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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-7978
ING Mayflower Trust
7337 E. Doubletree Ranch Rd., Scottsdale, AZ 85258
(Address of principal executive offices) (Zip code)
CT Corporation System, 101 Federal Street, Boston, MA 02110
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-992-0180
Date of fiscal year end: October 31
Date of reporting period: November 1, 2007 to April 30, 2008
Item 1. Reports to Stockholders.
The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):
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n | ING International SmallCap Multi-Manager Fund |
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(1) | Bloomberg calculation based on performance of the Standard & Poor’s 500® Composite Stock Price Index (“S&P 500® Index”) between December 31, 1997 and December 31, 2007. |
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as of April 30, 2008
(as a percent of net assets)
(1) | This MSCI World® Index is an unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of April 30, 2008
(as a percent of net assets)
Fortis | 1.8 | % | ||
BP PLC | 1.7 | % | ||
ENI S.p.A. | 1.7 | % | ||
Total SA | 1.7 | % | ||
Citigroup, Inc. | 1.5 | % | ||
GlaxoSmithKline PLC | 1.5 | % | ||
Vivendi | 1.5 | % | ||
Pfizer, Inc. | 1.4 | % | ||
Royal Bank of Scotland Group PLC | 1.4 | % | ||
Bank of America Corp. | 1.4 | % |
* | Excludes short-term investments related to securities lending collateral. |
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United States | 62.9 | % | ||
Canada | 21.9 | % | ||
Netherlands | 2.7 | % | ||
Australia | 2.3 | % | ||
Barbados | 2.0 | % | ||
Norway | 1.9 | % | ||
France | 1.4 | % | ||
Brazil | 1.1 | % | ||
Italy | 1.0 | % | ||
South Africa | 0.9 | % | ||
Switzerland | 0.9 | % | ||
United Kingdom | 0.9 | % | ||
Bermuda | 0.4 | % | ||
Other Assets and Liabilities – Net | (0.3 | )% | ||
Net Assets | 100.0 | % | ||
(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 GSSItm Natural Resources Index (formerly, known as the Goldman Sachs Natural Resources Index) is an unmanaged index and a market-capitalization weighted index of stocks designed to measure the performance of companies in the natural resources sector, which includes energy, precious metals, timber and other sub-sectors. Each sector index is a modified-capitalization weighted index, the constituents of which are selected according to objective screening criteria. The weight of a particular stock in each Sector Index is capped at a cap level determined on a sector-by-sector basis. |
as of April 30, 2008
(as a percent of net assets)
ExxonMobil Corp. | 7.7 | % | ||
Chevron Corp. | 5.8 | % | ||
ConocoPhillips | 4.6 | % | ||
Apache Corp. | 4.0 | % | ||
Halliburton Co. | 3.9 | % | ||
Occidental Petroleum Corp. | 3.8 | % | ||
Encana Corp. | 3.8 | % | ||
Devon Energy Corp. | 3.5 | % | ||
Canadian Natural Resources Ltd. | 3.1 | % | ||
Schlumberger Ltd. | 3.1 | % |
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as of April 30, 2008
(as a percent of net assets)
(1) | The S&P/Citigroup World Property Index is an unmanaged market weighted total return index which consists of many companies from developed markets whose floats are larger than $100 million and derive more than half of their revenue from property-related activities. |
as of April 30, 2008
(as a percent of net assets)
Westfield Group | 4.8 | % | ||
Mitsubishi Estate Co., Ltd. | 4.6 | % | ||
Simon Property Group, Inc. | 4.1 | % | ||
Unibail | 4.0 | % | ||
Mitsui Fudosan Co., Ltd. | 3.7 | % | ||
Cheung Kong Holdings Ltd. | 3.7 | % | ||
Sun Hung Kai Properties Ltd. | 3.3 | % | ||
Land Securities Group PLC | 2.5 | % | ||
Boston Properties, Inc. | 2.5 | % | ||
Ventas, Inc. | 2.1 | % |
* | Excludes short-term investments related to securities lending collateral and U.S. government agency obligation. |
