Ing Mayflower Trust N-CSRS Certified semi-annual shareholder report (management investment company)

OMB APPROVAL
OMB Number: 3235-0570
Expires: August 31, 2011
Estimated average burden hours per response: 18.9

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, 2009 to April 30, 2010

Item 1. Reports to Stockholders.

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):

Semi-Annual Report

April 30, 2010

Classes A, B, C, I, O, 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	22
Statements of Assets and Liabilities	26
Statements of Operations	36
Statements of Changes in Net Assets	41
Financial Highlights	50
Notes to Financial Statements	62
Portfolios of Investments	91
Advisory Contract Approval Discussion	154
EX-99.CERT
EX-99.906CERT

Go Paperless with E-Delivery!

Sign up now for on-line prospectuses, fund reports, and proxy statements. In less than five minutes, you can help reduce paper mail and lower fund costs.

Just go to www.ingfunds.com, click on the E-Delivery icon from the home page, follow the directions and complete the quick 5 Steps to Enroll.

You will be notified by e-mail when these communications become available on the internet. Documents that are not available on the internet will continue to be sent by mail.

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.

(THIS PAGE INTENTIONALLY LEFT BLANK)

PRESIDENT’S LETTER

Greek Tragedy: Again!

Dear Shareholder,

As overused as it may be at this point, the metaphor really is apt: ironic parallels exist between ancient Greek drama and today’s sovereign crisis. A common theme of Greek tragedy is that capricious events lead people to make poor decisions. Following the logic of the situation, the characters go on to mismanage their affairs so badly that the gods are forced to intervene. In ancient Greek theatre, the gods came to the rescue by descending on a platform lowered from above the stage. In today’s drama, this role is filled by the European Central Bank (“ECB”), and the platform comes complete with a thundering Zeus (in the form of Germany), who, as in ancient times, scolds the Greeks for their errant ways as he reorders their affairs.

Is there a lesson to be drawn from these parallels, other than that life imitates art? I think there are two, in fact: the first is that a bad start can often lead to a bad outcome. When Greece joined the euro zone as a “peripheral” nation, its economy was not competitive with core members such as France and Germany. By joining the currency bloc, Greece forfeited control of its monetary policy to the ECB; stripped of the ability to devalue its currency or lower interest rates, Athens was left with only painful choices to resolve its fiscal problems.

The second lesson is that individuals, nations or currency zones seldom let the “unthinkable” occur. In life, as in art, the worst possible outcome is letting things get totally out of control. For all its grandstanding, the ECB never really had the option of abandoning Greece without also giving up on the euro.

A common element of tragedy is the failure of local authority and its pre-emption by outside powers. Here in the United States, as we contemplate the European sovereign debt crisis and attempt to gauge its impact on our fortunes, we need to remember that we too are deeply in debt to outsiders. For now, we’re seen as a safe haven, but if we continue to avoid addressing our own budget deficit, at some point we could find ourselves facing the hostility of the global debt markets.

All the more reason, if you are a U.S.-based investor, to make sure your long-term investment program is well diversified globally. As the global economy continues to recover from the recession, economic regions are likely to fare differently, and you want the potential to benefit from those differentials.

We have long recommended a broadly diversified asset mix as most likely to serve your financial needs. Should you choose to add to your portfolio’s global diversification, please discuss prospective changes thoroughly with your investment advisor before taking action.

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

May 13, 2010

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

Market Perspective:  Six Months Ended April 30, 2010

In the first half of the new fiscal year, despite various shocks to confidence, global equities in the form of the MSCI World Index^sm(1) measured in local currencies, including net reinvested dividends (“MSCI” for regions discussed below), returned 12.17%. (The MSCI World Index^sm(1) returned 9.40% for the six months ended April 30, 2010, measured in U.S. dollars.)

If investors were close to despair in late 2008 and the beginning of 2009, then from early-March 2009 they started to take comfort from a few “green shoots” of less bad news in a financial world that remained fraught with danger. The prices of risky assets rebounded sharply.

But by the end of October the mood had changed again. Few investors still believed that the global financial system was on the verge of collapse. Most accepted glumly that governments and central banks had pulled it from the brink by supporting failing institutions at enormous fiscal cost, swollen further by measures to bolster demand against the recession that followed the credit crisis. But stimulative programs must end, interest and tax rates must rise, over-extended households must cut back. Whether consumer and business demand could recover quickly and firmly enough to sustain a new cycle of growth, was the nagging doubt that kept investor sentiment fragile through April, even if the worst of the crisis had passed.

Evidence of recovery continued to build, with the inevitable “ifs” and “buts”.

The housing market had always been in the eye of the financial storm, which broke not long after home prices started to fall in January 2007 (based on the Standard & Poor’s (“S&P”)/Case-Shiller 20-City Composite Home Price Index⁽²⁾, year-over-year). After sliding for more than three years, a 0.6% annual increase was finally recorded in February 2010.

The employment situation has been slow to show real improvement. The unemployment rate peaked at 10.1% in October 2009 but was still as high as 9.7% in March 2010. That month payrolls were up by 162,000, the most since March 2007 and the third increase in five months. But 44.1% of the almost 15 million unemployed have been unemployed for at least 27 weeks. Wage growth remains understandably weak.

On the business front, there were bright spots in the purchasing managers’ indices, which by April indicated the fastest expansion in manufacturing since 2004 and in service industries since 2006.

U.S. gross domestic product (“GDP”) growth for the fourth quarter of 2009 was reported at 5.6% at an annual rate, a rousing performance flattered however, by inventory rebuilding which accounted for two thirds of it. The preliminary reading for the first quarter of 2010 was a better balanced 3.2%.

The most significant overseas news came from China and Greece. China, now the world’s biggest exporter, resumed GDP growth above 10% in the fourth quarter of 2009, tempered by over-investment and a property price bubble that caused the Bank of China repeatedly to restrict lending, thereby threatening global recovery. In profligate Greece, with a 2009 budget deficit of 13.6% and existing sovereign debt above 100% of GDP, default on billions of euro of maturing bonds loomed. Standard and Poor’s downgraded Greece’s long term debt to “junk” status. Eurozone countries, with no single voice, dithered on the need for a bail-out, its size, terms and the involvement of the International Monetary Fund (“IMF”). The yields on Greece’s government bonds ballooned. Signs of contagion to other high deficit countries like Portugal and Spain were visible and some feared for the future of the euro itself. On April 23, Greece, amid strikes and riots, officially called for a life-line, but by April 30 it still dangled out of reach.

This had a pronounced effect on currencies. The dollar rose 11.8% against the euro and 8.3% against the pound: another high budget-deficit currency, but just 3.4% against the yen. In addition, rumblings of discontent about China’s pegged exchange rate could be heard again on Capitol Hill.

In U.S. fixed income markets, the Barclays Capital U.S. Aggregate Bond Index⁽³⁾ of investment grade bonds returned 2.54% in the six months through April, with investment grade corporates (represented by the Barclays Capital Corporate Investment Grade Bond Index⁽⁴⁾) returning 4.83% and outperforming Treasuries (represented by the Barclays Capital U.S. Treasury Index⁽⁵⁾) which returned 0.89%, while high yield bonds (represented by the Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index⁽⁶⁾) did better still with a return of 11.60%.

U.S. equities, represented by the S&P 500^® Composite Stock Price (“S&P 500^®”) Index⁽⁷⁾ including dividends, surged 15.66% in the first half of the fiscal year, with mostly improving company earnings and economic reports vying for supremacy in investors’ minds with European sovereign debt problems, Chinese lending

2

Market Perspective:  Six Months Ended April 30, 2010

restrictions and some unexpected legal and legislative attacks on banks. After nine straight quarters of annual decline, S&P 500^® profits increased substantially in the fourth quarter of 2009 and the first quarter of 2010, leading to higher future estimates and more attractive valuations.

In international markets, the MSCI Japan^® Index⁽⁸⁾ returned 11.89% for the six months through April, its export-oriented industries supported by a rebounding global economy. There remained much to worry about however, with prices falling for 13 months and wages for 21 months before recording a gain in March. The MSCI Europe ex UK^® Index⁽⁹⁾ added 7.06%, but declined in April, unnerved by Greece’s refinancing problems and the broader, deeper dangers. Despite stalled GDP growth in the fourth quarter of 2009, consumer sentiment was improving and the closely-watched composite manufacturing/service industries purchasing managers’ index reached the highest level since August 2007. The MSCI UK^® Index⁽¹⁰⁾ gained 11.77%, despite an April pull-back. The U.K. had to wait until the fourth quarter of 2009 for GDP growth, 0.4%, while investors faced the deflationary prospect of a 10.87% budget deficit, against which decisive action would be difficult after a probably inconclusive election result. But the weaker pound was boosting exports and U.K. stocks were among the cheapest in Europe.

⁽¹⁾ The 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.

⁽²⁾ The S&P/Case-Shiller 20-City Composite Home Price Index is a composite index of the home price index for the top 20 Metropolitan Statistical Areas in the United States. The index is published monthly by Standard & Poor’s.

⁽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 Corporate Investment Grade Bond Index is the corporate component of the Barclays Capital U.S. Credit Index. The U.S. Credit Index includes publicly-issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. The index includes both corporate and non-corporate sectors. The corporate sectors are industrial, utility and finance, which includes both U.S. and non-U.S. corporations.

⁽⁵⁾ 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.

⁽⁶⁾ The Barclays Capital High Yield Bond — 2% Issuer Constrained Composite Index is an unmanaged index that includes all fixed income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity.

⁽⁷⁾ 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.

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

⁽⁹⁾ 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.

⁽¹⁰⁾ 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.

3

ING Global Equity Dividend Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2010
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the six month period ended April 30, 2010, the Fund’s Class A shares, excluding sales charges, provided a total return of 8.63%, compared to the MSCI World Index^{SM (1)}, which returned 9.40% for the same period.

Portfolio Specifics: The Fund’s underperformance for the period was largely attributable to fees and expenses. Currency positioning detracted, mostly because of an overweight to Europe and an underweight to Canada. Sector allocation detracted in most sectors. In contrast, favorable stock selection offset most of the adverse effects of currency positioning and sector allocation.

The sectors that detracted the most from relative results were consumer discretionary and healthcare. Weak stock selection in consumer discretionary hurt the most. Sector allocation in telecommunications and information technology also detracted. The Fund benefited from selection among consumer staples stocks.

Among the top contributing stocks to relative returns for the period were Hershey Co., Nintendo Co. Ltd. (“Nintendo”), Emerson Electric Co. and KT Corp. (Korean Telecom Corporation). In our view, Nintendo’s long-term fundamentals remain strong and the prospects of new products such as the 3D device and the push for new markets, e.g., senior customers with the Dsi XL device also are positive points. The Fund’s position in Sara Lee Corp. (“Sara Lee”) helped results. Sara Lee benefited from profits that beat the Street’s estimates; evidence of restructuring of their portfolio was also supportive. Besides selling certain assets, the company also is launching new products.

During the period, the Fund sold its position in Dow Chemical Co., mainly for valuation reasons after the stock rallied strongly. The Fund initiated a position in Japanese convenience store and supermarket operator Seven & I Holdings Co. Ltd., which posted significant gains during the period.

Most of the performance detractors relative to the benchmark were stocks that the Fund did not own. For example, the two biggest detractions came from not owning Apple Inc. or Bank of America Corp. On the other hand, two Fund holdings also hurt results: positions in Italian energy company ENI S.p.A. and UK real estate investment trust Land Securities Group PLC. The Fund sold Australian bank Suncorp-Metway Ltd. because of weak dividend sustainability. Our view was confirmed a few weeks later when the company disappointed the market by slashing its dividend.

During the period, market attention shifted to focus increasingly on macroeconomic perspectives. There was a “search for comfort” in macro numbers to confirm the recovery, but the news also brought sovereign risk back to the front burner. In addition to certain countries’ downgrades, the Dubai World story dragged down the global markets. Greece was the next center of attention as investors focused on the risks of its sovereign debt crisis spreading contagion to the weakest countries of the euro zone. These events increased market volatility.

Current Strategy and Outlook: Our outlook for the Fund remains positive. We believe investments in quality defensive stocks may give the Fund potential downside protection and lower volatility. Under current market conditions, these potential benefits could contribute to performance. Regardless of scenario, the Fund seeks to identify sectors or stocks where it may exploit temporary undervaluations to capture unrecognized value.

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

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

Top Ten Holdings
as of April 30, 2010
(as a percent of net assets)

Pitney Bowes, Inc.	1.6	%
Royal Dutch Shell PLC	1.6	%
AT&T, Inc.	1.5	%
Chevron Corp.	1.5	%
Nintendo Co., Ltd.	1.5	%
Pfizer, Inc.	1.5	%
ENI S.p.A.	1.4	%
BP PLC	1.4	%
Sumitomo Mitsui Financial Group, Inc.	1.4	%
McDonald’s Corp.	1.3	%

Portfolio holdings are subject to change daily.

4

ING Global Natural Resources Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2010
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the six month period ended April 30, 2010, the Fund’s Class A shares, excluding sales charges, provided a total return of 12.47% 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 15.66% and 13.06%, respectively, for the same period.

Portfolio Specifics: The natural resources sector had positive returns for the reporting period but lagged the broader market rally. This was mostly due to weakness in energy stocks, particularly among the drillers. These companies underperformed due to the oil spill in the Gulf of Mexico, which hurt stocks such as Transocean Ltd. (“Transocean”). In addition, the Greek sovereign debt crisis and fears of a slowdown in Chinese demand hurt investor sentiment with regard to coal and consumable fuels. Returns were strong in the materials sector: companies in the precious metals and forest products sub-industries performed well due to the global economic recovery.

The Fund underperformed for the reporting period. Stock selection within materials was the primary driver of Fund performance. In particular, our picks in the steel and diversified metals and mining sub-sectors were favorable. Within the steel sub-sector, Cliffs Natural Resources Inc., an international mining company that produces iron ore, had the largest positive results as it continued to benefit from its sensitivity to the economic recovery and in turn to the recovery of the auto sector. In the diversified metals and mining sub-sector, Rio Tinto PLC (“Rio”) was among our strongest performers. The company’s share price rose as the company reduced its debt by half and restored dividend payments. In addition, Rio benefited from the sale of its Alcon divisions to Amcor Ltd.

Within energy, stock selection in the coal and consumable fuels sub-sector was beneficial, particularly our decision to own Alpha Natural Resources, Inc. — the stock rose on the back of a good earnings report. In addition, the Fund’s exposure to exploration and production companies such as Cimarex Energy Co. was favorable to returns. The stock rose with positive earnings and an increase in its quarterly cash dividend.

The Fund’s exposure to drilling company Transocean hurt results for the period. Transocean’s stock price fell in reaction to the oil spill in the Gulf of Mexico. In addition, not owning exploration and production company EOG Resources, Inc. detracted from performance. Also detracting from results was the Fund’s underweight of the gold sub-sector of materials. In particular, the Fund’s lack of exposure to Newmont Mining Corp. cost performance.

Current Strategy and Outlook: We continue to believe the long-term case for commodities remains intact. In our opinion, prices will be driven by industrialization and urbanization in emerging economies, and the global need for infrastructure spending. Nevertheless, the current global financial stress has caused a longer than estimated interruption in this secular theme. Since commodities fell sharply in 2008, not many projects have been undertaken to increase supply. As the global economy gradually improves, demand is likely to increase. Therefore, we believe that a finite supply and impending global growth resumption should put pressure on commodity prices, leading to solid return potential for this asset class going forward.

*   Effective April 19, 2010, Mr. Bassett replaced Christopher Corapi 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.

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

Top Ten Holdings
as of April 30, 2010
(as a percent of net assets)

ConocoPhillips	6.8	%
ExxonMobil Corp.	6.6	%
Schlumberger Ltd.	5.6	%
Chevron Corp.	4.3	%
Suncor Energy, Inc.	4.2	%
Canadian Natural Resources Ltd.	3.9	%
Apache Corp.	3.9	%
Barrick Gold Corp.	3.2	%
EnCana Corp.	2.9	%
National Oilwell Varco, Inc.	2.8	%

Portfolio holdings are subject to change daily.

5

ING Global Real Estate Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2010
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Global Real Estate Fund (“Global Real Estate” or 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, LLC — the Sub-Adviser.

Performance: For the six month period ended April 30, 2010, the Fund’s Class A shares, excluding sales charges, provided a total return of 11.47% compared to the Standard & Poor’s (“S&P”) Developed Property Index⁽¹⁾, which returned 13.50% for the same period.

Portfolio Specifics: The past six months have been a period of positive total returns for global real estate stocks, represented by the S&P Developed Property Index, which have advanced by more than 13% as improving economic conditions and favorable capital market conditions have benefited investors. Macro-economic news has been choppy but, we believe on balance it supports the thesis that global economic conditions continue to improve. In the Asia-Pacific region, recent economic data (most notably in China and Singapore) is coming in ahead of consensus expectations and above those governments’ apparent comfort zone. Both the Singapore and Chinese governments have responded to the robust economic numbers with measures designed to curb liquidity and dampen demand — Singapore through its currency exchange rate and China by announcing a series of measures intended to curb speculative demand for residential properties. In the U.S., economic reports are beginning to provide evidence of a sustainable recovery as leading economic indicators are picking-up, consumer confidence is improving, and a positive jobs report (the first in two years) are being well-received by investors. In the European region, the European Central Bank efforts to deal with Greece’s debt problems have underwhelmed the markets thus far, and the emerging debt issues with Spain, Portugal, Ireland, and Italy cast a negative shadow on the strength of economic recovery from this region.

As a result of this dichotomy, central bank policy remains accommodative in the West but is tightening in the East. The Federal Reserve Bank, Bank of Canada, Bank of England and central banks in Europe ex-Scandinavia have kept policy rates on hold, while policy rates in the Asia-Pacific region on the other hand have an upward bias, with the exception of Japan. The delicate balance remains between Western markets (plus Japan) which are attempting to nurse growth back to a self-sustaining pace and Asian markets, which are attempting to cool economic growth that may be excessive. The ability for macro-economic policy to successfully support and sustain economic growth remains a critical backdrop to the recovery in property fundamentals.

Fund performance trailed the benchmark during the period, primarily as the result of country selection decisions. Underweight exposure to the outperforming U.S. and Canadian markets, along with the cash drag of a modest cash position in a positive market, accounted for the majority of the shortfall. In the European region, country selection benefited from an underweight to Continental Europe, which has underperformed in the face of increased concern regarding sovereign debt issues that have precipitated a decline in the Euro. In the Asia-Pacific region, the benefits of positive positioning in Japan and Singapore were offset by positioning in Hong Kong and Australia. Stock selection also hurt returns during the period as sub-par stock selection in the Asia-Pacific region, which was primarily focused in Hong Kong, more than offset positive stock selection in the U.S.

Current Strategy and Outlook: One of the most underestimated effects of the sharp recovery in credit and financial markets over the past year has been the extent to which capitalization rates or yields have compressed. While we believe yield compression to have largely run its course from trough levels, the risk remains to the upside (that yields firm further) as capital returns to the property sector and as property fundamentals continue to improve, however gradual. Listed property company management teams are getting back to the basics of running companies, which can grow earnings both via internal and external growth with a menu of financing alternatives at reasonable costs of capital. We believe that while the returns looking forward for a listed strategy cannot maintain the sharp pace of the last year, they will remain positive on the back of improving economic conditions and an associated improvement in property fundamentals.

The Fund continues to maintain a bias toward what we believe are high-quality companies and are avoiding exposure to countries at the center of the sovereign debt issues in Europe (specifically the countries and markets of Portugal, Italy, Ireland, Greece and Spain) and are also avoiding exposure to companies within the Asia-Pacific region that have significant exposure to China residential development. We remain overweight sectors and countries 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.

⁽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.

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

Top Ten Holdings*
as of April 30, 2010
(as a percent of net assets)

Sun Hung Kai Properties Ltd.	5.7	%
Mitsubishi Estate Co., Ltd.	4.1	%
Mitsui Fudosan Co., Ltd.	3.9	%
Vornado Realty Trust	3.1	%
Cheung Kong Holdings Ltd.	2.9	%
Macerich Co.	2.9	%
Simon Property Group, Inc.	2.9	%
Equity Residential	2.7	%
Westfield Group	2.6	%
Sumitomo Realty & Development Co., Ltd.	2.3	%

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

Portfolio holdings are subject to change daily.

6

ING Global Value Choice Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2010
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the six month period ended April 30, 2010, the Fund’s Class A shares, excluding sales charges, provided a total return of 13.70% compared to the MSCI All Country World Index^{SM (1)} (“MSCI ACWI”) which returned 9.78% for the same period.

Portfolio Specifics: The Fund had positive absolute returns during the six month period ending April 30, 2010 and outperformed its benchmark, the MSCI ACWI.

Much of the Fund’s relative outperformance for the period was due to its investments in the materials and consumer staples sectors. The Fund’s return in the period was negatively impaired on a relative basis by its investments in the consumer discretionary and information technology sectors. The Fund continues to maintain a significant relative overweight in the materials sector and relative underweight in the financials sector.

Two of the period’s top absolute performers were from the materials sector. Canadian-based gold mining company Gabriel Resources Ltd. was the Fund’s top contributor to performance during the period. The company owns 80% of the Rosia Montana Project, one of the largest undeveloped gold projects in the world. In November, the company announced the addition of a major shareholder, and the news significantly lifted the company’s stock price. In addition, U.S.-based Newmont Mining Corp., with operations in Latin America, Africa, and Australia, was among the best contributors to performance.

Consumer staples sector holding Tyson Foods, Inc., a meat protein and food production company, also rallied during the period as a result of improved operating performance and significantly improved investor sentiment. Protein prices were higher on stronger demand and decreased supply, while margins have improved due to lower input costs.

Thales S.A., a French manufacturer of aerospace systems and industrial electronics products, was the Fund’s single largest detractor from performance during the period. The company’s shares declined notably in mid-February after the company reported fiscal year 2009 earnings results below analyst expectations and issued a cautious outlook for 2010. Despite the share price weakness, we believe the company’s long-term fundamentals, as well as its intrinsic value, remain the same. We took advantage of the security’s weakness and added to the position.

Another detractor from the Fund’s performance during the period was Cameco Corp. (“Cameco”). Cameco is the world’s largest uranium producer. Among other assets, the company owns the Cigar Lake mine in northern Saskatchewan’s Athabasca basin which we believe has the potential of providing about 10% of the world’s uranium supply when operation commences. The stock underperformed due to recent weakness in the mineral’s spot price. We also took the opportunity to add to this position in the period.

Current Strategy and Outlook: While we ended the period on a positive note, the questions for investors are many. Where are the next engines for growth? What type of fiscal measures will be needed for governments to gain control of their finances? In the U.S., what are the implications for corporate profits after the passage of sweeping healthcare legislation? Will the devaluation of currencies lead to higher inflation or will deflation take center stage? We believe that focusing on top down themes to construct investment portfolios can be a perilous exercise. For instance, risk avoidance was rewarded as much in 2008 as risk taking was in 2009. As measured by the S&P 500^® Index, the top 50 performers in 2008 increased, on average, by less than 10% in 2009 while the bottom 50 performers in 2008 doubled in 2009. We believe that finding companies that trade at significant discounts to their intrinsic values is the key to delivering solid absolute and relative returns for investors. Understanding the dynamics of a business and focusing on those value opportunities that lay in franchise quality companies, in our view, will reward investors over time.

⁽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.

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

Top Ten Holdings*
as of April 30, 2010
(as a percent of net assets)

Newmont Mining Corp.	4.5	%
Barrick Gold Corp.	4.4	%
Nippon Telegraph & Telephone Corp.	4.0	%
Cameco Corp.	2.8	%
Thales S.A.	2.7	%
Gabriel Resources Ltd.	2.1	%
Wal-Mart Stores, Inc.	2.1	%
Gold Fields Ltd.	2.0	%
Pfizer, Inc.	2.0	%
ERG S.p.A.	2.0	%

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

Portfolio holdings are subject to change daily.

7

ING Asia-Pacific Real Estate Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2010
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Asia-Pacific Real Estate Fund (“Asia-Pacific Real Estate” or 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 LLC — the Sub-Adviser.

Performance: For the six month period ended April 30, 2010, the Fund’s Class A shares, excluding sales charges, provided a total return of 4.47% compared to the Standard & Poor’s (“S&P”) Asia-Pacific Property Index⁽¹⁾ which returned 5.58% for the same period.

Portfolio Specifics: Asia-Pacific real estate stocks, represented by the S&P Asia-Pacific Property Index, advanced by more than 5% over the past six months, as improving capital market conditions and improving economic conditions benefited investors. Performance was led by property companies in Singapore, Japan and Australia. Property companies in the Asia-Pacific region remained positive in the face of increased concerns caused by measures introduced by the Chinese government intended to cool demand for property and temper otherwise strong economic growth.

Macro-economic news has been uneven, but we believe on balance it supports the thesis that global economic conditions continue to improve. In the Asia-Pacific region, Singapore’s first quarter 2010 advance gross domestic product (“GDP”) estimate came in at 13.1% year-on-year, which caused the government to revise its full-year forecast to the 7% to 9% range from the 4.5% to 6.5% range. China’s first quarter 2010 GDP rose 11.9% year-on-year, ahead of expectations and above the government’s apparent comfort zone. Both the Singapore and Chinese governments have responded to the robust economic numbers with measures designed to curb liquidity and dampen demand — Singapore through its currency exchange rate and China by announcing a series of measures intended to curb speculative demand for residential properties.

While central bank policy remains accommodative in the Western markets, policy is tightening in the Asia-Pacific region. Policy rates in the Asia-Pacific region have an upward bias, with the exception of Japan. The delicate balance remains between Western markets (plus Japan) which are attempting to nurse growth back to a self-sustaining pace and Asian markets, which are attempting to cool economic growth that may be excessive.

Property fundamentals are beginning to reflect improving underlying markets. With the first quarter earnings season largely behind us, most property companies have reported earnings and opined on operating trends. Themes include: (1) improving operating numbers; (2) improving expectations; (3) further yield compression; and (4) continued capital raising, both equity and debt.

The Fund underperformed the benchmark for the period, primarily as the result of stock selection. While stock selection was positive in Japan and Australia during the period, this benefit was more than offset by sub-par stock selection in Hong Kong and, to a lesser degree, Singapore. This shortfall was largely the result of the underperformance by fund holdings that have exposure to mainland China residential development (Shimao Property Holdings Ltd., China Resources Land Ltd., Sino-Ocean Land Holdings Ltd. and Keppel Land Ltd.). Country selection decisions hurt performance as an underweight to the outperforming Singapore market overshadowed the value added by an overweight to the outperforming Japanese market.

Current Strategy and Outlook: The Fund continues to maintain a bias toward what we believe are high-quality companies. We remain overweight sectors and countries offering long-term leases and high percentages of earnings from recurring sources (primarily contract lease rental income). We prefer companies offering, in our opinion, more transparency, strong balance sheets and good, experienced management teams. Asia-Pacific property companies generally trade at discounts to underlying real estate value in our estimate.

We believe the rationale for an Asia-Pacific listed property strategy remains very much intact, including the opportunity for diversification in the region, access to solid long-term underlying property fundamentals and the continued expansion of the REIT structure throughout the region. We believe this remains true even under the likely scenario of continued government austerity measures to cool demand in the property sector and temper otherwise strong economic growth.

⁽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.

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

Top Ten Holdings
as of April 30, 2010
(as a percent of net assets)

Westfield Group	10.2	%
Mitsubishi Estate Co., Ltd.	9.5	%
Sun Hung Kai Properties Ltd.	9.2	%
Mitsui Fudosan Co., Ltd.	7.9	%
Cheung Kong Holdings Ltd.	5.9	%
Sumitomo Realty & Development Co., Ltd.	5.2	%
Hang Lung Properties Ltd.	3.9	%
Macquarie Goodman Group	3.2	%
Hongkong Land Holdings Ltd.	3.1	%
Japan Real Estate Investment Corp.	2.9	%

Portfolio holdings are subject to change daily.

8

ING Emerging Countries Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2010
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the six month period ended April 30, 2010, the Fund’s Class A shares, excluding sales charges, provided a total return of 12.23%, compared to the MSCI Emerging Markets Index^sm(1) (“MSCI EM Index^sm”), which returned 12.37% for the same period.

Portfolio Specifics: After the unprecedented stock market rally that started in early March 2009, markets advanced at a more moderate pace during the final months of 2009 and the first four months of 2010. Market volatility remained high over the period. The combination of an ongoing global economic recovery and loose monetary policy provided a benign backdrop for global equities, including equities in emerging markets. Strong economic growth numbers from China helped commodity prices remain at high levels. This supported the macro conditions of commodity exporting countries and helped their currencies appreciate. Emerging markets slightly outperformed developed markets.

For the reporting period, the Fund outperformed the benchmark before deducting fees and expenses, but slightly lagged the benchmark after fees and expenses. During the period, the Fund focused on three key investment themes: 1) a high level of risk appetite among investors, 2) strong commodity prices and 3) domestic demand-driven growth in many emerging markets. The Fund played the risk appetite theme by means of overweight positions in high-risk, Eastern Europe markets such as Hungary, Poland and Turkey. Overweight positions in commodity exporting countries such as Indonesia, Russia and Brazil reflected the commodity theme. The domestic demand theme was incorporated through overweight positions in China, Egypt and Peru. The Fund stayed underweight in the traditionally defensive markets of Malaysia, Israel and Chile.

At the sector level, the Fund was overweight energy, consumer discretionary and consumer staples. We believe the consumer sectors are the best way to play the domestic demand theme. The middle class population is growing rapidly in many emerging countries and, with real wages growing, is becoming an increasingly important driver of economic growth. We funded the overweight positions by underweighting defensive sectors such as healthcare, telecommunications and utilities.

At the stock level, the Fund held significant overweight positions in the main emerging European banks: OTP Bank Nyrt in Hungary, Bank Pekao S.A. in Poland, Turkiye Garanti Bankasi A/S in Turkey and Sberbank of Russian Federation in Russia. We consider these banks to be good quality, liquid proxies of their respective markets. In the commodity sector the Fund held significant positions in copper producer Antofagasta PLC in Chile, coal miner China Shenhua Energy Co. Ltd. (“Shenhua Energy”) in China, oil producer Pacific Rubiales Energy Corp. (“Pacific Rubiales”) in Colombia and Impala Platinum Holdings Ltd. in South Africa. In the consumer space, the Fund held positions in Kia Motors Corp. (“Kia Motors”) in South Korea, Parkson Retail Group Ltd. in China, PT Astra International Tbk in Indonesia, BR Malls Participacoes S.A. in Brazil and Femsa in Mexico.

The overweight positions in China, Indonesia, Hungary, Russia, Turkey and Peru worked well. On the other hand, our underweight positions in Chile, Mexico, India and South Korea detracted from performance. At stock level, some names that added significant value were oil firm Pacific Rubiales in Colombia, car producer Kia Motors in South Korea, and web search engine Baidu.com in China. Shenhua Energy, Industrial and Commercial Bank of China Ltd. and developer CC Land Holdings Ltd. in China were among the worst detractors from absolute performance.

Current Strategy & Outlook: We believe that positive global growth momentum and the supportive global liquidity environment will continue to benefit emerging equity markets. The impact of Chinese tightening measures and possible contagion effects from the Greek tragedy will probably not be enough to derail the strong growth momentum. Interest rates will presumably remain low in developed markets, as well as in most emerging markets.

The Fund continues to increase its exposure to markets — such as Egypt, Indonesia, China and Poland — that are driven primarily by strong domestic demand growth. The Fund is keeping sizeable underweights in global cyclical markets such as Taiwan and South Korea, as well as underweights in defensive markets like Chile and Malaysia. Israel will be reclassified from an emerging to a developed market at the end of May 2010. Consequently, the Fund will sell its position in Israeli pharmaceutical company Teva Pharmaceutical Industries Ltd. in coming months. The Fund continues to prefer consumer discretionary and consumer staples, mainly at the expense of telecommunications and utilities.

*   Effective April 1, 2010, Roberto Lampl is no longer a portfolio manager to the Fund.

⁽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.

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

Top Ten Holdings
as of April 30, 2010
(as a percent of net assets)

Samsung Electronics Co., Ltd.	4.2	%
CIA Vale do Rio Doce	2.4	%
Industrial and Commercial Bank of China Ltd.	2.3	%
HON HAI Precision Industry Co., Ltd.	2.0	%
Petroleo Brasileiro S.A.	2.0	%
Banco Itau Holding Financeira S.A. ADR	1.9	%
Sberbank of Russian Federation	1.8	%
Taiwan Semiconductor Manufacturing Co., Ltd.	1.8	%
Posco	1.8	%
Pacific Rubiales Energy Corp.	1.8	%

Portfolio holdings are subject to change daily.

9

ING European Real Estate Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2010
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING European Real Estate Fund (“European Real Estate” or 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, LLC — the Sub-Adviser.

Performance: For the six month period ended April 30, 2010, the Fund’s Class A shares, excluding sales charges, provided a total return of (4.78)% compared to the Standard & Poor’s Europe Property Index⁽¹⁾ (“S&P Europe Property Index”), which returned (6.55)% for the same period.

Portfolio Specifics: The past six months have proved to be a challenging period for the region’s listed real estate markets as concerns surrounding sovereign debt issues in Greece and possibly elsewhere in the eurozone have weighed on the markets. Within the European region, the return differential between countries during the period was quite substantial, ranging from a positive return posted by Austria, the best-performing market during the period, to a negative return posted by Greece, the poorest-performing market during the period. In all, property companies remain challenged by headwinds which deserve continued scrutiny as we move into the next phase of economic recovery.

To support growth, central bank policy generally remains accommodative as the Bank of England and the European Central Bank have kept policy rates on hold as bankers target a macro-economic policy to sustain economic growth, which remains a critical backdrop to the recovery in property fundamentals.

We believe property fundamentals are beginning to reflect improving underlying markets. With the first quarter earnings season largely behind us, most property companies have reported earnings and opined on operating trends. Themes include: (1) improving operating numbers which are either “less bad” than comparable numbers or even positive; (2) improving expectations; (3) further yield compression; and (4) continued capital raising, both equity and debt.

The Fund outperformed the benchmark for the period as positive stock selection offset the slight drag of country allocation decisions. Stock selection was especially strong in the U.K., where positioning of the Fund benefited from the outperformance of office companies Great Portland Estates PLC and Derwent London PLC, both of which posted positive returns during the period. Stock selection in Austria, France and the Netherlands also added significant value over the past six months. Country allocation decisions were mixed as underweights to the outperforming markets of Switzerland and Austria hurt performance during the period.

Current Strategy and Outlook: The Fund continues to maintain a bias toward what we believe are high-quality companies and is avoiding exposure to countries at the center of the sovereign debt issues (specifically the countries and markets of Portugal, Italy, Ireland, Greece and Spain). We remain overweight sectors and countries offering long-term leases and high percentages of earnings from recurring sources (primarily contract lease rental income). We prefer companies offering, in our opinion, more transparency, strong balance sheets and good, experienced management teams. We believe European property companies are trading at modest discounts to fair value, a little more so in the U.K. than on the Continent.

We believe 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 REIT structure to an increased number of countries. We believe that this remains true even under the scenario of slowing global economic growth over the coming year.

⁽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.

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

Top Ten Holdings
as of April 30, 2010
(as a percent of net assets)

Unibail	19.4	%
Land Securities Group PLC	8.3	%
Hammerson PLC	5.1	%
Klepierre	5.1	%
British Land Co. PLC	5.0	%
Corio NV	4.1	%
Swiss Prime Site AG	3.7	%
Norwegian Property ASA	3.3	%
Derwent Valley Holdings PLC	3.2	%
Segro PLC	2.8	%

Portfolio holdings are subject to change daily.

10

ING Foreign Fund

Portfolio Managers’ Report

Country Allocation

as of April 30, 2010

(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the six month period ended April 30, 2010, the Fund’s Class A shares, excluding sales charges, provided a total return of 4.51% compared to the MSCI All Country World (ex-US) Index^SM(1)(“MSCI ACWI (ex-US)”), which returned 5.76% for the same period.

Portfolio Specifics: Most markets posted solid returns against an improving economic backdrop during the period. Emerging markets outpaced developed markets, with the notable exception of China which barely remained in positive territory. News out of Greece had a negative impact on markets toward the end of the reporting period as the credit crisis confronting Greece and Portugal has ignited concerns of contagion to other European countries with similar fiscal positions.

For the period, the Fund lagged behind its benchmark. Stock selection in emerging markets detracted as did the Fund’s underweight to and stock selection in Japan, while UK stock selection was positive. Within Continental Europe, the decision to underweight banks in Spain and Greece was positive. Additionally, the decision to hedge a portion of the Fund’s euro exposure back to the U.S. dollar contributed to results.

Stock selection in China and South Korea detracted from performance. In particular, China Construction Bank Corp and Industrial & Commercial Bank of China (Asia) Ltd. underperformed. Within Central and Eastern Europe, the Ukraine, Russia and Hungary positively contributed to performance, including positions in UkrTelecom and Ukraine Social Bank (Ukraine) and OTP Bank Nyrt (Hungary).

From a sector perspective, information technology underperformed, due primarily to two positions in Taiwan. Weakness in Gazprom ADS and Lukoil ADS (Russia) contributed to the underperformance in the energy sector. On a positive note, companies held within the materials sector outperformed, including Rio Tinto Ltd. (Australia), Rio Tinto PLC and Xstrata PLC (UK) as well as MMC Norilsk Nickel and Evraz Group SA (Russia). Within financials, stock selection within the UK had a positive effect, however the Fund’s positions in Ageas NV (Belgium), Mediobanca Banca di Credito Finanziario and Unicredito Italiano (Italy) and BNP Paribas (France) underperformed.

Current Strategy and Outlook: We believe that in the near and intermediate term, the concerns about the solvency of Greece and rest of the periphery European Union nations will have a negative effect on Eurozone economic activity, business investment, and consumer spending. Within Europe, we favor defensive growth companies with strong brands and exposure to the growth dynamics of emerging markets. In addition to avoiding the banks in Portugal, Ireland, Greece and Spain, we have moved underweight in financials (both banks and insurers), particularly in Europe. We have also reduced the Fund’s weight in cyclicals, particularly materials stocks. We have put in place some currency hedges out of the euro and Central & Eastern European currencies back to the dollar as a defensive move. We remain underweight in Japan where demographic, debt, and political issues continue to plague the macro picture. Given the current macro picture, even the most stalwart emerging markets are suffering. We have focused our investments to specific areas within the emerging markets. We are avoiding Chinese financials and instead are focusing on the domestic consumer in China. Within India, as the country builds out its infrastructure, we see opportunities within steel, engineering and cement companies. Our Central & Eastern European exposure is skewed to those countries with lower debt/gross domestic product ratios and where we believe there is potential for strong long term growth. Given recent market turmoil, we continue to look for attractively priced opportunities.

⁽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.

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

Top Ten Holdings*
as of April 30, 2010
(as a percent of net assets)

Sberbank of Russian Federation	1.9	%
Novartis AG	1.7	%
Nestle S.A.	1.5	%
Komercni Banka A/S	1.4	%
Fraport AG Frankfurt Airport Services Worldwide	1.3	%
Erste Bank der Oesterreichischen Sparkassen AG	1.3	%
Barrick Gold Corp.	1.3	%
Reckitt Benckiser PLC	1.2	%
GlaxoSmithKline PLC	1.2	%
Market Vectors – Gold Miners ETF	1.2	%

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

Portfolio holdings are subject to change daily.

11

ING Greater China Fund

Portfolio Managers’ Report

Industry Allocation
as of April 30, 2010
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the six month period ended April 30, 2010, the Fund’s Class A shares, excluding sales charges, provided a total return of 2.64% compared to the MSCI All Countries Golden Dragon Index⁽¹⁾, which returned 3.88% for the same period.

Portfolio Specifics: Economic growth in China remained strong during the reporting period. The trade sector rebounded sharply as export growth increased. To moderate liquidity growth, Chinese authorities raised the required reserve ratio of major banks in China three times after the start of the year. The state council also announced various mortgage and land sale policies to prevent the property market from overheating. Facing such headwinds, the Chinese market underperformed the region and some developed markets during the reporting period.

Hong Kong slightly outperformed the regional market. Economic growth was strong and unemployment declined. Thanks to the low interest rate environment, improving employment situation and the low level of new property supply, real estate prices bounced back sharply, surpassing pre-crisis levels in 2008.

Taiwan outperformed the regional markets thanks to the strong recovery in the technology sector. Economic data also confirmed that a solid recovery occurred across external and domestic sectors. Like many other Asian central banks, the Taiwan central bank kept interest rates unchanged during the period, which helped domestic liquidity.

The Fund underperformed its benchmark for the reporting period, due to negative sector allocation effects. Underweight positions in information technology and consumer staples detracted the most from relative results. Another significant detractor was the Fund’s overweight to real estate. Security selection generated positive results and partially offset the drag from asset allocation. The Fund benefited from its holdings of small to mid cap companies such as Chow Sang Sang Holdings International Ltd. and Real Gold Mining Ltd., as rising gold prices and strong jewelry demand from Chinese consumers benefited the stocks. Overweights in selected energy companies such as Yanzhou Coal Mining Co. Ltd. also helped returns thanks to strong volume growth.

The worst detractor from relative results for the period was Glorious Property Holdings Ltd. The Hong Kong government, like its Chinese counterpart, implemented measures to moderate property prices. Some of the stocks in the Fund’s portfolio, such as Kerry Properties Ltd. and New World Development Co. Ltd., underperformed as a result.

Current Strategy and Outlook: The Chinese government has made it clear it wants to prevent home prices from rising too rapidly. While property stocks are unlikely to perform against such a backdrop, we believe share prices already discount much of the bad news and we therefore maintain a neutral view on the sector. Government banking regulators have announced guidelines requiring banks to impose stricter lending criteria, greater transparency and higher provisions for non-performing loans. We believe these measures would reduce market liquidity but in the longer term would save the banking system from greater problems. We therefore retain the Fund’s overweight to the banking sector, given the sector’s attractive valuations.

In our opinion, valuations in China have come back to an attractive level after the recent pullback and so we are maintaining the Fund’s overweight. We continue to like the stock picking ideas in Hong Kong, as they are a cheaper proxy to owning the growth story in China. We believe the corporate tax cuts proposed by the president will help Taiwan to regain its competitiveness against Hong Kong and Singapore. They should benefit traditional industries over the technology sector, given the lack of tax incentives on capital expenditure for the former.

We remain cautious about companies with significant exposure to Europe. We believe Taiwan’s low interest rates, excess savings and improving cross-strait relations may benefit non-technology asset prices. Nevertheless, the stock market of Taiwan is still reliant upon external demand led by a technology recovery. Worries about second half of 2010 still linger; as a result, the Fund is underweight Taiwan with a focus on domestic versus external sectors.

*   Effective February 26, 2010, Nicholas Toovey is no longer a portfolio manager to the Fund.

⁽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.

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

Top Ten Holdings
as of April 30, 2010
(as a percent of net assets)

China Mobile Ltd.	4.9	%
China Construction Bank	4.9	%
Industrial and Commercial Bank of China Ltd.	4.7	%
Wharf Holdings Ltd.	3.3	%
China Life Insurance Co., Ltd.	3.2	%
Taiwan Semiconductor Manufacturing Co., Ltd.	3.0	%
China Petroleum & Chemical Corp.	2.6	%
Yanzhou Coal Mining Co., Ltd.	2.5	%
Hong Kong Exchanges and Clearing Ltd.	2.5	%
Chow Sang Sang Holdings International Ltd.	2.3	%

Portfolio holdings are subject to change daily.

12

ING Index Plus International Equity Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2010
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the six month period ended April 30, 2010, the Fund’s Class A shares, excluding sales charges, provided a total return of 3.16% compared to the MSCI EAFE^® Index, which returned 2.48% for the same period.

Portfolio Specifics: The Fund’s strategy is designed to add value to the MSCI EAFE^® benchmark 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 (generally between 280 and 380). As a first step, the best ranked 200 stocks are selected for inclusion across countries, sectors and industries. To ensure that appropriate index weights and an index-like profile are maintained, an additional 80-180 of the next most attractive securities are added. The Fund is rebalanced monthly to maintain the desired tilt to stocks ranking well in the individual sectors and industries represented in the benchmark.

The Fund’s return outperformed that of the benchmark in the reporting period due mainly to successful stock selection in Japan. Security positioning within Europe also added value. By design, the Fund’s sector and regional weights approximate that of the benchmark, which resulted in a net neutral contribution from regional and sector allocations. The excess return (i.e. Fund return minus benchmark return) was therefore substantially the result of security selection within the regional and sector construct.

The predictive power 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 among industrials had the largest positive impact, while more-modest contributions were recorded in the financials, energy and consumer staples sectors. Adverse selection in materials detracted somewhat from the result.

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

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

Top Ten Holdings
as of April 30, 2010
(as a percent of net assets)

HSBC Holdings PLC	1.8	%
BP PLC	1.3	%
Nestle S.A.	1.3	%
Roche Holding AG – Genusschein	1.3	%
Novartis AG	1.2	%
Royal Dutch Shell PLC – Class B	1.2	%
BHP Billiton Ltd.	1.2	%
Vodafone Group PLC	1.1	%
Telefonica S.A.	1.1	%
Toyota Motor Corp.	1.1	%

Portfolio holdings are subject to change daily.

13

ING International Capital Appreciation Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2010
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the six month period ended April 30, 2010, the Fund’s Class A shares, excluding sales charges, provided a total return of 6.53% compared to the MSCI All Country World (ex-US) Index^{SM (1)} (“MSCI ACWI ex-US^SM”), which returned 5.76% for the same period.

Portfolio Specifics: The six month period ended April 30, 2010 ended with the index posting a positive return as the markets continued to post gains in most major regions. During the period, investors continued to buy equities and invest in the emerging markets. North America (Canada) was the strongest performing region during the period, followed by the emerging markets. Japan and Pacific ex-Japan also posted strong positive returns during the period, while Europe posted a slightly positive return which lagged the overall index. Information technology, materials and industrials were the best performing areas in the market from a sector perspective. Some of the more defensive areas of the market, such as telecommunication services and utilities, as well as financials lagged the broader market.

The Fund’s return was above that of the benchmark over the six month period. From a sector attribution perspective, information technology was the largest contributor to relative performance as stocks such as ARM Holdings PLC and Autonomy Corp. PLC enjoyed a period of strong performance. The healthcare and consumer discretionary sectors also contributed to relative performance with stocks such as Novo-Nordisk A/S and Adidas AG posting positive returns. Five sectors detracted from relative performance, led by the industrials, energy and financials sectors.

From a regional perspective, Europe was the largest contributor on a relative basis with stocks like Millicom International Cellular S.A. posting strong gains during the period. Japan and Pacific ex-Japan were also relative contributors, driven by strong returns in the stocks of Fanuc Ltd. and Li & Fung Ltd. Agile Property Holdings Ltd., a Chinese property company, and China Communications Construction Co. Ltd. detracted from relative performance during the period as the Fund’s holdings in emerging markets underperformed the region. Canada was also a detractor from relative performance during the period. The majority of the outperformance on a regional basis was driven by stock selection during the six month period.

Current Strategy and Outlook: We believe that the rally in international equity markets has been powered by the anticipation of a global economic recovery and relief that the worst case scenario has not occurred; and further that emerging markets will continue to be the engine of growth while growth in the developed economies is likely to remain muted.

In our opinion, while the pace of economic growth has slowed dramatically, the long term outlook for many economies — especially the emerging markets — is still very much alive. We remain optimistic on China with companies there continuing to benefit from infrastructure spending and government stimulus. Brazil and India are also growing faster than the developed world.

Focusing on what we believe are high quality names with good secular growth potential should stand us in good stead. Maintaining a well diversified portfolio of what we believe are high quality international companies should prove beneficial as investors continue to return to equities and global economic growth remains positive.

⁽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.

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

Top Ten Holdings*
as of April 30, 2010
(as a percent of net assets)

Autonomy Corp. PLC	2.5	%
Vedanta Resources PLC	2.2	%
Samsung Electronics Co., Ltd. GDR	2.0	%
Vale S.A. ADR	2.0	%
Rio Tinto Ltd.	2.0	%
ARM Holdings PLC	1.9	%
Millicom International Cellular S.A.	1.8	%
HDFC Bank Ltd. ADR	1.8	%
Fanuc Ltd.	1.7	%
Electricite de France	1.7	%

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

Portfolio holdings are subject to change daily.

14

ING International Real Estate Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2010
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING International Real Estate Fund (“International Real Estate” or 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, LLC — the Sub-Adviser.

Performance: For the six month period ended April 30, 2010, the Fund’s Class A shares, excluding sales charges, provided a total return of 0.90% compared to the Standard & Poor’s (“S&P”) Developed ex-US Property Index⁽¹⁾ which returned 2.96% for the same period.

Portfolio Specifics: International property companies edged higher during the past six months as positive returns in North America and the Asia-Pacific region more than offset negative returns in Europe as concerns surrounding sovereign debt issues in Greece and possibly elsewhere in the eurozone weighed on the stocks, especially of late. Property companies in the Asia-Pacific region have remained positive in the face of increased concerns caused by measures introduced by the Chinese government intended to cool demand for property and temper otherwise strong economic growth. In all, property companies moved forward through headwinds which deserve continued scrutiny as we move into the next phase of economic recovery.

Macro-economic news has been choppy, but we believe on balance it supports the thesis that global economic conditions continue to improve. In the Asia-Pacific region, recent economic data (most notable in China and Singapore) is coming in ahead of consensus expectations and above each government’s apparent comfort zone. Both the Singapore and Chinese governments have responded to the robust economic numbers with measures designed to curb liquidity and dampen demand — Singapore through its currency exchange rate and China by announcing a series of measures intended to curb speculative demand for residential properties. In the European region, the European Central Bank efforts to deal with Greece’s debt problems have underwhelmed the markets thus far, and the emerging debt issues with Spain, Portugal, Ireland, and Italy cast a negative shadow on the strength of economic recovery from this region.

As a result, central bank policy remains accommodative in the West but is tightening in the East. The Bank of Canada, Bank of England and central banks in Europe ex-Scandinavia have kept policy rates on hold. Policy rates in the Asia-Pacific region on the other hand have an upward bias, with the exception of Japan. The delicate balance remains between Western markets (plus Japan) which are attempting to nurse growth back to a self-sustaining pace and Asian markets, which are attempting to cool economic growth that may be excessive. The ability for macro-economic policy to successfully support and sustain economic growth remains a critical backdrop to the recovery in property fundamentals.

Fund performance trailed the benchmark during the period, primarily as a result of stock selection and country selection decisions within the Asia-Pacific region, primarily in Hong Kong and, to a lesser degree, Singapore. This shortfall was largely the result of underperformance by fund holdings that have exposure to mainland China residential development (Shimao Property Holdings Ltd., Sino-Ocean Land Holdings Ltd. and Keppel Land Ltd.). Country selection in the region also detracted from relative performance as an underweight to the outperforming Singapore market overshadowed the value added by an overweight to the outperforming Japanese market. Within Europe, the benefit of positive country allocation decisions that were the result of a continued underweight to Continental Europe was offset by sub-par stock selection, which was focused in the French and U.K. property markets.

Current Strategy and Outlook: One of the most underestimated effects of the sharp recovery in credit and financial markets over the past year has been the extent to which capitalization rates or yields have compressed. While we believe yield compression to have largely run its course from trough levels, the risk remains to the upside (that yields firm further) as capital returns to the property sector and as property fundamentals continue to improve, however gradual. Listed property company management teams are getting back to the basics of running companies, which can grow earnings both via internal and external growth with a menu of financing alternatives at reasonable costs of capital. While, in our opinion, the returns looking forward for a listed strategy cannot maintain the sharp pace of the last year, we believe that they will remain positive on the back of improving economic conditions and an associated improvement in property fundamentals.

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

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

⁽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.

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

Top Ten Holdings
as of April 30, 2010
(as a percent of net assets)

Sun Hung Kai Properties Ltd.	8.8	%
Mitsubishi Estate Co., Ltd.	7.4	%
Mitsui Fudosan Co., Ltd.	6.2	%
Cheung Kong Holdings Ltd.	5.1	%
Westfield Group	4.8	%
Sumitomo Realty & Development Co., Ltd.	3.7	%
Unibail	3.3	%
Land Securities Group PLC	2.9	%
Hongkong Land Holdings Ltd.	2.2	%
Macquarie Goodman Group	2.2	%

Portfolio holdings are subject to change daily.

15

ING International SmallCap Multi-Manager Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2010
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING International SmallCap Multi-Manager Fund (“International SmallCap Multi-Manager” or the “Fund”) seeks maximum long term capital appreciation. Effective January 27, 2010, the Fund’s assets are managed by two sub-advisers — Acadian Asset Management LLC (“Acadian”) 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, and Matthew Dobbs, Portfolio Manager of Schroders.

Performance: For the six month period ended April 30, 2010, the Fund’s Class A shares, excluding sales charges, provided a total return of 11.34% 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 8.95% and 6.93%, respectively, for the same period.

Portfolio Specifics: Acadian Sleeve⁽³⁾ — The fund outperformed the S&P Developed ex-US SmallCap Index by approximately 8.40% over the period, as both value and smaller-cap stocks rose strongly in expectation of global economic recovery. The fund gained active return from both stock selection and country allocations relative to the benchmark. On the stock side, some of the highest active return was seen in the Netherlands, Germany and Japan, while stock selection was also positive in China, India, Switzerland, Italy, Singapore and Belgium. Banking, technology and durables holdings were most successful for the fund’s active return overall. There was some value detracted by stock selection in the U.K., Canada and Australia, in part from underexposure to Canadian materials and energy, and underperforming holdings in healthcare and staples. Positive country return in the fund was driven mainly by emerging markets, particularly the overweightings in China, India, Thailand and Taiwan. The overweighting in Japan was also beneficial. Offsetting this to a small extent was some negative return from the underweighting in Canada. Batterymarch Sleeve⁽³⁾ — The fund outperformed the S&P Developed ex-US SmallCap Index by approximately 0.89% on a gross⁽⁴⁾ basis for the portion of the period during which we managed assets (through January 27). During this period the market rewarded stocks with broader fundamentals rather than just cheapness, as was the case earlier in 2009. This environment favored our investment process which is based on broad fundamentals. Stock selection added value in continental Europe, most notably in the information technology and energy sectors, but was more mixed in the U.K. and Japan where stock selection in the information technology sector detracted. An overweight to the commodity-driven markets of Australia, New Zealand & Canada added value, as those markets collectively had the best return in the benchmark for the period. Schroders Sleeve⁽³⁾ — The fund outperformed the S&P EPAC SmallCap Index by approximately 1.10%. International equity markets made steady progress over the review period, though returns for U.S. based investors were moderated by a recovery in the dollar. Global economic recovery has continued, supported by strong corporate profits, stabilization in employment, modest recovery in capital spending and a rebound in consumer sentiment. The key contribution to positive relative performance over the period has been our overweighting of, and stock selection in, the Pacific ex Japan region. Other positive contributions came from stock selection in continental Europe, particularly in the financial, consumer discretionary and industrial sectors. A modest positive contribution has come from stock selection in Japan, with holdings in information technology and auto parts being particularly rewarding.

Current Strategy and Outlook: Acadian Sleeve⁽³⁾ — The overall theme so far in 2010 is a stabilizing environment that we believe should support more normal risk conditions and a stronger focus on individual stock fundamentals. We believe this will benefit active stock selection strategies in general and our disciplined approach in particular. In our view, the market will be led by stocks with positive earnings at attractive prices. Among these, we believe high-quality stocks are a strikingly good value, both relative to other opportunities and relative to their longer term history. Schroders Sleeve⁽³⁾ — We believe that the current rally in global equity markets is entering a more mature phase. Valuations, while reasonable, are no longer at dramatically cheap levels (smallcap valuations are slightly above the historic average relative to large on a normalised basis), while the capacity for both economic data and corporate earnings to exceed expectations is more limited. We continue to find good opportunities in smaller Asian markets, which remain our sole areas of marked overweighting, skewed towards companies exploiting long-term growth trends in consumption and services such as finance and transport. Europe is the main area of underweighting, particularly in the financial and consumer cyclical areas. We made little change to the modestly underweight position in Japan, remaining focused on companies and sectors sensitive to external demand.

*   Prior to January 27, 2010, the Fund’s assets were managed by three sub-advisers — Acadian, Schroders and Batterymarch Financial Management, Inc. (“Batterymarch”). Effective January 27, 2010, Batterymarch is no longer a sub-adviser to the Fund and all assets of the Fund previously under Batterymarch’s management were re-allocated to Acadian.

(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. Batterymarch’s discussion is for the period of November 1, 2009 through January 27, 2010.
(4)	Gross performance includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees of the Fund or other expenses of investing.

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

Top Ten Holdings*
as of April 30, 2010
(as a percent of net assets)

MTU Aero Engines Holding AG	1.0	%
Rheinmetall AG	0.8	%
Valora Holding AG	0.7	%
Rallye SA	0.7	%
Home Retail Group	0.7	%
CGI Group, Inc. – Class A	0.6	%
Clariant AG	0.6	%
Ten Cate NV	0.6	%
Andritz AG	0.6	%
JFE Shoji Holdings, Inc.	0.5	%

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

Portfolio holdings are subject to change daily.

16

ING International Value Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2010
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING International Value Fund (“International Value” or 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, 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 six month period ended April 30, 2010, the Fund’s Class A shares, excluding sales charges, provided a total return of 2.19% compared to the MSCI Europe, Australasia and Far East^® Index (“MSCI EAFE^® Index”)⁽¹⁾, which returned 2.48% for the same period.

Portfolio Specifics: Brandes Sleeve⁽²⁾ — Favorable results for holdings in the electronic equipment, instruments & components and insurance industries propelled performance for the six-month period ending April 30, 2010. Some of the positions from these industries experiencing the strongest share price appreciation included Tyco Electronics Group SA and MS&AD Insurance. Conversely, declines for holdings in the diversified telecommunication services industry had an unfavorable impact on performance. France Telecom S.A. and Telefonica S.A. were among the holdings from this industry that experienced stock price declines during the period. Among countries, securities based in Japan tended to have the most positive impact on performance. Top performers from Japan included Sony Corp. and Fuji Photo Film Co. Ltd. Gains registered by holdings based in Switzerland and Brazil also proved favorable to performance. Some of the key contributors from these countries included Swiss Reinsurance Company and Centrais Electricas Brasileiras SA. On the contrary, declines for a number of positions in France, including Credit Agricole S.A. and Alcatel-Lucent SA, weighed on results.

During the six-month period ending April 30, 2010, the fund outperformed its benchmark, the MSCI EAFE^® Index. Among the positive contributors to relative performance was the fund’s overweight position (relative to the index) and stock selection in the electronic equipment, instrument & components industry. In addition, the fund benefitted from stock selection in the insurance industry and positions based in Japan and emerging markets. Conversely, the fund’s stock selection and allocation to France-based holdings detracted from performance relative to the index. The fund’s overweight position (relative to the index) in the diversified telecommunication services industry also proved unfavorable to relative performance. Country and industry exposures are the result of our individual security selection — not top-down industry forecasts. As of April 30, 2010, the most substantial weightings were in Japan and in the diversified telecommunication services industry.

ING IM Sleeve⁽²⁾ — The fund underperformed its benchmark mainly due to weak security selection, with a minor detraction from sector allocation. Weak selection was most acute in three sectors: materials, consumer staples and healthcare. Partially offsetting these detractions were contributions from strong selection within the utilities and consumer discretionary sectors. In addition, the losses were mitigated by a modest overweight coupled with strong selection in the information technology sector. From a regional standpoint, stock selection in Japan and Europe detracted the most from performance. Contributions from the fund’s overweight to North America, mainly Canada, helped to mitigate the losses.

Laggard stocks for the period included Mitsui Chemicals, Inc. (“Mitsui Chemical”) and Lafarge SA (“Lafarge”). Mitsui Chemical saw shares slide on an unexpectedly strong yen, weak chemicals market and a need for a capital raise-up. Lafarge shares underperformed after announcing disappointing earnings in developed markets.

Bombardier, Inc. (“Bombardier”) and Volkswagen AG (“Volkswagen”) were among the top performing stocks in the portfolio. Bombardier outperformed amid strong new orders for its C series aircraft. Volkswagen shares were stronger on improving numbers, largely driven by its luxury division and strong demand from emerging markets.

Current Strategy and Outlook: Brandes Sleeve⁽²⁾ — While we monitor short-term events in international equity markets, our investment philosophy focuses on company-by-company analysis. We take a long-term perspective and believe that none or very little of the short-term “market news” provides useful information to investors. ING IM Sleeve⁽²⁾ — International markets have faced stiff headwinds owing to the overhang created by the sovereign debt crisis in Europe. Nevertheless, we believe that the problems largely will be contained and that appropriate measures will help to assuage investors’ fears. Against this backdrop, we will seek opportunities in regions that are not highly correlated to those concerns. With recent elections, government intervention in Europe and the potential slowing of the Chinese economy, we believe the remainder of the year may be marked by a heightened level of volatility.

*  Keith Colestock was removed from the Brandes Large Cap Investment Committee on January 31, 2010.

(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.

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

Top Ten Holdings
as of April 30, 2010
(as a percent of net assets)

Carrefour S.A.	3.0	%
GlaxoSmithKline PLC	2.5	%
Sanofi-Aventis	2.2	%
Tokio Marine Holdings, Inc.	2.1	%
Volkswagen AG	1.6	%
Royal Dutch Shell PLC – Class A	1.6	%
Telecom Italia S.p.A. RNC	1.5	%
Deutsche Telekom AG	1.5	%
HSBC Holdings PLC	1.5	%
Carrefour S.A.	1.5	%

Portfolio holdings are subject to change daily.

17

ING International Value Choice Fund

Portfolio Managers’ Report

Country Allocation
as of April 30, 2010
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING International Value Choice Fund (“International Value Choice” or 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 six month period ended April 30, 2010, the Fund’s Class A shares, excluding sales charges, provided a total return of 7.71% compared to the MSCI Europe, Australasia, Far East^® Index⁽¹⁾ (“MSCI EAFE^® Index”), which returned 2.48% for the same period.

Portfolio Specifics: The Fund was up for the period ending April 30, 2010 and fared better than the MSCI EAFE^® Index for the same period. In U.S. dollar terms, global equity markets continued to post positive results with North America and the emerging markets leading other markets. Concerns regarding sovereign debt levels of several European countries weighed on that region’s results, despite news of the International Monetary Fund’s supportive measures. The U.S. dollar rallied against most major currencies including the euro, yen and British pound during the period, which muted strong local currency returns. Sectors reported a range of results with technology and materials companies rallying overall while financials and utilities companies generally losing ground.

From a relative perspective, the Fund benefited from its under allocation to the financial sector, which as mentioned above was one of the poorer performing sectors, in addition to the Fund’s holdings outperforming those of the benchmark. MS&AD Insurance Group Holdings of Japan, formally known as Mitsui Sumitomo Insurance Holdings, LLC, prior to its merger with Aioi Insurance Co. Ltd. and Nissay Dowa General Insurance Co. Ltd., was the best performing holding of the sector, in addition to being a top contributor to the portfolio’s absolute results. The company had improved its fundamental outlook with the merger, and the stock price rallied from its lows.

Conversely, the Fund’s industrials holdings were a relative detractor. Though the Fund maintains a similar allocation to industrials as the benchmark, the Fund’s sector results trailed that of the benchmark. Thales S.A. (“Thales”) of France, a manufacturer of aerospace systems and industrial electronics products, was the Fund’s single largest detractor from performance during the period. The company’s shares declined notably in mid-February after the company reported fiscal year 2009 earnings results below many analyst expectations and issued a cautious outlook for 2010, perhaps partially attributed to the length of time needed to right-size its cost structure. Thales is a top defense electronics company with leading positions in most of its businesses and despite the share price weakness, we believe the company’s long-term fundamentals, as well as its intrinsic value, remain the same.

Another notable contributor to absolute performance was Magna International, Inc. of Canada, which was the Fund’s largest individual contributor to returns. The auto-parts maker and auto-assembler benefited from the then improving economic picture as well as from government incentive programs designed to aid the auto industry. Furthermore, the collapse of the deal to buy Opel, the German subsidiary of General Motors Corp., further gave investors assurance that the company would not overspend on an acquisition.

The Fund was also aided by currency returns from a relative perspective, as the Fund’s overweight in both South African rand and Canadian dollar and underweight in the British pound and the euro, which continued to weaken during the period, contributed to additional gains versus the benchmark.

Current Strategy and Outlook: While we end the period on a positive note, the questions for investors are many. Where are the next engines for growth? What type of fiscal measures will be needed for governments to gain control of their finances? In the U.S., what are the implications for corporate profits after the passage of sweeping healthcare legislation? Will the devaluation of currencies lead to higher inflation or will deflation take center stage? We believe that focusing on top down themes to construct investment portfolios can be a perilous exercise. For instance, risk avoidance was rewarded as much in 2008 as risk taking was in 2009. We believe that finding companies that trade at significant discounts to their intrinsic values is the key to delivering solid absolute and relative returns for investors. Understanding the dynamics of a business and focusing on those value opportunities that lay in franchise quality companies, in our view, will reward investors over time.

⁽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.

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

Top Ten Holdings*
as of April 30, 2010
(as a percent of net assets)

Barrick Gold Corp.	3.6	%
Royal Dutch Shell PLC ADR – Class B	3.1	%
SK Telecom Co., Ltd. ADR	2.9	%
Coca-Cola West Holdings Co., Ltd.	2.9	%
Dai Nippon Printing Co., Ltd.	2.7	%
Anglogold Ashanti Ltd. ADR	2.7	%
Seven & I Holdings Co., Ltd.	2.6	%
Nippon Telegraph & Telephone Corp. ADR	2.5	%
Kinross Gold Corp.	2.4	%
Sanofi-Aventis	2.4	%

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

Portfolio holdings are subject to change daily.

18

ING Russia Fund

Portfolio Managers’ Report

Industry Allocation
as of April 30, 2010
(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the six month period ended April 30, 2010, the Fund’s Class A shares, excluding sales charges, provided a total return of 21.13% compared to the Russian Trading System (“RTS”) Index⁽¹⁾ and the MSCI Russia 10/40 Index⁽²⁾, which returned 16.91% and 19.84%, respectively, for the same period.

Portfolio Specifics: The last reporting period saw continuation of the global economic recovery. Growth estimates increased, money found its way back into asset markets and investors were rewarded. Along with an improved global growth scenario came higher commodity prices: crude oil rose from the mid $60s per barrel to the upper $80s, which was favorable for commodity producers such as Russia. Russia’s riskiness worked in its favor at a time of increased risk appetite — Russian equities returned around 16% in U.S. dollar terms against the global emerging markets’ aggregate return of about 12% and global developed markets return of around 9% as measured by the MSCI World Index^SM and MSCI Europe, Australasia and Far East^® Index, respectively, in U.S.-dollar terms.

The Fund benefited from the recovery by holding a combination of large-cap, less-risky stocks, that were driven up by better earnings; better global liquidity; and smaller, riskier companies that simply had too much risk priced in. In particular, the Fund benefited from the reforms in Russia’s electricity sector while its relative underinvestment in the low growth and heavily taxed oil and gas sector helped relative performance.

The Fund’s best relative performance contributors at the stock level were overweight positions in electricity companies Territorial Generating Co. 1 and Holding MRSK OAO, regional telecoms operator VolgaTelecom, mining companies Raspadskaya (coal) and Vsmpo-Avisma Corp. (titanium) and regional Bank of St. Petersburg. The Fund also benefitted from its largest underweight position, in gas behemoth OAO Gazprom, which lagged the market significantly. Performance detractors over the period included the underweight positions in steel companies Severstal and NLMK, electricity generator RusHydro and VTB Bank OJSC.

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 immediately after the crisis. Nevertheless, we believe they remain attractive compared to their global emerging market peers. In a continued environment of strong global liquidity and high appetite for risk, we believe the Russian market is likely to continue to outperform other emerging and developed markets. We are, however, acutely aware that any swing in the external environment is likely to put pressure on Russian equities and are thus monitoring closely the news flow on the global economic environment, inflation expectations and interest rates. Aside from 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, liberalization of markets and increasing economic links with China. On a sector basis, 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, while its positioning in Russian banks is currently neutral.

(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.

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.

Top Ten Holdings*
as of April 30, 2010
(as a percent of net assets)

Sberbank of Russian Federation	10.0	%
Lukoil-Spon ADR	7.8	%
MMC Norilsk Nickel ADR	6.4	%
Novatek OAO GDR	5.2	%
Federal Grid Co Unified Energy System JSC	5.0	%
Mechel OAO ADR	4.7	%
OAO Gazprom	4.3	%
Mobile Telesystems Finance SA ADR	4.3	%
OAO Rosneft Oil Co. GDR	4.1	%
Tatneft GDR	3.3	%

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

Portfolio holdings are subject to change daily.

