	44,546	@	Nexen, Inc.				956,403

							5,256,103


			Finland: 1.3%
	49,386		Nokia OYJ ADR				622,757

							622,757


			France: 10.9%
	170,148	@	Alcatel SA				637,194
	700		Areva SA				367,893
	23,452		Carrefour SA				1,006,622
	19,417		Sanofi-Aventis				1,423,307
	6,416		Societe Generale				426,149
	7,390		Technip SA				463,634
	21,801		Thales SA				1,056,313

							5,381,112


			Germany: 1.9%
	10,428		Siemens AG				942,346

							942,346


			Italy: 3.5%
	34,228		ERG S.p.A.				505,213
	1,090,036		Telecom Italia S.p.A. RNC				1,199,571

							1,704,784


			Japan: 31.3%
	73,400		Coca-Cola West Holdings Co., Ltd.				1,363,437
	104,000		Dai Nippon Printing Co., Ltd.				1,303,057
	39,600		Fuji Photo Film Co., Ltd.				1,125,799
	48,500		JS Group Corp.				791,545
	20,000		Kao Corp.				445,477
	28,500		Mabuchi Motor Co., Ltd.				1,363,797
	35,600		Mitsui Sumitomo Insurance Group Holdings, Inc.				828,698
	1,900		Nintendo Co., Ltd.				476,567
	64,973		Nippon Telegraph & Telephone Corp. ADR				1,334,545
	14,200		Rohm Co., Ltd.				941,701
	47,900		Sega Sammy Holdings, Inc.				680,105
	78,000		Sekisui House, Ltd.				674,523
	48,000		Seven & I Holdings Co., Ltd.				1,050,828
	65,600		Shiseido Co., Ltd.				1,197,669
	109,000		Sumitomo Trust & Banking Co., Ltd.				567,889
	23,600		Toyo Seikan Kaisha, Ltd.				396,477
	70,000		Wacoal Holdings Corp.				847,099

							15,389,213


			Netherlands: 5.3%
	10,851	@	Gemalto NV				456,040
	22,967	@	Royal Dutch Shell PLC ADR — Class B				1,335,761
	36,761		Wolters Kluwer NV				819,518

							2,611,319


			South Africa: 5.0%
	30,007		Anglogold Ashanti, Ltd. ADR				1,126,463
	69,224		Gold Fields, Ltd.				885,654
	19,678		Impala Platinum Holdings, Ltd.				432,985

							2,445,102


			South Korea: 4.9%
	62,889	@	Korea Electric Power Corp. ADR				872,899
	91,840		SK Telecom Co., Ltd. ADR				1,534,648

							2,407,547


			Switzerland: 4.3%
	31,681		Novartis AG				1,649,761
	29,393	@	UBS AG — Reg				487,630

							2,137,391


			United Kingdom: 6.8%
	21,684	@	BP PLC ADR				1,227,748
	58,069	@	Rexam PLC				262,949
	84,438		United Utilities Group PLC				608,748
	554,224		Vodafone Group PLC				1,221,418

							3,320,863

			Total Common Stock (Cost $48,483,184)				45,919,785


PREFERRED STOCK: 1.9%

			United States: 1.9%
	1,246	P	Lucent Technologies Capital Trust I				915,810

			Total Preferred Stock (Cost $406,350)				915,810

			Total Long-Term Investments (Cost $48,889,534)				46,835,595


SHORT-TERM INVESTMENTS: 3.4%

			Affiliated Mutual Fund: 3.4%
	1,670,572		ING Institutional Prime Money Market Fund — Class I				1,670,572

			Total Short-Term Investments (Cost $1,670,572)				1,670,572

		Total Investments in Securities
		(Cost $50,560,106)*		98.7	%	$	48,506,167
		Other Assets and Liabilities - Net		1.3			641,927

		Net Assets		100.0	%	$	49,148,094


@		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 $51,955,469.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	4,638,371
Gross Unrealized Depreciation		(8,087,673	)

Net Unrealized Depreciation	$	(3,449,302	)

See Accompanying Notes to Financial Statements

162

PORTFOLIO OF INVESTMENTS

ING International Value Choice Fund

as of October 31, 2009 (continued)


	Percentage of
Industry	Net Assets


Aerospace/Defense		2.6	%
Apparel		1.7
Auto Parts & Equipment		1.9
Banks		3.0
Beverages		2.8
Building Materials		1.6
Commercial Services		2.7
Computers		0.9
Cosmetics/Personal Care		3.3
Electric		3.0
Electronics		2.8
Energy — Alternate Sources		0.8
Food		2.0
Home Builders		1.4
Insurance		2.7
Leisure Time		1.4
Media		1.7
Mining		14.7
Miscellaneous Manufacturing		4.2
Oil & Gas		8.2
Oil & Gas Services		0.9
Packaging & Containers		1.3
Pharmaceuticals		6.3
Retail		2.1
Semiconductors		1.9
Telecommunications		17.2
Toys/Games/Hobbies		1.0
Water		1.2
Short-Term Investments		3.4
Other Assets and Liabilities — Net		1.3

Net Assets		100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2009 in valuing the Fund’s assets and liabilities:


	Quoted Prices
	in Active Markets		Significant Other		Significant
	for Identical		Observable		Unobservable		Fair Value
	Investments		Inputs		Inputs		at
	(Level 1)		(Level 2)^#		(Level 3)		10/31/2009


Asset Table
Investments, at value
Common Stock
Australia	$	—	$	1,434,470	$	—	$	1,434,470
Belgium		—		946,567		—		946,567
Bermuda		501,675		—		—		501,675
Brazil		818,536		—		—		818,536
Canada		5,256,103		—		—		5,256,103
Finland		622,757		—		—		622,757
France		—		5,381,112		—		5,381,112
Germany		—		942,346		—		942,346
Italy		—		1,704,784		—		1,704,784
Japan		1,334,545		14,054,668		—		15,389,213
Netherlands		1,335,761		1,275,558		—		2,611,319
South Africa		1,126,463		1,318,639		—		2,445,102
South Korea		2,407,547		—		—		2,407,547
Switzerland		487,630		1,649,761		—		2,137,391
United Kingdom		1,227,748		2,093,115		—		3,320,863

Total Common Stock		15,118,765		30,801,020		—		45,919,785

Preferred Stock		—		915,810		—		915,810
Short-Term Investments		1,670,572		—		—		1,670,572

Total Investments, at value	$	16,789,337	$	31,716,830	$	—	$	48,506,167


ˆ	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

163

PORTFOLIO OF INVESTMENTS

ING Russia Fund

as of October 31, 2009


Shares				Value



COMMON STOCK: 95.6%

			Airlines: 0.7%
	1,800,000	I	Aeroflot — Russian International Airlines	$	2,610,000

					2,610,000


			Banks: 14.0%
	1,709,000	I	Bank St. Petersburg BRD — Class S		4,892,365
	21,315,421		Sberbank RF		47,231,861

					52,124,226


			Building Materials: 0.7%
	100,000	@,I	Sibirskiy Cement OAO		2,600,000

					2,600,000


			Chemicals: 0.9%
	145,400	@	Uralkali GDR		3,272,746

					3,272,746


			Coal: 0.6%
	572,600		Raspadskaya — Class S		2,229,888

					2,229,888


			Electric: 9.3%
	754,054,100	@	Federal Grid Co Unified Energy System JSC		8,219,190
	53,769,600	@,I	Holding MRSK OAO		6,282,440
	55,561,900	@	Mosenergo OAO		5,056,133
	99,532,300	@,I	OGK-2 OAO		3,433,864
	252,553,996	@	RusHydro		8,839,390
	5,787,696,000	@	Territorial Generating Co. 1		2,778,094

					34,609,111


			Food: 1.1%
	174,800	@	X5 Retail Group N.V. GDR		4,195,200

					4,195,200


			Internet: 0.4%
	1,324,122	@,I	RBC Information Systems		1,644,560

					1,644,560


			Iron/Steel: 5.5%
	170,000	@,L	Evraz Group SA GDR — Reg S		4,118,950
	577,000		Mechel OAO ADR		9,901,320
	2,571,400	@	Novolipetsk Steel		6,699,993

					20,720,263


			Media: 0.5%
	110,000	@	CTC Media, Inc.		1,768,800

					1,768,800


			Metal Fabricate/Hardware: 2.3%
	344,700	@	TMK OAO GDR		6,226,966
	32,800	I	Vsmpo-Avisma Corp.		2,230,400

					8,457,366


			Mining: 10.1%
	96,000	@	Kazakhmys PLC		1,708,480
	1,628,421	@	MMC Norilsk Nickel ADR		21,391,787
	497,600	@	Polymetal GDR		4,393,808
	381,500		Polyus Gold Co. ZAO ADR		10,306,361

					37,800,436


			Oil & Gas: 37.4%
	744,500	@	Lukoil-Spon ADR		43,189,679
	155,100		Novatek OAO GDR		7,786,239
	3,048,700		OAO Gazprom		18,192,550
	605,497	@	OAO Gazprom ADR		14,521,063
	4,080,400	@	OAO Rosneft Oil Co. GDR		31,026,650
	1,387,400	@,L	Surgutneftegaz ADR		12,244,796
	489,333		Tatneft GDR		12,672,202

					139,633,179


			Pharmaceuticals: 1.1%
	246,865	@	Pharmstandard — Reg S GDR		3,989,683

					3,989,683


			Real Estate: 2.0%
	811,680	@	LSR Group GDR		6,079,483
	33,000	@,I	Open Investments		1,485,000

					7,564,483


			Retail: 3.3%
	210,000		Magnit OAO		12,279,641

					12,279,641


			Telecommunications: 5.5%
	568,400	@	Comstar United Telesystems GDR		2,934,076
	198,100		Mobile Telesystems Finance SA ADR		8,973,930
	243,000	@	Sistema JSFC GDR		3,956,040
	128,700	@	Vimpel-Communications OAO ADR		2,307,591
	1,145,400	I	VolgaTelecom		2,348,070

					20,519,707


			Transportation: 0.2%
	6,060,000		Novorossiysk Sea Trade Port BRD		915,060

					915,060

			Total Common Stock (Cost $374,561,238)		356,934,349


EXCHANGE-TRADED FUNDS: 0.6%

			Exchange-Traded Funds: 0.6%
	76,500	@	Market Vectors Russia ETF		2,143,530

			Total Exchange-Traded Funds (Cost $1,199,271)		2,143,530


HEDGE FUNDS: 0.4%

			Hedge Fund: 0.4%
	636,687	@,I,X	RenShares Utilities, Ltd.		1,299,101

			Total Hedge Funds (Cost $752,296)		1,299,101


PREFERRED STOCK: 1.1%

			Oil & Gas: 1.1%
	10,200,000		Surgutneftegaz		4,182,000

			Total Preferred Stock (Cost $3,205,101)		4,182,000

			Total Long-Term Investments (Cost $379,717,906)		364,558,980

See Accompanying Notes to Financial Statements

164

PORTFOLIO OF INVESTMENTS

ING Russia Fund

as of October 31, 2009 (continued)


Principal
Amount						Value


SHORT-TERM INVESTMENTS: 3.2%

			Securities Lending Collateral^CC: 3.2%
$	11,461,000		Bank of New York Mellon Corp. Institutional Cash Reserves, Series A⁽¹⁾			$	11,461,000
	841,448		Bank of New York Mellon Corp. Institutional Cash Reserves, Series B⁽¹⁾⁽²⁾				673,158

			Total Short-Term Investments (Cost $12,302,448)				12,134,158

		Total Investments in Securities
		(Cost $392,020,354)*		100.9	%	$	376,693,138
		Other Assets and Liabilities - Net		(0.9	)		(3,441,168	)

		Net Assets		100.0	%	$	373,251,970


@		Non-income producing security
ADR		American Depositary Receipt
GDR		Global Depositary Receipt
cc		Securities purchased with cash collateral for securities loaned.
(1)		Collateral received from brokers for securities lending was invested in these short-term investments.
(2)		On September 12, 2008, BNY established a separate sleeve of the Institutional Cash Reserves Fund (Series B)
		to hold certain Lehman Brothers defaulted debt obligations. The Fund’s position in Series B is being marked to market daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.
I		Illiquid security
L		Loaned security, a portion or all of the security is on loan at October 31, 2009.