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as of April 30, 2008
(as a percent of net assets)
(1) | The MSCI All Country World Indexsm is a free-float adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. The MSCI All Country World Indexsm more closely tracks the types of securities in which the Fund invests than the MSCI World Indexsm. |
as of April 30, 2008
(as a percent of net assets)
Newmont Mining Corp. | 4.6 | % | ||
Korea Electric Power Corp. ADR | 4.4 | % | ||
Barrick Gold Corp. | 4.4 | % | ||
Nippon Telegraph & Telephone Corp. ADR | 4.3 | % | ||
Anglogold Ashanti Ltd. ADR | 4.0 | % | ||
Royal Dutch Shell PLC ADR – Class B | 3.7 | % | ||
Smithfield Foods, Inc. | 3.2 | % | ||
AstraZeneca PLC ADR | 2.8 | % | ||
Stolt-Nielsen SA | 2.6 | % | ||
Sprint Nextel Corp. | 2.6 | % |
* | Excludes short-term investments related to securities lending collateral and U.S. government agency obligation. |
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as of April 30, 2008
(as a percent of net assets)
(1) | The S&P Citigroup Asia-Pacific Property Index is an unmanaged float adjusted return index which consists of many companies from developed markets whose float adjusted market caps are larger than $1 billion and derive more than half of their revenue from property-related activities in the Asia Pacific region. |
as of April 30,2008
(as a percent of net assets)
Mitsubishi Estate Co., Ltd. | 9.9 | % | ||
Westfield Group | 9.3 | % | ||
Mitsui Fudosan Co., Ltd. | 7.6 | % | ||
Cheung Kong Holdings Ltd. | 7.2 | % | ||
Sun Hung Kai Properties Ltd. | 7.1 | % | ||
Nippon Building Fund, Inc. | 2.9 | % | ||
Stockland | 2.8 | % | ||
Hang Lung Properties Ltd. | 2.6 | % | ||
GPT Group | 2.6 | % | ||
Sumitomo Realty & Development Co., Ltd. | 2.5 | % |
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as of April 30, 2008
(as a percent of net assets)
(1) | The S&P/Citigroup EMI World ex-US. is an unmanaged extended market index of the world market excluding U.S.; extended meaning small capitalization stock universe on bottom 20% of available capital of each country. |
as of April 30, 2008
(as a percent of net assets)
iShares MSCI EAFE Index Fund | 3.9 | % | ||
Incitec Pivot Ltd. | 0.8 | % | ||
Accor SA | 0.7 | % | ||
Holcim Ltd. | 0.7 | % | ||
Deutsche Lufthansa AG | 0.6 | % | ||
Technip SA | 0.6 | % | ||
Swiss Life Holding | 0.6 | % | ||
Union Fenosa SA | 0.6 | % | ||
Gildemeister AG | 0.6 | % | ||
Acerinox SA | 0.6 | % |
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as of April 30, 2008
(as a percent of net assets)
(1) | The MSCI EM Indexsm is an unmanaged index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of April 30, 2008
(as a percent of net assets)
Hyundai Motor Co. | 4.9 | % | ||
Weiqiao Textile Co. | 4.0 | % | ||
Braskem SA | 3.9 | % | ||
China Motor Corp. | 3.5 | % | ||
Arcelik A/S | 3.4 | % | ||
Banco Latinoamericano de Exportaciones SA | 3.3 | % | ||
LG Chemical Ltd. | 3.2 | % | ||
First Pacific Co. | 3.2 | % | ||
Lotte Chilsung Beverage Co., Ltd. | 2.9 | % | ||
Magyar Telekom Telecommunications PLC | 2.9 | % |
* | Excludes short-term investments related to securities lending collateral. |
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as of April 30, 2008
(as a percent of net assets)
(1) | The S&P Citigroup Europe Property Index is an unmanaged float adjusted return index which consists of many companies from developed markets whose float adjusted market caps are larger than $1 billion and derive more than half of their revenue from property-related activities in the Europe region. |
as of April 30, 2008
(as a percent of net assets)
Unibail | 15.4 | % | ||
Land Securities Group PLC | 12.6 | % | ||
Corio NV | 5.9 | % | ||
Hammerson PLC | 4.5 | % | ||
Gecina SA | 3.9 | % | ||