19

ING Global Bond Fund

Portfolio Managers’ Report

Investment Type Allocation

as of April 30, 2010

(as a percent of net assets)

Portfolio holdings are subject to change daily.

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

Performance: For the six month period ended April 30, 2010, the Fund’s Class A shares, excluding sales charges, provided a total return of 0.75% compared to the Barclays Capital Global Aggregate Index⁽¹⁾ (the ”Index”), which returned (1.56)% for the same period.

Portfolio Specifics: The global economy is in the process of recovering from one of the deepest recessions in decades. During much of the reporting period, the economy witnessed improved economic activity in the United States and abroad. Central banks kept interest rates low during the period, while fears of potential inflation caused questions as to when and by how much interest rates might rise in coming months.

There were new fears about sovereign risk centered on the crises in Dubai and Greece — with implications for nations such as the U.S., U.K., Ukraine, Spain and Portugal, which have massive borrowing needs, high outstanding debt or both. The euro was hit extremely hard and there was more uncertainty as the European Central Bank (“ECB”) unveiled a plan to bail out struggling euro zone countries with massive deficits. The BRICs (Brazil, Russia, India and China) saw significant growth, but toward the end of the period, began to take measures to slow their growth rates, spurring fears of inflation in those countries.

The Fund outperformed its benchmark for the period, mainly due to strong sector allocation, which greatly added to the excess returns⁽²⁾. Despite the issues with Greece and other eurozone countries, risk-based assets rallied versus sovereign debt during the first half of the period. The portfolio benefited from overweights to corporates, non-agency residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”). Our focus was on high-quality CMBS. Within corporate bonds, an overweight to financials and lower rated bonds, including high yield, proved beneficial. The strong excess returns of the sectors boosted relative returns from an asset allocation perspective.

The Fund also benefited from exposure to currencies such as the Brazilian real and Mexican peso early in the period. After the emerging markets rallied, we lowered the Fund’s emerging market debt (“EMD”) allocation to reduce risk. Certain off-benchmark positions such as the Indian rupee and the Indonesian rupiah helped performance.

Duration positioning detracted from results over the period, during a time of some interest rate volatility. However, until there is more clarity on how the Federal Reserve Board (the “Fed”) will handle rates, duration has been short and has not been a major contributor to performance.

Current Strategy and Outlook: We look for economic recovery to take hold gradually in 2010. Business investment and inventory rebuilding is helping provide some recent lift to economic growth. In our opinion, gradual recovery in consumer spending and a recovery in household net worth will be important drivers for further economic gains.

We expect modest pressure on U.S. Treasury rates due to the higher debt issuance needs of the U.S. government and the market’s expectation of eventually higher interest rate targeting by the Fed, although we see Fed tightening more likely taking place late 2010 or early 2011. We believe certain central banks in Asia and Scandinavia are likely to continue monetary tightening. The debt woes of the U.K., Greece and other southern European countries place considerable headwinds on economic recovery across Europe, and pose downside risks to global economic recovery.

As credit markets have continued to rally back from the crisis, we continue to see value in a number of sectors such as investment grade corporate bonds, high quality commercial mortgage-backed securities, asset-backed securities and non-agency mortgage securities. We particularly favor large financial institutions given their structural importance to the economy and high diversified sources of revenue generation.

We continue to underweight agency mortgage bonds as spreads have tightened dramatically and the Fed completed its $1.25 trillion mortgage-buying program at the end of March.

In non-investment grade sectors, our EMD model target remains at zero based on current EMD sovereign yields and spreads being near all time lows. Nevertheless, we still favor some investment grade EMD issuers such as Mexico and Brazil. We maintain a 10% overweight target to the high yield sector, where fundamentals remain positive and spreads are still attractive versus other sectors.

(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.

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

Top Ten Holdings*

as of April 30, 2010

(as a percent of net assets)

Brazil Notas do Tesouro Nacional Series F, 10.000%, due 01/01/12	10.3	%
Federal National Mortgage Association, 4.500%, due 06/01/37	2.6	%
U.S. Treasury Note, 4.375%, due 11/15/39	2.6	%
Japan Government Two Year Bond, 0.400%, due 03/15/11	2.0	%
Federal Home Loan Mortgage Corporation, 3.000%, due 04/07/15	1.8	%
Federal Home Loan Mortgage Corporation, 4.340%, due 12/18/17	1.8	%
Federal Home Loan Mortgage Corporation, 3.125%, due 03/16/15	1.8	%
Bundesrepublik Deutschland, 3.750%, due 01/04/19	1.6	%
Bundesrepublik Deutschland, 4.250%, due 07/04/39	1.5	%
Japan Government Ten Year Bond, 1.400%, due 12/20/11	1.2	%

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

Portfolio holdings are subject to change daily.

20

ING Diversified International Fund

Portfolio Managers’ Report

Asset Allocation
as of April 30, 2010
(as a percent of net assets)

Portfolio holdings are subject to change daily.

ING Diversified International Fund (“Diversified International” or 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 six month period ended April 30, 2010, the Fund’s Class A shares, excluding sales charges, provided a total return of 6.64% compared to the MSCI All Country World Index^SM (ex-US)⁽²⁾ (“MSCI ACWI (ex-US)”) which returned 5.76% for the same period.

Portfolio Specifics: The Fund’s outperformance relative to its benchmark was due to the performance of the Underlying Funds and allocations to non-benchmark holdings. Five of the eight underlying funds contributed to outperformance: ING International Value Choice Fund (“International Value Choice”), ING International SmallCap Multi-Manager Fund (“International SmallCap Multi-Manager”), ING Index Plus International Equity Fund (“Index Plus International Equity”), ING International Capital Appreciation Fund (“International Capital Appreciation”) and marginally from ING Emerging Countries Fund (“Emerging Countries”). Three Underlying Funds detracted from results: ING International Real Estate Fund (“International Real Estate”), ING International Value Fund (“International Value”) and ING Foreign Fund (“Foreign”) underperformed their individual primary prospectus benchmarks.

The greatest contributors for the period were International Value Choice and International Small Cap Multi-Manager. International Value Choice Fund’s relative performance benefited from an under allocation to the lagging financials sector, together with good stock selection in that sector. In addition, the Fund’s overweight in the South African rand and Canadian dollar and underweight the weakening euro and British pound contributed currency gains versus the benchmark. Adverse stock selection in the industrials sector was a partial offset. International Small-Cap Multi-Manager Fund’s outperformance was mostly attributable to the Acadian sleeve, in which the highest active return was seen regionally in Netherlands, Germany and Japan and by sector in banking, technology and durables. The Schroder sleeve made a positive contribution to relative performance due mainly to an overweighting and favorable stock selection in the Pacific ex-Japan region. The Batterymarch sleeve existed for almost half of the period, during which it performed in line with its benchmark.

The greatest detractors from relative performance were International Real Estate and Foreign. International Real Estate Fund underperformed mainly because of stock selection and country selection decisions within the Asia-Pacific region, especially Hong Kong and to a lesser degree Singapore, where fund holdings with exposure to mainland China residential development performed poorly. An underweight in Singapore also detracted. In Foreign Fund, stock selection in (especially Asian) emerging markets detracted, as did the Fund’s underweight to and stock selection in Japan.

We made a tactical move during the period, shifting the Fund to an overweight position in emerging markets and an underweight in large-cap core; these positions benefited performance.

Current Strategy and Outlook: The period began with positive returns in the equity markets in November and December. This was followed by poor returns in the beginning of the year, but global markets stabilized and rose strongly through the end of March. Emerging markets outperformed international developed markets, due to the impact of the Greek sovereign debt crisis, which dragged down performance of the European markets.

The global economy continues to experience gradual growth, led by emerging economies. Developed markets are seeing slower productivity growth, so we would expect these markets to perform more weakly than their emerging counterparts.

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.

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.

Target Allocations

as of April 30, 2010

(as a percent of net assets)

International Core	25.0	%
International Growth	17.5	%
International Value	17.5	%
International Small Cap	10.0	%
Emerging Markets	25.0	%
Real Estate	5.0	%

Portfolio holdings are subject to change daily.

21

SHAREHOLDER EXPENSE EXAMPLES (Unaudited)

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

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2009 to April 30, 2010. 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 left section of the table shown below, “Actual Fund Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

	Actual Fund Return									Hypothetical (5% return before expenses)
	Beginning		Ending					Expenses Paid		Beginning		Ending					Expenses Paid
	Account		Account					During the		Account		Account					During the
	Value		Value		Annualized			Period Ended		Value		Value		Annualized			Period Ended
	November 1,		April 30,		Expense			April 30,		November 1,		April 30,		Expense			April 30,
	2009		2010		Ratio			2010*		2009		2010		Ratio			2010*
ING Global Equity Dividend Fund
Class A	$	1,000.00	$	1,086.30		1.40	%	$	7.24	$	1,000.00	$	1,017.85		1.40	%	$	7.00
Class B		1,000.00		1,083.50		2.15			11.11		1,000.00		1,014.13		2.15			10.74
Class C		1,000.00		1,082.70		2.15			11.10		1,000.00		1,014.13		2.15			10.74
Class I		1,000.00		1,088.60		1.02			5.28		1,000.00		1,019.74		1.02			5.11
Class O		1,000.00		1,086.80		1.40			7.24		1,000.00		1,017.85		1.40			7.00
Class W		1,000.00		1,088.50		1.15			5.96		1,000.00		1,019.09		1.15			5.76
ING Global Natural Resources Fund
Class A		1,000.00		1,124.70		1.53			8.06		1,000.00		1,017.21		1.53			7.65
Class I		1,000.00		1,126.50		1.12			5.91		1,000.00		1,019.24		1.12			5.61
Class W		1,000.00		1,125.60		1.28			6.75		1,000.00		1,018.45		1.28			6.41

22

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Fund Return									Hypothetical (5% return before expenses)
	Beginning		Ending					Expenses Paid		Beginning		Ending					Expenses Paid
	Account		Account					During the		Account		Account					During the
	Value		Value		Annualized			Period Ended		Value		Value		Annualized			Period Ended
	November 1,		April 30,		Expense			April 30,		November 1,		April 30,		Expense			April 30,
	2009		2010		Ratio			2010*		2009		2010		Ratio			2010*
ING Global Real Estate Fund
Class A	$	1,000.00	$	1,114.70		1.39	%	$	7.29	$	1,000.00	$	1,017.90		1.39	%	$	6.95
Class B		1,000.00		1,110.80		2.14			11.20		1,000.00		1,014.18		2.14			10.69
Class C		1,000.00		1,111.30		2.14			11.20		1,000.00		1,014.18		2.14			10.69
Class I		1,000.00		1,116.60		0.99			5.20		1,000.00		1,019.89		0.99			4.96
Class O		1,000.00		1,114.70		1.39			7.29		1,000.00		1,017.90		1.39			6.95
Class W		1,000.00		1,116.50		1.14			5.98		1,000.00		1,019.14		1.14			5.71
ING Global Value Choice Fund
Class A		1,000.00		1,137.00		1.50			7.95		1,000.00		1,017.36		1.50			7.50
Class B		1,000.00		1,133.00		2.25			11.90		1,000.00		1,013.64		2.25			11.23
Class C		1,000.00		1,132.60		2.25			11.90		1,000.00		1,013.64		2.25			11.23
Class I		1,000.00		1,139.50		1.10			5.84		1,000.00		1,019.34		1.10			5.51
Class W(1)		1,000.00		1,138.10		1.25			6.63		1,000.00		1,018.60		1.25			6.26
ING Asia-Pacific Real Estate Fund
Class A		1,000.00		1,044.70		1.76			8.92		1,000.00		1,016.07		1.76			8.80
Class B		1,000.00		1,040.90		2.51			12.70		1,000.00		1,012.35		2.51			12.52
Class C		1,000.00		1,039.60		2.51			12.69		1,000.00		1,012.35		2.51			12.52
Class I		1,000.00		1,046.60		1.43			7.26		1,000.00		1,017.70		1.43			7.15
ING Emerging Countries Fund
Class A		1,000.00		1,122.30		1.91			10.05		1,000.00		1,015.32		1.91			9.54
Class B		1,000.00		1,118.10		2.66			13.97		1,000.00		1,011.60		2.66			13.27
Class C		1,000.00		1,118.10		2.66			13.97		1,000.00		1,011.60		2.66			13.27
Class I		1,000.00		1,124.70		1.49			7.85		1,000.00		1,017.41		1.49			7.45
Class W(2)		1,000.00		1,123.90		1.66			8.74		1,000.00		1,016.56		1.66			8.30
ING European Real Estate Fund
Class A		1,000.00		952.20		1.78			8.62		1,000.00		1,015.97		1.78			8.90
Class B		1,000.00		949.80		2.53			12.23		1,000.00		1,012.25		2.53			12.62
Class C		1,000.00		949.40		2.53			12.23		1,000.00		1,012.25		2.53			12.62
Class I		1,000.00		954.40		1.37			6.64		1,000.00		1,018.00		1.37			6.85
ING Foreign Fund
Class A		1,000.00		1,045.10		1.68			8.52		1,000.00		1,016.46		1.68			8.40
Class B		1,000.00		1,041.30		2.43			12.30		1,000.00		1,012.74		2.43			12.13
Class C		1,000.00		1,041.30		2.43			12.30		1,000.00		1,012.74		2.43			12.13
Class I		1,000.00		1,047.40		1.33			6.75		1,000.00		1,018.20		1.33			6.66
Class W(1)		1,000.00		1,047.20		1.43			7.26		1,000.00		1,017.70		1.43			7.15
ING Greater China Fund
Class A		1,000.00		1,026.40		2.07			10.40		1,000.00		1,014.53		2.07			10.34
Class B		1,000.00		1,023.20		2.82			14.15		1,000.00		1,010.81		2.82			14.06
Class C		1,000.00		1,022.80		2.82			14.14		1,000.00		1,010.81		2.82			14.06
Class I		1,000.00		1,028.80		1.71			8.60		1,000.00		1,016.31		1.71			8.55
Class O		1,000.00		1,026.70		2.07			10.40		1,000.00		1,014.53		2.07			10.34

23

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Fund Return									Hypothetical (5% return before expenses)
	Beginning		Ending					Expenses Paid		Beginning		Ending					Expenses Paid
	Account		Account					During the		Account		Account					During the
	Value		Value		Annualized			Period Ended		Value		Value		Annualized			Period Ended
	November 1,		April 30,		Expense			April 30,		November 1,		April 30,		Expense			April 30,
	2009		2010		Ratio			2010*		2009		2010		Ratio			2010*
ING Index Plus International Equity Fund
Class A	$	1,000.00	$	1,031.60		1.16	%	$	5.84	$	1,000.00	$	1,019.04		1.16	%	$	5.81
Class B		1,000.00		1,028.60		1.91			9.61		1,000.00		1,015.32		1.91			9.54
Class C		1,000.00		1,028.60		1.91			9.61		1,000.00		1,015.32		1.91			9.54
Class I		1,000.00		1,033.20		0.91			4.59		1,000.00		1,020.28		0.91			4.56
Class O		1,000.00		1,031.90		1.16			5.84		1,000.00		1,019.04		1.16			5.81
ING International Capital Appreciation Fund
Class A		1,000.00		1,065.30		1.46			7.48		1,000.00		1,017.55		1.46			7.30
Class B		1,000.00		1,061.50		2.21			11.30		1,000.00		1,013.84		2.21			11.03
Class C		1,000.00		1,061.20		2.21			11.29		1,000.00		1,013.84		2.21			11.03
Class I		1,000.00		1,067.80		1.00			5.13		1,000.00		1,019.84		1.00			5.01
Class W(2)		1,000.00		1,066.40		1.27			6.51		1,000.00		1,018.50		1.27			6.36
ING International Real Estate Fund
Class A		1,000.00		1,009.00		1.50			7.47		1,000.00		1,017.36		1.50			7.50
Class B		1,000.00		1,004.90		2.25			11.18		1,000.00		1,013.64		2.25			11.23
Class C		1,000.00		1,005.10		2.25			11.19		1,000.00		1,013.64		2.25			11.23
Class I		1,000.00		1,010.40		1.17			5.83		1,000.00		1,018.99		1.17			5.86
Class W		1,000.00		1,010.10		1.25			6.23		1,000.00		1,018.60		1.25			6.26
ING International SmallCap Multi-Manager Fund
Class A		1,000.00		1,113.40		1.84			9.64		1,000.00		1,015.67		1.84			9.20
Class B		1,000.00		1,109.90		2.49			13.03		1,000.00		1,012.45		2.49			12.42
Class C		1,000.00		1,109.90		2.49			13.03		1,000.00		1,012.45		2.49			12.42
Class I		1,000.00		1,116.30		1.31			6.87		1,000.00		1,018.30		1.31			6.56
Class O		1,000.00		1,114.00		1.74			9.12		1,000.00		1,016.17		1.74			8.70
Class W(1)		1,000.00		1,115.50		1.49			7.82		1,000.00		1,017.41		1.49			7.45
ING International Value Fund
Class A		1,000.00		1,021.90		1.64			8.22		1,000.00		1,016.66		1.64			8.20
Class B		1,000.00		1,018.20		2.34			11.71		1,000.00		1,013.19		2.34			11.68
Class C		1,000.00		1,019.40		2.28			11.42		1,000.00		1,013.49		2.28			11.38
Class I		1,000.00		1,023.60		1.29			6.47		1,000.00		1,018.40		1.29			6.46
Class W(1)		1,000.00		1,023.40		1.34			6.72		1,000.00		1,018.15		1.34			6.71
ING International Value Choice Fund
Class A		1,000.00		1,077.10		1.70			8.76		1,000.00		1,016.36		1.70			8.50
Class B		1,000.00		1,073.40		2.45			12.60		1,000.00		1,012.65		2.45			12.23
Class C		1,000.00		1,074.20		2.45			12.60		1,000.00		1,012.65		2.45			12.23
Class I		1,000.00		1,079.00		1.34			6.91		1,000.00		1,018.15		1.34			6.71
Class W		1,000.00		1,079.10		1.45			7.47		1,000.00		1,017.60		1.45			7.25
ING Russia Fund
Class A		1,000.00		1,211.30		2.07			11.35		1,000.00		1,014.53		2.07			10.34
Class I		1,000.00		1,212.60		1.67			9.16		1,000.00		1,016.51		1.67			8.35
ING Global Bond Fund
Class A		1,000.00		1,007.50		0.90			4.48		1,000.00		1,020.33		0.90			4.51
Class B		1,000.00		1,002.90		1.65			8.19		1,000.00		1,016.61		1.65			8.25
Class C		1,000.00		1,003.10		1.65			8.19		1,000.00		1,016.61		1.65			8.25
Class I		1,000.00		1,009.10		0.58			2.89		1,000.00		1,021.92		0.58			2.91
Class O		1,000.00		1,008.40		0.90			4.48		1,000.00		1,020.33		0.90			4.51
Class W		1,000.00		1,008.90		0.65			3.24		1,000.00		1,021.57		0.65			3.26

24

SHAREHOLDER EXPENSE EXAMPLES (Unaudited) (continued)

	Actual Fund Return									Hypothetical (5% return before expenses)
	Beginning		Ending					Expenses Paid		Beginning		Ending					Expenses Paid
	Account		Account					During the		Account		Account					During the
	Value		Value		Annualized			Period Ended		Value		Value		Annualized			Period Ended
	November 1,		April 30,		Expense			April 30,		November 1,		April 30,		Expense			April 30,
	2009		2010		Ratio			2010*		2009		2010		Ratio			2010*
ING Diversified International Fund**
Class A	$	1,000.00	$	1,066.40		0.37	%	$	1.90	$	1,000.00	$	1,022.96		0.37	%	$	1.86
Class B		1,000.00		1,062.10		1.12			5.73		1,000.00		1,019.24		1.12			5.61
Class C		1,000.00		1,061.70		1.12			5.73		1,000.00		1,019.24		1.12			5.61
Class I		1,000.00		1,067.70		0.10			0.51		1,000.00		1,024.30		0.10			0.50
Class O		1,000.00		1,067.00		0.26			1.33		1,000.00		1,023.51		0.26			1.30
Class R		1,000.00		1,065.20		0.62			3.17		1,000.00		1,021.72		0.62			3.11
Class W		1,000.00		1,068.30		0.00			—		1,000.00		1,024.79		0.00			—

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

**	The annualized expense ratios do not include expenses of underlying funds.
(1)	Effective November 20, 2009, Class Q shareholders of ING Global Value Choice Fund, ING Foreign Fund, ING International SmallCap Multi-Manager Fund and ING International Value Fund were converted to Class W shares of each respective Fund.
(2)	Effective March 8, 2010, Class Q shareholders of ING Emerging Countries Fund and ING International Capital Appreciation Fund were converted to Class W shares of each respective Fund.

25

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2010 (Unaudited)

	ING			ING			ING			ING
	Global			Global			Global			Global
	Equity Dividend			Natural Resources			Real Estate			Value Choice
	Fund			Fund			Fund			Fund
ASSETS:
Investments in securities at value+*	$	135,293,769		$	108,015,681		$	2,196,203,236		$	285,865,211
Investments in affiliates**		—			—			20,194,218			—
Short-term investments at value***		1,392,620			—			34,830,005			15,952,924
Short-term investments in affiliates****		—			1,276,000			73,754,366			23,908,734
Cash		5,058,184			497			—			—
Foreign currencies at value*****		755,803			—			553,061			—
Receivables:
Investment securities sold		977,606			3,460,237			41,084,872			4,086,422
Fund shares sold		509,275			230,402			15,544,600			3,735,274
Dividends and interest		619,727			17,347			8,619,703			1,069,439
Prepaid expenses		36,217			23,733			114,371			47,369
Total assets		144,643,201			113,023,897			2,390,898,432			334,665,373
LIABILITIES:
Payable for investment securities purchased		2,351			2,189,707			44,355,311			3,731,975
Payable for fund shares redeemed		184,318			144,464			5,993,970			1,377,114
Payable upon receipt of securities loaned		1,417,400			—			35,379,069			16,010,478
Payable to affiliates		162,266			109,442			1,876,155			558,003
Payable for directors fees		6,426			10,506			13,781			9,183
Other accrued expenses and liabilities		191,582			98,335			1,219,536			110,430
Total liabilities		1,964,343			2,552,454			88,837,822			21,797,183
NET ASSETS	$	142,678,858		$	110,471,443		$	2,302,060,610		$	312,868,190
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	231,277,596		$	118,082,466		$	2,773,823,437		$	360,367,279
Undistributed (distributions in excess of) net investment income		418,280			(280,607	)		(72,314,132	)		4,996
Accumulated net realized loss		(97,924,185	)		(22,383,120	)		(789,590,217	)		(85,892,148	)
Net unrealized appreciation		8,907,167			15,052,704			390,141,522			38,388,063
NET ASSETS	$	142,678,858		$	110,471,443		$	2,302,060,610		$	312,868,190
+ Including securities loaned at value	$	1,348,967		$	—		$	34,077,088		$	15,369,854
* Cost of investments in securities	$	126,354,512		$	92,962,634		$	1,805,660,098		$	247,407,233
** Cost of investments in affiliates	$	—		$	—		$	19,982,657		$	—
*** Cost of short-term investments	$	1,417,400		$	—		$	35,379,069		$	16,010,478
**** Cost of short-term investments in affiliates	$	—		$	1,276,000		$	73,754,366		$	23,908,734
***** Cost of foreign currencies	$	753,817		$	—		$	547,624		$	—

See Accompanying Notes to Financial Statements

26

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2010 (Unaudited) (continued)

	ING		ING		ING		ING
	Global		Global		Global		Global
	Equity Dividend		Natural Resources		Real Estate		Value Choice
	Fund		Fund		Fund		Fund
Class A:
Net assets	$	44,696,628	$	106,143,003	$	1,004,722,392	$	159,159,125
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		4,410,584		12,103,166		66,049,868		5,364,848
Net asset value and redemption price per share	$	10.13	$	8.77	$	15.21	$	29.67
Maximum offering price per share (5.75%)(1)	$	10.75	$	9.31	$	16.14	$	31.48
Class B:
Net assets	$	13,969,627		n/a	$	22,324,969	$	8,139,188
Shares authorized		unlimited		n/a		unlimited		unlimited
Par value	$	—		n/a	$	—	$	—
Shares outstanding		1,382,422		n/a		1,757,559		257,184
Net asset value, redemption price and maximum offering price per share(2)	$	10.11		n/a	$	12.70	$	31.65
Class C:
Net assets	$	34,478,000		n/a	$	181,541,006	$	75,752,870
Shares authorized		unlimited		n/a		unlimited		unlimited
Par value	$	—		n/a	$	—	$	—
Shares outstanding		3,420,903		n/a		13,511,387		2,695,970
Net asset value, redemption price and maximum offering price per share(2)	$	10.08		n/a	$	13.44	$	28.10
Class I:
Net assets	$	4,678,009	$	4,031,358	$	864,831,376	$	57,482,285
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		461,189		460,276		56,841,167		1,922,679
Net asset value, redemption price and maximum offering price per share	$	10.14	$	8.76	$	15.21	$	29.90
Class O:
Net assets	$	15,090,645		n/a	$	14,466,386		n/a
Shares authorized		unlimited		n/a		unlimited		n/a
Par value	$	—		n/a	$	—		n/a
Shares outstanding		1,491,572		n/a		951,150		n/a
Net asset value, redemption price and maximum offering price per share	$	10.12		n/a	$	15.21		n/a
Class W:
Net assets	$	29,765,949	$	297,082	$	214,174,481	$	12,334,722
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		2,693,960		26,915		14,055,524		413,092
Net asset value, redemption price and maximum offering price per share	$	11.05	$	11.04	$	15.24	$	29.86

(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

27

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2010 (Unaudited)

	ING			ING			ING
	Asia-Pacific			Emerging			European			ING
	Real Estate			Countries			Real Estate			Foreign
	Fund			Fund			Fund			Fund
ASSETS:
Investments in securities at value+*	$	4,786,116		$	164,260,084		$	3,772,323		$	185,484,111
Investments in affiliates**		169,392			—			—			—
Short-term investments at value***		—			3,088,262			—			3,581,769
Short-term investments in affiliates****		67,766			—			30,044			5,841,952
Cash		—			2,341,448			—			170
Foreign currencies at value*****		2,217			3,778,031			13,866			3,413,132
Receivables:
Investment securities sold		110,717			1,504,987			138,120			7,206,717
Fund shares sold		2,917			113,145			—			89,482
Dividends and interest		29,157			280,265			32,644			724,503
Unrealized appreciation on forward foreign currency contracts		—			—			—			601,509
Prepaid expenses		26,188			44,090			26,566			30,854
Reimbursement due from manager		7,646			—			8,404			—
Total assets		5,202,116			175,410,312			4,021,967			206,974,199
LIABILITIES:
Payable for investment securities purchased		39,666			400,074			65,384			5,499,049
Payable for fund shares redeemed		5,523			328,482			—			8,364,084
Payable upon receipt of securities loaned		—			3,120,585			—			3,616,510
Unrealized depreciation on forward foreign currency contracts		—			—			—			434,507
Payable to affiliates		6,107			232,212			4,701			266,867
Payable for directors fees		731			20,064			638			12,936
Other accrued expenses and liabilities		29,560			157,450			17,711			265,093
Total liabilities		81,587			4,258,867			88,434			18,459,046
NET ASSETS	$	5,120,529		$	171,151,445		$	3,933,533		$	188,515,153
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	10,279,443		$	226,501,314		$	6,433,114		$	294,511,302
Undistributed (distributions in excess of) net investment income		(51,413	)		(646,955	)		(46,212	)		746,183
Accumulated net realized loss		(5,608,905	)		(96,078,448	)		(2,685,860	)		(137,734,246	)
Net unrealized appreciation		501,404			41,375,534			232,491			30,991,914
NET ASSETS	$	5,120,529		$	171,151,445		$	3,933,533		$	188,515,153
+ Including securities loaned at value	$	—		$	2,975,211		$	—		$	3,020,239
* Cost of investments in securities	$	4,287,323		$	122,858,460		$	3,539,320		$	154,610,479
** Cost of investments in affiliates	$	166,523		$	—		$	—		$	—
*** Cost of short-term investments	$	—		$	3,120,585		$	—		$	3,616,510
**** Cost of short-term investments in affiliates	$	67,766		$	—		$	30,044		$	5,841,952
***** Cost of foreign currencies	$	2,217		$	3,771,105		$	13,866		$	3,415,819

See Accompanying Notes to Financial Statements

28

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2010 (Unaudited) (continued)

	ING		ING		ING
	Asia-Pacific		Emerging		European		ING
	Real Estate		Countries		Real Estate		Foreign
	Fund		Fund		Fund		Fund
Class A:
Net assets	$	3,897,428	$	82,205,347	$	3,701,690	$	69,673,883
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		720,781		3,098,910		615,481		5,188,603
Net asset value and redemption price per share	$	5.41	$	26.53	$	6.01	$	13.43
Maximum offering price per share (5.75%)(1)	$	5.74	$	28.15	$	6.38	$	14.25
Class B:
Net assets	$	28,075	$	4,670,645	$	96,465	$	11,689,049
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		5,219		178,164		16,141		908,288
Net asset value, redemption price and maximum offering price per share(2)	$	5.38	$	26.22	$	5.98	$	12.87
Class C:
Net assets	$	1,192,215	$	17,383,389	$	78,877	$	62,359,294
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		221,551		706,394		13,182		4,844,183
Net asset value, redemption price and maximum offering price per share(2)	$	5.38	$	24.61	$	5.98	$	12.87
Class I:
Net assets	$	2,811	$	59,829,735	$	56,501	$	43,147,947
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		522		2,248,292		9,411		3,150,319
Net asset value, redemption price and maximum offering price per share	$	5.38	$	26.61	$	6.00	$	13.70
Class W:
Net assets		n/a	$	7,062,329		n/a	$	1,644,980
Shares authorized		n/a		unlimited		n/a		unlimited
Par value		n/a	$	—		n/a	$	—
Shares outstanding		n/a		253,638		n/a		112,393
Net asset value, redemption price and maximum offering price per share		n/a	$	27.84		n/a	$	14.64

(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

29

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2010 (Unaudited)

	ING			ING			ING			ING
	Greater			Index Plus			International			International
	China			International Equity			Capital Appreciation			Real Estate
	Fund			Fund			Fund			Fund
ASSETS:
Investments in securities at value+*	$	45,587,777		$	106,905,892		$	93,660,360		$	513,319,631
Investments in affiliates**		—			—			—			6,576,188
Short-term investments at value***		—			—			9,289,365			—
Cash		2,278			1,601,835			317,087			1,802,078
Foreign currencies at value****		371,954			—			668			183,015
Receivables:
Investment securities sold		1,588,740			6			950,670			16,554,989
Fund shares sold		63,705			73,196			5,576,960			2,235,679
Dividends and interest		109,469			560,723			304,013			3,243,232
Prepaid expenses		37,638			41,044			36,605			67,854
Reimbursement due from manager		—			—			27,763			—
Total assets		47,761,561			109,182,696			110,163,491			543,982,666
LIABILITIES:
Payable for investment securities purchased		838,008			1,123			494,194			13,066,780
Payable for fund shares redeemed		146,574			144,725			197,677			656,072
Payable upon receipt of securities loaned		—			—			9,305,318			—
Payable to affiliates		65,320			76,372			92,498			526,870
Payable to custodian due to foreign currency overdraft*****		—			20,929			—			—
Payable for directors fees		3,025			7,206			13,023			8,700
Other accrued expenses and liabilities		68,672			151,573			65,588			272,665
Payable for borrowings against line of credit		940,000			—			—			—
Total liabilities		2,061,599			401,928			10,168,298			14,531,087
NET ASSETS	$	45,699,962		$	108,780,768		$	99,995,193		$	529,451,579
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	44,495,543		$	188,247,356		$	155,723,553		$	809,158,973
Undistributed (distributions in excess of) net investment income		(349,415	)		713,961			160,028			830,384
Accumulated net realized loss		(5,327,251	)		(87,857,572	)		(69,633,581	)		(330,520,212	)
Net unrealized appreciation		6,881,085			7,677,023			13,745,193			49,982,434
NET ASSETS	$	45,699,962		$	108,780,768		$	99,995,193		$	529,451,579
+ Including securities loaned at value	$	—		$	—		$	8,554,903		$	—
* Cost of investments in securities	$	38,706,378		$	99,235,174		$	79,898,020		$	463,397,977
** Cost of investments in affiliates	$	—		$	—		$	—		$	6,483,307
*** Cost of short-term investments	$	—		$	—		$	9,305,318		$	—
**** Cost of foreign currencies	$	371,973		$	—		$	712		$	183,013
***** Cost of foreign currency overdraft	$	—		$	21,828		$	—		$	—

See Accompanying Notes to Financial Statements

30

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2010 (Unaudited) (continued)

	ING		ING		ING		ING
	Greater		Index Plus		International		International
	China		International Equity		Capital Appreciation		Real Estate
	Fund		Fund		Fund		Fund
Class A:
Net assets	$	30,970,670	$	8,799,739	$	25,070,039	$	156,894,315
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		2,143,311		1,113,204		2,605,495		19,614,875
Net asset value and redemption price per share	$	14.45	$	7.90	$	9.62	$	8.00
Maximum offering price per share (5.75%)(1)	$	15.33	$	8.38	$	10.21	$	8.49
Class B:
Net assets	$	2,765,854	$	894,833	$	3,762,759	$	3,358,746
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		193,205		112,759		396,187		421,696
Net asset value, redemption price and maximum offering price per share(2)	$	14.32	$	7.94	$	9.50	$	7.96
Class C:
Net assets	$	5,736,216	$	1,368,260	$	7,618,673	$	25,478,263
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		400,463		173,641		799,348		3,200,562
Net asset value, redemption price and maximum offering price per share(2)	$	14.32	$	7.88	$	9.53	$	7.96
Class I:
Net assets	$	2,176,190	$	52,023,801	$	52,086,463	$	340,142,140
Shares authorized		unlimited		unlimited		unlimited		unlimited
Par value	$	—	$	—	$	—	$	—
Shares outstanding		150,530		6,575,050		5,421,924		42,472,385
Net asset value, redemption price and maximum offering price per share	$	14.46	$	7.91	$	9.61	$	8.01
Class O:
Net assets	$	4,051,032	$	45,694,135		n/a		n/a
Shares authorized		unlimited		unlimited		n/a		n/a
Par value	$	—	$	—		n/a		n/a
Shares outstanding		282,532		5,821,949		n/a		n/a
Net asset value, redemption price and maximum offering price per share	$	14.34	$	7.85		n/a		n/a
Class W:
Net assets		n/a		n/a	$	11,457,259	$	3,578,115
Shares authorized		n/a		n/a		unlimited		unlimited
Par value		n/a		n/a	$	—	$	—
Shares outstanding		n/a		n/a		1,189,382		445,591
Net asset value, redemption price and maximum offering price per share		n/a		n/a	$	9.63	$	8.03

(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

31

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2010 (Unaudited)

	ING			ING			ING
	International SmallCap			International			International
	Multi-Manager			Value			Value Choice
	Fund			Fund			Fund
ASSETS:
Investments in securities at value+*	$	441,338,215		$	1,468,272,657		$	50,940,689
Short-term investments at value**		1,910,126			3,699,241			—
Short-term investments in affiliates***		2,484,510			20,092,210			3,990,018
Cash		4,615,629			574			—
Foreign currencies at value****		1,675,846			380,333			—
Receivables:
Investment securities sold		3,522,996			52,930,680			—
Fund shares sold		463,760			2,841,095			2,169,989
Dividends and interest		1,823,660			12,306,591			208,502
Prepaid expenses		45,025			54,540			32,363
Total assets		457,879,767			1,560,577,921			57,341,561
LIABILITIES:
Payable for investment securities purchased		7,262,129			34,834,866			340,964
Payable for fund shares redeemed		2,697,458			3,489,241			33,663
Payable upon receipt of securities loaned		1,926,065			3,939,699			—
Payable to affiliates		496,179			1,794,403			59,873
Payable to custodian due to foreign currency overdraft*****		—			—			1,807
Payable for directors fees		22,749			42,513			2,745
Accrued foreign taxes on capital gains		233,215			—			—
Other accrued expenses and liabilities		435,502			1,272,322			39,260
Total liabilities		13,073,297			45,373,044			478,312
NET ASSETS	$	444,806,470		$	1,515,204,877		$	56,863,249
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	734,609,081		$	2,425,552,637		$	71,241,585
Undistributed net investment income		684,478			11,647,248			120,420
Accumulated net realized loss		(341,785,243	)		(829,109,798	)		(15,235,043	)
Net unrealized appreciation or depreciation		51,298,154			(92,885,210	)		736,287
NET ASSETS	$	444,806,470		$	1,515,204,877		$	56,863,249
+ Including securities loaned at value	$	1,740,502		$	3,749,098		$	—
* Cost of investments in securities	$	389,991,565		$	1,560,995,020		$	50,202,351
** Cost of short-term investments	$	1,926,065		$	3,939,699		$	—
*** Cost of short-term investments in affiliates	$	2,484,510		$	20,092,210		$	3,990,018
**** Cost of foreign currencies	$	1,673,354		$	378,639		$	—
***** Cost of foreign currency overdraft	$	—		$	—		$	1,830

See Accompanying Notes to Financial Statements

32

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2010 (Unaudited) (continued)

	ING		ING		ING
	International SmallCap		International		International
	Multi-Manager		Value		Value Choice
	Fund		Fund		Fund
Class A:
Net assets	$	151,506,588	$	634,129,156	$	20,355,809
Shares authorized		unlimited		unlimited		unlimited
Par value	$	—	$	0.01	$	—
Shares outstanding		4,376,058		55,699,948		1,964,115
Net asset value and redemption price per share	$	34.62	$	11.38	$	10.36
Maximum offering price per share (5.75%)(1)	$	36.73	$	12.07	$	10.99
Class B:
Net assets	$	6,862,977	$	18,636,658	$	1,691,829
Shares authorized		unlimited		unlimited		unlimited
Par value	$	—	$	0.01	$	—
Shares outstanding		187,877		1,648,736		165,508
Net asset value, redemption price and maximum offering price per share(2)	$	36.53	$	11.30	$	10.22
Class C:
Net assets	$	32,485,302	$	241,840,558	$	5,008,475
Shares authorized		unlimited		unlimited		unlimited
Par value	$	—	$	0.01	$	—
Shares outstanding		1,001,978		21,873,768		488,369
Net asset value, redemption price and maximum offering price per share(2)	$	32.42	$	11.06	$	10.26
Class I:
Net assets	$	210,609,502	$	598,367,367	$	29,772,091
Shares authorized		unlimited		unlimited		unlimited
Par value	$	—	$	0.01	$	—
Shares outstanding		6,079,660		52,713,275		2,875,341
Net asset value, redemption price and maximum offering price per share	$	34.64	$	11.35	$	10.35
Class O:
Net assets	$	1,093,710		n/a		n/a
Shares authorized		unlimited		n/a		n/a
Par value	$	—		n/a		n/a
Shares outstanding		31,810		n/a		n/a
Net asset value, redemption price and maximum offering price per share	$	34.38		n/a		n/a
Class W:
Net assets	$	42,248,391	$	22,231,138	$	35,045
Shares authorized		unlimited		unlimited		unlimited
Par value	$	—	$	0.01	$	—
Shares outstanding		1,031,510		1,958,949		3,382
Net asset value, redemption price and maximum offering price per share	$	40.96	$	11.35	$	10.36

(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

33

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2010 (Unaudited)

				ING			ING
	ING			Global			Diversified
	Russia			Bond			International
	Fund			Fund			Fund
ASSETS:
Investments in securities at value+*	$	444,148,753		$	383,998,758		$	—
Investments in affiliated underlying funds**		—			—			212,961,713
Short-term investments at value***		19,400,895			—			—
Short-term investments in affiliates****		—			12,076,000			—
Short-term investments at amortized cost		—			42,153,480			—
Cash		10,917,277			590,331			2,769,213
Receivable for derivatives collateral held at broker (Note 2)		—			30,000			—
Cash collateral for futures		—			2,633,352			—
Foreign cash collateral for futures*****		—			596,304			—
Foreign currencies at value******		—			40,830			—
Receivables:
Investment securities purchased on a delayed-delivery or when-issued basis		—			9,852,301			—
Investment securities sold		1,698,169			2,174,825			9,806,520
Fund shares sold		819,601			15,599,095			221,570
Dividends and interest		651,960			24,956,256			—
Unrealized appreciation on forward foreign currency contracts		—			2,169,723			—
Unrealized appreciation on swap agreements		—			288,215			—
Prepaid expenses		15,184			37,576			51,143
Reimbursement due from manager		—			23,614			38,442
Total assets		477,651,839			497,220,660			225,848,601
LIABILITIES:
Payable for investment securities purchased on a delayed-delivery or when-issued basis		—			28,028,128			—
Payable for terminated investment contracts		—			167,542			—
Payable for investment securities purchased		3,877,100			9,060,724			9,606,934
Payable for fund shares redeemed		664,463			1,064,012			752,199
Payable upon receipt of securities loaned		19,569,185			—			—
Unrealized depreciation on forward foreign currency contracts		—			3,678,642			—
Unrealized depreciation on swap agreements		—			92,352			—
Payable to affiliates		614,004			261,206			115,507
Payable for directors fees		20,410			2,033			3,318
Other accrued expenses and liabilities		444,263			20,108,014			273,081
Total liabilities		25,189,425			62,462,653			10,751,039
NET ASSETS	$	452,462,414		$	434,758,007		$	215,097,562
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	461,380,591		$	419,653,306		$	378,463,667
Undistributed (distributions in excess of) net investment income		(3,521,548	)		1,280,891			275,707
Accumulated net realized loss		(99,682,403	)		(896,151	)		(168,699,356	)
Net unrealized appreciation		94,285,774			14,719,961			5,057,544
NET ASSETS	$	452,462,414		$	434,758,007		$	215,097,562
+ Including securities loaned at value	$	17,399,221		$	—		$	—
* Cost of investments in securities	$	349,696,247		$	366,878,479		$	—
** Cost of investments in affiliated underlying funds	$	—		$	—		$	207,904,169
*** Cost of short-term investments	$	19,569,185		$	—		$	—
**** Cost of short-term investments in affiliates	$	—		$	12,076,000		$	—
***** Cost of foreign cash collateral for futures	$	—		$	593,523		$	—
****** Cost of foreign currencies	$	—		$	40,574		$	—

See Accompanying Notes to Financial Statements

34

STATEMENTS OF ASSETS AND LIABILITIES as of April 30, 2010 (Unaudited) (continued)

				ING			ING
	ING			Global			Diversified
	Russia			Bond			International
	Fund			Fund			Fund
Class A:
Net assets	$	445,011,869		$	154,646,261		$	117,516,085
Shares authorized		unlimited			unlimited			unlimited
Par value	$	—		$	—		$	—
Shares outstanding		12,442,466			13,128,266			13,424,382
Net asset value and redemption price per share	$	35.77		$	11.78		$	8.75
Maximum offering price per share	$	37.95	(1)	$	12.08	(2)	$	9.28	(1)
Class B:
Net assets		n/a		$	4,545,717		$	18,516,699
Shares authorized		n/a			unlimited			unlimited
Par value		n/a		$	—		$	—
Shares outstanding		n/a			389,204			2,121,187
Net asset value, redemption price and maximum offering price per share(3)		n/a		$	11.68		$	8.73
Class C:
Net assets		n/a		$	68,239,088		$	64,548,061
Shares authorized		n/a			unlimited			unlimited
Par value		n/a		$	—		$	—
Shares outstanding		n/a			5,820,972			7,408,658
Net asset value, redemption price and maximum offering price per share(3)		n/a		$	11.72		$	8.71
Class I:
Net assets	$	7,450,545		$	197,596,728		$	9,044,804
Shares authorized		unlimited			unlimited			unlimited
Par value	$	—		$	—		$	—
Shares outstanding		207,997			16,822,813			1,035,691
Net asset value, redemption price and maximum offering price per share	$	35.82		$	11.75		$	8.73
Class O:
Net assets		n/a		$	3,464,799		$	2,620,771
Shares authorized		n/a			unlimited			unlimited
Par value		n/a		$	—		$	—
Shares outstanding		n/a			298,777			301,278
Net asset value, redemption price and maximum offering price per share		n/a		$	11.60		$	8.70
Class R:
Net assets		n/a			n/a		$	195,881
Shares authorized		n/a			n/a			unlimited
Par value		n/a			n/a		$	—
Shares outstanding		n/a			n/a			22,617
Net asset value, redemption price and maximum offering price per share		n/a			n/a		$	8.66
Class W:
Net assets		n/a		$	6,265,414		$	2,655,261
Shares authorized		n/a			unlimited			unlimited
Par value		n/a		$	—		$	—
Shares outstanding		n/a			540,366			304,901
Net asset value, redemption price and maximum offering price per share		n/a		$	11.59		$	8.71

(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

35

STATEMENTS OF OPERATIONS for the six months ended April 30, 2010 (Unaudited)

	ING			ING			ING			ING
	Global			Global			Global			Global
	Equity Dividend			Natural Resources			Real Estate			Value Choice
	Fund			Fund			Fund			Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*(1)	$	2,696,744		$	720,089		$	32,625,060		$	1,952,336
Interest*		—			—			468,228			62,929
Securities lending income, net		4,669			—			76,872			18,034
Total investment income		2,701,413			720,089			33,170,160			2,033,299
EXPENSES:
Investment management fees		497,764			452,896			7,050,515			1,089,058
Distribution and service fees:
Class A		57,833			127,740			1,177,399			175,057
Class B		75,828			—			111,003			39,603
Class C		182,152			—			807,247			310,975
Class O		19,073			—			17,344			—
Class Q(2)		—			—			—			430
Transfer agent fees:
Class A		49,580			79,862			1,066,920			109,745
Class B		16,214			—			25,163			6,160
Class C		38,801			—			183,144			48,743
Class I		1,265			—			268,253			290
Class O		17,141			—			15,731			—
Class W		26,912			174			196,007			4,225
Administrative service fees		71,108			52,121			976,213			121,005
Shareholder reporting expense		34,085			23,242			244,539			32,717
Registration fees		40,182			22,249			99,347			38,759
Professional fees		10,878			14,020			88,682			21,807
Custody and accounting expense		22,513			13,195			377,994			30,396
Directors fees		2,538			2,534			18,281			2,060
Miscellaneous expense		5,590			4,378			38,373			8,190
Interest expense		—			226			—			—
Total expenses		1,169,457			792,637			12,762,155			2,039,220
Net waived and reimbursed fees		(18,077	)		(406	)		(24,723	)		(20,396	)
Brokerage commission recapture		—			—			—			(5,115	)
Net expenses		1,151,380			792,231			12,737,432			2,013,709
Net investment income (loss)		1,550,033			(72,142	)		20,432,728			19,590
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		6,480,894			4,425,073			(32,990,880	)		14,816,853
Foreign currency related transactions		(107,513	)		5,165			(236,684	)		(5,719	)
Net realized gain (loss)		6,373,381			4,430,238			(33,227,564	)		14,811,134
Net change in unrealized appreciation or depreciation on:
Investments		3,729,005			7,792,157			228,887,877			13,052,124
Foreign currency related transactions		6,387			(239	)		(58,277	)		(7,854	)
Net change in unrealized appreciation or depreciation		3,735,392			7,791,918			228,829,600			13,044,270
Net realized and unrealized gain		10,108,773			12,222,156			195,602,036			27,855,404
Increase in net assets resulting from operations	$	11,658,806		$	12,150,014		$	216,034,764		$	27,874,994
* Foreign taxes withheld	$	116,596		$	31,389		$	1,550,530		$	138,136
(1) Dividends from affiliates	$	—		$	685		$	503,040		$	18,505
(2) Effective November 20, 2009, Class Q shareholders of ING Global Value Choice Fund were converted to Class W shares of the Fund.

See Accompanying Notes to Financial Statements

36

STATEMENTS OF OPERATIONS for the six months ended April 30, 2010 (Unaudited)

	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)	$	72,951		$	820,901		$	82,144		$	2,196,545
Interest*		3,150			28,140			8			109,636
Securities lending income, net		—			3,942			—			5,722
Total investment income		76,101			852,983			82,152			2,311,903
EXPENSES:
Investment management fees		21,635			1,002,804			22,636			1,125,218
Distribution and service fees:
Class A		4,073			142,022			5,381			102,262
Class B		136			24,115			503			64,717
Class C		5,195			86,564			427			353,521
Class Q(2)(3)		—			6,794			—			4
Transfer agent fees:
Class A		1,274			75,662			3,887			81,314
Class B		10			4,464			89			12,865
Class C		406			16,132			76			70,271
Class I		—			3,960			3			1,113
Class Q(2)(3)		—			524			—			—
Class W		—			2,717			—			1,227
Administrative service fees		2,164			80,224			2,264			112,520
Shareholder reporting expense		762			46,024			216			45,140
Registration fees		26,200			38,824			26,041			40,636
Professional fees		4,446			23,154			4,553			27,568
Custody and accounting expense		17,253			78,431			19,983			154,290
Directors fees		162			4,525			181			5,246
Miscellaneous expense		3,305			12,712			1,644			9,990
Interest expense		43			150			140			2,768
Total expenses		87,064			1,649,802			88,024			2,210,670
Net waived and reimbursed fees		(45,022	)		(149,864	)		(47,211	)		(112,054	)
Net expenses		42,042			1,499,938			40,813			2,098,616
Net investment income (loss)		34,059			(646,955	)		41,339			213,287
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		31,520			7,183,373			35,396			23,616,440
Foreign currency related transactions		(389	)		(242,529	)		(9,349	)		(234,797	)
Futures		—			—			—			(7,365	)
Net realized gain		31,131			6,940,844			26,047			23,374,278
Net change in unrealized appreciation or depreciation on:
Investments		126,840			10,081,025			(320,309	)		(12,674,382	)
Foreign currency related transactions		(437	)		34,117			378			666,305
Net change in unrealized appreciation or depreciation		126,403			10,115,142			(319,931	)		(12,008,077	)
Net realized and unrealized gain (loss)		157,534			17,055,986			(293,884	)		11,366,201
Increase (decrease) in net assets resulting from operations	$	191,593		$	16,409,031		$	(252,545	)	$	11,579,488
* Foreign taxes withheld	$	3,630		$	46,989		$	7,044		$	245,487
(1) Dividends from affiliates	$	1,820		$	—		$	19		$	419
(2) Effective November 20, 2009, Class Q shareholders of ING Foreign Fund were converted to Class W shares of the Fund.
(3) Effective March 8, 2010, Class Q shareholders of ING Emerging Countries Fund were converted to Class W shares of the Fund.

See Accompanying Notes to Financial Statements

37

STATEMENTS OF OPERATIONS for the six months ended April 30, 2010 (Unaudited)

	ING			ING			ING			ING
	Greater			Index Plus			International			International
	China			International Equity			Capital Appreciation			Real Estate
	Fund			Fund			Fund			Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*(1)	$	183,338		$	1,421,550		$	784,001		$	9,534,091
Interest*		13			12,594			5,503			171,485
Securities lending income, net		—			—			25,451			—
Total investment income		183,351			1,434,144			814,955			9,705,576
EXPENSES:
Investment management fees		277,602			304,813			440,880			2,523,170
Distribution and service fees:
Class A		41,888			11,347			32,759			170,667
Class B		15,177			5,196			21,093			18,040
Class C		32,962			6,988			39,540			129,123
Class O		4,529			59,123			—			—
Class Q(2)		—			—			10,433			—
Transfer agent fees:
Class A		31,698			9,398			30,033			89,308
Class B		2,876			1,067			4,807			2,374
Class C		6,225			1,441			9,075			16,928
Class I		625			4,382			446			6,081
Class O		3,417			48,899			—			—
Class Q(2)		—			—			129			—
Class W		—			—			3,255			1,615
Administrative service fees		24,139			55,420			51,868			268,906
Shareholder reporting expense		10,492			31,296			9,602			48,737
Registration fees		32,477			28,309			31,742			48,245
Professional fees		12,507			20,828			25,555			60,207
Custody and accounting expense		29,050			44,186			52,554			165,628
Directors fees		1,340			2,105			2,675			7,964
Miscellaneous expense		5,310			12,162			11,123			15,198
Interest expense		321			368			846			1,918
Total expenses		532,635			647,328			778,415			3,574,109
Net waived and reimbursed fees		—			(59,836	)		(117,582	)		(40,646	)
Brokerage commission recapture		—			—			(4,454	)		—
Net expenses		532,635			587,492			656,379			3,533,463
Net investment income (loss)		(349,284	)		846,652			158,576			6,172,113
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		1,853,677			3,825,352			3,055,496			(17,112,251	)
Foreign currency related transactions		(2,175	)		(65,852	)		(17,718	)		(158,200	)
Net realized gain (loss)		1,851,502			3,759,500			3,037,778			(17,270,451	)
Net change in unrealized appreciation or depreciation on:
Investments		(385,487	)		(960,788	)		4,373,046			15,499,139
Foreign currency related transactions		(30	)		(17,981	)		(5,173	)		(35,690	)
Net change in unrealized appreciation or depreciation		(385,517	)		(978,769	)		4,367,873			15,463,449
Net realized and unrealized gain (loss)		1,465,985			2,780,731			7,405,651			(1,807,002	)
Increase in net assets resulting from operations	$	1,116,701		$	3,627,383		$	7,564,227		$	4,365,111
* Foreign taxes withheld	$	4,970		$	131,892		$	76,080		$	682,697
(1) Dividends from affiliates	$	—		$	—		$	—		$	145,335
(2) Effective March 8, 2010, Class Q shareholders of ING International Capital Appreciation Fund were converted to Class W shares of the Fund.

See Accompanying Notes to Financial Statements

38

STATEMENTS OF OPERATIONS for the six months ended April 30, 2010 (Unaudited)

	ING			ING			ING
	International SmallCap			International			International
	Multi-Manager			Value			Value Choice
	Fund			Fund			Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*(1)	$	4,126,723		$	24,201,913		$	603,417
Interest*		116,735			281,383			—
Securities lending income, net		37,877			61,119			—
Total investment income		4,281,335			24,544,415			603,417
EXPENSES:
Investment management fees		2,170,682			8,036,987			269,462
Distribution and service fees:
Class A		313,045			1,024,690			24,662
Class B		37,199			139,439			8,681
Class C		159,911			1,318,116			23,340
Class O		1,012			—			—
Class Q(2)		4,809			3,831			—
Transfer agent fees:
Class A		174,382			399,028			12,081
Class B		7,257			16,668			1,063
Class C		31,167			153,777			2,860
Class I		12,303			216,497			484
Class O		790			—			—
Class Q(2)		271			1,090			—
Class W		35,763			11,797			9
Administrative service fees		217,067			803,690			26,946
Shareholder reporting expense		75,147			249,362			9,477
Registration fees		44,602			48,242			28,040
Professional fees		52,798			107,109			11,443
Custody and accounting expense		249,181			352,780			7,955
Directors fees		11,946			21,410			1,179
Miscellaneous expense		18,010			206,529			5,990
Interest expense		2,315			14,001			—
Total expenses		3,619,657			13,125,043			433,672
Net waived and reimbursed fees		(36,540	)		(91,573	)		(1,901	)
Brokerage commission recapture		—			(4,615	)		—
Net expenses		3,583,117			13,028,855			431,771
Net investment income		698,218			11,515,560			171,646
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments (net of Indian capital gains tax withheld)**		19,413,957			(2,786,804	)		952,645
Foreign currency related transactions		(44,778	)		(217,711	)		(30,431	)
Net realized gain (loss)		19,369,179			(3,004,515	)		922,214
Net change in unrealized appreciation or depreciation on:
Investments (net of Indian capital gains tax accrued)***		27,484,039			32,598,016			2,792,277
Foreign currency related transactions		(47,104	)		(491,219	)		(3,933	)
Net change in unrealized appreciation or depreciation		27,436,935			32,106,797			2,788,344
Net realized and unrealized gain		46,806,114			29,102,282			3,710,558
Increase in net assets resulting from operations	$	47,504,332		$	40,617,842		$	3,882,204
* Foreign taxes withheld	$	361,807		$	1,981,841		$	49,421
** Foreign tax on sale of Indian investments	$	262,729		$	—		$	—
*** Foreign tax accrued on Indian investments	$	233,215		$	—		$	—
(1) Dividends from affiliates	$	1,890		$	15,098		$	1,986
(2) Effective November 20, 2009, Class Q shareholders of ING International SmallCap Multi-Manager Fund and ING International Value Fund were converted to Class W shares of each respective Fund.

See Accompanying Notes to Financial Statements

39

STATEMENTS OF OPERATIONS for the six months ended April 30, 2010 (Unaudited)

				ING			ING
	ING			Global			Diversified
	Russia			Bond			International
	Fund			Fund			Fund
INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	744,304		$	—		$	—
Dividends from affiliates		—			11,166			—
Dividends from affiliated underlying funds		—			—			2,223,831
Interest*		14,038			10,721,198			—
Securities lending income, net		31,452			—			—
Total investment income		789,794			10,732,364			2,223,831
EXPENSES:
Investment management fees		2,605,897			729,022			—
Distribution and service fees:
Class A		515,996			171,639			156,697
Class B		—			23,737			97,487
Class C		—			296,735			350,155
Class O		—			4,413			2,828
Class R		—			—			498
Transfer agent fees:
Class A		312,647			55,367			102,082
Class B		—			1,928			15,792
Class C		—			23,869			56,732
Class I		47			5,432			4,628
Class O		—			1,426			1,791
Class R		—			—			160
Class W		—			1,736			2,195
Administrative service fees		208,470			182,254			113,263
Shareholder reporting expense		86,895			33,284			44,319
Registration fees		15,661			43,536			45,873
Professional fees		25,101			20,319			18,642
Custody and accounting expense		525,007			112,050			12,389
Directors fees		5,062			3,733			6,409
Miscellaneous expense		10,559			14,643			8,351
Interest expense		—			1,248			—
Total expenses		4,311,342			1,726,371			1,040,291
Net waived and reimbursed fees		—			(93,801	)		(313,398	)
Net expenses		4,311,342			1,632,570			726,893
Net investment income (loss)		(3,521,548	)		9,099,794			1,496,938
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		(28,248,280	)		1,047,844			—
Sale of investments in affiliated underlying funds		—			—			(16,473,045	)
Foreign currency related transactions		(1,502	)		(4,552,060	)		—
Futures		—			1,180,291			—
Swaps		—			1,069,004			—
Written Options		—			320,304			—
Net realized loss		(28,249,782	)		(934,617	)		(16,473,045	)
Net change in unrealized appreciation or depreciation on:
Investments		109,611,432			(4,061,726	)		—
Investments in affiliated underlying funds		—			—			29,525,118
Foreign currency related transactions		(12,352	)		(1,351,111	)		—
Futures		—			(679,906	)		—
Swaps		—			224,349			—
Written options		—			2,311			—
Net change in unrealized appreciation or depreciation		109,599,080			(5,866,083	)		29,525,118
Net realized and unrealized gain (loss)		81,349,298			(6,800,700	)		13,052,073
Increase in net assets resulting from operations	$	77,827,750		$	2,299,094		$	14,549,011
* Foreign taxes withheld	$	185,497		$	85		$	—

See Accompanying Notes to Financial Statements

40

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

	ING Global Equity Dividend Fund						ING Global Natural Resources Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2010			2009			2010			2009
FROM OPERATIONS:
Net investment income (loss)	$	1,550,033		$	3,558,564		$	(72,142	)	$	381,045
Net realized gain (loss)		6,373,381			(73,290,060	)		4,430,238			(24,773,442	)
Net change in unrealized appreciation or depreciation		3,735,392			80,191,913			7,791,918			43,943,525
Increase in net assets resulting from operations		11,658,806			10,460,417			12,150,014			19,551,128
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(426,485	)		(1,266,772	)		(297,867	)		(253,882	)
Class B		(79,729	)		(316,335	)		—			—
Class C		(194,226	)		(724,052	)		—			—
Class I		(36,808	)		(48,623	)		(4,054	)		(766	)
Class O		(147,144	)		(355,824	)		—			—
Class W		(258,542	)		(310,735	)		(986	)		(194	)
Net realized gains:
Class A		—			—			—			(5,296,232	)
Class I		—			—			—			(5,605	)
Class W		—			—			—			(1,418	)
Return of capital:
Class A		—			(89,224	)		—			—
Class B		—			(31,064	)		—			—
Class C		—			(71,099	)		—			—
Class I		—			(2,889	)		—			—
Class O		—			(25,247	)		—			—
Class W		—			(10,305	)		—			—
Total distributions		(1,142,934	)		(3,252,169	)		(302,907	)		(5,558,097	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		20,191,404			34,686,563			10,656,615			10,330,214
Reinvestment of distributions		693,498			1,993,528			265,592			4,970,473
		20,884,902			36,680,091			10,922,207			15,300,687
Cost of shares redeemed		(27,492,302	)		(54,101,898	)		(12,668,447	)		(12,664,477	)
Net increase (decrease) in net assets resulting from capital share transactions		(6,607,400	)		(17,421,807	)		(1,746,240	)		2,636,210
Net increase (decrease) in net assets		3,908,472			(10,213,559	)		10,100,867			16,629,241
NET ASSETS:
Beginning of period		138,770,386			148,983,945			100,370,576			83,741,335
End of period	$	142,678,858		$	138,770,386		$	110,471,443		$	100,370,576
Undistributed (distributions in excess of) net investment income at end of period	$	418,280		$	11,181		$	(280,607	)	$	94,442

See Accompanying Notes to Financial Statements

41

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

	ING Global Real Estate Fund						ING Global Value Choice Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2010			2009			2010			2009
FROM OPERATIONS:
Net investment income	$	20,432,728		$	33,848,865		$	19,590		$	467,178
Net realized gain (loss)		(33,227,564	)		(503,179,773	)		14,811,134			(11,803,835	)
Net change in unrealized appreciation or depreciation		228,829,600			688,315,397			13,044,270			65,867,124
Increase in net assets resulting from operations		216,034,764			218,984,489			27,874,994			54,530,467
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(43,283,509	)		(15,188,664	)		(751,278	)		—
Class B		(1,126,801	)		(421,176	)		(18,461	)		—
Class C		(7,514,404	)		(2,475,980	)		(160,740	)		—
Class I		(27,091,622	)		(8,166,937	)		(97,710	)		—
Class O		(618,735	)		(258,598	)		—			—
Class Q(1)		—			—			(5,431	)		—
Class W		(7,709,502	)		(3,115,932	)		(17,043	)		—
Net realized gains:
Class A		—			(865,442	)		—			—
Class B		—			(29,080	)		—			—
Class C		—			(171,978	)		—			—
Class I		—			(327,550	)		—			—
Class O		—			(13,443	)		—			—
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		(87,344,573	)		(41,133,715	)		(1,050,663	)		—
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		781,246,647			870,249,148			172,913,412			164,167,759
Reinvestment of distributions		70,805,653			33,200,656			760,106			—
		852,052,300			903,449,804			173,673,518			164,167,759
Cost of shares redeemed		(367,187,861	)		(694,752,679	)		(63,800,113	)		(115,689,883	)
Net increase in net assets resulting from capital share transactions		484,864,439			208,697,125			109,873,405			48,477,876
Net increase in net assets		613,554,630			386,547,899			136,697,736			103,008,343
NET ASSETS:
Beginning of period		1,688,505,980			1,301,958,081			176,170,454			73,162,111
End of period	$	2,302,060,610		$	1,688,505,980		$	312,868,190		$	176,170,454
Undistributed (distributions in excess of) net investment income at end of period	$	(72,314,132	)	$	(5,402,287	)	$	4,996		$	1,036,069

⁽¹⁾ Effective November 20, 2009, Class Q shareholders of ING Global Value Choice Fund were converted to Class W shares of the Fund.

See Accompanying Notes to Financial Statements

42

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

	ING Asia-Pacific Real Estate Fund						ING Emerging Countries Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2010			2009			2010			2009
FROM OPERATIONS:
Net investment income (loss)	$	34,059		$	71,671		$	(646,955	)	$	295,412
Net realized gain (loss)		31,131			(3,273,897	)		6,940,844			(41,421,824	)
Net change in unrealized appreciation or depreciation		126,403			3,791,308			10,115,142			85,926,451
Increase in net assets resulting from operations		191,593			589,082			16,409,031			44,800,039
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(326,643	)		(64,634	)		—			(1,746,630	)
Class B		(2,536	)		(353	)		—			(42,502	)
Class C		(93,568	)		(12,255	)		—			(203,409	)
Class I		(95	)		(13	)		—			(725,836	)
Class Q(1)		—			—			—			(146,524	)
Class W		—			—			—			(998	)
Total distributions		(422,842	)		(77,255	)		—			(2,865,899	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		1,323,386			993,978			44,411,913			29,894,212
Payments by affiliates (Note 18)		—			—			—			1,400,280
Reinvestment of distributions		39,745			7,495			—			2,564,649
		1,363,131			1,001,473			44,411,913			33,859,141
Cost of shares redeemed		(448,631	)		(3,771,209	)		(27,667,988	)		(40,483,488	)
Net increase (decrease) in net assets resulting from capital share transactions		914,500			(2,769,736	)		16,743,925			(6,624,347	)
Net increase (decrease) in net assets		683,251			(2,257,909	)		33,152,956			35,309,793
NET ASSETS:
Beginning of period		4,437,278			6,695,187			137,998,489			102,688,696
End of period	$	5,120,529		$	4,437,278		$	171,151,445		$	137,998,489
Undistributed (distributions in excess of/accumulated net investment loss) net investment income at end of period	$	(51,413	)	$	337,370		$	(646,955	)	$	—

⁽¹⁾ Effective March 8, 2010, Class Q shareholders of ING Emerging Countries Fund were converted to Class W shares of the Fund.

See Accompanying Notes to Financial Statements

43

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

	ING European Real Estate Fund						ING Foreign Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2010			2009			2010			2009
FROM OPERATIONS:
Net investment income	$	41,339		$	78,704		$	213,287		$	2,433,639
Net realized gain (loss)		26,047			(1,152,836	)		23,374,278			(50,146,128	)
Net change in unrealized appreciation or depreciation		(319,931	)		2,231,676			(12,008,077	)		71,640,409
Increase (decrease) in net assets resulting from operations		(252,545	)		1,157,544			11,579,488			23,927,920
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(361,187	)		(181,768	)		—			(4,924,315	)
Class B		(8,490	)		(671	)		—			(461,405	)
Class C		(5,321	)		(2,381	)		—			(2,720,389	)
Class I		(1,078	)		(32	)		—			(3,274,378	)
Class Q(1)		—			—			—			(675	)
Class W		—			—			—			(13,885	)
Total distributions		(376,076	)		(184,852	)		—			(11,395,047	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		681,681			2,521,942			18,920,771			45,668,879
Reinvestment of distributions		85,399			26,992			—			8,751,093
		767,080			2,548,934			18,920,771			54,419,972
Cost of shares redeemed		(2,701,690	)		(240,480	)		(92,412,979	)		(157,258,780	)
Net increase (decrease) in net assets resulting from capital share transactions		(1,934,610	)		2,308,454			(73,492,208	)		(102,838,808	)
Net increase (decrease) in net assets		(2,563,231	)		3,281,146			(61,912,720	)		(90,305,935	)
NET ASSETS:
Beginning of period		6,496,764			3,215,618			250,427,873			340,733,808
End of period	$	3,933,533		$	6,496,764		$	188,515,153		$	250,427,873
Undistributed (distributions in excess of) net investment income at end of period	$	(46,212	)	$	288,525		$	746,183		$	532,896

⁽¹⁾ Effective November 20, 2009, Class Q shareholders of ING Foreign Fund were converted to Class W shares of the Fund.