*		Cost for federal income tax purposes is $392,470,823.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	47,659,239
Gross Unrealized Depreciation		(63,436,924	)

Net Unrealized Depreciation	$	(15,777,685	)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2009 in valuing the Fund’s assets and liabilities:


	Quoted Prices
	in Active Markets		Significant Other		Significant
	for Identical		Observable		Unobservable		Fair Value
	Investments		Inputs		Inputs		at
	(Level 1)		(Level 2)^#		(Level 3)		10/31/2009


Asset Table
Investments, at value
Common Stock
Airlines	$	2,610,000	$	—	$	—	$	2,610,000
Banks		—		52,124,226		—		52,124,226
Building Materials		2,600,000		—		—		2,600,000
Chemicals		—		3,272,746		—		3,272,746
Coal		—		2,229,888		—		2,229,888
Electric		11,268,091		23,341,020		—		34,609,111
Food		4,195,200		—		—		4,195,200
Internet		1,644,560		—		—		1,644,560
Iron/Steel		16,601,313		4,118,950		—		20,720,263
Media		1,768,800		—		—		1,768,800
Metal Fabricate/ Hardware		2,230,400		6,226,966		—		8,457,366
Mining		4,393,808		33,406,628		—		37,800,436
Oil & Gas		—		139,633,179		—		139,633,179
Pharmaceuticals		—		3,989,683		—		3,989,683
Real Estate		7,564,483		—		—		7,564,483
Retail		—		12,279,641		—		12,279,641
Telecommunications		17,585,631		2,934,076		—		20,519,707
Transportation		915,060		—		—		915,060

Total Common Stock		73,377,346		283,557,003		—		356,934,349

Exchange-Traded Funds		2,143,530		—		—		2,143,530
Hedge Funds		—		—		1,299,101		1,299,101
Preferred Stock		4,182,000		—		—		4,182,000
Short-Term Investments		11,461,000		673,158		—		12,134,158

Total Investments, at value	$	91,163,876	$	284,230,161	$	1,299,101	$	376,693,138

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended October 31, 2009:


															Change In
	Beginning										Accrued		Total		Unrealized		Transfers		Transfers		Ending
	Balance										Discounts/		Realized		Appreciation/		Into		Out of		Balance
	at 10/31/2008		Purchases		Issuances		Settlements		Sales		(Premiums)		Gain/(Loss)		(Depreciation)		Level 3		Level 3		at 10/31/2009


Asset Table
Investments, at value
Hedge Funds	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,299,101	$	—	$	1,299,101

Total Investments, at value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,299,101	$	—	$	1,299,101

As of October 31, 2009, total change in unrealized gain (loss) on Level 3 securities still held at year end and included in the change in net assets was $992,885.


ˆ	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.


#	The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Portfolio’s investments are categorized as Level 2 investments.

x	Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees.

See Accompanying Notes to Financial Statements

165

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of October 31, 2009


Principal
Amount				Value



CORPORATE BONDS/NOTES: 36.8%

			Agriculture: 0.6%
$	900,000		Altria Group, Inc., 9.700%, due 11/10/18	$	1,109,801
	498,000		Philip Morris International, Inc., 6.875%, due 03/17/14		570,630

					1,680,431


			Banks: 6.2%
	200,000		Bank of America Corp., 5.420%, due 03/15/17		196,030
	1,177,000	#	Barclays Bank PLC, 6.050%, due 12/04/17		1,201,044
	781,000	#	Barclays Bank PLC, 7.375%, due 06/29/49		714,615
	636,000		BB&T Corp., 3.850%, due 07/27/12		657,875
	140,000		Capital One Financial Corp., 7.375%, due 05/23/14		159,053
	1,200,000		Citigroup, Inc., 5.000%, due 09/15/14		1,184,460
	449,000		Citigroup, Inc., 6.375%, due 08/12/14		476,822
	801,000		Citigroup, Inc., 8.500%, due 05/22/19		937,877
	5,147,000		Deutsche Bank AG, London-Republic of Indonesia Government Bond Credit Linked Notes, 13.150%, due 01/25/12		5,152,147
	651,000		Fifth Third Bancorp., 8.250%, due 03/01/38		628,486
	518,000		Goldman Sachs Group, Inc., 5.450%, due 11/01/12		557,760
	500,000		Goldman Sachs Group, Inc., 6.250%, due 09/01/17		535,782
	1,082,000	#	HSBC Capital Funding L.P./Jersey Channel Islands, 9.547%, due 12/29/49		1,119,870
	664,000		JPMorgan Chase & Co., 4.650%, due 06/01/14		701,155
	250,000		JPMorgan Chase Bank NA, 5.875%, due 06/13/16		264,972
	1,486,000		Morgan Stanley, 7.300%, due 05/13/19		1,667,820
	3,000		National City Corp., 6.875%, due 05/15/19		3,244
	658,000		Wachovia Bank NA, 6.000%, due 11/15/17		696,736
	851,000		Wachovia Bank NA, 6.600%, due 01/15/38		929,883
	533,000		Wells Fargo Capital XIII, 7.700%, due 12/29/49		498,355

					18,283,986


			Beverages: 1.8%
	684,000		Anheuser-Busch Cos., Inc., 5.500%, due 01/15/18		701,397
	540,000	#	Anheuser-Busch InBev Worldwide, Inc., 5.375%, due 11/15/14		574,786
	565,000	#	Anheuser-Busch InBev Worldwide, Inc., 7.750%, due 01/15/19		659,517
	1,096,000		Diageo Capital PLC, 5.200%, due 01/30/13		1,176,101
	1,330,000		Dr Pepper Snapple Group, Inc., 6.820%, due 05/01/18		1,522,044
	469,000		PepsiCo, Inc., 7.900%, due 11/01/18		590,409

					5,224,254


			Building Materials: 0.1%
	335,000	#	Voto-Votorantim Overseas Trading Operations NV, 6.625%, due 09/25/19		323,275

					323,275


			Chemicals: 0.6%
	473,000	#	Chevron Phillips Chemical Co. LLC, 8.250%, due 06/15/19		562,632
	397,000		Dow Chemical Co., 7.600%, due 05/15/14		441,516
	245,000	#	Nova Chemicals Corp., 8.375%, due 11/01/16		247,450
	505,000	#	Nova Chemicals Corp., 8.625%, due 11/01/19		513,838
	45,000		Solutia, Inc., 8.750%, due 11/01/17		46,800

					1,812,236


			Coal: 0.1%
	300,000	#	Arch Coal, Inc., 8.750%, due 08/01/16		309,000

					309,000


			Commercial Services: 0.2%
	575,000	&, #	ServiceMaster Co, 10.750%, due 07/15/15		575,000

					575,000


			Computers: 0.5%
	150,000		Hewlett-Packard Co., 4.750%, due 06/02/14		161,180
	576,000		Hewlett-Packard Co., 5.500%, due 03/01/18		624,533
	256,000		International Business Machines Corp., 8.000%, due 10/15/38		350,745
	505,000		Seagate Technology, Inc., 6.800%, due 10/01/16		497,425

					1,633,883


			Diversified Financial Services: 1.9%
	248,000		American Express Credit Corp., 5.125%, due 08/25/14		261,547
	505,000		American Express Credit Corp., 7.300%, due 08/20/13		567,627
	252,000		Capital One Bank USA NA, 6.500%, due 06/13/13		268,934
	631,000		Capital One Bank USA NA, 8.800%, due 07/15/19		748,637
	331,000		FIA Card Services NA, 6.625%, due 06/15/12		356,969
	340,000	#	Fibria Overseas Finance, Ltd., 9.250%, due 10/30/19		358,020
	220,000		General Electric Capital Corp., 6.000%, due 08/07/19		231,667
	440,000		General Electric Capital Corp., 6.875%, due 01/10/39		475,707

See Accompanying Notes to Financial Statements

166

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of October 31, 2009 (continued)


Principal
Amount				Value


			Diversified Financial Services (continued)
$	264,000	#	Iberdrola Finance Ireland, Ltd., 3.800%, due 09/11/14	$	266,745
	361,000	#	Iberdrola Finance Ireland, Ltd., 5.000%, due 09/11/19		364,700
	619,000		International Lease Finance Corp., 6.625%, due 11/15/13		478,023
	150,000		John Deere Capital Corp., 5.350%, due 04/03/18		159,811
	741,000		Merrill Lynch & Co., Inc., 6.875%, due 04/25/18		799,123
	210,000		National Rural Utilities Cooperative Finance Corp., 10.375%, due 11/01/18		279,785

					5,617,295


			Electric: 3.0%
	750,000		AES Corp., 8.000%, due 10/15/17		757,500
	426,000	#	Allegheny Energy Supply Co. LLC, 5.750%, due 10/15/19		420,692
	64,000		Commonwealth Edison Co., 4.700%, due 04/15/15		66,924
	923,000		Commonwealth Edison Co., 6.150%, due 03/15/12		1,005,722
	519,000		Constellation Energy Group, 7.600%, due 04/01/32		556,310
	9,000		Duke Energy Corp., 3.950%, due 09/15/14		9,174
	670,000		Duke Energy Corp., 6.300%, due 02/01/14		741,527
	438,000		Entergy Texas, Inc., 7.125%, due 02/01/19		490,754
	430,000		Indiana Michigan Power, 7.000%, due 03/15/19		486,190
	464,000		Metropolitan Edison, 7.700%, due 01/15/19		545,407
	711,000		Nevada Power Co., 7.125%, due 03/15/19		813,261
	677,000		Oncor Electric Delivery Co., 5.950%, due 09/01/13		734,244
	527,000		Progress Energy, Inc., 6.050%, due 03/15/14		580,608
	179,000		Progress Energy, Inc., 7.050%, due 03/15/19		207,363
	476,000		Southwestern Electric Power, 5.550%, due 01/15/17		486,802
	874,000		Tampa Electric Co., 6.100%, due 05/15/18		948,487

					8,850,965


			Electronics: 0.1%
	355,000		Jabil Circuit, Inc., 7.750%, due 07/15/16		370,088

					370,088


			Entertainment: 0.7%
	740,000		AMC Entertainment, Inc., 8.750%, due 06/01/19		762,200
	510,000	#	Pinnacle Entertainment, Inc., 8.625%, due 08/01/17		510,000
	700,000	#	Warner Music Group, 9.500%, due 06/15/16		750,750
	125,000	+	WMG Holdings Corp., 0.000%, step rate 9.500%, due 12/15/14		124,375

					2,147,325


			Food: 1.3%
	520,000	#	HJ Heinz Finance Co., 7.125%, due 08/01/39		600,224
	466,000		Kraft Foods, Inc., 6.125%, due 02/01/18		494,712
	408,000		Kraft Foods, Inc., 6.125%, due 08/23/18		434,498
	500,000		Kraft Foods, Inc., 6.500%, due 08/11/17		542,333
	1,130,000		Safeway Inc., 5.000%, due 08/15/19		1,147,819
	555,000	#	Smithfield Foods, Inc., 10.000%, due 07/15/14		585,525

					3,805,111


			Forest Products & Paper: 0.1%
	250,000		Weyerhaeuser Co., 7.375%, due 10/01/19		258,157

					258,157


			Gas: 0.2%
	554,000		Sempra Energy, 6.500%, due 06/01/16		609,260

					609,260


			Healthcare — Products: 0.3%
	715,000	&	Biomet, Inc., 10.375%, due 10/15/17		773,094

					773,094


			Healthcare — Services: 0.3%
	705,000	&	HCA, Inc., 9.625%, due 11/15/16		749,944

					749,944


			Holding Companies — Diversified: 0.3%
	620,000	#	Noble Group, Ltd., 6.750%, due 01/29/20		623,004
	165,000	#	Reynolds Group DL Escrow, Inc./Reynolds Group Escrow LLC, 7.750%, due 10/15/16		165,825

					788,829


			Hotels: 0.0%
	135,000	#	Felcor Lodging L.P., 10.000%, due 10/01/14		133,988

					133,988


			Household Products/Wares: 0.4%
	65,000	#	ACCO Brands Corp., 10.625%, due 03/15/15		69,875
	785,000		Kimberly-Clark Corp., 7.500%, due 11/01/18		976,336

					1,046,211


			Insurance: 1.4%
	1,201,000		Ace INA Holdings, Inc., 5.900%, due 06/15/19		1,316,986
	709,000		Metlife, Inc., 7.717%, due 02/15/19		840,992
	604,000	#	Pacific Life Insurance Co., 9.250%, due 06/15/39		673,542

See Accompanying Notes to Financial Statements

167

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of October 31, 2009 (continued)


Principal
Amount				Value


			Insurance (continued)
$	219,000		Principal Financial Group, Inc., 7.875%, due 05/15/14	$	245,837
	611,000		Protective Life Corp., 8.450%, due 10/15/39		600,232
	506,000		Prudential Financial, Inc., 7.375%, due 06/15/19		566,332

					4,243,921


			Investment Companies: 0.1%
	231,000	#	Xstrata Finance Canada Ltd, 5.500%, due 11/16/11		240,561

					240,561


			Iron/Steel: 0.3%
	271,000		ArcelorMittal, 7.000%, due 10/15/39		257,033
	752,000	#	CSN Islands XI Corp., 6.875%, due 09/21/19		736,960

					993,993


			Lodging: 0.6%
	991,000	#	Hyatt Hotels Corp., 6.875%, due 08/15/19		1,012,778
	735,000	#	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 7.875%, due 11/01/17		725,813

					1,738,591


			Machinery — Diversified: 0.1%
	320,000	#	Case New Holland, Inc., 7.750%, due 09/01/13		319,200