Mercialys | 3.8 | % | ||
Liberty International PLC | 3.3 | % | ||
PSP Swiss Property AG | 2.9 | % | ||
Eurocommercial Properties NV | 2.9 | % | ||
Prologis European Properties | 2.7 | % |
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as of April 30, 2008
(as a percent of net assets)
(1) | The MSCI All Country World (ex US) Indexsm is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the US. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of April 30, 2008
(as a percent of net assets)
iShares DJ Euro STOXX 50 | 4.0 | % | ||
OTP Bank Nyrt | 2.7 | % | ||
Komercni Banka A/S | 2.6 | % | ||
OMV AG | 1.6 | % | ||
Rio Tinto Ltd. | 1.5 | % | ||
Total SA | 1.4 | % | ||
State Bank of India Ltd. (Equity Linked Certificate, Issuer: CLSA Financial Products Ltd.) | 1.4 | % | ||
BP PLC | 1.3 | % | ||
Holcim Ltd. | 1.2 | % | ||
Nokia OYJ | 1.2 | % |
* | Excludes short-term investments related to securities lending collateral. |
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as of April 30, 2008
(as a percent of net assets)
(1) | The MSCI All Countries Golden Dragon Index is a broad-based, unmanaged index of common stocks traded in China, Hong Kong and Taiwan. The MSCI All Countries Golden Dragon Index is an aggregate of the MSCI Hong Kong Index, the MSCI China Free Index and the MSCI Taiwan Index. |
as of April 30, 2008
(as a percent of net assets)
China Mobile Ltd. | 9.3 | % | ||
Chunghwa Telecom Co., Ltd. | 4.1 | % | ||
Cathay Financial Holding Co., Ltd. | 4.1 | % | ||
CLP Holdings Ltd. | 4.1 | % | ||
First Financial Holding Co., Ltd. | 4.0 | % | ||
China Overseas Land & Investment Ltd. | 3.8 | % | ||
China Life Insurance Co., Ltd. | 3.7 | % | ||
Cheung Kong Holdings Ltd. | 3.7 | % | ||
Hong Kong Exchanges and Clearing Ltd. | 3.6 | % | ||
Far Eastern Textile Co., Ltd. | 3.2 | % |
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as of April 30, 2008
(as a percent of net assets)
(1) | The MSCI EAFE® Index is an unmanaged index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of April 30, 2008
(as a percent of net assets)
BP PLC | 2.0 | % | ||
Novartis AG | 1.4 | % | ||
Royal Dutch Shell PLC – Class B | 1.3 | % | ||
Roche Holding AG | 1.3 | % | ||
Total SA | 1.3 | % | ||
ENI S.p.A. | 1.3 | % | ||
Siemens AG | 1.3 | % | ||
HSBC Holdings PLC | 1.1 | % | ||
BNP Paribas | 1.1 | % | ||
BHP Billiton PLC | 1.1 | % |
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as of April 30, 2008
(as a percent of net assets)
(1) | The MSCI ACWI ex-U.S.sm is a free float-adjusted market capitalization index that is designed to measure equity market performance in global developed and emerging markets, excluding the U.S. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of April 30, 2008
(as a percent of net assets)
Vestas Wind Systems A/S | 2.5 | % | ||
Cia Vale do Rio Doce ADR | 2.4 | % | ||
Petroleo Brasileiro SA ADR | 2.1 | % | ||
Esprit Holdings Ltd. | 2.0 | % | ||
BHP Billiton Ltd. | 2.0 | % | ||
Rio Tinto Ltd. | 2.0 | % | ||
Iliad SA | 1.9 | % | ||
Nintendo Co., Ltd. | 1.9 | % | ||
Banco Santander Central Hispano SA | 1.9 | % | ||
Millicom International Cellular SA | 1.8 | % |
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as of April 30, 2008
(as a percent of net assets)
(1) | The MSCI World ex-US IndexSM is an unmanaged index that comprises the entire developed world less the United States. The designation of a country as developed arises primarily as a measurement of GDP per capital. |
as of April 30, 2008
(as a percent of net assets)
ENI S.p.A. | 2.0 | % | ||
Royal Dutch Shell PLC | 2.0 | % | ||
Fortis | 1.9 | % | ||
Total SA | 1.9 | % | ||
UniCredito Italiano S.p.A. | 1.9 | % | ||
BP PLC | 1.8 | % | ||
Enel S.p.A. | 1.7 | % | ||
AstraZeneca PLC | 1.7 | % | ||
Banco Bilbao Vizcaya Argentaria SA | 1.7 | % | ||
Precision Drilling Trust | 1.7 | % |