See Accompanying Notes to Financial Statements

44

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

							ING Index Plus International
	ING Greater China Fund						Equity Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2010			2009			2010			2009
FROM OPERATIONS:
Net investment income (loss)	$	(349,284	)	$	150,182		$	846,652		$	2,711,738
Net realized gain (loss)		1,851,502			(6,183,150	)		3,759,500			(46,411,839	)
Net change in unrealized appreciation or depreciation		(385,517	)		22,037,965			(978,769	)		67,294,623
Increase in net assets resulting from operations		1,116,701			16,004,997			3,627,383			23,594,522
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(505,842	)		(80,583	)		(169,055	)		(337,810	)
Class B		(27,496	)		(6,660	)		(11,703	)		(28,973	)
Class C		(72,678	)		(8,156	)		(16,513	)		(31,419	)
Class I		(13,770	)		(235	)		(1,026,008	)		(2,734,906	)
Class O		(55,597	)		(1,283	)		(889,985	)		(1,555,036	)
Net realized gains:
Class A		—			(1,583,601	)		—			—
Class B		—			(135,431	)		—			—
Class C		—			(166,482	)		—			—
Class I		—			(4,563	)		—			—
Class O		—			(24,941	)		—			—
Total distributions		(675,383	)		(2,011,935	)		(2,113,264	)		(4,688,144	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		11,572,008			28,491,821			8,453,386			16,412,648
Payments by affiliates (Note 18)		—			—			—			497,810
Reinvestment of distributions		550,516			1,500,221			1,254,275			3,297,835
		12,122,524			29,992,042			9,707,661			20,208,293
Cost of shares redeemed		(12,807,015	)		(23,362,569	)		(12,407,449	)		(37,853,048	)
Net increase (decrease) in net assets resulting from capital share transactions		(684,491	)		6,629,473			(2,699,788	)		(17,644,755	)
Net increase (decrease) in net assets		(243,173	)		20,622,535			(1,185,669	)		1,261,623
NET ASSETS:
Beginning of period		45,943,135			25,320,600			109,966,437			108,704,814
End of period	$	45,699,962		$	45,943,135		$	108,780,768		$	109,966,437
Undistributed (distributions in excess of) net investment income at end of period	$	(349,415	)	$	675,252		$	713,961		$	1,980,573

See Accompanying Notes to Financial Statements

45

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

	ING International Capital Appreciation Fund						ING International Real Estate Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2010			2009			2010			2009
FROM OPERATIONS:
Net investment income	$	158,576		$	534,798		$	6,172,113		$	11,398,195
Net realized gain (loss)		3,037,778			(24,748,005	)		(17,270,451	)		(174,595,021	)
Net change in unrealized appreciation or depreciation		4,367,873			42,982,950			15,463,449			274,383,100
Increase in net assets resulting from operations		7,564,227			18,769,743			4,365,111			111,186,274
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		—			(27,773	)		(8,891,083	)		(1,805,423	)
Class B		—			(2,107	)		(237,045	)		(56,721	)
Class C		—			(645	)		(1,657,556	)		(397,980	)
Class I		—			(1,471,342	)		(25,910,004	)		(8,854,996	)
Class W		—			—			(164,752	)		(22,546	)
Return of capital
Class A		—			(1,123	)		—			—
Class B		—			(174	)		—			—
Class C		—			(277	)		—			—
Class I		—			(34,524	)		—			—
Total distributions		—			(1,537,965	)		(36,860,440	)		(11,137,666	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		11,184,017			13,295,441			136,474,140			244,320,032
Proceeds from shares issued in merger (Note 14)		—			54,440,262			—			—
Reinvestment of distributions		—			1,520,985			14,855,500			4,243,297
		11,184,017			69,256,688			151,329,640			248,563,329
Cost of shares redeemed		(27,490,423	)		(27,912,810	)		(126,111,503	)		(232,704,593	)
Net increase (decrease) in net assets resulting from capital share transactions		(16,306,406	)		41,343,878			25,218,137			15,858,736
Net increase (decrease) in net assets		(8,742,179	)		58,575,656			(7,277,192	)		115,907,344
NET ASSETS:
Beginning of period		108,737,372			50,161,716			536,728,771			420,821,427
End of period	$	99,995,193		$	108,737,372		$	529,451,579		$	536,728,771
Undistributed net investment income at end of period	$	160,028		$	1,452		$	830,384		$	31,518,711

See Accompanying Notes to Financial Statements

46

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

	ING International SmallCap
	Multi-Manager Fund						ING International Value Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2010			2009			2010			2009
FROM OPERATIONS:
Net investment income	$	698,218		$	3,451,120		$	11,515,560		$	21,719,914
Net realized gain (loss)		19,369,179			(201,552,375	)		(3,004,515	)		(789,089,768	)
Net change in unrealized appreciation or depreciation		27,436,935			321,977,593			32,106,797			1,071,761,382
Increase in net assets resulting from operations		47,504,332			123,876,338			40,617,842			304,391,528
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(2,109,009	)		(4,710,212	)		(10,943,798	)		(29,625,296	)
Class B		(23,757	)		(75,770	)		(133,023	)		(1,344,909	)
Class C		(222,325	)		(548,565	)		(2,639,332	)		(7,248,733	)
Class I		(2,740,459	)		(4,347,655	)		(11,909,194	)		(27,711,835	)
Class O		(8,443	)		(3,592	)		—			—
Class Q(1)		(284,494	)		(1,075,645	)		(415,057	)		(477,615	)
Class W		(262,738	)		(349,538	)		(75,790	)		—
Net realized gains:
Class A		—			—			—			(127,294,102	)
Class B		—			—			—			(11,916,381	)
Class C		—			—			—			(46,020,354	)
Class I		—			—			—			(100,409,222	)
Class Q(1)		—			—			—			(1,708,325	)
Total distributions		(5,651,225	)		(11,110,977	)		(26,116,194	)		(353,756,772	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		75,323,720			113,096,459			118,022,001			392,893,693
Payments by affiliates (Note 18)		—			2,661,920			—			955,441
Reinvestment of distributions		3,614,166			7,610,077			19,300,834			252,944,813
		78,937,886			123,368,456			137,322,835			646,793,947
Cost of shares redeemed		(102,766,130	)		(204,983,628	)		(310,536,908	)		(1,015,622,982	)
Net decrease in net assets resulting from capital share transactions		(23,828,244	)		(81,615,172	)		(173,214,073	)		(368,829,035	)
Net increase (decrease) in net assets		18,024,863			31,150,189			(158,712,425	)		(418,194,279	)
NET ASSETS:
Beginning of period		426,781,607			395,631,418			1,673,917,302			2,092,111,581
End of period	$	444,806,470		$	426,781,607		$	1,515,204,877		$	1,673,917,302
Undistributed net investment income at end of period	$	684,478		$	5,637,485		$	11,647,248		$	26,247,882

⁽¹⁾ Effective November 20, 2009, Class Q shareholders of ING International SmallCap Multi-Manager Fund and ING International Value Fund were converted to Class W shares of each respective Fund.

See Accompanying Notes to Financial Statements

47

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

	ING International Value
	Choice Fund						ING Russia Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2010			2009			2010			2009
FROM OPERATIONS:
Net investment income (loss)	$	171,646		$	450,516		$	(3,521,548	)	$	(2,451,035	)
Net realized gain (loss)		922,214			(15,188,954	)		(28,249,782	)		(71,104,475	)
Net change in unrealized appreciation or depreciation		2,788,344			25,168,195			109,599,080			211,233,042
Increase in net assets resulting from operations		3,882,204			10,429,757			77,827,750			137,677,532
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(131,060	)		(87,098	)		—			—
Class B		(1,702	)		(498	)		—			—
Class C		(4,059	)		(897	)		—			—
Class I		(227,476	)		(532,022	)		—			—
Class W		(27	)		—			—			—
Net realized gains:
Class A		—			—			—			(82,435,965	)
Total distributions		(364,324	)		(620,515	)		—			(82,435,965	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		16,269,956			14,285,055			52,790,382			64,172,973
Reinvestment of distributions		350,219			611,830			—			71,291,248
		16,620,175			14,896,885			52,790,382			135,464,221
Redemption fee proceeds		—			—			169,526			262,776
Cost of shares redeemed		(12,422,900	)		(24,592,282	)		(51,577,214	)		(78,843,963	)
Net increase (decrease) in net assets resulting from capital share transactions		4,197,275			(9,695,397	)		1,382,694			56,883,034
Net increase in net assets		7,715,155			113,845			79,210,444			112,124,601
NET ASSETS:
Beginning of period		49,148,094			49,034,249			373,251,970			261,127,369
End of period	$	56,863,249		$	49,148,094		$	452,462,414		$	373,251,970
Undistributed net investment income (accumulated net investment loss) at end of period	$	120,420		$	313,098		$	(3,521,548	)	$	—

See Accompanying Notes to Financial Statements

48

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

	ING Global Bond Fund						ING Diversified International Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	April 30,			October 31,			April 30,			October 31,
	2010			2009			2010			2009
FROM OPERATIONS:
Net investment income	$	9,099,794		$	6,169,713		$	1,496,938		$	6,840,965
Net realized gain (loss)		(934,617	)		7,334,843			(16,473,045	)		(111,148,949	)
Net change in unrealized appreciation or depreciation		(5,866,083	)		27,036,801			29,525,118			153,259,480
Increase in net assets resulting from operations		2,299,094			40,541,357			14,549,011			48,951,496
FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(5,672,420	)		(1,002,341	)		(1,046,798	)		(16,890,294	)
Class B		(193,533	)		(48,083	)		(26,408	)		(2,007,249	)
Class C		(2,216,391	)		(369,590	)		(57,030	)		(7,933,560	)
Class I		(6,539,840	)		(2,185,382	)		(33,208	)		(585,985	)
Class O		(154,324	)		(39,407	)		(23,310	)		(33,579	)
Class R		—			—			(1,233	)		(21,054	)
Class W		(166,426	)		(6,692	)		(33,244	)		(182,219	)
Net realized gains:
Class A		(516,361	)		(1,641,363	)		—			—
Class B		(18,877	)		(99,095	)		—			—
Class C		(213,755	)		(709,315	)		—			—
Class I		(548,181	)		(7,774	)		—			—
Class O		(14,374	)		(6,537	)		—			—
Class W		(13,604	)		—			—			—
Total distributions		(16,268,086	)		(6,115,579	)		(1,221,231	)		(27,653,940	)
FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		204,285,440			230,053,379			22,297,745			36,087,099
Reinvestment of distributions		13,600,033			4,998,292			996,905			21,285,904
		217,885,473			235,051,671			23,294,650			57,373,003
Cost of shares redeemed		(64,159,918	)		(87,745,529	)		(51,103,593	)		(117,220,417	)
Net increase (decrease) in net assets resulting from capital share transactions		153,725,555			147,306,142			(27,808,943	)		(59,847,414	)
Net increase (decrease) in net assets		139,756,563			181,731,920			(14,481,163	)		(38,549,858	)
NET ASSETS:
Beginning of period		295,001,444			113,269,524			229,578,725			268,128,583
End of period	$	434,758,007		$	295,001,444		$	215,097,562		$	229,578,725
Undistributed net investment income at end of period	$	1,280,891		$	7,124,031		$	275,707		$	—

See Accompanying Notes to Financial Statements

49

FINANCIAL HIGHLIGHTS (Unaudited)

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

				Income
				(loss)
				from
				investment																																											Supplemental
				operations									Less distributions																						Ratios to average net assets												Data
	Net
	asset						Net																						Net									Expenses net of
	value,						realized			Total																			asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net														Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of			Total			Payment		fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital			distributions			by affiliate		to capital		year or period			Return(1)			additions(2)			if any(2)(3)			additions(2)(3)			(loss)(2)(3)			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)			($)			($)		($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING Global Equity Dividend Fund
Class A
04-30-10		9	.41		0	.12		0	.69		0	.81		0	.09		—			—			0	.09		—		—		10	.13		8	.63		1	.43		1	.40		1	.40		2	.38		44,697		24
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
04-30-10		9	.38		0	.08		0	.70		0	.78		0	.05		—			—			0	.05		—		—		10	.11		8	.35		2	.18		2	.15		2	.15		1	.61		13,970		24
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
04-30-10		9	.36		0	.08		0	.69		0	.77		0	.05		—			—			0	.05		—		—		10	.08		8	.27		2	.18		2	.15		2	.15		1	.63		34,478		24
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
04-30-10		9	.42		0	.14		0	.69		0	.83		0	.11		—			—			0	.11		—		—		10	.14		8	.86		1	.05		1	.02		1	.02		2	.93		4,678		24
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
04-30-10		9	.40		0	.12		0	.70		0	.82		0	.10		—			—			0	.10		—		—		10	.12		8	.68		1	.43		1	.40		1	.40		2	.39		15,091		24
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
04-30-10		10	.25		0	.14		0	.77		0	.91		0	.11		—			—			0	.11		—		—		11	.05		8	.85		1	.18		1	.15		1	.15		2	.70		29,766		24
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
04-30-10		7	.82		(0	.01)		0	.98		0	.97		0	.02		—			—			0	.02		—		—		8	.77		12	.47		1	.53		1	.53†		1	.53†		(0	.14)†		106,143		36
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
04-30-10		7	.83		0	.00•,*		0	.99		0	.99		0	.06		—			—			0	.06		—		—		8	.76		12	.65		1	.12		1	.12†		1	.12†		0	.00*,†		4,031		36
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

See Accompanying Notes to Financial Statements

50

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

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

				Income
				(loss)
				from
				investment																																											Supplemental
				operations									Less distributions																						Ratios to average net assets												Data
	Net
	asset						Net																						Net									Expenses net of
	value,						realized			Total																			asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net														Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of			Total			Payment		fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital			distributions			by affiliate		to capital		year or period			Return(1)			additions(2)			if any(2)(3)			additions(2)(3)			(loss)(2)(3)			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)			($)			($)		($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING Global Natural Resources Fund (continued)
Class W
04-30-10		9	.86		0	.00•,*		1	.23		1	.23		0	.05		—			—			0	.05		—		—		11	.04		12	.56		1	.28		1	.28†		1	.28†		0	.01†		297		36
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
ING Global Real Estate Fund
Class A
04-30-10		14	.26		0	.15		1	.46		1	.61		0	.66		—			—			0	.66		—		—		15	.21		11	.47		1	.39		1	.39†		1	.39†		2	.01†		1,004,722		33
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
04-30-10		12	.01		0	.08•		1	.23		1	.31		0	.62		—			—			0	.62		—		—		12	.70		11	.08		2	.14		2	.14†		2	.14†		1	.26†		22,325		33
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																																																			��
04-30-10		12	.67		0	.08•		1	.31		1	.39		0	.62		—			—			0	.62		—		—		13	.44		11	.13		2	.14		2	.14†		2	.14†		1	.26†		181,541		33
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
04-30-10		14	.26		0	.17•		1	.47		1	.64		0	.69		—			—			0	.69		—		—		15	.21		11	.66		0	.99		0	.99†		0	.99†		2	.41†		864,831		33
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
04-30-10		14	.26		0	.15•		1	.46		1	.61		0	.66		—			—			0	.66		—		—		15	.21		11	.47		1	.39		1	.39†		1	.39†		2	.01†		14,466		33
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
04-30-10		14	.28		0	.17•		1	.47		1	.64		0	.68		—			—			0	.68		—		—		15	.24		11	.65		1	.14		1	.14†		1	.14†		2	.27†		214,174		33
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

See Accompanying Notes to Financial Statements

51

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

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

				Income
				(loss)
				from
				investment																																										Supplemental
				operations									Less distributions																					Ratios to average net assets												Data
	Net
	asset						Net																					Net									Expenses net of
	value,						realized			Total																		asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net													Redemption		value,						before			and/or			all			Net investment			end			Portfolio
	of year			investment			unrealized			investment			investment			From net		From return of		Total			Payment			fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or			turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains		capital		distributions			by affiliate			to capital		year or period			Return(1)			additions(2)			if any(2)(3)			additions(2)(3)			(loss)(2)(3)			period			rate
Year or period ended	($)			($)			($)			($)			($)			($)		($)		($)			($)			($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)			(%)
ING Global Value Choice Fund
Class A
04-30-10		26	.25		0	.01		3	.58		3	.59		0	.17		—		—		0	.17		—			—		29	.67		13	.70		1	.52		1	.50†		1	.50†		0	.15†		159,159			21
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
04-30-10		28	.00		(0	.11)		3	.83		3	.72		0	.07		—		—		0	.07		—			—		31	.65		13	.30		2	.27		2	.25†		2	.25†		(0	.71)†		8,139			21
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
Class C
04-30-10		24	.88		(0	.08)•		3	.38		3	.30		0	.08		—		—		0	.08		—			—		28	.10		13	.26		2	.27		2	.25†		2	.25†		(0	.61)†		75,753			21
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
04-30-10		26	.46		0	.12		3	.56		3	.68		0	.24		—		—		0	.24		—			—		29	.90		13	.95		1	.11		1	.10†		1	.10†		0	.88†		57,482			21
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 W
04-30-10		26	.46		0	.13•		3	.51		3	.64		0	.24		—		—		0	.24		—			—		29	.86		13	.81		1	.27		1	.25†		1	.25†		0	.88†		12,335			21
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
04-30-10		5	.71		0	.05•		0	.20		0	.25		0	.55		—		—		0	.55		—			—		5	.41		4	.47		3	.84		1	.76†		1	.76†		1	.77†		3,897			78
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
04-30-10		5	.68		0	.03		0	.20		0	.23		0	.53		—		—		0	.53		—			—		5	.38		4	.09		4	.59		2	.51†		2	.51†		0	.98†		28			78
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
04-30-10		5	.69		0	.02		0	.20		0	.22		0	.53		—		—		0	.53		—			—		5	.38		3	.96		4	.59		2	.51†		2	.51†		0	.98†		1,192			78
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
04-30-10		5	.68		0	.05•		0	.21		0	.26		0	.56		—		—		0	.56		—			—		5	.38		4	.66		3	.51		1	.43†		1	.43†		1	.98†		3			78
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

See Accompanying Notes to Financial Statements

52

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

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

				Income
				(loss)
				from
				investment																																											Supplemental
				operations									Less distributions																						Ratios to average net assets												Data
	Net
	asset						Net																						Net									Expenses net of
	value,						realized			Total																			asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net														Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of		Total			Payment			fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital		distributions			by affiliate			to capital		year or period			Return(1)			additions(2)			if any(2)(3)			additions(2)(3)			(loss)(2)(3)			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)		($)			($)			($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING Emerging Countries Fund
Class A
04-30-10		23	.64		(0	.11)•		3	.00		2	.89		—			—			—		—			—			—		26	.53		12	.23		2	.14		1	.91		1	.91		(0	.88)		82,205		36
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
04-30-10		23	.45		(0	.21)•		2	.98		2	.77		—			—			—		—			—			—		26	.22		11	.81		2	.79		2	.66		2	.66		(1	.66)		4,671		36
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
Class C
04-30-10		22	.01		(0	.19)•		2	.79		2	.60		—			—			—		—			—			—		24	.61		11	.81		2	.79		2	.66		2	.66		(1	.64)		17,383		36
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
04-30-10		23	.66		(0	.03)		2	.98		2	.95		—			—			—		—			—			—		26	.61		12	.47		1	.62		1	.49		1	.49		(0	.31)		59,830		36
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 W
04-30-10		24	.77		0	.10•		2	.97		3	.07		—			—			—		—			—			—		27	.84		12	.39		1	.79		1	.66		1	.66		0	.75		7,062		36
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
04-30-10		6	.85		0	.06•		(0	.35)		(0	.29)		0	.55		—			—		0	.55		—			—		6	.01		(4	.78)		3	.86		1	.78†		1	.78†		1	.84†		3,702		58
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
04-30-10		6	.82		0	.04•		(0	.34)		(0	.30)		0	.54		—			—		0	.54		—			—		5	.98		(5	.02)		4	.61		2	.53†		2	.53†		1	.16†		96		58
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
04-30-10		6	.81		0	.04•		(0	.35)		(0	.31)		0	.52		—			—		0	.52		—			—		5	.98		(5	.06)		4	.61		2	.53†		2	.53†		1	.25†		79		58
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
04-30-10		6	.84		0	.09•		(0	.36)		(0	.27)		0	.57		—			—		0	.57		—			—		6	.00		(4	.56)		3	.45		1	.37†		1	.37†		2	.80†		57		58
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

See Accompanying Notes to Financial Statements

53

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

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

				Income
				(loss)
				from
				investment																																										Supplemental
				operations									Less distributions																					Ratios to average net assets												Data
	Net
	asset						Net																					Net									Expenses net of
	value,						realized			Total																		asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net													Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of		Total			Payment		fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital		distributions			by affiliate		to capital		year or period			Return(1)			additions(2)			if any(2)(3)			additions(2)(3)			(loss)(2)(3)			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)		($)			($)		($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING Foreign Fund
Class A
04-30-10		12	.85		0	.02•		0	.56		0	.58		—			—			—		—			—		—		13	.43		4	.51		1	.80		1	.68†		1	.68†		0	.37†		69,674		54
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
04-30-10		12	.36		(0	.02)		0	.53		0	.51		—			—			—		—			—		—		12	.87		4	.13		2	.55		2	.43†		2	.43†		(0	.36)†		11,689		54
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
Class C
04-30-10		12	.36		(0	.02)		0	.53		0	.51		—			—			—		—			—		—		12	.87		4	.13		2	.55		2	.43†		2	.43†		(0	.37)†		62,359		54
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
04-30-10		13	.08		0	.05•		0	.57		0	.62		—			—			—		—			—		—		13	.70		4	.74		1	.35		1	.33†		1	.33†		0	.72†		43,148		54
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 W
04-30-10		13	.98		0	.02		0	.64		0	.66		—			—			—		—			—		—		14	.64		4	.72		1	.55		1	.43†		1	.43†		0	.79†		1,645		54
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
04-30-10		14	.28		(0	.09)•		0	.47		0	.38		0	.21		—			—		0	.21		—		—		14	.45		2	.64		2	.07		2	.07		2	.07		(1	.31)		30,971		41
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
04-30-10		14	.11		(0	.15)		0	.48		0	.33		0	.12		—			—		0	.12		—		—		14	.32		2	.32		2	.82		2	.82		2	.82		(2	.07)		2,766		41
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

See Accompanying Notes to Financial Statements

54

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

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

				Income
				(loss)
				from
				investment																																											Supplemental
				operations									Less distributions																						Ratios to average net assets												Data
	Net
	asset						Net																						Net									Expenses net of
	value,						realized			Total																			asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net														Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of		Total			Payment			fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital		distributions			by affiliate			to capital		year or period			Return(1)			additions(2)			if any(2)(3)			additions(2)(3)			(loss)(2)(3)			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)		($)			($)			($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING Greater China Fund (continued)
Class C
04-30-10		14	.15		(0	.15)•		0	.48		0	.33		0	.16		—			—		0	.16		—			—		14	.32		2	.28		2	.82		2	.82		2	.82		(2	.09)		5,736		41
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
04-30-10		14	.31		(0	.06)•		0	.48		0	.42		0	.27		—			—		0	.27		—			—		14	.46		2	.88		1	.71		1	.71		1	.71		(0	.80)		2,176		41
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
04-30-10		14	.19		(0	.09)•		0	.47		0	.38		0	.23		—			—		0	.23		—			—		14	.34		2	.67		2	.07		2	.07		2	.07		(1	.26)		4,051		41
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
ING Index Plus International Equity Fund
Class A
04-30-10		7	.80		0	.06		0	.19		0	.25		0	.15		—			—		0	.15		—			—		7	.90		3	.16		1	.36		1	.16		1	.16		1	.42		8,800		64
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
04-30-10		7	.80		0	.02•		0	.20		0	.22		0	.08		—			—		0	.08		—			—		7	.94		2	.86		2	.11		1	.91		1	.91		0	.57		895		64
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
04-30-10		7	.75		0	.03		0	.19		0	.22		0	.09		—			—		0	.09		—			—		7	.88		2	.86		2	.11		1	.91		1	.91		0	.67		1,368		64
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
04-30-10		7	.81		0	.07		0	.19		0	.26		0	.16		—			—		0	.16		—			—		7	.91		3	.32		0	.92		0	.91		0	.91		1	.69		52,024		64
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
04-30-10		7	.75		0	.06		0	.19		0	.25		0	.15		—			—		0	.15		—			—		7	.85		3	.19		1	.36		1	.16		1	.16		1	.42		45,694		64
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

See Accompanying Notes to Financial Statements

55

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

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

				Income
				(loss)
				from
				investment																																												Supplemental
				operations										Less distributions																						Ratios to average net assets												Data
	Net
	asset						Net																							Net									Expenses net of
	value,						realized				Total																			asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and				from			From net														Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized				investment			investment			From net			From return of			Total			Payment		fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)				operations			income			realized gains			capital			distributions			by affiliate		to capital		year or period			Return(1)			additions(2)			if any(2)(3)			additions(2)(3)			(loss)(2)(3)			period		rate
Year or period ended	($)			($)			($)				($)			($)			($)			($)			($)			($)		($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING International Capital Appreciation Fund
Class A
04-30-10		9	.03		0	.01		0	.58			0	.59		—			—			—			—			—		—		9	.62		6	.53		1	.67		1	.46		1	.45		0	.15		25,070		23
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
04-30-10		8	.95		(0	.03)		0	.58			0	.55		—			—			—			—			—		—		9	.50		6	.15		2	.42		2	.21		2	.20		(0	.63)		3,763		23
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
04-30-10		8	.98		(0	.03)		0	.58			0	.55		—			—			—			—			—		—		9	.53		6	.12		2	.42		2	.21		2	.20		(0	.59)		7,619		23
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
04-30-10		9	.00		0	.03		0	.58			0	.61		—			—			—			—			—		—		9	.61		6	.78		1	.21		1	.00		0	.99		0	.59		52,086		23
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 W(5)
08-07-09(5)–04-30-10		9	.03		0	.02		0	.58			0	.60		—			—			—			—			—		—		9	.63		6	.64		1	.49		1	.27		1	.26		0	.30		11,457		23
ING International Real Estate Fund
Class A
04-30-10		8	.48		0	.09•		(0	.01)			0	.08		0	.56		—			—			0	.56		—		—		8	.00		0	.90		1	.55		1	.50		1	.50		2	.19		156,894		40
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
04-30-10		8	.44		0	.05•		(0	.00)*			0	.05		0	.53		—			—			0	.53		—		—		7	.96		0	.49		2	.30		2	.25		2	.25		1	.31		3,359		40
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
04-30-10		8	.44		0	.06		(0	.01)			0	.05		0	.53		—			—			0	.53		—		—		7	.96		0	.51		2	.30		2	.25		2	.25		1	.34		25,478		40
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

See Accompanying Notes to Financial Statements

56

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

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

				Income
				(loss)
				from
				investment																																												Supplemental
				operations									Less distributions																							Ratios to average net assets												Data
	Net
	asset						Net																							Net									Expenses net of
	value,						realized			Total																				asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net															Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of			Total			Payment			fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital			distributions			by affiliate			to capital		year or period			Return(1)			additions(2)			if any(2)(3)			additions(2)(3)			(loss)(2)(3)			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)			($)			($)			($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING International Real Estate Fund (continued)
Class I
04-30-10		8	.49		0	.11		(0	.01)		0	.10		0	.58		—			—			0	.58		—			—		8	.01		1	.04		1	.17		1	.17		1	.17		2	.41		340,142		40
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
04-30-10		8	.51		0	.10•		(0	.01)		0	.09		0	.57		—			—			0	.57		—			—		8	.03		1	.01		1	.30		1	.25		1	.25		2	.48		3,578		40
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
04-30-10		31	.45		0	.02•		3	.52		3	.54		0	.37		—			—			0	.37		—			—		34	.62		11	.34		1	.85		1	.84†		1	.84†		0	.13†		151,507		42
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
04-30-10		33	.01		(0	.11)•		3	.73		3	.62		0	.10		—			—			0	.10		—			—		36	.53		10	.99		2	.50		2	.49†		2	.49†		(0	.61)†		6,863		42
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
04-30-10		29	.41		(0	.06)		3	.28		3	.22		0	.21		—			—			0	.21		—			—		32	.42		10	.99		2	.50		2	.49†		2	.49†		(0	.51)†		32,485		42
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
04-30-10		31	.53		0	.12		3	.51		3	.63		0	.52		—			—			0	.52		—			—		34	.64		11	.63		1	.32		1	.31†		1	.31†		0	.74†		210,610		42
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
Class O
04-30-10		31	.28		0	.09•		3	.45		3	.54		0	.44		—			—			0	.44		—			—		34	.38		11	.40		1	.75		1	.74†		1	.74†		0	.57†		1,094		42
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 W
04-30-10		37	.21		0	.04		4	.22		4	.26		0	.51		—			—			0	.51		—			—		40	.96		11	.55		1	.50		1	.49†		1	.49†		0	.67†		42,248		42
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

See Accompanying Notes to Financial Statements

57

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

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

				Income
				(loss)
				from
				investment																																												Supplemental
				operations									Less distributions																							Ratios to average net assets												Data
	Net
	asset						Net																							Net									Expenses net of
	value,						realized			Total																				asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net															Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of			Total			Payment			fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital			distributions			by affiliate			to capital		year or period			Return(1)			additions(2)			if any(2)(3)			additions(2)(3)			(loss)(2)(3)			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)			($)			($)			($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING International Value Fund
Class A
04-30-10		11	.30		0	.09		0	.16		0	.25		0	.17		—			—			0	.17		—			—		11	.38		2	.19		1	.64		1	.64†		1	.64†		1	.39†		634,129		47
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
04-30-10		11	.14		0	.03•		0	.17		0	.20		0	.04		—			—			0	.04		—			—		11	.30		1	.82		2	.34		2	.34†		2	.34†		0	.46†		18,637		47
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
04-30-10		10	.95		0	.04•		0	.18		0	.22		0	.11		—			—			0	.11		—			—		11	.06		1	.94		2	.34		2	.28†		2	.28†		0	.77†		241,841		47
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
04-30-10		11	.30		0	.11		0	.16		0	.27		0	.22		—			—			0	.22		—			—		11	.35		2	.36		1	.29		1	.29†		1	.29†		1	.81†		598,367		47
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 W
04-30-10		11	.30		0	.10•		0	.17		0	.27		0	.22		—			—			0	.22		—			—		11	.35		2	.34		1	.34		1	.34†		1	.34†		1	.69†		22,231		47
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
ING International Value Choice Fund
Class A
04-30-10		9	.68		0	.03•		0	.71		0	.74		0	.06		—			—			0	.06		—			—		10	.36		7	.71		1	.71		1	.70†		1	.70†		0	.53†		20,356		20
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
04-30-10		9	.53		(0	.01)		0	.71		0	.70		0	.01		—			—			0	.01		—			—		10	.22		7	.34		2	.46		2	.45†		2	.45†		(0	.23)†		1,692		20
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

See Accompanying Notes to Financial Statements

58

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

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

				Income
				(loss)
				from
				investment																																											Supplemental
				operations									Less distributions																						Ratios to average net assets												Data
	Net
	asset						Net																						Net									Expenses net of
	value,						realized			Total																			asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net													Redemption			value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of		Total			Payment		fees applied			end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital		distributions			by affiliate		to capital			year or period			Return(1)			additions(2)			if any(2)(3)			additions(2)(3)			(loss)(2)(3)			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)		($)			($)		($)			($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
International Value Choice Fund (continued)
Class C
04-30-10		9	.56		(0	.02)		0	.73		0	.71		0	.01		—			—		0	.01		—		—			10	.26		7	.42		2	.46		2	.45†		2	.45†		(0	.19)†		5,008		20
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
04-30-10		9	.67		0	.05		0	.71		0	.76		0	.08		—			—		0	.08		—		—			10	.35		7	.90		1	.34		1	.34†		1	.34†		0	.91†		29,772		20
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
04-30-10		9	.68		0	.07•		0	.69		0	.76		0	.08		—			—		0	.08		—		—			10	.36		7	.91		1	.46		1	.45†		1	.45†		1	.39†		35		20
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
04-30-10		29	.53		(0	.28)		6	.52		6	.24		—			—			—		—			—		—			35	.77		21	.13		2	.07		2	.07		2	.07		(1	.69)		445,012		23
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
04-30-10		29	.54		(0	.20)•		6	.48		6	.28		—			—			—		—			—		—			35	.82		21	.26		1	.67		1	.67		1	.67		(1	.18)		7,451		23
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
04-30-10		12	.25		0	.30•		(0	.21)		0	.09		0	.51		0	.05		—		0	.56		—		—			11	.78		0	.75		0	.95		0	.90†		0	.90†		5	.05†		154,646		172
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
04-30-10		12	.16		0	.25•		(0	.21)		0	.04		0	.47		0	.05		—		0	.52		—		—			11	.68		0	.29		1	.70		1	.65†		1	.65†		4	.33†		4,546		172
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
Class C
04-30-10		12	.20		0	.25•		(0	.21)		0	.04		0	.47		0	.05		—		0	.52		—		—			11	.72		0	.31		1	.70		1	.65†		1	.65†		4	.24†		68,239		172
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

See Accompanying Notes to Financial Statements

59

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

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

				Income
				(loss)
				from
				investment																																										Supplemental
				operations									Less distributions																					Ratios to average net assets												Data
	Net
	asset						Net																					Net									Expenses net of
	value,						realized			Total																		asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net													Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net			From return of		Total			Payment		fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains			capital		distributions			by affiliate		to capital		year or period			Return(1)			additions(2)			if any(2)(3)			additions(2)(3)			(loss)(2)(3)			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)			($)		($)			($)		($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING Global Bond Fund (continued)
Class I
04-30-10		12	.22		0	.31•		(0	.20)		0	.11		0	.53		0	.05		—		0	.58		—		—		11	.75		0	.91		0	.63		0	.58†		0	.58†		5	.24†		197,597		172
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
04-30-10		12	.06		0	.30•		(0	.20)		0	.10		0	.51		0	.05		—		0	.56		—		—		11	.60		0	.84		0	.95		0	.90†		0	.90†		5	.11†		3,465		172
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
04-30-10		12	.06		0	.29•		(0	.18)		0	.11		0	.53		0	.05		—		0	.58		—		—		11	.59		0	.89		0	.70		0	.65†		0	.65†		5	.09†		6,265		172
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
04-30-10		8	.27		0	.07		0	.48		0	.55		0	.07		—			—		0	.07		—		—		8	.75		6	.64		0	.63		0	.35		0	.35		1	.66		117,516		23
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
04-30-10		8	.23		0	.04		0	.47		0	.51		0	.01		—			—		0	.01		—		—		8	.73		6	.21		1	.38		1	.10		1	.10		0	.86		18,517		23
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
04-30-10		8	.21		0	.04		0	.47		0	.51		0	.01		—			—		0	.01		—		—		8	.71		6	.17		1	.38		1	.10		1	.10		0	.86		64,548		23
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
04-30-10		8	.26		0	.04•		0	.52		0	.56		0	.09		—			—		0	.09		—		—		8	.73		6	.77		0	.36		0	.10		0	.10		0	.88		9,045		23
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
04-30-10		8	.24		0	.07		0	.48		0	.55		0	.09		—			—		0	.09		—		—		8	.70		6	.70		0	.63		0	.25		0	.25		1	.56		2,621		23
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
04-30-10		8	.18		0	.06		0	.47		0	.53		0	.05		—			—		0	.05		—		—		8	.66		6	.52		0	.88		0	.60		0	.60		1	.33		196		23
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

See Accompanying Notes to Financial Statements

60

FINANCIAL HIGHLIGHTS (Unaudited) (continued)

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

				Income
				(loss)
				from
				investment																																									Supplemental
				operations									Less distributions																				Ratios to average net assets												Data
	Net
	asset						Net																				Net									Expenses net of
	value,						realized			Total																	asset						Expenses			fee waivers			Expenses net of						Net assets,
	beginning			Net			and			from			From net												Redemption		value,						before			and/or			all			Net investment			end		Portfolio
	of year			investment			unrealized			investment			investment			From net		From return of		Total			Payment		fees applied		end of			Total			reductions/			recoupments,			reductions/			income			of year or		turnover
	or period			income (loss)			gain (loss)			operations			income			realized gains		capital		distributions			by affiliate		to capital		year or period			Return(1)			additions(2)			if any(2)(3)			additions(2)(3)			(loss)(2)(3)			period		rate
Year or period ended	($)			($)			($)			($)			($)			($)		($)		($)			($)		($)		($)			(%)			(%)			(%)			(%)			(%)			($000’s)		(%)
ING Diversified International Fund (continued)
Class W
04-30-10		8	.25		0	.08		0	.48		0	.56		0	.10		—		—		0	.10		—		—		8	.71		6	.83		0	.38		(0	.00)*		(0	.00)*		1	.92		2,655		23
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

(1)	Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges. Total return for periods less than one year is not annualized.
(2)	Annualized for periods less than one year.
(3)	Expense ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by 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/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions.
(4)	Commencement of operations.
(5)	Class W shares’ financial highlights include Class Q shares which were converted to Class W on March 5, 2010. Class W shares will retain the commencement of operations date of August 7, 2009 which represents the original commencement of operations date of Class Q shares.
†	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 and 0.27% for Class C 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 and 20.56% for Class C.
(d)	In 2005, 0.34% for Class A, 0.33% for Class B and 0.36% for Class C of the total return consists of payment by affiliate. Excluding this item, total return would have been 28.63%, 27.82% and 27.80% on Class A, Class B and Class C, 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% and 51.22% on Classes A,B,C,I 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% and 27.32% on Classes A,B,C and I, 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% and 42.70% on Classes A,B,C,I,O and W, respectively.
(h)	Excluding a payment by affiliate in the fiscal year ended October 31, 2009, International Value total return would have been 21.64%, 20.80%, 20.81% and 22.12% on Classes A,B,C and I, respectively.

See Accompanying Notes to Financial Statements

61

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited)

NOTE 1 — ORGANIZATION

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

IMF is a Delaware statutory trust organized December 18, 1992 with seventeen separate active series, all of which are included in this report, (each, a “Fund” and collectively, the “IMF Funds”): Global Equity Dividend, Global Natural Resources, Global Real Estate, Global Value Choice, Asia-Pacific Real Estate, Emerging Countries, European Real Estate, Foreign, Greater China, Index Plus International Equity, International Capital Appreciation, International Real Estate, International SmallCap Multi-Manager, International Value Choice, Russia, Global Bond and Diversified International. IMT is a Massachusetts business trust organized August 18, 1993 with one series, 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 28, 2010.

Each Fund offers at least one or more of the following classes of shares: Class A, Class B, Class C, Class I, Class O, Class R and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees and shareholder servicing fees and transfer agent fees. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund and earn income and realized gains/losses from the portfolio pro rata based on the average daily net assets of each class, without distinction between share classes. 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 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 Funds; and (2) subject to the terms and conditions of relevant exchange privileges and as permitted under their respective prospectuses, Class B shares of the Funds may be acquired through exchange of Class B shares of other funds in the ING Mutual Funds Complex. 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.

On September 10, 2009, the Board approved a proposal to create Class W shares of International Capital Appreciation and to convert existing Class Q shares into Class W shares. Effective March 5, 2010, Class Q shares were converted into Class W shares. As a result, references to Class W shares of International Capital Appreciation prior to March 5, 2010 represent Class Q shares.

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.

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

62

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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. Investments in open-end mutual funds are valued at the net asset value. Investments in securities maturing 60 days or less from date of acquisition are valued at amortized cost which approximates market value.

Securities and assets for which market quotations are not readily available (which may include certain restricted securities which are subject to limitations as to their sale) are valued at their fair values, as defined by the 1940 Act, and as determined in good faith by or under the supervision of the Funds’ Board 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 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

63

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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. Short-term securities of sufficient credit quality which are valued at amortized cost, which approximates fair value, are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Funds’ investments under these levels of classification is included following the Portfolios of Investments.

For the six months ended April 30, 2010, there have been no significant changes to the fair valuation methodologies.

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

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.

64

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

D. Risk Exposures and the use of Derivative Instruments. The Funds’ investment 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 Funds, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

The use of these strategies involves certain special risks, including a possible imperfect correlation, or even no correlation, between price movements of derivative

65

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

instruments and price movements of related investments. While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in related investments or otherwise, due to the possible inability of the Funds to purchase or sell a portfolio security at a time that otherwise would be favorable or the possible need to sell a portfolio security at a disadvantageous time because the Funds are required to maintain asset coverage or offsetting positions in connection with transactions in derivative instruments. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Associated risks are not the risks that the Funds are attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. Associated risks can be different for each type of derivative and are discussed by each derivative type in the following notes.

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

The Funds may also enter into collateral agreements with certain counterparties to further mitigate OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from the Funds is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

As of April 30, 2010, the maximum amount of loss that Global Bond would incur if the counterparties to its derivative transactions failed to perform would be $2,457,938 which represents the gross payments to be received by the Fund on open swap transactions and forward foreign currency contracts were they to be unwound as of April 30, 2010.

The Funds have credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Funds. Credit related contingent features are established between the Funds and their derivatives counterparties to reduce the risk that the Funds will not fulfill their payment obligations to their counterparties. These triggering features include, but are not limited to, a percentage decrease in a Fund’s net assets and or a percentage decrease in a Fund’s NAV, which could cause a Fund to accelerate payment of any net liability owed to the counterparty. The contingent features are established within the Funds Master Agreements.

As of April 30, 2010, Global Bond had a net liability position of $3,770,994 on interest rate swaps and forward foreign currency contracts with credit related contingent features. If a contingent feature would have been triggered as of April 30, 2010, Global Bond could have been required to pay this amount in cash to its counterparties. As of April 30, 2010, Global Bond had posted $30,000 to its counterparties in cash collateral for its open derivatives transactions.

E. 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

66

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 six months ended April 30, 2010, 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.

During the six months ended April 30, 2010, the following Funds had average contract amounts on forward foreign currency contracts to buy and sell as disclosed below:

	Buy		Sell
Global Equity Dividend	$	—	$	189,311
Global Real Estate		1,247,970		—
Global Value Choice		—		107,674
Asia-Pacific Real Estate		19,386		—
Foreign		13,583,192		17,403,681
International Real Estate		529,101		—
Global Bond		286,976,463		208,446,272

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the period ended April 30, 2010, Foreign purchased futures contracts on various equity indices to increase exposure to equity risk. 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.

During the six months ended April 30, 2010, the following Funds had average market values on futures contracts purchased and sold as disclosed below:

	Purchased		Sold
Foreign	$	3,219,764	$	—
Global Bond	$	109,632,710	$	97,412,246

F. 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

67

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 pay 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 period ended April 30, 2010, Global Bond has both purchased and written options on foreign currencies to increase or decrease exposure to foreign exchange rate risk. Please refer to Note 10 for the volume of both purchased and written option activity for Global Bond during the six months ended April 30, 2010.

G. 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 Statement 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 Statement 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).

68

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Certain Funds may sell credit default swaps which expose these Funds to the risk of loss from credit risk-related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

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

The maximum amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of April 30, 2010, for which a Fund is seller of protection, are disclosed following 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 six months ended April 30, 2010, 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 six months ended April 30, 2010, 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 six months ended April 30, 2010, Global Bond had average notional amounts of $9,000,000 and $2,948,500 on credit default swaps to buy protection and credit default swaps to sell protection, respectively.

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 their ability to generate income at prevailing market rates, the Funds may enter into interest rate swap agreements.

For the six months ended April 30, 2010, 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.

69

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

For the six months ended April 30, 2010, Global Bond had an average notional amount of $109,641,500 on interest rate swaps.

Cross-Currency Swap Agreements. Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.

For the six months ended April 30, 2010, Global Bond has entered into cross-currency swaps to increase exposure to foreign exchange risk.

For the six months ended April 30, 2010, Global Bond had an average notional amount of $6,632,100 on cross-currency swaps.

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 each Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Funds’ tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized or expire.

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

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. 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.

L. 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

70

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

Underlying Fund is delayed or prevented from exercising its right to dispose of the collateral. Each Fund and Underlying Fund bears the risk of loss with respect to the investment of collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Fund or Underlying Fund.

M. Illiquid and Restricted Securities. Each Fund and Underlying Fund may not invest more than 15% of its net assets in illiquid securities. Illiquid securities are not readily marketable. Disposing of illiquid investments may involve time-consuming negotiation and legal expenses, and it may be difficult or impossible for the Funds and Underlying Funds to sell them promptly at an acceptable price. Each Fund and Underlying Fund may also invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933 (“1933 Act”) or securities offered pursuant to Section 4(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Certain restricted securities may be considered liquid pursuant to procedures adopted by the Board or may be deemed illiquid because they may not be readily marketable. Illiquid and restricted securities are valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

N. Delayed-Delivery or When-Issued Transaction. The Funds and Underlying Funds may purchase or sell securities on a when-issued or forward commitment basis. The price of the securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The market value of these securities is identified in each Fund’s Portfolio of Investments. Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Funds and Underlying Funds are required to segregate liquid assets sufficient to cover the purchase price.

O. Indemnifications. In the normal course of business, each Trust may enter into contracts that provide certain indemnifications. Each Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, management believes based on experience, the risk of loss from such claims is considered remote.

NOTE 3 — INVESTMENT TRANSACTIONS

For the six months ended April 30, 2010, 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	$	32,759,321	$	41,460,318
Global Natural Resources		36,812,173		40,555,665
Global Real Estate		1,034,470,745		615,375,230
Global Value Choice		148,263,079		44,901,120
Asia-Pacific Real Estate		3,861,961		3,413,928
Emerging Countries		70,104,869		55,058,759
European Real Estate		2,651,995		4,911,047
Foreign		118,649,515		196,606,696
Greater China		19,272,761		21,561,172
Index Plus International Equity		69,676,791		75,191,818
International Capital Appreciation		23,681,236		45,784,868
International Real Estate		214,496,937		208,041,330
International SmallCap Multi-Manager		178,439,768		196,298,095
International Value		739,192,199		927,332,555
International Value Choice		10,281,256		9,920,356
Russia		90,830,259		92,603,638
Global Bond		222,155,529		160,719,598
Diversified International		52,591,304		82,304,741

Purchases and sales of long-term U.S. government securities not included above were as follows:

	Purchases		Sales
Global Bond	$	435,807,199	$	403,204,730

NOTE 4 — REDEMPTION FEES

A 2% redemption fee is charged on shares of Russia that are redeemed (including in connection with an exchange) within 365 days or less from their date of purchase. The redemption fee is recorded as an addition to paid-in capital. Total redemption fee proceeds for the six months ended April 30, 2010 and year ended October 31, 2009 were $169,526 and $262,776, respectively, and are set forth in the Statements of Changes in Net Assets.

NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES

Each of the Funds has entered into an investment management agreement (“Management Agreements”) with ING Investments, LLC (“ING Investments” or “Investment Adviser”). The Management Agreements compensate the

71

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES (continued)

Investment Adviser with a fee based on the average daily net assets of each Fund, at the following annual rates:

	As a Percentage of Average
	Daily Net Assets
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(1)	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, Foreign, International Capital Appreciation and International SmallCap Multi-Manager. These advisory fee waivers will continue through at least March 1, 2011 for Emerging Countries, Foreign, International Capital Appreciation and 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, International Capital Appreciation 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 six months ended April 30, 2010, ING Investments waived $109,286, $29,559, $26,594 and $35,421 in advisory fees for Emerging Countries, Foreign, International Capital Appreciation 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 LLC*
European Real Estate	ING Clarion Real Estate Securities LLC*
Global Real Estate	ING Clarion Real Estate Securities LLC*
International Real Estate	ING Clarion Real Estate Securities LLC*
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 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 consultant to the Investment Adviser. The Consultant provides tactical allocation recommendations to the Investment Adviser. The Investment Adviser has set

72

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 5 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES (continued)

up an Investment Committee made up of a team of professionals to consider, review and implement the recommendations of the Consultant, and retains discretion over implementation of the Consultant’s recommendations. The Consultant provides ongoing recommendations to the Investment Committee of the Investment Adviser quarterly or as warranted by market conditions.

ING Funds are permitted to invest end-of-day cash balances into ING Institutional Prime Money Market Fund. Investment management fees paid by the Funds will be reduced by an amount equal to the management fees paid indirectly to ING Institutional Prime Money Market Fund with respect to assets invested by the Funds. For the six months ended April 30, 2010, the following funds waived such management fees which are not subject to recoupment:

Global Natural Resources	$	406
Global Real Estate		24,723
Global Value Choice		10,871
Asia-Pacific Real Estate		32
European Real Estate		12
Foreign		282
International Real Estate		2,478
International SmallCap Multi-Manager		1,119
International Value		8,657
International Value Choice		1,134
Global Bond		6,963

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.

Effective April 1, 2010, International Value no longer 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.

On December 21, 2009, ING Groep announced that it has completed its planned repurchase of EUR 5 billion of Core Tier 1 securities issued November 2008 to the Dutch state and its EUR 7.5 billion 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 Fund’s shares (“Distribution Fees”). Pursuant to the 12b-1 Plans, the Distributor is entitled to a payment each month for expenses incurred in the distribution and promotion of each Fund’s shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees (“Service Fees”) paid to securities dealers who have executed a distribution agreement with the Distributor. Under the 12b-1 Plans, each class of shares of a Fund pays the Distributor a Distribution and/or Service Fee based on average daily net assets at the following annual rates:

	Class A			Class B			Class C			Class O			Class R
Global Equity Dividend		0.25%			1.00	%		1.00	%		0.25	%		N/A
Global Natural Resources		0.25%			N/A			N/A			N/A			N/A
Global Real Estate		0.25%			1.00	%		1.00	%		0.25	%		N/A
Global Value Choice		0.25%			1.00	%		1.00	%		N/A			N/A
Asia-Pacific Real Estate		0.25%			1.00	%		1.00	%		N/A			N/A
Emerging Countries		0.35%	(1)		1.00	%		1.00	%		N/A			N/A
European Real Estate		0.25%			1.00	%		1.00	%		N/A			N/A
Foreign		0.25%			1.00	%		1.00	%		N/A			N/A
Greater China		0.25%			1.00	%		1.00	%		0.25	%		N/A
Index Plus International Equity		0.25%			1.00	%		1.00	%		0.25	%		N/A

73

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 6 — DISTRIBUTION AND SERVICE FEES (continued)

	Class A		Class B			Class C			Class O			Class R
International Capital Appreciation		0.25%		1.00	%		1.00	%		N/A			N/A
International Real Estate		0.25%		1.00	%		1.00	%		N/A			N/A
International SmallCap Multi-Manager		0.35%		1.00	%		1.00	%		0.25	%		N/A
International Value		0.30%		1.00	%		1.00	%(2)		N/A			N/A
International Value Choice		0.25%		1.00	%		1.00	%		N/A			N/A
Russia		0.25%		N/A			N/A			N/A			N/A
Global Bond		0.25%		1.00	%		1.00	%		0.25	%		N/A
Diversified International		0.25%		1.00	%		1.00	%		0.25	%		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, 2011.
(2)	The Distributor has voluntarily agreed to waive $79,085 of the Distribution Fee for Class C shares of International Value.

The Distributor also receives the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares, and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the six months ended April 30, 2010, the Distributor retained the following amounts in sales charges for the Funds:

	Class A		Class C
	Shares		Shares
Initial Sales Charges:
Global Equity Dividend	$	9,803		N/A
Global Natural Resources		13,775		N/A
Global Real Estate		85,052		N/A
Global Value Choice		65,828		N/A
Asia-Pacific Real Estate		16		N/A
Emerging Countries		5,371		N/A
European Real Estate		453		N/A
Foreign		2,663		N/A
Greater China		15,811		N/A
Index Plus International Equity		432		N/A
International Capital Appreciation		1,504		N/A
International Real Estate		6,194		N/A
International SmallCap Multi-Manager		2,221		N/A
International Value		4,695		N/A
International Value Choice		2,455		N/A
Russia		136,566		N/A
Global Bond		61,280		N/A
Diversified International		8,439		N/A
Contingent Deferred Sales Charges:
Global Equity Dividend	$	30	$	745
Global Real Estate		2,700		6,515
Global Value Choice		1,156		3,157
Asia-Pacific Real Estate		—		10
Emerging Countries		30		1,460
European Real Estate		—		189
Foreign		35		2,036
Greater China		5		12,912
International Capital Appreciation		—		86
International Real Estate		25		580
International SmallCap Multi-Manager		359		753
International Value		62,783		3,521
International Value Choice		10		249
Russia		580		—
Global Bond		12		7,788
Diversified International		44		2,108

NOTE 7 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At April 30, 2010, 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				Shareholder
	Investment		Accrued		Service and
Fund	Management Fees		Administrative Fees		Distribution Fees		Total
Global Equity Dividend	$	96,407	$	11,990	$	53,869	$	162,266
Global Natural Resources		78,359		9,093		21,990		109,442
Global Real Estate		1,320,791		184,176		371,188		1,876,155
Global Value Choice		227,945		25,582		304,476		558,003
Asia-Pacific Real Estate		3,951		396		1,760		6,107
Emerging Countries		181,657		14,532		36,023		232,212
European Real Estate		3,406		341		954		4,701
Foreign		170,458		17,050		79,359		266,867
Greater China		46,055		4,005		15,260		65,320
Index Plus International Equity		53,448		9,282		13,642		76,372
International Capital Appreciation		69,184		8,139		15,175		92,498
International Real Estate		424,870		45,403		56,597		526,870
International SmallCap Multi-Manager		373,187		37,328		85,664		496,179
International Value		1,290,315		129,127		374,961		1,794,403
International Value Choice		45,508		4,573		9,792		59,873
Russia		480,903		38,472		94,629		614,004
Global Bond		135,649		34,120		91,437		261,206
Diversified International		—		18,397		97,110		115,507

74

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 7 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)

At April 30, 2010, the following indirect, wholly owned subsidiaries of ING Groep owned the following Funds:

Diversified International —	Emerging Countries (25.76%); Foreign (19.63%); Index Plus International Equity (15.24%); International Capital Appreciation (41.51%); International SmallCap Multi-Manager (5.38%); International Value Choice (36.24%).
ING Global Target Payment Fund —	Index Plus International Equity (6.90%).
ING Life Insurance and Annuity Company —	Asia-Pacific Real Estate (52.78%); European Real Estate (76.43%); International SmallCap Multi-Manager (8.55%).
ING National Trust —	International Capital Appreciation (10.66%); International Value (10.48%).
ING Solution 2015 Portfolio —	Global Bond (9.15%).
ING Solution 2025 Portfolio —	Global Bond (13.79%).
ING Solution 2035 Portfolio —	Global Bond (10.43%).
ING Strategic Allocation Growth —	Index Plus International Equity (10.62%).
ING Strategic Allocation Moderate —	Index Plus International Equity (8.79%).
Reliance Trust Company —	International Capital Appreciation (7.17%).
Sharebuilder Securities Corporation —	Global Equity Dividend (10.30%); Greater China (8.92%); Index Plus International Equity (39.85%).

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 certain 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 Funds have adopted a Retirement Policy (“Policy”) covering independent trustees of the Funds who were trustees on or before May 9, 2007, and who will have served as an independent trustee for at least five years as of the date of their retirement (as that term is defined in the Policy). Benefits under the Policy are based on an annual rate as defined in the Policy.

The Funds have adopted a Deferred Compensation Plan (the “Plan”), which allows eligible non-affiliated trustees as described in the Plan to defer the receipt of all or a portion of the trustees fees payable. Amounts deferred are treated as though invested in various “notional” funds advised by ING Investments until distribution in accordance with the Plan.

NOTE 8 — OTHER ACCRUED EXPENSES AND LIABILITIES

At April 30, 2010, 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
Asia-Pacific Real Estate	Custody	$	10,129
	Professional		12,337
European Real Estate	Custody		4,581
	Transfer Agent		5,923
Index Plus International Equity	Custody		25,470
	Transfer Agent		34,659

NOTE 9 — EXPENSE LIMITATION AGREEMENTS

The Investment Adviser and/or Distributor have agreed to limit expenses, excluding interest expense, taxes, brokerage commissions and extraordinary expenses (and acquired fund fees and expenses) to the levels listed below:

Maximum Operating Expense Limit (as a percentage of average net assets)

	Class A			Class B			Class C			Class I			Class O			Class R		Class W
Global Equity Dividend		1.40	%		2.15	%		2.15	%		1.15	%		1.40	%		N/A		1.15	%
Global Natural Resources(1)		2.00	%		N/A			N/A			1.75	%		N/A			N/A		1.75	%
Global Real Estate		1.75	%		2.50	%		2.50	%		1.50	%		1.75	%		N/A		1.50	%
Global Value Choice		1.50	%		2.25	%		2.25	%		1.25	%		N/A			N/A		1.25	%
Asia-Pacific Real Estate		1.75	%		2.50	%		2.50	%		1.50	%		N/A			N/A		N/A
Emerging Countries(2)		2.25	%		2.90	%		2.90	%		1.75	%		N/A			N/A		1.90	%
European Real Estate		1.75	%		2.50	%		2.50	%		1.50	%		N/A			N/A		N/A
Foreign(3)		1.95	%		2.70	%		2.70	%		1.60	%		N/A			N/A		1.45	%
Greater China(4)		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

75

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 9 — EXPENSE LIMITATION AGREEMENTS (continued)

	Class A			Class B			Class C			Class I			Class O			Class R			Class W
International Capital Appreciation		1.50	%		2.25	%		2.25	%		1.25	%		N/A			N/A			1.25	%
International Real Estate		1.50	%		2.25	%		2.25	%		1.25	%		N/A			N/A			1.25	%
International SmallCap Multi-Manager		1.95	%		2.60	%		2.60	%		1.40	%		1.85	%		N/A			1.60	%
International Value(5)		1.80	%		2.50	%		2.50	%		1.50	%		N/A			N/A			1.50	%
International Value Choice		1.70	%		2.45	%		2.45	%		1.45	%		N/A			N/A			1.45	%
Russia(6)		2.75	%		N/A			N/A			2.50	%		N/A			N/A			N/A
Global Bond		0.90	%		1.65	%		1.65	%		0.61	%		0.90	%		N/A			0.65	%
Diversified International(7)		0.50	%		1.25	%		1.25	%		0.25	%		0.50	%		0.75	%		0.25	%

(1)	Effective January 1, 2010, the expense limits for Class A, I and W were revised from 2.75%, 2.50% and 2.50%, respectively, to limits set forth in the table above.
(2)	Pursuant to a side agreement, ING Investments has lowered the expense limits for Emerging Countries through at least March 1, 2011. The expense limits for Emerging Countries are 2.10%, 2.85% and 2.85% for Class A, B and C shares, respectively. If, after March 1, 2011, 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.
(3)	Pursuant to a side agreement, ING Investments has lowered the expense limits for Foreign through at least March 1, 2011. The expense limits for Foreign are 1.70%, 2.45%, 2.45% and 1.35% for class A, B, C and I shares, respectively. If, after March 1, 2011, ING Investments elects not to renew the side agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that this side agreement will continue after that date. The side agreement will only renew if ING Investments elects to renew it.
(4)	Pursuant to a side agreement, the expense limits for Greater China are 2.10%, 2.85%, 2.85%, 1.85% and 2.10% for Class A, B, C, I and O shares, respectively, through March 1, 2011. There is no guarantee that this side agreement will continue after that date. This 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.
(5)	The expense limits for International Value are effective April 1, 2010. Prior to April 1, 2010, International Value did not have an expense limit.
(6)	Effective January 1, 2010, the expense limits for Class A and I were revised from 3.35% and 3.10%, respectively, to limits set forth in the table above.
(7)	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. Effective March 1, 2010, the expense limits for Class O and W were revised from 0.35% and 0.10%, respectively, to limits set forth in the table above. Including the expenses of the underlying Investment Companies, the expense limits for Diversified International are 1.65%, 2.40%, 2.40%, 1.40%, 1.65%, 1.90% and 1.40% for Class A, B, C, I, O, R and W shares, respectively.

The Investment Adviser may at a later date recoup from a Fund management and/or class specific fees waived and other expenses assumed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Fund’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations for each Fund. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities for each Fund.

As of April 30, 2010, 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:

	2011		2012		2013		Total
Global Equity Dividend	$	—	$	136,428	$	100,526	$	236,954
Asia-Pacific Real Estate		56,041		147,808		100,209		304,058
European Real Estate		49,810		133,948		72,318		256,076
Foreign		—		—		3,727		3,727
Greater China		—		—		60,086		60,086
Index Plus International Equity		—		959,777		4,008		963,785
International Capital Appreciation		—		25,287		90,988		116,275
Global Bond		68,205		180,782		257,987		506,974
Diversified International		1,546,287		1,429,314		483,949		3,459,550

In addition to the above waived or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of April 30, 2010, are as follows:

	2011		2012		2013		Total
Global Value Choice
Class W	$	—	$	—	$	233	$	233
Foreign
Class A	$	—	$	—	$	100,498	$	100,498
Class B		—		—		15,072		15,072
Class C		—		—		82,986		82,986
Class W		—		—		737		737
Index Plus International Equity
Class A	$	—	$	—	$	39,152	$	39,152
Class B		—		—		5,367		5,367
Class C		—		—		5,854		5,854
Class O		—		—		191,533		191,533
International Real Estate
Class A	$	—	$	—	$	189,290	$	189,290
Class B		—		—		7,832		7,832
Class C		—		—		57,561		57,561
Class W		—		—		574		574
International Value Choice
Class A	$	—	$	—	$	14,359	$	14,359
Class B		—		—		2,217		2,217
Class C		—		—	��	4,058		4,058
Diversified International
Class A	$	—	$	—	$	39,721	$	39,721
Class B		—		—		5,831		5,831
Class C		—		—		21,687		21,687
Class O		—		—		3,159		3,159
Class R		—		—		54		54
Class W		—		—		3,964		3,964

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.

76

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 10 — PURCHASED AND WRITTEN OPTIONS

Transactions in both purchased and written foreign currency options for Global Bond for the six months ended April 30, 2010 were as follows:

	CHF			USD
	Notional			Notional			Premium
Purchased Foreign Currency Options
Balance at 10/31/09		7,164,109			12,978,000		$	191,984
Options Purchased		—			90,153,540			633,182
Options Terminated in Closing Sell Transactions		(7,164,109	)		(29,323,540	)		(355,440	)
Options Expired		—			(73,808,000	)		(469,726	)
Balance at 04/30/10		—			—		$	—

	CHF			USD
	Notional			Notional			Premium
Written Foreign Currency Options
Balance at 10/31/09		7,164,109			12,978,000		$	218,966
Options Written		—			16,345,540			183,070
Options Terminated in Closing Purchase Transactions		(7,164,109	)		(29,323,540	)		(402,036	)
Options Expired		—			—			—
Balance at 04/30/10		—			—		$	—

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 April 30, 2010.

The following Funds utilized the line of credit during the year ended April 30, 2010:

					Approximate
			Approximate		Weighted
			Average		Average
			Daily Balance		Interest Rate
	Days		for Days		for Days
Fund	Utilized		Utilized		Utilized
Global Natural Resources		5	$	1,202,000		1.37	%
Asia-Pacific Real Estate		6		193,333		1.36	%
Emerging Countries		5		792,000		1.38	%
European Real Estate		5		746,000		1.37	%
Foreign		60		1,211,583		1.39	%
Greater China(1)		10		824,500		1.42	%
Index Plus International Equity		8		1,218,125		1.38	%
International Capital Appreciation		26		848,269		1.40	%
International Real Estate		9		5,678,889		1.37	%
International SmallCap Multi-Manager		57		1,081,842		1.37	%
International Value		77		4,809,221		1.38	%
Global Bond		25		1,320,000		1.38	%

⁽¹⁾ At April 30, 2010, Greater China had an outstanding balance of $940,000.