					319,200


			Media: 3.1%
	530,000	#	Cablevision Systems Corp., 8.625%, due 09/15/17		551,200
	675,000		Comcast Corp., 5.700%, due 05/15/18		707,618
	76,000		Comcast Corp., 5.900%, due 03/15/16		81,622
	250,000		Comcast Corp., 6.300%, due 11/15/17		270,983
	718,000		Comcast Corp., 6.550%, due 07/01/39		750,724
	751,000	#	COX Communications, Inc., 6.250%, due 06/01/18		791,419
	700,000		Echostar DBS Corp., 7.125%, due 02/01/16		703,500
	460,000	#	Mediacom LLC / Mediacom Capital Corp., 9.125%, due 08/15/19		477,250
	773,000	#	News America, Inc., 5.650%, due 08/15/20		802,350
	397,000		News America, Inc., 6.150%, due 03/01/37		387,138
	389,000		News America, Inc., 6.900%, due 03/01/19		436,880
	159,000		Time Warner Cable, Inc., 6.200%, due 07/01/13		174,334
	350,000		Time Warner Cable, Inc., 6.750%, due 07/01/18		385,942
	937,000		Time Warner Cable, Inc., 6.750%, due 06/15/39		995,672
	303,000		Time Warner Cable, Inc., 8.750%, due 02/14/19		374,345
	353,000		Time Warner, Inc., 5.500%, due 11/15/11		377,565
	446,000		Time Warner, Inc., 7.700%, due 05/01/32		505,296
	373,000		Viacom, Inc., 6.875%, due 04/30/36		394,918

					9,168,756


			Mining: 0.5%
	332,000		Newmont Mining Corp., 5.125%, due 10/01/19		332,248
	430,000		Newmont Mining Corp., 6.250%, due 10/01/39		420,738
	304,000		Rio Tinto Finance USA, Ltd., 8.950%, due 05/01/14		359,629
	468,000		Vale Overseas, Ltd., 5.625%, due 09/15/19		469,451

					1,582,066


			Miscellaneous Manufacturing: 0.6%
	900,000		General Electric Co., 5.250%, due 12/06/17		937,850
	673,000		Tyco International Finance, 8.500%, due 01/15/19		822,203

					1,760,053


			Oil & Gas: 1.6%
	116,000		Anadarko Petroleum Corp., 5.750%, due 06/15/14		124,900
	700,000		Chesapeake Energy Corp., 7.250%, due 12/15/18		680,750
	265,000		ConocoPhillips, 5.750%, due 02/01/19		290,535
	506,000		Hess Corp., 7.000%, due 02/15/14		570,119
	1,000,000	#	KazMunaiGaz Finance Sub BV, 11.750%, due 01/23/15		1,200,000
	424,000		Marathon Oil Corp., 6.500%, due 02/15/14		472,080
	115,000		Marathon Oil Corp., 7.500%, due 02/15/19		135,052
	300,000		Petrobras International Finance Co., 7.875%, due 03/15/19		340,500
	525,000		Plains Exploration & Production Co., 8.625%, due 10/15/19		528,938
	250,000	#	Ras Laffan Liquefied Natural Gas Co., Ltd. III, 4.500%, due 09/30/12		259,771
	250,000	#	Ras Laffan Liquefied Natural Gas Co., Ltd. III, 5.500%, due 09/30/14		268,035

					4,870,680


			Oil & Gas Services: 0.1%
	140,000		Weatherford International, Ltd., 9.625%, due 03/01/19		173,607

					173,607


			Pharmaceuticals: 0.8%
	207,000		Express Scripts, Inc., 6.250%, due 06/15/14		227,669
	52,000		Express Scripts, Inc., 7.250%, due 06/15/19		60,430
	428,000		Novartis Securities Investment, Ltd., 5.125%, due 02/10/19		456,512

See Accompanying Notes to Financial Statements

168

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of October 31, 2009 (continued)


Principal
Amount				Value


			Pharmaceuticals (continued)
$	604,000		Pfizer, Inc., 6.200%, due 03/15/19	$	688,906
	790,000		Pfizer, Inc., 7.200%, due 03/15/39		996,103

					2,429,620


			Pipelines: 0.5%
	411,000		Enbridge Energy Partners, 9.875%, due 03/01/19		519,468
	246,000		Energy Transfer Partners, 9.700%, due 03/15/19		305,092
	90,000		Trans-Canada Pipelines, 7.125%, due 01/15/19		107,198
	99,000		Trans-Canada Pipelines, 7.625%, due 01/15/39		126,774
	479,000		Transcontinental Gas Pipe Line Co. LLC, 6.050%, due 06/15/18		514,967

					1,573,499


			Regional Malls: 0.3%
	726,000		Simon Property Group, Inc., 6.750%, due 05/15/14		781,947

					781,947


			Retail: 1.9%
	490,000		CVS Caremark Corp., 5.750%, due 06/01/17		528,020
	1,423,000		CVS Caremark Corp., 6.125%, due 09/15/39		1,442,458
	278,000		CVS Caremark Corp., 6.600%, due 03/15/19		310,585
	1,831,000		Home Depot, Inc., 5.875%, due 12/16/36		1,791,986
	625,000	#	Limited Brands, 8.500%, due 06/15/19		659,375
	230,000	#	QVC, Inc., 7.500%, due 10/01/19		228,850
	505,000	#	Toys R Us Property Co. I LLC, 10.750%, due 07/15/17		550,450

					5,511,724


			Software: 0.1%
	159,000		Oracle Corp., 5.250%, due 01/15/16		172,969
	86,000		Oracle Corp., 5.750%, due 04/15/18		94,656

					267,625


			Telecommunications: 5.8%
	304,000		Alltel Corp., 7.000%, due 03/15/16		343,531
	737,000		AT&T, Inc., 6.550%, due 02/15/39		799,939
	681,000		AT&T, Inc., 6.700%, due 11/15/13		774,206
	470,000		British Telecommunications PLC, 5.950%, due 01/15/18		473,982
	450,000		CenturyTel, Inc., 7.600%, due 09/15/39		441,561
	489,000		Cisco Systems, Inc., 5.900%, due 02/15/39		522,087
	255,000		Cricket Communications, Inc., 9.375%, due 11/01/14		248,625
	655,000		Crown Castle International Corp., 7.125%, due 11/01/19		648,450
	905,000		Embarq Corp., 7.995%, due 06/01/36		939,017
	904,000		France Telecom SA, 4.375%, due 07/08/14		955,250
	1,048,000		France Telecom SA, 5.375%, due 07/08/19		1,126,302
	387,000		France Telecom SA, 8.500%, due 03/01/31		531,002
	705,000		Frontier Communications Corp., 8.125%, due 10/01/18		711,169
	510,000	#	Intelsat Subsidiary Holding Co., Ltd., 8.875%, due 01/15/15		514,463
	250,000		MetroPCS Wireless, Inc., 9.250%, due 11/01/14		253,125
	250,000		Nextel Communications, Inc., 5.950%, due 03/15/14		219,063
	295,000		Nokia OYJ, 5.375%, due 05/15/19		305,222
	700,000		Qwest Communications International, Inc., 7.500%, due 02/15/14		689,500
	500,000		Sprint Nextel Corp., 6.000%, due 12/01/16		432,500
	409,000		Telecom Italia Capital SA, 6.175%, due 06/18/14		444,131
	249,000		Telefonica Emisones SAU, 5.877%, due 07/15/19		269,638
	770,000		Telefonica Emisones SAU, 6.421%, due 06/20/16		855,444
	353,000		TELUS Corp., 8.000%, due 06/01/11		384,941
	376,000		Verizon Communications, Inc., 8.950%, due 03/01/39		512,231
	419,000	#	Verizon Wireless Capital LLC, 3.750%, due 05/20/11		433,298
	1,000,000	#	Verizon Wireless Capital LLC, 5.550%, due 02/01/14		1,090,642
	1,280,000		Vodafone Group PLC, 5.450%, due 06/10/19		1,344,643
	750,000	#	Windstream Corp., 7.875%, due 11/01/17		761,250

					17,025,212


			Transportation: 0.2%
	291,000		Union Pacific Corp., 5.125%, due 02/15/14		312,432
	350,000		Union Pacific Corp., 5.700%, due 08/15/18		376,893

					689,325


			Warehouse/Industrial: 0.1%
	312,000		ProLogis, 7.375%, due 10/30/19		313,527

					313,527

			Total Corporate Bonds/Notes (Cost $100,038,575 )		108,676,239


U.S. GOVERNMENT AGENCY OBLIGATIONS: 3.4%

			Federal Home Loan Mortgage Corporation^##: 0.9%
	1,275,000	W	5.000%, due 12/15/34		1,315,840
	931,000	W	5.500%, due 12/01/37		976,241
	343,000	W	6.000%, due 12/15/33		363,205
	100,000	W	6.500%, due 11/15/34		107,234

					2,762,520

See Accompanying Notes to Financial Statements

169

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of October 31, 2009 (continued)


Principal
Amount				Value



			Federal National Mortgage Association^##: 1.8%
$	775,000	W	5.000%, due 12/01/17-12/12/37	$	812,156
	342,773	S	5.000%, due 07/01/37		356,798
	1,032,000	W	5.500%, due 12/01/37		1,082,149
	329,251	S	5.500%, due 06/01/37		347,159
	2,103,000	W	6.000%, due 11/15/34		2,234,109
	375,000	W	6.500%, due 11/13/36		402,539

					5,234,910


			Government National Mortgage Association: 0.7%
	226,000	W	4.500%, due 12/15/39		228,331
	515,000	W	4.500%, due 12/20/39		518,864
	393,000	W	5.000%, due 04/15/38		406,571
	359,991	S	5.500%, due 03/20/39		380,963
	368,685	S	6.000%, due 10/15/38		392,199

					1,926,928

			Total U.S. Government Agency Obligations (Cost $9,829,136 )		9,924,358


U.S. TREASURY OBLIGATIONS: 12.5%

			U.S. Treasury Notes: 12.5%
	2,906,000	S	1.000%, due 09/30/11		2,915,084
	8,327,000	S	1.375%, due 10/15/12		8,321,146
	16,691,000	S	2.375%, due 09/30/14		16,762,654
	20,000		2.375%, due 10/31/14		20,052
	3,733,000		3.625%, due 08/15/19		3,805,913
	5,024,000	S	4.250%, due 05/15/39		5,037,349

			Total U.S. Treasury Obligations (Cost $36,800,235 )		36,862,198


ASSET-BACKED SECURITIES: 2.1%

			Automobile Asset-Backed Securities: 1.7%
	585,000	#,S	Bank of America Auto Trust, 2.130%, due 09/15/13		591,811
	348,000	#,S	Bank of America Auto Trust, 2.670%, due 07/15/13		354,743
	628,000		CarMax Auto Owner Trust, 1.000%, due 04/15/14		627,925
	423,000		CarMax Auto Owner Trust, 1.000%, due 12/15/14		422,959
	275,000	S	Harley-Davidson Motorcycle Trust, 2.620%, due 03/15/14		280,134
	882,000	S	Harley-Davidson Motorcycle Trust, 3.190%, due 11/15/13		903,939
	367,000	S	Harley-Davidson Motorcycle Trust, 5.520%, due 11/15/13		387,758
	206,000	S	Honda Auto Receivables Owner Trust, 2.310%, due 05/15/13		209,262
	224,000	S	Hyundai Auto Receivables Trust, 2.030%, due 08/15/13		225,870
	286,000	S	Mercedes-Benz Auto Receivables Trust, 1.670%, due 01/15/14		286,677
	209,000	S	Mercedes-Benz Auto Receivables Trust, 2.430%, due 03/15/16		209,363
	99,000	S	Nissan Auto Receivables Owner Trust, 4.460%, due 04/16/12		102,132
	353,000	S	USAA Auto Owner Trust, 5.070%, due 06/15/13		370,916

					4,973,489


			Home Equity Asset-Backed Securities: 0.4%
	1,522,441	S	Ameriquest Mortgage Securities, Inc., 1.094%, due 08/25/33		1,298,449