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as of April 30, 2008
(as a percent of net assets)
(1) | The MSCI EAFE Growth Indexsm is an unmanaged index that measures the performance in 20 countries within Europe, Australasia and the Far East with a greater-than-average growth orientation. |
as of April 30, 2008
(as a percent of net assets)
Nestle SA | 4.8 | % | ||
Anglo American PLC | 4.3 | % | ||
Xstrata PLC | 4.0 | % | ||
Nokia OYJ | 3.6 | % | ||
Nintendo Co., Ltd. | 3.3 | % | ||
Li & Fung Ltd. | 2.9 | % | ||
Outotec OYJ | 2.8 | % | ||
Game Group PLC | 2.6 | % | ||
Reckitt Benckiser PLC | 2.6 | % | ||
Cosan SA Industria e Comercio | 2.6 | % |
* | Excludes short-term investments related to securities lending collateral. |
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as of April 30, 2008
(as a percent of net assets)
(1) | The S&P/Citigroup World ex-U.S. Property Index, is an unmanaged market-weighted total return index which consists of many companies from developed markets, excluding the United States, whose floats are larger than $100 million and derive more than half of their revenue from property-related activities. |
as of April 30, 2008
(as a percent of net assets)
Mitsubishi Estate Co., Ltd. | 7.0 | % | ||
Unibail | 6.6 | % | ||
Westfield Group | 6.4 | % | ||
Sun Hung Kai Properties Ltd. | 6.1 | % | ||
Cheung Kong Holdings Ltd. | 6.0 | % | ||
Mitsui Fudosan Co., Ltd. | 5.6 | % | ||
Land Securities Group PLC | 4.1 | % | ||
Stockland | 2.4 | % | ||
Corio NV | 1.9 | % | ||
Hammerson PLC | 1.9 | % |
* | Excludes short-term investments related to U.S. government agency obligation. |
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as of April 30, 2008
(as a percent of net assets)
(1) | Schroders began managing its portion of the Fund effective December 17, 2007. |
(2) | The S&P/Citigroup EMI World ex-U.S. is an unmanaged extended market index of the world market, excluding U.S. extended meaning small capitalization stock universe or bottom 20% of available capital of each country. |
(3) | The S&P/Citigroup EMI EPAC Index is an unmanaged index which consists of the smaller capitalization stocks of the Citigroup Broad Market Index, and tracks companies in developed countries in the European and Pacific regions. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of April 30, 2008
(as a percent of net assets)
Singapore Petroleum Co., Ltd. | 2.3 | % | ||
Dana Petroleum PLC | 2.0 | % | ||
Yamato Kogyo Co., Ltd. | 1.6 | % | ||
Rallye SA | 1.5 | % | ||
Salzgitter AG | 1.2 | % | ||
MTU Aero Engines Holding AG | 1.1 | % | ||
Australian Worldwide Exploration Ltd. | 0.9 | % | ||
Gildemeister AG | 0.9 | % | ||
Nexity | 0.9 | % | ||
Sherritt International Corp. | 0.9 | % |
* | Excludes short-term investments related to securities lending collateral. |
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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. |
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as of April 30, 2008
(as a percent of net assets)
(1) | The MSCI EAFE® Index is an unmanaged index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of April 30, 2008
(as a percent of net assets)
Deutsche Telekom AG | 3.8 | % | ||
Sanofi-Aventis | 3.5 | % | ||
Mitsubishi UFJ Financial Group, Inc. | 3.5 | % | ||
AstraZeneca PLC | 3.4 | % | ||
GlaxoSmithKline PLC | 3.2 | % | ||
Mitsui Sumitomo Insurance Group Holdings, Inc. | 2.6 | % | ||
Sumitomo Mitsui Financial Group, Inc. | 2.6 | % | ||
Seven & I Holdings Co., Ltd. | 2.5 | % | ||
Telefonaktiebolaget LM Ericsson | 2.5 | % | ||
Hitachi Ltd. | 2.3 | % |
* | Excludes short-term investments related to securities lending collateral. |
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as of April 30, 2008
(as a percent of net assets)