NOTE 12 — CAPITAL SHARES

Transactions in capital shares and dollars were as follows:

								Net increase
			Reinvestment					(decrease) in					Reinvestment
			of		Shares			shares					of		Shares			Net increase
Year or	Shares sold		distributions		redeemed			outstanding			Shares sold		distributions		redeemed			(decrease)
period ended	#		#		#			#			($)		($)		($)			($)
Global Equity Dividend
Class A
04-30-10		543,072		30,970		(1,145,083	)		(571,041	)		5,378,815		313,040		(11,410,457	)		(5,718,602	)
10-31-09		910,513		120,461		(3,249,618	)		(2,218,644	)		7,243,833		996,853		(26,003,285	)		(17,762,599	)
Class B
04-30-10		22,089		5,677		(366,504	)		(338,738	)		215,812		57,263		(3,619,561	)		(3,346,486	)
10-31-09		78,456		30,196		(825,295	)		(716,643	)		634,273		249,985		(6,553,571	)		(5,669,313	)
Class C
04-30-10		132,891		11,166		(750,629	)		(606,572	)		1,321,709		112,464		(7,423,833	)		(5,989,660	)
10-31-09		468,872		55,436		(2,066,211	)		(1,541,903	)		3,852,465		458,079		(16,369,585	)		(12,059,041	)
Class I
04-30-10		304,469		2,260		(39,180	)		267,549			3,084,634		22,878		(394,058	)		2,713,454
10-31-09		97,132		5,729		(46,693	)		56,168			767,296		47,693		(375,732	)		439,257
Class O
04-30-10		138,221		658		(235,031	)		(96,152	)		1,376,287		6,638		(2,353,925	)		(971,000	)
10-31-09		276,310		2,762		(369,666	)		(90,594	)		2,213,745		22,787		(2,950,118	)		(713,586	)

77

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 12 — CAPITAL SHARES (continued)

								Net increase
			Reinvestment					(decrease) in					Reinvestment
			of		Shares			shares					of		Shares			Net increase
Year or	Shares sold		distributions		redeemed			outstanding			Shares sold		distributions		redeemed			(decrease)
period ended	#		#		#			#			($)		($)		($)			($)
Global Equity Dividend (continued)
Class W
04-30-10		808,004		16,435		(210,305	)		614,134			8,814,147		181,215		(2,290,468	)		6,704,894
10-31-09		2,239,182		23,282		(189,981	)		2,072,483			19,974,951		218,131		(1,849,607	)		18,343,475
Global Natural Resources
Class A
04-30-10		803,966		31,815		(1,470,641	)		(634,860	)		6,819,156		260,562		(12,431,848	)		(5,352,130	)
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
Class I
04-30-10		418,951		495		(24,318	)		395,128			3,725,054		4,044		(208,992	)		3,520,106
10-31-09		73,310		1,015		(9,277	)		65,048			461,755		6,371		(60,312	)		407,814
Class W
04-30-10		10,599		96		(2,671	)		8,024			112,405		986		(27,607	)		85,784
10-31-09		18,740		204		(3,315	)		15,629			167,106		1,612		(32,689	)		136,029
Global Real Estate
Class A
04-30-10		19,050,011		2,230,918		(17,894,015	)		3,386,914			279,575,003		32,820,985		(263,468,101	)		48,927,887
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	)
Class B
04-30-10		55,549		72,338		(219,860	)		(91,973	)		693,426		890,078		(2,683,710	)		(1,100,206	)
10-31-09		166,384		49,738		(587,295	)		(371,173	)		1,702,193		473,970		(5,308,965	)		(3,132,802	)
Class C
04-30-10		2,713,558		412,238		(1,446,907	)		1,678,889			35,412,848		5,363,382		(18,784,076	)		21,992,154
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	)
Class I
04-30-10		27,301,278		1,699,039		(4,263,244	)		24,737,073			401,755,187		25,014,316		(62,467,272	)		364,302,231
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
Class O
04-30-10		101,344		1,497		(103,942	)		(1,101	)		1,499,360		22,014		(1,528,034	)		(6,660	)
10-31-09		165,069		1,903		(231,028	)		(64,056	)		1,869,772		21,409		(2,599,886	)		(708,705	)
Class W
04-30-10		4,228,547		453,897		(1,239,799	)		3,442,645			62,310,823		6,694,878		(18,256,668	)		50,749,033
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
Global Value Choice
Class A
04-30-10		2,997,558		19,446		(1,747,860	)		1,269,144			85,780,435		545,422		(51,081,670	)		35,244,187
10-31-09		6,538,227		—		(4,714,108	)		1,824,119			132,608,998		—		(98,627,829	)		33,981,169
Class B
04-30-10		44,181		526		(41,232	)		3,475			1,334,525		15,683		(1,253,919	)		96,289
10-31-09		97,118		—		(214,707	)		(117,589	)		2,359,749		—		(4,388,375	)		(2,028,626	)
Class C
04-30-10		984,547		3,072		(233,597	)		754,022			26,788,287		81,317		(6,362,261	)		20,507,343
10-31-09		964,841		—		(331,636	)		633,205			20,983,932		—		(6,137,973	)		14,845,959
Class I
04-30-10		1,657,803		3,454		(131,087	)		1,530,170			48,849,357		97,710		(3,836,272	)		45,110,795
10-31-09		216,033		—		(165,913	)		50,120			4,623,100		—		(3,400,709	)		1,222,391

78

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 12 — CAPITAL SHARES (continued)

											Net increase
			Reinvestment								(decrease) in					Payments by		Reinvestment
			of		Shares			Shares			shares					affiliate		of		Shares			Shares			Net increase
Year or	Shares sold		distributions		redeemed			converted			outstanding			Shares sold		(Note 18)		distributions		redeemed			converted			(decrease)
period ended	#		#		#			#			#			($)		($)		($)		($)			($)			($)
Global Value Choice (continued)
Class Q(2)
04-30-10		94,329		141		(90,249	)		(89,157	)		(84,936	)		164,212		—		4,706		(35,023	)		(2,937,993	)		(2,804,098	)
10-31-09		137,594		—		(120,545	)		—			17,049			3,299,839		—		—		(3,102,099	)		—			197,740
Class W
04-30-10		341,563		544		(42,744	)		104,290			403,653			9,996,596		—		15,268		(1,230,968	)		2,937,993			11,718,889
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
04-30-10		172,243		4,900		(65,962	)		—			111,181			943,678		—		26,469		(362,708	)		—			607,439
10-31-09		70,910		1,315		(159,906	)		—			(87,681	)		396,983		—		6,056		(668,134	)		—			(265,095	)
Class B
04-30-10		—		464		(6	)		—			458			—		—		2,501		(35	)		—			2,466
10-31-09		647		77		(9	)		—			715			3,076		—		348		(54	)		—			3,370
Class C
04-30-10		71,417		2,001		(15,509	)		—			57,909			374,053		—		10,775		(82,887	)		—			301,941
10-31-09		114,637		237		(736,123	)		—			(621,249	)		593,919		—		1,091		(3,103,015	)		—			(2,508,005	)
Class I
04-30-10		1,019		—		(597	)		—			422			5,655		—		—		(3,001	)		—			2,654
10-31-09		—		—		(1	)		—			(1	)		—		—		—		(6	)		—			(6	)
Emerging Countries
Class A
04-30-10		218,524		—		(400,812	)		—			(182,288	)		5,653,952		—		—		(10,295,681	)		—			(4,641,729	)
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	)
Class B
04-30-10		6,754		—		(40,694	)		—			(33,940	)		172,737		—		—		(1,017,725	)		—			(844,988	)
10-31-09		28,193		2,330		(92,590	)		—			(62,067	)		568,063		52,639		36,664		(1,546,719	)		—			(889,353	)
Class C
04-30-10		55,713		—		(115,730	)		—			(60,017	)		1,341,164		—		—		(2,743,109	)		—			(1,401,945	)
10-31-09		118,019		10,848		(346,829	)		—			(217,962	)		2,032,627		189,173		160,382		(5,702,039	)		—			(3,319,857	)
Class I
04-30-10		1,350,353		—		(402,236	)		—			948,117			35,807,376		—		—		(10,477,145	)		—			25,330,231
10-31-09		717,479		46,082		(607,296	)		—			156,265			12,379,748		295,440		725,836		(10,528,832	)		—			2,872,192
Class Q(3)
04-30-10		32,646		—		(91,200	)		(256,659	)		(315,213	)		859,044		—		—		(2,418,652	)		(6,866,484	)		(8,426,092	)
10-31-09		239,986		8,656		(240,918	)		—			7,724			4,724,590		75,204		141,928		(4,437,488	)		—			504,234
Class W
04-30-10		21,109		—		(25,824	)		254,590			249,875			577,640		—		—		(715,676	)		6,866,484			6,728,448
10-31-09		3,260		56		(1,682	)		—			1,634			68,462		384		928		(29,160	)		—			40,614
European Real Estate
Class A
04-30-10		68,021		11,105		(398,168	)		—			(319,042	)		474,064		—		72,776		(2,652,911	)		—			(2,106,071	)
10-31-09		380,060		5,024		(42,539	)		—			342,545			2,499,959		—		24,404		(231,184	)		—			2,293,179
Class B
04-30-10		11,757		1,219		(1,218	)		—			11,758			85,000		—		7,927		(8,068	)		—			84,859
10-31-09		2,865		123		(548	)		—			2,440			13,462		—		586		(2,806	)		—			11,242

79

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 12 — CAPITAL SHARES (continued)

											Net increase
			Reinvestment								(decrease) in					Payments by		Reinvestment
			of		Shares			Shares			shares					affiliate		of		Shares			Shares			Net increase
Year or	Shares sold		distributions		redeemed			converted			outstanding			Shares sold		(Note 18)		distributions		redeemed			converted			(decrease)
period ended	#		#		#			#			#			($)		($)		($)		($)			($)			($)
European Real Estate (continued)
Class C
04-30-10		8,352		722		(5,683	)		—			3,391			57,294		—		4,696		(37,120	)		—			24,870
10-31-09		1,342		420		(1,047	)		—			715			8,521		—		2,002		(6,484	)		—			4,039
Class I
04-30-10		9,889		—		(578	)		—			9,311			65,323		—		—		(3,591	)		—			61,732
10-31-09		—		—		(1	)		—			(1	)		—		—		—		(6	)		—			(6	)
Foreign
Class A
04-30-10		387,265		—		(2,503,249	)		—			(2,115,984	)		5,171,531		—		—		(33,911,558	)		—			(28,740,027	)
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	)
Class B
04-30-10		1,570		—		(232,551	)		—			(230,981	)		20,349		—		—		(2,988,693	)		—			(2,968,344	)
10-31-09		55,680		30,318		(630,033	)		—			(544,035	)		594,826		—		337,982		(6,541,059	)		—			(5,608,251	)
Class C
04-30-10		291,353		—		(1,651,150	)		—			(1,359,797	)		3,767,556		—		—		(21,231,011	)		—			(17,463,455	)
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	)
Class I
04-30-10		615,376		—		(2,454,654	)		—			(1,839,278	)		8,809,835		—		—		(34,158,122	)		—			(25,348,287	)
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	)
Class Q(2)
04-30-10		—		—		—			(1,775	)		(1,775	)		—		—		—		—			(24,700	)		(24,700	)
10-31-09		—		57		(3,945	)		—			(3,888	)		—		—		675		(41,702	)		—			(41,027	)
Class W
04-30-10		78,526		—		(8,306	)		1,677			71,897			1,151,500		—		—		(123,595	)		24,700			1,052,605
10-31-09		31,220		1,029		(15,049	)		—			17,200			373,143		—		12,878		(181,480	)		—			204,541
Greater China
Class A
04-30-10		401,134		30,821		(590,290	)		—			(158,335	)		5,880,448		—		454,584		(8,601,703	)		—			(2,266,671	)
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
Class B
04-30-10		10,741		1,443		(48,994	)		—			(36,810	)		156,370		—		21,161		(692,115	)		—			(514,584	)
10-31-09		80,471		11,348		(71,120	)		—			20,699			942,985		—		113,136		(788,399	)		—			267,722
Class C
04-30-10		100,846		4,161		(141,377	)		—			(36,370	)		1,487,386		—		61,001		(2,076,584	)		—			(528,197	)
10-31-09		303,440		14,271		(177,326	)		—			140,385			3,924,773		—		142,714		(2,096,269	)		—			1,971,218
Class I
04-30-10		113,736		937		(12,364	)		—			102,309			1,706,862		—		13,770		(180,778	)		—			1,539,854
10-31-09		74,850		480		(31,315	)		—			44,015			1,012,075		—		4,797		(448,599	)		—			568,273
Class O
04-30-10		160,355		—		(86,838	)		—			73,517			2,340,942		—		—		(1,255,835	)		—			1,085,107
10-31-09		270,635		—		(83,831	)		—			186,804			3,346,554		—		—		(1,090,406	)		—			2,256,148
Index Plus International Equity
Class A
04-30-10		90,855		19,995		(128,987	)		—			(18,137	)		729,442		—		158,654		(1,033,337	)		—			(145,241	)
10-31-09		101,065		50,580		(508,408	)		—			(356,763	)		656,750		42,188		316,123		(3,249,309	)		—			(2,234,248	)
Class B
04-30-10		1,441		1,260		(46,532	)		—			(43,831	)		11,833		—		10,068		(370,714	)		—			(348,813	)
10-31-09		13,926		3,810		(110,968	)		—			(93,232	)		86,071		5,630		23,930		(680,898	)		—			(565,267	)
Class C
04-30-10		13,256		1,572		(27,524	)		—			(12,696	)		106,104		—		12,475		(221,594	)		—			(103,015	)
10-31-09		26,669		3,268		(52,196	)		—			(22,259	)		162,592		6,257		20,424		(310,039	)		—			(120,766	)

80

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 12 — CAPITAL SHARES (continued)

																				Proceeds
													Net increase							from
			Shares		Reinvestment								(decrease) in					Payments by		shares
			issued in		of		Shares			Shares			shares					affiliate		issued		Reinvestment of		Shares			Shares			Net increase
Year or	Shares sold		merger		distributions		redeemed			converted			outstanding			Shares sold		(Note 18)		in merger		distributions		redeemed			converted			(decrease)
period ended	#		#		#		#			#			#			($)		($)		($)		($)		($)			($)			($)
Index Plus International Equity (continued)
Class I
04-30-10		674,851		—		129,035		(774,958	)		—			28,928			5,389,840		—		—		1,023,724		(6,233,607	)		—			179,957
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	)
Class O
04-30-10		278,269		—		6,267		(570,321	)		—			(285,785	)		2,216,167		—		—		49,354		(4,548,197	)		—			(2,282,676	)
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	)
International Capital Appreciation
Class A
04-30-10		134,856		—		—		(386,993	)		—			(252,137	)		1,301,247		—		—		—		(3,733,986	)		—			(2,432,739	)
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
Class B
04-30-10		10,691		—		—		(112,786	)		—			(102,095	)		105,091		—		—		—		(1,077,266	)		—			(972,175	)
10-31-09		48,165		463,335		252		(55,669	)		—			456,083			395,179		—		3,950,116		2,182		(424,084	)		—			3,923,393
Class C
04-30-10		15,872		—		—		(87,599	)		—			(71,727	)		150,779		—		—		—		(840,303	)		—			(689,524	)
10-31-09		29,940		836,791		81		(49,346	)		—			817,466			253,183		—		7,160,428		703		(405,801	)		—			7,008,513
Class I
04-30-10		831,413		—		—		(1,961,331	)		—			(1,129,918	)		8,081,990		—		—		—		(19,290,176	)		—			(11,208,186	)
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	)
Class Q(3)
04-30-10		37,938		—		—		(104,931	)		(1,225,201	)		(1,292,194	)		364,883		—		—		—		(1,009,772	)		(11,746,943	)		(12,391,832	)
10-31-09		20,196		1,352,395		—		(80,397	)		—			1,292,194			184,872		—		11,617,182		—		(729,208	)		—			11,072,846
Class W
04-30-10		122,361		—		—		(158,180	)		1,225,201			1,189,382			1,180,027		—		—		—		(1,538,920	)		11,746,943			11,388,050
08-07-09(1)- 10-31-09		—		—		—		—			—			—			—		—		—		—		—			—			—
International Real Estate
Class A
04-30-10		8,327,658		—		919,737		(3,431,416	)		—			5,815,979			68,123,577		—		—		7,499,727		(27,828,565	)		—			47,794,739
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
Class B
04-30-10		6,660		—		23,170		(67,134	)		—			(37,304	)		54,974		—		—		188,308		(545,848	)		—			(302,566	)
10-31-09		32,511		—		6,668		(161,717	)		—			(122,538	)		221,994		—		—		44,407		(1,010,676	)		—			(744,275	)
Class C
04-30-10		343,687		—		134,595		(420,073	)		—			58,209			2,808,597		—		—		1,092,416		(3,409,412	)		—			491,601
10-31-09		463,520		—		37,943		(2,688,671	)		—			(2,187,208	)		3,385,481		—		—		252,590		(16,625,935	)		—			(12,987,864	)
Class I
04-30-10		7,793,479		—		735,044		(11,666,844	)		—			(3,138,321	)		63,346,411		—		—		6,001,885		(93,753,205	)		—			(24,404,909	)
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
Class W
04-30-10		259,851		—		8,939		(69,318	)		—			199,472			2,140,581		—		—		73,164		(574,473	)		—			1,639,272
10-31-09		222,598		—		1,804		(22,663	)		—			201,739			1,729,123		—		—		12,716		(171,266	)		—			1,570,573

81

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 12 — CAPITAL SHARES (continued)

											Net increase
			Reinvestment								(decrease) in					Payments by		Reinvestment
			of		Shares			Shares			shares					affiliate		of		Shares			Shares			Net increase
Year or	Shares sold		distributions		redeemed			converted			outstanding			Shares sold		(Note 18)		distributions		redeemed			converted			(decrease)
period ended	#		#		#			#			#			($)		($)		($)		($)			($)			($)
International SmallCap Multi-Manager
Class A
04-30-10		470,273		44,680		(1,795,821	)		—			(1,280,868	)		15,488,654		—		1,454,336		(60,403,952	)		—			(43,460,962	)
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	)
Class B
04-30-10		2,033		593		(68,707	)		—			(66,081	)		70,360		—		20,250		(2,382,346	)		—			(2,291,736	)
10-31-09		11,148		2,719		(266,483	)		—			(252,616	)		291,306		68,188		64,369		(6,411,677	)		—			(5,987,814	)
Class C
04-30-10		23,548		5,953		(113,177	)		—			(83,676	)		734,866		—		181,539		(3,499,746	)		—			(2,583,341	)
10-31-09		63,914		20,386		(405,458	)		—			(321,158	)		1,447,283		212,607		429,751		(8,998,765	)		—			(6,909,124	)
Class I
04-30-10		1,551,078		43,721		(748,053	)		—			846,746			52,339,773		—		1,422,124		(24,982,250	)		—			28,779,647
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	)
Class O
04-30-10		17,674		—		(3,922	)		—			13,752			583,741		—		—		(129,946	)		—			453,795
10-31-09		24,136		—		(8,794	)		—			15,342			607,858		1,900		—		(242,535	)		—			367,223
Class Q(2)
04-30-10		9,966		9,172		(7,889	)		(910,998	)		(899,749	)		402,874		—		276,272		(280,396	)		(31,864,997	)		(31,466,247	)
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	)
Class W
04-30-10		146,961		5,445		(287,899	)		841,925			706,432			5,703,452		—		259,645		(11,087,494	)		31,864,997			26,740,600
10-31-09		126,076		13,008		(200,286	)		—			(61,202	)		3,561,630		73,078		343,560		(5,206,493	)		—			(1,228,225	)
International Value Fund
Class A
04-30-10		4,100,510		710,866		(13,300,326	)		—			(8,488,950	)		47,259,388		—		8,359,125		(154,380,155	)		—			(98,761,642	)
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	)
Class B
04-30-10		21,537		9,206		(1,771,277	)		—			(1,740,534	)		252,668		—		106,986		(20,264,472	)		—			(19,904,818	)
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	)
Class C
04-30-10		139,932		173,077		(3,926,547	)		—			(3,613,538	)		1,589,593		—		1,980,048		(43,899,976	)		—			(40,330,335	)
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	)
Class I
04-30-10		5,925,081		725,981		(7,718,198	)		—			(1,067,136	)		68,039,769		—		8,507,693		(88,609,444	)		—			(12,061,982	)
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	)
Class Q(2)
04-30-10		31,392		24,859		(5,338	)		(2,194,061	)		(2,143,148	)		360,000		—		293,336		(63,436	)		(25,186,398	)		(24,596,498	)
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
Class W
04-30-10		43,595		4,697		(288,346	)		2,198,715			1,958,661			520,583		—		53,646		(3,319,425	)		25,186,398			22,441,202
07-20-09(1)- 10-31-09		288		—		—			—			288			3,000		—		—		—			—			3,000
International Value Choice
Class A
04-30-10		868,316		11,876		(529,185	)		—			351,007			8,827,493		—		118,571		(5,346,927	)		—			3,599,137
10-31-09		844,928		9,558		(424,179	)		—			430,307			7,718,059		—		78,920		(3,560,528	)		—			4,236,451
Class B
04-30-10		22,787		142		(44,794	)		—			(21,865	)		227,249		—		1,400		(450,011	)		—			(221,362	)
10-31-09		37,433		40		(83,839	)		—			(46,366	)		312,771		—		332		(679,570	)		—			(366,467	)
Class C
04-30-10		98,444		281		(38,201	)		—			60,524			990,343		—		2,772		(385,458	)		—			607,657
10-31-09		240,962		67		(117,188	)		—			123,841			2,061,616		—		557		(940,153	)		—			1,122,020
Class I
04-30-10		602,625		22,826		(609,809	)		—			15,642			6,193,901		—		227,476		(6,240,504	)		—			180,873
10-31-09		496,035		64,604		(2,471,198	)		—			(1,910,559	)		4,189,609		—		532,021		(19,412,031	)		—			(14,690,401	)
Class W
04-30-10		3,055		—		—			—			3,055			30,970		—		—		—			—			30,970
06-01-09(1)- 10-31-09		327		—		—			—			327			3,000		—		—		—			—			3,000

82

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 12 — CAPITAL SHARES (continued)

								Net increase
			Reinvestment					(decrease) in					Reinvestment		Redemption
			of		Shares			shares					of		fee		Shares			Net increase
Year or	Shares sold		distributions		redeemed			outstanding			Shares sold		distributions		proceeds		redeemed			(decrease)
period ended	#		#		#			#			($)		($)		($)		($)			($)
Russia
Class A
04-30-10		1,337,889		—		(1,535,146	)		(197,257	)		45,209,168		—		169,526		(50,913,061	)		(5,534,367	)
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
Class I
04-30-10		227,016		—		(19,125	)		207,891			7,581,214		—		—		(664,153	)		6,917,061
09-30-09(1)- 10-31-09		106		—		—			106			3,000		—		—		—			3,000
Global Bond
Class A
04-30-10		7,811,995		406,257		(3,515,900	)		4,702,352			93,730,436		4,864,789		—		(41,697,862	)		56,897,363
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
Class B
04-30-10		67,720		13,147		(114,075	)		(33,208	)		804,475		156,613		—		(1,348,998	)		(387,910	)
10-31-09		174,593		9,908		(164,067	)		20,434			1,952,301		111,648		—		(1,817,097	)		246,852
Class C
04-30-10		2,479,149		125,858		(536,099	)		2,068,908			29,599,275		1,502,654		—		(6,320,317	)		24,781,612
10-31-09		2,199,636		72,957		(1,364,310	)		908,283			25,493,127		823,517		—		(15,196,556	)		11,120,088
Class I
04-30-10		6,153,846		578,823		(1,057,471	)		5,675,198			72,610,666		6,917,239		—		(12,472,759	)		67,055,146
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
Class O
04-30-10		147,674		22		(108,075	)		39,621			1,749,420		260		—		(1,259,481	)		490,199
10-31-09		307,733		7		(70,439	)		237,301			3,487,641		79		—		(797,912	)		2,689,808
Class W
04-30-10		490,819		13,503		(91,090	)		413,232			5,791,168		158,478		—		(1,060,501	)		4,889,145
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
04-30-10		1,142,082		100,614		(3,530,519	)		(2,287,823	)		9,969,959		873,328		—		(30,873,220	)		(20,029,933	)
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	)
Class B
04-30-10		16,957		2,543		(320,054	)		(300,554	)		147,997		22,049		—		(2,763,229	)		(2,593,183	)
10-31-09		174,017		252,791		(797,854	)		(371,046	)		1,189,186		1,650,743		—		(5,252,991	)		(2,413,062	)
Class C
04-30-10		264,520		5,029		(1,615,318	)		(1,345,769	)		2,289,749		43,547		—		(13,971,230	)		(11,637,934	)
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	)
Class I
04-30-10		916,781		3,793		(273,451	)		647,123			8,188,848		32,808		—		(2,355,824	)		5,865,832
10-31-09		773,346		90,151		(477,064	)		386,433			5,193,236		585,985		—		(3,165,096	)		2,614,125
Class O
04-30-10		122,988		—		(53,793	)		69,195			1,068,577		—		—		(459,157	)		609,420
10-31-09		276,907		—		(64,041	)		212,866			1,938,487		—		—		(466,642	)		1,471,845
Class R
04-30-10		—		143		(1,769	)		(1,626	)		—		1,233		—		(15,228	)		(13,995	)
10-31-09		30		3,254		(4,324	)		(1,040	)		170		21,053		—		(25,429	)		(4,206	)
Class W
04-30-10		72,441		2,777		(78,913	)		(3,695	)		632,615		23,940		—		(665,705	)		(9,150	)
10-31-09		178,713		16,022		(92,628	)		102,107			1,283,459		103,822		—		(615,141	)		772,140

(1)	Commencement of operations.
(2)	Effective November 20, 2009, Class Q shareholders of Global Value Choice, Foreign, International SmallCap Multi-Manager and International Value were converted to Class W shares of each respective Fund.
(3)	Effective March 8, 2010, Class Q shareholders of Emerging Countries and International Capital Appreciation were converted to Class W shares of each respective Fund.

83

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 13 — ILLIQUID SECURITIES

Pursuant to guidelines adopted by the Funds’ Board, the following securities have been deemed to be illiquid. The Funds currently limit investments in illiquid securities to 15% of a Fund’s net assets, at market value, at time of purchase. Fair value for certain securities was determined by ING Funds Valuation Committee appointed by the Funds’ Board and in accordance with the methods specifically authorized by the Board.

				Initial						Percent
				Acquisition						of Net
Fund	Security	Shares		Date		Cost		Value		Assets
Global Equity Dividend	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B		123,900		09/12/08	$	123,900	$	99,120		0.1	%
						$	123,900	$	99,120		0.1	%
Global Real Estate	Atrium European Real Estate Ltd.		2,447,030		08/20/09	$	15,913,805	$	14,530,747		0.6	%
	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B		2,745,317		09/12/08		2,745,317		2,196,253		0.1	%
	Safestore Holdings Ltd.		4,810,468		03/09/07		15,834,838		9,946,923		0.4
						$	34,493,960	$	26,673,923		1.1	%
Global Value Choice	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B		287,772		09/12/08	$	287,772	$	230,218		0.1	%
	Westjet Airlines Ltd.		113,926		09/23/09		1,186,950		1,534,266		0.5
						$	1,474,722	$	1,764,484		0.6	%
Emerging Countries	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B		161,615		09/12/08	$	161,615	$	129,292		0.1	%
						$	161,615	$	129,292		0.1	%
Foreign	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B		173,707		09/12/08	$	173,707	$	138,966		0.1	%
	Rolls-Royce Group PLC — C Shares		3,177,810		09/30/05		3,957		4,862		0.0
						$	177,664	$	143,828		0.1	%
International Capital Appreciation	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B		79,764		09/12/08	$	79,764	$	63,811		0.1	%
						$	79,764	$	63,811		0.1	%
International Real Estate	Atrium European Real Estate Ltd.		683,000		08/20/09	$	4,323,388	$	4,055,733		0.8	%
	Central Pattana PCL		1,729,900		03/01/06		1,135,411		1,045,148		0.2
	LXB Retail Properties PLC		4,875,400		10/20/09		7,979,509		6,734,754		1.3
	Yatra Capital Ltd.		70,700		11/27/06		928,614		384,438		0.1
						$	14,366,921	$	12,220,073		2.4	%
International SmallCap	Bank of New York Mellon Corp.
Multi-Manager	Institutional Cash Reserves, Series B		79,696		09/12/08	$	79,696	$	63,757		0.0	%
	Bijou Brigitte AG		3,200		01/26/10		573,917		547,026		0.1
	Felix Resources Ltd.		17,482		01/27/10		743		1,634		0.0
	Hawesko Holding AG		18,000		02/29/08		475,161		617,546		0.1
	Newave Energy Holding SA		13,383		03/31/08		483,224		570,849		0.1
	Oridion Systems Ltd.		80,000		05/23/08		672,605		657,710		0.1
	Rosenbauer International AG		40,000		01/16/08		1,344,964		1,615,211		0.4
	SFC Smart Fuel Cell AG		78,000		04/14/09		694,948		596,829		0.1
	Star Travel Co., Ltd.		20,400		12/19/08		7,974		18,375		0.0
						$	4,333,233	$	4,688,937		0.9	%
International Value	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B		1,202,292		09/12/08	$	1,202,292	$	961,834		0.1	%
						$	1,202,292	$	961,834		0.1	%

84

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (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	$	3,821,002		0.8	%
	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B		841,448		09/12/08		841,448		673,158		0.1
	Bank St. Petersburg BRD — Class S		1,339,000		11/02/07		6,855,497		5,158,957		1.1
	Bank St Petersburg OJSC		445,000		12/22/09		1,379,500		1,714,515		0.4
	Holding MRSK OAO		53,769,600		07/22/09		2,873,519		8,468,712		1.9
	OGK-2 OAO		99,532,300		07/22/09		2,300,466		6,123,859		1.4
	Protek		250,600		04/27/10		877,100		977,340		0.2
	RenShares Utilities Ltd.		636,687		08/26/05		752,296		1,837,509		0.4
	Sibirskiy Cement OAO		100,000		08/28/09		1,495,000		2,425,000		0.5
	VolgaTelecom		612,800		11/11/98		651,682		2,124,144		0.5
	Vsmpo-Avisma Corp.		25,750		04/06/04		2,602,273		3,448,668		0.8
						$	22,503,590	$	36,772,864		8.1	%

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 Shares. Net assets and unrealized appreciation as of the reorganization date were as follows:

						Acquired
						Capital Loss		Acquired Fund
Acquiring	Acquired	Total Net Assets of		Total Net Assets of		Carryforwards		Unrealized		Conversion
Fund	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.

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 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

85

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 15 — CONCENTRATION OF RISKS (continued)

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 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.

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. 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 April 30, 2010, 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, 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

86

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 16 — SECURITIES LENDING (continued)

leveraging effect, which may intensify the credit, market and other risks associated with investing in a Fund. At April 30, 2010, the following Funds had securities on loan with the following market values:

	Value of		Cash
	Securities		Collateral
	Loaned		Received*
Global Equity Dividend	$	1,348,967	$	1,417,400
Global Real Estate		34,077,088		35,379,069
Global Value Choice		15,369,854		16,010,478
Emerging Countries		2,975,211		3,120,585
Foreign		3,020,239		3,616,510
International Capital Appreciation		8,554,903		9,305,318
International SmallCap Multi-Manager		1,740,502		1,926,065
International Value		3,749,098		3,939,699
Russia		17,399,221		19,569,185

*  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, income from passive foreign investment corporations, wash sale deferrals and the expiration of capital loss carryforwards. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

Dividends paid by the Funds from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

	Six Months Ended
	April 30, 2010		Year Ended October 31, 2009
	Ordinary		Ordinary		Long-Term		Return
	Income		Income		Capital Gains		of Capital
Global Equity Dividend	$	1,142,934	$	3,022,341	$	—	$	229,828
Global Natural Resources		302,907		254,842		5,303,255		—
Global Real Estate(1)		14,477,162		102,494,757		—		—
Global Value Choice		1,050,663		—		—		—
Asia-Pacific Real Estate		422,842		77,255		—		—
Emerging Countries		—		2,865,899		—		—
European Real Estate		376,076		184,852		—		—
Foreign		—		11,395,047		—		—
Greater China		675,383		96,917		1,915,018		—
Index Plus International Equity		2,113,264		4,688,144		—		—
International Capital Appreciation		—		1,501,867		—		36,098
International Real Estate		36,860,440		11,137,666		—		—
International SmallCap Multi-Manager		5,651,225		11,110,977		—		—
International Value		26,116,194		96,517,633		257,239,139		—
International Value Choice		364,324		620,515		—		—
Russia		—		—		82,435,965		—
Global Bond		16,268,086		6,115,579		—		—
Diversified International		1,221,231		27,653,940		—		—

⁽¹⁾ Composition of dividends and distributions presented herein is based on the Fund’s current tax period (four months ended April 30, 2010) and tax year ended December 31, 2009. Composition of current period amounts may change after the Fund’s tax year-end of December 31, 2010.

87

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 17 — FEDERAL INCOME TAXES (continued)

The tax-basis components of distributable earnings and the expiration dates of the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of October 31, 2009 were:

	Undistributed		Unrealized				Post-October			Post-October
	Ordinary		Appreciation/				Capital Loss			Currency Loss			Capital Loss			Expiration
	Income		(Depreciation)				Deferred			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)		3,670,004		26,555,503				(8,926,950	)		(57,546	)		(164,232,218	)		2016
														(416,047,943	)		2017
													$	(580,280,161	)
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
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	)

88

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 17 — FEDERAL INCOME TAXES (continued)

	Undistributed		Unrealized			Post-October		Post-October
	Ordinary		Appreciation/			Capital Loss		Currency Loss		Capital Loss			Expiration
	Income		(Depreciation)			Deferred		Deferred		Carryforwards			Dates
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, 2009.
*	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 April 30, 2010, 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

NOTE 19 — SUBSEQUENT EVENTS

Subsequent to April 30, 2010, the following Fund paid dividends from net investment income:

	Per Share		Payable		Record
	Amount		Date		Date
Global Bond
Class A	$	0.0348		May 4, 2010		April 30, 2010
Class B	$	0.0276		May 4, 2010		April 30, 2010
Class C	$	0.0276		May 4, 2010		April 30, 2010
Class I	$	0.0379		May 4, 2010		April 30, 2010
Class O	$	0.0347		May 4, 2010		April 30, 2010
Class W	$	0.0371		May 4, 2010		April 30, 2010
Class A	$	0.0287		June 2, 2010		May 28, 2010
Class B	$	0.0214		June 2, 2010		May 28, 2010
Class C	$	0.0215		June 2, 2010		May 28, 2010
Class I	$	0.0322		June 2, 2010		May 28, 2010
Class O	$	0.0288		June 2, 2010		May 28, 2010
Class W	$	0.0313		June 2, 2010		May 28, 2010

On March 25, 2010, the Board approved changing the name and sub-adviser for Foreign. Subject to shareholder approval, effective on or about June 30, 2010, Foreign will be renamed ING Global Opportunities Fund and will be sub-advised by ING Investment Management Advisors B.V.

89

NOTES TO FINANCIAL STATEMENTS as of April 30, 2010 (Unaudited) (continued)

NOTE 19 — SUBSEQUENT EVENTS (continued)

On May 27, 2010, the Board approved changing the sub-adviser of Index Plus International Equity. Effective June 30, 2010, ING IM will begin managing the Fund pursuant to an interim sub-advisory agreement until a shareholder meeting is held on or about September 28, 2010 to approve the change.

The Funds have evaluated events occurring after the Statements of Assets and Liabilities date (subsequent events) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

90

PORTFOLIO OF INVESTMENTS

ING Global Equity Dividend Fund

as of April 30, 2010 (Unaudited)

Shares				Value
COMMON STOCK: 91.8%
			Australia: 5.2%
	65,062		Australia & New Zealand Banking Group Ltd.	$	1,441,076
	280,526		Foster’s Group Ltd.		1,405,772
	301,820		Insurance Australia Group		1,061,301
	232,504		Macquarie Airports Management Ltd.		666,489
	510,178		Telstra Corp. Ltd.		1,494,766
	48,258		Wesfarmers Ltd.		1,293,667
					7,363,071
			Brazil: 0.4%
	40,086		Tele Norte Leste Participacoes SA ADR		595,678
					595,678
			Canada: 1.7%
	30,496		Enerplus Resources Fund		742,578
	48,339	L	TransCanada Corp.		1,705,523
					2,448,101
			Finland: 0.8%
	93,801	@	Nokia OYJ		1,146,768
					1,146,768
			France: 7.0%
	29,664		Carrefour S.A.		1,453,946
	37,744		Gaz de France		1,342,309
	19,140		Lafarge S.A.		1,387,694
	17,803	@	Sanofi-Aventis		1,214,496
	24,716		Total S.A.		1,344,733
	24,265		Vinci S.A.		1,352,177
	72,580		Vivendi		1,903,953
					9,999,308
			Germany: 4.5%
	12,401		Allianz AG		1,421,715
	14,847		Deutsche Boerse AG		1,152,610
	40,259		E.ON AG		1,484,664
	9,265		Muenchener Rueckversicherungs AG		1,305,752
	10,726		Siemens AG		1,057,866
					6,422,607
			Hong Kong: 0.9%
	27,826		China Mobile Ltd. ADR		1,360,691
					1,360,691
			Ireland: 0.6%
	29,577		CRH PLC		842,712
					842,712
			Italy: 2.6%
	53,462		Banche Popolari Unite Scpa		662,064
	91,387		ENI S.p.A.		2,042,440
	287,055	@	Intesa Sanpaolo S.p.A.		946,110
					3,650,614
			Japan: 9.2%
	15,100		Canon, Inc.		690,724
	273,000		Mitsubishi UFJ Financial Group, Inc.		1,422,612
	676,100		Mizuho Financial Group, Inc.		1,301,849
	6,400		Nintendo Co., Ltd.		2,149,936
	972		NTT DoCoMo, Inc.		1,512,230
	40,600		Seven & I Holdings Co., Ltd.		1,038,186
	63,200		Shiseido Co., Ltd.		1,324,889
	61,300		Sumitomo Mitsui Financial Group, Inc.		2,027,304
	23,500		Takeda Pharmaceutical Co., Ltd.		1,008,981
	19,000		Trend Micro, Inc.		644,543
					13,121,254
			Netherlands: 1.6%
	70,834		Royal Dutch Shell PLC		2,222,632
					2,222,632
			Norway: 0.5%
	83,221		Orkla ASA		701,193
					701,193
			Singapore: 0.8%
	104,500		DBS Group Holdings Ltd.		1,150,649
					1,150,649
			Spain: 1.6%
	76,991		Banco Bilbao Vizcaya Argentaria S.A.		1,012,601
	59,690		Telefonica S.A.		1,351,098
					2,363,699
			Sweden: 1.1%
	132,464		Telefonaktiebolaget LM Ericsson		1,528,705
					1,528,705
			Switzerland: 2.0%
	9,370		Alcon, Inc.		1,460,408
	29,161		Credit Suisse Group		1,338,425
					2,798,833
			Taiwan: 1.0%
	141,781		Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,501,461
					1,501,461
			United Kingdom: 8.9%
	30,567		AstraZeneca PLC		1,350,660
	166,409		Balfour Beatty PLC		704,352
	233,232		BP PLC		2,034,235
	69,620		GlaxoSmithKline PLC		1,292,220
	132,264		HSBC Holdings PLC		1,346,773
	183,852		Reed Elsevier PLC		1,439,368
	86,743		Scottish & Southern Energy PLC		1,438,541
	279,653		Thomas Cook Group PLC		1,060,865
	162,768		United Utilities Group PLC		1,331,982
	323,879		Vodafone Group PLC		717,671
					12,716,667
			United States: 41.4%
	26,467		Abbott Laboratories		1,354,052
	36,560		AGL Resources, Inc.		1,444,486
	19,079		Air Products & Chemicals, Inc.		1,464,886
	53,783		Altria Group, Inc.		1,139,662
	40,380		American Electric Power Co., Inc.		1,385,034
	54,383		Arthur J. Gallagher & Co.		1,428,641
	84,045		AT&T, Inc.		2,190,213
	17,852		Automatic Data Processing, Inc.		774,063
	15,492		Baxter International, Inc.		731,532
	54,125		Bristol-Myers Squibb Co.		1,368,821
	20,157		Campbell Soup Co.		722,830
	26,497		Chevron Corp.		2,157,916
	25,819		Coca-Cola Co.		1,380,026
	31,708		Consolidated Edison, Inc.		1,433,202
	12,260		Cullen/Frost Bankers, Inc.		727,754
	35,970		EI Du Pont de Nemours & Co.		1,433,045
	21,604		Emerson Electric Co.		1,128,377
	37,169		Exelon Corp.		1,620,197
	21,564		ExxonMobil Corp.		1,463,117
	26,853		Flowers Foods, Inc.		707,845
	57,774		General Electric Co.		1,089,618
	61,847		H&R Block, Inc.		1,132,419
	39,940		Honeywell International, Inc.		1,895,952
	60,695		Intel Corp.		1,385,667
	22,623		Johnson & Johnson		1,454,659
	28,997		Kimberly-Clark Corp.		1,776,356
	11,377	@	Kinder Morgan Energy Partners LP		767,834

See Accompanying Notes to Financial Statements

91

PORTFOLIO OF INVESTMENTS

ING Global Equity Dividend Fund

as of April 30, 2010 (Unaudited) (continued)

Shares						Value
			United States (continued)
	58,153		Kraft Foods, Inc.			$	1,721,329
	35,010		Linear Technology Corp.				1,052,401
	8,935		Lorillard, Inc.				700,236
	27,008		McDonald’s Corp.				1,906,495
	40,852		Merck & Co., Inc.				1,431,454
	24,173		Nucor Corp.				1,095,520
	37,011		NYSE Euronext				1,207,669
	125,356		Pfizer, Inc.				2,095,952
	27,099		Philip Morris International, Inc.				1,330,019
	89,418		Pitney Bowes, Inc.				2,271,213
	16,302		Procter & Gamble Co.				1,013,332
	27,212		Reynolds American, Inc.				1,453,665
	76,602		Sara Lee Corp.				1,089,280
	16,670		Snap-On, Inc.				803,161
	54,602		Southern Co.				1,887,045
	47,170		Spectra Energy Corp.				1,100,948
	26,295		Travelers Cos., Inc.				1,334,208
							59,052,131
			Total Common Stock (Cost $121,686,577)				130,986,774
REAL ESTATE INVESTMENT TRUSTS: 2.0%
			Australia: 0.5%
	64,981		Westfield Group				767,517
							767,517
			Netherlands: 0.5%
	11,288		Corio NV				653,041
							653,041
			United Kingdom: 0.5%
	65,293		Land Securities Group PLC				652,963
							652,963
			United States: 0.5%
	15,809		Rayonier, Inc.				774,325
							774,325
			Total Real Estate Investment Trusts (Cost $3,329,103)				2,847,846
PREFERRED STOCK: 1.0%
			Germany: 1.0%
	15,103		Volkswagen AG				1,459,149
			Total Preferred Stock (Cost $1,338,832)				1,459,149
			Total Long-Term Investments (Cost $126,354,512)				135,293,769
SHORT-TERM INVESTMENTS: 1.0%
			Securities Lending CollateralCC: 1.0%
	1,293,500		Bank of New York Mellon Corp. Institutional Cash Reserves, Series A(1)				1,293,500
	123,900	I	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B(1)(2)				99,120
			Total Short-Term Investments (Cost $1,417,400)				1,392,620
		Total Investments in Securities
		(Cost $127,771,912)*		95.8	%	$	136,686,389
		Other Assets and Liabilities - Net		4.2			5,992,469
		Net Assets		100.0	%	$	142,678,858

@	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 fair valued 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 April 30, 2010.
*	Cost for federal income tax purposes is $133,772,769.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	14,622,654
Gross Unrealized Depreciation		(11,709,034	)
Net Unrealized Appreciation	$	2,913,620

	Percentage of
Industry	Net Assets
Agriculture		3.2	%
Auto Manufacturers		1.0
Banks		9.4
Beverages		2.0
Building Materials		1.6
Chemicals		2.0
Commercial Services		1.3
Cosmetics/Personal Care		1.6
Diversified		0.9
Diversified Financial Services		1.7
Electric		7.4
Electrical Components & Equipment		0.8
Engineering & Construction		1.9
Food		4.5
Forest Products & Paper		0.6
Gas		1.0
Hand/Machine Tools		0.6
Healthcare — Products		2.6
Household Products/Wares		1.2
Insurance		4.6
Internet		0.5
Iron/Steel		0.8
Leisure Time		0.7
Media		2.3
Miscellaneous Manufacturing		2.8
Office/Business Equipment		2.1
Oil & Gas		8.4
Pharmaceuticals		7.8
Pipelines		2.5
Retail		3.0
Semiconductors		2.8
Shopping Centers		0.5
Telecommunications		8.3
Toys/Games/Hobbies		1.5
Water		0.9
Short-Term Investments		1.0
Other Assets and Liabilities — Net		4.2
Net Assets		100.0	%

See Accompanying Notes to Financial Statements

92

PORTFOLIO OF INVESTMENTS

ING Global Equity Dividend Fund

as of April 30, 2010 (Unaudited) (continued)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2010 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)		4/30/2010
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	7,363,071	$	—	$	7,363,071
Brazil		595,678		—		—		595,678
Canada		2,448,101		—		—		2,448,101
Finland		—		1,146,768		—		1,146,768
France		—		9,999,308		—		9,999,308
Germany		—		6,422,607		—		6,422,607
Hong Kong		1,360,691		—		—		1,360,691
Ireland		—		842,712		—		842,712
Italy		—		3,650,614		—		3,650,614
Japan		—		13,121,254		—		13,121,254
Netherlands		—		2,222,632		—		2,222,632
Norway		—		701,193		—		701,193
Singapore		—		1,150,649		—		1,150,649
Spain		—		2,363,699		—		2,363,699
Sweden		—		1,528,705		—		1,528,705
Switzerland		1,460,408		1,338,425		—		2,798,833
Taiwan		1,501,461		—		—		1,501,461
United Kingdom		1,346,773		11,369,894		—		12,716,667
United States		59,052,131		—		—		59,052,131
Total Common Stock		67,765,243		63,221,531		—		130,986,774
Real Estate Investment Trusts		774,325		2,073,521		—		2,847,846
Preferred Stock		—		1,459,149		—		1,459,149
Short-Term Investments		1,293,500		—		99,120		1,392,620
Total Investments, at value	$	69,833,068	$	66,754,201	$	99,120	$	136,686,389

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 April 30, 2010:

	Beginning						Accrued		Total		Total Unrealized		Transfers		Transfers		Ending
	Balance						Discounts/		Realized		Appreciation/		Into		Out of		Balance
	10/31/2009		Purchases		Sales		(Premiums)		Gain/(Loss)		(Depreciation)		Level 3		Level 3		4/30/2010
Asset Table
Investments, at value
Short-Term Investments	$	—	$	—	$	—	$	—	$	—	$	—	$	99,120	$	—	$	99,120
Total Investments, at value	$	—	$	—	$	—	$	—	$	—	$	—	$	99,120	$	—	$	99,120

As of April 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

ˆ   See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

Transfers in or out of Level 3 represents either the beginning value (for transfers 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.

#   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

93

PORTFOLIO OF INVESTMENTS

ING Global Natural Resources Fund

as of April 30, 2010 (Unaudited)

Shares						Value
COMMON STOCK: 97.8%
			Australia: 1.3%
	290,321	@	Australian Worldwide Exploration Ltd.			$	656,125
	183,367	@	Fortescue Metals Group Ltd.				763,107
							1,419,232
			Bahamas: 0.6%
	26,800		Teekay Shipping Corp.				671,340
							671,340
			Canada: 24.4%
	80,449		Barrick Gold Corp.				3,503,554
	56,387		Canadian Natural Resources Ltd.				4,338,416
	81,800	@	Centerra Gold, Inc.				918,821
	17,400	@	Domtar Corp.				1,232,616
	97,007		EnCana Corp.				3,208,021
	43,308		GoldCorp, Inc.				1,872,205
	94,738	@	Kinross Gold Corp.				1,797,180
	168,500	@	Lundin Mining Corp.				794,561
	109,317		Nexen, Inc.				2,654,217
	136,565		Suncor Energy, Inc.				4,666,426
	49,429	@	Teck Cominco Ltd. — Class B				1,938,605
							26,924,622
			China: 0.9%
	1,241,334		China Petroleum & Chemical Corp.				995,300
							995,300
			Japan: 0.9%
	139		Inpex Holdings, Inc.				978,159
							978,159
			Netherlands: 2.4%
	41,973		Royal Dutch Shell PLC ADR — Class A				2,633,806
							2,633,806
			Russia: 2.3%
	21,597	@	Lukoil-Spon ADR				1,239,668
	57,556		OAO Gazprom ADR				1,336,450
							2,576,118
			Thailand: 0.7%
	546,000		Thai Oil PCL				781,209
							781,209
			United Kingdom: 3.7%
	82,326	@	Anglo American PLC ADR				1,732,962
	39,944	@	Dana Petroleum PLC				736,566
	31,260		Rio Tinto PLC ADR				1,589,884
							4,059,412
			United States: 60.6%
	40,029	@	Alpha Natural Resources, Inc.				1,884,565
	41,987		Apache Corp.				4,272,597
	71,809		Arch Coal, Inc.				1,938,843
	16,100		Baker Hughes, Inc.				801,136
	23,300	@	Bill Barrett Corp.				794,064
	81,708	@	Cal Dive International, Inc.				536,004
	15,213	@	Cameron International Corp.				600,305
	58,167		Chevron Corp.				4,737,120
	43,700	@	Coeur d’Alene Mines Corp.				783,104
	33,900	@	Complete Production Services, Inc.				511,551
	126,216		ConocoPhillips				7,470,726
	9,000	@	Contango Oil & Gas Co.				494,100
	69,200	@	Denbury Resources, Inc.				1,325,180
	32,887		Devon Energy Corp.				2,214,282
	33,865		Ensco International PLC ADR				1,597,751
	107,901		ExxonMobil Corp.				7,321,083
	23,932		Freeport-McMoRan Copper & Gold, Inc.				1,807,584
	46,328		Halliburton Co.				1,419,953
	28,400	@	Helix Energy Solutions Group, Inc.				414,072
	43,200		Hess Corp.				2,745,360
	81,070		International Paper Co.				2,167,812
	9,500		Kaiser Aluminum Corp.				381,805
	18,100	@	McMoRan Exploration Co.				216,114
	33,400		Murphy Oil Corp.				2,009,010
	70,578		National Oilwell Varco, Inc.				3,107,549
	53,034		Peabody Energy Corp.				2,477,748
	25,300		Penn Virginia Corp.				645,403
	85,891		Schlumberger Ltd.				6,134,335
	52,677		Smith International, Inc.				2,515,854
	7,058	@	Transocean Ltd.				511,352
	17,344		United States Steel Corp.				948,023
	46,130		XTO Energy, Inc.				2,192,098
							66,976,483
			Total Common Stock (Cost $92,962,634)				108,015,681
SHORT-TERM INVESTMENTS: 1.1%
			Affiliated Mutual Fund: 1.1%
	1,276,000		ING Institutional Prime Money Market Fund — Class I				1,276,000
			Total Short-Term Investments (Cost $1,276,000)				1,276,000
		Total Investments in Securities
		(Cost $94,238,634)*		98.9	%	$	109,291,681
		Other Assets and Liabilities - Net		1.1			1,179,762
		Net Assets		100.0	%	$	110,471,443

@	Non-income producing security
ADR	American Depositary Receipt
*	Cost for federal income tax purposes is $98,183,556.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	17,398,037
Gross Unrealized Depreciation		(6,289,912	)
Net Unrealized Appreciation	$	11,108,125

	Percentage of
Industry	Net Assets
Coal		5.7	%
Forest Products & Paper		3.1
Iron/Steel		1.6
Mining		15.5
Oil & Gas		56.8
Oil & Gas Services		14.5
Transportation		0.6
Short-Term Investments		1.1
Other Assets and Liabilities — Net		1.1
Net Assets		100.0	%

See Accompanying Notes to Financial Statements

94

PORTFOLIO OF INVESTMENTS

ING Global Natural Resources Fund

as of April 30, 2010 (Unaudited) (continued)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2010 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)		4/30/2010
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	1,419,232	$	—	$	1,419,232
Bahamas		671,340		—		—		671,340
Canada		26,924,622		—		—		26,924,622
China		—		995,300		—		995,300
Japan		—		978,159		—		978,159
Netherlands		2,633,806		—		—		2,633,806
Russia		2,576,118		—		—		2,576,118
Thailand		—		781,209		—		781,209
United Kingdom		1,589,884		2,469,528		—		4,059,412
United States		66,976,483		—		—		66,976,483
Total Common Stock		101,372,253		6,643,428		—		108,015,681
Short-Term Investments		1,276,000		—		—		1,276,000
Total Investments, at value	$	102,648,253	$	6,643,428	$	—	$	109,291,681

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

95

PORTFOLIO OF INVESTMENTS

ING Global Real Estate Fund

as of April 30, 2010 (Unaudited)

Shares				Value
COMMON STOCK: 33.6%
			Australia: 0.6%
	1,948,610		Lend Lease Corp. Ltd.	$	15,337,407
					15,337,407
			Canada: 0.7%
	1,020,000		Brookfield Properties Co.		16,299,600
					16,299,600
			Hong Kong: 14.1%
	5,478,157		Cheung Kong Holdings Ltd.		67,555,820
	1,649,500		Great Eagle Holding Co.		4,615,925
	3,316,800		Hang Lung Group Ltd.		16,203,491
	5,019,300		Hang Lung Properties Ltd.		18,055,810
	1,436,500		Henderson Land Development Co., Ltd.		9,054,080
	5,774,500		Hongkong Land Holdings Ltd.		30,547,001
	1,164,800		Hysan Development Co., Ltd.		3,417,457
	4,037,600		Kerry Properties Ltd.		18,625,172
	9,508,600		Sun Hung Kai Properties Ltd.		131,827,682
	4,464,675		Wharf Holdings Ltd.		24,146,351
					324,048,789
			Japan: 11.5%
	175,000		Daito Trust Construction Co., Ltd.		9,328,648
	1,701,100		Daiwa House Industry Co., Ltd.		18,303,352
	5,292,300		Mitsubishi Estate Co., Ltd.		95,406,871
	4,824,400		Mitsui Fudosan Co., Ltd.		89,344,370
	2,550,300		Sumitomo Realty & Development Co., Ltd.		52,329,427
					264,712,668
			Norway: 0.9%
	10,195,300	@,L	Norwegian Property ASA		20,174,418
					20,174,418
			Singapore: 0.9%
	5,096,900		CapitaLand Ltd.		13,767,871
	833,000		City Developments Ltd.		6,399,565
					20,167,436
			Sweden: 0.9%
	1,022,320		Castellum AB		9,254,942
	718,320		Fabege AB		4,460,333
	1,044,970		Hufvudstaden AB		7,971,879
					21,687,154
			Switzerland: 0.5%
	182,190	@	Swiss Prime Site AG		10,773,523
					10,773,523
			United Kingdom: 1.5%
	2,447,030	I	Atrium European Real Estate Ltd.		14,530,747
	2,751,710		Grainger PLC		5,839,851
	924,877		Helical Bar PLC		4,736,771
	4,810,468	I	Safestore Holdings Ltd.		9,946,923
					35,054,292
			United States: 2.0%
	365,800	@,L	Hyatt Hotels Corp.		15,059,986
	572,800		Starwood Hotels & Resorts Worldwide, Inc.		31,223,328
					46,283,314
			Total Common Stock (Cost $688,737,675)		774,538,601
REAL ESTATE INVESTMENT TRUSTS: 61.7%
			Australia: 8.4%
	4,621,500		CFS Retail Property Trust		8,149,176
	36,914,445		Dexus Property Group		27,378,848
	36,207,100		GPT Group		19,346,692
	62,913,486		Macquarie Goodman Group		40,899,092
	11,203,386		Mirvac Group		14,376,561
	5,962,320		Stockland		21,734,367
	5,151,524		Westfield Group		60,846,766
					192,731,502
			Canada: 1.7%
	436,300		Calloway Real Estate Investment Trust		9,213,069
	166,800		Canadian Real Estate Investment Trust		4,704,489
	407,300		Primaris Retail Real Estate		6,728,189
	983,400		RioCan Real Estate Investment Trust		18,781,217
					39,426,964
			France: 3.9%
	885,272	L	Klepierre		30,506,843
	337,912		Mercialys		11,342,051
	55,220		Societe Immobiliere de Location pour l’Industrie et le Commerce		6,505,641
	214,466		Unibail		40,534,199
					88,888,734
			Hong Kong: 0.6%
	5,367,300		Link Real Estate Investment Trust		13,167,397
					13,167,397
			Japan: 3.3%
	1,449		Frontier Real Estate Investment Corp.		11,151,001
	1,173		Japan Logistics Fund, Inc.		9,381,791
	1,755		Japan Real Estate Investment Corp.		14,636,163
	5,384		Japan Retail Fund Investment Corp.		7,246,295
	2,926		Kenedix Realty Investment Corp.		9,605,141
	860		Nippon Accommodations Fund, Inc.		4,492,977
	2,081		Orix JREIT, Inc.		10,182,104
	1,565		United Urban Investment Corp.		10,181,328
					76,876,800
			Netherlands: 0.7%
	259,954		Corio NV		15,039,030
					15,039,030
			Singapore: 1.9%
	13,723,766		Ascendas Real Estate Investment Trust		19,160,292
	7,768,000	L	CapitaCommercial Trust		6,793,256
	7,377,301		CapitaMall Trust		10,405,925
	3,797,000		Frasers Centrepoint Trust		3,700,904
	3,048,700		Suntec Real Estate Investment Trust		3,068,234
					43,128,611
			United Kingdom: 5.2%
	3,613,974		British Land Co. PLC		25,664,081
	916,410		Derwent Valley Holdings PLC		20,195,027
	2,273,080		Great Portland Estates PLC		10,881,204
	1,440,826		Hammerson PLC		8,410,763

See Accompanying Notes to Financial Statements

96

PORTFOLIO OF INVESTMENTS

ING Global Real Estate Fund

as of April 30, 2010 (Unaudited) (continued)

Shares						Value
			United Kingdom (continued)
	4,708,834		Land Securities Group PLC			$	47,090,725
	1,818,657		Segro PLC				8,584,619
							120,826,419
			United States: 36.0%
	356,361		Acadia Realty Trust				6,799,368
	248,900	L	Alexandria Real Estate Equities, Inc.				17,624,609
	783,400		AMB Property Corp.				21,825,524
	790,100	L	Apartment Investment & Management Co.				17,706,141
	371,471		AvalonBay Communities, Inc.				38,647,843
	164,000		Boston Properties, Inc.				12,933,040
	535,500	L	BRE Properties, Inc.				22,362,480
	343,500	L	Camden Property Trust				16,635,705
	1,008,000	L	Developers Diversified Realty Corp.				12,388,320
	272,610	L	Digital Realty Trust, Inc.				16,002,207
	1,221,300		Duke Realty Corp.				16,524,189
	1,362,900		Equity Residential				61,698,483
	372,200	L	Extra Space Storage, Inc.				5,590,444
	291,100		Federal Realty Investment Trust				22,528,229
	683,400		Highwoods Properties, Inc.				21,848,298
	3,160,854		Host Hotels & Resorts, Inc.				51,395,486
	973,275	L	Liberty Property Trust				32,906,428
	1,480,122		Macerich Co.				66,176,254
	850,000	L	Nationwide Health Properties, Inc.				29,767,000
	118,400	@	Pebblebrook Hotel Trust				2,332,480
	3,241,700	L	Prologis				42,693,189
	162,354	L	Public Storage, Inc.				15,733,726
	513,700	L	Regency Centers Corp.				21,087,385
	741,569		Simon Property Group, Inc.				66,014,472
	366,800		SL Green Realty Corp.				22,803,956
	407,900		Tanger Factory Outlet Centers, Inc.				16,968,640
	416,700	L	Taubman Centers, Inc.				18,072,279
	1,428,709	L	UDR, Inc.				29,017,080
	683,100		Ventas, Inc.				32,262,813
	855,320	L	Vornado Realty Trust				71,308,028
							829,654,096
			Total Real Estate Investment Trusts (Cost $1,115,752,004)				1,419,739,553
MUTUAL FUNDS: 1.0%
			Australia: 0.9%
	35,981,900	**	ING Office Fund				20,194,218
							20,194,218
			Luxembourg: 0.1%
	269,354	@	Prologis European Properties				1,702,510
							1,702,510
			Total Mutual Funds (Cost $21,153,076)				21,896,728
WARRANTS: 0.0%
			Hong Kong: 0.0%
	642,560		Henderson Land Development Co., Ltd.				222,572
			Total Warrants (Cost $—)				222,572
			Total Long-Term Investments (Cost $1,825,609,767)				2,216,397,454
SHORT-TERM INVESTMENTS: 4.7%
			Affiliated Mutual Fund: 3.2%
	73,754,366		ING Institutional Prime Money Market Fund — Class I				73,754,366
			Total Mutual Fund (Cost $73,754,366)				73,754,366
			Securities Lending CollateralCC: 1.5%
	32,633,752		Bank of New York Mellon Corp. Institutional Cash Reserves, Series A(1)				32,633,752
	2,745,317	I	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B(1)(2)				2,196,253
			Total Securities Lending Collateral (Cost $35,379,069)				34,830,005
			Total Short-Term Investments (Cost $109,133,435)				108,584,371
		Total Investments in Securities
		(Cost $1,934,776,190)*		101.0	%	$	2,324,981,825
		Other Assets and Liabilities - Net		(1.0	)		(22,921,215	)
		Net Assets		100.0	%	$	2,302,060,610

@	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 fair valued 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 April 30, 2010.
**	Investment in affiliate
*	Cost for federal income tax purposes is $2,178,897,034.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	402,588,611
Gross Unrealized Depreciation		(256,503,820	)
Net Unrealized Appreciation	$	146,084,791

See Accompanying Notes to Financial Statements

97

PORTFOLIO OF INVESTMENTS

ING Global Real Estate Fund

as of April 30, 2010 (Unaudited) (continued)

	Percentage of
Industry	Net Assets
Apartments		8.3	%
Closed-End Funds		0.1
Diversified		22.7
Health Care		2.7
Holding Companies — Diversified		1.0
Home Builders		0.8
Hotels		2.3
Lodging		2.3
Office Property		5.1
Open-End Funds		0.9
Real Estate		29.1
Regional Malls		6.5
Shopping Centers		10.0
Storage		0.9
Storage/Warehousing		0.4
Warehouse/Industrial		3.2
Short-Term Investments		4.7
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 April 30, 2010 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)		4/30/2010
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	15,337,407	$	—	$	15,337,407
Canada		16,299,600		—		—		16,299,600
Hong Kong		—		324,048,789		—		324,048,789
Japan		52,329,427		212,383,241		—		264,712,668
Norway		—		20,174,418		—		20,174,418
Singapore		—		20,167,436		—		20,167,436
Sweden		—		21,687,154		—		21,687,154
Switzerland		—		10,773,523		—		10,773,523
United Kingdom		—		35,054,292		—		35,054,292
United States		46,283,314		—		—		46,283,314
Total Common Stock		114,912,341		659,626,260		—		774,538,601
Real Estate Investment Trusts		869,081,060		550,658,493		—		1,419,739,553
Mutual Funds		—		21,896,728		—		21,896,728
Warrants		—		222,572		—		222,572
Short-Term Investments		106,388,118		—		2,196,253		108,584,371
Total Investments, at value	$	1,090,381,519	$	1,232,404,053	$	2,196,253	$	2,324,981,825

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 April 30, 2010:

	Beginning						Accrued		Total		Total Unrealized		Transfers		Transfers		Ending
	Balance						Discounts/		Realized		Appreciation/		Into		Out of		Balance
	10/31/2009		Purchases		Sales		(Premiums)		Gain/(Loss)		(Depreciation)		Level 3		Level 3		4/30/2010
Asset Table
Investments, at value
Short-Term Investments	$	—	$	—	$	—	$	—	$	—	$	—	$	2,196,253	$	—	$	2,196,253
Total Investments, at value	$	—	$	—	$	—	$	—	$	—	$	—	$	2,196,253	$	—	$	2,196,253

As of April 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

ˆ   See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

Transfers in or out of Level 3 represents either the beginning value (for transfers 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.

#   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

98

PORTFOLIO OF INVESTMENTS

ING Global Value Choice Fund

as of April 30, 2010 (Unaudited)

Shares				Value
COMMON STOCK: 90.8%
			Australia: 1.4%
	1,333,568	@,L	Minara Resources Ltd.	$	1,066,447
	643,500	@	Mineral Deposits Ltd.		564,772
	95,000		Newcrest Mining Ltd.		2,867,641
					4,498,860
			Brazil: 2.7%
	345,000		Centrais Eletricas Brasileiras SA ADR — Class B		6,068,550
	56,000	L	Cia de Saneamento Basico do Estado de Sao Paulo ADR		2,203,600
					8,272,150
			Cambodia: 0.4%
	10,110,000		NagaCorp Ltd.		1,305,249
					1,305,249
			Canada: 12.6%
	318,000		Barrick Gold Corp.		13,848,900
	357,000		Cameco Corp.		8,785,770
	24,900	@	Dundee Precious Metals, Inc.		99,276
	1,527,375	@	Eastern Platinum Ltd.		2,165,210
	1,614,400	@,L	Gabriel Resources Ltd.		6,659,119
	90,100		Suncor Energy, Inc.		3,078,717
	528,100	@	Uranium Participation Corp.		3,108,917
	113,926	@,I	Westjet Airlines Ltd.		1,534,266
	19,578	@	Westjet Airlines Ltd.-VV		260,192
					39,540,367
			China: 0.6%
	16,900	L	PetroChina Co., Ltd. ADR		1,945,697
					1,945,697
			Finland: 0.9%
	197,673		UPM-Kymmene OYJ		2,836,781
					2,836,781
			France: 4.1%
	4,650	L	Areva SA		2,299,882
	38,925		Electricite de France		2,086,142
	225,000	L	Thales S.A.		8,379,293
					12,765,317
			Germany: 0.8%
	218,200		Deutsche Telekom AG ADR		2,616,218
					2,616,218
			Hong Kong: 0.3%
	74,302	L	China Unicom Ltd. ADR		923,574
					923,574
			Indonesia: 1.3%
	4,128,000		Medco Energi Internasional Tbk PT		1,328,898
	82,050		Telekomunikasi Indonesia Tbk PT ADR		2,848,776
					4,177,674
			Italy: 2.9%
	448,000	L	ERG S.p.A.		6,160,568
	2,505,000	@	Telecom Italia S.p.A. RNC		2,826,928
					8,987,496
			Japan: 20.8%
	225,000		77 Bank Ltd.		1,278,562
	590,000		Daiwa Securities Group, Inc.		3,051,662
	975		Fields Corp.		1,151,377
	77,200		Futaba Corp.		1,569,128
	13,340		Hakuhodo DY Holdings, Inc.		757,814
	402,320	@	JX Holdings, Inc.		2,244,272
	224,000		Kao Corp.		5,461,545
	157,000		Kirin Brewery Co., Ltd.		2,249,301
	123,000		Mitsui & Co., Ltd.		1,848,579
	104,600		Mitsui Sumitomo Insurance Group Holdings, Inc.		3,006,472
	305,000		Nippon Telegraph & Telephone Corp.		12,414,590
	29,575		Nippon Telegraph & Telephone Corp. ADR		600,077
	37,400		Nissin Food Products Co., Ltd.		1,258,064
	255,000		Obayashi Corp.		1,139,382
	49,200		Sankyo Co., Ltd.		2,271,050
	35,200		Sanshin Electronics Co., Ltd.		329,701
	643,000		Sekisui House Ltd.		6,129,123
	121,700		Seven & I Holdings Co., Ltd.		3,112,002
	1,686,000		Sumitomo Osaka Cement Co., Ltd.		3,238,057
	780,000		Sumitomo Trust & Banking Co., Ltd.		4,717,087
	72,700		Takeda Pharmaceutical Co., Ltd.		3,121,399
	322,000		Toppan Printing Co., Ltd.		2,936,431
	705		TV Asahi Corp.		1,150,860
					65,036,535
			Netherlands: 1.0%
	53,500		Royal Dutch Shell PLC ADR — Class B		3,246,380
					3,246,380
			Norway: 2.0%
	3,328,030	@,L	Marine Harvest		3,088,040
	133,000	@,L	Statoil ASA ADR		3,214,610
					6,302,650
			Papua New Guinea: 1.4%
	1,193,393		Lihir Gold Ltd.		4,217,260
					4,217,260
			Russia: 1.0%
	130,150		OAO Gazprom ADR		3,022,083
					3,022,083
			South Africa: 3.1%
	77,600		Anglogold Ashanti Ltd. ADR		3,248,336
	473,000		Gold Fields Ltd.		6,318,212
	600,000	@	Simmer & Jack Mines Ltd.		108,131
					9,674,679
			South Korea: 2.3%
	286,000		Korea Electric Power Corp. ADR		4,301,440
	51,810		KT Corp. ADR		1,170,906
	87,400		SK Telecom Co., Ltd. ADR		1,617,774
					7,090,120
			Switzerland: 1.2%
	235,000	@	UBS AG — Reg		3,623,700
					3,623,700
			Thailand: 0.4%
	306,800		Bangkok Bank PCL		1,124,049
					1,124,049
			Turkey: 0.7%
	134,400		Turkcell Iletisim Hizmet AS ADR		2,173,248
					2,173,248
			United Kingdom: 2.7%
	63,050		AstraZeneca PLC ADR		2,788,702
	54,300		BP PLC ADR		2,831,745
	188,500		Stolt-Nielsen SA		2,951,890
					8,572,337

See Accompanying Notes to Financial Statements

99

PORTFOLIO OF INVESTMENTS

ING Global Value Choice Fund

as of April 30, 2010 (Unaudited) (continued)

Shares						Value
			United States: 26.2%
	155,600		Aetna, Inc.			$	4,597,980
	114,000	@	AGCO Corp.				3,992,280
	225,000		Alcoa, Inc.				3,024,000
	121,000		Ameren Corp.				3,141,160
	81,500		ConocoPhillips				4,823,985
	195,800	@	eBay, Inc.				4,661,998
	56,400	@	Forest Laboratories, Inc.				1,537,464
	200,000		Kroger Co.				4,446,000
	30,000		Lockheed Martin Corp.				2,546,700
	48,800		Microsoft Corp.				1,490,352
	253,600		Newmont Mining Corp.				14,221,888
	102,000		Peabody Energy Corp.				4,765,440
	375,000		Pfizer, Inc.				6,270,000
	79,300	@	Smithfield Foods, Inc.				1,486,082
	403,538		Tesoro Corp.				5,306,525
	232,000		Tyson Foods, Inc.				4,544,880
	61,300		Union Pacific Corp.				4,637,958
	120,000		Wal-Mart Stores, Inc.				6,438,000
							81,932,692
			Total Common Stock (Cost $246,024,365)				283,885,116
PREFERRED STOCK: 0.6%
			Brazil: 0.6%
	770,000		Tim Participacoes SA				1,980,095
			Total Preferred Stock (Cost $1,382,868)				1,980,095
			Total Long-Term Investments (Cost $247,407,233)				285,865,211
SHORT-TERM INVESTMENTS: 12.7%
			Affiliated Mutual Fund: 7.6%
	23,908,734		ING Institutional Prime Money Market Fund — Class I				23,908,734
			Total Mutual Fund (Cost $23,908,734)				23,908,734
			Securities Lending CollateralCC: 5.1%
	15,722,706		Bank of New York Mellon Corp. Institutional Cash Reserves, Series A(1)				15,722,706
	287,772	I	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B(1)(2)				230,218
			Total Securities Lending Collateral (Cost $16,010,478)				15,952,924
			Total Short-Term Investments (Cost $39,919,212)				39,861,658
		Total Investments in Securities
		(Cost $287,326,445)*		104.1	%	$	325,726,869
		Other Assets and Liabilities - Net		(4.1	)		(12,858,679	)
		Net Assets		100.0	%	$	312,868,190

@	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 fair valued 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 April 30, 2010.
*	Cost for federal income tax purposes is $291,796,997.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	41,992,477
Gross Unrealized Depreciation		(8,062,605	)
Net Unrealized Appreciation	$	33,929,872

	Percentage of
Industry	Net Assets
Advertising		0.2	%
Aerospace/Defense		3.5
Airlines		0.6
Banks		3.4
Beverages		0.7
Building Materials		1.0
Coal		1.5
Commercial Services		0.9
Cosmetics/Personal Care		1.7
Distribution/Wholesale		0.6
Diversified Financial Services		1.0
Electric		5.0
Electronics		0.6
Energy — Alternate Sources		0.7
Engineering & Construction		0.4
Entertainment		0.7
Equity Fund		1.0
Food		4.7
Forest Products & Paper		0.9
Healthcare — Services		1.5
Home Builders		2.0
Insurance		1.0
Internet		1.5
Leisure Time		0.4
Lodging		0.4
Machinery — Diversified		1.3
Media		0.4
Mining		21.5
Oil & Gas		11.9
Pharmaceuticals		4.4
Retail		3.1
Software		0.5
Telecommunications	��	9.3
Transportation		2.4
Water		0.7
Short-Term Investments		12.7
Other Assets and Liabilities — Net		(4.1	)
Net Assets		100.0	%

See Accompanying Notes to Financial Statements

100

PORTFOLIO OF INVESTMENTS

ING Global Value Choice Fund

as of April 30, 2010 (Unaudited) (continued)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2010 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)		4/30/2010
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	4,498,860	$	—	$	4,498,860
Brazil		8,272,150		—		—		8,272,150
Cambodia		—		1,305,249		—		1,305,249
Canada		39,540,367		—		—		39,540,367
China		1,945,697		—		—		1,945,697
Finland		—		2,836,781		—		2,836,781
France		—		12,765,317		—		12,765,317
Germany		2,616,218		—		—		2,616,218
Hong Kong		923,574		—		—		923,574
Indonesia		2,848,776		1,328,898		—		4,177,674
Italy		—		8,987,496		—		8,987,496
Japan		2,844,349		62,192,186		—		65,036,535
Netherlands		3,246,380		—		—		3,246,380
Norway		3,214,610		3,088,040		—		6,302,650
Papua New Guinea		—		4,217,260		—		4,217,260
Russia		3,022,083		—		—		3,022,083
South Africa		3,248,336		6,426,343		—		9,674,679
South Korea		7,090,120		—		—		7,090,120
Switzerland		3,623,700		—		—		3,623,700
Thailand		—		1,124,049		—		1,124,049
Turkey		2,173,248		—		—		2,173,248
United Kingdom		5,620,447		2,951,890		—		8,572,337
United States		81,932,692		—		—		81,932,692
Total Common Stock		172,162,747		111,722,369		—		283,885,116
Preferred Stock		1,980,095		—		—		1,980,095
Short-Term Investments		39,631,440		—		230,218		39,861,658
Total Investments, at value	$	213,774,282	$	111,722,369	$	230,218	$	325,726,869

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 April 30, 2010:

	Beginning						Accrued		Total		Total Unrealized		Transfers		Transfers		Ending
	Balance						Discounts/		Realized		Appreciation/		Into		Out of		Balance
	10/31/2009		Purchases		Sales		(Premiums)		Gain/(Loss)		(Depreciation)		Level 3		Level 3		4/30/2010
Asset Table
Investments, at value
Short-Term Investments	$	—	$	—	$	—	$	—	$	—	$	—	$	230,218	$	—	$	230,218
Total Investments, at value	$	—	$	—	$	—	$	—	$	—	$	—	$	230,218	$	—	$	230,218

As of April 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

ˆ   See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

Transfers in or out of Level 3 represents either the beginning value (for transfers 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.