					1,298,449

			Total Asset-Backed Securities (Cost $6,234,708 )		6,271,938


COLLATERALIZED MORTGAGE OBLIGATIONS: 9.8%
	1,786,153	S	Banc of America Funding Corp., 5.750%, due 10/25/35		1,533,699
	970,000	S	Citigroup Commercial Mortgage Trust, 5.700%, due 12/10/49		887,629
	2,408,685	#,S	Citigroup Mortgage Loan Trust, Inc., 5.448%, due 11/19/35		2,228,034
	1,040,000	S	Commercial Mortgage Pass-through Certificates, 5.816%, due 12/10/49		965,266
	847,253	S	Countrywide Alternative Loan Trust, 5.500%, due 10/25/33		850,637
	2,029,939	S	Countrywide Home Loan Mortgage Pass-through Trust, 3.684%, due 09/25/33		1,610,514
	1,889,160	S	Countrywide Home Loan Mortgage Pass-through Trust, 5.000%, due 04/25/35		1,597,242
	1,961,673	S	Countrywide Home Loan Mortgage Pass-through Trust, 5.500%, due 10/25/35		1,563,014
	1,138,439	S	GMAC Mortgage Corp. Loan Trust, 4.979%, due 06/25/34		1,005,702
	1,546,172	S	GMAC Mortgage Corp. Loan Trust, 5.448%, due 11/19/35		1,232,322
	970,000	S	Greenwich Capital Commercial Funding Corp., 5.444%, due 03/10/39		867,861
	700,000	S	Greenwich Capital Commercial Funding Corp., 5.736%, due 12/10/49		645,699
	1,130,358	S	JP Morgan Mortgage Trust, 4.976%, due 08/25/35		997,501
	1,684,713	S	JP Morgan Mortgage Trust, 5.292%, due 07/25/35		1,642,632
	500,000	S	JPMorgan Chase Commercial Mortgage Securities Corp., 5.179%, due 12/15/44		502,871
	1,197,419	S	JPMorgan Mortgage Trust, 4.775%, due 07/25/35		1,115,122
	1,188,284	S	JPMorgan Mortgage Trust, 5.292%, due 07/25/35		1,136,812
	500,000	S	LB-UBS Commercial Mortgage Trust, 5.156%, due 02/15/31		490,562

See Accompanying Notes to Financial Statements

170

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of October 31, 2009 (continued)

Principal

Amount

Value

500,000

LB-UBS Commercial Mortgage Trust, 6.149%, due 04/15/41

526,730

1,868,373

Lehman Mortgage Trust, 5.000%, due 12/25/35

1,405,757

988,618

Lehman Mortgage Trust, 6.427%, due 04/25/36

864,560

1,502,582

#,S

LVII Resecuritization Trust, 5.777%, due 11/27/37

1,502,582

760,000

Morgan Stanley Capital I, 5.178%, due 09/15/42

785,571

930,000

Wachovia Bank Commercial Mortgage Trust, 5.308%, due 11/15/48

901,476

2,034,295

WaMu Mortgage Pass-Through Certificates, 5.230%, due 01/25/36

1,801,099

320,041

Wells Fargo Mortgage-Backed Securities Trust, 4.250%, due 10/25/35

280,418

Total Collateralized Mortgage Obligations
(Cost $28,019,870 )

28,941,312

OTHER BONDS: 33.3%

Foreign Government Bonds: 33.3%

BRL 78,060,000

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

44,485,231

EUR 2,530,000

Bundesobligation, 4.000%, due 10/11/13

3,980,456

EUR 5,000,000

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

7,676,576

EUR 3,340,000

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

5,300,504

EUR 4,400,000

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

6,764,290

CAD 2,200,000

Canadian Government International Bond, 4.250%, due 06/01/18

2,180,888

EUR 930,000

France Government International Bond, 3.250%, due 04/25/16

1,395,085

EUR 915,000

Italy Buoni Poliennali Del Tesoro, 3.750%, due 08/01/16

1,391,893

EUR 3,000,000

Italy Buoni Poliennali Del Tesoro, 5.500%, due 11/01/10

4,614,418

JPY 500,000,000

Japan Government Ten Year Bond, 1.400%, due 12/20/11

5,684,147

JPY 110,000,000

Japan Government Thirty Year Bond, 2.300%, due 03/20/39

1,231,789

JPY 370,000,000

Japan Government Thirty Year Bond, 2.400%, due 09/20/38

4,231,441

JPY 800,000,000

Japan Government Two Year Bond, 0.400%, due 03/15/11

8,908,382

UYU 6,067,000

Uruguay Government International Bond, 4.250%, due 04/05/27

287,611

Total Other Bonds
(Cost $86,593,204 )

98,132,711

Notional

Amount

Value

POSITIONS IN PURCHASED OPTIONS: 0.0%

Foreign Currency Options: 0.0%

7,164,109

Call Option OTC — Deutsche Bank AG

CHF vs. USD Spot

Strike @ 1.056-Exp 01/19/10

21,599

6,478,000

Call Option OTC — Citibank N.A.

USD vs JPY

Strike @ 95.250-Exp 12/21/09

20,224

6,500,000

Call Option OTC — Deutsche Bank AG

USD vs JPY Spot

Strike @ 94.050-Exp 12/29/09

39,138

Total Positions in Purchased Options
(Cost $191,984 )

80,961

Total Long-Term Investments
(Cost $267,707,712 )

288,889,717

SHORT-TERM INVESTMENTS: 1.1%

Commercial Paper: 0.3%

1,000,000

Time Warner Cable, Inc., 0.300%, due 11/09/09

999,925

Total Commercial Paper
(Cost $999,925 )

999,925

Value

Affiliated Mutual Fund: 0.8%

2,295,000

ING Institutional Prime Money Market Fund — Class I

2,295,000

Total Mutual Fund
(Cost $2,295,000 )

2,295,000

Total Short-Term Investments
(Cost $3,294,925 )

3,294,925

Total Investments in Securities

(Cost $271,002,637)*

99.0

292,184,642

Other Assets and
Liabilities - Net

1.0

2,816,802

Net Assets

100.0

295,001,444

See Accompanying Notes to Financial Statements

171

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of October 31, 2009 (continued)


&		Payment-in-kind
+		Step-up basis bonds. Interest rates shown reflect current and next coupon rates.
#		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.
##		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.
		Structured product
BRL		Brazilian Real
CAD		Canadian Dollar
EUR		EU Euro
JPY		Japanese Yen
UYU		Uruguayan Peso Uruguayo
*		Cost for federal income tax purposes is $271,270,659.

		Net unrealized appreciation consists of:


Gross Unrealized Appreciation	$	22,023,410
Gross Unrealized Depreciation		(1,109,427	)

Net Unrealized Appreciation	$	20,913,983

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of October 31, 2009 in valuing the Fund’s assets and liabilities:


	Quoted Prices			Significant
	in Active Markets			Other			Significant
	for Identical			Observable			Unobservable
	Investments			Inputs			Inputs		Fair Value at
	(Level 1)			(Level 2)^#			(Level 3)		10/31/2009

Asset Table
Investments, at value
Corporate Bonds/Notes	$	—		$	103,524,092		$	5,152,147	$	108,676,239
U.S. Government Agency Obligations		—			9,924,358			—		9,924,358
U.S. Treasury Obligations		—			36,862,198			—		36,862,198
Asset-Backed Securities		—			6,271,938			—		6,271,938
Collateralized Mortgage Obligations		—			25,210,696			3,730,616		28,941,312
Other Bonds		—			98,132,711			—		98,132,711
Positions In Purchased Options		—			80,961			—		80,961
Short-Term Investments		2,295,000			999,925			—		3,294,925

Total Investments, at value	$	2,295,000		$	281,006,879		$	8,882,763	$	292,184,642

Other Financial Instruments⁺:
Forward foreign currency contracts		—			1,178,531			—		1,178,531
Futures		136,507			—			—		136,507
Swaps, net of upfront payments		—			563,940			—		563,940

Total Assets	$	2,431,507		$	282,749,350		$	8,882,763	$	294,063,620

Liabilities Table
Other Financial Instruments⁺:
Forward foreign currency contracts	$	—		$	(1,485,210	)	$	—	$	(1,485,210	)
Futures		(414,368	)		—			—		(414,368	)
Swaps, net of upfront payments		—			(212,061	)		—		(212,061	)
Written options		—			(221,277	)		—		(221,277	)

Total Liabilities	$	(414,368	)	$	(1,918,548	)	$	—	$	(2,332,916	)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund’s assets and liabilities during the period ended October 31, 2009:


																		Change In
	Beginning											Accrued			Total			Unrealized			Transfers		Transfers		Ending
	Balance at											Discounts/			Realized			Appreciation/			Into		Out of		Balance at
	10/31/2008		Purchases		Issuances		Settlements		Sales			(Premiums)			Gain/(Loss)			(Depreciation)			Level 3		Level 3		10/31/2009


Asset Table

Investments, at value Corporate Bonds/Notes	$	16,295,798	$	5,147,000	$	—	$	—	$	(15,223,266	)	$	—		$	(3,330,163	)	$	2,262,778		$	—	$	—	$	5,152,147

Collateralized Mortgage Obligations		1,491,664		1,502,582		—		—		(1,407,765	)		(5,065	)		(251,058	)		172,224			2,228,034		—		3,730,616


Total Investments, at value	$	17,787,462	$	6,649,582	$	—			$	(16,631,031	)	$	(5,065	)	$	(3,581,221	)	$	2,435,002		$	2,228,034	$	—	$	8,882,763


Other Financial Instruments⁺:

Swaps, net of upfront payments	$	176,818	$	—	$	—	$	—	$	(212,796	)	$	—		$	212,796		$	(176,818	)	$	—	$	—	$	—


Total Assets	$	17,964,280	$	6,649,582	$	—	$	—	$	(16,843,827	)	$	(5,065	)	$	(3,368,425	)	$	2,258,184		$	2,228,034	$	—	$	8,882,763

As of October 31, 2009, total change in unrealized gain (loss) on Level 3 securities still held at year end and included in the change in net assets was $32,584.

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.


⁺	Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, swaps, and written options.

See Accompanying Notes to Financial Statements

172

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of October 31, 2009 (continued)

At October 31, 2009 the following forward foreign currency contracts were outstanding for the ING Global Bond Fund:


					In				Unrealized
			Settlement		Exchange				Appreciation
Currency	Buy/Sell		Date		For USD		Value		(Depreciation)

Australian Dollar AUD 13,652,178		BUY		11/17/09		12,329,965		12,269,523	$	(60,442	)
Australian Dollar AUD 778,988		BUY		11/17/09		710,000		700,094		(9,906	)
Australian Dollar AUD 4,338,704		BUY		11/17/09		3,991,000		3,899,292		(91,708	)
Australian Dollar AUD 1,019,552		BUY		11/17/09		932,000		916,295		(15,705	)
Australian Dollar AUD 2,739,609		BUY		11/17/09		2,509,000		2,462,149		(46,851	)
Canadian Dollar CAD 612,783		BUY		11/17/09		592,939		566,323		(26,616	)
Canadian Dollar CAD 1,268,505		BUY		11/17/09		1,226,000		1,172,329		(53,671	)
Canadian Dollar CAD 2,316,640		BUY		11/17/09		2,258,000		2,140,996		(117,004	)
Canadian Dollar CAD 937,188		BUY		11/17/09		903,000		866,131		(36,869	)
Canadian Dollar CAD 814,474		BUY		11/17/09		784,000		752,722		(31,278	)
Chilean Peso CLP 2,400,000,000		BUY		12/4/09		4,519,774		4,534,150		14,376
Danish Krone DKK 6,953,272		BUY		12/4/09		1,375,535		1,373,995		(1,540	)
EU Euro EUR 28,472,987		BUY		11/17/09		42,106,252		41,900,486		(205,766	)
EU Euro EUR 2,095,233		BUY		11/17/09		3,097,000		3,083,319		(13,681	)
EU Euro EUR 2,565,433		BUY		11/17/09		3,848,000		3,775,258		(72,742	)
EU Euro EUR 1,327,382		BUY		11/17/09		1,995,000		1,953,358		(41,642	)
EU Euro EUR 774,848		BUY		11/17/09		1,140,000		1,140,256		256
British Pound
GBP 9,877,591		BUY		12/4/09		16,172,195		16,208,095		35,900
British Pound GBP 913,155		BUY		12/4/09		1,496,000		1,498,392		2,392
Indonesian Rupiah IDR 24,922,800,000		BUY		12/4/09		2,592,614		2,592,719		105
Indian Rupee INR 248,712,000		BUY		12/4/09		5,273,791		5,283,149		9,358
Japanese Yen JPY 612,783		BUY		11/16/09		6,828		6,808		(20	)
Japanese Yen JPY 111,839,714		BUY		11/17/09		1,246,000		1,242,565		(3,435	)
Japanese Yen JPY 2,969,428,675		BUY		11/17/09		33,089,464		32,991,030		(98,434	)
Japanese Yen JPY 54,972,334		BUY		11/17/09		612,783		610,755		(2,028	)
Japanese Yen JPY 55,058,185		BUY		11/17/09		612,783		611,709		(1,074	)
Japanese Yen JPY 98,176,639		BUY		11/17/09		1,069,000		1,090,765		21,765
South Korean Won KRW 8,286,840,000		BUY		12/4/09		6,952,047		7,006,598		54,551
Mexican Peso MXN 7,795,670		BUY		11/17/09		586,736		589,107		2,371
Norwegian Krone NOK 16,583,706		BUY		12/4/09		2,906,596		2,892,533		(14,063	)
New Zealand Dollar NZD 865,600		BUY		11/17/09		633,890		620,371		(13,519	)
New Zealand Dollar NZD 4,874,626		BUY		11/17/09		3,613,000		3,493,618		(119,382	)
New Zealand Dollar NZD 1,922,004		BUY		11/17/09		1,419,000		1,377,490		(41,510	)
Philippine Peso PHP 248,040,000		BUY		12/4/09		5,231,808		5,192,280		(39,528	)
Swedish Krona SEK 17,177,939		BUY		12/4/09		2,437,030		2,422,456		(14,574	)
Taiwan New Dollar TWD 25,000,000		BUY		12/4/09		770,986		771,594		608