(1) | The MSCI EAFE® Index is an unmanaged index that measures the performance of securities listed on exchanges in markets in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of April 30, 2008
(as a percent of net assets)
Nippon Telegraph & Telephone Corp. ADR | 4.0 | % | ||
Anglogold Ashanti Ltd. ADR | 3.8 | % | ||
Gemalto NV | 3.5 | % | ||
BP PLC | 3.2 | % | ||
Newmont Mining Corp. | 3.2 | % | ||
Fuji Photo Film Co., Ltd. | 3.1 | % | ||
Telecom Italia S.p.A. RNC | 3.0 | % | ||
Barrick Gold Corp. | 3.0 | % | ||
Dai Nippon Printing Co., Ltd. | 3.0 | % | ||
Alcatel SA | 2.8 | % |
* | Excludes short-term investments related to U.S. government agency obligation. |
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as of April 30, 2008
(as a percent of net assets)
(1) | The MSCI EAFE® Value Index is an unmanaged index consisting of that 50% of the MSCI EAFE® with the lowest Price/Book Value Ratio. Index weightings represent the relative capitalizations of the major overseas markets included in the index on a U.S. dollar adjusted basis. |
(2) | The MSCI EAFE® Index is an unmanaged index that measures the performance of securities listed on exchanges in Europe, Australasia and the Far East. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
as of April 30, 2008
(as a percent of net assets)
Royal Dutch Shell PLC – Class A | 4.3 | % | ||
HSBC Holdings PLC | 4.0 | % | ||
Total SA | 3.6 | % | ||
Fortis | 3.1 | % | ||
Banco Santander Central Hispano SA | 2.9 | % | ||
Vivendi | 2.8 | % | ||
BP PLC | 2.7 | % | ||
Sanofi-Aventis | 2.7 | % | ||
ENI S.p.A. | 2.4 | % | ||
Mitsubishi UFJ Financial Group, Inc. | 2.3 | % |
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as of April 30, 2008
(as a percent of net assets)
(1) | Mr. Robertson was added as a portfolio manager to the Fund effective January 1, 2008. |
(2) | The MSCI EM Indexsm is an unmanaged index that measures the performance of securities listed on exchanges in developing nations throughout the world. It includes the reinvestment of dividends net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
(3) | The RTS Index is a capitalization-weighted index that is calculated in U.S. dollars. The index tracks the performance of Russia’s most active stocks traded on the RTS. The index is operated by the National Association of Participants in the Securities Markets, a non-profit body. |
as of April 30, 2008
(as a percent of net assets)
Sberbank RF | 13.5 | % | ||
Lukoil-Spon ADR | 13.0 | % | ||
OAO Gazprom | 10.3 | % | ||
OAO Gazprom ADR | 6.7 | % | ||
OAO Rosneft Oil Co. GDR | 4.9 | % | ||
MMC Norilsk Nickel ADR | 4.5 | % | ||
Mechel OAO ADR | 3.4 | % | ||
Novatek OAO GDR | 3.0 | % | ||
Uralkali GDR | 3.0 | % | ||
Tatneft GDR | 2.7 | % |
* | Excludes short-term investments related to securities lending collateral. |
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as of April 30, 2008
(as a percent of net assets)
(1) | The JPMorgan EMB Index Global Diversified is a uniquely-weighted version of the Emerging Markets Bond Index Global. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. |
as of April 30, 2008
(as a percent of net assets)
Russia Government International Bond, 7.500%, due 03/31/30 | 4.1 | % | ||
Russia Government International Bond, 12.750%, due 06/24/28 | 3.4 | % | ||
Petroleos de Venezuela SA, 5.375%, due 04/12/27 | 2.8 | % | ||
Brazil Government International Bond, 7.125%, due 01/20/37 | 2.4 | % | ||
Republic of Turkey, 7.000%, due 09/26/16 | 2.2 | % | ||
Republic of Iraq, 5.800%, due 01/15/28 | 2.1 | % | ||
Republic of Colombia, 7.375%, due 01/27/17 | 2.0 | % | ||
Philippine Government International Bond, 8.250%, due 01/15/14 | 1.8 | % | ||
Petroleos de Venezuela SA, 5.250%, due 04/12/17 | 1.7 | % | ||
Turkey Government International Bond, 9.500%, due 01/15/14 | 1.6 | % |
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as of April 30, 2008