#   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

101

PORTFOLIO OF INVESTMENTS

ING Asia-Pacific Real Estate Fund

as of April 30, 2010 (Unaudited)

Shares						Value
COMMON STOCK: 57.9%
			Australia: 1.4%
	9,195		Lend Lease Corp. Ltd.			$	72,373
							72,373
			Hong Kong: 26.5%
	24,602		Cheung Kong Holdings Ltd.				303,388
	14,400		Great Eagle Holding Co.				40,297
	55,000		Hang Lung Properties Ltd.				197,850
	29,600		Hongkong Land Holdings Ltd.				156,583
	48,000		Sino Land Co.				86,140
	34,100		Sun Hung Kai Properties Ltd.				472,764
	18,600		Wharf Holdings Ltd.				100,595
							1,357,617
			Japan: 25.0%
	1,200		Daito Trust Construction Co., Ltd.				63,968
	27,000		Mitsubishi Estate Co., Ltd.				486,742
	21,900		Mitsui Fudosan Co., Ltd.				405,572
	13,000		Sumitomo Realty & Development Co., Ltd.				266,746
	12,000		Tokyo Tatemono Co., Ltd.				55,338
							1,278,366
			Singapore: 5.0%
	34,150		CapitaLand Ltd.				92,247
	8,000		City Developments Ltd.				61,460
	37,000		Keppel Land Ltd.				99,722
							253,429
			Total Common Stock (Cost $2,758,328)				2,961,785
REAL ESTATE INVESTMENT TRUSTS: 35.6%
			Australia: 20.4%
	15,200		CFS Retail Property Trust				26,802
	125,300		Dexus Property Group				92,933
	145,494		GPT Group				77,742
	251,373		Macquarie Goodman Group				163,414
	35,924		Mirvac Group				46,099
	30,784		Stockland				112,217
	44,261		Westfield Group				522,785
							1,041,992
			Japan: 8.5%
	2		Frontier Real Estate Investment Corp.				15,391
	9		Japan Logistics Fund, Inc.				71,983
	18		Japan Real Estate Investment Corp.				150,114
	42		Japan Retail Fund Investment Corp.				56,528
	8		Kenedix Realty Investment Corp.				26,261
	4		Nippon Accommodations Fund, Inc.				20,898
	2		Nippon Building Fund, Inc.				16,776
	12		United Urban Investment Corp.				78,068
							436,019
			Singapore: 6.7%
	44,133		Ascendas Real Estate Investment Trust				61,616
	101,000		CapitaMall Trust				142,464
	101,000		Fortune Real Estate Investment Trust				46,761
	27,000		Frasers Centrepoint Trust				26,317
	67,600		Suntec Real Estate Investment Trust				68,033
							345,191
			Total Real Estate Investment Trusts (Cost $1,528,995)				1,823,202
MUTUAL FUNDS: 3.3%
			Australia: 3.3%
	186,700	**	ING Industrial Fund				73,870
	170,200	**	ING Office Fund				95,522
			Total Mutual Funds (Cost $166,523)				169,392
WARRANTS: 0.0%
			��
			Hong Kong: 0.0%
	3,260		Henderson Land Development Co., Ltd.				1,129
			Total Warrants (Cost $—)				1,129
			Total Long-Term Investments (Cost $4,453,846)				4,955,508
SHORT-TERM INVESTMENTS: 1.3%
			Affiliated Mutual Fund: 1.3%
	67,766		ING Institutional Prime Money Market Fund — Class I				67,766
			Total Short-Term Investments (Cost $67,766)				67,766
		Total Investments in Securities
		(Cost $4,521,612)*		98.1	%	$	5,023,274
		Other Assets and Liabilities - Net		1.9			97,255
		Net Assets		100.0	%	$	5,120,529

**	Investment in affiliate
*	Cost for federal income tax purposes is $5,254,134.
	Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	533,179
Gross Unrealized Depreciation		(764,039	)
Net Unrealized Depreciation	$	(230,860	)

	Percentage of
Industry	Net Assets
Apartments		0.4	%
Diversified		14.2
Holding Companies — Diversified		2.0
Lodging		1.2
Office Property		3.3
Open-End Funds		3.3
Real Estate		54.7
Shopping Centers		16.3
Warehouse/Industrial		1.4
Short-Term Investments		1.3
Other Assets and Liabilities — Net		1.9
Net Assets		100.0	%

See Accompanying Notes to Financial Statements

102

PORTFOLIO OF INVESTMENTS

ING Asia-Pacific Real Estate Fund

as of April 30, 2010 (Unaudited) (continued)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2010 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)		4/30/2010
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	72,373	$	—	$	72,373
Hong Kong		—		1,357,617		—		1,357,617
Japan		266,746		1,011,620		—		1,278,366
Singapore		—		253,429		—		253,429
Total Common Stock		266,746		2,695,039		—		2,961,785
Real Estate Investment Trusts		—		1,823,202		—		1,823,202
Mutual Funds		—		169,392		—		169,392
Warrants		—		1,129		—		1,129
Short-Term Investments		67,766		—		—		67,766
Total Investments, at value	$	334,512	$	4,688,762	$	—	$	5,023,274

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

103

PORTFOLIO OF INVESTMENTS

ING Emerging Countries Fund

as of April 30, 2010 (Unaudited)

Shares				Value
COMMON STOCK: 94.0%
			Bermuda: 1.1%
	21,718		Credicorp Ltd.	$	1,886,425
					1,886,425
			Brazil: 14.9%
	148,297		Banco Itau Holding Financeira S.A. ADR		3,215,079
	83,830		Banco Santander Brasil S.A.		969,838
	103,985	@	BR Malls Participacoes S.A.		1,318,469
	16,301		Cia de Bebidas das Americas ADR		1,594,238
	111,676		Cia Siderurgica Nacional S.A.		2,088,002
	132,329		CIA Vale do Rio Doce		4,029,440
	38,932	@,L	Fibria Celulose SA ADR		772,800
	98,928		Localiza Rent a Car S.A.		1,096,133
	126,067		Mrv Engenharia		882,632
	236,579	@	OGX Petroleo e Gas Participacoes S.A.		2,365,450
	66,724		Perdigao S.A.		872,124
	159,933		Petroleo Brasileiro S.A.		3,379,456
	59,969		Petroleo Brasileiro SA ADR		2,275,224
	21,465		Vale S.A. ADR		657,473
					25,516,358
			Canada: 1.8%
	136,086	@	Pacific Rubiales Energy Corp.		3,067,897
					3,067,897
			China: 12.5%
	1,253	@	Baidu.com ADR		863,693
	1,176,000		China Citic Bank		773,069
	649,500		China Life Insurance Co., Ltd.		2,990,620
	628,500		China Shenhua Energy Co., Ltd.		2,696,969
	1,850,000		China Telecom Corp. Ltd.		848,762
	524,000		China Yurun Food Group Ltd.		1,588,971
	49,200	@	Ctrip.com International Ltd. ADR		1,796,784
	177,600		Dongfang Electrical Machinery Co., Ltd.		1,151,567
	5,456,000		Industrial and Commercial Bank of China Ltd.		3,976,592
	997,000		Parkson Retail Group Ltd.		1,628,376
	2,139,000		Want Want China Holdings Ltd.		1,605,850
	549,000	��	Yanzhou Coal Mining Co., Ltd.		1,527,130
					21,448,383
			Czech Republic: 0.5%
	17,000		CEZ A/S		815,159
					815,159
			Egypt: 1.5%
	85,000		Commercial International Bank		1,138,640
	28,200		Orascom Construction Industries		1,371,658
					2,510,298
			Hong Kong: 5.7%
	102,000		Beijing Enterprises Holdings Ltd.		657,149
	1,463,000		C C Land Holdings Ltd.		540,802
	1,082,000		Chaoda Modern Agriculture		1,237,059
	1,604,000		China Gas Holdings Ltd.		909,842
	257,500		China Mobile Ltd.		2,520,679
	589,840	L	China Overseas Land & Investment Ltd.		1,145,322
	1,582,000		CNOOC Ltd.		2,782,693
					9,793,546
			Hungary: 1.6%
	77,232	@	OTP Bank Nyrt		2,714,818
					2,714,818
			India: 4.9%
	119,790		Bharti Airtel Ltd.		799,909
	37,843		Housing Development Finance Corp.		2,381,996
	49,611		ICICI Bank Ltd.		1,052,272
	16,700		Infosys Technologies Ltd.		1,019,307
	42,570		Larsen & Toubro Ltd.		1,537,360
	72,664		Reliance Industries Ltd.		1,680,342
					8,471,186
			Indonesia: 3.1%
	2,507,500		Bank Mandiri		1,588,050
	2,549,000		Perusahaan Gas Negara PT		1,144,787
	257,000		PT Astra International Tbk		1,328,064
	1,438,000		Telekomunikasi Indonesia Tbk PT		1,241,421
					5,302,322
			Israel: 1.1%
	32,652		Teva Pharmaceutical Industries Ltd. ADR		1,917,652
					1,917,652
			Italy: 0.7%
	28,000	L	Tenaris SA ADR		1,137,080
					1,137,080
			Malaysia: 0.6%
	506,100		Genting Bhd		1,094,107
					1,094,107
			Mauritius: 0.6%
	2,399,600		Golden Agri-Resources Ltd.		1,013,648
					1,013,648
			Mexico: 4.6%
	59,419		America Movil SA de CV — Series L ADR		3,058,890
	77,405	@	Cemex SA de CV ADR		919,571
	13,251		Fomento Economico Mexicano SA de CV ADR		627,170
	338,000	@	Grupo Financiero Banorte SA de CV		1,358,891
	328,000	@	Grupo Mexico SA de CV		865,538
	460,794	@	Wal-Mart de Mexico SA de CV		1,077,859
					7,907,919
			Netherlands: 0.6%
	26,800	@	X5 Retail Group N.V. GDR		951,952
					951,952
			Poland: 1.8%
	52,700	@	Bank Pekao S.A.		3,002,990
					3,002,990
			Russia: 7.9%
	46,574		Mechel OAO ADR		1,196,952
	78,500	@	MMC Norilsk Nickel ADR		1,507,200
	27,280		Mobile Telesystems Finance SA ADR		1,507,220
	20,100		Novatek OAO GDR		1,505,937
	106,101		OAO Gazprom ADR		2,463,665
	282,270	@	OAO Rosneft Oil Co. GDR		2,258,981
	1,169,690		Sberbank of Russian Federation		3,158,163
					13,598,118
			South Africa: 6.0%
	44,500		ABSA Group Ltd.		838,136
	25,000		Anglogold Ashanti Ltd. ADR		1,046,079
	56,474		Impala Platinum Holdings Ltd.		1,592,289
	127,000		Imperial Holdings Ltd.		1,682,530
	33,500		MTN Group Ltd.		492,820
	47,700		Naspers Ltd.		1,922,345

See Accompanying Notes to Financial Statements

104

PORTFOLIO OF INVESTMENTS

ING Emerging Countries Fund

as of April 30, 2010 (Unaudited) (continued)

Shares						Value
			South Africa (continued)
	132,000		Shoprite Holdings Ltd.			$	1,401,800
	83,518		Standard Bank Group Ltd.				1,286,748
							10,262,747
			South Korea: 11.3%
	20,914		GS Engineering & Construction Corp.				1,580,875
	70,200	@	Hynix Semiconductor, Inc.				1,776,797
	29,400		KB Financial Group, Inc.				1,432,477
	100,940		Kia Motors Corp.				2,462,928
	15,784		LG Electronics, Inc.				1,721,048
	6,900		Posco				3,094,190
	9,503		Samsung Electronics Co., Ltd.				7,225,500
							19,293,815
			Taiwan: 7.8%
	703,000		Acer, Inc.				1,917,056
	1,371,000		Far Eastern Textile Co., Ltd.				1,487,577
	720,300		HON HAI Precision Industry Co., Ltd.				3,381,469
	28,910	@	Hon Hai Precision Industry Co., Ltd. — GDR				289,724
	133,644		MediaTek, Inc.				2,262,866
	290,000		Taiwan Fertilizer Co., Ltd.				922,802
	1,606,610		Taiwan Semiconductor Manufacturing Co., Ltd.				3,144,297
							13,405,791
			Thailand: 0.7%
	145,000		PTT PCL				1,137,216
							1,137,216
			Turkey: 1.4%
	497,915		Turkiye Garanti Bankasi A/S				2,412,165
							2,412,165
			United Kingdom: 1.3%
	45,355		Antofagasta PLC				687,667
	38,204	L	Vedanta Resources PLC				1,460,402
							2,148,069
			Total Common Stock (Cost $119,288,461)				160,809,661
EXCHANGE-TRADED FUNDS: 0.9%
			Hong Kong: 0.9%
	939,400		iShares FTSE/Xinhua A50 CHINA Index ETF				1,534,179
			Total Exchange-Traded Funds (Cost $1,680,584)				1,534,179
PREFERRED STOCK: 1.1%
			Brazil: 1.1%
	68,200		CIA Energetica de Minas Gerais				1,082,882
	50,721		Gerdau S.A.				833,362
			Total Preferred Stock (Cost $1,889,415)				1,916,244
			Total Long-Term Investments (Cost $122,858,460)				164,260,084
SHORT-TERM INVESTMENTS: 1.8%
			Securities Lending CollateralCC: 1.8%
	2,958,970		Bank of New York Mellon Corp. Institutional Cash Reserves, Series A(1)			$	2,958,970
	161,615	I	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B(1)(2)				129,292
			Total Short-Term Investments (Cost $3,120,585)				3,088,262
		Total Investments in Securities
		(Cost $125,979,045)*		97.8	%	$	167,348,346
		Other Assets and Liabilities - Net		2.2			3,803,099
		Net Assets		100.0	%	$	171,151,445

@	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 fair valued 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 April 30, 2010.
*	Cost for federal income tax purposes is $132,277,025.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	42,790,834
Gross Unrealized Depreciation		(7,719,513	)
Net Unrealized Appreciation	$	35,071,321

See Accompanying Notes to Financial Statements

105

PORTFOLIO OF INVESTMENTS

ING Emerging Countries Fund

as of April 30, 2010 (Unaudited) (continued)

	Percentage of
Industry	Net Assets
Agriculture		1.3	%
Apparel		0.9
Auto Manufacturers		1.4
Banks		16.4
Beverages		1.3
Building Materials		0.5
Chemicals		0.5
Coal		2.5
Commercial Services		0.6
Computers		1.7
Diversified Financial Services		3.0
Electric		1.1
Electrical Components & Equipment		1.7
Electronics		2.2
Engineering & Construction		2.6
Food		3.8
Forest Products & Paper		0.5
Gas		1.1
Holding Companies — Diversified		1.3
Home Builders		0.5
Insurance		1.8
Internet		1.6
Iron/Steel		4.2
Lodging		0.6
Media		1.1
Metal Fabricate/Hardware		0.7
Mining		6.9
Oil & Gas		13.4
Pharmaceuticals		1.1
Pipelines		0.5
Real Estate		1.4
Retail		2.4
Semiconductors		8.4
Telecommunications		6.1
Other Long-Term Investments		0.9
Short-Term Investments		1.8
Other Assets and Liabilities — Net		2.2
Net Assets		100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2010 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)		4/30/2010
Asset Table
Investments, at value
Common Stock
Bermuda	$	1,886,425	$	—	$	—	$	1,886,425
Brazil		22,301,279		3,215,079		—		25,516,358
Canada		3,067,897		—		—		3,067,897
China		5,651,097		15,797,286		—		21,448,383
Czech Republic		—		815,159		—		815,159
Egypt		—		2,510,298		—		2,510,298
Hong Kong		—		9,793,546		—		9,793,546
Hungary		—		2,714,818		—		2,714,818
India		—		8,471,186		—		8,471,186
Indonesia		—		5,302,322		—		5,302,322
Israel		1,917,652		—		—		1,917,652
Italy		1,137,080		—		—		1,137,080
Malaysia		—		1,094,107		—		1,094,107
Mauritius		—		1,013,648		—		1,013,648
Mexico		7,907,919		—		—		7,907,919
Netherlands		—		951,952		—		951,952
Poland		—		3,002,990		—		3,002,990
Russia		9,833,200		3,764,918		—		13,598,118
South Africa		—		10,262,747		—		10,262,747
South Korea		—		19,293,815		—		19,293,815
Taiwan		—		13,405,791		—		13,405,791
Thailand		—		1,137,216		—		1,137,216
Turkey		—		2,412,165		—		2,412,165
United Kingdom		—		2,148,069		—		2,148,069
Total Common Stock		53,702,549		107,107,112		—		160,809,661
Exchange-Traded Funds		1,534,179		—		—		1,534,179
Preferred Stock		—		1,916,244		—		1,916,244
Short-Term Investments		2,958,970		—		129,292		3,088,262
Total Investments, at value	$	58,195,698	$	109,023,356	$	129,292	$	167,348,346

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 April 30, 2010:

											Total
	Beginning						Accrued		Total		Unrealized		Transfers		Transfers		Ending
	Balance						Discounts/		Realized		Appreciation/		Into		Out of		Balance
	10/31/2009		Purchases		Sales		(Premiums)		Gain/(Loss)		(Depreciation)		Level 3		Level 3		4/30/2010
Asset Table
Investments, at value
Short-Term Investments	$	—	$	—	$	—	$	—	$	—	$	—	$	129,292	$	—	$	129,292
Total Investments, at value	$	—	$	—	$	—	$	—	$	—	$	—	$	129,292	$	—	$	129,292

As of April 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

ˆ  See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

Transfers in or out of Level 3 represents either the beginning value (for transfers 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.

#  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

106

PORTFOLIO OF INVESTMENTS

ING European Real Estate Fund

as of April 30, 2010 (Unaudited)

Shares						Value
COMMON STOCK: 25.5%
			Austria: 2.5%
	23,464	@	Immofinanz Immobilien Anlagen AG			$	100,048
							100,048
			Finland: 0.7%
	7,394		Citycon OYJ				26,417
							26,417
			Germany: 3.4%
	1,400		Deutsche Euroshop AG				43,901
	2,750	@	Deutsche Wohnen AG				24,871
	7,692		DIC Asset AG				66,320
							135,092
			Guernsey: 0.5%
	10,900		London & Stamford Property Ltd.				19,055
							19,055
			Italy: 0.5%
	21,610		Beni Stabili S.p.A.				18,821
							18,821
			Luxembourg: 0.6%
	3,000		GAGFAH SA				23,720
							23,720
			Norway: 3.3%
	66,200	@	Norwegian Property ASA				130,996
							130,996
			Spain: 0.2%
	3,020	@	Realia Business S.A.				7,238
							7,238
			Sweden: 4.7%
	6,327		Castellum AB				57,278
	10,650		Fabege AB				66,130
	7,830		Hufvudstaden AB				59,734
							183,142
			Switzerland: 3.7%
	2,467	@	Swiss Prime Site AG				145,882
							145,882
			United Kingdom: 5.4%
	7,745		Atrium European Real Estate Ltd.				45,991
	7,200		Grainger PLC				15,280
	2,695		Helical Bar PLC				13,802
	49,087		Safestore Holdings Ltd.				101,500
	10,950	@	Unite Group PLC				36,562
							213,135
			Total Common Stock (Cost $922,579)				1,003,546
REAL ESTATE INVESTMENT TRUSTS: 69.5%
			Belgium: 0.8%
	731		Warehouses De Pauw SCA				32,155
							32,155
			France: 32.5%
	1,014	@	Fonciere Des Regions				104,927
	348		Gecina S.A.				35,778
	143		ICADE				13,900
	5,819		Klepierre				200,525
	2,932		Mercialys				98,413
	260		Societe de la Tour Eiffel				19,847
	360		Societe Immobiliere de Location pour l’Industrie et le Commerce				42,413
	4,030		Unibail				761,672
							1,277,475
			Italy: 0.3%
	6,210		Immobiliare Grande Distribuz				10,993
							10,993
			Netherlands: 5.7%
	2,777		Corio NV				160,657
	1,070		Eurocommercial Properties NV				40,118
	437		Vastned Retail NV				25,344
							226,119
			United Kingdom: 30.2%
	3,270	@	Big Yellow Group PLC				16,157
	27,722		British Land Co. PLC				196,864
	5,630		Derwent Valley Holdings PLC				124,069
	19,873		Great Portland Estates PLC				95,132
	34,605		Hammerson PLC				202,007
	24,030		Hansteen Holdings PLC				27,640
	32,521		Land Securities Group PLC				325,226
	5,661		Liberty International PLC				42,214
	23,136		Segro PLC				109,209
	8,426		Shaftesbury PLC				50,144
							1,188,662
			Total Real Estate Investment Trusts (Cost $2,582,757)				2,735,404
MUTUAL FUNDS: 0.9%
			Luxembourg: 0.9%
	5,280	@	Prologis European Properties				33,373
			Total Mutual Funds (Cost $33,984)				33,373
			Total Long-Term Investments (Cost $3,539,320)				3,772,323
SHORT-TERM INVESTMENTS: 0.8%
			Affiliated Mutual Fund: 0.8%
	30,044		ING Institutional Prime Money Market Fund — Class I				30,044
			Total Short-Term Investments (Cost $30,044)				30,044
		Total Investments in Securities
		(Cost $3,569,364)*		96.7	%	$	3,802,367
		Other Assets and Liabilities - Net		3.3			131,166
		Net Assets		100.0	%	$	3,933,533

@	Non-income producing security
*	Cost for federal income tax purposes is $4,246,996.
	Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	364,564
Gross Unrealized Depreciation		(809,193	)
Net Unrealized Depreciation	$	(444,629	)

See Accompanying Notes to Financial Statements

107

PORTFOLIO OF INVESTMENTS

ING European Real Estate Fund

as of April 30, 2010 (Unaudited) (continued)

	Percentage of
Industry	Net Assets
Closed-End Funds		0.9	%
Diversified		62.6
Office Property		4.4
Real Estate		22.9
Shopping Centers		0.6
Storage		0.4
Storage/Warehousing		2.6
Warehouse/Industrial		1.5
Short-Term Investments		0.8
Other Assets and Liabilities — Net		3.3
Net Assets		100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2010 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)		4/30/2010
Asset Table
Investments, at value
Common Stock*	$	—	$	1,003,546	$	—	$	1,003,546
Real Estate Investment Trusts		—		2,735,404		—		2,735,404
Mutual Funds		—		33,373		—		33,373
Short-Term Investments		30,044		—		—		30,044
Total Investments, at value	$	30,044	$	3,772,323	$	—	$	3,802,367

ˆ See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

*

For further breakdown of Common Stock by Industry type, please refer to the Portfolio of Investments.

#

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

108

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of April 30, 2010 (Unaudited)

Shares				Value
COMMON STOCK: 93.8%
			Australia: 4.7%
	32,990		AMP Ltd.	$	189,320
	24,175		Aquarius Platinum Ltd.		156,148
	154,541	@	Asciano Group		239,834
	36,981		Australia & New Zealand Banking Group Ltd.		819,102
	42,875		BHP Billiton Ltd.		1,567,349
	15,594		Commonwealth Bank of Australia		834,350
	413,051		Macquarie Airports Management Ltd.		1,184,040
	12,005	@	Macquarie Atlas Roads Group		10,886
	23,889		National Australia Bank Ltd.		610,337
	21,331		Newcrest Mining Ltd.		643,891
	27,058		Rio Tinto Ltd.		1,767,974
	3,999		Wesfarmers Ltd.		107,202
	31,553		Westpac Banking Corp.		786,194
					8,916,627
			Austria: 1.8%
	54,625		Erste Bank der Oesterreichischen Sparkassen AG		2,425,272
	25,400		OMV AG		907,614
	1,974		Voestalpine AG		73,426
					3,406,312
			Belgium: 0.4%
	17,790	@	KBC Groep NV		795,958
					795,958
			Brazil: 0.9%
	5,744		All America Latina Logistica S.A.		51,385
	13,655		Amil Participacoes S.A.		111,942
	12,292		Centrais Eletricas Brasileiras S.A.		174,312
	57,317	@	Hypermarcas SA		785,110
	15,412		Perdigao S.A.		201,444
	12,432		Vale S.A. ADR		380,792
					1,704,985
			Canada: 5.5%
	2,016		Agnico-Eagle Mines Ltd.		127,871
	6,841		Bank of Montreal		424,886
	12,078		Bank of Nova Scotia		615,671
	1,847	@	Barrick Gold Corp.		80,580
	54,270		Barrick Gold Corp.		2,366,766
	6,321		Canadian Imperial Bank of Commerce		463,963
	2,716		Canadian Pacific Railway Ltd.		160,104
	2,725		Cenovus Energy, Inc.		80,130
	12,178		GoldCorp, Inc.		526,419
	8,055		Iamgold Corp.		144,162
	2,075	@	IGM Financial, Inc.		86,142
	22,201	@	Ivanhoe Mines Ltd.		353,406
	9,266		Kinross Gold Corp.		176,964
	15,612		Manulife Financial Corp.		281,563
	5,222		Potash Corp. of Saskatchewan		576,949
	16,867		Royal Bank of Canada		1,022,680
	16,769	@	Silver Wheaton Corp.		329,503
	3,039		Sun Life Financial, Inc.		89,363
	34,365		Suncor Energy, Inc.		1,175,609
	37,483		Talisman Energy, Inc.		638,001
	9,233		Toronto Dominion Bank		686,249
					10,406,981
			China: 1.1%
	1,203,156	@	Beijing Capital International Airport Co., Ltd.		723,786
	80,000		China Shenhua Energy Co., Ltd.		343,290
	37,000		China Yurun Food Group Ltd.		112,198
	46,475		Hengan International Group Co., Ltd.		356,785
	74,000		Shandong Weigao Group Medical Polymer Co., Ltd.		343,088
	44,400		Sinopharm Group Co.		200,115
					2,079,262
			Czech Republic: 1.4%
	12,442	S	Komercni Banka A/S		2,553,612
					2,553,612
			Denmark: 1.1%
	51		AP Moller — Maersk A/S — Class B		428,207
	5,389		DSV A/S		96,326
	17,810		Novo-Nordisk A/S		1,465,369
					1,989,902
			Finland: 0.7%
	7,862		Fortum OYJ		203,148
	7,558		Kesko OYJ		292,992
	46,336		Stora Enso OYJ (Euro Denominated Security)		386,856
	28,803		UPM-Kymmene OYJ		413,348
					1,296,344
			France: 6.0%
	4,839		ADP		398,239
	29,871		AXA S.A.		593,609
	23,005		BNP Paribas		1,580,127
	9,616		Carrefour S.A.		471,317
	4,175	@	CFAO S.A.		144,688
	4,895		Electricite de France		262,342
	7,540		Eutelsat Communications		268,416
	9,048		France Telecom S.A.		198,076
	28,358		Groupe Danone		1,670,864
	4,705	L	Iliad S.A.		470,431
	8,004	S	LVMH Moet Hennessy Louis Vuitton S.A.		921,111
	3,857		PPR		518,380
	6,042	S	Publicis Groupe		266,587
	20,377	@	Sanofi-Aventis		1,390,091
	3,881		Schneider Electric S.A.		440,605
	3,698		Technip S.A.		295,696
	1,021		Vallourec		203,366
	10,802		Veolia Environnement		339,350
	13,917		Vinci S.A.		775,530
					11,208,825
			Germany: 6.2%
	5,712		Adidas AG		336,581
	7,996	S	Allianz AG		916,703
	9,998		Bayer AG		638,644
	2,052		Bilfinger Berger AG		136,279
	19,949	@	DaimlerChrysler AG		1,026,448
	7,791		Deutsche Boerse AG		604,835
	10,439		Deutsche Telekom AG		135,919
	26,100		E.ON AG		962,511
	47,504		Fraport AG Frankfurt Airport Services Worldwide		2,463,083
	9,599		Fresenius AG		682,891
	13,190		HeidelbergCement AG		816,744
	4,291		Henkel KGaA		194,067
	1,182		Hochtief AG		97,567
	11,713		MAN AG		1,105,457
	1,933		Metro AG		116,207
	7,560	S	RWE AG		621,872
	9,133		SAP AG		440,650
	4,311		Siemens AG		425,178
					11,721,636
			Greece: 0.2%
	15,387		Coca-Cola Hellenic Bottling Co. S.A.		417,224
					417,224

See Accompanying Notes to Financial Statements

109

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of April 30, 2010 (Unaudited) (continued)

Shares				Value
			Hong Kong: 1.5%
	208,000	@	China Mengniu Dairy Co., Ltd.	$	623,965
	178,229		China Merchants Holdings International Co., Ltd.		619,134
	294,000		China Resources Enterprise		1,037,241
	540,717	@	GOME Electrical Appliances Holdings Ltd.		174,269
	448,000		Lenovo Group Ltd.		330,272
					2,784,881
			Hungary: 1.1%
	60,221	@,S	OTP Bank Nyrt		2,116,857
					2,116,857
			India: 2.8%
	7,577		ACC Ltd.		153,762
	21,950		Axis Bank Ltd.		622,195
	3,698		Bharat Heavy Electricals		206,264
	26,536		Bharti Airtel Ltd.		177,197
	3,355		Dr Reddys Laboratories Ltd.		94,631
	40,667		Gujarat Ambuja Cements Ltd.		110,366
	43,300		ICICI Bank Ltd.		918,413
	4,406		Infosys Technologies Ltd. ADR		263,831
	20,022		Larsen & Toubro Ltd.		723,068
	7,572		Sterlite Industries India Ltd. ADR		137,356
	34,955		Tata Motors Ltd.		677,031
	82,739		Tata Steel Ltd.		1,141,548
	3,899		Ultratech Cement Ltd.		85,046
					5,310,708
			Indonesia: 0.2%
	340,979		Telekomunikasi Indonesia Tbk PT		294,366
					294,366
			Ireland: 0.5%
	12,439		CRH PLC		354,414
	90,825	@	Dragon Oil PLC		666,140
					1,020,554
			Israel: 0.5%
	16,214		Teva Pharmaceutical Industries Ltd. ADR		952,248
					952,248
			Italy: 2.1%
	25,902		Buzzi Unicem S.p.A.		385,070
	26,365		ENI S.p.A.		589,241
	11,208		Fiat S.p.A		147,110
	45,884	@	Intesa Sanpaolo S.p.A.		151,230
	57,472	@	Mediobanca S.p.A.		530,466
	6,344		Prysmian S.p.A.		114,231
	7,930		Saipem S.p.A.		296,117
	323,990	@	Telecom Italia S.p.A.		452,971
	468,024	@,S	UniCredito Italiano S.p.A.		1,226,553
					3,892,989
			Japan: 10.0%
	5,501		Aisin Seiki Co., Ltd.		167,170
	11,700		Asahi Breweries Ltd.		210,172
	23,000		Asahi Glass Co., Ltd.		271,783
	30,500		Bank of Yokohama Ltd.		158,582
	13,305	S	Canon, Inc.		608,615
	27		Central Japan Railway Co.		219,858
	16,800		Chiba Bank Ltd.		106,394
	14,800		Credit Saison Co., Ltd.		216,454
	6,100		Daikin Industries Ltd.		230,033
	8,688		Denso Corp.		253,544
	1,650		Diamond Lease Co., Ltd.		63,881
	5,100		East Japan Railway Co.		341,158
	2,700		Eisai Co., Ltd.		92,282
	6,200		Fanuc Ltd.		732,132
	36,000		Fukuoka Financial Group, Inc.		156,196
	44,428	S	Honda Motor Co., Ltd.		1,503,335
	31,300		Itochu Corp.		271,173
	5,300		JFE Holdings, Inc.		189,008
	11,800		Kirin Brewery Co., Ltd.		169,056
	13,105		Komatsu Ltd.		264,162
	16,319		Kubota Corp.		143,334
	1,300		Kyocera Corp.		130,528
	35,584		Matsushita Electric Industrial Co., Ltd.		521,479
	66,000		Mazda Motor Corp.		194,903
	30,900		Mitsubishi Corp.		731,956
	26,000		Mitsubishi Electric Corp.		231,725
	23,000		Mitsubishi Heavy Industries Ltd.		92,646
	217,600		Mitsubishi UFJ Financial Group, Inc.		1,133,921
	44,100		Mitsui & Co., Ltd.		662,783
	6,000		NGK Insulators Ltd.		118,248
	10,500		Nidec Corp.		1,077,294
	3,701		Nintendo Co., Ltd.		1,243,268
	4,200		Nippon Telegraph & Telephone Corp.		170,955
	55,400	@	Nissan Motor Co., Ltd.		482,044
	12,000		NSK Ltd.		91,537
	176		NTT DoCoMo, Inc.		273,819
	5,310		ORIX Corp.		485,334
	11,600		Resona Holdings, Inc.		141,677
	13,000		Ricoh Co., Ltd.		220,839
	2,600		Shin-Etsu Chemical Co., Ltd.		149,878
	1,700		SMC Corp.		243,662
	20,633		Sony Corp.		706,453
	4,300		Stanley Electric Co., Ltd.		87,913
	30,200		Sumitomo Mitsui Financial Group, Inc.		998,770
	82,900		Sumitomo Trust & Banking Co., Ltd.		501,342
	31,600		Suzuki Motor Corp.		664,224
	3,500		Takeda Pharmaceutical Co., Ltd.		150,274
	18,900	S	Toyota Motor Corp.		730,257
	3,220		Uni-Charm Corp.		312,986
					18,919,037
			Luxembourg: 0.6%
	23,573	@,L	Evraz Group SA GDR — Reg S		850,132
	8,546	@	L’OCCITANE International		16,766
	12,763		SES S.A.		292,514
					1,159,412
			Macau: 0.1%
	131,200	@	Sands China Ltd.		212,986
					212,986
			Malaysia: 0.0%
	56,300	@	TM International Bhd		68,572
					68,572
			Mexico: 2.0%
	17,016		America Movil SA de CV — Series L ADR		875,984
	66,517	@	Cemex SA de CV ADR		790,222
	183,797	@	Cemex SAB de C.V.		219,292
	24,466		Fomento Economico Mexicano SA de CV ADR		1,157,976
	21,049	@	Grupo Comercial Chedraui		58,126
	71,596	@	Grupo Financiero Banorte SA de CV		287,844
	9,738	@	Grupo Televisa S.A.		40,519
	14,919		Grupo Televisa SA ADR		310,017
					3,739,980
			Netherlands: 6.0%
	11,118		ASML Holding NV		364,801
	15,846		Heineken NV		738,864
	22,797		Koninklijke Philips Electronics NV		765,504
	8,105	@	Randstad Holdings NV		410,672

See Accompanying Notes to Financial Statements

110

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of April 30, 2010 (Unaudited) (continued)

Shares				Value
			Netherlands (continued)
	55,438		Royal Dutch Shell PLC	$	1,739,536
	67,305		Royal Dutch Shell PLC — Class A		2,096,342
	68,073		Royal KPN NV		1,021,299
	41,733		TNT NV		1,275,354
	68,472		Unilever NV		2,083,112
	23,279	@	X5 Retail Group N.V. GDR		826,884
					11,322,368
			Norway: 1.3%
	21,849		DnB NOR ASA		258,586
	191,897	@	Marine Harvest		178,059
	63,143		Statoil ASA		1,526,780
	36,555	@	Storebrand ASA		274,931
	20,789	@	Telenor ASA		295,538
					2,533,894
			Papua New Guinea: 0.1%
	68,005		Lihir Gold Ltd.		240,319
					240,319
			Poland: 1.6%
	23,567	@	Bank Pekao S.A.		1,342,912
	1,750	@	Bank Zachodni WBK S.A.		128,528
	109,699		Powszechna Kasa Oszczednosci Bank Polski S.A.		1,579,681
					3,051,121
			Portugal: 0.2%
	23,525		Galp Energia SGPS S.A.		377,160
					377,160
			Romania: 0.2%
	2,650,000	@	SNP Petrom SA		277,693
					277,693
			Russia: 4.8%
	8,577	@	CTC Media, Inc.		144,866
	31,529		Magnit OAO GDR		590,881
	15,900		Mechel OAO ADR		408,630
	76,841	@	MMC Norilsk Nickel ADR		1,475,347
	1,898		Mobile Telesystems Finance SA ADR		104,865
	9,268		Novatek OAO GDR		694,379
	2,300		Novorossiysk Commercial Sea Port GDR		30,643
	2,774	@,L	OAO Gazprom ADR		76,285
	151,467	@	OAO Rosneft Oil Co. GDR		1,212,177
	1,317,272		Sberbank of Russian Federation		3,556,626
	3,450	@	Sistema JSFC GDR		91,754
	3,490	@	Uralkali GDR		74,335
	106,106		VTB Bank OJSC GDR		565,849
					9,026,637
			South Africa: 1.3%
	1,937		Anglogold Ashanti Ltd. ADR		81,050
	53,682	@	Aspen Pharmacare Holdings Ltd.		604,113
	10,873		Impala Platinum Holdings Ltd.		306,565
	14,582		Massmart Holdings Ltd.		216,072
	62,452		Shoprite Holdings Ltd.		663,221
	37,680		Standard Bank Group Ltd.		580,530
					2,451,551
			South Korea: 1.4%
	8,891		Hyundai Motor Co.		1,084,319
	1,635		Posco		733,189
	1,118		Samsung Electronics Co., Ltd.		850,059
					2,667,567
			Spain: 0.4%
	9,193	@	Amadeus IT Holding SA		146,880
	22,821		Cintra Concesiones DE Infrae		200,994
	5,949		Inditex S.A.		368,203
					716,077
			Sweden: 1.3%
	20,603		Atlas Copco AB — Class A		331,381
	8,676		Hennes & Mauritz AB		553,604
	37,131	@	Sandvik AB		532,194
	16,139		Svenska Cellulosa AB — B Shares		210,290
	4,609		Swedish Match AB		104,484
	14,325		TeliaSonera AB		98,186
	48,051	@	Volvo AB — B Shares		596,141
					2,426,280
			Switzerland: 7.9%
	25,768	@	ABB Ltd.		494,269
	20,409		Credit Suisse Group		936,728
	848		Flughafen Zuerich AG		278,938
	6,859		Holcim Ltd.		511,123
	57,673		Nestle S.A.		2,821,993
	21,096		Nobel Biocare Holding AG		462,386
	61,892		Novartis AG		3,155,549
	12,627		Roche Holding AG — Genusschein		1,993,667
	1,244		Swatch Group AG — BR		364,447
	8,069		Swiss Reinsurance		349,940
	774		Swisscom AG		262,667
	3,660		Syngenta AG		927,333
	41,155	@	UBS AG — Reg		637,581
	78,337		Xstrata PLC		1,285,035
	1,746		Zurich Financial Services AG		387,079
					14,868,735
			Taiwan: 3.0%
	317,411		Acer, Inc.		865,569
	360,821		Asustek Computer, Inc.		695,743
	79,000		High Tech Computer Corp.		1,058,574
	433,000		HON HAI Precision Industry Co., Ltd.		2,032,731
	3,361		MediaTek, Inc.		56,909
	443,000		Taiwan Semiconductor Manufacturing Co., Ltd.		866,995
					5,576,521
			Thailand: 0.1%
	1,219,000		Thai Beverage PCL		252,590
					252,590
			Ukraine: 1.0%
	5,090,724	@	JSCB Ukrsotsbank		465,045
	3,938,839	@	Raiffeisen Bank Aval		245,090
	11,184,513	@	UkrTelecom		1,103,769
					1,813,904
			United Kingdom: 11.8%
	19,524	@	Anglo American PLC		829,300
	60,924		ARM Holdings PLC		234,986
	328,390		Barclays PLC		1,686,885
	31,951		BG Group PLC		540,058
	40,792		BHP Billiton PLC		1,245,402
	36,480	@	Cairn Energy PLC		222,631
	4,055		Carnival PLC		175,661
	26,854		Compass Group PLC		218,399
	42,590	S	Diageo PLC		726,381
	122,955		GlaxoSmithKline PLC		2,282,174
	54,655		Imperial Tobacco Group PLC		1,557,019
	123,087		Legal & General Group PLC		160,055
	2,115,574	@	Lloyds TSB Group PLC		2,116,626
	6,549	@	Lonmin PLC		189,206
	16,172		Peter Hambro Mining PLC		288,919
	18,632		Prudential PLC		163,578
	44,678		Reckitt Benckiser PLC		2,320,938

See Accompanying Notes to Financial Statements

111

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of April 30, 2010 (Unaudited) (continued)

Shares						Value
			United Kingdom (continued)
	42,498		Rio Tinto PLC			$	2,197,175
	3,177,810	@,I	Rolls-Royce Group PLC — C Shares				4,862
	32,010		Rolls-Royce Group PLC				282,056
	576,972	@	Royal Bank of Scotland Group PLC				472,139
	10,035		SABMiller PLC				314,599
	9,052		Shire PLC				199,400
	8,051		Smith & Nephew PLC				83,470
	130,443		Tesco PLC				865,194
	718,013	S	Vodafone Group PLC				1,591,018
	4,873		Whitbread PLC				113,878
	96,229		WM Morrison Supermarkets PLC				425,739
	76,234		WPP PLC				808,261
							22,316,009
			Total Common Stock (Cost $146,340,498)				176,888,684
EXCHANGE-TRADED FUNDS: 3.4%
			Emerging Markets: 1.0%
	45,089	L	iShares MSCI Emerging Markets Index Fund				1,895,992
							1,895,992
			United States: 2.4%
	45,112	L	Market Vectors — Gold Miners ETF				2,279,509
	19,287	@	SPDR Gold Trust				2,225,334
							4,504,843
			Total Exchange-Traded Funds (Cost $6,231,319)				6,400,835
PREFERRED STOCK: 1.2%
			Brazil: 0.7%
	6,778		Centrais Eletricas Brasileiras S.A.				118,150
	13,766		Cia Brasileira de Distribuicao Grupo Pao de Acucar				468,515
	35,671		Petroleo Brasileiro S.A.				672,480
							1,259,145
			Germany: 0.5%
	5,128		Henkel KGaA — Vorzug				274,947
	4,202		Porsche AG				242,938
	4,322		Volkswagen AG				417,562
							935,447
			Total Preferred Stock (Cost $2,038,662 )				2,194,592
RIGHTS: 0.0%
			Brazil: 0.0%
	59		Cia Brasileira de Distribuicao Grupo Pao de Acucar				—
							—
			Total Rights (Cost $—)				—
							—
			Total Long-Term Investments (Cost $154,610,479)				185,484,111
SHORT-TERM INVESTMENTS: 5.0%
			Affiliated Mutual Fund: 3.1%
	5,841,952		ING Institutional Prime Money Market Fund — Class I				5,841,952
			Total Mutual Fund (Cost $5,841,952)				5,841,952
			Securities Lending CollateralCC: 1.9%
	3,442,803		Bank of New York Mellon Corp. Institutional Cash Reserves, Series A(1)				3,442,803
	173,707	I	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B(1)(2)				138,966
			Total Securities Lending Collateral (Cost $3,616,510)				3,581,769
			Total Short-Term Investments (Cost $9,458,462)				9,423,721
		Total Investments in Securities
		(Cost $164,068,941)*		103.4	%	$	194,907,832
		Other Assets and Liabilities - Net		(3.4	)		(6,392,679	)
		Net Assets		100.0	%	$	188,515,153

@	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 fair valued daily. Please see the accompanying Notes to Financial Statements for additional details on securities lending.
S	All or a portion of this security has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign 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 April 30, 2010.
*	Cost for federal income tax purposes is $168,008,338.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	35,407,685
Gross Unrealized Depreciation		(8,508,191	)
Net Unrealized Appreciation	$	26,899,494

	Percentage of
Industry	Net Assets
Advertising		0.1	%
Aerospace/Defense		0.1
Agriculture		0.9
Apparel		0.2
Auto Manufacturers		4.2
Auto Parts & Equipment		0.3
Banks		19.6
Beverages		2.1
Building Materials		2.1
Chemicals		1.3
Coal		0.2
Commercial Services		0.2
Computers		1.7
Cosmetics/Personal Care		0.2
Distribution/Wholesale		0.9
Diversified Financial Services		0.9
Electric		1.3
Electrical Components & Equipment		0.5
Electronics		2.2
Engineering & Construction		4.0
Food		6.5
Food Service		0.1
Forest Products & Paper		0.5

See Accompanying Notes to Financial Statements

112

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of April 30, 2010 (Unaudited) (continued)

	Percentage of
Industry	Net Assets
Hand/Machine Tools		0.4
Healthcare — Products		1.3
Healthcare — Services		0.1
Holding Companies — Diversified		1.4
Home Furnishings		0.6
Household Products/Wares		1.4
Insurance		1.8
Internet		0.2
Iron/Steel		1.8
Leisure Time		0.1
Lodging		0.1
Machinery — Construction & Mining		0.3
Machinery — Diversified		1.1
Media		0.7
Metal Fabricate/Hardware		0.2
Mining		9.0
Miscellaneous Manufacturing		0.2
Office/Business Equipment		0.4
Oil & Gas		7.2
Oil & Gas Services		0.3
Pharmaceuticals		6.8
Retail		1.4
Semiconductors		1.3
Software		0.3
Telecommunications		4.1
Toys/Games/Hobbies		0.7
Transportation		1.5
Water		0.2
Other Long-Term Investments		3.4
Short-Term Investments		5.0
Other Assets and Liabilities — Net		(3.4	)
Net Assets		100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2010 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)		4/30/2010
Asset Table
Investments, at value
Common Stock
Australia	$	10,886	$	8,905,741		$	—	$	8,916,627
Austria		—		3,406,312			—		3,406,312
Belgium		—		795,958			—		795,958
Brazil		1,704,985		—			—		1,704,985
Canada		10,406,981		—			—		10,406,981
China		—		2,079,262			—		2,079,262
Czech Republic		—		2,553,612			—		2,553,612
Denmark		—		1,989,902			—		1,989,902
Finland		—		1,296,344			—		1,296,344
France		—		11,208,825			—		11,208,825
Germany		135,919		11,585,717			—		11,721,636
Greece		—		417,224			—		417,224
Hong Kong		—		2,784,881			—		2,784,881
Hungary		—		2,116,857			—		2,116,857
India		401,187		4,909,521			—		5,310,708
Indonesia		—		294,366			—		294,366
Ireland		—		1,020,554			—		1,020,554
Israel		952,248		—			—		952,248
Italy		—		3,892,989			—		3,892,989
Japan		—		18,919,037			—		18,919,037
Luxembourg		—		1,159,412			—		1,159,412
Macau		—		212,986			—		212,986
Malaysia		—		68,572			—		68,572
Mexico		3,739,980		—			—		3,739,980
Netherlands		—		11,322,368			—		11,322,368
Norway		—		2,533,894			—		2,533,894
Papua New Guinea		—		240,319			—		240,319
Poland		—		3,051,121			—		3,051,121
Portugal		—		377,160			—		377,160
Romania		277,693		—			—		277,693
Russia		5,766,619		3,260,018			—		9,026,637
South Africa		—		2,451,551			—		2,451,551
South Korea		—		2,667,567			—		2,667,567
Spain		146,880		569,197			—		716,077
Sweden		—		2,426,280			—		2,426,280
Switzerland		—		14,868,735			—		14,868,735
Taiwan		—		5,576,521			—		5,576,521
Thailand		—		252,590			—		252,590
Ukraine		245,090		1,568,814			—		1,813,904
United Kingdom		2,197,175		20,118,834			—		22,316,009
Total Common Stock		25,985,643		150,903,041			—		176,888,684
Exchange-Traded Funds		6,400,835		—			—		6,400,835
Preferred Stock		586,665		1,607,927			—		2,194,592
Short-Term Investments		9,284,755		—			138,966		9,423,721
Total Investments, at value	$	42,257,898	$	152,510,968		$	138,966	$	194,907,832
Other Financial Instruments+:
Forward foreign currency contracts		—		601,509			—		601,509
Total Assets	$	42,257,898	$	153,112,477		$	138,966	$	195,509,341
Liabilities Table
Other Financial Instruments+:
Futures		—		(434,507	)		—		(434,507	)
Total Liabilities	$	—	$	(434,507	)	$	—	$	(434,507	)

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 April 30, 2010:

	Beginning						Accrued		Total		Total Unrealized		Transfers		Transfers		Ending
	Balance						Discounts/		Realized		Appreciation/		Into		Out of		Balance
	10/31/2009		Purchases		Sales		(Premiums)		Gain/(Loss)		(Depreciation)		Level 3		Level 3		4/30/2010
Asset Table
Investments, at value
Short-Term Investments	$	—	$	—	$	—	$	—	$	—	$	—	$	138,966	$	—	$	138,966
Total Investments, at value	$	—	$	—	$	—	$	—	$	—	$	—	$	138,966	$	—	$	138,966

See Accompanying Notes to Financial Statements

113

PORTFOLIO OF INVESTMENTS

ING Foreign Fund

as of April 30, 2010 (Unaudited) (continued)

As of April 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

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 in or out of Level 3 represents either the beginning value (for transfers 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.

#   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.

At April 30, 2010 the following forward foreign currency contracts were outstanding for the ING Foreign Fund:

					In				Unrealized
			Settlement		Exchange				Appreciation
Currency	Buy/Sell		Date		For		Value		(Depreciation)
Canadian Dollar
CAD 3,243,708		BUY		6/16/10	$	3,161,484	$	3,193,342	$	31,858
EU Euro
EUR 2,689,222		BUY		6/16/10		3,618,388		3,581,139		(37,249	)
EU Euro
EUR 2,404,309		BUY		6/16/10		3,259,181		3,201,732		(57,449	)
EU Euro
EUR 2,419,785		BUY		6/16/10		3,271,936		3,222,340		(49,596	)
Japanese Yen
JPY 374,440,302		BUY		6/16/10		4,151,223		3,988,012		(163,211	)
South Korean Won
KRW 1,132,527,256		BUY		6/16/10		1,012,150		1,020,424		8,274
									$	(267,373	)
Czech Koruna
CZK 36,173,325		SELL		6/16/10	$	1,929,656	$	1,878,206	$	51,450
EU Euro
EUR 15,478,325		SELL		6/16/10		21,107,792		20,611,924		495,868
EU Euro
EUR 3,670,310		SELL		6/16/10		4,834,621		4,887,619		(52,998	)
EU Euro
EUR 3,533,556		SELL		6/16/10		4,641,622		4,705,508		(63,886	)
Japanese Yen
JPY 248,912,893		SELL		6/16/10		2,665,129		2,651,070		14,059
Japanese Yen
JPY 125,527,409		SELL		6/16/10		1,329,549		1,336,942		(7,393	)
Swedish Krona
SEK 7,338,803		SELL		6/16/10		1,010,683		1,013,408		(2,725	)
									$	434,375

See Accompanying Notes to Financial Statements

114

PORTFOLIO OF INVESTMENTS

ING Greater China Fund

as of April 30, 2010 (Unaudited)

Shares						Value
COMMON STOCK: 99.8%
			China: 36.6%
	2,057,000		Bank of China Ltd.			$	1,058,913
	235,000	@	BBMG Corp.				230,526
	2,773,000		China Construction Bank				2,251,878
	316,000		China High Speed Transmission Equipment Group Co., Ltd.				748,893
	315,000		China Life Insurance Co., Ltd.				1,450,416
	434,000		China National Materials Co. Ltd				282,044
	1,500,000		China Petroleum & Chemical Corp.				1,202,699
	215,500		China Shenhua Energy Co., Ltd.				924,736
	572,000	@	China Southern Airlines Co., Ltd.				292,810
	36,000		Dongfang Electrical Machinery Co., Ltd.				233,426
	2,957,000		Industrial and Commercial Bank of China Ltd.				2,155,201
	43,200		Inner Mongolia Yitai Coal Co.				239,501
	358,000	@	Lingbao Gold Co., Ltd.				134,774
	7,800		Mindray Medical International Ltd. ADR				297,960
	834,000		PetroChina Co., Ltd.				960,405
	57,500		Ping An Insurance Group Co. of China Ltd.				492,249
	602,500	@	Real Gold Mining Ltd.				936,121
	1,620,000		Shanghai Forte Land Co.				441,662
	228,000		Shenguan Holdings Group Ltd.				210,814
	261,000		Shimao Property Holdings Ltd.				399,432
	21,700		Tencent Holdings Ltd.				448,759
	418,000		Yanzhou Coal Mining Co., Ltd.				1,162,733
	72,000		Zhaojin Mining Industry Co., Ltd.				138,448
							16,694,400
			Hong Kong: 36.8%
	267,000		BOC Hong Kong Holdings Ltd.				639,005
	84,000		Cheung Kong Holdings Ltd.				1,035,876
	230,500		China Mobile Ltd.				2,256,375
	218,160		China Overseas Land & Investment Ltd.				423,612
	84,000		China Resources Enterprise				296,355
	620,000		Chow Sang Sang Holdings International Ltd.				1,060,705
	534,000		CNOOC Ltd.				939,291
	31,836		Esprit Holdings Ltd.				228,049
	1,686,000	@	Fook Woo Group Holdings Ltd.				564,595
	1,456,000		Global Bio-Chem Technology Group Co., Ltd.				333,638
	601,000	@	Glorious Property Holdings Ltd.				205,770
	47,000		Henderson Land Development Co., Ltd.				296,235
	70,700		Hong Kong Exchanges and Clearing Ltd.				1,155,357
	122,500		HongKong Electric Holdings				722,841
	230,000		Hysan Development Co., Ltd.				674,807
	108,000		Kerry Properties Ltd.				498,197
	29,500		Kingboard Chemicals Holdings				158,154
	94,000		Li & Fung Ltd.				453,169
	648,000	@	Melco International Development				291,142
	180,000		MTR Corp.				630,782
	558,000	@	New Environmental Energy Holdings Ltd.				135,137
	333,000		New World Development Ltd.				590,645
	265,000		Ports Design Ltd.				648,908
	46,000		Shanghai Industrial Holdings Ltd.				198,742
	76,000		Shougang Concord International Enterprises Co., Ltd.				13,733
	57,000		Sun Hung Kai Properties Ltd.				790,251
	281,000		Wharf Holdings Ltd.				1,519,735
	25,000		Zhuzhou CSR Times Electric Co., Ltd.				52,782
							16,813,888
			Taiwan: 26.4%
	791,637		AU Optronics Corp.				912,112
	15,436		AU Optronics Corp. ADR				178,903
	270,000		Cathay Financial Holding Co., Ltd.				432,011
	795,179	@	China Life Insurance Co., Ltd.				629,323
	20,199	@	Chunghwa Telecom Co., Ltd. ADR				394,284
	1,300,000		E.Sun Financial Holding Co., Ltd.				577,950
	568,000	@	Eva Airways Corp.				294,631
	194,085		Far Eastern Textile Co., Ltd.				210,588
	64,800		High Tech Computer Corp.				868,299
	158,000		HON HAI Precision Industry Co., Ltd.				741,735
	85,680	@	Hon Hai Precision Industry Co., Ltd. — GDR				858,650
	87,000	@	Huaku Development Co. Ltd				236,940
	312,195		InnoLux Display Corp.				455,761
	528,000		Lite-On Technology Corp.				700,749
	26,060		MediaTek, Inc.				441,249
	108,000		Novatek Microelectronics Corp. Ltd.				370,194
	823,000		Prince Housing & Development Corp.				376,424
	226,519	@	Radium Life Tech Co., Ltd.				201,149
	188,000		Taiwan Fertilizer Co., Ltd.				598,230
	707,000		Taiwan Semiconductor Manufacturing Co., Ltd.				1,383,670	��
	300,000		The Ambassador Hotel				331,778
	1,193,000		United Microelectronics Corp.				600,220
	236,000		Yulon Motor Co., Ltd.				274,102
							12,068,952
			Total Common Stock (Cost $38,706,378)				45,577,240
WARRANTS: 0.0%
			Hong Kong: 0.0%
	9,400		Henderson Land Development Co., Ltd.				3,256
	2,950		Kingboard Chemicals Holdings				7,281
			Total Warrants (Cost $-)				10,537
		Total Investments in Securities
		(Cost $38,706,378)*		99.8	%	$	45,587,777
		Other Assets and Liabilities - Net		0.2			112,185
		Net Assets		100.0	%	$	45,699,962

@	Non-income producing security
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
*	Cost for federal income tax purposes is $40,299,756.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	8,273,615
Gross Unrealized Depreciation		(2,985,594	)
Net Unrealized Appreciation	$	5,288,021

See Accompanying Notes to Financial Statements

115

PORTFOLIO OF INVESTMENTS

ING Greater China Fund

as of April 30, 2010 (Unaudited) (continued)

	Percentage of
Industry	Net Assets
Airlines		1.3	%
Apparel		0.5
Auto Manufacturers		0.6
Banks		13.4
Biotechnology		0.7
Building Materials		0.5
Chemicals		1.7
Coal		5.1
Computers		4.4
Distribution/Wholesale		1.0
Diversified Financial Services		3.8
Electric		1.6
Electrical Components & Equipment		2.3
Electronics		5.9
Environmental Control		1.5
Food		0.5
Healthcare — Products		0.7
Holding Companies — Diversified		5.0
Insurance		6.6
Internet		1.0
Iron/Steel		0.0
Lodging		0.7
Machinery — Construction & Mining		0.6
Mining		2.6
Oil & Gas		6.8
Real Estate		13.5
Retail		4.2
Semiconductors		6.1
Telecommunications		5.8
Transportation		1.4
Other Assets and Liabilities — Net		0.2
Net Assets		100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2010 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)		4/30/2010
Asset Table
Investments, at value
Common Stock
China	$	1,987,877	$	14,706,523	$	—	$	16,694,400
Hong Kong		564,595		16,249,293		—		16,813,888
Taiwan		573,187		11,495,765		—		12,068,952
Total Common Stock		3,125,659		42,451,581		—		45,577,240
Warrants		—		10,537		—		10,537
Total Investments, at value	$	3,125,659	$	42,462,118	$	—	$	45,587,777

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

116

PORTFOLIO OF INVESTMENTS

ING Index Plus International Equity Fund

as of April 30, 2010 (Unaudited)

Shares				Value
COMMON STOCK: 96.8%
			Australia: 8.1%
	5,746		AMP Ltd.	$	32,975
	170,173	@	Asciano Group		264,094
	5,223		ASX Ltd.		157,907
	31,909		Australia & New Zealand Banking Group Ltd.		706,761
	13,631		Bendigo Bank Ltd.		123,263
	35,308		BHP Billiton Ltd.		1,290,728
	70,602		BlueScope Steel Ltd.		169,401
	51,136		Brambles Ltd.		339,997
	17,980		Commonwealth Bank of Australia		962,011
	9,285		Computershare Ltd.		100,832
	29,945		Crown Ltd.		225,783
	8,712		CSL Ltd.		260,327
	2,831		Macquarie Group Ltd.		129,094
	19,169		National Australia Bank Ltd.		489,747
	1,050		Newcrest Mining Ltd.		31,695
	30,279		Nufarm Ltd.		212,573
	11,849		Orica Ltd.		287,350
	22,518		Origin Energy Ltd.		338,667
	5,839		QBE Insurance Group Ltd.		113,127
	2,885		Rio Tinto Ltd.		188,506
	23,908		Suncorp-Metway Ltd.		197,583
	21,186		Wesfarmers Ltd.		567,940
	36,191		Westpac Banking Corp.		901,757
	4,105		Woodside Petroleum Ltd.		170,232
	16,525		Woolworths Ltd.		412,800
	5,950		WorleyParsons Ltd.		145,101
					8,820,251
			Austria: 0.1%
	1,009		Erste Bank der Oesterreichischen Sparkassen AG		44,798
	2,208		Wiener Staedtische Allgemeine Versicherung AG		107,923
					152,721
			Belgium: 1.2%
	16,047		Anheuser-Busch InBev NV		778,465
	24,344	@	Anheuser-Busch InBev NV		162
	24,625	@	Dexia S.A.		133,065
	17,577		Fortis		53,991
	1,850		Groupe Bruxelles Lambert S.A.		156,558
	5,358		UCB S.A.		207,552
					1,329,793
			Denmark: 0.8%
	1,331	@	Danske Bank A/S		34,749
	10,911		H Lundbeck A/S		179,788
	7,340		Novo-Nordisk A/S		603,920
					818,457
			Finland: 1.3%
	5,188		Kesko OYJ		201,117
	27,726	@	Nokia OYJ		338,965
	18,772		Nokian Renkaat OYJ		441,259
	920		Sampo OYJ		22,614
	8,904		Wartsila OYJ		453,380
					1,457,335
			France: 8.0%
	18,674		AXA S.A.		371,098
	11,703		BNP Paribas		803,835
	12,645		Carrefour S.A.		619,780
	958		Casino Guichard Perrachon S.A.		84,566
	1,369	@	CNP Assurances		115,238
	6,865		Compagnie Generale des Etablissements Michelin		497,332
	15,940		Credit Agricole S.A.		227,863
	1,373		Eurazeo		95,195
	29,603		France Telecom S.A.		648,060
	4,318		Gaz de France		153,563
	23,141		Groupe Eurotunnel S.A.		211,315
	5,137		Lafarge S.A.		372,444
	6,974	@	Renault S.A.		323,106
	9,325	@	Sanofi-Aventis		636,139
	6,138		Schneider Electric S.A.		696,839
	6,226		Scor S.A.		146,864
	6,480		Societe Generale		346,027
	664		Sodexho Alliance S.A.		40,796
	3,784		Technip S.A.		302,572
	16,165		Total S.A.		879,495
	2,284		Vallourec		454,935
	24,309		Vivendi		637,685
					8,664,747
			Germany: 7.3%
	4,610		Allianz AG		528,514
	16,549		BASF AG		962,137
	5,919		Bayer AG		378,089
	881	@	DaimlerChrysler AG		45,331
	8,063		Deutsche Bank AG		562,780
	607		Deutsche Boerse AG		47,123
	33,466		Deutsche Post AG		542,804
	45,649		Deutsche Telekom AG		594,362
	9,421		E.ON AG		347,426
	2,337	@	Hannover Rueckversicheru — Reg		109,686
	8,134		HeidelbergCement AG		503,669
	394		Hochtief AG		32,522
	29,468	@	Infineon Technologies AG		208,640
	2,683		Muenchener Rueckversicherungs AG		378,125
	8,106		RWE AG		666,785
	13,475		SAP AG		650,144
	11,777		Siemens AG		1,161,523
	14,358	@	United Internet AG		215,852
					7,935,512
			Greece: 0.5%
	9,608		EFG Eurobank Ergasias S.A.		77,236
	1,535	@	National Bank of Greece S.A.		24,680
	25,408	@	Public Power Corp.		415,937
	1,047		Titan Cement Co. S.A.		27,860
					545,713
			Hong Kong: 2.3%
	79,000		BOC Hong Kong Holdings Ltd.		189,069
	7,000		Cheung Kong Holdings Ltd.		86,323
	19,500		Chinese Estates Holdings Ltd.		33,202
	29,000		CLP Holdings Ltd.		203,156
	16,000		Hang Lung Group Ltd.		78,164
	38,000		Hang Lung Properties Ltd.		136,697
	3,470		Hang Seng Bank Ltd.		47,292
	37,000		Hong Kong & China Gas		89,782
	5,000		Hong Kong Exchanges and Clearing Ltd.		81,708
	28,500		HongKong Electric Holdings		168,171
	69,162		Hutchison Whampoa Ltd.		474,666
	43,000		Hysan Development Co., Ltd.		126,160
	8,000		Li & Fung Ltd.		38,568
	17,000		New World Development Ltd.		30,153
	28,000		Shangri-La Asia Ltd.		54,033
	16,000		Sun Hung Kai Properties Ltd.		221,825
	15,500		Swire Pacific Ltd.		173,213
	1,550	@	Swire Properties Ltd.		7,022
	25,000		Wharf Holdings Ltd.		135,208
	31,000		Wheelock & Co., Ltd.		96,503
					2,470,915
			Italy: 4.4%
	1,484		Altantia S.p.A.		31,584
	8,557		Assicurazioni Generali S.p.A.		180,621
	99,654		Banca Monte dei Paschi di Siena S.p.A.		137,978
	12,908		Banche Popolari Unite Scpa		159,850
	146,758		Enel S.p.A.		768,854

See Accompanying Notes to Financial Statements

117

PORTFOLIO OF INVESTMENTS

ING Index Plus International Equity Fund

as of April 30, 2010 (Unaudited) (continued)

Shares				Value
			Italy (continued)
	42,431		ENI S.p.A.	$	948,305
	7,241		Fondiaria-Sai S.p.A.		100,303
	111,571	@	Intesa Sanpaolo S.p.A.		367,729
	26,908		Intesa Sanpaolo S.p.A. — RNC		71,431
	25,350		Italcementi S.p.A.		288,267
	51,506		Mediaset S.p.A.		407,870
	12,162		Saipem S.p.A.		454,146
	25,316		Snam Rete Gas S.p.A.		120,229
	136,601	@	Telecom Italia S.p.A.		190,982
	209,207	@	UniCredito Italiano S.p.A.		548,270
					4,776,419
			Japan: 22.0%
	9,700		Aeon Credit Service Co., Ltd.		105,786
	9,100		Aisin Seiki Co., Ltd.		276,540
	50,000		Ajinomoto Co., Inc.		469,616
	48,000		Asahi Glass Co., Ltd.		567,198
	16,000		Bank of Kyoto Ltd.		140,583
	500		Benesse Corp.		22,989
	19,185		Bridgestone Corp.		319,738
	16,600		Canon, Inc.		759,339
	44		Central Japan Railway Co.		358,287
	11,000		Chiba Bank Ltd.		69,663
	21,100		Chubu Electric Power Co., Inc.		490,230
	10,900		Chugoku Electric Power Co., Inc.		208,228
	8,000		Credit Saison Co., Ltd.		117,002
	800		Denso Corp.		23,347
	9,800		East Japan Railway Co.		655,559
	3,000		Eisai Co., Ltd.		102,536
	6,000		Fuji Heavy Industries Ltd.		33,580
	1,000		Fuji Photo Film Co., Ltd.		34,272
	21,000		Gunma Bank Ltd.		113,284
	55,000		Hokugin Financial Group, Inc.		109,360
	11,400		Honda Motor Co., Ltd.		385,748
	3,100		Idemitsu Kosan Co., Ltd.		256,788
	60,960		Itochu Corp.		528,137
	1,100		Japan Petroleum Exploration Co.		56,172
	37		Japan Tobacco, Inc.		128,221
	16,200		JFE Holdings, Inc.		577,723
	53,000		Kajima Corp.		134,666
	900		Kansai Electric Power Co., Inc.		20,026
	10,900		Kao Corp.		265,763
	21,000		Keisei Electric Railway Co., Ltd.		124,326
	5,000		Kuraray Co., Ltd.		65,455
	20,200		Kyushu Electric Power Co., Inc.		408,663
	5,800		Mabuchi Motor Co., Ltd.		319,683
	7,300		Makita Corp.		226,276
	15,000		Mitsubishi Estate Co., Ltd.		270,412
	57,000		Mitsubishi Gas Chemical Co., Inc.		343,708
	120,997		Mitsubishi UFJ Financial Group, Inc.		630,520
	28,092		Mitsui & Co., Ltd.		422,197
	15,452		Mitsui Fudosan Co., Ltd.		286,160
	8,700		Mitsui Sumitomo Insurance Group Holdings, Inc.		250,060
	105,124		Mizuho Financial Group, Inc.		202,419
	8,000		Murata Manufacturing Co., Ltd.		473,429
	3,800		Nidec Corp.		389,878
	1,000		Nintendo Co., Ltd.		335,927
	27,000		Nippon Electric Glass Co., Ltd.		411,732
	124,000		Nippon Steel Corp.		439,935
	10,900		Nippon Telegraph & Telephone Corp.		443,669
	39,966		Nishi-Nippon City Bank Ltd.		115,017
	50,700	@	Nissan Motor Co., Ltd.		441,149
	31,000		Nisshin Seifun Group, Inc.		381,075
	4,496	@	NKSJ Holdings, Inc.		32,642
	27,800		Nomura Holdings, Inc.		192,157
	251		NTT DoCoMo, Inc.		390,504
	2,700		Oriental Land Co., Ltd.		191,198
	1,410		ORIX Corp.		128,874
	35,000		Osaka Gas Co., Ltd.		121,796
	28,000		Ricoh Co., Ltd.		475,654
	5,500		Rohm Co., Ltd.		407,605
	8,600		Sankyo Co., Ltd.		396,972
	27,400		Sapporo Hokuyo Holdings, Inc.		126,113
	8,000		Sekisui House Ltd.		76,257
	4,600		Shinko Electric Industries		81,674
	15,700		Sony Corp.		537,552
	46,300		Sumitomo Corp.		557,540
	42,600		Sumitomo Electric Industries Ltd.		524,234
	78,000		Sumitomo Heavy Industries		512,770
	16,100		Sumitomo Mitsui Financial Group, Inc.		532,457
	24,100		Sumitomo Rubber Industries, Inc.		215,422
	32,000		Sumitomo Trust & Banking Co., Ltd.		193,522
	2,500		Sysmex Corp.		149,979
	15,751		Takeda Pharmaceutical Co., Ltd.		676,275
	7,600		Terumo Corp.		387,185
	11,449		Tokio Marine Holdings, Inc.		340,844
	1,300		Tokyo Electric Power Co., Inc.		32,625
	12,000		Toppan Printing Co., Ltd.		109,432
	11,000		Tosoh Corp.		30,969
	31,790		Toyota Motor Corp.		1,228,301
	6,290		USS Co., Ltd.		430,756
	24		West Japan Railway Co.		87,236
	7,000		Yamaguchi Financial Group, Inc.		70,092
	13,100		Yamato Kogyo Co., Ltd.		416,379
					23,967,087
			Kazakhstan: 0.4%
	24,970		Eurasian Natural Resources Corp.		462,950
					462,950
			Netherlands: 5.6%
	8,320	@	Aegon NV		58,190
	6,152		Fugro NV		400,454
	2,583		Heineken NV		120,440
	36,323	@	James Hardie Industries NV		254,664
	737		Koninklijke DSM NV		32,919
	22,620		Koninklijke Philips Electronics NV		759,561
	1,600		Koninklijke Vopak NV		131,234
	9,256	@	Randstad Holdings NV		468,992
	525		Royal Dutch Shell PLC		16,473
	36,949		Royal Dutch Shell PLC — Class A		1,150,847
	44,130		Royal Dutch Shell PLC — Class B		1,330,458
	30,087		Royal KPN NV		451,395
	31,784		Unilever NV		966,959
					6,142,586
			New Zealand: 0.2%
	139,502		Telecom Corp. of New Zealand Ltd.		218,161
					218,161
			Norway: 0.3%
	2,800		DnB NOR ASA		33,138
	9,600		Yara International ASA		333,114
					366,252
			Portugal: 0.7%
	82,419		Energias de Portugal S.A.		294,959
	41,237		Jeronimo Martins		426,698
					721,657
			Singapore: 1.1%
	28,000		DBS Group Holdings Ltd.		308,308
	16,000		Jardine Cycle & Carriage Ltd.		351,794
	11,000		Oversea-Chinese Banking Corp.		69,860
	6,000		Singapore Exchange Ltd.		35,572
	10,000		Singapore Telecommunications Ltd.		22,058
	81,000		StarHub Ltd.		137,486
	9,000		United Overseas Bank Ltd.		131,669
	35,000		United Overseas Land Ltd.		97,152
					1,153,899