									$	(1,031,306	)

Australian Dollar AUD 3,426,184		SELL		11/17/09		3,097,000		3,079,190	$	17,810
Australian Dollar AUD 500,566		SELL		11/17/09		452,000		449,870		2,130
Australian Dollar AUD 4,320,283		SELL		11/17/09		3,991,000		3,882,737		108,263
Australian Dollar AUD 4,166,757		SELL		11/17/09		3,848,000		3,744,759		103,241
Brazilian Real BRL 63,307,837		SELL		12/4/09		36,206,941		35,690,963		515,978
Canadian Dollar CAD 820,060		SELL		11/17/09		784,000		757,884		26,116
Canadian Dollar CAD 374,117		SELL		11/17/09		356,000		345,752		10,248
Canadian Dollar CAD 1,077,935		SELL		11/17/09		998,000		996,207		1,793
EU Euro EUR 735,260		SELL		11/17/09		1,097,000		1,081,999		15,001
EU Euro EUR 779,342		SELL		11/17/09		1,161,000		1,146,870		14,130
EU Euro EUR 1,199,794		SELL		11/17/09		1,782,000		1,765,602		16,398
EU Euro EUR 1,065,439		SELL		11/17/09		1,577,000		1,567,887		9,113
EU Euro EUR 1,584,320		SELL		11/17/09		2,352,000		2,331,465		20,535
British Pound GBP 1,033,554		SELL		12/4/09		1,710,000		1,695,955		14,045
Japanese Yen JPY 54,998,132		SELL		11/16/09		612,783		611,039		1,744
Japanese Yen JPY 612,783		SELL		11/17/09		6,832		6,808		24
Japanese Yen JPY 55,052,976		SELL		11/17/09		612,783		611,651		1,132
Japanese Yen JPY 283,955,475		SELL		11/17/09		3,161,000		3,154,810		6,190
Japanese Yen JPY 339,266,559		SELL		11/17/09		3,742,000		3,769,329		(27,329	)
Japanese Yen JPY 660,407,194		SELL		11/17/09		7,168,000		7,337,274		(169,274	)
Japanese Yen JPY 85,522,836		SELL		11/17/09		932,000		950,178		(18,178	)
Japanese Yen JPY 652,051,542		SELL		11/17/09		7,147,000		7,244,441		(97,441	)
New Zealand Dollar NZD 2,824,530		SELL		11/17/09		2,064,000		2,024,325		39,675
New Zealand Dollar NZD 2,732,099		SELL		11/17/09		2,000,000		1,958,080		41,920
New Zealand Dollar NZD 1,789,656		SELL		11/17/09		1,354,000		1,282,637		71,363

									$	724,627

See Accompanying Notes to Financial Statements

173

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of October 31, 2009 (continued)

ING Global Bond Fund Open Futures Contracts on October 31, 2009:


					Unrealized
	Number		Expiration		Appreciation/
Contract Description	of Contracts		Date		(Depreciation)
Long Contracts

Australia 3-Year Bond		42		12/15/09	$	(33,999	)
Canada 10-Year Bond		12		12/18/09		2,579
Euro-Bobl 5-Year		74		12/08/09		39,298
Euro-Bund		68		12/08/09		42,780
Euro-Schatz		85		12/08/09		23,565
Japan 10-Year Bond (TSE)		8		12/10/09		(61,345	)
Long Gilt		100		12/29/09		24,218
U.S. Treasury 2-Year Note		2		12/31/09		433
U.S. Treasury 5-Year Note		9		12/31/09		3,634

					$	41,163

Short Contracts

U.S. Treasury 10-Year Note		260		12/21/09	$	(233,792	)
U.S. Treasury Long Bond		218		12/21/09		(85,232	)

					$	(319,024	)

ING Global Bond Fund Credit Default Swap Agreements Outstanding on October 31, 2009:

Credit Default Swaps on Corporate and Sovereign Issues — Buy Protection⁽¹⁾

(Pay)/

Upfront

Reference

Receive

Premium

Unrealized

Entity/

Buy/Sell

Fixed

Termination

Notional

Market

Paid/

Appreciation/

Counterparty

Obligation

Protection

Rate (%)

Date

Amount⁽³⁾

Value⁽⁴⁾

(Received)

(Depreciation)

The Royal Bank of

Japan Government

Scotland PLC

2.000%, 03/21/22

Buy

(0.930

)

06/20/14

9,000,000

(146,019

)

—

(146,019

)

(146,019

)

—

(146,019

)

Credit Default Swaps on Credit Indices — Sell Protection⁽²⁾

(Pay)/

Upfront

Reference

Receive

Premium

Unrealized

Entity/

Buy/Sell

Fixed

Termination

Notional

Market

Paid/

Appreciation/

Counterparty

Obligation

Protection

Rate (%)

Date

Amount⁽³⁾

Value⁽⁴⁾

(Received)

(Depreciation)

Barclays Bank PLC

CDX.EM.11 Index

Sell

5.000

06/20/14

2,800,000

256,202

207,014

49,188

Barclays Bank PLC

CDX.EM.11 Index

Sell

5.000

06/20/14

2,333,000

213,471

173,351

40,120

469,673

380,365

89,308


⁽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⁾	If the Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will generally either 1.) Pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or 2.) Pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index.
⁽³⁾	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.
⁽⁴⁾	The market values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing market values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring.

See Accompanying Notes to Financial Statements

174

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of October 31, 2009 (continued)

ING Global Bond Fund Interest Rate Swap Agreements Outstanding on October 31, 2009:

Notional

Unrealized

Termination

Principal

Appreciation/

Date

Amount

(Depreciation)

Receive a fixed rate equal to 6.750% and pay a floating rate based on 28-day MXN-TIIE-BANXICO
Counterparty: Citibank N.A., New York

08/08/12

MXN

171,650,000

4,215

Receive a fixed rate equal to 4.710% and pay a floating rate based on 3-month NZD-BBR-FRA
Counterparty: UBS AG

06/30/11

NZD

71,300,000

(66,042

)

Receive a fixed rate equal to 5.830% and pay a floating rate based on 3-month NZD-BBR-FRA
Counterparty: UBS AG

10/29/11

NZD

71,000,000

90,052

28,225

ING Global Bond Fund Written Options Open on October 31, 2009:

Foreign Currency Options


			Exercise		Expiration			Notional		Premium
Description	Counter Party		Price		Date			Amount		Received		Value
Put Option OTC CHF vs. USD Spot		Deutsche Bank AG		0.9695		01/19/10	CHF		7,164,109	$	69,236	$	(135,749	)
Put Option OTC USD vs. JPY		Citibank		86.3500		12/21/09	USD		6,478,000		74,395		(44,733	)
Put Option OTC USD vs. JPY Spot		Deutsche Bank AG		85.4500		12/29/09	USD		6,500,000		75,335		(40,795	)

										$	218,966	$	(221,277	)

Total Premiums Received:			$	218,966
Total Liabilities for Call Options Written:			$	221,277

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of October 31, 2009 was as follows:


Derivatives not accounted for
as hedging instruments	Location on Statement
under FASB ASC 815	of Assets and Liabilities	Fair Value
Asset Derivatives

Foreign exchange contracts	Investments in securities at value*	$	80,961
Interest rate contracts	Futures variation margin receivable**		145,752
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,178,531
Credit contracts	Unrealized appreciation on swap agreements, net of upfront payments		469,673
Interest rate contracts	Unrealized appreciation on swap agreements, net of upfront payments		94,267

Total Asset Derivatives		$	1,969,184

Liability Derivatives

Interest rate contracts	Payable for futures variation margin**	$	631,751
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts		1,485,210
Credit contracts	Unrealized depreciation on swap agreements, net of upfront payments		146,019
Interest rate contracts	Unrealized depreciation on swap agreements, net of upfront payments		66,042
Foreign exchange contracts	Written options		221,277

Total Liability Derivatives		$	2,550,299


*	Includes purchased options


**	The Fair Values of Derivative Instruments may include cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The effect of derivative instruments on the Fund’s Statement of Operations for the year ended October 31, 2009 was as follows:


Derivatives not accounted for	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
as hedging instruments				Forward Foreign							Written
under FASB ASC 815	Investments*			Currency Contracts		Futures		Swaps			options		Total
Foreign exchange contracts	$	(67,757	)	$	5,341,314	$	—	$	—		$	71,942	$	5,345,499
Interest rate contracts		—			—		1,337,965		2,305,086			—		3,643,051
Credit contracts		—			—		—		(302,044	)		—		(302,044	)

Total	$	(67,757	)	$	5,341,314	$	1,337,965	$	2,003,042		$	71,942	$	8,686,506


	Change in Unrealized Appreciation or (Depreciation)
Derivatives not accounted for as	on Derivatives Recognized in Income
hedging instruments				Forward Foreign									Written
under FASB ASC 815	Investments*			Currency Contracts			Futures			Swaps			options			Total
Foreign exchange contracts	$	(111,023	)	$	(711,457	)	$	—		$	—		$	(2,311	)	$	(824,791	)
Interest rate contracts		—			—			(1,432,147	)		(150,927	)		—			(1,583,074	)
Credit contracts		—			—			—			43,846			—			43,846

Total	$	(111,023	)	$	(711,457	)	$	(1,432,147	)	$	(107,081	)	$	(2,311	)	$	(2,364,019	)


*	Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments.

See Accompanying Notes to Financial Statements

175

PORTFOLIO OF INVESTMENTS

ING Diversified International Fund

as of October 31, 2009


Shares					Value



AFFILIATED INVESTMENT COMPANIES: 100.0%
	781,568	ING Emerging Countries Fund — Class I			$	18,491,889
	4,363,160	ING Foreign Fund — Class I				57,070,127
	2,362,419	ING Index Plus International Equity Fund — Class I				18,450,490
	5,762,275	ING International Capital Appreciation Fund — Class I				51,860,476
	1,367,658	ING International Real Estate Fund — Class I				11,611,412
	851,031	ING International SmallCap Multi-Manager Fund — Class I				26,833,018
	2,321,860	ING International Value Choice Fund — Class I				22,452,384
	2,022,414	ING International Value Fund — Class I				22,853,281

		Total Investments in Affiliated Investment Companies
		(Cost $254,090,651 )*	100.0	%		229,623,077
		Other Assets and Liabilities — Net	(0.0	)		(44,352	)


		Net Assets	100.0	%	$	229,578,725



*		Cost for federal income tax purposes is $284,810,982.

		Net unrealized depreciation consists of:


Gross Unrealized Appreciation	$	1,438,968
Gross Unrealized Depreciation	$	(56,626,873	)

Net Unrealized Depreciation	$	(55,187,905	)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of October 31, 2009 in valuing the Fund’s assets and liabilities:


	Quoted Prices		Significant
	in Active Markets		Other		Significant
	for Identical		Observable		Unobservable		Fair Value
	Investments		Inputs		Inputs		at
	(Level 1)		(Level 2)		(Level 3)		10/31/2009
Asset Table
Investments, at value
Affiliated Investment Companies	$	229,623,077	$	—	$	—	$	229,623,077

Total Investments, at value	$	229,623,077	$	—	$	—	$	229,623,077


ˆ	See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

176

TAX INFORMATION (Unaudited)

Dividends paid during the year ended October 31, 2009 were as follows:


Fund Name	Type		Per Share Amount

ING Global Equity Dividend Fund
Class A		NII	$	0.2224
Class B		NII	$	0.1595
Class C		NII	$	0.1598
Class I		NII	$	0.2614
Class O		NII	$	0.2210
Class W		NII	$	0.2634
All Classes		ROC	$	0.0157
ING Global Natural Resources Fund
Class A		NII	$	0.0208
Class I		NII	$	0.0592
Class W		NII	$	0.0592
All Classes		LTCG	$	0.4332
ING Global Real Estate Fund
Class A		NII	$	0.2698
Class B		NII	$	0.2229
Class C		NII	$	0.2188
Class I		NII	$	0.3049
Class O		NII	$	0.2703
Class W		NII	$	0.3069
Class A		ROC	$	0.0942
Class B		ROC	$	0.0746
Class C		ROC	$	0.0725
Class I		ROC	$	0.1063
Class O		ROC	$	0.0847
Class W		ROC	$	0.1084
All Classes		LTCG	$	0.0139
ING Asia-Pacific Real Estate Fund
Class A		NII	$	0.1109
Class B		NII	$	0.0842
Class C		NII	$	0.0762
Class I		NII	$	0.1341
ING Emerging Countries Fund
Class A		NII	$	0.4960
Class B		NII	$	0.1694
Class C		NII	$	0.2165
Class I		NII	$	0.6293
Class Q		NII	$	0.5041
Class W		NII	$	0.6388
ING European Real Estate Fund
Class A		NII	$	0.3062
Class B		NII	$	0.2746
Class C		NII	$	0.2658
Class I		NII	$	0.3205
ING Foreign Fund
Class A		NII	$	0.4548
Class B		NII	$	0.2990
Class C		NII	$	0.3204
Class I		NII	$	0.5404
Class Q		NII	$	0.1854
Class W		NII	$	0.5428
ING Greater China Fund
Class A		NII	$	0.2117
Class B		NII	$	0.0606
Class C		NII	$	0.0473
Class I		NII	$	0.2787
Class O		NII	$	0.2789
All Classes		LTCG	$	0.6021
ING Index Plus International Equity Fund
Class A		NII	$	0.2323
Class B		NII	$	0.1216
Class C		NII	$	0.1540
Class I		NII	$	0.3160
Class O		NII	$	0.2412
ING International Capital Appreciation Fund
Class A		NII	$	0.1538
Class B		NII	$	0.0371
Class C		NII	$	0.0152
Class I		NII	$	0.2289
Class Q*		NII	$	—
All Classes, except Class Q		ROC	$	0.0052
ING International Real Estate Fund
Class A		NII	$	0.1664
Class B		NII	$	0.1161
Class C		NII	$	0.1131
Class I		NII	$	0.1874
Class W		NII	$	0.1877
ING International SmallCap Multi-Manager Fund
Class A		NII	$	0.7076
Class B		NII	$	0.1704
Class C		NII	$	0.4153
Class I		NII	$	0.9052
Class O		NII	$	0.9028
Class Q		NII	$	0.7551
Class W		NII	$	0.9246
ING International Value Fund
Class A		NII	$	0.3530
Class B		NII	$	0.1701
Class C		NII	$	0.2385
Class I		NII	$	0.4191
Class Q		NII	$	0.4221
Class W*		NII	$	—
All Classes, except Class W*		STCG	$	0.1604
All Classes, except Class W*		LTCG	$	1.3466
ING International Value Choice Fund
Class A		NII	$	0.0758
Class B		NII	$	0.0022
Class C		NII	$	0.0025
Class I		NII	$	0.1182
ING Russia Fund
Class A		LTCG	$	8.0810
Class I*		LTCG	$	—
ING Global Bond Fund
Class A		NII	$	0.1502
Class B		NII	$	0.1184
Class C		NII	$	0.1195
Class I		NII	$	0.2442
Class O		NII	$	0.2606
Class W**		NII	$	0.3251
All Classes, except Class W**		STCG	$	0.2430
ING Diversified International Fund
Class A		NII	$	0.8605
Class B		NII	$	0.7718
Class C		NII	$	0.7703
Class I		NII	$	0.8976
Class O		NII	$	0.8936
Class R		NII	$	0.8393
Class W		NII	$	0.8976

NII — Net investment income

ROC — Return of capital

STCG — Short-term capital gain

LTCG — Long-term capital gain


*	Commenced operations after the dividends and distributions were declared.


**	Commenced operations on June 1, 2009 after the short-term capital gain distribution was declared.

177

TAX INFORMATION (Unaudited) (continued)

Of the ordinary distributions made during the year ended October 31, 2009, the following percentages qualify for the dividends received deduction (DRD) available to corporate shareholders:


Global Equity Dividend		69.93%
Global Natural Resources		100.00%
International SmallCap Multi-Manager		0.24%
International Value		0.09%
International Value Choice		7.31%
Diversified International		0.14%

For the year ended October 31, 2009, the following are percentages of ordinary income dividends paid by the Funds that are designated as qualifying dividend income (QDI) subject to reduced income tax rates for individuals:


Global Equity Dividend		100.00%
Global Natural Resources		100.00%
Asia-Pacific Real Estate		21.17%
Emerging Countries		100.00%
European Real Estate		45.86%
Foreign		100.00%
Greater China		58.99%
Index Plus International Equity		100.00%
International Capital Appreciation		100.00%
International Real Estate		18.85%
International SmallCap Multi-Manager		100.00%
International Value		100.00%
International Value Choice		100.00%
Diversified International		52.44%

Pursuant to Internal Revenue Code Section 871(k)(1), the Funds designate the following percentages of net investment income distributions as interest-related dividends:


Global Equity Dividend		0.01%
Asia-Pacific Real Estate		0.69%
Emerging Countries		7.23%
European Real Estate		0.56%
Foreign		2.21%
Greater China		1.22%
Index Plus International Equity		1.36%
International Capital Appreciation		4.88%
International Real Estate		0.45%
International SmallCap Multi-Manager		1.95%
International Value		1.12%
International Value Choice		6.43%
Global Bond		32.99%

The following funds designate 100% of their short-term capital gain distributions as short-term capital gain dividends as defined in Internal Revenue Code Section 871(k)(2):

International Value

Global Bond

Pursuant to Section 853 of the Internal Revenue Code, the Funds designate the following amounts as foreign taxes paid for the year ended October 31, 2009. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.


	Creditable				Portion of Ordinary Income
	Foreign Taxes		Per Share		Distribution Derived from
	Paid		Amount		Foreign Sourced Income*

Global Equity Dividend	$	322,055	$	0.0221		55.38%
Asia-Pacific Real Estate	$	2,437	$	0.0031		30.84%
Emerging Countries	$	97,517	$	0.0165		78.78%
European Real Estate	$	11,020	$	0.0115		34.00%
Foreign	$	764,480	$	0.0388		100.00%
Greater China	$	44,060	$	0.0133		62.15%
Index Plus International Equity	$	293,392	$	0.0206		100.00%
International Capital Appreciation	$	103,052	$	0.0085		100.00%
International Real Estate	$	730,305	$	0.0115		37.38%
International SmallCap Multi-Manager	$	849,477	$	0.0631		77.74%
International Value	$	4,357,803	$	0.0289		87.57%
International Value Choice	$	97,128	$	0.0191		92.35%
Russia	$	382,080	$	0.0302		98.52%


*	None of the funds listed above derived any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. Shareholders are strongly advised to consult their own tax advisors regarding the appropriate treatment of foreign taxes paid.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

178

DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited)

The business and affairs of the Registrants are managed under the direction of the Board. A Director/Trustee who is not an interested person of the Registrants, as defined in the 1940 Act, is an independent trustee (“Independent Trustee”). The Directors/Trustees and Officers of the registrants are listed below. The Statement of Additional Information includes additional information about directors/trustees of the Registrants and is available, without charge, upon request at (800) 992-0180.


				Number of
				Funds in	Other
				Complex⁽²⁾	Directorships/
	Position(s)	Term of Office		Overseen	Trusteeships
	Held With	and Length of	Principal Occupation(s)	by Director/	Held by
Name, Address and Age	Funds	Time Served⁽¹⁾	During the Past 5 Years	Trustee	Director/Trustee


Colleen D. Baldwin 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 49	Director/ Trustee	IMF November 2007 — Present IMT December 2007 — Present	Consultant, Glantuam Partners, LLC (January 2009 — Present); President, National Charity League/Canaan Parish Board (June 2008 — Present); and Consultant (January 2005 — Present).	140	None.

John V. Boyer⁽³⁾7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 56	Director/ Trustee	January 2005 — Present	President, Bechtler Arts Foundation (January 2008 — Present). Formerly, Consultant (July 2007 — February 2008); President and Chief Executive Officer, Franklin and Eleanor Roosevelt Institute (March 2006 — July 2007); and Executive Director, The Mark Twain House & Museum (September 1989 — March 2006).	140	None.

Patricia W. Chadwick 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age:61	Director/ Trustee	January 2006 — Present	Consultant and President, Ravengate Partners LLC (January 2000 — Present).	140	Wisconsin Energy Corporation (June 2006 — Present).

Peter S. Drotch 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age:67	Director/ Trustee	IMF November 2007 — Present IMT December 2007 — Present	Retired partner, PricewaterhouseCoopers, LLP.	140	First Marblehead Corporation (September 2003- Present).

J. Michael Earley 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age:64	Director/ Trustee	February 2002- Present	Retired. Formerly, President and Chief Executive Officer, Bankers Trust Company, N.A., Des Moines (June 1992 — December 2008).	140	Bankers Trust Company, N.A. Des Moines (June 1992 — Present) and Midamerica Financial Corporation (December 2002 — Present).

Patrick W. Kenny 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age:66	Director/ Trustee	January 2005 — Present	Retired. Formerly, President and Chief Executive Officer, International Insurance Society (June 2001 — June 2009).	140	Assured Guaranty Ltd. (April 2004 — Present) and Odyssey Re Holdings Corp (November 2006 — Present).

Sheryl K. Pressler 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age:58	Director/ Trustee	January 2006 — Present	Consultant (May 2001 — Present).	140	Stillwater Mining Company (May 2002 — Present).

Roger B. Vincent 7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age:64	Chairman and Director/ Trustee	February 2002 — Present	President, Springwell Corporation (March 1989 — Present).	140	UGI Corporation (February 2006 — Present) and UGI Utilities, Inc. (February 2006 — Present).

179

DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)


				Number of
				Funds in	Other
				Complex⁽²⁾	Directorships/
	Position(s)	Term of Office		Overseen	Trusteeships
	Held With	and Length of	Principal Occupation(s)	by Director/	Held by
Name, Address and Age	Funds	Time Served⁽¹⁾	During the Past 5 Years	Trustee	Director/Trustee


Directors who are “Interested Persons”

Robert W. Crispin⁽⁵⁾7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age:62	Director/ Trustee	IMF November 2007 — Present IMT December 2007 — Present	Retired. Chairman and Chief Executive Officer, ING Investment Management Co. (June 2001 — December 2007).	140	ING Canada Inc. (December 2004 — Present) and ING Bank, fsb (June 2001 — Present).

Shaun P. Mathews⁽⁴⁾⁽⁵⁾7337 E. Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age:54	Director/ Trustee	IMF November 2007 — Present IMT December 2007 — Present	President and Chief Executive Officer, ING Investments, LLC (November 2006 — Present). Formerly, President, ING Mutual Funds and Investment Products (November 2004 — — November 2006).	183	ING Services Holding Company, Inc. (May 2000 — Present); Southland Life Insurance Company (June 2002 — Present); and ING Capital Corporation, LLC, ING Funds Distributor, LLC⁽⁶⁾, ING Funds Services, LLC⁽⁷⁾, ING Investments, LLC⁽⁸⁾ and ING Pilgrim Funding, Inc. (December 2005 — Present).


⁽¹⁾		Directors/Trustees serve until their successors are duly elected and qualified. The tenure of each Director/Trustee is subject to the Board’s retirement policy, which states that each Independent Director/Trustee shall retire from service as a Director/Trustee at the conclusion of the first regularly scheduled meeting of the Board that is held after the Director/Trustee reaches the age of 72. A unanimous vote of the Board may extend the retirement date of a Director/Trustee for up to one year. An extension may be permitted if the retirement would trigger a requirement to hold a meeting of shareholders of the Fund under applicable law, whether for purposes of appointing a successor to the Director/Trustee or if otherwise necessary under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer needed.

⁽²⁾		For the purposes of this table (except for Mr. Mathews),“Fund Complex” means the following investment companies: ING Asia Pacific High Dividend Equity Income Fund, ING Equity Trust; ING Funds Trust; ING Global Equity Dividend and Premium Opportunity Fund; ING Global Advantage and Premium Opportunity Fund; ING International High Dividend Equity Income Fund; ING Investors Trust; ING Mayflower Trust; ING Mutual Funds; ING Prime Rate Trust; ING Risk Managed Natural Resources Fund; ING Senior Income Fund; ING Separate Portfolios Trust; ING Variable Insurance Trust; ING Variable Products Trust; and ING Partners, Inc.

⁽³⁾		Mr. Boyer held a seat on the Board of Directors of The Mark Twain House & Museum from September 1989 to November 2005. ING Groep N.V. makes non-material, charitable contributions to The Mark Twain House & Museum.

⁽⁴⁾		Messrs. Mathews and Crispin are deemed to be “interested persons” of the Fund as defined in the 1940 Act because of their relationship with ING Groep, N.V., the parent corporation of the Manager, ING Investment Manager.

⁽⁵⁾		For Mr. Mathews, the Fund Complex also includes the following investment companies: ING Series Fund, Inc.; ING Strategic Allocation Portfolios, Inc.; ING Variable Funds; ING Variable Portfolios, Inc.; ING Balanced Portfolio, Inc.; ING Intermediate Bond Portfolio; and ING Money Market Portfolio.

⁽⁶⁾		ING Funds Distributor, LLC is the successor in interest to ING Funds Distributor, Inc., which was previously known as ING Pilgrim Securities, Inc., and before that was known as Pilgrim Securities, Inc., and before that was known as Pilgrim America Securities, Inc.