(as a percent of net assets)
(1) | The Lehman Brothers Global Aggregate Index provides a broad based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. |
as of April 30, 2008
(as a percent of net assets)
Bundesobligation, 3.500%, due 04/08/11 | 12.2 | % | ||
U.S. Treasury Note, 3.125%, due 04/30/13 | 6.9 | % | ||
Bundesrepub. Deutschland, 4.250%, due 07/04/17 | 4.8 | % | ||
Japan Government CPI Linked, 1.200%, due 12/10/17 | 3.7 | % | ||
United Kingdom Gilt Bond, 4.000%, due 03/07/09 | 2.9 | % | ||
U.S. Treasury Bond, 3.500%, due 02/15/18 | 2.9 | % | ||
U.S. Treasury Note, 2.125%, due 04/30/10 | 2.8 | % | ||
U.S. Treasury Note, 1.750%, due 03/31/10 | 2.8 | % | ||
Federal Home Loan Mortgage Corporation, 5.500%, due 05/01/37 | 2.6 | % | ||
Japan Financing Bills, 0.520%, due 06/09/08 | 2.1 | % |
* | Excludes short-term investments related to ING Institutional Prime Money Market Fund and foreign Government Securities. |
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as of April 30, 2008
(as a percentage of net assets)
(1) | The members of the Investment Review Committee are: William A. Evans, Michael J. Roland, and Paul Zemsky. Effective December 31, 2007, Paul Zemsky replaced Stan D. Vyner as a member of the Investment Review Committee. |
(2) | The MSCI ACWI ex U.S.sm measures the returns of equities of companies which are domiciled outside the U.S. It includes the reinvestment of dividends and distributions net of withholding taxes, but does not reflect fees, brokerage commissions or other expenses of investing. |
International Core | 37 | % | ||
International Growth | 20 | % | ||
International Value | 15 | % | ||
International Small Cap | 8 | % | ||
Emerging Markets | 15 | % | ||
International Real Estate | 5 | % |
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Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING Global Equity Dividend Fund | November 1, 2007 | April 30, 2008 | Ratio | April 30, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 895.70 | 1.37 | % | $ | 6.46 | ||||||||
Class B | 1,000.00 | 892.00 | 2.12 | 9.97 | ||||||||||||
Class C | 1,000.00 | 892.40 | 2.12 | 9.97 | ||||||||||||
Class I | 1,000.00 | 898.50 | 0.99 | 4.67 | ||||||||||||
Class O | 1,000.00 | 895.20 | 1.38 | 6.50 | ||||||||||||
Class W(a) | 1,000.00 | 1,031.50 | 0.99 | 2.20 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.05 | 1.37 | % | $ | 6.87 | ||||||||
Class B | 1,000.00 | 1,014.32 | 2.12 | 10.62 | ||||||||||||
Class C | 1,000.00 | 1,014.32 | 2.12 | 10.62 | ||||||||||||
Class I | 1,000.00 | 1,019.94 | 0.99 | 4.97 | ||||||||||||
Class O | 1,000.00 | 1,018.00 | 1.38 | 6.92 | ||||||||||||
Class W | 1,000.00 | 1,019.94 | 0.99 | 4.97 |
* | Expenses are equal to each Fund’s respective annualized expense rations multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year. |
(a) | Commencement of operations was February 12, 2008. Expenses paid reflect the 79 day period ended April 30, 2008. |
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Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING Global Natural Resources Fund | November 1, 2007 | April 30, 2008 | Ratio | April 30, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,035.10 | 1.43 | % | $ | 7.24 | ||||||||
Class I | 1,000.00 | 1,037.30 | 1.08 | 5.47 | ||||||||||||
Class W(a) | 1,000.00 | 1,145.60 | 1.08 | 2.50 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.75 | 1.43 | % | $ | 7.17 | ||||||||
Class I | 1,000.00 | 1,019.49 | 1.08 | 5.42 | ||||||||||||
Class W | 1,000.00 | 1,019.49 | 1.08 | 5.42 | ||||||||||||
ING Global Real Estate Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 885.50 | 1.36 | % | $ | 6.38 | ||||||||
Class B | 1,000.00 | 881.70 | 2.11 | 9.87 | ||||||||||||
Class C | 1,000.00 | 882.10 | 2.11 | 9.87 | ||||||||||||
Class I | 1,000.00 | 886.90 | 1.00 | 4.69 | ||||||||||||