See Accompanying Notes to Financial Statements

118

PORTFOLIO OF INVESTMENTS

ING Index Plus International Equity Fund

as of April 30, 2010 (Unaudited) (continued)

Shares				Value
			Spain: 3.7%
	43,006		Banco Bilbao Vizcaya Argentaria S.A.	$	565,623
	4,165		Banco Popular Espanol S.A.		29,491
	94,962		Banco Santander Central Hispano S.A.		1,207,476
	36,878		Corp. Mapfre S.A.		120,707
	8,698		Inditex S.A.		538,348
	7,223		Red Electrica de Espana		342,222
	54,483		Telefonica S.A.		1,233,236
					4,037,103
			Sweden: 2.9%
	12,419		Atlas Copco AB — Class A		199,748
	28,616		Atlas Copco AB — Class B		414,556
	4,190		Getinge AB		93,660
	10,492		Investor AB		198,489
	8,362		Kinnevik Investment AB		153,476
	30,905		Nordea Bank AB		301,516
	4,364		Ratos AB		136,568
	35,764		Svenska Cellulosa AB — B Shares		466,002
	2,269		Svenska Handelsbanken AB		63,626
	20,980		Swedish Match AB		475,609
	52,076		Telefonaktiebolaget LM Ericsson		600,985
					3,104,235
			Switzerland: 8.1%
	24,725	@	ABB Ltd.		474,263
	17,108		Compagnie Financiere Richemont S.A.		631,011
	14,176		Credit Suisse Group		650,647
	8,076		Holcim Ltd.		601,812
	28,880		Nestle S.A.		1,413,125
	26,554		Novartis AG		1,353,849
	8,786		Roche Holding AG — Genusschein		1,387,214
	1,639		Swatch Group AG — BR		480,167
	5,712		Swiss Reinsurance		247,721
	2,121		Synthes, Inc.		240,673
	31,929	@	UBS AG — Reg		494,650
	23,241		Xstrata PLC		381,244
	1,957		Zurich Financial Services AG		433,857
					8,790,233
			United Kingdom: 17.8%
	12,427	@	Anglo American PLC		527,848
	18,453		AstraZeneca PLC		815,380
	3,953	@	Autonomy Corp. PLC		108,436
	46,057		Aviva PLC		243,475
	31,832		BAE Systems PLC		166,839
	140,509		Barclays PLC		721,772
	44,777		BG Group PLC		756,852
	12,626		BHP Billiton PLC		385,479
	167,983		BP PLC		1,465,140
	34,121		British American Tobacco PLC		1,072,927
	47,995		Compass Group PLC		390,334
	32,143		Diageo PLC		548,205
	1,817	@	EnQuest PLC		2,744
	10,973		Firstgroup PLC		63,766
	46,676		GlaxoSmithKline PLC		866,356
	6,012		Group 4 Securicor PLC		24,472
	197,245		HSBC Holdings PLC		2,008,439
	20,364		ICAP PLC		117,489
	19,325		Imperial Tobacco Group PLC		550,533
	24,292		Inmarsat PLC		282,649
	63,813		International Power PLC		323,003
	23,873		Invensys PLC		122,947
	16,144		Investec PLC		127,685
	19,699		J Sainsbury PLC		101,519
	16,017		Kazakhmys PLC		339,333
	74,682		Kingfisher PLC		284,621
	317,084	@	Lloyds TSB Group PLC		317,242
	10,552		London Stock Exchange Group PLC		109,775
	45,750		Man Group PLC		168,897
	58,595		National Grid PLC		565,030
	105,326	@	Old Mutual PLC		185,888
	33,667		Pearson PLC		538,033
	8,605		Petrofac Ltd.		148,825
	17,704		Prudential PLC		155,431
	14,229		Reckitt Benckiser PLC		739,170
	15,454		Rio Tinto PLC		798,982
	6,145,830	@	Rolls-Royce Group PLC — C Shares		9,403
	63,287		Rolls-Royce Group PLC		557,653
	17,127		Royal & Sun Alliance Insurance Group		31,700
	35,885	@	Royal Bank of Scotland Group PLC		29,365
	3,394		Shire PLC		74,764
	20,899		Smith & Nephew PLC		216,673
	24,683		Standard Chartered PLC		658,409
	10,166		Standard Life PLC		30,928
	26,641		Tesco PLC		176,703
	20,909		Tomkins PLC		79,101
	696		Unilever PLC		20,915
	557,113		Vodafone Group PLC		1,234,486
	1,520		Whitbread PLC		35,521
	3,735		WPP PLC		39,600
					19,340,737
			Total Common Stock (Cost $97,738,483)		105,276,763
REAL ESTATE INVESTMENT TRUSTS: 1.3%
			Australia: 0.4%
	79,151		CFS Retail Property Trust		139,568
	104,611		Mirvac Group		134,240
	18,646		Westfield Group		220,236
					494,044
			France: 0.3%
	1,285	@	Fonciere Des Regions		132,970
	1,199		Gecina S.A.		123,270
	439		Unibail		82,971
					339,211
			Hong Kong: 0.1%
	29,000		Link Real Estate Investment Trust		71,145
					71,145
			Japan: 0.3%
	59		Japan Prime Realty Investment Corp.		140,623
	109		Japan Retail Fund Investment Corp.		146,702
					287,325
			Singapore: 0.2%
	83,000		Ascendas Real Estate Investment Trust		115,880
	72,000		CapitaMall Trust		101,558
					217,438
			United Kingdom: 0.0%
	6,132		Segro PLC		28,945
					28,945
			Total Real Estate Investment Trusts (Cost $1,314,043)		1,438,108
PREFERRED STOCK: 0.2%
			Germany: 0.2%
	1,126		Henkel KGaA — Vorzug		60,373
	1,567		RWE AG		120,023
			Total Preferred Stock (Cost $182,648)		180,396

See Accompanying Notes to Financial Statements

119

PORTFOLIO OF INVESTMENTS

ING Index Plus International Equity Fund

as of April 30, 2010 (Unaudited) (continued)

Shares						Value
RIGHTS: 0.0%
			Australia: 0.0%
	6,055		Nufarm Ltd.			$	10,625
			Total Rights (Cost $—)				10,625
		Total Investments in Securities
		(Cost $99,235,174)*		98.3	%	$	106,905,892
		Other Assets and Liabilities - Net		1.7			1,874,876
		Net Assets		100.0	%	$	108,780,768

@	Non-income producing security
*	Cost for federal income tax purposes is $103,854,870.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	11,364,236
Gross Unrealized Depreciation		(8,313,214	)
Net Unrealized Appreciation	$	3,051,022

	Percentage of
Industry	Net Assets
Aerospace/Defense		0.7	%
Agriculture		2.1
Auto Manufacturers		2.3
Auto Parts & Equipment		2.1
Banks		15.7
Beverages		1.3
Biotechnology		0.2
Building Materials		2.4
Chemicals		2.1
Commercial Services		1.0
Computers		0.1
Cosmetics/Personal Care		0.2
Distribution/Wholesale		1.7
Diversified		0.6
Diversified Financial Services		1.2
Electric		5.1
Electrical Components & Equipment		0.6
Electronics		2.2
Engineering & Construction		0.7
Entertainment		0.5
Food		4.9
Food Service		0.4
Forest Products & Paper		0.4
Gas		0.3
Hand/Machine Tools		0.2
Healthcare — Products		1.0
Holding Companies — Diversified		0.9
Home Builders		0.1
Home Furnishings		0.5
Household Products/Wares		0.8
Insurance		4.0
Internet		0.2
Investment Companies		0.7
Iron/Steel		1.5
Lodging		0.3
Machinery — Construction & Mining		0.6
Machinery — Diversified		0.5
Media		1.5
Metal Fabricate/Hardware		0.4
Mining		4.3
Miscellaneous Manufacturing		1.7
Office Property		0.1
Office/Business Equipment		1.1
Oil & Gas		6.8
Oil & Gas Services		1.2
Pharmaceuticals		6.3
Real Estate		1.4
Retail		2.7
Semiconductors		0.6
Shopping Centers		0.6
Software		0.7
Telecommunications		6.2
Textiles		0.1
Toys/Games/Hobbies		0.3
Transportation		2.2
Other Assets and Liabilities — Net		1.7
Net Assets		100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2010 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)		4/30/2010
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	8,820,251	$	—	$	8,820,251
Austria		—		152,721		—		152,721
Belgium		162		1,329,631		—		1,329,793
Denmark		—		818,457		—		818,457
Finland		—		1,457,335		—		1,457,335
France		—		8,664,747		—		8,664,747
Germany		594,362		7,341,150		—		7,935,512
Greece		—		545,713		—		545,713
Hong Kong		—		2,470,915		—		2,470,915
Italy		—		4,776,419		—		4,776,419
Japan		698,853		23,268,234		—		23,967,087
Kazakhstan		—		462,950		—		462,950
Netherlands		—		6,142,586		—		6,142,586
New Zealand		—		218,161		—		218,161
Norway		—		366,252		—		366,252
Portugal		—		721,657		—		721,657
Singapore		—		1,153,899		—		1,153,899
Spain		1,207,476		2,829,627		—		4,037,103
Sweden		—		3,104,235		—		3,104,235
Switzerland		—		8,790,233		—		8,790,233
United Kingdom		2,810,165		16,530,572		—		19,340,737
Total Common Stock		5,311,018		99,965,745		—		105,276,763
Real Estate Investment Trusts		—		1,438,108		—		1,438,108
Preferred Stock		—		180,396		—		180,396
Rights		—		10,625		—		10,625
Total Investments, at value	$	5,311,018	$	101,594,874	$	—	$	106,905,892

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

120

PORTFOLIO OF INVESTMENTS

ING International Capital Appreciation Fund

as of April 30, 2010 (Unaudited)

Shares				Value
COMMON STOCK: 93.2%
			Australia: 6.3%
	47,033		BHP Billiton Ltd.	$	1,719,350
	48,437		CSL Ltd.		1,447,365
	25,397		Macquarie Group Ltd.		1,158,104
	30,100		Rio Tinto Ltd.		1,966,738
					6,291,557
			Belgium: 1.3%
	25,690		Anheuser-Busch InBev NV		1,246,262
					1,246,262
			Brazil: 4.8%
	72,547		Banco Itau Holding Financeira S.A. ADR		1,572,819
	27,857		Petroleo Brasileiro SA ADR		1,181,973
	65,481		Vale S.A. ADR		2,005,683
					4,760,475
			Canada: 5.1%
	57,265		Cameco Corp.		1,409,292
	81,911		Manulife Financial Corp.		1,473,579
	24,306		Shoppers Drug Mart Corp.		840,110
	39,470		Suncor Energy, Inc.		1,348,690
					5,071,671
			Chile: 0.9%
	26,259		Sociedad Quimica y Minera de Chile SA ADR		945,324
					945,324
			China: 6.8%
	1,060,000	L	China Communications Construction Co., Ltd.		999,440
	413,500		China Merchants Bank Co., Ltd.		1,013,680
	1,365,000		Industrial and Commercial Bank of China Ltd.		994,877
	16,131	@,L	New Oriental Education & Technology Group ADR		1,509,378
	844,000		PetroChina Co., Ltd.		971,921
	64,100		Tencent Holdings Ltd.		1,325,596
					6,814,892
			Denmark: 2.8%
	14,761		Novo-Nordisk A/S		1,214,504
	26,276	@	Vestas Wind Systems A/S		1,603,298
					2,817,802
			France: 7.0%
	66,819		AXA S.A.		1,327,856
	22,122		BNP Paribas		1,519,477
	32,323		Electricite de France		1,732,315
	15,195	L	Iliad S.A.		1,519,278
	17,283		Total SA ADR		939,850
					7,038,776
			Germany: 5.4%
	27,136		Adidas AG		1,598,994
	15,093		Aixtron AG		476,819
	16,213		Deutsche Boerse AG		1,258,656
	10,927	L	SAP AG ADR		518,486
	10,641		Wacker Chemie AG		1,554,356
					5,407,311
			Hong Kong: 4.8%
	1,268,000	L	Agile Property Holdings Ltd.		1,469,083
	234,315		Esprit Holdings Ltd.		1,678,453
	338,425		Li & Fung Ltd.		1,631,529
					4,779,065
			India: 1.8%
	11,988		HDFC Bank Ltd. ADR		1,787,651
					1,787,651
			Israel: 1.3%
	21,384		Teva Pharmaceutical Industries Ltd. ADR		1,255,882
					1,255,882
			Italy: 1.2%
	31,910		Saipem S.p.A.		1,191,564
					1,191,564
			Japan: 10.9%
	29,300		Canon, Inc.		1,340,279
	14,800		Fanuc Ltd.		1,747,671
	7,600		Fast Retailing Co., Ltd.		1,151,644
	185		Jupiter Telecommunications Co.		187,259
	61,000		NGK Insulators Ltd.		1,202,186
	19,400		Shin-Etsu Chemical Co., Ltd.		1,118,324
	431		Sony Financial Holdings, Inc.		1,554,369
	32,300		Toyota Motor Corp.		1,248,006
	17,760		Yamada Denki Co., Ltd.		1,388,721
					10,938,459
			Luxembourg: 1.8%
	20,390		Millicom International Cellular S.A.		1,800,029
					1,800,029
			Mexico: 1.1%
	49,314		Wal-Mart de Mexico SA de CV ADR		1,144,731
					1,144,731
			Russia: 1.1%
	46,110		OAO Gazprom ADR		1,070,674
					1,070,674
			South Africa: 1.0%
	66,795		MTN Group Ltd.		982,625
					982,625
			South Korea: 2.0%
	5,237	@	Samsung Electronics Co., Ltd. GDR		2,005,780
					2,005,780
			Spain: 2.0%
	79,265		Banco Santander Central Hispano S.A.		1,007,883
	44,362		Telefonica S.A.		1,004,145
					2,012,028
			Sweden: 1.3%
	82,113	L	Atlas Copco AB — Class A		1,320,713
					1,320,713
			Switzerland: 7.0%
	53,410	@	ABB Ltd.		1,024,484
	23,286		Credit Suisse Group		1,068,776
	74,752	@,L	Logitech International S.A.		1,224,438
	23,480		Nestle S.A.		1,148,898
	21,521		Novartis AG		1,097,243
	9,193		Roche Holding AG — Genusschein		1,451,475
					7,015,314
			United Kingdom: 15.5%
	480,878		ARM Holdings PLC		1,854,762
	90,063	@	Autonomy Corp. PLC		2,470,551
	67,473		BG Group PLC		1,140,476
	148,720		British Sky Broadcasting PLC		1,392,095
	193,882		ICAP PLC		1,118,594
	174,575		Prudential PLC		1,532,670

See Accompanying Notes to Financial Statements

121

PORTFOLIO OF INVESTMENTS

ING International Capital Appreciation Fund

as of April 30, 2010 (Unaudited) (continued)

Shares						Value
			United Kingdom (continued)
	109,827		Smith & Nephew PLC			$	1,138,646
	47,966		Standard Chartered PLC				1,279,474
	206,960		Tesco PLC				1,372,711
	57,234	L	Vedanta Resources PLC				2,187,851
							15,487,830
			Total Common Stock (Cost $79,416,208)				93,186,415
EXCHANGE-TRADED FUNDS: 0.5%
			Developed Markets: 0.4%
	6,577		iShares MSCI EAFE Index Fund				357,986
							357,986
			United States: 0.1%
	2,757		Vanguard Emerging Markets ETF				115,959
							115,959
			Total Exchange-Traded Funds (Cost $481,812)				473,945
			Total Long-Term Investments (Cost $79,898,020)				93,660,360
SHORT-TERM INVESTMENTS: 9.3%
			Securities Lending CollateralCC: 9.3%
	9,225,554		Bank of New York Mellon Corp. Institutional Cash Reserves, Series A(1)				9,225,554
	79,764	I	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B(1)(2)				63,811
			Total Short-Term Investments (Cost $9,305,318)				9,289,365
		Total Investments in Securities
		(Cost $89,203,338)*		103.0	%	$	102,949,725
		Other Assets and Liabilities - Net		(3.0	)		(2,954,532	)
		Net Assets		100.0	%	$	99,995,193

@	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 fair valued 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 April 30, 2010.
*	Cost for federal income tax purposes is $93,972,692.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	15,134,896
Gross Unrealized Depreciation		(6,157,863	)
Net Unrealized Appreciation	$	8,977,033

	Percentage of
Industry	Net Assets
Apparel		1.6	%
Auto Manufacturers		1.3
Banks		10.3
Beverages		1.3
Biotechnology		1.5
Chemicals		3.6
Commercial Services		1.5
Computers		1.2
Distribution/Wholesale		1.6
Diversified Financial Services		3.5
Electric		1.7
Electrical Components & Equipment		1.6
Electronics		1.2
Engineering & Construction		2.0
Food		2.5
Healthcare — Products		1.1
Insurance		5.9
Internet		2.8
Machinery — Construction & Mining		1.3
Machinery — Diversified		1.8
Media		1.6
Mining		9.3
Office/Business Equipment		1.3
Oil & Gas		6.7
Oil & Gas Services		1.2
Pharmaceuticals		5.0
Real Estate		1.5
Retail		6.2
Semiconductors		4.3
Software		3.0
Telecommunications		3.8
Other Long-Term Investments		0.5
Short-Term Investments		9.3
Other Assets and Liabilities — Net		(3.0	)
Net Assets		100.0	%

See Accompanying Notes to Financial Statements

122

PORTFOLIO OF INVESTMENTS

ING International Capital Appreciation Fund

as of April 30, 2010 (Unaudited) (continued)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2010 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)		4/30/2010
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	6,291,557	$	—	$	6,291,557
Belgium		—		1,246,262		—		1,246,262
Brazil		3,187,656		1,572,819		—		4,760,475
Canada		5,071,671		—		—		5,071,671
Chile		—		945,324		—		945,324
China		1,509,378		5,305,514		—		6,814,892
Denmark		—		2,817,802		—		2,817,802
France		939,850		6,098,926		—		7,038,776
Germany		518,486		4,888,825		—		5,407,311
Hong Kong		—		4,779,065		—		4,779,065
India		1,787,651		—		—		1,787,651
Israel		1,255,882		—		—		1,255,882
Italy		—		1,191,564		—		1,191,564
Japan		—		10,938,459		—		10,938,459
Luxembourg		1,800,029		—		—		1,800,029
Mexico		1,144,731		—		—		1,144,731
Russia		1,070,674		—		—		1,070,674
South Africa		—		982,625		—		982,625
South Korea		2,005,780		—		—		2,005,780
Spain		1,007,883		1,004,145		—		2,012,028
Sweden		—		1,320,713		—		1,320,713
Switzerland		1,224,438		5,790,876		—		7,015,314
United Kingdom		—		15,487,830		—		15,487,830
Total Common Stock		22,524,109		70,662,306		—		93,186,415
Exchange-Traded Funds		473,945		—		—		473,945
Short-Term Investments		9,225,554		—		63,811		9,289,365
Total Investments, at value	$	32,223,608	$	70,662,306	$	63,811	$	102,949,725

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 April 30, 2010:

	Beginning						Accrued		Total		Total Unrealized		Transfers		Transfers		Ending
	Balance						Discounts/		Realized		Appreciation/		Into		Out of		Balance
	10/31/2009		Purchases		Sales		(Premiums)		Gain/(Loss)		(Depreciation)		Level 3		Level 3		4/30/2010
Asset Table
Investments, at value
Short-Term Investments	$	—	$	—	$	—	$	—	$	—	$	—	$	63,811	$	—	$	63,811
Total Investments, at value	$	—	$	—	$	—	$	—	$	—	$	—	$	63,811	$	—	$	63,811

As of April 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

ˆ   See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

Transfers in or out of Level 3 represents either the beginning value (for transfers 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.

#   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

123

PORTFOLIO OF INVESTMENTS

ING International Real Estate Fund

as of April 30, 2010 (Unaudited)

Shares				Value
COMMON STOCK: 54.8%
			Australia: 1.0%
	676,100		Lend Lease Corp. Ltd.	$	5,321,548
					5,321,548
			Canada: 1.1%
	372,150		Brookfield Properties Co.		5,946,957
					5,946,957
			Hong Kong: 24.2%
	2,172,965		Cheung Kong Holdings Ltd.		26,796,682
	1,324,700		Great Eagle Holding Co.		3,707,012
	1,130,700		Hang Lung Group Ltd.		5,523,784
	2,089,900		Hang Lung Properties Ltd.		7,517,948
	570,500		Henderson Land Development Co., Ltd.		3,595,790
	2,228,100		Hongkong Land Holdings Ltd.		11,786,609
	544,100		Hysan Development Co., Ltd.		1,596,358
	1,368,000		Kerry Properties Ltd.		6,310,490
	3,364,700		Sun Hung Kai Properties Ltd.		46,648,361
	1,980,550		Wharf Holdings Ltd.		10,711,430
	1,244,000		Wheelock & Co., Ltd.		3,872,567
					128,067,031
			India: 0.1%
	382,800		Unitech Ltd. (Global Instrument, Issuer: Macquarie Group Ltd.)		733,499
					733,499
			Japan: 18.7%
	53,300		Daito Trust Construction Co., Ltd.		2,841,240
	477,400		Daiwa House Industry Co., Ltd.		5,136,688
	2,159,800		Mitsubishi Estate Co., Ltd.		38,935,767
	1,772,077		Mitsui Fudosan Co., Ltd.		32,817,574
	950,500		Sumitomo Realty & Development Co., Ltd.		19,503,243
					99,234,512
			Norway: 1.1%
	2,861,410	@	Norwegian Property ASA		5,662,146
					5,662,146
			Philippines: 0.4%
	6,727,200		Ayala Land, Inc.		2,048,019
					2,048,019
			Singapore: 2.4%
	2,529,600		CapitaLand Ltd.		6,833,018
	739,800		City Developments Ltd.		5,683,551
					12,516,569
			Sweden: 1.4%
	333,277		Castellum AB		3,017,117
	261,120		Fabege AB		1,621,397
	361,133		Hufvudstaden AB		2,755,015
					7,393,529
			Switzerland: 0.8%
	68,850	@	Swiss Prime Site AG		4,071,338
					4,071,338
			Thailand: 0.2%
	1,729,900	I	Central Pattana PCL		1,045,148
					1,045,148
			United Kingdom: 3.4%
	683,000	I	Atrium European Real Estate Ltd.		4,055,733
	1,229,740		Grainger PLC		2,609,831
	311,440		Helical Bar PLC		1,595,044
	4,875,400	@,I	LXB Retail Properties PLC		6,734,754
	1,151,100		Safestore Holdings Ltd.		2,380,206
	70,700	@,I	Yatra Capital Ltd.		384,438
					17,760,006
			Total Common Stock (Cost $269,194,444)		289,800,302
REAL ESTATE INVESTMENT TRUSTS: 42.1%
			Australia: 14.5%
	1,793,600		CFS Retail Property Trust		3,162,688
	3,438,700		Challenger Diversified Property Group		1,757,150
	1,671,340		Charter Hall Group		1,167,646
	4,130,009		Commonwealth Property Office Fund		3,520,583
	12,583,957		Dexus Property Group		9,333,318
	13,814,700		GPT Group		7,381,667
	17,772,122		Macquarie Goodman Group		11,553,384
	3,657,117		Mirvac Group		4,692,935
	2,532,800		Stockland		9,232,783
	2,135,379		Westfield Group		25,221,839
					77,023,993
			Canada: 2.2%
	75,700		Calloway Real Estate Investment Trust		1,598,509
	62,500		Canadian Real Estate Investment Trust		1,762,773
	174,700		Cominar Real Estate Investment Trust		3,303,787
	276,800		RioCan Real Estate Investment Trust		5,286,395
					11,951,464
			France: 6.0%
	228,983		Klepierre		7,890,850
	117,732		Mercialys		3,951,687
	17,300		Societe Immobiliere de Location pour l’Industrie et le Commerce		2,038,167
	93,722		Unibail		17,713,512
					31,594,216
			Hong Kong: 1.0%
	2,130,400		Link Real Estate Investment Trust		5,226,431
					5,226,431
			Japan: 5.5%
	460		Frontier Real Estate Investment Corp.		3,540,000
	338		Japan Logistics Fund, Inc.		2,703,364
	525		Japan Real Estate Investment Corp.		4,378,339
	1,880		Japan Retail Fund Investment Corp.		2,530,281
	1,224		Kenedix Realty Investment Corp.		4,018,008
	171		Nippon Accommodations Fund, Inc.		893,371
	357		Nomura Real Estate Office Fund, Inc.		2,009,921
	602		Orix JREIT, Inc.		2,945,520
	524		Tokyu Real Estate Investment Trust, Inc.		2,753,098
	484		United Urban Investment Corp.		3,148,730
					28,920,632
			Netherlands: 1.2%
	93,207		Corio NV		5,392,273
	14,980		Vastned Retail NV		868,765
					6,261,038

See Accompanying Notes to Financial Statements

124

PORTFOLIO OF INVESTMENTS

ING International Real Estate Fund

as of April 30, 2010 (Unaudited) (continued)

Shares						Value
			Singapore: 3.2%
	5,258,453		Ascendas Real Estate Investment Trust			$	7,341,534
	3,269,000		CapitaCommercial Trust				2,858,799
	2,978,883		CapitaMall Trust				4,201,812
	1,513,700		Frasers Centrepoint Trust				1,475,391
	1,014,400		Suntec Real Estate Investment Trust				1,020,900
							16,898,436
			United Kingdom: 8.5%
	1,432,832		British Land Co. PLC				10,175,036
	311,860		Derwent Valley Holdings PLC				6,872,493
	666,310		Great Portland Estates PLC				3,189,617
	705,408		Hammerson PLC				4,117,790
	1,913,925		Hansteen Holdings PLC				2,201,425
	1,524,711		Land Securities Group PLC				15,247,882
	701,224		Segro PLC				3,309,993
							45,114,236
			Total Real Estate Investment Trusts (Cost $193,909,826)				222,990,446
MUTUAL FUNDS: 1.3%
			Australia: 1.2%
	11,717,400	**	ING Office Fund				6,576,188
							6,576,188
			Luxembourg: 0.1%
	70,064	@	Prologis European Properties				442,855
							442,855
			Total Mutual Funds (Cost $6,777,014)				7,019,043
WARRANTS: 0.0%
			Hong Kong: 0.0%
	248,360		Henderson Land Development Co., Ltd.				86,028
			Total Warrants (Cost $—)				86,028
		Total Investments in Securities
		(Cost $469,881,284)*		98.2	%	$	519,895,819
		Other Assets and Liabilities - Net		1.8			9,555,760
		Net Assets		100.0	%	$	529,451,579

@	Non-income producing security
I	Illiquid security
**	Investment in affiliate
*	Cost for federal income tax purposes is $540,734,180.
	Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	67,066,761
Gross Unrealized Depreciation		(87,905,122	)
Net Unrealized Depreciation	$	(20,838,361	)

	Percentage of
Industry	Net Assets
Apartments		0.2	%
Closed-End Funds		0.1
Diversified		27.1
Engineering & Construction		0.1
Holding Companies — Diversified		2.0
Home Builders		1.0
Lodging		1.1
Office Property		3.9
Open-End Funds		1.2
Real Estate		50.1
Shopping Centers		10.0
Storage/Warehousing		0.5
Warehouse/Industrial		0.9
Other Assets and Liabilities — Net		1.8
Net Assets		100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2010 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)		4/30/2010
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	5,321,548	$	—	$	5,321,548
Canada		5,946,957		—		—		5,946,957
Hong Kong		—		128,067,031		—		128,067,031
India		—		733,499		—		733,499
Japan		19,503,243		79,731,269		—		99,234,512
Norway		—		5,662,146		—		5,662,146
Philippines		—		2,048,019		—		2,048,019
Singapore		—		12,516,569		—		12,516,569
Sweden		—		7,393,529		—		7,393,529
Switzerland		—		4,071,338		—		4,071,338
Thailand		—		1,045,148		—		1,045,148
United Kingdom		—		17,760,006		—		17,760,006
Total Common Stock		25,450,200		264,350,102		—		289,800,302
Real Estate Investment Trusts		11,951,464		211,038,982		—		222,990,446
Mutual Funds		—		7,019,043		—		7,019,043
Warrants		—		86,028		—		86,028
Total Investments, at value	$	37,401,664	$	482,494,155	$	—	$	519,895,819

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

125

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2010 (Unaudited)

Shares				Value
COMMON STOCK: 97.4%
			Australia: 5.1%
	68,400	@	Aditya Birla Minerals Ltd.	$	66,780
	360,017		Amcor Ltd.		2,178,741
	154,933		Ansell Ltd.		1,827,637
	100,000		Aquarius Platinum Ltd.		657,076
	51,313		Ausdrill Ltd.		97,377
	425,481		Australian Pharmaceutical Industries Ltd.		218,315
	70,065	@	Australian Worldwide Exploration Ltd.		158,347
	53,251		Automotive Holdings Group		133,352
	29,323	@	Avoca Resources Ltd.		59,374
	89,000		Beach Petroleum Ltd.		64,038
	182,960		Caltex Australia Ltd.		1,952,657
	301,821	@	Cape Lambert Resources Ltd.		126,575
	306,853		Centennial Coal Co., Ltd.		1,194,165
	173,289		Computershare Ltd.		1,881,863
	194,484		Crane Group Ltd.		1,616,889
	3,549		CSG Ltd.		7,441
	166,150		Emeco Holdings Ltd.		104,653
	17,482	@,I	Felix Resources Ltd.		1,634
	303,111	@	Futuris Corp. Ltd.		332,357
	76,387	@	Gujarat NRE Minerals Ltd.		49,366
	710,655		Hillgrove Resources Ltd.		243,015
	536,494	@	Iluka Resources Ltd.		2,284,522
	1,072,700		John Fairfax Holdings Ltd.		1,692,933
	55,890		Melbourne IT Ltd.		93,293
	145,270		New Hope Corp. Ltd.		659,861
	63,778		NIB Holdings Ltd/Australia		74,462
	46,000	@	OceanaGold Corp.		111,853
	54,457	@	Pan Pacific Petroleum NL		13,440
	36,239		RCR Tomlinson Ltd.		36,886
	362,932	@	Roc Oil Co., Ltd.		145,388
	1,098,221		Sigma Pharmaceuticals Ltd.		454,039
	43,154	@	Silver Lake Resources Ltd.		47,960
	50,439		Sims Group Ltd.		948,151
	5,497		Sirtex Medical Ltd.		29,167
	114,543		Skilled Group Ltd.		143,306
	143,529		Sonic Healthcare Ltd.		1,823,779
	28,375		Specialty Fashion Group Ltd.		35,858
	73,318		Spotless Group Ltd.		189,898
	50,570	@	Tap Oil Ltd.		50,817
	574,854	@	Transpacific Industries Group Ltd.		664,605
					22,471,870
			Austria: 2.0%
	40,000		Andritz AG		2,449,108
	26,000		Kapsch TrafficCom AG		1,073,093
	18,409		Mayr Melnhof Karton AG		1,790,310
	25,661	@	RHI AG		856,765
	40,000	I	Rosenbauer International AG		1,615,211
	18,000		Schoeller-Bleckmann Oilfield Equipment AG		940,655
	4,727		Strabag SE		123,075
					8,848,217
			Belgium: 1.6%
	134,000	@	AGFA-Gevaert NV		993,960
	7,300		Bekaert SA		1,305,193
	5,138		Compagnie d’Entreprises CFE		285,282
	2,758		D’ieteren SA		1,291,928
	21,000		EVS Broadcast Equipment SA		1,154,798
	3,954		Ion Beam Applications		40,116
	11,457		Kinepolis Group NV		631,341
	39,862		Nyrstar		517,319
	44,377		Recticel S.A.		470,641
	16,593		Tessenderlo Chemie NV		531,312
					7,221,890
			Bermuda: 0.7%
	55,000	@	Dockwise Ltd.		1,594,042
	6,361	@,L	Global Sources Ltd.		46,626
	161,871		Lancashire Holdings Ltd.		1,147,800
	44,000	@	Northern Offshore Ltd.		94,432
	848,000		Regal Hotels International Holdings Ltd.		320,788
					3,203,688
			Canada: 3.8%
	9,916		Aastra Technologies Ltd.		268,546
	75,872		Alamos Gold, Inc.		1,127,100
	78,000		Alimentation Couche-Tard, Inc.		1,455,109
	7,100		Atco Ltd.		341,021
	6,600	@	Canam Group, Inc.		54,188
	6,200	@	Canfor Corp.		63,599
	53,800	@	Capstone Mining Corp.		154,652
	42,700	@	Cascades, Inc.		332,924
	25,400	@	Celestica, Inc.		250,549
	180,566	@	CGI Group, Inc. — Class A		2,673,472
	80,361		Chemtrade Logistics Income Fund		1,026,070
	2,100		Cogeco, Inc.		61,276
	150,400	@	Compton Petroleum Corp.		143,619
	10,800	@	Cott Corp.		90,372
	6,800		Data Group Income Fund		60,650
	49,400		Dorel Industries, Inc.		1,749,279
	6,500	@	Dundee Corp.		89,585
	23,800	@	Fairborne Energy Ltd.		103,794
	1,884	@	FirstService Corp.		44,971
	24,300	@	Flint Energy Services Ltd.		320,794
	5,400	@	Fortress Paper Ltd.		106,852
	9,800	@	Garda World Security Corp.		90,301
	12,900		IESI-BFC Ltd.		253,225
	2,700		Linamar Corp.		54,170
	5,948		MDC Partners, Inc.		76,908
	15,100		MI Developments, Inc.		204,907
	14,946	@	Niko Resources Ltd.		1,638,351
	5,794	@	North American Energy Partners, Inc.		65,356
	175,300	@	Northgate Minerals Corp.		569,492
	15,900		Onex Corp.		460,659
	2,900		Quebecor, Inc.		103,176
	44,500	@	Shore Gold, Inc.		37,675
	71,034	@	Sino-Forest Corp.		1,262,920
	8,535	@	Tesco Corp.		106,773
	5,300	@	Transat AT, Inc.		63,341
	28,000		West Fraser Timber Co., Ltd.		1,212,837
					16,718,513
			China: 1.3%
	1,116,000	@	BaWang International Group Holding Ltd.		821,452
	1,270,000		China Dongxiang Group Co.		862,023
	1,693,000		China Gaoxian Fibre Fabric Holdings Ltd.		223,992
	3,785	@	China Integrated Energy, Inc.		44,549
	496,000		China Zaino International Ltd.		98,063
	155,515	@	Concord Medical Services Holdings Ltd. ADR		1,129,039
	1,636,000		Guangzhou Pharmaceutical Co., Ltd.		1,889,440
	42,200		Jiangling Motors Corp. Ltd.		85,533
	268,000		People’s Food Holdings Ltd.		134,835
	250,000		Qingling Motors Co., Ltd.		61,375
	1,776,000		SinoCom Software Group Ltd.		292,289
	86,000		SunVic Chemical Holdings Ltd.		11,036
	190,000		Xingda International Holdings Ltd.		128,052
					5,781,678
			Denmark: 0.8%
	15,788		East Asiatic Co., Ltd. A/S		433,960
	433		PER Aarsleff A/S		40,298

See Accompanying Notes to Financial Statements

126

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2010 (Unaudited) (continued)

Shares				Value
			Denmark (continued)
	21,162		Solar Holdings A/S	$	1,438,836
	17,801	@	TK Development		86,841
	26,500		TrygVesta A/S		1,635,905
					3,635,840
			Finland: 0.3%
	18,640		HKScan Oyj		220,826
	138,686	@	M-Real OYJ		481,888
	60,344		Oriola-KD OYJ		293,075
	16,923		Tietoenator OYJ		350,299
					1,346,088
			France: 5.8%
	70,000	@	Alten		2,042,533
	17,770		Arkema		741,311
	2,567		Assystem		39,603
	3,302		Boiron SA		133,986
	9,233		Bonduelle S.C.A.		996,402
	1,105	@	Bongrain SA		86,625
	53,000		Bourbon S.A.		2,295,874
	44,928	@	Bull SA		210,309
	41,097	@	Club Mediterranee SA		688,425
	4,346		Devoteam S.A.		118,938
	93,608		Groupe Eurotunnel S.A.		854,793
	15,247		Groupe Steria SCA		478,939
	190,843		Havas SA		1,022,141
	50,000	@	Meetic		1,381,037
	49,937		NetGem SA		211,793
	8,639		Nexans S.A.		681,019
	57,660	@	Peugeot S.A.		1,702,957
	1,875		Plastic Omnium S.A.		82,066
	83,716		Rallye SA		3,079,805
	31,517	@	Rhodia S.A.		727,937
	26,000		Rubis		2,140,344
	26,000		Saft Groupe SA		944,456
	40,000	@	SeLoger.com		1,615,619
	4,143		Sopra Group SA		314,424
	44,000	@	Store Electronic		668,727
	29,093		Sword Group		999,126
	46,124	@	Valeo S.A.		1,542,752
	7,158	@	Video Futur Entertainment Group S.A.		2,859
	872		Virbac SA		96,274
					25,901,074
			Germany: 8.5%
	100,000	@	Air Berlin PLC		533,912
	18,500	@,L	Balda AG		76,301
	60,095		Bechtle AG		1,792,152
	14,424		Bertrandt AG		529,097
	3,200	I	Bijou Brigitte AG		547,026
	35,000		Bilfinger Berger AG		2,324,447
	4,687	@	Centrotec Sustainable AG		81,470
	6,363		Cewe Color Holding AG		238,989
	100,000	@	Compugroup Holding AG		1,114,814
	55,000	@	Demag Cranes AG		1,901,910
	96,776	@	Deutsche Lufthansa AG		1,609,329
	6,996		Duerr AG		165,150
	3,487	@	Elmos Semiconductor AG		30,680
	1,440		Euromicron AG		34,937
	145,000	@	Freenet AG		1,691,371
	4,683		Gerry Weber International AG		159,224
	6,681		Gesco AG		352,165
	40,000		GFK SE		1,511,293
	26,000		Grenkeleasing AG		1,127,530
	18,000	I	Hawesko Holding AG		617,546
	2,106		Indus Holding AG		43,755
	90,000	@	IWKA AG		1,360,615
	26,643	@	Kabel Deutschland Holding AG		844,278
	3,338	@	Kloeckner & Co. AG		88,234
	5,341	@	Koenig & Bauer AG		99,700
	87,915		Medion AG		1,171,131
	33,000	@	Morphosys AG		674,914
	78,443		MTU Aero Engines Holding AG		4,312,695
	41,499		Norddeutsche Affinerie AG		2,097,298
	3,613	L	OHB Technology AG		68,002
	17,000	@	Open Business Club AG		613,287
	6,931		R Stahl AG		188,326
	50,927		Rheinmetall AG		3,538,220
	78,000	@,I	SFC Smart Fuel Cell AG		596,829
	57,094		Suedzucker AG		1,160,711
	261		Takkt AG		2,862
	37,122		Tipp24 SE		1,435,790
	30,107	@	Tom Tailor Holding AG		517,310
	144,204	@	TUI AG		1,595,751
	3,309		VTG AG		54,039
	60,000		Wirecard AG		672,481
	1,364		Wuestenrot & Wuerttembergische		37,977
					37,613,548
			Greece: 0.1%
	149,038		Aegean Airlines SA		591,240
	3,045		Folli-Follie S.A.		70,056
					661,296
			Hong Kong: 5.3%
	102,000		AMVIG Holdings Ltd.		74,771
	4,464,000	@	Beijing Enterprises Water Group Ltd.		1,762,001
	132,218	@	CDC Corp. — Class A		351,700
	5,848,000		Champion Technology Holdings Ltd.		193,791
	200,000		Chen Hsong Holdings		82,739
	1,347,000		China Agri-Industries Holdings Ltd.		1,764,765
	918,000		China Gas Holdings Ltd.		520,720
	856,000	@	China Sci-Tech Holdings Ltd.		31,127
	35,000		Chong Hing Bank Ltd.		68,045
	5,374,000		Citic 1616 Holdings Ltd.		1,738,097
	604,800	@	Dah Sing Banking Group Ltd.		816,803
	135,500		Dickson Concepts International Ltd.		82,720
	1,076,000	@	DMX Technologies Group Ltd.		300,000
	148,000		Eagle Nice International Holdings Ltd.		59,750
	452,000		First Pacific Co.		303,646
	5,493,000	@	Fook Woo Group Holdings Ltd.		1,839,454
	370,000	@	Fountain SET Holdings		61,625
	4,194,000		Franshion Properties China Ltd.		1,191,004
	263,000	@	Galaxy Entertainment Group Ltd.		122,513
	970,000	@	Genesis Energy Holdings Ltd.		71,289
	158,000		Giordano International Ltd.		73,075
	5,605,840	@	Global Green Tech Group Ltd.		212,995
	108,000		Glorious Sun Enterprises Ltd.		45,380
	603,000		Goldlion Holdings Ltd.		212,126
	122,000		Great Eagle Holding Co.		341,402
	5,000		Guoco Group Ltd.		51,999
	238,000		Hannstar Board International Holdings Ltd.		55,693
	100,000		HKR International Ltd.		38,430
	41,000		Hongkong & Shanghai Hotels		64,728
	740,000		Huafeng Group Holdings Ltd.		64,245
	176,000		Hung Hing Printing Group Ltd.		54,995
	2,953,000		Hutchison Telecommunications Hong Kong Holdings Ltd		609,500
	5,070,000		Inspur International Ltd.		520,607
	106,000	@	Jinhui Holdings Ltd.		39,706
	9,500	@	Jinhui Shipping & Transportation Ltd.		48,898
	3,680,000		Lai Fung Holdings Ltd.		131,648
	1,898,000		Lee & Man Paper Manufacturing Ltd.		1,657,800
	98,000		Lippo Ltd.		31,675
	750,000		Luk Fook Holdings International Ltd.		879,680

See Accompanying Notes to Financial Statements

127

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2010 (Unaudited) (continued)

Shares				Value
			Hong Kong (continued)
	12,300	@	Nam Tai Electronics, Inc.	$	61,746
	660,000		Newocean Energy Holdings Ltd.		109,696
	1,060,000	@	Next Media Ltd.		195,943
	1,313,000		Pacific Andes Holdings Ltd.		362,564
	255,000		Pacific Century Premium Developments Ltd.		102,809
	3,255,000		Polytec Asset Holdings Ltd.		637,459
	184,693	@	RCG Holdings Ltd./Hong Kong		198,520
	102,000		Road King Infrastructure Ltd.		82,798
	1,256,000		SIM Technology Group Ltd.		339,486
	9,472,000		Sinolink Worldwide Holdings		1,491,975
	790,000		Skyworth Digital Holdings Ltd.		712,900
	316,000		Strong Petrochemical Holdings Ltd.		64,679
	1,671,000		Techtronic Industries Co.		1,736,382
	168,000		Texwinca Holdings Ltd.		179,463
	746,000		Tomson Group Ltd.		308,669
	938,000		VST Holdings Ltd.		346,641
					23,502,872
			India: 2.1%
	347,241		Allahabad Bank		1,277,008
	69,845		Andhra Bank		206,891
	519,939		Apollo Tyres Ltd.		813,911
	43,162		Bank of Baroda		663,770
	42,651		Bank of Maharashtra		52,787
	147,774		Canara Bank		1,417,949
	169,896		Central Bank Of India		611,145
	15,900	@	Chennai Petroleum Corp. Ltd.		99,262
	27,351		Deepak Fertilizers & Petrochemicals Corp. Ltd.		70,627
	810,122		Dena Bank		1,608,027
	30,623		Gujarat Narmada Valley Fertilizers Co., Ltd.		82,256
	43,200		Gujarat State Fertilisers & Chemicals Ltd.		250,843
	57,600		JBF Industries Ltd.		204,882
	179,534		KRBL Ltd.		111,893
	107,845		Oriental Bank of Commerce		855,508
	17,217		PSL Ltd.		59,030
	38,290		Sonata Software Ltd.		51,540
	25,377		Tamilnadu Newsprint & Papers Ltd.		56,263
	35,927		Union Bank of India		250,582
	111,194		Vijaya Bank		133,178
	17,244		Zuari Industries Ltd.		255,586
					9,132,938
			Indonesia: 0.3%
	2,032,000		Bank Mandiri		1,286,906
					1,286,906
			Ireland: 0.6%
	74,820	@	Bank of Ireland — Dublin Exchange		164,128
	80,000		DCC PLC		2,137,066
	88,000		Grafton Group PLC		426,818
	27,338		IFG Group PLC		43,679
					2,771,691
			Israel: 0.1%
	80,000	@,I	Oridion Systems Ltd.		657,710
					657,710
			Italy: 3.3%
	12,841	@	Amplifon S.p.A.		66,796
	71,021	@	AS Roma S.p.A.		78,864
	66,040		Autostrada Torino-Milano S.p.A.		923,429
	190,000		Azimut Holding S.p.A.		2,141,041
	27,114		Benetton Group S.p.A.		233,103
	29,747		Brembo S.p.A.		233,730
	110,000		Buzzi Unicem S.p.A. RNC		996,603
	300,000	@	CIR-Compagnie Industriali Riunite S.p.A.		635,705
	21,875		Danieli & Co. S.p.A.		552,471
	131,288		Davide Campari-Milano S.p.A.		1,340,395
	22,500		DiaSorin SpA		838,843
	5,363	@	Engineering Ingegneria Informatica S.p.A.		173,581
	25,804		Esprinet S.p.A.		258,273
	26,437	@	Gruppo Coin S.p.A.		188,125
	85,121	@	Indesit Co. S.p.A.		1,146,882
	44,614		Landi Renzo S.p.A.		185,332
	217,217	@	Natuzzi S.p.A. ADR		1,018,748
	3,456	@	Prima Industrie S.p.A.		34,858
	78,300		Prysmian S.p.A.		1,409,883
	2,314,408	@	Seat Pagine Gialle S.p.A.		525,190
	52,679		Societa Iniziative Autostradali e Servizi S.p.A.		484,732
	31,880	@	Sorin S.p.A.		62,798
	162,000		Zignago Vetro S.p.A.		937,784
					14,467,166
			Japan: 21.0%
	768		Accordia Golf Co., Ltd.		845,079
	22,452		Adores, Inc.		20,963
	5,900		Aeon Fantasy Co., Ltd.		76,431
	61,900		Aica Kogyo Co., Ltd.		645,311
	63,000		Aichi Machine Industry Co., Ltd.		257,760
	18,000		Aichi Steel Corp.		77,931
	1,000		Alconix Corp.		39,467
	295,200		Allied Telesis Holdings KK		429,058
	5,500		Aloka Co., Ltd.		53,432
	10,200		Alpen Co., Ltd.		178,910
	2,900		Arakawa Chemical Industries Ltd.		36,431
	3,900		Arc Land Sakamoto Co., Ltd.		48,289
	104,400		Arcs Co., Ltd.		1,400,883
	18,800		Argo Graphics, Inc.		212,995
	6,700		Arnest One Corp.		69,131
	94,726	@	Arrk Corp.		161,137
	47,000		Asahi Diamond Industrial Co. Ltd		488,420
	634	@	Asset Managers Holdings Co., Ltd.		82,225
	12,900		Cawachi Ltd.		263,802
	956,000		Chori Co., Ltd.		1,219,247
	6,500		Chubu Steel Plate Co., Ltd.		42,213
	67,000		Chuetsu Pulp & Paper Co., Ltd.		124,984
	14,000		Chugai Ro Co., Ltd.		40,418
	108,000		Chugoku Marine Paints Ltd.		808,791
	192,000		Daido Steel Co., Ltd.		816,152
	9,850	@	Daiei, Inc.		45,664
	59,000		Daihatsu Diesel Manufacturing Co., Ltd.		269,865
	78,000		Daiichi Jitsugyo Co., Ltd.		224,130
	26,900		Daiichikosho Co., Ltd.		356,954
	6,200		Daikoku Denki Co., Ltd.		110,209
	5,700		Daimei Telecom Engineering Corp.		46,299
	235,000		Daiwa Industries Ltd.		1,206,124
	1,600		Doshisha Co., Ltd.		40,783
	84,000		Dowa Holdings Co., Ltd.		466,327
	31,591		DTS Corp.		381,661
	6,900		Dydo Drinco, Inc.		256,006
	13,000		Eighteenth Bank Ltd.		36,493
	12,000		Excel Co., Ltd.		166,146
	26,900		Exedy Corp.		709,738
	1,216		Faith, Inc.		145,071
	4,700		Fuji Electronics Co., Ltd.		60,068
	57,600		Fuji Machine Manufacturing Co., Ltd.		977,425
	24,700		Fuji Oil Co., Ltd.		343,128
	54,727		Fuji Soft, Inc.		961,696
	160,000		Fujikura Kasei Co., Ltd.		838,910
	2,400		Fujimori Kogyo Co., Ltd.		34,586

See Accompanying Notes to Financial Statements

128

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2010 (Unaudited) (continued)

Shares				Value
			Japan (continued)
	92		Fujishoji Co., Ltd.	$	87,371
	6,000		Fujitec Co., Ltd.		34,838
	6,800		Fujitsu Frontech Ltd.		52,547
	1,200		Fukuda Denshi Co., Ltd.		28,588
	20,100		Furuno Electric Co., Ltd.		122,728
	45,400	@	Futaba Industrial Co., Ltd.		366,810
	107		Future Architect, Inc.		41,910
	33	L	Gendai Agency, Inc.		34,565
	48,300		Glory Ltd.		1,229,433
	31	@	GungHo Online Entertainment, Inc.		91,645
	10,700		Hakuto Co., Ltd.		111,973
	4,100		Hibiya Engineering Ltd.		39,964
	3,800		Hiday Hidaka Corp.		44,250
	8,200		Hi-Lex Corp.		102,728
	58,200		HIS Co., Ltd.		1,192,129
	52,000		Hisaka Works Ltd.		593,817
	4,000		Hitachi Medical Corp.		35,736
	4,100		H-One Co. Ltd		43,457
	11,000		Hudson Soft Co., Ltd.		46,694
	19,300		Icom, Inc.		532,171
	724	@	IDU Co.		61,436
	33,100		Iida Home Max		328,973
	10,200		Inaba Denki Sangyo Co., Ltd.		251,941
	111,709		Inabata & Co., Ltd.		560,681
	125,900		Ines Corp.		1,067,605
	124		Infocom Corp.		172,608
	6,700		Innotech Corp.		52,383
	37		Internet Initiative Japan, Inc.		91,833
	11,500		Itochu Enex Co., Ltd.		56,926
	1,700		Itochu-Shokuhin Co., Ltd.		53,824
	46,000		Iwatani International Corp.		132,977
	455,000		JFE Shoji Holdings, Inc.		2,345,070
	51,000		Jidosha Buhin Kogyo Co., Ltd.		161,114
	24,000		JMS Co., Ltd.		99,194
	97,000		JSP Corp.		1,142,707
	1,675,000	@	Kanematsu Corp.		1,524,222
	5,100		Kanematsu Electronics Ltd.		45,028
	12,000		Kasai Kogyo Co., Ltd.		49,082
	15,000		Kasumi Co., Ltd.		76,890
	28,000		Kato Sangyo Co., Ltd.		435,685
	2,900		Kita-Nippon Bank Ltd.		76,252
	33,000		Koito Manufacturing Co., Ltd.		543,472
	28,600	L	Kojima Co., Ltd.		243,368
	58,000	@	Kumagai Gumi Co., Ltd.		49,636
	17,600		Kura Corp.		311,109
	93,200		Kuroda Electric Co., Ltd.		1,407,740
	28,100		Kyoden Co., Ltd.		54,177
	36,000		Kyodo Printing Co., Ltd.		104,926
	436,000		Kyodo Shiryo Co., Ltd.		559,526
	11,000		Kyorin Co., Ltd.		158,188
	47,900		Lintec Corp.		909,886
	7,500		Macnica, Inc.		173,012
	16,000		Maeda Road Construction Co., Ltd.		137,145
	5,100		Marubun Corp.		37,548
	203,000		Marudai Food Co., Ltd.		561,488
	19,000		Mercian Corp.		39,084
	19,200		Mikuni Coca-Cola Bottling Co., Ltd.		152,203
	96,227		Mimasu Semiconductor Industry Co., Ltd.		1,428,507
	43,700		Miura Co., Ltd.		1,068,549
	81,900		Modec, Inc.		1,497,708
	51,550		Moshi Moshi Hotline, Inc.		1,060,898
	64		MTI Ltd.		112,687
	76,300		Musashi Seimitsu Industry Co., Ltd.		1,891,225
	74,000		Nabtesco Corp.		932,573
	13,000		Nagase & Co., Ltd.		155,072
	61,183		Namura Shipbuilding Co., Ltd.		325,976
	5,557		NEC Fielding Ltd.		74,887
	2,800		NEC Leasing Ltd.		38,510
	1,200		NEC Mobiling, Ltd.		30,350
	100,900		NEC Networks & System Integration Corp.		1,234,425
	41		Net One systems Co., Ltd.		59,431
	59,700		Nichi-iko Pharmaceutical Co., Ltd.		1,875,152
	9,000		Nichireki Co., Ltd.		45,365
	69,500		Nidec Copal Corp.		1,156,028
	74,100		Nifco, Inc.		1,657,053
	107,000		Nihon Parkerizing Co., Ltd.		1,531,443
	12,000		Nihon Yamamura Glass Co., Ltd.		39,076
	161,000		Nippo Corp.		1,242,638
	11,000		Nippon Meat Packers, Inc.		138,956
	57,786		Nippon Road Co., Ltd.		151,360
	4,000		Nippon Seiki Co., Ltd.		43,992
	99,000		Nippon Shinyaku Co., Ltd.		1,139,574
	94,000		Nippon Steel Trading Co., Ltd.		252,343
	343,000		Nippon Thompson Co., Ltd.		2,326,114
	49,400	@	NIS Group Co., Ltd.		14,746
	370,000		Nishimatsu Construction Co., Ltd.		524,615
	46,900		Nishimatsuya Chain Co., Ltd.		528,158
	7,600		Nisshin Fudosan Co		55,065
	9,000		Nissin Kogyo Co., Ltd.		146,328
	117,100		Nitta Corp.		1,843,969
	199,000		Nittetsu Mining Co., Ltd.		885,975
	4,967		Nojima Corp.		49,557
	6,500		Noritsu Koki Co., Ltd.		51,707
	3,700		Noritz Corp.		56,194
	57,000		Obayashi Road Corp.		132,885
	2,510		Obic Co., Ltd.		503,422
	4,200		Ohsho Food Service Corp.		108,715
	44,700		Okabe Co., Ltd.		170,568
	7,000		Pacific Industrial Co., Ltd.		38,672
	68,000		Penta-Ocean Construction Co., Ltd.		113,887
	314		Pilot Corp.		451,689
	116,000		Prima Meat Packers Ltd.		130,630
	1,200		Raito Kogyo Co., Ltd.		3,277
	13,100		Resorttrust, Inc.		191,272
	10,200		Right On Co., Ltd.		82,049
	17,000		Ryoden Trading Co., Ltd.		98,601
	6,600		Ryoyo Electro Corp.		67,278
	6,200		Saison Information Systems Co., Ltd.		44,209
	16,000		Sakata INX Corp.		72,255
	42		Sammy NetWorks Co., Ltd.		164,994
	15,000		San-Ai Oil Co., Ltd.		68,876
	85,000		Sanki Engineering Co., Ltd.		688,715
	4,900		Sanoh Industrial Co., Ltd.		39,148
	10,500		Sanoyas Hishino Meisho Corp.		43,675
	52,354		Sanshin Electronics Co., Ltd.		490,374
	48		Sanyo Housing Nagoya Co., Ltd.		43,432
	13,000		Seika Corp.		30,098
	6,400		Seiren Co., Ltd.		39,460
	17,000		Sekisui Jushi Corp.		157,283
	645		Seven Bank Ltd.		1,264,683
	4,800		Shin-Etsu Polymer Co., Ltd.		36,168
	122,300		Shinko Plantech Co., Ltd.		1,132,927
	421,000		Shinmaywa Industries Ltd.		1,835,050
	243,000		Shinsho Corp.		547,197
	39,000		Siix Corp.		500,243
	15,000		Sinanen Co., Ltd.		65,857
	4,800		Sintokogio Ltd.		40,006
	69,900		Sojitz Corp.		126,056
	46		SRI Sports Ltd.		45,331
	78,700		Sumida Corp.		1,073,363
	230,000		Sumikin Bussan Corp.		568,153
	3,100		Sumisho Computer Systems Corp.		51,074
	53,500		Sumitomo Densetsu Co., Ltd.		271,160
	11,200		Sumitomo Titanium Corp.		439,410
	25,700		Tachi-S Co., Ltd.		303,569
	64		Tact Home Co., Ltd.		54,595

See Accompanying Notes to Financial Statements

129

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2010 (Unaudited) (continued)

Shares				Value
			Japan (continued)
	96,000		Taihei Kogyo Co., Ltd.	$	399,467
	25,882		Taiho Kogyo Co., Ltd.		273,707
	77,734		Taikisha Ltd.		1,362,711
	230,000		Takasago International Corp.		1,164,621
	29,850		Takefuji Corp.		120,261
	13,000		Takiron Co., Ltd.		39,113
	87,000		TBK Co., Ltd.		296,015
	6,100		TECMO KOEI HOLDINGS CO Ltd.		48,950
	41,000	@	Tekken Corp.		41,351
	26,518		TKC Corp.		466,536
	327,000		Toa Corp.		396,027
	138,000		TOA Road Corp.		253,883
	20,000		Toho Bank Ltd.		62,856
	22,000		Toho Gas Co., Ltd.		111,326
	12,100		Toho Pharmaceutical Co., Ltd.		194,249
	358,000		Tokai Tokyo Financial Holdings		1,384,969
	151,000		Tokyo Tekko Co., Ltd.		455,088
	21,000	@	TOMONY Holdings, Inc.		72,210
	248,000	@	Tonichi Carlife Group, Inc.		316,732
	197,782		Topy Industries Ltd.		469,312
	96		Tosei Corp.		37,794
	8,000		Totetsu Kogyo Co., Ltd.		46,171
	11,400		Touei Housing Corp.		123,647
	223,800		Toyo Kohan Co., Ltd.		1,255,741
	185,179		Toyo Securities Co., Ltd.		360,094
	4,700		Trans Cosmos, Inc.		43,153
	89,900		Trusco Nakayama Corp.		1,485,920
	25,000		Tsumura & Co.		730,402
	27,800		Tsuruha Holdings, Inc.		1,001,105
	43,800		Tsutsumi Jewelry Co., Ltd.		1,024,322
	125,000		Uchida Yoko Co., Ltd.		401,216
	10,000		Union Tool Co.		298,962
	41,334		Unipres Corp.		607,350
	8,900		U-Shin Ltd.		86,216
	7,500		VITAL KSK HOLDINGS, Inc.		44,724
	12,500		Warabeya Nichiyo Co., Ltd.		149,317
	8,800		Waseda Academy Co., Ltd.		63,592
	11,900		Watabe Wedding Corp.		153,842
	1,486		Works Applications Co., Ltd.		968,621
	45		Wowow, Inc.		99,400
	224,800		Yamazen Corp.		973,136
	10,000		Yokohama Reito Co., Ltd.		71,681
	53,000		Yonekyu Corp.		499,752
	10,200		Yorozu Corp.		158,995
	1,049,000		Yuasa Trading Co., Ltd.		1,086,528
	7,000		Yurtec Corp.		32,241
	31,100		Yushin Precision Equipment Co., Ltd.		520,014
					93,428,868
			Luxembourg: 0.5%
	58,750	@	L’OCCITANE International		115,259
	1,078,226		Regus PLC		1,898,105
					2,013,364
			Malaysia: 0.4%
	87,500		Faber Group BHD		62,508
	57,800		Hong Leong Bank BHD		157,099
	26,900		Hong Leong Financial Group BHD		73,005
	222,293		Kulim Malaysia BHD		513,950
	1,028,900		Lion Industries Corp. Bhd		562,862
	59,500		RHB Capital Berhad		114,771
	261,000		Telekom Malaysia BHD		283,269
	116,800	@	Titan Chemicals Corp.		47,311
					1,814,775
			Netherlands: 3.6%
	5,297		Accell Group		239,542
	13,915	@	AerCap Holdings NV		192,027
	16,532		Beter BED Holdings NV		406,062
	21,951		CSM		709,347
	86,000	@	Delta Lloyd NV		1,843,074
	44,300	@	Draka Holding		864,712
	15,000		Exact Holding NV		376,174
	29,700		Fugro NV		1,933,273
	60,000		Imtech NV		1,892,220
	125,309	@	James Hardie Industries NV		878,552
	2,560		KAS Bank NV		42,964
	21,225		Nutreco Holding NV		1,327,981
	15,117		OPG Groep NV		280,321
	28,988	@	Ordina NV		154,132
	66,800		SBM Offshore NV		1,314,526
	20,000	@	Smartrac NV		372,540
	29,133	@	Teleplan International NV		90,307
	90,000		Ten Cate NV		2,455,877
	2,138		TKH Group NV		44,795
	26,246	@	Unit 4 Agresso NV		685,961
					16,104,387
			Netherlands Antilles: 0.4%
	48,467	@,L	Orthofix International NV		1,657,087
					1,657,087
			New Zealand: 0.7%
	360,498		Fisher & Paykel Healthcare Corp.		920,576
	378,794		Fletcher Building Ltd.		2,298,918
					3,219,494
			Norway: 0.5%
	10,600	@	Copeinca ASA		90,009
	213,950	@,L	Norske Skogindustrier ASA		327,193
	550,000	@	Pronova BioPharma AS		1,757,182
	5,800	L	Sparebanken Ost		33,546
					2,207,930
			Pakistan: 0.1%
	1,100,563		Bank Alfalah Ltd.		149,362
	165,800		Nishat Mills Ltd.		107,652
	601,500		Pakistan Telecommunication Co., Ltd.		154,242
					411,256
			Poland: 0.0%
	30,476	@	Netia SA		50,761
					50,761
			Singapore: 2.0%
	265,000		Baker Technology Ltd.		97,169
	73,609		China Yuchai International Ltd.		1,553,150
	161,000		Chip Eng Seng Corp. Ltd.		47,333
	263,000		CSE Global Ltd.		199,574
	1,165,000		GuocoLeisure Ltd.		542,933
	205,000		Hiap Seng Engineering Ltd.		102,304
	217,000		Ho Bee Investment Ltd.		261,063
	274,000		Hong Leong Asia Ltd.		949,966
	16,000		Hong Leong Finance Ltd.		36,144
	295,000		InnoTek Ltd.		131,477
	29,000		Jardine Cycle & Carriage Ltd.		637,626
	383,000		K1 Ventures Ltd.		45,963
	1,223,000		LC Development Ltd.		167,010
	113,000		Low Keng Huat Singapore Ltd.		38,246
	216,000		Meiban Group Ltd.		46,619
	347,000		Olam International Ltd.		654,748
	101,000	@	OSIM International Ltd.		61,529
	70,000		QAF Ltd.		37,617
	548,000		SIA Engineering Co., Ltd.		1,466,644
	674,000		Singapore Airport Terminal Services Ltd.		1,371,941
	1,068,000		SMB United Ltd.		241,545
	36,000		Soilbuild Group Holdings Ltd.		38,706
	480,000	@	Sunningdale Tech Ltd.		87,674
	128,000		Super Coffeemix Manufacturing Ltd.		79,793

See Accompanying Notes to Financial Statements

130

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2010 (Unaudited) (continued)