⁽⁷⁾		ING Funds Services, LLC was previously named ING Pilgrim Group, LLC. ING Pilgrim Group, LLC is the successor in interest to ING Pilgrim Group, Inc., which was previously known as Pilgrim Group, Inc. and before that was known as Pilgrim America Group, Inc.

⁽⁸⁾		ING Investments, LLC was previously named ING Pilgrim Investments, LLC. ING Pilgrim Investments, LLC is the successor in interest to ING Pilgrim Investments, Inc., which was previously known as Pilgrim Investments, Inc. and before it was known as Pilgrim America Investments, Inc.

180

DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)


		Term of Office
	Position(s) Held	and Length of	Principal Occupation(s)
Name, Address and Age	With Funds	Time Served⁽¹⁾	During the Past 5 Years


Shaun P. Mathews⁽²⁾7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 54	President and Chief Executive Officer	November 2006 — Present	President and Chief Executive Officer, ING Investments, LLC⁽³⁾ (November 2006 — Present). Formerly, President, ING Mutual Funds and Investment Products (November 2004 — November 2006).

Michael J. Roland 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 51	Executive Vice President	February 2002 — Present	Head of Mutual Fund Platform (February 2007 — Present) and Executive Vice President, ING Investments, LLC⁽³⁾and ING Funds Services, LLC⁽⁴⁾ (December 2001 — Present). Formerly, Executive Vice President, Head of Product Management (January 2005 — January 2007); Chief Compliance Officer, ING Investments, LLC⁽³⁾ and Directed Services LLC⁽⁵⁾ (October 2004 — December 2005); and Chief Financial Officer and Treasurer, ING Investments, LLC⁽³⁾ (December 2001 — March 2005).

Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 59	Executive Vice President	ING Mutual Funds May 1999 — Present ING Mayflower Trust November 1999-Present	Executive Vice President, ING Investments, LLC⁽³⁾ (July 2000 — Present) and Chief Investment Risk Officer, ING Investments, LLC⁽³⁾ (January 2003 — Present).

Joseph M. O’Donnell 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 54	Executive Vice President and Chief Compliance Officer	Executive Vice President March 2006 — Present Chief Compliance Officer November 2004 — Present	Chief Compliance Officer of the ING Funds (November 2004 — Present) and Executive Vice President of the ING Funds (March 2006 — Present). Formerly, Chief Compliance Officer of ING Investments, LLC⁽³⁾ (March 2006 — July 2008); Investment Advisor Chief Compliance Officer, Directed Services LLC⁽⁵⁾ (March 2006 — July 2008) ING Life Insurance and Annuity Company (March 2006 — December 2006).

Todd Modic 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 41	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005 — Present	Senior Vice President, ING Funds Services, LLC⁽⁴⁾ (March 2005 — Present). Formerly, Vice President, ING Funds Services, LLC⁽⁴⁾ (September 2002 — March 2005).

Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 45	Senior Vice President	November 2003 — Present	Senior Vice President, ING Investments, LLC⁽³⁾ (October 2003 — Present).

Robert Terris 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 39	Senior Vice President	May 2006 — Present	Senior Vice President, Head of Division Operations, ING Funds Services, LLC⁽⁴⁾ (May 2006 — Present). Formerly, Vice President of Administration, ING Funds Services, LLC⁽⁴⁾ (October 2001 — March 2006).

Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 42	Vice President and Treasurer	ING Mutual Funds May 1999 — Present ING Mayflower Trust November 1999 — Present	Vice President and Treasurer, ING Funds Services, LLC⁽⁴⁾ (November 1995 — Present) and ING Investments, LLC⁽³⁾ (August 1997 — Present).

181

DIRECTOR/TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)


		Term of Office
	Position(s) Held	and Length of	Principal Occupation(s)
Name, Address and Age	With Funds	Time Served⁽¹⁾	During the Past 5 Years


Lauren D. Bensinger 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 55	Vice President	February 2003 — Present	Vice President and Chief Compliance Officer, ING Funds Distributor, LLC⁽⁶⁾ (August 1995 — Present); Vice President, ING Investments, LLC⁽³⁾ and ING Funds Services, LLC⁽⁴⁾ (February 1996 — Present); and Director of Compliance, ING Investments, LLC⁽³⁾ (October 2004 — Present).

William Evans 10 State House Square Hartford, Connecticut 06103 Age: 37	Vice President	September 2007 — Present	Vice President, Head of Mutual Fund Advisory Group (April 2007 — Present). Formerly, Vice President, U.S. Mutual Funds and Investment Products (May 2005 — April 2007) and Senior Fund Analyst, U.S. Mutual Funds and Investment Products (May 2002 — May 2005).

Maria M. Anderson 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 51	Vice President	September 2004 — Present	Vice President, ING Funds Services, LLC⁽³⁾ (September 2004 — Present).

Denise Lewis 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 46	Vice President	January 2007 — Present	Vice President, ING Funds Services, LLC⁽⁴⁾ (December 2006 — Present). Formerly, Senior Vice President, UMB Investment Services Group, LLC (November 2003 — December 2006).

Kimberly K. Springer 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 52	Vice President	March 2006 — Present	Vice President, ING Funds Services, LLC⁽⁴⁾ (March 2006 — Present). Formerly, Assistant Vice President, ING Funds Services, LLC⁽⁴⁾ (August 2004 — March 2006).

Craig Wheeler 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 40	Assistant Vice President	May 2008 — Present	Assistant Vice President — Director of Tax, ING Funds Services, LLC⁽⁴⁾(March 2008 — Present). Formerly, Tax Manager, ING Funds Services, LLC⁽⁴⁾ (March 2005 — March 2008) and Tax Senior, ING Funds Services, LLC⁽⁴⁾ (January 2004 — March 2005).

Huey P. Falgout, Jr. 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 45	Secretary	August 2003 — Present	Chief Counsel, ING Americas, U.S. Legal Services (September 2003 — Present).

Theresa K. Kelety 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 46	Assistant Secretary	August 2003 — Present	Senior Counsel, ING Americas, U.S. Legal Services (April 2008 — Present). Formerly, Counsel, ING Americas, U.S. Legal Services (April 2003 — April 2008).

Kathleen Nichols 7337 East Doubletree Ranch Rd. Scottsdale, Arizona 85258 Age: 34	Assistant Secretary	May 2008 — Present	Counsel, ING Americas, U.S. Legal Services (February 2008 — Present). Formerly, Associate, Ropes & Gray LLP (September 2005 — February 2008)


⁽¹⁾		The officers hold office until the next annual meeting of the Trustees and until their successors shall have been elected and qualified.

⁽²⁾		Mr. Mathews commenced services as CEO and President of the ING Funds on November 11, 2006.

⁽³⁾		ING Investments, LLC was previously named ING Pilgrim Investments, LLC. ING Pilgrim Investments, LLC is the successor in interest to ING Pilgrim Investments, Inc., which was previously known as Pilgrim Investments, Inc. and before that was known as Pilgrim America Investments, Inc.

⁽⁴⁾		ING Funds Services, LLC was previously named ING Pilgrim Group, LLC. ING Pilgrim Group, LLC is the successor in interest to ING Pilgrim Group, Inc., which was previously known as Pilgrim Group, Inc. and before that was known as Pilgrim America Group, Inc.

⁽⁵⁾		Directed Services, LLC is the successor in interest to Directed Services, Inc.

⁽⁶⁾		ING Funds Distributor, LLC is the successor in interest to ING Funds Distributor, Inc., which was previously known as ING Pilgrim Securities, Inc., and before that was known as Pilgrim Securities, Inc., and before that was known as Pilgrim America Securities, Inc.

182

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

Board Consideration and Approval of New Advisory and Sub-Advisory Contracts

Section 15 of the Investment Company Act of 1940 Act, as amended (the “1940 Act”) mandates that, when a series of ING Mutual Funds (the “Trust”) enters into a new sub-advisory agreement (“Sub-Advisory Contract”), the Board of Trustees (the “Board”) of the Trust, including a majority of Board members who have no direct or indirect interest in the Sub-Advisory contract, and who are not “interested persons” of the series, as such term is defined under the 1940 Act (the “Independent Trustees”), must approve the new arrangement. Discussed below are certain factors that the Board considered in determining whether to approve a new Sub-Advisory Contract for ING Foreign Fund (the “Fund”), one of its series.

ING Foreign Fund

Artio Global Management, LLC (“Artio”) has sub-advised ING Foreign Fund since July 2003 pursuant to a Sub-Advisory Contract (the “Former Agreement”) with ING Investments, LLC (the “Adviser”). As discussed in the Semi-Annual Report to Shareholders for the period ended April 30, 2009, the Former Agreement was last approved for renewal by the Board on November 14, 2008. On September 29, 2009, an initial public offering (the “IPO”) by Artio Global Investors, Inc. (“Artio Global Investors”), the parent company of Artio (formerly Julius Baer Management, LLC) was completed.

The 1940 Act requires that an agreement under which a registered investment adviser serves as the sub-adviser to an investment company must provide for the automatic termination of the agreement in the event of its “assignment” (as such term is defined under the 1940 Act). A public offering of an investment adviser’s voting securities often is deemed to result in an assignment of the investment adviser’s advisory agreements. The consummation of the IPO constituted a sale of a controlling block of voting securities of Artio, thereby resulting in the assignment, and automatic termination, of the Former Agreement.

In order for management of the Fund to continue uninterrupted after the sale, the Adviser entered into a new Sub-Advisory Contract with Artio, effective as of September 29, 2009, under which Artio has continued to provide day-to-day management services to the Fund (the “New Agreement”). The IPO did not result in a change to the personnel managing the Fund or its investment strategies.

In anticipation of the IPO, at a meeting held on September 10, 2009, the Board, including a majority of the Independent Trustees, determined to re-appoint Artio as sub-adviser to the Fund under the New Agreement. In determining whether to approve the New Agreement for the Fund, the Board received and evaluated such information as it deemed necessary for an informed determination of whether the New Agreement should be approved for the Fund. The materials provided to the Board in support of the New Agreements included the following: (1) a memorandum discussing the change of control of Artio and the resulting assignment and automatic termination of the Former Agreement; (2) responses to questions posed by K&L Gates, LLP, the Board’s independent legal counsel, on behalf of the Independent Trustees; (3) supporting documentation, including a copy of the form of New Agreement; and (4) other information relevant to the Board’s evaluation. In addition, the Board considered the information provided periodically throughout the year in presentations to the Board by Management and by Artio in connection with their management of funds in the ING Funds Complex, including the Fund. Such information included, among other things a detailed analysis of the Fund’s performance, including attribution analyses, which had been provided at regular Board meetings.

The Board’s consideration of whether to approve the New Agreement took into account several factors including, but not limited to, the following: (1) the Adviser’s view with respect to Artio’s management of the Fund; (2) the nature and quality of the services to be provided by Artio under the New Agreement and the nature and quality of services provided by Artio under the Former Agreement; (3) the personnel, operations, and investment management capabilities of Artio after the consummation of the IPO, including Artio’s representations that the portfolio management personnel providing day-to-day management services to the Fund would remain in place through the close of the IPO and would continue to manage assets after the close; (4) the fairness of the compensation under the New Agreement in light of the services to be provided by Artio and the fact that there would be no change in the projected profitability of Artio or the Adviser in connection with the IPO; (5) that the sub-advisory fee rate payable by the Adviser under the New Agreement would remain unchanged after the IPO is completed

183

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

and the IPO would not affect the advisory fee payable by the Fund to the Adviser; (6) Artio’s representations that the IPO would not adversely affect the nature and quality of services provided to the Fund and that the IPO was not expected to have a material adverse effect on the ability of Artio to provide those services; (7) Artio’s operations and compliance program, including its policies and procedures intended to assure compliance with the Federal securities laws, which had previously been approved by the Board as part of its oversight of the Fund and other funds in the ING Funds complex; and (8) Artio’s Code of Ethics, which has previously been approved for the Fund and other ING Funds, and related procedures for complying with that Code.

After its deliberation, the Board reached the following conclusions with respect to the Fund: (1) Artio should be re-appointed as the Fund’s sub-adviser under the New Agreement and continue to provide sub-advisory services to the Fund; and (2) the sub-advisory fee rate payable by the Adviser to Artio is reasonable in the context of all factors considered by the Board. The Board also noted that there would be further opportunity for review of the Fund’s more recent performance and other relevant factors in the course of deliberations for the next annual renewal of the Advisory Contracts in November 2009.

Based on these conclusions and other factors, the Board voted to approve the New Agreement. During this approval process, different Board members may have given different weight to different individual factors and related conclusions.

184

ING Funds Distributor, LLC offers the funds listed below. Before investing in a fund, shareholders should carefully review the fund’s prospectus. Investors may obtain a copy of a prospectus of any ING Fund by calling (800) 992-0180 or by going to www.ingfunds.com.

Domestic Equity and Income Funds

ING Balanced Fund

ING Growth and Income Fund

ING Real Estate Fund

Domestic Equity Funds-of-Funds

ING Strategic Allocation Conservative Fund

ING Strategic Allocation Growth Fund

ING Strategic Allocation Moderate Fund

Domestic Equity Growth Funds

ING Corporate Leaders 100 Fund

ING Equity Dividend Fund

ING Growth Opportunities Fund

ING MidCap Opportunities Fund

ING Opportunistic LargeCap Fund

ING Small Company Fund

ING SmallCap Opportunities Fund

ING Tactical Asset Allocation Fund

Domestic Equity Index Funds

ING Index Plus LargeCap Fund

ING Index Plus MidCap Fund

ING Index Plus SmallCap Fund

Domestic Equity Value Funds

ING SmallCap Value Multi-Manager Fund

ING Value Choice Fund

Fixed-Income Funds

ING GNMA Income Fund

ING High Yield Bond Fund

ING Intermediate Bond Fund

Global Equity Funds

ING Global Equity Dividend Fund

ING Global Natural Resources Fund

ING Global Real Estate Fund

ING Global Value Choice Fund

International Equity Funds

ING Alternative Beta Fund

ING Asia-Pacific Real Estate Fund

ING Emerging Countries Fund

ING European Real Estate Fund

ING Foreign Fund

ING Greater China Fund

ING Index Plus International Equity Fund

ING International Capital Appreciation Fund

ING International Real Estate Fund

ING International SmallCap Multi-Manager Fund

ING International Value Fund

ING International Value Choice Fund

ING Russia Fund

Global and International Fixed-Income Funds

ING Global Bond Fund

International Funds-of-Funds

ING Diversified International Fund

ING Global Target Payment Fund

Loan Participation Fund

ING Senior Income Fund

Money Market Funds*

ING Money Market Fund

ING Classic Money Market Fund

An investment in the funds are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds. Please see SEC filings for more information on the funds participation in the U.S. Treasury Department’s Temporary Guarantee Program for money market funds.

Investment Adviser

ING Investments, LLC

7337 East Doubletree Ranch Road

Scottsdale, Arizona 85258

Administrator

ING Funds Services, LLC

7337 East Doubletree Ranch Road

Scottsdale, Arizona 85258

Distributor

ING Funds Distributor, LLC

7337 East Doubletree Ranch Road

Scottsdale, Arizona 85258

Transfer Agent

PNC Global Investment Servicing (U.S.) Inc.

301 Bellevue Parkway

Wilmington, Delaware 19809

Independent Registered Public Accounting Firm

KPMG LLP

99 High Street

Boston, Massachusetts 02110

Custodian

The Bank of New York Mellon

One Wall Street

New York, New York 10286

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

For more complete information, or to obtain a prospectus on any ING Fund, please call your Investment Professional or ING Funds Distributor, LLC at (800) 992-0180 or log on to www.ingfunds.com. The prospectus should be read carefully before investing. Consider the fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund.

PRAR-UINTALL (1009-122209)

Item 2. Code of Ethics.

As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 10 (a)(l), Exhibit 99.CODE ETH.

Item 3. Audit Committee Financial Expert.

The Board of Trustees has determined that J. Michael Earley is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Earley is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a)		Audit Fees: The aggregate fees billed for each of the last two fiscal years for professional services rendered by KPMG LLP (“KPMG”), the principal accountant for the audit of the registrant’s annual financial statements, for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $114,170 for year ended October 31, 2009 and $158,162 for year ended October 31, 2008.

(b)		Audit-Related Fees: The aggregate fees billed in each of the last two fiscal years for assurance and related services by KPMG that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $2,150 for the year ended October 31, 2009 and $2,150 for the year ended October 31, 2008.

(c)		Tax Fees: The aggregate fees billed in each of the last two fiscal years for professional services rendered by KPMG for tax compliance, tax advice, and tax planning were $22,306 in the year ended October 31, 2009 and $16,067 in the year ended October 31, 2008. Such services induced review of excise distribution calculations (if applicable), preparation of the Funds’ federal, state and excise tax returns, tax services related to mergers and routine consulting.

(d)		All Other Fees: The aggregate fees billed in each of the last two fiscal years for products and services provided by KPMG, other than the services reported in paragraphs (a) through (c) of this Item were $2,500 for the year ended October 31, 2009 and $7,500 for the year ended October 31, 2008.

(e)		(1) Audit Committee Pre-Approval Policies and Procedures

AUDIT AND NON-AUDIT SERVICES
PRE-APPROVAL POLICY

I. Statement of Principles

Under the Sarbanes-Oxley Act of 2002 (the “Act”), the Audit Committee of the Board of Directors or Trustees (the “Committee”) of the ING Funds (each a “Fund,” collectively, the “Funds”) set out on Exhibit A to this Audit and Non-Audit Services Pre-Approval Policy (“Policy”) is responsible for the oversight of the work of the Funds’ independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors’ independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.

Under Securities and Exchange Commission (“SEC”) rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services (“general pre-approval”) or it may pre-approve specific services (“specific pre-approval”). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds’ independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee’s specific pre-approval.

For both types of approval, the Committee considers whether the subject services are consistent with the SEC’s rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors’ familiarity with the Funds’ business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds’ ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.

The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee’s general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee’s duty to pre-approve services performed by the Funds’ independent auditors.

II. Audit Services

The annual audit services engagement terms and fees are subject to the Committee’s specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds’ annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds’ financial statements (e.g., information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.

The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.

The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.

III. Audit-related Services

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds’ financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors’ independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-SAR or Form N-CSR.

The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.

IV. Tax Services

The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors’ independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds’ independent auditors that do not, in the Committee’s view, impair auditor independence and that are consistent with the SEC’s rules on auditor independence.

The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult

outside counsel to determine that tax planning and reporting positions are consistent with this Policy.

The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.

V. Other Services

The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.

The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.

A list of the SEC’s prohibited non-audit services is attached to this Policy as Appendix E. The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC’s prohibitions.

VI. Pre-approval of Fee levels and Budgeted Amounts

The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee’s specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund’s audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).

VII. Procedures

Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.

VIII. Delegation

The Committee may delegate pre-approval authority to one or more of the Committee’s members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.

IX. Additional Requirements

The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors’ independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.

Effective April 23, 2008, the KPMG LLP (“KPMG”) audit team for the ING Funds accepted the global responsibility for monitoring the auditor independence for KPMG relative to the ING Funds. Using a proprietary system called Sentinel, the audit team is able to identify and manage potential conflicts of interest across the member firms of the KPMG International Network and prevent the provision of prohibited services to the ING entities that would impair KPMG independence with the respect to the ING Funds. In addition to receiving pre-approval from the ING Funds Audit Committee for services provided to the ING Funds and for services for ING entities in the Investment Company Complex, the audit team has developed a process for periodic notification via email to the ING Funds’ Audit Committee Chairpersons regarding requests to provide services to ING Groep NV and its affiliates from KPMG offices worldwide. Additionally, KPMG provides a quarterly summary of the fees for services that have commenced for ING Groep NV and Affiliates at each Audit Committee Meeting.

Last Approved: November 13, 2008

Appendix A
Pre-Approved Audit Services for the Pre-Approval Period January 1, 2009 through December 31, 2009


Service	The Fund(s)	Fee Range
Statutory audits or financial audits (including tax services associated with audit services)	Ö	As presented to Audit Committee¹

Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., consents), and assistance in responding to SEC comment letters.	Ö	Not to exceed $9,750 per filing

Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies.	Ö	Not to exceed $8,000 during the Pre-Approval Period

Seed capital audit and related review and issuance of consent on the N-2 registration statement	Ö	Not to exceed $12,600 per audit


¹		For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix B
Pre-Approved Audit-Related Services for the Pre-Approval Period January 1, 2009 through December 31, 2009


		Fund
Service	The Fund(s)	Affiliates	Fee Range
Services related to Fund mergers (Excludes tax services — See Appendix C for tax services associated with Fund mergers)	Ö	Ö	Not to exceed $10,000 per merger

Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [Note: Under SEC rules some consultations may be “audit” services and others may be “audit-related” services.]	Ö		Not to exceed $5,000 per occurrence during the Pre-Approval Period

Review of the Funds’ semi-annual financial statements	Ö		Not to exceed $2,200 per set of financial statements per fund

Reports to regulatory or government agencies related to the annual engagement	Ö		Up to $5,000 per occurrence during the Pre-Approval Period

Regulatory compliance assistance	Ö	Ö	Not to exceed $5,000 per quarter

Training courses		Ö	Not to exceed $2,000 per course

For Prime Rate Trust, agreed upon procedures for quarterly reports to rating agencies	Ö		Not to exceed $9,450 per quarter

For Prime Rate Trust and Senior Income Fund, agreed upon procedures for the Revolving Credit and Security Agreement with Citigroup	Ö		Not to exceed $21,000 per fund per year

Appendix C
Pre-Approved Tax Services for the Pre-Approval Period January 1, 2009 through December 31, 2009


		Fund
Service	The Fund(s)	Affiliates	Fee Range
Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions	Ö		As presented to Audit Committee²

Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis	Ö		As presented to Audit Committee²

Assistance and advice regarding year-end reporting for 1099’s	Ö		As presented to Audit Committee²

Tax assistance and advice regarding statutory, regulatory or administrative developments	Ö	Ö	Not to exceed $5,000 for the Funds or for the Funds’ investment adviser during the Pre-Approval Period


²		For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors’ Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix C, continued


		Fund
Service	The Fund(s)	Affiliates	Fee Range
Tax training courses		Ö	Not to exceed $2,000 per course during the Pre-Approval Period

Tax services associated with Fund mergers	Ö	Ö	Not to exceed $4,000 per fund per merger during the Pre-Approval Period

Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, and similar routine tax consultations.	Ö		Not to exceed $120,000 during the Pre-Approval Period

Appendix D
Pre-Approved Other Services for the Pre-Approval Period January 1, 2009 through December 31, 2009


Service	The Fund(s)	Fund Affiliates	Fee Range
Agreed-upon procedures for Class B share 12b-1 programs		Ö	Not to exceed $60,000 during the Pre-Approval Period

Security counts performed pursuant to Rule 17f-2 of the 1940 Act (i.e., counts for Funds holding securities with affiliated sub-custodians) Cost to be borne 50% by the Funds and 50% by ING Investments, LLC.	Ö	Ö	Not to exceed $5,000 per Fund during the Pre-Approval Period

Agreed upon procedures for 15 (c) FACT Books	Ö		Not to exceed $35,000 during the Pre-Approval Period

Appendix E

Prohibited Non-Audit Services
Dated: January 1, 2009

	•		Bookkeeping or other services related to the accounting records or financial statements of the Funds

	•		Financial information systems design and implementation

	•		Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

	•		Actuarial services

	•		Internal audit outsourcing services

	•		Management functions

	•		Human resources

	•		Broker-dealer, investment adviser, or investment banking services

	•		Legal services

	•		Expert services unrelated to the audit

	•		Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible

EXHIBIT A

ING EQUITY TRUST
ING FUNDS TRUST
ING ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND
ING GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND
ING GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND
ING INTERNATIONAL HIGH DIVIDEND EQUITY INCOME FUND
ING RISK MANAGED NATURAL RESOURCES FUND

.
ING INVESTORS TRUST
ING MAYFLOWER TRUST
ING MUTUAL FUNDS
ING PARTNERS, INC.
ING PRIME RATE TRUST
ING SENIOR INCOME FUND
ING SEPARATE PORTFOLIOS TRUST
ING VARIABLE INSURANCE TRUST
ING VARIABLE PRODUCTS TRUST


(e)(2)		Percentage of services referred to in 4(b) — (4)(d) that were approved by the audit committee

		100% of the services were approved by the audit committee.

(f)		Percentage of hours expended attributable to work performed by other than full time employees of KPMG if greater than 50%.

		Not applicable.

(g)		Non-Audit Fees: The non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were $2,042,810 for year ended October 31, 2009 and $2,168,685 for year ended October 31, 2008.

(h)		Principal Accountants Independence: The Registrant’s Audit committee has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining KPMG’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments

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 minimum 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 90^th day prior to such meeting and not later than the close of business on the later of the 60^th day prior to such meeting or the 10^th day following the day on which public announcement of the date of the meeting is first made, by either disclosure in a press release or in a document publicly filed by the Fund with the Securities and Exchange Commission.

Item 11. Controls and Procedures.

(a)		Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b)		There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)		Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)(2)		A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

(b)		The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

(3)		Not applicable.

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: January 6, 2010

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: January 6, 2010


By		/s/ Todd Modic Todd Modic
		Senior Vice President and Chief Financial Officer

Date: January 6, 2010

Ing Mayflower Trust Inactive N-CSRCertified annual shareholder report (management investment company)