Shares				Value
			Singapore (continued)
	58,000		Swissco International Ltd.	$	36,100
	437,000		Tiong Woon Corp. Holding Ltd.		162,994
					9,095,868
			South Korea: 1.9%
	106,650	@	Doosan Infracore Co., Ltd.		2,118,894
	10,000		GS Engineering & Construction Corp.		755,893
	31,760		Hanil E-Wha Co., Ltd.		182,476
	17,400		Hyundai DSF Co., Ltd.		136,672
	7,250		Kolon Industries, Inc.		203,401
	151		Namyang Dairy Products Co., Ltd.		72,479
	14,425		Samsung SDI Co., Ltd.		1,921,772
	41,577		SeAH Steel Corp.		1,460,671
	14,320		Sebang Co., Ltd.		196,687
	21,971		Taewoong Co., Ltd.		1,460,318
	2,020		Youngone Corp.		59,551
					8,568,814
			Spain: 0.9%
	9,485	@	Baron de Ley		460,573
	5,942		Caja de Ahorros del Mediterraneo		47,542
	79,600	@	Codere S.A.		838,555
	2,680		Construcciones y Auxiliar de Ferrocarriles SA		1,470,012
	25,547		Enagas		512,336
	65,000		Laboratorios Farmaceuticos Rovi SA		566,261
	8,638		Pescanova SA		246,739
					4,142,018
			Sweden: 1.4%
	25,099	@	Billerud Aktiebolag		196,938
	1,616		Cardo AB		51,959
	25,929		Duni AB		209,647
	218,882	@	Eniro AB		628,538
	4,074	@	Entraction Holding AB		24,936
	14,044		Industrial & Financial Systems		151,673
	32,694	L	Industrivarden AB		447,529
	11,164		Know It AB		104,400
	141,617		NCC AB		2,184,207
	8,294		New Wave Group AB		44,103
	4,875		Nolato AB		49,980
	18,700		Saab AB		289,402
	80,000		Swedish Match AB		1,813,573
					6,196,885
			Switzerland: 6.5%
	545	@	AFG Arbonia-Forster Holding		13,932
	46,000		Bank Sarasin & Compagnie AG		1,789,272
	5,325		Banque Cantonale Vaudoise		2,341,741
	4,900		Bellevue Group AG		172,916
	2,350	@	Bobst Group AG		93,572
	3,140	@	Charles Voegele Holding AG		146,108
	183,670	@,L	Clariant AG		2,534,131
	1,701		Coltene Holding AG		89,963
	6,500	@	Dufry Group		555,938
	1,342		Emmi AG		209,002
	4,208		Forbo Holding AG		1,746,522
	63,000	@	Gategroup Holding AG		2,303,629
	2,300		Gurit Holding AG		1,273,800
	2,300		Helvetia Holding AG		702,790
	28,214	@	Implenia AG		811,540
	148,000		Julius Baer Holding AG — Reg		1,838,383
	4,000		Kuoni Reisen Holding		1,417,982
	14,949	@	Micronas Semiconductor Hold		82,822
	75,000		Mobilezone Holding AG		622,691
	13,383	I	Newave Energy Holding SA		570,849
	21,102	@	Orior AG		984,361
	10,100		Partners Group		1,352,238
	3,935		Schindler Holding AG		345,656
	7,054		Schweizerhall Holding AG		1,031,267
	1,100		Sika AG		1,953,799
	12,818		Valora Holding AG		3,220,202
	95		Vetropack Holding AG		171,703
	3,337		VZ Holding AG		293,187
	25		Zehnder Group AG		41,200
					28,711,196
			Taiwan: 1.2%
	17,000		Audix Corp.		13,503
	61,000		Cameo Communications, Inc.		34,825
	16,000		China Steel Structure Co., Ltd.		12,009
	149,000		Chin-Poon Industrial Co.		116,375
	286,000		Elitegroup Computer Systems Co., Ltd.		118,494
	1,171,000	@	Far Eastern International Bank		380,455
	664,000	@	Financial One Corp.		225,873
	17,000		FSP Technology, Inc.		22,641
	773,000		Gigabyte Technology Co., Ltd.		854,352
	259,000		Hung Poo Real Estate Development Corp.		342,807
	751,300		Inventec Co., Ltd.		433,158
	76,000	@	Jean Co., Ltd.		39,507
	385,000		King Yuan Electronics Co., Ltd.		182,275
	126,480		Lingsen Precision Industries Ltd.		79,619
	33,000		Long Bon International Co., Ltd.		16,604
	95,000		Mercuries & Associates Ltd.		48,690
	33,000	@	Princo Corp.		11,830
	1,081,000	@	Sampo Corp.		174,328
	616,000		Sigurd Microelectronics Corp.		501,530
	2,070		Sinon Corp.		914
	20,400	@,I,X	Star Travel Co., Ltd.		18,375
	251,000	@	Ta Chong Bank Co., Ltd.		51,616
	25,000		Taiwan Sogo Shin Kong SEC		18,820
	13,600		Tsann Kuen Enterprise Co., Ltd.		32,266
	56,170		TYC Brother Industrial Co., Ltd.		43,155
	97,000		Walton Advanced Engineering, Inc.		51,069
	439,000	@	WUS Printed Circuit Co., Ltd.		193,252
	603,000		Yageo Corp.		289,085
	521,000		Yosun Industrial Corp.		857,120
	297,000		Zenitron Corp.		214,328
					5,378,875
			Thailand: 0.3%
	205,700		Kiatnakin Bank PLC		168,807
	3,302,900		Krung Thai Bank PCL		1,243,285
	119,000	@	Mermaid Maritime PCL		62,054
	127,400		Thanachart Capital PCL		88,526
					1,562,672
			Turkey: 0.1%
	28,021		Eczacibasi Yatirim Holding		107,638
	28,916		Goodyear Lastikleri TAS		344,044
					451,682
			United Kingdom: 14.1%
	60,000		A.G.BARR PLC		853,716
	57,337		Aggreko PLC		1,068,036
	150,000		Albemarle & Bond Holdings		528,020
	45,000		Amec PLC		571,869
	162,770		Anglo Pacific Group PLC		604,691
	26,483		Anite PLC		13,643
	45,782		Arriva PLC		533,403
	35,021		Ashtead Group PLC		63,209
	107,939		Atkins WS PLC		1,167,911
	317,047	@	Avocet Mining PLC		589,047
	150,231	L	Babcock International Group		1,339,726
	47,701		Beazley PLC		82,744
	200,000		Bodycote PLC		677,906
	85,349		Booker Group PLC		55,761
	17,551		Britvic PLC		128,635

See Accompanying Notes to Financial Statements

131

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2010 (Unaudited) (continued)

Shares				Value
			United Kingdom (continued)
	50,000		BSS Group PLC	$	235,128
	60,000		Burberry Group PLC		614,519
	92,173	@	Cape PLC		354,967
	200,148	@	Capital & Regional PLC		106,715
	150,000		Carillion PLC		783,250
	132,045		Chloride Group PLC		604,655
	2,979		Clarkson PLC		43,301
	35,000		Close Brothers Group PLC		389,576
	61,287		Computacenter PLC		305,482
	55,962		Cranswick PLC		682,552
	125,000	@	CSR PLC		817,556
	65,000		Daily Mail & General Trust		514,101
	217,605		Dairy Crest Group PLC		1,190,493
	30,000	@	Dana Petroleum PLC		553,199
	44,079		Davis Service Group PLC		288,595
	80,000		Dechra Pharmaceuticals PLC		559,718
	342,260		Devro PLC		892,845
	398,512		Dimension Data Holdings PLC		552,173
	300,000		Diploma PLC		1,020,801
	83,939		Drax Group PLC		463,220
	497,522		DS Smith PLC		1,021,324
	307,932		eaga PLC		626,541
	5,000		Education Development International PLC		10,550
	1,000,000		Elementis PLC		986,248
	200,000		Fenner PLC		653,247
	97,237		Fiberweb PLC		79,536
	20,000		Fidessa Group PLC		402,351
	21,990		Forth Ports PLC		452,261
	878,624		Future PLC		215,095
	42,148		Game Group PLC		61,345
	12,588		Go-Ahead Group PLC		271,942
	291,162		Grainger PLC		617,922
	130,971		Greggs PLC		961,915
	100,000		Halfords Group PLC		774,611
	150,000		Halma PLC		624,540
	160,014		Hamworthy KSE		732,302
	157,605		Healthcare Locums PLC		595,923
	8,548		Hill & Smith Holdings PLC		47,138
	450,000		HMV Group PLC		494,372
	703,840		Home Retail Group		2,951,157
	17,419		Homeserve PLC		530,745
	94,821		Hunting PLC		816,570
	80,000		IG Group Holdings PLC		496,104
	1,361,971	@	Inchcape PLC		713,142
	441,097		Intec Telecom Systems PLC		446,944
	159,041		Interserve PLC		536,543
	254,293		Investec PLC		2,013,154
	225,000		ITE Group PLC		518,804
	115,000		John Wood Group PLC		647,767
	155,877	@	Johnston Press PLC		78,717
	58,000		Keller Group PLC		642,449
	93,000		Kesa Electricals PLC		176,718
	50,000		Kier Group PLC		868,713
	235,000		Liontrust Asset Management PLC		363,054
	428,244		LogicaCMG PLC		895,964
	343,668		Mcbride PLC		980,879
	150,000		Mears Group PLC		721,421
	96,737		Meggitt PLC		460,305
	111,103		Millennium & Copthorne Hotels PLC		800,742
	274,306		Mitie Group		978,683
	105,303		Mondi PLC		710,817
	17,054		Morgan Sindall PLC		147,657
	30,836		Next PLC		1,077,635
	137,072		Northern Foods PLC		114,603
	57,634		Oxford Instruments PLC		251,102
	70,329		Pace PLC		198,528
	214,208	@	Premier Foods PLC		85,664
	60,000	@	Premier Oil PLC		1,161,968
	40,000		Provident Financial PLC		510,994
	420,000		PV Crystalox Solar PLC		314,203
	150,000		PZ Cussons PLC		623,436
	321,630		Rank Group PLC		597,109
	160,000		Ricardo PLC		735,033
	110,000		RM PLC		296,678
	12,487		Robert Wiseman Dairies PLC		89,150
	25,270		RPC Group PLC		94,974
	76,637	@	SDL PLC		529,524
	813,928		Senior PLC		1,444,614
	43,313		Severfield-Rowen PLC		144,608
	436,231		Shanks Group PLC		687,723
	400,000	@	SIG PLC		804,530
	39,196		Smiths News PLC		73,697
	143,043	@	Southern Cross Healthcare Ltd.		170,237
	37,114		Synergy Health PLC		347,719
	61,465		Tate & Lyle PLC		427,886
	26,814	@	TT electronics PLC		43,200
	33,120		Tullett Prebon PLC		177,116
	30,000		Ultra Electronics Holdings		708,310
	75,000		United Business Media Ltd.		633,154
	45,000		Victrex PLC		691,881
	70,000		Vitec Group PLC		443,411
	54,565		Weir Group PLC		819,140
	65,000		Wellstream Holdings PLC		593,555
	105,000		WH Smith PLC		805,459
	250,000		William Hill PLC		781,153
					62,855,369
			United States: 0.1%
	6,120	@	Cascal N.V.		41,249
	47,155	@	Golden Star Resources Ltd.		213,612
					254,861
			Total Common Stock (Cost $383,316,413)		433,349,147
REAL ESTATE INVESTMENT TRUSTS: 1.0%
			Australia: 0.4%
	1,155,076		Centro Retail Trust		245,574
	1,255,916		Mirvac Group		1,611,634
					1,857,208
			Canada: 0.1%
	21,400	@	Extendicare Real Estate Investment Trust		193,818
					193,818
			China: 0.0%
	88,000		RREEF China Commercial Trust		46,470
					46,470
			Greece: 0.1%
	70,000		Eurobank Properties Real Estate Investment Co.		527,597
					527,597
			Japan: 0.0%
	76		Crescendo Investment Corp.		137,317
					137,317
			Singapore: 0.2%
	1,254,000	@	Cache Logistics Trust		878,523
					878,523
			United Kingdom: 0.2%
	40,000		Derwent Valley Holdings PLC		881,484
					881,484
			Total Real Estate Investment Trusts (Cost $4,263,476)		4,522,417

See Accompanying Notes to Financial Statements

132

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2010 (Unaudited) (continued)

Shares						Value
PREFERRED STOCK: 0.8%
			Germany: 0.8%
	26,334		Draegerwerk AG			$	1,843,362
	829		Hornbach Holding AG				81,755
	12,633		Hugo Boss AG				546,273
	31,256		Jungheinrich AG				704,094
	13,512		ProSieben SAT.1 Media AG				253,839
	390		STO AG				37,328
			Total Preferred Stock (Cost $2,411,676)				3,466,651
			Total Long-Term Investments (Cost $389,991,565)				441,338,215
SHORT-TERM INVESTMENTS: 1.0%
			Affiliated Mutual Fund: 0.6%
	2,484,510		ING Institutional Prime Money Market Fund — Class I				2,484,510
			Total Mutual Fund (Cost $2,484,510)				2,484,510
Principal
Amount						Value
			Securities Lending CollateralCC: 0.4%
$	1,846,369		Bank of New York Mellon Corp. Institutional Cash Reserves, Series A(1)			$	1,846,369
	79,696	I	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B(1)(2)				63,757
			Total Securities Lending Collateral (Cost $1,926,065)				1,910,126
			Total Short-Term Investments (Cost $4,410,575)				4,394,636
		Total Investments in Securities
		(Cost $394,402,140)*		100.2	%	$	445,732,851
		Other Assets and Liabilities - Net		(0.2	)		(926,381	)
		Net Assets		100.0	%	$	444,806,470

@	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 fair valued 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 April 30, 2010.
X	Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees.
*	Cost for federal income tax purposes is $398,719,175.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	79,482,417
Gross Unrealized Depreciation		(32,468,741	)
Net Unrealized Appreciation	$	47,013,676

	Percentage of
Industry	Net Assets
Advertising		0.5	%
Aerospace/Defense		1.3
Agriculture		0.9
Airlines		0.6
Apartments		0.0
Apparel		0.4
Auto Manufacturers		1.2
Auto Parts & Equipment		2.9
Banks		3.9
Beverages		0.9
Biotechnology		0.2
Building Materials		2.1
Chemicals		3.4
Coal		0.4
Commercial Services		3.8
Computers		3.8
Cosmetics/Personal Care		0.4
Distribution/Wholesale		3.4
Diversified		0.6
Diversified Financial Services		3.1
Electric		0.1
Electrical Components & Equipment		1.9
Electronics		2.7
Energy — Alternate Sources		0.3
Engineering & Construction		4.8
Entertainment		1.2
Environmental Control		1.4
Food		3.4
Food Service		0.0
Forest Products & Paper		1.7
Gas		0.6
Hand/Machine Tools		1.0
Health Care		0.0
Healthcare — Products		1.4
Healthcare — Services		0.8
Holding Companies — Diversified		0.9
Home Builders		0.0
Home Furnishings		1.1
Household Products/Wares		0.4
Housewares		0.1
Insurance		1.2
Internet		1.1
Investment Companies		0.0
Iron/Steel		0.9
Leisure Time		1.3
Lodging		0.3
Machinery — Construction & Mining		0.9
Machinery — Diversified		4.2
Media		1.5
Metal Fabricate/Hardware		2.8
Mining		2.1
Miscellaneous Manufacturing		3.1
Office Property		0.1
Office/Business Equipment		0.1
Oil & Gas		1.9
Oil & Gas Services		2.2
Packaging & Containers		1.2
Pharmaceuticals		2.6
Pipelines		0.1
Real Estate		1.9
Retail		6.1
Semiconductors		0.8
Shipbuilding		0.1
Shopping Centers		0.1
Software		1.5
Telecommunications		1.4
Textiles		0.2
Transportation		1.7
Venture Capital		0.0
Warehouse/Industrial		0.2
Water		0.0
Short-Term Investments		1.0
Other Assets and Liabilities — Net		(0.2	)
Net Assets		100.0	%

See Accompanying Notes to Financial Statements

133

PORTFOLIO OF INVESTMENTS

ING International SmallCap Multi-Manager Fund

as of April 30, 2010 (Unaudited) (continued)

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2010 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)		4/30/2010
Asset Table
Investments, at value
Common Stock
Australia	$	113,487	$	22,358,383	$	—	$	22,471,870
Austria		—		8,848,217		—		8,848,217
Belgium		40,116		7,181,774		—		7,221,890
Bermuda		46,626		3,157,062		—		3,203,688
Canada		16,718,513		—		—		16,718,513
China		1,173,588		4,608,090		—		5,781,678
Denmark		—		3,635,840		—		3,635,840
Finland		—		1,346,088		—		1,346,088
France		317,283		25,583,791		—		25,901,074
Germany		3,863,950		33,749,598		—		37,613,548
Greece		—		661,296		—		661,296
Hong Kong		2,451,420		21,051,452		—		23,502,872
India		—		9,132,938		—		9,132,938
Indonesia		—		1,286,906		—		1,286,906
Ireland		43,679		2,728,012		—		2,771,691
Israel		—		657,710		—		657,710
Italy		1,282,944		13,184,222		—		14,467,166
Japan		1,553,057		91,875,811		—		93,428,868
Luxembourg		—		2,013,364		—		2,013,364
Malaysia		—		1,814,775		—		1,814,775
Netherlands		607,531		15,496,856		—		16,104,387
Netherlands Antilles		1,657,087		—		—		1,657,087
New Zealand		—		3,219,494		—		3,219,494
Norway		—		2,207,930		—		2,207,930
Pakistan		411,256		—		—		411,256
Poland		—		50,761		—	��	50,761
Singapore		1,553,150		7,542,718		—		9,095,868
South Korea		72,479		8,496,335		—		8,568,814
Spain		460,573		3,681,445		—		4,142,018
Sweden		—		6,196,885		—		6,196,885
Switzerland		4,948,549		23,762,647		—		28,711,196
Taiwan		—		5,360,500		18,375		5,378,875
Thailand		—		1,562,672		—		1,562,672
Turkey		—		451,682		—		451,682
United Kingdom		2,926,877		59,928,492		—		62,855,369
United States		254,861		—		—		254,861
Total Common Stock		40,497,026		392,833,746		18,375		433,349,147
Real Estate Investment Trusts		1,072,341		3,450,076		—		4,522,417
Preferred Stock		—		3,466,651		—		3,466,651
Short-Term Investments		4,330,879		—		63,757		4,394,636
Total Investments, at value	$	45,900,246	$	399,750,473	$	82,132	$	445,732,851

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 April 30, 2010:

	Beginning						Accrued		Total			Total Unrealized		Transfers		Transfers			Ending
	Balance						Discounts/		Realized			Appreciation/		Into		Out of			Balance
	10/31/2009		Purchases		Sales		(Premiums)		Gain/(Loss)			(Depreciation)		Level 3		Level 3			4/30/2010
Asset Table
Investments, at value
Common Stock	$	744,766	$	—	$	—	$	—	$	(68,403	)	$	68,403	$	18,375	$	(744,766	)	$	18,375
Short-Term Investments		—		—		—		—		—			—		63,757		—			63,757
Total Investments, at value	$	744,766	$	—	$	—	$	—	$	(68,403	)	$	68,403	$	82,132	$	(744,766	)	$	82,132

As of April 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $10,098.

ˆ   See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

Transfers in or out of Level 3 represents either the beginning value (for transfers 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.

#   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

134

PORTFOLIO OF INVESTMENTS

ING International Value Fund

as of April 30, 2010 (Unaudited)

Shares				Value
COMMON STOCK: 95.3%
			Australia: 1.4%
	777,300		Australia & New Zealand Banking Group Ltd.	$	17,216,634
	1,500,000		OneSteel Ltd.		4,824,325
					22,040,959
			Bermuda: 2.0%
	450,200	@	Frontline Ltd.		16,432,300
	415,534		Tyco Electronics Ltd.		13,346,952
					29,779,252
			Brazil: 2.1%
	542,871		Centrais Eletricas Brasileiras SA ADR — Class A		7,757,627
	160,600		Petroleo Brasileiro SA ADR		6,093,164
	292,654		Tele Norte Leste Participacoes SA ADR		4,348,838
	220,358		Tim Participacoes SA ADR		5,727,104
	287,471		Vivo Participacoes S.A. ADR		7,609,357
					31,536,090
			Canada: 5.4%
	464,700		Barrick Gold Corp.		20,237,685
	1,354,800		Bombardier, Inc. — Class B		7,068,754
	818,297	@	Celestica, Inc.		8,019,311
	553,200		Loblaw Cos. Ltd.		20,335,192
	287,100		Suncor Energy, Inc.		9,810,207
	216,300		Toronto Dominion Bank		16,076,639
					81,547,788
			Finland: 0.8%
	473,500		Fortum OYJ		12,234,887
					12,234,887
			France: 11.5%
	312,800		Accor S.A.		17,872,845
	4,703,620	@	Alcatel S.A.		14,993,291
	941,160	L	Carrefour S.A.		46,129,858
	249,000	@	Compagnie Generale de Geophysique S.A.		7,496,468
	776,400		Credit Agricole S.A.		11,098,677
	856,335		France Telecom S.A.		18,746,616
	1,198,828	@	Natixis		6,130,904
	489,883	@	Sanofi-Aventis		33,419,141
	350,504		Total S.A.		19,070,005
					174,957,805
			Germany: 5.8%
	122,700		Allianz AG		14,066,961
	189,000		Deutsche Bank AG		12,980,520
	62,900		Deutsche Bank AG		4,390,281
	394,000		Deutsche Post AG		6,390,513
	1,735,419		Deutsche Telekom AG		22,595,615
	116,945		Siemens AG		11,533,861
	504,900		ThyssenKrupp AG		16,417,937
					88,375,688
			Hong Kong: 2.6%
	7,762,600		Chaoda Modern Agriculture		8,875,041
	2,022,000		HongKong Electric Holdings		11,931,295
	3,247,413		Sino Land Co.		5,827,721
	3,727,000		Yue Yuen Industrial Holdings		12,984,532
					39,618,589
			Italy: 3.0%
	344,300		ENI S.p.A.		7,694,881
	2,186,582	@	Intesa Sanpaolo S.p.A.		7,206,800
	5,398,185	@	Telecom Italia S.p.A.		7,547,210
	20,598,316	@	Telecom Italia S.p.A. RNC		23,245,496
					45,694,387
			Japan: 28.0%
	701,000		Akita Bank Ltd.		2,678,056
	307,400		Astellas Pharma, Inc.		10,763,592
	441,900		Canon, Inc. ADR		20,185,992
	731,000		Dai Nippon Printing Co., Ltd.		10,127,114
	575,836		Daiichi Sankyo Co., Ltd.		10,007,078
	476,500	@	Elpida Memory, Inc.		10,150,737
	396,200		Fuji Photo Film Co., Ltd.		13,578,367
	1,810,000		Fujitsu Ltd.		12,727,854
	1,551,000		Hino Motors Ltd.		7,807,788
	765,700		Hitachi Ltd.		3,365,347
	473,300		Mitsubishi Corp.		11,211,481
	3,115,900		Mitsubishi UFJ Financial Group, Inc.		16,237,062
	792,700		Mitsui & Co., Ltd.		11,913,564
	657,800		Mitsui Sumitomo Insurance Group Holdings, Inc.		18,906,855
	2,743,000		Mitsui Trust Holdings, Inc.		10,465,820
	354,000		Mitsumi Electric Co., Ltd.		7,702,969
	6,614,700		Mizuho Financial Group, Inc.		12,736,781
	3,991,000		NEC Corp.		13,140,390
	50,300		Nintendo Co., Ltd.		16,897,152
	2,369,000		Nippon Express Co., Ltd.		11,161,103
	518,600		Nippon Telegraph & Telephone Corp.		21,108,874
	1,354,600		Nomura Holdings, Inc.		9,363,150
	529,000		Omron Corp.		12,298,719
	360,200		Ono Pharmaceutical Co., Ltd.		14,921,082
	209,800		Rohm Co., Ltd.		15,548,285
	435,500		Seven & I Holdings Co., Ltd.		11,136,211
	848,000		Sharp Corp.		10,983,309
	531,200		Sony Corp.		18,187,755
	258,800		Sumitomo Mitsui Financial Group, Inc.		8,558,993
	270,000		Taisho Pharmaceutical Co., Ltd.		4,910,750
	314,200		Takeda Pharmaceutical Co., Ltd.		13,490,284
	137,670		Takefuji Corp.		554,651
	66,200		TDK Corp.		4,236,846
	1,044,200		Tokio Marine Holdings, Inc.		31,086,480
	407,400		Toyota Motor Corp.		15,741,105
					423,891,596
			Mexico: 0.7%
	663,965		Telefonos de Mexico SA de CV ADR		10,191,863
					10,191,863
			Netherlands: 5.9%
	2,855,747	@	Aegon NV		19,973,119
	165,800		Akzo Nobel NV		9,804,519
	931,312		Koninklijke Ahold NV		12,770,267
	764,900		Royal Dutch Shell PLC — Class A		23,824,266
	511,879	@	SNS Reaal		2,958,129
	369,800		Unilever NV		11,250,365
	429,333		Wolters Kluwer NV		8,772,094
					89,352,759
			New Zealand: 0.5%
	4,488,465		Telecom Corp. of New Zealand Ltd.		7,019,300
					7,019,300
			Portugal: 1.0%
	1,539,576	@	Portugal Telecom SGPS S.A.		15,668,651
					15,668,651
			Singapore: 0.9%
	899,000		United Overseas Bank Ltd.		13,152,302
					13,152,302

See Accompanying Notes to Financial Statements

135

PORTFOLIO OF INVESTMENTS

ING International Value Fund

as of April 30, 2010 (Unaudited) (continued)

Shares						Value
			South Africa: 0.7%
	744,657		Standard Bank Group Ltd.			$	11,472,809
							11,472,809
			South Korea: 1.3%
	228,410		Korea Electric Power Corp.				6,929,264
	195,310		KT Corp. ADR				4,414,006
	51,085		SK Telecom Co., Ltd.				7,972,327
							19,315,597
			Spain: 1.2%
	961,100		Iberdrola S.A.				7,627,339
	484,602		Telefonica S.A.				10,969,087
							18,596,426
			Sweden: 1.0%
	1,274,460		Telefonaktiebolaget LM Ericsson				14,707,948
							14,707,948
			Switzerland: 4.9%
	1,114,100		STMicroelectronics NV				10,316,236
	363,010		Swiss Reinsurance				15,743,183
	32,900		Swisscom AG				11,165,031
	1,200,537	@	UBS AG — Reg				18,598,937
	523,000		Xstrata PLC				8,579,260
	43,703		Zurich Financial Services AG				9,688,729
							74,091,376
			United Kingdom: 14.6%
	397,450		AstraZeneca PLC				17,562,066
	1,495,391		Barclays PLC				7,681,576
	64,787		BP PLC ADR				3,378,642
	724,400		British Sky Broadcasting PLC				6,780,753
	2,081,480		GlaxoSmithKline PLC				38,634,464
	2,169,600		HSBC Holdings PLC				22,091,861
	630,981		Imperial Tobacco Group PLC				17,975,475
	2,432,700		International Power PLC				12,313,615
	7,669,626	@	ITV PLC				7,867,841
	2,924,900		Kingfisher PLC				11,147,110
	3,304,451		Marks & Spencer Group PLC				18,478,548
	8,391,400		Vodafone Group PLC				18,594,185
	2,827,031		WM Morrison Supermarkets PLC				12,507,440
	750,968	@	Wolseley PLC				18,755,416
	668,600		WPP PLC				7,088,747
							220,857,739
			Total Common Stock (Cost $1,540,452,810)				1,444,103,811
PREFERRED STOCK: 1.6%
			Germany: 1.6%
	250,161		Volkswagen AG				24,168,846
			Total Preferred Stock (Cost $20,542,210)				24,168,846
			Total Long-Term Investments (Cost $1,560,995,020)				1,468,272,657
SHORT-TERM INVESTMENTS: 1.6%
			Affiliated Mutual Fund: 1.3%
	20,092,211		ING Institutional Prime Money Market Fund — Class I				20,092,210
			Total Mutual Fund (Cost $20,092,210)				20,092,210
			Securities Lending CollateralCC: 0.3%
	2,737,407		Bank of New York Mellon Corp. Institutional Cash Reserves, Series A(1)				2,737,407
	1,202,292	I	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B(1)(2)				961,834
			Total Securities Lending Collateral (Cost $3,939,699)				3,699,241
			Total Short-Term Investments (Cost $24,031,909)				23,791,451
		Total Investments in Securities
		(Cost $1,585,026,929)*		98.5	%	$	1,492,064,108
		Other Assets and Liabilities - Net		1.5			23,140,769
		Net Assets		100.0	%	$	1,515,204,877

@	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 fair valued 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 April 30, 2010.
*	Cost for federal income tax purposes is $1,602,188,560.
	Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	143,532,348
Gross Unrealized Depreciation		(253,656,800	)
Net Unrealized Depreciation	$	(110,124,452	)

See Accompanying Notes to Financial Statements

136

PORTFOLIO OF INVESTMENTS

ING International Value Fund

as of April 30, 2010 (Unaudited) (continued)

	Percentage of
Industry	Net Assets
Agriculture		1.8	%
Apparel		0.9
Auto Manufacturers		3.1
Banks		13.3
Chemicals		0.6
Commercial Services		0.7
Computers		1.1
Distribution/Wholesale		2.8
Diversified Financial Services		0.7
Electric		3.9
Electrical Components & Equipment		0.2
Electronics		3.6
Food		6.8
Home Furnishings		1.9
Insurance		7.2
Iron/Steel		1.4
Lodging		1.2
Media		2.0
Mining		1.9
Miscellaneous Manufacturing		2.1
Office/Business Equipment		1.3
Oil & Gas		4.6
Oil & Gas Services		0.5
Pharmaceuticals		9.5
Real Estate		0.4
Retail		2.7
Semiconductors		2.4
Telecommunications		15.0
Toys/Games/Hobbies		1.1
Transportation		2.2
Short-Term Investments		1.6
Other Assets and Liabilities — Net		1.5
Net Assets		100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2010 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)		4/30/2010
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	22,040,959	$	—	$	22,040,959
Bermuda		29,779,252		—		—		29,779,252
Brazil		31,536,090		—		—		31,536,090
Canada		81,547,788		—		—		81,547,788
Finland		—		12,234,887		—		12,234,887
France		—		174,957,805		—		174,957,805
Germany		35,576,135		52,799,553		—		88,375,688
Hong Kong		—		39,618,589		—		39,618,589
Italy		—		45,694,387		—		45,694,387
Japan		20,185,992		403,705,604		—		423,891,596
Mexico		10,191,863		—		—		10,191,863
Netherlands		—		89,352,759		—		89,352,759
New Zealand		—		7,019,300		—		7,019,300
Portugal		—		15,668,651		—		15,668,651
Singapore		—		13,152,302		—		13,152,302
South Africa		—		11,472,809		—		11,472,809
South Korea		4,414,006		14,901,591		—		19,315,597
Spain		—		18,596,426		—		18,596,426
Sweden		—		14,707,948		—		14,707,948
Switzerland		—		74,091,376		—		74,091,376
United Kingdom		25,470,503		195,387,236		—		220,857,739
Total Common Stock		238,701,629		1,205,402,182		—		1,444,103,811
Preferred Stock		—		24,168,846		—		24,168,846
Short-Term Investments		22,829,617		—		961,834		23,791,451
Total Investments, at value	$	261,531,246	$	1,229,571,028	$	961,834	$	1,492,064,108

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 April 30, 2010:

	Beginning						Accrued		Total		Total Unrealized		Transfers		Transfers		Ending
	Balance						Discounts/		Realized		Appreciation/		Into		Out of		Balance
	10/31/2009		Purchases		Sales		(Premiums)		Gain/(Loss)		(Depreciation)		Level 3		Level 3		4/30/2010
Asset Table
Investments, at value
Short-Term Investments	$	—	$	—	$	—	$	—	$	—	$	—	$	961,834	$	—	$	961,834
Total Investments, at value	$	—	$	—	$	—	$	—	$	—	$	—	$	961,834	$	—	$	961,834

As of April 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $0.

ˆ   See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

Transfers in or out of Level 3 represents either the beginning value (for transfers 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.

#   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

137

PORTFOLIO OF INVESTMENTS

ING International Value Choice Fund

as of April 30, 2010 (Unaudited)

Shares						Value
COMMON STOCK: 89.6%
			Australia: 2.2%
	307,490		Alumina Ltd.			$	434,238
	27,952		Newcrest Mining Ltd.				843,751
							1,277,989
			Belgium: 0.9%
	14,089		Belgacom S.A.				494,795
							494,795
			Bermuda: 1.7%
	30,509		Axis Capital Holdings Ltd.				950,966
							950,966
			Brazil: 2.9%
	45		Centrais Eletricas Brasileiras S.A.				638
	42,489		Centrais Eletricas Brasileiras SA ADR — Class B				747,382
	153,076		Empresa Brasileira de Aeronautica SA				909,694
							1,657,714
			Canada: 10.2%
	46,477		Barrick Gold Corp.				2,024,073
	27,942	@	Ivanhoe Mines Ltd.				442,042
	72,579	@	Kinross Gold Corp.				1,376,824
	13,128	@	Magna International, Inc.				861,984
	44,546		Nexen, Inc.				1,081,577
							5,786,500
			Finland: 1.9%
	89,931	@	Nokia OYJ ADR				1,093,561
							1,093,561
			France: 8.7%
	170,148	@	Alcatel S.A.				542,365
	1,126		Areva SA				556,917
	23,452		Carrefour S.A.				1,149,472
	20,104	@	Sanofi-Aventis				1,371,467
	6,416		Societe Generale				342,610
	26,181		Thales S.A.				975,015
							4,937,846
			Germany: 2.0%
	11,490		Siemens AG				1,133,217
							1,133,217
			Italy: 3.0%
	34,228		ERG S.p.A.				470,678
	1,090,036	@	Telecom Italia S.p.A. RNC				1,230,121
							1,700,799
			Japan: 29.5%
	91,600		Coca-Cola West Holdings Co., Ltd.				1,620,641
	112,000		Dai Nippon Printing Co., Ltd.				1,551,623
	31,300		Fuji Photo Film Co., Ltd.				1,072,698
	40,800		JS Group Corp.				800,166
	20,000		Kao Corp.				487,638
	19,600		Mabuchi Motor Co., Ltd.				1,080,309
	40,300		Mitsui Sumitomo Insurance Group Holdings, Inc.				1,158,325
	2,400		Nintendo Co., Ltd.				806,226
	70,311		Nippon Telegraph & Telephone Corp. ADR				1,426,610
	7,600		Rohm Co., Ltd.				563,236
	64,000		Sega Sammy Holdings, Inc.				836,682
	84,000		Sekisui House Ltd.				800,694
	57,600		Seven & I Holdings Co., Ltd.				1,472,895
	59,200		Shiseido Co., Ltd.				1,241,035
	127,000		Sumitomo Trust & Banking Co., Ltd.				768,039
	84,000		Wacoal Holdings Corp.				1,071,942
							16,758,759
			Netherlands: 4.4%
	29,317		Royal Dutch Shell PLC ADR — Class B				1,778,956
	36,761		Wolters Kluwer NV				751,098
							2,530,054
			South Africa: 5.9%
	36,209		Anglogold Ashanti Ltd. ADR				1,515,709
	94,913		Gold Fields Ltd.				1,267,823
	19,678		Impala Platinum Holdings Ltd.				554,823
							3,338,355
			South Korea: 4.5%
	59,958		Korea Electric Power Corp. ADR				901,768
	88,613		SK Telecom Co., Ltd. ADR				1,640,227
							2,541,995
			Switzerland: 1.3%
	48,818	@	UBS AG — Reg				752,774
							752,774
			United Kingdom: 10.5%
	24,360		AstraZeneca PLC				1,076,392
	25,689		BP PLC ADR				1,339,681
	56,560		GlaxoSmithKline PLC				1,049,813
	123,957		Rexam PLC				611,220
	102,273		United Utilities Group PLC				836,932
	483,481		Vodafone Group PLC				1,071,327
							5,985,365
			Total Common Stock (Cost $50,202,351)				50,940,689
SHORT-TERM INVESTMENTS: 7.0%
			Affiliated Mutual Fund: 7.0%
	3,990,018		ING Institutional Prime Money Market Fund — Class I				3,990,018
			Total Short-Term Investments (Cost $3,990,018)				3,990,018
		Total Investments in Securities
		(Cost $54,192,369)*		96.6	%	$	54,930,707
		Other Assets and Liabilities - Net		3.4			1,932,542
		Net Assets		100.0	%	$	56,863,249

@	Non-income producing security
ADR	American Depositary Receipt
*	Cost for federal income tax purposes is $55,601,558.
	Net unrealized depreciation consists of:

Gross Unrealized Appreciation	$	5,750,726
Gross Unrealized Depreciation		(6,421,577	)
Net Unrealized Depreciation	$	(670,851	)

See Accompanying Notes to Financial Statements

138

PORTFOLIO OF INVESTMENTS

ING International Value Choice Fund

as of April 30, 2010 (Unaudited) (continued)

	Percentage of
Industry	Net Assets
Aerospace/Defense		3.3	%
Apparel		1.9
Auto Parts & Equipment		1.5
Banks		3.3
Beverages		2.8
Building Materials		1.4
Commercial Services		2.7
Cosmetics/Personal Care		3.0
Electric		2.9
Electronics		1.9
Energy — Alternate Sources		1.0
Food		2.0
Home Builders		1.4
Insurance		3.7
Leisure Time		1.5
Media		1.3
Mining		14.9
Miscellaneous Manufacturing		3.9
Oil & Gas		8.2
Packaging & Containers		1.1
Pharmaceuticals		6.2
Retail		2.6
Semiconductors		1.0
Telecommunications		13.2
Toys/Games/Hobbies		1.4
Water		1.5
Short-Term Investments		7.0
Other Assets and Liabilities — Net		3.4
Net Assets		100.0	%

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2010 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)		4/30/2010
Asset Table
Investments, at value
Common Stock
Australia	$	—	$	1,277,989	$	—	$	1,277,989
Belgium		—		494,795		—		494,795
Bermuda		950,966		—		—		950,966
Brazil		1,657,714		—		—		1,657,714
Canada		5,786,500		—		—		5,786,500
Finland		1,093,561		—		—		1,093,561
France		—		4,937,846		—		4,937,846
Germany		—		1,133,217		—		1,133,217
Italy		—		1,700,799		—		1,700,799
Japan		2,226,776		14,531,983		—		16,758,759
Netherlands		1,778,956		751,098		—		2,530,054
South Africa		1,515,709		1,822,646		—		3,338,355
South Korea		2,541,995		—		—		2,541,995
Switzerland		752,774		—		—		752,774
United Kingdom		1,339,681		4,645,684		—		5,985,365
Total Common Stock		19,644,632		31,296,057		—		50,940,689
Short-Term Investments		3,990,018		—		—		3,990,018
Total Investments, at value	$	23,634,650	$	31,296,057	$	—	$	54,930,707

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

139

PORTFOLIO OF INVESTMENTS

ING Russia Fund

as of April 30, 2010 (Unaudited)

Shares				Value
COMMON STOCK: 96.2%
			Airlines: 0.9%
	1,800,000	I	Aeroflot — Russian International Airlines	$	3,821,002
					3,821,002
			Banks: 13.2%
	1,339,000	I	Bank St. Petersburg BRD — Class S		5,158,957
	16,732,321		Sberbank of Russian Federation		45,177,267
	1,752,200		VTB Bank OJSC GDR		9,344,243
					59,680,467
			Beverages: 0.8%
	104,500	@	Central European Distribution Corp.		3,620,925
					3,620,925
			Building Materials: 0.5%
	100,000	@,I	Sibirskiy Cement OAO		2,425,000
					2,425,000
			Chemicals: 1.5%
	320,000	@	Uralkali GDR		6,815,836
					6,815,836
			Coal: 0.9%
	572,600		Raspadskaya — Class S		4,094,090
					4,094,090
			Distribution/Wholesale: 0.2%
	250,600	@,I	Protek		977,340
					977,340
			Electric: 13.0%
	1,816,111,200	@	Federal Grid Co Unified Energy System JSC		22,758,125
	53,769,600	@,I	Holding MRSK OAO		8,468,712
	20,000,000	@	Mosenergo OAO		2,398,740
	99,532,300	@,I	OGK-2 OAO		6,123,859
	252,553,996	@	RusHydro		14,587,552
	5,787,696,000	@	Territorial Generating Co. 1		4,458,609
					58,795,597
			Food: 3.6%
	200,000	@	Avangardco Investment GDR		3,000,000
	80,100		Magnit OAO		6,976,710
	174,800	@	X5 Retail Group N.V. GDR		6,209,000
					16,185,710
			Iron/Steel: 9.4%
	241,100	@,L	Evraz Group SA GDR — Reg S		8,694,978
	832,100		Mechel OAO ADR		21,384,970
	1,571,400		Novolipetsk Steel		5,729,393
	500,000	@,L	Severstal GDR		6,726,939
					42,536,280
			Media: 0.9%
	247,700	@	CTC Media, Inc.		4,183,653
					4,183,653
			Metal Fabricate/Hardware: 0.8%
	25,750	I	Vsmpo-Avisma Corp.		3,448,668
					3,448,668
			Mining: 10.1%
	96,000		Kazakhmys PLC		2,033,836
	1,511,721	@	MMC Norilsk Nickel ADR		29,025,043
	497,600	@	Polymetal GDR		5,224,800
	381,500		Polyus Gold Co. ZAO ADR		9,541,315
					45,824,994
			Oil & Gas: 28.5%
	615,500	@	Lukoil-Spon ADR		35,329,700
	311,200		Novatek OAO GDR		23,315,802
	3,321,800	L	OAO Gazprom		19,372,143
	151,600	@	OAO Gazprom ADR		4,169,000
	2,329,813	@	OAO Rosneft Oil Co. GDR		18,645,284
	1,387,400	L	Surgutneftegaz ADR		13,130,824
	489,333		Tatneft GDR		14,754,511
					128,717,264
			Pharmaceuticals: 1.5%
	246,865	@	Pharmstandard — Reg S GDR		6,904,894
					6,904,894
			Real Estate: 0.9%
	490,680	@	LSR Group GDR		4,155,423
					4,155,423
			Telecommunications: 9.2%
	568,400	@	Comstar United Telesystems GDR		3,716,287
	350,000	L	Mobile Telesystems Finance SA ADR		19,337,500
	243,000	@	Sistema JSFC GDR		6,462,650
	584,800	@	VimpelCom Ltd. ADR		10,187,216
	612,800	I	VolgaTelecom		2,124,144
					41,827,797
			Transportation: 0.3%
	6,060,000		Novorossiysk Sea Trade Port BRD		1,111,080
					1,111,080
			Total Common Stock (Cost $344,359,350)		435,126,020
HEDGE FUNDS: 0.4%
			Hedge Fund: 0.4%
	636,687	@,I,X	RenShares Utilities Ltd.		1,837,509
			Total Hedge Funds (Cost $752,296)		1,837,509
PREFERRED STOCK: 1.6%
			Banks: 0.4%
	445,000	I	Bank St Petersburg OJSC		1,714,515
					1,714,515
			Oil & Gas: 1.2%
	10,200,000		Surgutneftegaz		5,470,709
					5,470,709
			Total Preferred Stock (Cost $4,584,601)		7,185,224
			Total Long-Term Investments (Cost $349,696,247)		444,148,753

See Accompanying Notes to Financial Statements

140

PORTFOLIO OF INVESTMENTS

ING Russia Fund

as of April 30, 2010 (Unaudited) (continued)

Shares						Value
SHORT-TERM INVESTMENTS: 4.3%
			Securities Lending CollateralCC: 4.3%
	18,727,737		Bank of New York Mellon Corp. Institutional Cash Reserves, Series A(1)			$	18,727,737
	841,448	I	Bank of New York Mellon Corp. Institutional Cash Reserves, Series B(1)(2)				673,158
			Total Short-Term Investments (Cost $19,569,185)				19,400,895
		Total Investments in Securities
		(Cost $369,265,432)*		102.5	%	$	463,549,648
		Other Assets and Liabilities - Net		(2.5	)		(11,087,234	)
		Net Assets		100.0	%	$	452,462,414

@	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 fair valued 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 April 30, 2010.
X	Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees.
*	Cost for federal income tax purposes is $370,286,809.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	113,456,899
Gross Unrealized Depreciation		(20,194,060	)
Net Unrealized Appreciation	$	93,262,839

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2010 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)		4/30/2010
Asset Table
Investments, at value
Common Stock
Airlines	$	3,821,002	$	—	$	—	$	3,821,002
Banks		50,336,224		9,344,243		—		59,680,467
Beverages		3,620,925		—		—		3,620,925
Building Materials		2,425,000		—		—		2,425,000
Chemicals		—		6,815,836		—		6,815,836
Coal		4,094,090		—		—		4,094,090
Distribution/Wholesale		977,340		—		—		977,340
Electric		21,449,920		37,345,677		—		58,795,597
Food		6,976,710		9,209,000		—		16,185,710
Iron/Steel		27,114,363		15,421,917		—		42,536,280
Media		4,183,653		—		—		4,183,653
Metal Fabricate/Hardware		3,448,668		—		—		3,448,668
Mining		43,791,158		2,033,836		—		45,824,994
Oil & Gas		58,870,843		69,846,421		—		128,717,264
Pharmaceuticals		—		6,904,894		—		6,904,894
Real Estate		—		4,155,423		—		4,155,423
Telecommunications		31,648,860		10,178,937		—		41,827,797
Transportation		1,111,080		—		—		1,111,080
Total Common Stock		263,869,836		171,256,184		—		435,126,020
Hedge Funds		—		—		1,837,509		1,837,509
Preferred Stock		7,185,224		—		—		7,185,224
Short-Term Investments		18,727,737		—		673,158		19,400,895
Total Investments, at value	$	289,782,797	$	171,256,184	$	2,510,667	$	463,549,648

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 April 30, 2010:

	Beginning						Accrued		Total		Total Unrealized		Transfers		Transfers		Ending
	Balance						Discounts/		Realized		Appreciation/		Into		Out of		Balance
	10/31/2009		Purchases		Sales		(Premiums)		Gain/(Loss)		(Depreciation)		Level 3		Level 3		4/30/2010
Asset Table
Investments, at value
Hedge Funds	$	1,299,101	$	—	$	—	$	—	$	—	$	538,408	$	—	$	—	$	1,837,509
Short-Term Investments		—		—		—		—		—		—		673,158		—		673,158
Total Investments, at value	$	1,299,101	$	—	$	—	$	—	$	—	$	538,408	$	673,158	$	—	$	2,510,667

As of April 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $538,408.

ˆ   See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

Transfers in or out of Level 3 represents either the beginning value (for transfers 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.

#   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

141

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2010 (Unaudited)

Principal
Amount				Value
CORPORATE BONDS/NOTES: 28.9%
			Agriculture: 0.3%
$	900,000	S	Altria Group, Inc., 9.700%, due 11/10/18	$	1,133,562
					1,133,562
			Apparel: 0.2%
	750,000	S	Hanesbrands, Inc., 8.000%, due 12/15/16		787,500
					787,500
			Banks: 4.4%
	200,000	S	Bank of America Corp., 5.420%, due 03/15/17		198,646
	1,177,000	#	Barclays Bank PLC, 6.050%, due 12/04/17		1,228,423
	1,102,000	#	Barclays Bank PLC, 7.375%, due 06/29/49		1,079,960
	636,000	S	BB&T Corp., 3.850%, due 07/27/12		664,530
	140,000	S	Capital One Financial Corp., 7.375%, due 05/23/14		161,951
	987,000	S	Citigroup, Inc., 5.000%, due 09/15/14		1,000,071
	1,123,000	S	Citigroup, Inc., 6.010%, due 01/15/15		1,198,064
	801,000	S	Citigroup, Inc., 8.500%, due 05/22/19		947,147
	624,000	S	Discover Bank/Greenwood DE, 7.000%, due 04/15/20		642,276
	651,000	S	Fifth Third Bancorp., 8.250%, due 03/01/38		720,320
	1,183,000	S	First Tennessee Bank NA, 5.050%, due 01/15/15		1,159,433
	1,982,000	S	Goldman Sachs Group, Inc., 5.375%, due 03/15/20		1,928,806
	500,000	S	Goldman Sachs Group, Inc., 6.250%, due 09/01/17		524,094
	250,000		JP Morgan Chase Bank NA, 5.875%, due 06/13/16		269,769
	1,085,000	#	Lloyds TSB Bank PLC, 5.800%, due 01/13/20		1,077,287
	852,000	S	Morgan Stanley, 4.100%, due 01/26/15		843,077
	1,486,000	S	Morgan Stanley, 7.300%, due 05/13/19		1,634,475
	3,000	S	National City Corp., 6.875%, due 05/15/19		3,361
	1,470,000	S	PNC Funding Corp., 5.125%, due 02/08/20		1,499,557
	408,000	S	Wachovia Bank NA, 6.000%, due 11/15/17		443,143
	851,000	S	Wachovia Bank NA, 6.600%, due 01/15/38		913,506
	989,000	S	Wells Fargo Capital XIII, 7.700%, due 12/29/49		1,033,505
					19,171,401
			Beverages: 0.5%
	540,000	#	Anheuser-Busch InBev Worldwide, Inc., 5.375%, due 11/15/14		588,066
	1,096,000	S	Diageo Capital PLC, 5.200%, due 01/30/13		1,192,148
	469,000	S	PepsiCo, Inc., 7.900%, due 11/01/18		592,554
					2,372,768
			Chemicals: 0.4%
	473,000	#	Chevron Phillips Chemical Co. LLC, 8.250%, due 06/15/19		571,432
	397,000	S	Dow Chemical Co., 7.600%, due 05/15/14		461,456
	245,000	#	Nova Chemicals Corp., 8.375%, due 11/01/16		255,413
	505,000	#	Nova Chemicals Corp., 8.625%, due 11/01/19		530,250
					1,818,551
			Coal: 0.3%
	750,000	#	Arch Coal, Inc., 8.750%, due 08/01/16		802,500
	150,000	#	Consol Energy, Inc., 8.000%, due 04/01/17		159,188
	150,000	#	Consol Energy, Inc., 8.250%, due 04/01/20		160,500
					1,122,188
			Commercial Services: 0.3%
	755,000	S	Service Corp. International, 7.000%, due 06/15/17		751,225
	575,000	&,#	ServiceMaster Co, 10.750%, due 07/15/15		615,969
					1,367,194
			Computers: 0.6%
	65,000	#	Brocade Communications Systems, Inc., 6.625%, due 01/15/18		67,275
	775,000	#	Brocade Communications Systems, Inc., 6.875%, due 01/15/20		804,063
	150,000	S	Hewlett-Packard Co., 4.750%, due 06/02/14		163,695
	576,000	S	Hewlett-Packard Co., 5.500%, due 03/01/18		641,642
	281,000	S	International Business Machines Corp., 5.600%, due 11/30/39		293,291
	505,000	S	Seagate Technology, Inc., 6.800%, due 10/01/16		515,100
					2,485,066
			Diversified Financial Services: 2.7%
	1,871,000	S	American Express Credit Corp., 5.125%, due 08/25/14		2,013,684
	235,000	S	AngloGold Ashanti Holdings PLC, 5.375%, due 04/15/20		238,045
	252,000	S	Capital One Bank USA NA, 6.500%, due 06/13/13		278,576
	631,000	S	Capital One Bank USA NA, 8.800%, due 07/15/19		775,040
	1,000,000	S	Capital One Capital V, 10.250%, due 08/15/39		1,206,250
	1,600,000	#	Fibria Overseas Finance Ltd, 7.500%, due 05/04/20		1,608,800
	870,000	S	Ford Motor Credit Co., LLC, 8.125%, due 01/15/20		923,304
	220,000	S	General Electric Capital Corp., 6.000%, due 08/07/19		238,227
	440,000	S	General Electric Capital Corp., 6.875%, due 01/10/39		490,711
	619,000	S	International Lease Finance Corp., 6.625%, due 11/15/13		588,682

See Accompanying Notes to Financial Statements

142

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2010 (Unaudited) (continued)

Principal
Amount				Value
			Diversified Financial Services (continued)
$	216,000	#	International Lease Finance Corp., 8.625%, due 09/15/15	$	213,840
	150,000	S	John Deere Capital Corp., 5.350%, due 04/03/18		163,130
	206,000	#	LBI Escrow Corp., 8.000%, due 11/01/17		213,983
	581,000	S	Merrill Lynch & Co., Inc., 6.050%, due 05/16/16		601,830
	741,000	S	Merrill Lynch & Co., Inc., 6.875%, due 04/25/18		799,260
	250,000	#	New Communications Holdings, Inc., 7.875%, due 04/15/15		259,375
	1,148,000	S	SLM Corp., 8.000%, due 03/25/20		1,106,795
					11,719,532
			Electric: 2.4%
	750,000	S	AES Corp., 8.000%, due 10/15/17		776,250
	426,000	#	Allegheny Energy Supply Co. LLC, 5.750%, due 10/15/19		423,351
	114,000	S	Ameren Energy Generating Co., 6.300%, due 04/01/20		115,787
	64,000	S	Commonwealth Edison Co., 4.700%, due 04/15/15		68,309
	923,000	S	Commonwealth Edison Co., 6.150%, due 03/15/12		1,001,426
	500,000	#	Dubai Electricity & Water Authority, 8.500%, due 04/22/15		516,406
	9,000	S	Duke Energy Corp., 3.950%, due 09/15/14		9,360
	438,000	S	Entergy Texas, Inc., 7.125%, due 02/01/19		497,068
	264,000	#	Iberdrola Finance Ireland Ltd., 3.800%, due 09/11/14		268,057
	728,000	#	Iberdrola Finance Ireland Ltd., 5.000%, due 09/11/19		715,376
	430,000	S	Indiana Michigan Power, 7.000%, due 03/15/19		494,712
	464,000	S	Metropolitan Edison, 7.700%, due 01/15/19		548,324
	711,000	S	Nevada Power Co., 7.125%, due 03/15/19		824,331
	252,000	S	Nisource Finance Corp., 6.125%, due 03/01/22		268,130
	1,097,000	S	Nisource Finance Corp., 6.150%, due 03/01/13		1,199,392
	677,000	S	Oncor Electric Delivery Co., 5.950%, due 09/01/13		743,856
	527,000	S	Progress Energy, Inc., 6.050%, due 03/15/14		586,877
	476,000	S	Southwestern Electric Power, 5.550%, due 01/15/17		504,975
	874,000	S	Tampa Electric Co., 6.100%, due 05/15/18		958,944
					10,520,931
			Electronics: 0.1%
	355,000	S	Jabil Circuit, Inc., 7.750%, due 07/15/16		378,075
					378,075
			Entertainment: 0.4%
	740,000	S	AMC Entertainment, Inc., 8.750%, due 06/01/19		788,100
	750,000	#	Pinnacle Entertainment, Inc., 8.625%, due 08/01/17		787,500
	125,000	S	WMG Holdings Corp., 9.500%, due 12/15/14		127,188
					1,702,788
			Food: 1.2%
	215,000	#	Dole Food Co., Inc., 8.000%, due 10/01/16		223,600
	857,000	S	Kraft Foods, Inc., 5.375%, due 02/10/20		890,580
	466,000	S	Kraft Foods, Inc., 6.125%, due 02/01/18		515,561
	500,000	S	Kraft Foods, Inc., 6.500%, due 08/11/17		567,347
	1,319,000	S	Sara Lee Corp., 6.250%, due 09/15/11		1,400,279
	555,000	#	Smithfield Foods, Inc., 10.000%, due 07/15/14		625,763
	150,000	S	TreeHouse Foods, Inc., 7.750%, due 03/01/18		156,750
	825,000	S	Tyson Foods, Inc., 7.850%, due 04/01/16		899,250
					5,279,130
			Gas: 0.1%
	554,000	S	Sempra Energy, 6.500%, due 06/01/16		630,679
					630,679
			Healthcare — Products: 0.2%
	715,000	&,S	Biomet, Inc., 10.375%, due 10/15/17		790,075
					790,075
			Healthcare — Services: 0.2%
	705,000	&,S	HCA, Inc., 9.625%, due 11/15/16		768,450
					768,450
			Holding Companies — Diversified: 0.3%
	665,000	#	Reynolds Group DL Escrow, Inc./Reynolds Group Escrow LLC, 7.750%, due 10/15/16		691,600
	588,000	#	Voto-Votorantim Ltd, 6.750%, due 04/05/21		595,350
					1,286,950
			Household Products/Wares: 0.2%
	785,000	S	Kimberly-Clark Corp., 7.500%, due 11/01/18		976,949
					976,949
			Insurance: 1.7%
	1,201,000	S	Ace INA Holdings, Inc., 5.900%, due 06/15/19		1,326,185
	850,000	S	Genworth Financial, Inc., 6.515%, due 05/22/18		858,639
	857,000	#	Pacific Life Insurance Co., 9.250%, due 06/15/39		1,141,021
	247,000	#	Pacific LifeCorp, 6.000%, due 02/10/20		251,078
	219,000	S	Principal Financial Group, Inc., 7.875%, due 05/15/14		249,270
	1,518,000	S	Protective Life Corp., 8.450%, due 10/15/39		1,708,167

See Accompanying Notes to Financial Statements

143

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2010 (Unaudited) (continued)

Principal
Amount				Value
			Insurance (continued)
$	506,000	S	Prudential Financial, Inc., 7.375%, due 06/15/19	$	597,011
	1,072,000	#	Teachers Insurance & Annuity Association of America, 6.850%, due 12/16/39		1,212,846
					7,344,217
			Investment Companies: 0.1%
	231,000	#	Xstrata Finance Canada Ltd, 5.500%, due 11/16/11		242,939
					242,939
			Iron/Steel: 0.2%
	271,000	S	ArcelorMittal, 7.000%, due 10/15/39		292,644
	585,000	S	Steel Dynamics, Inc., 7.750%, due 04/15/16		613,519
					906,163
			Lodging: 0.5%
	991,000	#	Hyatt Hotels Corp., 6.875%, due 08/15/19		1,027,981
	210,000	S	Wyndham Worldwide Corp., 7.375%, due 03/01/20		217,223
	735,000	#	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 7.875%, due 11/01/17		753,375
					1,998,579
			Machinery — Diversified: 0.1%
	495,000	#	Case New Holland, Inc., 7.750%, due 09/01/13		523,463
					523,463
			Media: 2.9%
	530,000	#	Cablevision Systems Corp., 8.625%, due 09/15/17		561,800
	1,040,000	#	Clear Channel Worldwide Holdings, Inc., 9.250%, due 12/15/17		1,116,750
	700,000	#	Columbus International, Inc., 11.500%, due 11/20/14		772,660
	675,000	S	Comcast Corp., 5.700%, due 05/15/18		726,424
	76,000	S	Comcast Corp., 5.900%, due 03/15/16		83,699
	250,000	S	Comcast Corp., 6.300%, due 11/15/17		277,518
	718,000	S	Comcast Corp., 6.550%, due 07/01/39		762,316
	751,000	#	COX Communications, Inc., 6.250%, due 06/01/18		821,295
	700,000	S	DISH DBS Corp., 7.125%, due 02/01/16		714,000
	460,000	#	Mediacom LLC / Mediacom Capital Corp., 9.125%, due 08/15/19		476,100
	270,000	#	NBC Universal, Inc., 3.650%, due 04/30/15		272,885
	744,000	#	NBC Universal, Inc., 5.150%, due 04/30/20		754,143
	84,000	#	NBC Universal, Inc., 6.400%, due 04/30/40		87,035
	397,000	S	News America, Inc., 6.150%, due 03/01/37		407,804
	1,471,000	S	News America, Inc., 6.900%, due 03/01/19		1,695,482
	159,000	S	Time Warner Cable, Inc., 6.200%, due 07/01/13		177,332
	937,000	S	Time Warner Cable, Inc., 6.750%, due 06/15/39		1,016,154
	303,000	S	Time Warner Cable, Inc., 8.750%, due 02/14/19		380,271
	353,000	S	Time Warner, Inc., 5.500%, due 11/15/11		374,456
	446,000	S	Time Warner, Inc., 7.700%, due 05/01/32		524,878
	373,000	S	Viacom, Inc., 6.875%, due 04/30/36		409,197
					12,412,199
			Mining: 0.4%
	304,000	S	Rio Tinto Finance USA Ltd., 8.950%, due 05/01/14		368,640
	506,000	S	Southern Copper Corp., 5.375%, due 04/16/20		512,547
	700,000	S	Teck Resources Ltd., 10.250%, due 05/15/16		847,000
					1,728,187
			Miscellaneous Manufacturing: 0.4%
	445,000	#	Bombardier, Inc., 7.500%, due 03/15/18		473,925
	445,000	#	Bombardier, Inc., 7.750%, due 03/15/20		475,038
	900,000	S	General Electric Co., 5.250%, due 12/06/17		958,742
					1,907,705
			Office/Business Equipment: 0.1%
	257,000	S	Xerox Corp., 4.250%, due 02/15/15		262,945
	120,000	S	Xerox Corp., 5.625%, due 12/15/19		126,260
					389,205
			Oil & Gas: 1.2%
	116,000	S	Anadarko Petroleum Corp., 5.750%, due 06/15/14		127,564
	265,000	S	ConocoPhillips, 5.750%, due 02/01/19		296,103
	506,000	S	Hess Corp., 7.000%, due 02/15/14		581,860
	521,000	#	KazMunaiGaz Finance Sub BV, 7.000%, due 05/05/20		518,452
	1,000,000	#	KazMunaiGaz Finance Sub BV, 11.750%, due 01/23/15		1,265,000
	915,000	S	Newfield Exploration Co., 6.875%, due 02/01/20		928,725
	300,000	S	Petrobras International Finance Co., 7.875%, due 03/15/19		352,040
	480,000	S	Pioneer Natural Resources Co., 7.500%, due 01/15/20		512,519
	525,000	S	Plains Exploration & Production Co., 8.625%, due 10/15/19		557,813
					5,140,076
			Pharmaceuticals: 0.6%
	207,000	S	Express Scripts, Inc., 6.250%, due 06/15/14		232,361
	52,000	S	Express Scripts, Inc., 7.250%, due 06/15/19		61,584
	428,000	S	Novartis Securities Investment Ltd., 5.125%, due 02/10/19		460,782
	395,000	S	Omnicare, Inc., 6.750%, due 12/15/13		400,431

See Accompanying Notes to Financial Statements

144

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2010 (Unaudited) (continued)

Principal
Amount				Value
			Pharmaceuticals (continued)
$	455,000	S	Omnicare, Inc., 6.875%, due 12/15/15	$	457,275
	790,000	S	Pfizer, Inc., 7.200%, due 03/15/39		983,769
					2,596,202
			Pipelines: 0.4%
	411,000	S	Enbridge Energy Partners, 9.875%, due 03/01/19		544,968
	246,000	S	Energy Transfer Partners, 9.700%, due 03/15/19		318,406
	90,000	S	Trans-Canada Pipelines, 7.125%, due 01/15/19		107,797
	99,000	S	Trans-Canada Pipelines, 7.625%, due 01/15/39		123,706
	479,000	S	Transcontinental Gas Pipe Line Co. LLC, 6.050%, due 06/15/18		527,731
	310,000	#	Williams Partners L.P., 5.250%, due 03/15/20		319,461
					1,942,069
			Real Estate: 0.3%
	397,000	@,S	ProLogis, 6.875%, due 03/15/20		393,775
	312,000	@,S	ProLogis, 7.375%, due 10/30/19		324,829
	726,000	@,S	Simon Property Group, Inc., 6.750%, due 05/15/14		812,035
					1,530,639
			Retail: 1.2%
	490,000	S	CVS Caremark Corp., 5.750%, due 06/01/17		537,293
	1,104,000	S	CVS Caremark Corp., 6.125%, due 09/15/39		1,136,018
	278,000	S	CVS Caremark Corp., 6.600%, due 03/15/19		317,743
	1,485,000	S	Home Depot, Inc., 5.875%, due 12/16/36		1,490,866
	625,000	S	Limited Brands, Inc., 8.500%, due 06/15/19		696,875
	230,000	#	QVC, Inc., 7.500%, due 10/01/19		236,900
	805,000	#	Toys R Us Property Co. I LLC, 10.750%, due 07/15/17		917,700
					5,333,395
			Software: 0.1%
	159,000	S	Oracle Corp., 5.250%, due 01/15/16		176,918
	86,000	S	Oracle Corp., 5.750%, due 04/15/18		96,253
					273,171
			Telecommunications: 3.9%
	304,000	S	Alltel Corp., 7.000%, due 03/15/16		351,795
	737,000	S	AT&T, Inc., 6.550%, due 02/15/39		792,782
	681,000	S	AT&T, Inc., 6.700%, due 11/15/13		780,374
	470,000	S	British Telecommunications PLC, 5.950%, due 01/15/18		494,024
	419,000	S	Cellco Partnership / Verizon Wireless Capital, LLC, 3.750%, due 05/20/11		431,321
	1,000,000	S	Cellco Partnership / Verizon Wireless Capital, LLC, 5.550%, due 02/01/14		1,101,939
	489,000	S	Cisco Systems, Inc., 5.900%, due 02/15/39		514,497
	250,000	S	Cricket Communications, Inc., 9.375%, due 11/01/14		259,688
	655,000	S	Crown Castle International Corp., 7.125%, due 11/01/19		661,550
	904,000	S	France Telecom S.A., 4.375%, due 07/08/14		967,216
	1,048,000	S	France Telecom SA, 5.375%, due 07/08/19		1,131,285
	387,000	S	France Telecom SA, 8.500%, due 03/01/31		526,619
	705,000	S	Frontier Communications Corp., 8.125%, due 10/01/18		726,150
	510,000	#	Intelsat Subsidiary Holding Co., Ltd., 8.875%, due 01/15/15		530,400
	250,000	S	MetroPCS Wireless, Inc., 9.250%, due 11/01/14		260,625
	250,000	S	Nextel Communications, Inc., 5.950%, due 03/15/14		240,000
	295,000	S	Nokia OYJ, 5.375%, due 05/15/19		313,411
	700,000	S	Qwest Communications International, Inc., 7.500%, due 02/15/14		715,750
	500,000	S	Sprint Nextel Corp., 6.000%, due 12/01/16		463,750
	409,000	S	Telecom Italia Capital SA, 6.175%, due 06/18/14		439,787
	959,000	S	Telefonica Emisiones SAU, 5.134%, due 04/27/20		961,810
	770,000	S	Telefonica Emisones SAU, 6.421%, due 06/20/16		860,767
	239,000	S	TELUS Corp., 8.000%, due 06/01/11		256,736
	376,000	S	Verizon Communications, Inc., 8.950%, due 03/01/39		520,266
	565,000	#	Virgin Media Secured Finance PLC, 6.500%, due 01/15/18		570,650
	1,280,000	S	Vodafone Group PLC, 5.450%, due 06/10/19		1,349,756
	750,000	S	Windstream Corp., 7.875%, due 11/01/17		748,125
					16,971,073
			Total Corporate Bonds/Notes (Cost $115,636,653)		125,551,071
U.S. GOVERNMENT AGENCY OBLIGATIONS: 11.2%
			Federal Home Loan Mortgage Corporation##: 7.4%
	8,000,000	S	3.000%, due 04/07/15		8,036,760
	7,856,000	S	3.125%, due 03/16/15		7,881,870
	4,580,000	S	3.250%, due 04/23/15		4,602,282
	7,900,000	S	4.340%, due 12/18/17		7,938,528
	1,275,000	W	5.000%, due 06/01/39		1,316,040
	1,596,000	W	5.500%, due 06/01/38		1,680,039
	713,000	W	6.000%, due 06/15/34		761,016
					32,216,535
			Federal National Mortgage Association##: 3.6%
	11,355,000	W	4.500%, due 06/01/37		11,408,232
	314,019	S	5.000%, due 07/01/37		327,944
	1,299,570	S	5.500%, due 06/01/37-04/01/40		1,370,680
	2,103,000	W	6.000%, due 06/01/37		2,239,695
	375,000	W	6.500%, due 06/15/32		404,297
	98,498	S	7.116%, due 06/17/40		107,730
					15,858,578

See Accompanying Notes to Financial Statements

145

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2010 (Unaudited) (continued)

Principal
Amount				Value
			Government National Mortgage Association: 0.2%
$	393,000	W	5.000%, due 06/15/33	$	408,106
	301,006	S	5.500%, due 03/20/39		319,777
					727,883
			Total U.S. Government Agency Obligations (Cost $48,679,774)		48,802,996
U.S. TREASURY OBLIGATIONS: 7.0%
			U.S. Treasury Notes: 7.0%
	3,927,000	S	0.875%, due 02/29/12		3,926,552
	4,178,000	S	1.000%, due 03/31/12		4,184,376
	5,127,000	S	1.375%, due 03/15/13		5,116,982
	666,000	S	1.750%, due 04/15/13		671,099
	167,000	S	2.375%, due 02/28/15		167,131
	838,000	S	2.500%, due 03/31/15		842,321
	4,390,000	S	3.625%, due 02/15/20		4,377,655
	11,544,000	S	4.375%, due 11/15/39		11,257,201
			Total U.S. Treasury Obligations (Cost $30,183,985)		30,543,317
ASSET-BACKED SECURITIES: 4.5%
			Automobile Asset-Backed Securities: 1.7%
	1,599,000	#	Bank of America Auto Trust, 1.670%, due 12/15/13		1,611,501
	585,000	#	Bank of America Auto Trust, 3.030%, due 10/15/16		603,030
	596,000	#	Bank of America Auto Trust, 3.520%, due 06/15/16		621,192
	628,000	S	CarMax Auto Owner Trust, 1.740%, due 04/15/14		632,168
	423,000	S	CarMax Auto Owner Trust, 2.820%, due 12/15/14		430,923
	275,000	S	Harley-Davidson Motorcycle Trust, 2.620%, due 03/15/14		280,254
	552,000	S	Harley-Davidson Motorcycle Trust, 3.190%, due 11/15/13		565,573
	367,000	S	Harley-Davidson Motorcycle Trust, 5.520%, due 11/15/13		383,291
	305,000	S	Honda Auto Receivables Owner Trust, 1.250%, due 10/21/13		305,016
	206,000	S	Honda Auto Receivables Owner Trust, 2.310%, due 05/15/13		209,570
	224,000	S	Hyundai Auto Receivables Trust, 2.030%, due 08/15/13		227,113
	286,000	S	Mercedes-Benz Auto Receivables Trust, 1.670%, due 01/15/14		288,730
	209,000	S	Mercedes-Benz Auto Receivables Trust, 2.430%, due 03/15/16		212,919
	1,060,000	S	Nissan Auto Receivables Owner Trust, 5.000%, due 09/15/14		1,101,936
					7,473,216
			Credit Card Asset-Backed Securities: 2.1%
	460,000	S	Chase Issuance Trust, 5.120%, due 10/15/14		499,097
	2,900,000	S	Chase Issuance Trust, 5.160%, due 04/16/18		3,207,605
	556,000	S	Citibank Credit Card Issuance Trust, 5.700%, due 05/15/13		575,286
	2,246,000	S	Citibank Credit Card Issuance Trust, 6.950%, due 02/18/14		2,408,629
	2,158,000	S	Discover Card Master Trust, 5.650%, due 03/16/20		2,426,616
					9,117,233
			Home Equity Asset-Backed Securities: 0.3%
	1,273,239	S	Ameriquest Mortgage Securities, Inc., 1.538%, due 08/25/33		1,108,639
					1,108,639
			Other Asset-Backed Securities: 0.4%
	1,818,449	S	CenterPoint Energy Transition Bond Co., LLC, 4.192%, due 02/01/20		1,944,551
					1,944,551
			Total Asset-Backed Securities (Cost $19,520,332)		19,643,639
COLLATERALIZED MORTGAGE OBLIGATIONS: 15.1%
	1,523,611	S	Banc of America Funding Corp., 5.750%, due 10/25/35		1,336,799
	1,720,000		Bear Stearns Adjustable Rate Mortgage Trust, 3.268%, due 08/25/35		1,669,619
	1,456,028	S	Bear Stearns Commercial Mortgage Securities, 5.286%, due 06/11/41		1,521,480
	1,720,000	S	Citigroup Commercial Mortgage Trust, 5.888%, due 12/10/49		1,747,382
	2,221,564	#	Citigroup Mortgage Loan Trust, Inc., 5.391%, due 11/19/35		2,073,524
	306,000	S	Commercial Mortgage Asset Trust, 6.975%, due 01/17/32		335,232
	23,000	S	Commercial Mortgage Pass-through Certificates, 4.715%, due 03/10/39		23,633
	1,720,000	S	Commercial Mortgage Pass-through Certificates, 6.010%, due 12/10/49		1,772,414
	230,000	S	Commercial Mortgage Pass-through Certificates, 6.010%, due 12/10/49		244,155
	798,746	S	Countrywide Alternative Loan Trust, 5.500%, due 10/25/33		802,593
	1,832,972	S	Countrywide Home Loan Mortgage Pass-through Trust, 3.671%, due 09/25/33		1,695,380
	1,668,143	S	Countrywide Home Loan Mortgage Pass-through Trust, 5.000%, due 04/25/35		1,453,589
	1,780,887	S	Countrywide Home Loan Mortgage Pass-through Trust, 5.500%, due 10/25/35		1,546,089
	120,000	S	Credit Suisse First Boston Mortgage Securities Corp., 5.100%, due 08/15/38		127,456
	923,000	S	GE Capital Commercial Mortgage Corp., 4.866%, due 05/10/43		965,431

See Accompanying Notes to Financial Statements

146

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2010 (Unaudited) (continued)

Principal
Amount				Value
$	3,854,664		GMAC Mortgage Corp. Loan Trust, 5.391%, due 11/19/35	$	3,582,234
	1,650,000	S	Greenwich Capital Commercial Funding Corp., 5.224%, due 04/10/37		1,678,527
	1,500,000	S	Greenwich Capital Commercial Funding Corp., 5.441%, due 03/10/39		1,578,150
	1,670,000	S	Greenwich Capital Commercial Funding Corp., 5.444%, due 03/10/39		1,678,871
	1,600,000	S	Greenwich Capital Commercial Funding Corp., 5.736%, due 12/10/49		1,595,197
	1,000,000	S	Greenwich Capital Commercial Funding Corp., 6.085%, due 07/10/38		1,082,595
	1,590,000	S	Greenwich Capital Commercial Funding Corp., 6.085%, due 07/10/38		1,655,936
	1,570,000	S	GS Mortgage Securities Corp. II, 5.560%, due 11/10/39		1,598,010
	777,000	#	GSMS RR1JPA5.3739 9/17/39, 5.374%, due 05/17/45		813,898
	75,003	S	JP Morgan Chase Commercial Mortgage Securities Corp., 4.853%, due 03/15/46		78,505
	1,672,000	S	JP Morgan Chase Commercial Mortgage Securities Corp., 5.336%, due 05/15/47		1,651,858
	500,000	S	JP Morgan Chase Commercial Mortgage Securities Corp., 5.344%, due 12/15/44		525,813
	1,760,000		JP Morgan Chase Commercial Mortgage Securities Corp., 5.399%, due 05/15/45		1,802,612
	1,475,000	S	JP Morgan Chase Commercial Mortgage Securities Corp., 5.833%, due 02/15/51		1,559,355
	990,446	S	JP Morgan Mortgage Trust, 4.778%, due 07/25/35		964,088
	1,042,287	S	JP Morgan Mortgage Trust, 4.952%, due 08/25/35		962,990
	2,599,084	S	JP Morgan Mortgage Trust, 5.293%, due 07/25/35		2,554,389
	1,545,000	S	LB-UBS Commercial Mortgage Trust, 5.197%, due 11/15/30		1,630,565
	275,000	S	LB-UBS Commercial Mortgage Trust, 5.372%, due 09/15/39		280,951
	1,301,000	S	LB-UBS Commercial Mortgage Trust, 5.403%, due 02/15/40		1,342,290
	1,750,000	S	LB-UBS Commercial Mortgage Trust, 5.424%, due 02/15/40		1,732,018
	1,525,000	S	LB-UBS Commercial Mortgage Trust, 5.437%, due 06/15/29		1,600,678
	1,800,000	S	LB-UBS Commercial Mortgage Trust, 6.080%, due 06/15/38		1,903,080
	698,125	S	LB-UBS Commercial Mortgage Trust, 6.324%, due 04/15/41		772,443
	1,629,128	S	Lehman Mortgage Trust, 5.000%, due 12/25/35		1,443,065
	1,159,938	S	Lehman Mortgage Trust, 6.420%, due 04/25/36		1,023,217
	1,292,076	#	LVII Resecuritization Trust, 5.382%, due 11/27/37		1,321,148
	760,000	S	Morgan Stanley Capital I, 5.178%, due 09/15/42		798,778
	1,480,000	#	RBSCF Trust, 5.336%, due 05/16/47		1,482,081
	556,195	S	Structured Asset Securities Corp., 2.535%, due 09/25/33		530,549
	1,092,004	S	Thornburg Mortgage Securities Trust, 0.633%, due 09/25/44		1,053,606
	1,830,000	S	Wachovia Bank Commercial Mortgage Trust, 5.308%, due 11/15/48		1,865,008
	330,000		Wachovia Bank Commercial Mortgage Trust, 5.997%, due 06/15/45		352,826
	1,648,102	S	WaMu Mortgage Pass-Through Certificates, 5.228%, due 01/25/36		1,539,061
	300,787	S	Wells Fargo Mortgage-Backed Securities Trust, 2.998%, due 10/25/35		278,525
	2,015,000	S	Wells Fargo Mortgage-Backed Securities Trust, 5.297%, due 05/25/35		1,986,388
			Total Collateralized Mortgage Obligations (Cost $62,479,701)		65,614,081
OTHER BONDS: 21.6%
			Foreign Government Bonds: 21.9%
	BRL 77,589,000	S	Brazil Notas do Tesouro Nacional Series F, 10.000%, due 01/01/12		43,106,252
	EUR 2,530,000	S	Bundesobligation, 4.000%, due 10/11/13		3,669,746
	EUR 5,000,000	S	Bundesrepublik Deutschland, 3.750%, due 01/04/19		7,111,782
	EUR 3,340,000	S	Bundesrepublik Deutschland, 4.250%, due 01/04/14		4,882,276
	EUR 4,400,000	S	Bundesrepublik Deutschland, 4.250%, due 07/04/39		6,457,161
	CAD 2,200,000	S	Canadian Government International Bond, 4.250%, due 06/01/18		2,286,046
$	5,147,000	S	Deutsche Bank AG, London-Republic of Indonesia Government International Bond Credit Linked Notes, 13.150%, due 01/25/12		5,309,285
	EUR 930,000	S	France Government International Bond, 3.250%, due 04/25/16		1,291,172
	JPY 500,000,000	S	Japan Government Ten Year Bond, 1.400%, due 12/20/11		5,428,844
	JPY 110,000,000	S	Japan Government Thirty Year Bond, 2.300%, due 03/20/39		1,208,763

See Accompanying Notes to Financial Statements

147

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2010 (Unaudited) (continued)

Principal
Amount						Value
			Foreign Government Bonds (continued)
	JPY 370,000,000	S	Japan Government Thirty Year Bond, 2.400%, due 09/20/38			$	4,149,290
	JPY 800,000,000	S	Japan Government Two Year Bond, 0.400%, due 03/15/11				8,534,744
	UYU 6,067,000	S	Uruguay Government International Bond, 4.250%, due 04/05/27				408,293
			Total Other Bonds (Cost $90,378,034)				93,843,654
			Total Long-Term Investments (Cost $366,878,479)				383,998,758
SHORT-TERM INVESTMENTS: 12.5%
			Commercial Paper: 9.7%
$	6,000,000	S	ASB Finance Ltd., 0.210%, due 05/20/10				5,999,312
	7,000,000		Concord Minutemen Capital Co., LLC, 0.320%, due 06/23/10				6,996,592
	7,000,000		Crown Point Capital Co., 0.330%, due 06/24/10				6,996,466
	2,000,000		CVS Caremark Corp., 0.290%, due 05/12/10				1,999,807
	3,654,000	S	Louis Dreyfus Corp., 0.260%, due 06/28/10				3,652,445
	5,000,000		Thunder Bay Funding, LLC, 0.230%, due 05/17/10				4,999,457
	5,000,000		Toronto-Dominion Bank, 0.260%, due 06/30/10				5,000,600
	1,178,000		Volkswagen AG, 0.300%, due 05/24/10				1,177,764
	5,332,000		Yorktown Capital, LLC, 0.250%, due 05/26/10				5,331,037
			Total Commercial Paper (Cost $42,153,480)				42,153,480
Shares						Value
			Affiliated Mutual Fund: 2.8%
	12,076,000	S	ING Institutional Prime Money Market Fund — Class I			$	12,076,000
			Total Mutual Fund (Cost $12,076,000)				12,076,000
			Total Short-Term Investments (Cost $54,229,480)				54,229,480
		Total Investments in Securities
		(Cost $421,107,959)*		100.8	%	$	438,228,238
		Other Assets and Liabilities - Net		(0.8	)		(3,470,231	)
		Net Assets		100.0	%	$	434,758,007

@	Non-income producing security
&	Payment-in-kind
#	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 has been identified by the Fund to cover future collateral requirements for applicable futures, options, swaps, foreign currency contracts and/or when-issued or delayed-delivery securities.
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	EU Euro
JPY	Japanese Yen
*	Cost for federal income tax purposes is $421,286,125.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	17,881,283
Gross Unrealized Depreciation		(939,170	)
Net Unrealized Appreciation	$	16,942,113

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2010 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)		4/30/2010
Asset Table
Investments, at value
Corporate Bonds/Notes	$	—		$	125,551,071		$	—	$	125,551,071
U.S. Government Agency Obligations		—			48,802,996			—		48,802,996
U.S. Treasury Obligations		—			30,543,317			—		30,543,317
Asset-Backed Securities		—			19,643,639			—		19,643,639
Collateralized Mortgage Obligations		—			62,810,852			2,803,229		65,614,081
Foreign Government Bonds		—			88,534,369			5,309,285		93,843,654
Short-Term Investments		12,076,000			42,153,480			—		54,229,480
Total Investments, at value	$	12,076,000		$	418,039,724		$	8,112,514	$	438,228,238
Other Financial Instruments+:
Forward foreign currency contracts		—			2,169,723			—		2,169,723
Futures		1,212,154			—			—		1,212,154
Swaps, at value		—			288,215			—		288,215
Total Assets	$	13,288,154		$	420,497,662		$	8,112,514	$	441,898,330
Liabilities Table
Other Financial Instruments+:
Forward foreign currency contracts	$	—		$	(3,678,642	)	$	—	$	(3,678,642	)
Futures		(2,169,921	)		—			—		(2,169,921	)
Swaps, at value		—			(92,352	)		—		(92,352	)
Total Liabilities	$	(2,169,921	)	$	(3,770,994	)	$	—	$	(5,940,915	)

See Accompanying Notes to Financial Statements

148

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2010 (Unaudited) (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 April 30, 2010:

	Beginning							Accrued					Total Unrealized				Transfers			Ending
	Balance							Discounts/			Total Realized		Appreciation/		Transfers Into		Out of			Balance
	10/31/2009		Purchases		Sales			(Premiums)			Gain/(Loss)		(Depreciation)		Level 3		Level 3			4/30/2010
Asset Table
Investments, at value
Collateralized Mortgage Obligations	$	3,730,616	$	1,482,082	$	(210,506	)	$	(8	)	$	—	$	29,079	$	—	$	(2,228,034	)	$	2,803,229
Foreign Government Bonds		5,152,147		—		—			—			—		157,138		—		—			5,309,285
Total Investments, at value	$	8,882,763	$	1,482,082	$	(210,506	)	$	(8	)	$	—	$	186,217	$	—	$	(2,228,034	)	$	8,112,514

As of April 30, 2010, total change in unrealized gain (loss) on Level 3 securities still held at period end and included in the change in net assets was $191,365.

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 in or out of Level 3 represents either the beginning value (for transfers 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 April 30, 2010 the following forward foreign currency contracts were outstanding for the ING Global Bond Fund:

					In				Unrealized
			Settlement		Exchange				Appreciation
Currency	Buy/Sell		Date		For		Value		(Depreciation)
Australian Dollar AUD 2,915,303		BUY		5/21/10	$	2,691,001	$	2,690,916	$	(85	)
Australian Dollar AUD 5,119,692		BUY		5/21/10		4,740,000		4,725,634		(14,366	)
Canadian Dollar CAD 2,835,239		BUY		5/21/10		2,837,552		2,791,313		(46,239	)
Canadian Dollar CAD 6,561,352		BUY		5/21/10		6,555,000		6,459,696		(95,304	)
Canadian Dollar CAD 8,858,524		BUY		5/21/10		8,852,000		8,721,277		(130,723	)
Canadian Dollar CAD 1,913,057		BUY		5/21/10		1,884,000		1,883,418		(582	)
Swiss Franc CHF 19,551,330		BUY		5/7/10		18,243,338		18,169,582		(73,756	)
Swiss Franc CHF 2,856,779		BUY		5/7/10		2,702,000		2,654,882		(47,118	)
Swiss Franc CHF 6,405,914		BUY		5/7/10		5,968,000		5,953,190		(14,810	)
Danish Krone DKK 6,953,272		BUY		5/7/10		1,247,669		1,243,821		(3,848	)
EU Euro EUR 32,783,479		BUY		5/21/10		44,415,549		43,652,869		(762,680	)
EU Euro EUR 1,779,975		BUY		5/21/10		2,414,000		2,370,127		(43,873	)
EU Euro EUR 1,267,916		BUY		5/21/10		1,675,000		1,688,295		13,295
EU Euro EUR 1,093,244		BUY		5/21/10		1,442,000		1,455,710		13,710
EU Euro EUR 22,266,737		BUY		5/21/10		29,446,000		29,649,292		203,292
British Pound GBP 15,820,682		BUY		5/7/10		24,098,474		24,205,783		107,309
British Pound GBP 1,407,545		BUY		5/7/10		2,148,000		2,153,557		5,557
British Pound GBP 535,173		BUY		5/7/10		817,000		818,819		1,819
British Pound GBP 766,720		BUY		5/7/10		1,178,000		1,173,089		(4,911	)
British Pound GBP 1,938,397		BUY		5/7/10		2,978,000		2,965,765		(12,235	)
British Pound GBP 6,710,443		BUY		5/7/10		10,342,000		10,267,037		(74,963	)
British Pound GBP 455,581		BUY		5/7/10		705,000		697,042		(7,958	)
British Pound GBP 2,550,741		BUY		5/7/10		3,941,000		3,902,657		(38,343	)
British Pound GBP 1,028,384		BUY		5/7/10		1,570,000		1,573,437		3,437
Indian Rupee INR 248,712,000		BUY		5/7/10		5,584,014		5,602,887		18,873
Japanese Yen JPY 2,940,227,289		BUY		5/21/10		31,562,201		31,306,840		(255,361	)
Japanese Yen JPY 370,664,449		BUY		5/21/10		3,941,000		3,946,747		5,747
Japanese Yen JPY 266,934,420		BUY		5/21/10		2,839,000		2,842,254		3,254
Japanese Yen JPY 345,602,893		BUY		5/21/10		3,674,000		3,679,897		5,897
South Korean Won KRW 17,050,028,450		BUY		5/7/10		15,166,096		15,380,012		213,916
Mexican Peso MXN 12,703,567		BUY		5/21/10		1,034,212		1,029,473		(4,739	)
Norwegian Krone NOK 200,264,514		BUY		5/7/10		33,352,549		33,937,468		584,919
Norwegian Krone NOK 61,279,775		BUY		5/7/10		10,271,000		10,384,667		113,667
Norwegian Krone NOK 61,203,769		BUY		5/7/10		10,271,000		10,371,787		100,787
Norwegian Krone NOK 60,496,089		BUY		5/7/10		10,268,000		10,251,861		(16,139	)
Norwegian Krone NOK 17,577,499		BUY		5/7/10		2,998,000		2,978,739		(19,261	)
Norwegian Krone NOK 61,664,709		BUY		5/7/10		10,457,000		10,449,900		(7,100	)
Norwegian Krone NOK 47,690,170		BUY		5/7/10		8,119,000		8,081,729		(37,271	)
Norwegian Krone NOK 19,203,963		BUY		5/7/10		3,247,000		3,254,365		7,365
New Zealand Dollar NZD 12,392,354		BUY		5/21/10		8,820,890		8,994,803		173,913
New Zealand Dollar NZD 3,855,468		BUY		5/21/10		2,783,000		2,798,433		15,433
Swedish Krona SEK 73,848,277		BUY		5/7/10		10,262,000		10,195,808		(66,192	)
Swedish Krona SEK 14,378,065		BUY		5/7/10		1,988,000		1,985,097		(2,903	)
Swedish Krona SEK 26,216,652		BUY		5/7/10		3,658,000		3,619,583		(38,417	)
Swedish Krona SEK 2,427,905		BUY		5/7/10		335,000		335,207		207
Taiwan New Dollar TWD 25,000,000		BUY		5/7/10		792,016		798,574		6,558
									$	(220,222	)
Australian Dollar AUD 16,419,183		SELL		5/21/10	$	15,269,232	$	15,155,415	$	113,817
Australian Dollar AUD 4,708,434		SELL		5/21/10		4,355,000		4,346,031		8,969
Australian Dollar AUD 917,002		SELL		5/21/10		838,000		846,421		(8,421	)

See Accompanying Notes to Financial Statements

149

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2010 (Unaudited) (continued)

					In				Unrealized
			Settlement		Exchange				Appreciation
Currency	Buy/Sell		Date		For		Value		(Depreciation)
Brazilian Real BRL 77,444,245		SELL		5/7/10		43,830,576		44,487,328		(656,752	)
Canadian Dollar CAD 3,140,259		SELL		5/21/10		3,141,000		3,091,606		49,394
Canadian Dollar CAD 751,844		SELL		5/21/10		745,000		740,196		4,804
Canadian Dollar CAD 4,777,452		SELL		5/21/10		4,752,000		4,703,434		48,566
Swiss Franc CHF 10,963,972		SELL		5/7/10		10,262,000		10,189,117		72,883
Swiss Franc CHF 6,483,195		SELL		5/7/10		6,037,000		6,025,009		11,991
Swiss Franc CHF 7,856,117		SELL		5/7/10		7,304,000		7,300,903		3,097
Swiss Franc CHF 8,472,021		SELL		5/7/10		7,826,000		7,873,279		(47,279	)
EU Euro EUR 15,737,189		SELL		5/21/10		20,914,000		20,954,867		(40,867	)
EU Euro EUR 390,951		SELL		5/21/10		523,000		520,572		2,428
EU Euro EUR 7,220,176		SELL		5/21/10		9,635,000		9,614,031		20,969
British Pound GBP 1,135,996		SELL		5/7/10		1,758,000		1,738,084		19,916
British Pound GBP 6,737,271		SELL		5/7/10		10,417,000		10,308,084		108,916
British Pound GBP 2,518,693		SELL		5/7/10		3,824,000		3,853,622		(29,622	)
British Pound GBP 6,871,240		SELL		5/7/10		10,473,000		10,513,058		(40,058	)
Indonesian Rupiah IDR 49,120,260,000		SELL		5/7/10		5,415,983		5,442,770		(26,787	)
Japanese Yen JPY 65,684,969		SELL		5/21/10		706,000		699,398		6,602
Japanese Yen JPY 146,244,558		SELL		5/21/10		1,570,000		1,557,177		12,823
South Korean Won KRW 1,275,428,000		SELL		5/7/10		1,148,000		1,150,502		(2,502	)
South Korean Won KRW 4,563,569,100		SELL		5/7/10		4,083,000		4,116,577		(33,577	)
Norwegian Krone NOK 61,313,603		SELL		5/7/10		10,226,000		10,390,400		(164,400	)
Norwegian Krone NOK 61,143,964		SELL		5/7/10		10,226,000		10,361,652		(135,652	)
Norwegian Krone NOK 38,173,019		SELL		5/7/10		6,397,500		6,468,922		(71,422	)
Norwegian Krone NOK 38,180,709		SELL		5/7/10		6,397,500		6,470,225		(72,725	)
Norwegian Krone NOK 61,468,561		SELL		5/7/10		10,417,000		10,416,660		340
Norwegian Krone NOK 61,555,886		SELL		5/7/10		10,417,000		10,431,458		(14,458	)
Norwegian Krone NOK 85,143,282		SELL		5/7/10		14,336,000		14,428,654		(92,654	)
Norwegian Krone NOK 10,052,200		SELL		5/7/10		1,684,000		1,703,478		(19,478	)
New Zealand Dollar NZD 1,096,417		SELL		5/21/10		778,000		795,818		(17,818	)
New Zealand Dollar NZD 14,764,996		SELL		5/21/10		10,417,000		10,716,949		(299,949	)
New Zealand Dollar NZD 4,713,862		SELL		5/21/10		3,350,000		3,421,485		(71,485	)
New Zealand Dollar NZD 1,877,230		SELL		5/21/10		1,349,000		1,362,559		(13,559	)
Swedish Krona SEK 16,090,466		SELL		5/7/10		2,224,036		2,221,518		2,518
Swedish Krona SEK 8,638,919		SELL		5/7/10		1,209,000		1,192,726		16,274
Swedish Krona SEK 74,968,993		SELL		5/7/10		10,417,000		10,350,539		66,461
									$	(1,288,697	)

ING Global Bond Fund Open Futures Contracts on April 30, 2010:

							Unrealized
	Number		Expiration		Market		Appreciation/
Contract Description	of Contracts		Date		Value		(Depreciation)
Long Contracts
Australia 3-Year Bond		288		06/15/10	$	27,115,549	$	(170,544	)
Australia 10-Year Bond		84		06/15/10		7,936,529		(101,348	)
Canada 10-Year Bond		35		06/21/10		4,057,492		(10,560	)
Euro-Bund		204		06/08/10		33,911,272		571,501
Euro-Schatz		320		06/08/10		46,521,982		244,108
Japan 10-Year Bond (TSE)		8		06/10/10		11,895,886		32,096
Long Gilt		70		06/28/10		12,417,645		334,700
Short Gilt		80		06/28/10		13,151,154		29,749
					$	157,007,509	$	929,702
Short Contracts
Euro-Bobl 5-Year		30		06/08/10	$	4,719,729	$	(48,350	)
Medium Gilt		58		06/28/10		10,133,605		(144,480	)
U.S. Treasury 2-Year Note		215		06/30/10		46,779,296		(128,912	)
U.S. Treasury 10-Year Note		352		06/21/10		41,503,000		(579,614	)
U.S. Treasury Long Bond		317		06/21/10		37,742,812		(986,113	)
					$	140,878,442	$	(1,887,469	)

Credit Default Swap Agreements Outstanding on April 30, 2010:

Credit Default Swaps on Corporate and Sovereign Issues — Buy Protection⁽¹⁾

(Pay)/

Upfront

Reference

Receive

Payment

Unrealized

Entity/

Buy/Sell

Fixed

Termination

Notional

Market

Paid/

Appreciation

Counterparty

Obligation

Protection

Rate (%)

Date

Amount(2)

Value(3)

(Received)

(Depreciation)

The Royal Bank of Scotland PLC

Japanese Government Bond, 2.000%, 03/21/22

Buy

(0.610

)

12/20/14

9,000,000

$

15,604

$

—

$

15,604

$

15,604

$

—

$

15,604

(1)	If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either 1.) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or 2.) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2)	The maximum amount of future payments (undiscounted) that a Fund as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.
(3)	The market values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing market values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring.

See Accompanying Notes to Financial Statements

150

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2010 (Unaudited) (continued)

Cross-Currency Swap Agreements Outstanding on April 30, 2010:

Notional

Notional

Amount on

Amount on

Floating

Fixed Rate

Rate

Upfront

(Currency

(Currency

Floating

Fixed

Termination

Market

Payment

Unrealized

Counterparty

Received)

Delivered)

Rate

Rate

Date

Value

Paid (Received)

Appreciation

Deutsche Bank AG

TRY 14,850,000

USD 10,000,000

3-month USD-LIBOR-BBA

10.35

%

04/26/15

$

12,341

$

—

$

12,341

Deutsche Bank AG

TRY 14,760,000

USD 10,000,000

3-month USD-LIBOR-BBA

10.45

%

04/26/15

36,823

—

36,823

$

49,164

$

—

$

49,164

Interest Rate Swap Agreements Outstanding on April 30, 2010:

									Upfront
				Notional					Payment		Unrealized
	Termination			Principal		Market			Paid		Appreciation/
	Date			Amount		Value			(Received)		(Depreciation)
Receive a fixed rate equal to 1.990% and pay a floating rate based on 3-month CAD-BA-CDOR Counterparty: Deutsche Bank AG		04/09/12	CAD		25,000,000	$	34,185		$	—	$	34,185
Receive a fixed rate equal to 2.213% and pay a floating rate based on 3-month CAD-BA-CDOR Counterparty: Deutsche Bank AG		04/20/12	CAD		40,000,000		(92,352	)		—		(92,352	)
Receive a fixed rate equal to 6.610% and pay a floating rate based on 28-day MXN-TIIE-Banxico Counterparty: Goldman Sachs International		03/06/13	MXN		171,500,000		101,522			—		101,522
Receive a fixed rate equal to 3.893% and pay a floating rate based on 3-month CAD-BA-CDOR Counterparty: Deutsche Bank AG		04/09/20	CAD		8,000,000		31,671			—		31,671
Receive a fixed rate equal to 4.020% and pay a floating rate based on 3-month CAD-BA-CDOR Counterparty: Deutsche Bank AG		04/20/20	CAD		4,000,000		56,069			—		56,069
						$	131,095		$	—	$	131,095

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of April 30, 2010 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	$	2,169,723
Credit contracts	Unrealized appreciation on swap agreements, net of upfront payments		15,604
Foreign exchange contracts	Unrealized appreciation on swap agreements, net of upfront payments		49,164
Interest rate contracts	Unrealized appreciation on swap agreements, net of upfront payments		223,447
Interest rate contracts	Net Assets — Unrealized appreciation*		1,212,154
Total Asset Derivatives		$	3,670,092
Liability Derivatives
Foreign exchange contracts	Unrealized depreciation on forward foreign currency contracts	$	3,678,642
Interest rate contracts	Unrealized depreciation on swap agreements, net of upfront payments		92,352
Interest rate contracts	Net Assets — Unrealized depreciation*		2,169,921
Total Liability Derivatives		$	5,940,915

*  Includes cumulative appreciation/depreciation of futures contracts as reported in the table following the Portfolio of Investments.

The effect of derivative instruments on the Fund’s Statement of Operations for the six months April 30, 2010 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
Credit contracts	$	—		$	—		$	—		(68,490	)	$	—	$	(68,490	)
Equity contracts		—			—			—		—			—		—
Foreign exchange contracts		(217,223	)		(8,663,238	)		—		—			320,304		(8,560,157	)
Interest rate contracts		—			—			1,180,291		1,137,494			—		2,317,785
Total	$	(217,223	)	$	(8,663,238	)	$	1,180,291	$	1,069,004		$	320,304	$	(6,310,862	)

See Accompanying Notes to Financial Statements

151

PORTFOLIO OF INVESTMENTS

ING Global Bond Fund

as of April 30, 2010 (Unaudited) (continued)

	Change in Unrealized Appreciation or (Depreciation)
Derivatives not accounted for	on Derivatives Recognized in Income
as hedging instruments			Forward Foreign								Written
under FASB ASC 815	Investments*		Currency Contracts			Futures			Swaps		Options		Total
Credit contracts	$	—	$	—		$	—		$	72,315	$	—	$	72,315
Equity contracts		—		—			—			—		—		—
Foreign exchange contracts		111,023		(1,202,240	)		—			49,164		—		(1,042,053	)
Interest rate contracts		—		—			(679,906	)		102,870		2,311		(574,725	)
Total	$	111,023	$	(1,202,240	)	$	(679,906	)	$	224,349	$	2,311	$	(1,544,463	)

*  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

152

PORTFOLIO OF INVESTMENTS

ING Diversified International Fund

as of April 30, 2010 (Unaudited)

Shares						Value
AFFILIATED INVESTMENT COMPANIES: 99.0%
	1,669,198	@	ING Emerging Countries Fund — Class I			$	44,417,354
	2,356,543		ING Foreign Fund — Class I				32,284,636
	2,101,764		ING Index Plus International Equity Fund — Class I				16,624,953
	4,646,975		ING International Capital Appreciation Fund — Class I				44,657,430
	1,309,015		ING International Real Estate Fund — Class I				10,485,211
	625,432		ING International SmallCap Multi-Manager Fund — Class I				21,664,972
	2,119,303		ING International Value Choice Fund — Class I				21,934,783
	1,840,738		ING International Value Fund — Class I				20,892,374
		Total Investments in Affiliated Investment Companies
		(Cost $207,904,169)*		99.0	%	$	212,961,713
		Other Assets and Liabilities - Net		1.0			2,135,849
		Net Assets		100.0	%	$	215,097,562

@	Non-income producing security
*	Cost for federal income tax purposes is $240,267,238.
	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	14,041,807
Gross Unrealized Depreciation		(8,984,263	)
Net Unrealized Appreciation	$	5,057,544

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of April 30, 2010 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)		4/30/2010
Asset Table
Investments, at value
Affiliated Investment Companies	$	212,961,713	$	—	$	—	$	212,961,713
Total Investments, at value	$	212,961,713	$	—	$	—	$	212,961,713

ˆ  See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

153

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

Board Consideration and Re-Approval of Investment Advisory and Sub-Advisory Contracts

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”) provides that, after an initial period, the Funds’ existing investment advisory and sub-advisory contracts will remain in effect only if the Board of Trustees (the “Board”) of ING Mutual Funds and ING Mayflower Trust (together, the “Trust”), including a majority of Board members who have no direct or indirect interest in the advisory and sub-advisory contracts, and who are not “interested persons” of the Funds, as such term is defined under the 1940 Act (the “Independent Trustees”), annually review and approve them. Thus, at a meeting held on November 12, 2009, the Board, including a majority of the Independent Trustees, considered whether to renew the investment advisory contracts (the “Advisory Contracts”) between ING Investments, LLC (the “Adviser”) and the sub-advisory contracts (“Sub-Advisory Contracts”) with the sub-adviser to each Fund (each a “Sub-Adviser” and collectively, the “Sub-Advisers”).

The Independent Trustees also held separate meetings on October 13 and November 10, 2009 to consider the renewal of the Advisory Contracts and Sub-Advisory Contracts. As a result, subsequent references herein to factors considered and determinations made by the Independent Trustees include, as applicable, factors considered and determinations made on those earlier dates by the Independent Trustees.

At its November 12, 2009 meeting, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Funds. In reaching these decisions, the Board took into account information furnished to it throughout the year at regular meetings of the Board and the Board’s committees, as well as information prepared specifically in connection with the annual renewal process. Determinations by the Independent Trustees also took into account various factors that they believed, in light of the legal advice furnished to them by K&L Gates LLP (“K&L Gates”), their independent legal counsel, and their own business judgment, to be relevant. Further, while the Advisory Contracts and Sub-Advisory Contracts for all the ING Funds were considered at the same Board meeting, the Trustees considered each Fund’s advisory and sub-advisory relationships separately.

Provided below is an overview of the Board’s contract approval process in general, as well as a discussion of certain specific factors that the Board considered at its renewal meeting. While the Board gave its attention to the information furnished, at its request, that was most relevant to its considerations, discussed below are a number of the primary factors relevant to the Board’s consideration as to whether to renew the Advisory and Sub-Advisory Contracts for the one-year period ending November 30, 2010. Each Board member may have accorded different weight to the various factors in reaching his or her conclusions with respect to each Fund’s advisory and sub-advisory arrangements.

Overview of the Contract Renewal and Approval Process

Several years ago, the Independent Trustees instituted a revised process by which they seek and consider relevant information when they decide whether to approve new or existing advisory and sub-advisory arrangements for the investment companies in the ING Funds complex under their jurisdiction, including the Funds’ existing Advisory and Sub-Advisory Contracts. Among other actions, the Independent Trustees: retained the services of independent consultants with experience in the mutual fund industry to assist the Independent Trustees in working with the personnel employed by the Adviser or its affiliates who administer the Funds (“Management”) to identify the types of information presented to the Board to inform its deliberations with respect to advisory and sub-advisory relationships and to help evaluate that information; established a specific format in which certain requested information is provided to the Board; and determined the process for reviewing such information in connection with Advisory and Sub-Advisory Contract renewals and approvals. The end result was an enhanced process which is currently employed by the Independent Trustees to review and analyze information in connection with their annual renewal of the ING Funds’ advisory and sub-advisory contracts, as well as their review and approval of new advisory relationships.

Since the current renewal and approval process was first implemented, the Board’s membership has changed substantially through periodic retirements of some Trustees and the appointment and election of new Trustees. In addition, throughout this period the Independent Trustees have reviewed and refined the renewal and approval process at least annually. The Board also established a Contracts Committee and two Investment Review Committees (“IRCs”). Among other matters, the Contracts Committee provides oversight

154

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

with respect to the contracts renewal process, and each Fund is assigned to an IRC, which provides oversight regarding, among other matters, investment performance.

The type and format of the information provided to the Board or to legal counsel for the Independent Trustees in connection with the contract approval and renewal process has been codified in the ING Funds’ 15(c) Methodology Guide. This Guide was developed under the direction of the Independent Trustees and sets out a blueprint pursuant to which the Independent Trustees request certain information that they deem important to facilitate an informed review in connection with initial and annual approvals of advisory and sub-advisory contracts.

Management provides certain of the information requested by the 15(c) Methodology Guide in Fund Analysis and Comparison Tables (“FACT sheets”) prior to the Independent Trustees’ review of advisory and sub-advisory arrangements (including the Funds’ Advisory and Sub-Advisory Contracts). The Independent Trustees previously retained an independent firm to verify and test the accuracy of certain FACT sheet data for a representative sample of funds in the ING Funds complex. In addition, in 2007, 2008 and 2009 the Contracts Committee employed the services of an independent consultant to assist in its review and analysis of, among other matters, the 15(c) Methodology Guide, the content and format of the FACT sheets, and proposed selected peer groups of investment companies (“SPGs”) to be used by the Funds for certain comparison purposes during the renewal process.

As part of an ongoing process, the Contracts Committee recommends or considers recommendations from Management for refinements to the 15(c) Methodology Guide and other aspects of the review process, and the IRC reviews benchmarks used to assess the performance of the funds in the ING Funds complex. The IRCs may apply a heightened level of scrutiny in cases where performance has lagged an ING Fund’s relevant benchmark and/or SPG.

The Board employed its process for reviewing contracts when considering the renewals of the Funds’ Advisory and Sub-Advisory Contracts that would be effective through November 30, 2010. Set forth below is a discussion of many of the Board’s primary considerations and conclusions resulting from this process.

Nature, Extent and Quality of Service

In determining whether to approve the Advisory and Sub-Advisory Contracts for the Funds for the year ending November 30, 2010, the Independent Trustees received and evaluated such information as they deemed necessary regarding the nature, extent and quality of services provided to the Funds by the Adviser and Sub-Advisers. This included information regarding the Adviser and Sub-Advisers provided throughout the year at regular meetings of the Board and its committees, as well as information furnished in connection with the contract renewal meetings.

The materials requested by and provided to the Board and/or to K&L Gates prior to the November 12, 2009 Board meeting included, among other information, the following items for each Fund: (1) FACT sheets that provided information regarding the performance and expenses of the Fund and other similarly managed funds in its SPG, as well as information regarding the Fund’s investment portfolio, objective and strategies; (2) reports providing risk and attribution analyses of the Fund; (3) the 15(c) Methodology Guide, which describes how the FACT sheets were prepared, including the manner in which each Fund’s benchmark and SPG were selected and how profitability was determined; (4) responses from the Adviser and relevant Sub-Adviser or Sub-Advisers to a series of questions posed by K&L Gates on behalf of the Trustees; (5) copies of the forms of Advisory and Sub-Advisory Contracts; (6) copies of the Forms ADV for the Adviser and Sub-Advisers; (7) financial statements for the Adviser and Sub-Adviser; (8) a draft of a narrative summary addressing key factors the Board customarily considers in evaluating the renewals of the ING Funds’ (including the Funds’) advisory contracts and sub-advisory contracts, including a written analysis for each Fund of how performance, fees and expenses compare to its SPG and/or designated benchmark; (9) independent analyses of Fund performance by the Trust’s Chief Investment Risk Officer; (10) information regarding net asset flows into and out of the Fund; and (11) other information relevant to the Board’s evaluations.

For each Fund Class A shares were used for purposes of certain comparisons to the funds in its SPG. Class A shares generally were selected so that the Fund’s share class with the longest performance history was compared to the analogous class of shares for each

155

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

fund in its SPG. The mutual funds included in the Funds’ SPGs were selected based upon criteria designed to mirror the Fund share class being compared to the SPG.

In arriving at its conclusions with respect to the Advisory Contracts, the Board was mindful of the “manager-of-managers” platform of the ING Funds that has been developed by Management. The Board also considered the techniques that the Adviser has developed, at the Board’s direction, to screen and perform due diligence on the Sub-Advisers that are recommended to the Board to manage the investment portfolios of the funds in the ING Funds complex. The Board noted the resources that the Adviser has committed to the Board and the IRCs to assist the Board and the IRCs with their assessment of the investment performance of the funds in the ING Funds Complex (including the Funds) on an ongoing basis throughout the year. This includes the appointment of a Chief Investment Risk Officer and his staff, who report directly to the Board and who have developed attribution analyses and other metrics used by the IRCs to analyze the key factors underlying investment performance for the funds in the ING Funds complex.

The Board also noted the techniques used by the Adviser to monitor the performance of the Sub-Advisers and the proactive approach that the Adviser, working in cooperation with the IRCs, has taken to advocate or recommend, when it believed appropriate, changes designed to assist in improving the Funds’ performance.

In considering the Funds’ Advisory Contracts, the Board also considered the extent of benefits provided to the Funds’ shareholders, beyond advisory services, from being part of the ING family of funds. This includes, in most cases, the right to exchange or transfer investments, without a sales charge, between the same class of shares of such funds or among ING Funds available on a product platform, and the wide range of ING Funds available for exchange or transfer. The Board also took into account the Adviser’s efforts in recent years to reduce the expenses of the ING Funds through renegotiated arrangements with the ING Funds’ service providers. In addition, the Board considered the efforts of the Adviser and the expenses that it incurred in recent years to help make the ING Funds complex more efficient by combinations of similar funds.

Further, the Board received periodic reports showing that the investment policies and restrictions for each Fund were consistently complied with and other periodic reports covering matters such as compliance by Adviser and Sub-Adviser personnel with codes of ethics. The Board considered reports from the Trust’s Chief Compliance Officer (“CCO”) evaluating whether the regulatory compliance systems and procedures of the Adviser and each Sub-Adviser are reasonably designed to assure compliance with the federal securities laws, including those related to, among others, late trading and market timing, best execution, fair value pricing, proxy voting and trade allocation practices. The Board also took into account the CCO’s annual and periodic reports and recommendations with respect to service provider compliance programs. In this regard, the Board also considered the policies and procedures developed by the CCO in consultation with the Board’s Compliance Committee that guide the CCO’s compliance oversight function.

The Board reviewed the level of staffing, quality and experience of each Fund’s portfolio management team. The Board took into account the respective resources and reputations of the Adviser and Sub-Advisers, and evaluated the ability of the Adviser and the Sub-Advisers to attract and retain qualified investment advisory personnel. The Board also considered the adequacy of the resources committed to the Funds (and other relevant funds in the ING Funds complex) by the Adviser and Sub-Advisers, and whether those resources are commensurate with the needs of the Funds and are sufficient to sustain appropriate levels of performance and compliance needs. In this regard, the Board considered the financial stability of the Adviser and the Sub-Advisers.

Based on their deliberations and the materials presented to them, the Board concluded that the advisory and related services provided by the Adviser and each Sub-Adviser are appropriate in light of the Funds’ operations, the competitive landscape of the investment company business, and investor needs, and that the nature and quality of the overall services provided by the Adviser and the Sub-Advisers were appropriate.

Fund Performance

In assessing advisory and sub-advisory relationships, the Board placed emphasis on the net investment returns of each Fund. While the Board considered the performance reports and discussions with portfolio managers at Board and committee

156

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

meetings during the year, particular attention in assessing performance was given to the FACT sheets furnished in connection with the renewal process. The FACT sheet prepared for each Fund included its investment performance compared to the Fund’s Morningstar category median and/or Lipper category median, SPG and primary benchmark. The FACT sheet performance data was as of June 30, 2009. In addition, the Board also considered at its November 12, 2009 meeting certain additional data regarding performance and Fund asset levels as of September 30, 2009. The Board’s findings specific to each Fund’s performance are discussed under “Fund-by-Fund Analysis” below.

Economies of Scale

When evaluating the reasonableness of advisory fee rates, the Board also considered whether economies of scale will be realized by the Adviser and Sub-Adviser as a Fund grows larger and the extent to which any such economies are reflected in contractual fee rates. In this regard, the Board noted any breakpoints in advisory fee schedules that will result in a lower advisory fee rate when a Fund achieves sufficient asset levels to receive a breakpoint discount. In the case of sub-advisory fees, the Board considered that breakpoints would inure to the benefit of the Adviser, except to the extent that there are corresponding advisory fee breakpoints or waivers. For a Fund that did not have advisory fee breakpoints, but did benefit from waivers or reimbursements of advisory or other fees, the Board also considered the extent to which economies of scale could be realized through waivers, reimbursements or expense reductions.

In evaluating economies of scale, the Independent Trustees also considered prior periodic management reports and industry information on this topic, and the Independent Trustees who were Board members at that time also considered a November 2006 evaluation and analysis presented to them by an independent consultant regarding fee breakpoint arrangements and economies of scale.

The Board also considered that many of the Funds have experienced material declines in assets due to general market declines precipitated by the credit crises and other generally adverse market developments. As a result of these asset declines, the Board considered that there were fewer opportunities to realize economies of scale.

Information Regarding Services to Other Clients

The Board requested and considered information regarding the nature of services and fee rates offered by the Adviser and Sub-Advisers to other clients, including other registered investment companies and institutional accounts. When fee rates offered to other clients differed materially from those charged to the Funds, the Board considered any underlying rationale provided by the Adviser or a Sub-Adviser for these differences.

For unaffiliated Sub-Advisers, the Board did not view this information as being a key factor in its deliberations because of the arms-length nature of negotiations between the Adviser and unaffiliated Sub-Advisers with respect to sub-advisory fee rates. The Board also noted that the fee rates charged to the Funds and other institutional clients of the Adviser or a Sub-Adviser (including other investment companies) may differ materially due to, among other reasons: differences in services; different regulatory requirements associated with registered investment companies, such as the Funds, as compared to non-registered investment company clients; market differences in fee rates that existed when a Fund first was organized; differences in the original sponsors of Funds that now are managed by the Adviser; investment capacity constraints that existed when certain contracts were first agreed upon or that might exist at present; and different pricing structures that are necessary to be competitive in different marketing channels.

Fee Rates and Profitability

The Board reviewed and considered each contractual investment advisory fee rate, combined with the administrative fee rate, payable by each Fund to the Adviser. The Board also considered the contractual sub-advisory fee rate payable by the Adviser to each Sub-Adviser for sub-advisory services for each Fund. In addition, the Board considered fee waivers and expense limitations applicable to the fees payable by the Funds.

The Board considered: (1) the fee structure of each Fund as it relates to the services provided under the contracts; and (2) the potential fall-out benefits to the Adviser and the Sub-Advisers and their respective affiliates from their association with the Funds. For each Fund, the Board determined that the fees payable to the Adviser and the Sub-Advisers are reasonable for the services that each performs, which

157

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

were considered in light of the nature and quality of the services that each has performed and is expected to perform.

For each Fund, the Board considered information on revenues, costs and profits realized by the Adviser, which was prepared by Management in accordance with the allocation methodology (including related assumptions) specified in the 15(c) Methodology Guide. In analyzing the profitability of the Adviser in connection with its services to a Fund, the Board took into account the sub-advisory fee rate payable by the Adviser to each Sub-Adviser. The Board also considered information that it requested and was provided by Management with respect to the profitability of service providers affiliated with the Adviser, as well as information provided by certain Sub-Advisers with respect to their profitability. In the case of non-affiliated Sub-Advisers, the Board gave less weight to profitability considerations, or did not view this data as imperative to its deliberations, given the arm’s-length nature of the relationship between the Adviser and these Sub-Advisers with respect to the negotiation of sub-advisory fee rates. Further, the Board considered that the decline in asset levels of many Funds caused by recent adverse economic conditions was likely to cause a similar decline in any profits realized by the Adviser and Sub-Advisers.

The Board recognized that analysis of the Adviser’s and affiliated Sub-Adviser’s profitability is not an exact science and there is no uniform methodology for determining profitability for this purpose. In this context, the Board realized that Management’s calculations regarding its costs incurred in establishing the infrastructure necessary for the Funds’ operations may not be fully reflected in the expenses allocated to each Fund in determining profitability, and that the information presented may not portray all of the costs borne by Management or capture Management’s entrepreneurial risk associated with offering and managing a mutual fund complex in the current regulatory and market environment. In addition, the Board recognized that the use of different methodologies for purposes of calculating profit data can give rise to dramatically different profit and loss results.

At the request of the Board, the Adviser has from time to time agreed to implement remedial actions for certain Funds. These remedial actions have included, among others: reductions in fee rates; changes in Sub-Advisers or portfolio managers; and strategy modifications.

In making its determinations, the Board based its conclusions on the reasonableness of the advisory and sub-advisory fees of the Adviser and affiliated Sub-Adviser primarily on the factors described for each Fund below.

Fund-by-Fund Analysis

The following paragraphs outline certain of the specific factors that the Board considered, and the conclusions reached, at its November 12, 2009 meeting in relation to renewing each Fund’s current Advisory and Sub-Advisory Contracts for the year ending November 30, 2010. These specific factors are in addition to those considerations discussed above. In each case, the Fund’s performance was compared to its Morningstar category median and its primary benchmark, a broad-based securities market index that appears in the Fund’s prospectus. With respect to Morningstar quintile rankings, the first quintile represents the highest (best) performance and the fifth quintile represents the lowest performance. Each Fund’s management fee and expense ratio were compared to the fees and expense ratios of the funds in its SPG.

ING Asia-Pacific Real Estate Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for the ING Asia-Pacific Real Estate Fund, the Board considered that, based on performance data for the periods ended June 30, 2009: (1) the Fund outperformed its Morningstar category median for all periods presented; (2) the Fund underperformed its primary benchmark for the most recent calendar quarter and year-to-date periods, but outperformed for the one-year period; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for all periods presented.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the

158

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

In analyzing this fee data, the Board took into account that the Adviser is operating the Fund at a loss. The Board also took into consideration Management’s representations that the Fund’s expense ratio and management fee are higher due to the sub-advisory fee rate that reflects the Fund’s regional focus and the Sub-Adviser’s reputation and skill in managing real estate assets.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2010. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Diversified International Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for the ING Diversified International Fund, the Board considered that, based on performance data for the periods ended June 30, 2009: (1) the Fund outperformed its Morningstar category median for all periods presented; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the most recent calendar quarter, the second quintile for the year-to-date period, and the third quintile for the one-year and three-year periods.

In analyzing this performance data, the Board took into account that in August 2009, the membership of the Fund’s Asset Allocation Committee changed.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2010. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Emerging Countries Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for the ING Emerging Countries Fund, the Board considered that, based on performance data for the periods ended June 30, 2009: (1) the Fund underperformed its Morningstar category median for all periods presented; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the third quintile of its Morningstar category for the year-to-date period, the fourth quintile for the most recent calendar quarter and one-year periods, and the fifth (lowest) quintile for the three-year, five-year and ten-year periods.

In analyzing this performance data, the Board took into account that: (1) in June 2008, there was a change in the Sub-Adviser of the Fund to address the Board’s concerns regarding the Fund’s investment performance; and (2) Management would continue to monitor, and the Board or its IRC would periodically review, the Fund’s performance.

159

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

In analyzing this fee data, the Board took into account that the Fund’s expense ratio is limited by an expense cap.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) taking into account that the Fund’s Sub-Adviser changed in June 2008, the Board will permit the Fund to establish a longer performance record for purposes of evaluating performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2010. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING European Real Estate Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for the ING European Real Estate Fund, the Board considered that, based on performance data for the periods ended June 30, 2009: (1) the Fund underperformed its Morningstar category median for all periods presented; (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the most recent calendar quarter, during which it underperformed; and (3) the Fund is ranked in the third quintile of its Morningstar category for the year-to-date period, the fourth quintile for the one-year period, and the fifth (lowest) quintile for the most recent calendar quarter.

In analyzing this performance data, the Board took into account: (1) Management’s representations regarding the detrimental effect that the Fund’s focus on European securities had on its investment performance, relative to the comparable performance of the Fund’s SPG; and (2) that Management would continue to monitor, and the Board or its IRC would periodically review, the Fund’s performance.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

In analyzing this fee data, the Board took into account that the Adviser is operating the Fund at a loss. The Board also took into consideration Management’s representations that the Fund’s expense ratio and management fee are higher due to the sub-advisory fee rate that reflects the Fund’s regional focus and the Sub-Adviser’s reputation and skill in managing real estate assets.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) Management would continue to monitor, and the Board or its IRC would periodically review, the Fund’s performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2010. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

160

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

ING Foreign Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for the ING Foreign Fund, the Board considered that, based on performance data for the periods ended June 30, 2009: (1) the Fund underperformed its Morningstar category median for all periods presented, with the exception of the five-year period, during which it outperformed; (2) the Fund underperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the second quintile of its Morningstar category for the five-year period, the fourth quintile for the three-year period, and the fifth (lowest) quintile for the most recent calendar quarter, year-to-date, and one-year periods.

In analyzing this performance data, the Board took into account: (1) Management’s analysis regarding the effect that the Sub-Adviser’s investment approach and defensive positioning had on the Fund’s performance as compared to its primary benchmark and SPG; (2) in February 2009, Management implemented a change in the Fund’s investment strategy; and (3) that Management would continue to monitor, and the Board or its IRC would periodically review, the Fund’s performance.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to reach a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) taking into account Management’s analysis of the Fund’s underperformance and that Management changed the Fund’s investment strategy in February 2009, a longer performance record would be warranted for purposes of evaluating performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2010. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

Board Consideration and Approval of New Sub-Advisory Contract for ING Foreign Fund

The ING Foreign Fund had been sub-advised by Artio Global Management, LLC or its predecessor company Julius Baer Investment Management, Inc. (“Artio”) since its inception in July 2003. The significant rise in the use of wrap programs since the Fund’s inception, however, has placed Artio’s proprietary mutual fund (the “Artio Fund”) in direct competition with the Fund resulting in the Fund’s diminished appeal as a select vehicle for financial advisors. The Board noted that this had the potential to adversely affect the Fund’s ability to attract and retain assets. At a meeting of the Board held on March 25, 2010, the Board, including a majority of the Independent Trustees, determined to: (1) terminate Artio as sub-adviser to the Fund following a notice period; (2) appoint ING Investment Management Advisors, B.V. (“IIM BV”) as sub-adviser to the Fund; and (3) approve a Sub-Advisory Contract with IIM BV under which it would serve as Sub-Adviser to the Portfolio. The Sub-Advisory Contract is expected become effective on or about June 30, 2010.

In determining whether to approve the Sub-Advisory Contract with IIM BV, the Board received and evaluated such information as it deemed necessary for an informed determination of whether the Sub-Advisory Contract should be approved for the Fund. The materials provided to the Board to inform its consideration of whether to approve the Sub-Advisory Contract with IIM BV included the following: (1) IIM BV’s presentation before the International/Balanced/Fixed Income IRC at its March 24, 2010 meeting; (2) memoranda and related materials provided to the Board in advance of its March 25, 2010 meeting discussing: (a) Management’s rationale for recommending that IIM BV serve as Sub-Adviser to the Portfolio, (b) the performance of IIM BV in managing the ING (L) Invest Global Opportunities Fund (“IIM BV Global Opportunities Fund”), an actively managed open-

161

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

ended collective investment Fund with an inception date of June 30, 2001, which is currently offered in Europe (with such performance being compared against relevant benchmark indices and Morningstar Category averages), and (c) IIM BV’s considerable firm-wide resources, investment philosophy, and the firm’s overall investment process; (3) Fact Analysis and Comparison Tables for the Fund that provide information about the performance of the IIM BV Global Opportunities Fund and the performance of the Fund’s proposed SPG; (4) IIM BV’s responses to inquiries from K&L Gates LLP, counsel to the Independent Trustees; (5) supporting documentation, including copies of the forms of the Sub-Advisory Contract with IIM BV; and (6) other information relevant to the Board’s evaluation.

In reaching its decision to engage IIM BV as Sub-Adviser to the Fund, the Board, including a majority of the Independent Trustees, considered a number of factors, including, but not limited to, the following: (1) Managements representations regarding the competitive challenges to the Fund resulting from direct competition with the Artio Fund; (2) the Adviser’s view with respect to the reputation of IIM BV as a manager to similar portfolios; (3) IIM BV’s strength and reputation in the industry; (4) the nature and quality of the services to be provided by IIM BV under the proposed Sub-Advisory Contract; (5) the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of IIM BV and its fit among the stable of managers in the ING Fund s line-up; (6) the fairness of the compensation under the Sub-Advisory Contract in light of the services to be provided by IIM BV and the projected profitability of IIM BV as the Fund’s Sub-Adviser; (7) the costs for the services to be provided by IIM BV, including that the management fee would be reduced upon the appointment of IIM BV; (8) the sub-advisory fee payable by the Adviser to IIM BV; (9) IIM BV’s operations and compliance program, including its policies and procedures intended to assure compliance with the Federal securities laws; (10) the appropriateness of the selection of IIM BV in light of the Fund’s proposed investment objective and investor base; and (11) IIM BV’s Code of Ethics, which had been previously approved by the Board and related procedures for complying with that Code.

After its deliberation, the Board reached the following conclusions: (1) IIM BV should be appointed to serve as Sub-Adviser to the Fund under the Sub-Advisory Contract with IIM BV; (2) the sub-advisory fee rate payable by the Adviser to IIM BV is reasonable in the context of all factors considered by the Board; and (3) IIM BV maintains an appropriate compliance program, with this conclusion based upon, among other things, a representation from the Fund’s CCO that IIM BV’s compliance policies and procedures are reasonably designed to assure compliance with the Federal securities laws. Based on these conclusions and other factors, the Board voted to approve the Sub-Advisory Contract for the Fund. During their deliberations, different Board members may have given different weight to different individual factors and related conclusions.

ING Global Bond Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for the ING Global Bond Fund, the Board considered that, based on performance data for the periods ended June 30, 2009: (1) the Fund outperformed its Morningstar category median for all periods presented, with the exception of the most recent calendar quarter and year-to-date periods, during which it underperformed; (2) the Fund outperformed its benchmark for all periods presented; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the one-year and three-year periods, and the fourth quintile for the most recent calendar quarter and year-to-date periods.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the

162

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2010. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Global Equity Dividend Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for the ING Global Equity Dividend Fund, the Board considered that, based on performance data for the periods ended June 30, 2009: (1) the Fund underperformed its Morningstar category median for all periods presented, with the exception of the one-year period, during which it outperformed; (2) the Fund underperformed its primary benchmark for the most recent calendar quarter, year-to-date, and three year periods, but outperformed for the one-year and five-year periods; and (3) the Fund is ranked in the third quintile of its Morningstar category for the most recent calendar quarter, one-year, and five-year periods, the fourth quintile for the three-year period, and the fifth (lowest) quintile for the year-to-date period.

In analyzing this performance data, the Board took into account: (1) Management’s analysis of the negative effect that stock selection and sector allocation had on the Fund’s performance; (2) the effect of the Fund’s dividend payment policy on more recent performance; and (3) that Management would continue to monitor, and the Board or its IRC would periodically review, the Fund’s performance.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) Management would continue to monitor, and the Board or its IRC would periodically review, the Fund’s performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2010. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Global Natural Resources Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for the ING Global Natural Resources Fund, the Board considered that, based on performance data for the periods ended June 30, 2009: (1) the Fund outperformed its Morningstar category median for all periods presented, with the exception of the most recent calendar quarter and year-to-date periods, during which it underperformed; (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the one-year period, during which it underperformed; and (3) the Fund is ranked in the second quintile of its Morningstar category for the one-year, three-year and ten-year periods, the third quintile for the five-year period, and the fourth quintile for the most recent calendar quarter and year-to-date periods.

In analyzing this performance data, the Board took into account that, in February 2009, there was a change to the Fund’s portfolio management team.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s advisory fees, which result in lower fees at higher asset levels; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the

163

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

funds in its SPG; and (b) the expense ratio for the Fund is equal to the median and below the average expense ratios of the funds in its SPG.

In analyzing this fee data, the Board took into account that it had requested and Management agreed to impose an expense cap for the Fund.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) taking into account that the Fund’s portfolio management team changed in February 2009, the Board will permit the Fund to establish a longer performance record for purposes of evaluating performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2010. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Global Real Estate Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for the ING Global Real Estate Fund, the Board considered that, based on performance data for the periods ended June 30, 2009: (1) the Fund outperformed its Morningstar category median for all periods presented, with the exception of the year-to-date period, during which it underperformed; (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the most recent calendar quarter and year-to-date periods, during which it underperformed; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the five-year period, the second quintile for the one-year and three-year periods, the third quintile for the most recent calendar quarter, and the fourth quintile for the year-to-date period.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s advisory and sub-advisory fees, which result in lower fees at higher asset levels; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2010. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Global Value Choice Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for the ING Global Value Choice Fund, the Board considered that, based on performance data for the periods ended June 30, 2009: (1) the Fund outperformed its Morningstar category median for all periods presented; (2) the Fund outperformed its primary benchmark for all periods presented; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for all periods presented, with the exception of the ten-year period, where it ranked in the third quintile.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of a 0.10% administration

164

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2010. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Greater China Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for the ING Greater China Fund, the Board considered that, based on performance data for the periods ended June 30, 2009: (1) the Fund outperformed its Morningstar category median for all periods presented, with the exception of the most recent calendar quarter, during which it underperformed; (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed; and (3) the Fund is ranked in the second quintile of its Morningstar category for the one-year and three-year periods, the third quintile for the year-to-date period, and the fourth quintile for the most recent calendar quarter.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under and Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2010. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Index Plus International Equity Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for the ING Index Plus International Equity Fund, the Board considered that, based on performance data for the periods ended June 30, 2009: (1) the Fund outperformed its Morningstar category median for all periods presented, with the exception of the three-year period, during which it underperformed; (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the three-year period, during which it underperformed; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the most recent calendar quarter, the second quintile for the year-to-date and one-year periods, and the fourth quintile for the three-year period.

In analyzing this performance data, the Board took into account Management’s analysis of the effect that market volatility and the Fund’s quantitative model had on the Fund’s performance during certain periods; and (2) that Management would continue to monitor, and the Board or its IRC would periodically review, the Fund’s performance.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; and (2) the pricing structure

165

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

(including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is below the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) Management would continue to monitor, and the Board or its IRC would periodically review, the Fund’s performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2010. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING International Capital Appreciation Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for the ING International Capital Appreciation Fund, the Board considered that, based on performance data for the periods ended June 30, 2009: (1) the Fund outperformed its Morningstar category median for all periods presented; (2) the Fund outperformed its primary benchmark for the most recent calendar quarter and year-to-date periods, but underperformed for the one-year and three-year periods; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the most recent calendar quarter and year-to-date periods, the second quintile for the three-year period, and the third quintile for the one-year period.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is below the median and equal to the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is below the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2010. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING International Real Estate Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for the ING International Real Estate Fund, the Board considered that, based on performance data for the periods ended June 30, 2009: (1) the Fund outperformed its Morningstar category median for all periods presented; (2) the Fund outperformed its primary benchmark for the one-year and three-year periods, but underperformed for the most recent calendar quarter and year-to-date periods; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the year-to-date, one-year, and three-year periods, and the third quintile for the most recent calendar quarter.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s advisory fees, which result in lower fees at higher asset levels; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Fund is above the median and the average

166

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

In analyzing the fee data, the Board took into account that the Adviser is waiving a portion of its advisory fees to meet the contractual expense limit, resulting in a lower effective advisory fee rate.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2010. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING International SmallCap Multi-Manager Fund (formerly ING International SmallCap Fund)

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for the ING International SmallCap Multi-Manager Fund (formerly ING International SmallCap Fund), the Board considered that, based on performance data for the periods ended June 30, 2009: (1) the Fund outperformed its Morningstar category median for the most recent calendar quarter, year-to-date, and five-year periods, but underperformed for the one-year, three-year, and ten-year periods; (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the most recent calendar quarter and year-to-date periods, during which it outperformed; and (3) the Fund is ranked in the second quintile of its Morningstar category for the most recent calendar quarter and year-to-date periods, the third quintile for the five-year and ten-year periods, and the fourth quintile for the one-year and three-year periods.

In analyzing this performance data, the Board took into account that, in order to address the Board’s concerns regarding the Fund’s overall investment performance, the Fund will eliminate one of its underperforming investment sleeves.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to reach breakpoint discounts have been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

In analyzing this fee data, the Board took into account that: (1) the sub-advisory fees for the two sleeves of the Fund had been reduced, and a portion of the benefit of these reductions was being shared with investors through advisory fee waivers; and (2) Management’s advisory fee waivers lower the Fund’s effective expense ratio.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) taking into account that the Fund will eliminate one of its underperforming investment sleeves in order to address the Board’s concerns regarding the Fund’s overall investment performance, the Board will permit the Fund to establish a longer performance record for purposes of evaluating performance; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2010. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING International Value Choice Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for the ING International Value Choice Fund, the Board considered that, based on performance data for the periods ended June 30, 2009: (1) the Fund outperformed its Morningstar category median for

167

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

all periods presented, with the exception of the most recent calendar quarter, during which it underperformed; (2) the Fund outperformed its primary benchmark for the one-year and three-year periods, and underperformed for the most recent calendar quarter and year-to-date periods; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the one-year and three-year periods, the second quintile for the year-to-date period, and the fourth quintile for the most recent calendar quarter.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2010. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING International Value Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for the ING International Value Fund, the Board considered that, based on performance data for the periods ended June 30, 2009: (1) the Fund outperformed its Morningstar category median for all periods presented, with the exception of the year-to-date period, during which it underperformed; (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it underperformed; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the one-year and ten-year periods, the second quintile for the most recent calendar quarter, three-year, and five-year periods, and the third quintile for the year-to-date period.

In considering the fees payable under the Advisory and Sub-Advisory Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee rate (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and the average expense ratios of the funds in its SPG.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to each Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2010. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

ING Russia Fund

In considering whether to approve the renewal of the Advisory and Sub-Advisory Contracts for the ING Russia Fund, the Board considered that, based on performance data for the periods ended June 30, 2009: (1) the Fund outperformed its Morningstar category median for all periods presented, with the exception of the one-year period, during which it

168

ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

underperformed; (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the most recent calendar quarter and year-to-date periods, during which it outperformed; and (3) the Fund is ranked in the first (highest) quintile of its Morningstar category for the most recent calendar quarter, year-to-date, five-year and ten-year periods, the third quintile for the three-year period, and the fifth (lowest) quintile for the one-year period.

In considering the fees payable under the Advisory and Sub-Advisory Contracts the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under an Advisory Contract with level fees that does not include breakpoints; and (2) the pricing structure (including the expense ratio to be borne by shareholders) of the Fund, as compared to its SPG, including that: (a) the management fee (inclusive of a 0.10% administration fee) for the Fund is above the median and the average management fees of the funds in its SPG; and (b) the expense ratio for the Fund is above the median and below the average expense ratios of the funds in its SPG.

In analyzing this fee data, the Board took into account that the Fund is one of just three pure Russia funds offered in the market and, as such, a higher management fee rate and expense ratio is charged due to the Sub-Adviser’s unique experience in this developing market.

After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Adviser to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Advisory and Sub-Advisory Contracts for the Fund for the year ending November 30, 2010. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.

169

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 Core Equity Research 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 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 Fund

ING Global Bond Fund

Global and 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.

Investment Adviser

ING Investments, LLC

7337 East Doubletree Ranch Road

Scottsdale, Arizona 85258

Administrator

ING Funds Services, LLC

7337 East Doubletree Ranch Road

Scottsdale, Arizona 85258

Distributor

ING Funds Distributor, LLC

7337 East Doubletree Ranch Road

Scottsdale, Arizona 85258

Transfer Agent

PNC Global Investment Servicing (U.S.) Inc.

301 Bellevue Parkway

Wilmington, Delaware 19809

Custodian

The Bank of New York Mellon

One Wall Street

New York, New York 10286

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

For more complete information, or to obtain a prospectus on any ING Fund, please call your Investment Professional or ING Funds Distributor, LLC at (800) 992-0180 or log on to www.ingfunds.com. The prospectus should be read carefully before investing. Consider the fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund.

PRSAR-UINTALL                  (0410-062310)

Item 2.  Code of Ethics.

Not required for semi-annual filing.

Item 3.  Audit Committee Financial Expert.

Not required for semi-annual filing.

Item 4.  Principal Accountant Fees and Services.

Not required for semi-annual filing.

Item 5.  Audit Committee Of Listed Registrants.

Not required for semi-annual filing.

Item 6.  Schedule of Investments.

Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-end Management Investment Companies.

Not applicable.

Item 8.  Portfolio Managers of Closed-end Management Investment Companies.

Not applicable.

Item 9.  Purchases of Equity Securities by Closed-end Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.  Submission of Matters to a Vote of Security Holders.

The Board has a Nominating Committee for the purpose of considering and presenting to the Board candidates it proposes for nomination to fill Independent Trustee vacancies on the Board. The Committee currently consists of all Independent Trustees of the Board. (6 individuals). The Nominating Committee operates pursuant to a Charter approved by the Board. The primary purpose of the Nominating Committee is to consider and present to the Board the candidates it proposes for nomination to fill vacancies on the Board. In evaluating candidates, the Nominating Committee may consider a variety of factors, but it has not at this time set any specific minium qualifications that must be met. Specific qualifications of candidates for Board membership will be based on the needs of the Board at the time of nomination.

The Nominating Committee is willing to consider nominations received from shareholders and shall assess shareholder nominees in the same manner as it reviews its own nominees. A shareholder nominee for director should be submitted in writing to the Fund’s Secretary. Any such shareholder nomination should include at a minimum the following information as to each individual proposed for nomination as trustee: such individual’s written consent to be named in the proxy statement as a nominee (if nominated) and to serve as a trustee (if elected), and all information relating to such individual that is required to be disclosed in the solicitation of proxies for election of trustees, or is otherwise required, in each case under applicable federal securities laws, rules and regulations.

The secretary shall submit all nominations received in a timely manner to the Nominating Committee. To be timely, any such submission must be delivered to the Fund’s Secretary not earlier than the 90th day prior to such meeting and not later than the close of business on the later of the 60th day prior to such meeting or the 10th day following the day on which public announcement of the date of the meeting is first made, by either disclosure in a press release or in a document publicly filed by the Fund with the Securities and Exchange Commission.

Item 11. Controls and Procedures.

(a)

Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b)

There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1)	The Code of Ethics is not required for the semi-annual filing.
(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.
(a)(3)	Not required for semi-annual filing.
(b)	The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): ING Mayflower Trust

By	/s/ Shaun P. Mathews
	Shaun P. Mathews President and Chief Executive Officer
Date:	July 7, 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:	July 7, 2010
By	/s/ Todd Modic
	Todd Modic Senior Vice President and Chief Financial Officer
Date:	July 7, 2010