Class O | 1,000.00 | 885.00 | 1.36 | 6.37 | ||||||||||||
Class W(a) | 1,000.00 | 1,087.40 | 1.00 | 2.25 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.10 | 1.36 | % | $ | 6.82 | ||||||||
Class B | 1,000.00 | 1,014.37 | 2.11 | 10.57 | ||||||||||||
Class C | 1,000.00 | 1,014.37 | 2.11 | 10.57 | ||||||||||||
Class I | 1,000.00 | 1,019.89 | 1.00 | 5.02 | ||||||||||||
Class O | 1,000.00 | 1,018.10 | 1.36 | 6.82 | ||||||||||||
Class W | 1,000.00 | 1,019.89 | 1.00 | 5.02 | ||||||||||||
ING Global Value Choice Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 912.90 | 1.58 | % | $ | 7.51 | ||||||||
Class B | 1,000.00 | 909.70 | 2.29 | 10.87 | ||||||||||||
Class C | 1,000.00 | 909.80 | 2.29 | 10.87 | ||||||||||||
Class I | 1,000.00 | 914.60 | 1.19 | 5.66 | ||||||||||||
Class Q | 1,000.00 | 913.50 | 1.44 | 6.85 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.01 | 1.58 | % | $ | 7.92 | ||||||||
Class B | 1,000.00 | 1,013.48 | 2.29 | 11.46 | ||||||||||||
Class C | 1,000.00 | 1,013.48 | 2.29 | 11.46 | ||||||||||||
Class I | 1,000.00 | 1,018.95 | 1.19 | 5.97 | ||||||||||||
Class Q | 1,000.00 | 1,017.70 | 1.44 | 7.22 |
* | Expenses are equal to each Fund’s respective annualized expense rations multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year. |
(a) | Commencement of operations was February 12, 2008. Expenses paid reflect the 79 day period ended April 30, 2008. |
29
Table of Contents
Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING Asia-Pacific Real Estate Fund | November 1, 2007 | April 30, 2008 | Ratio | April 30, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 805.30 | 1.75 | % | $ | 7.86 | ||||||||
Class B | 1,000.00 | 802.10 | 2.50 | 11.20 | ||||||||||||
Class C | 1,000.00 | 802.50 | 2.50 | 11.20 | ||||||||||||
Class I | 1,000.00 | 805.20 | 1.50 | 6.73 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,016.16 | 1.75 | % | $ | 8.77 | ||||||||
Class B | 1,000.00 | 1,012.43 | 2.50 | 12.51 | ||||||||||||
Class C | 1,000.00 | 1,012.43 | 2.50 | 12.51 | ||||||||||||
Class I | 1,000.00 | 1,017.40 | 1.50 | 7.52 | ||||||||||||
ING Disciplined International SmallCap Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 844.80 | 1.07 | % | $ | 4.91 | ||||||||
Class B | 1,000.00 | 841.30 | 1.82 | 8.33 | ||||||||||||
Class C | 1,000.00 | 841.30 | 1.82 | 8.33 | ||||||||||||
Class I | 1,000.00 | 845.60 | 0.82 | 3.76 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.54 | 1.07 | % | $ | 5.37 | ||||||||
Class B | 1,000.00 | 1,015.81 | 1.82 | 9.12 | ||||||||||||
Class C | 1,000.00 | 1,015.81 | 1.82 | 9.12 | ||||||||||||
Class I | 1,000.00 | 1,020.79 | 0.82 | 4.12 | ||||||||||||
ING Emerging Countries Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 932.40 | 1.90 | % | $ | 9.13 | ||||||||
Class B | 1,000.00 | 928.70 | 2.65 | 12.71 | ||||||||||||
Class C | 1,000.00 | 929.10 | 2.65 | 12.71 | ||||||||||||
Class I | 1,000.00 | 933.80 | 1.57 | 7.55 | ||||||||||||
Class Q | 1,000.00 | 932.80 | 1.83 | 8.79 | ||||||||||||
Class W(a) | 1,000.00 | 1,072.70 | 1.54 | 3.44 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,015.42 | 1.90 | % | $ | 9.52 | ||||||||
Class B | 1,000.00 | 1,011.69 | 2.65 | 13.25 | ||||||||||||
Class C | 1,000.00 | 1,011.69 | 2.65 | 13.25 | ||||||||||||
Class I | 1,000.00 | 1,017.06 | 1.57 | 7.87 | ||||||||||||
Class Q | 1,000.00 | 1,015.76 | 1.83 | 9.17 | ||||||||||||
Class W | 1,000.00 | 1,017.21 | 1.54 | 7.72 |
* | Expenses are equal to each Fund’s respective annualized expense rations multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year. |
(a) | Commencement of operations was February 12, 2008. Expenses paid reflect the 79 day period ended April 30, 2008. |
30
Table of Contents
Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING European Real Estate Fund | November 1, 2007 | April 30, 2008 | Ratio | April 30, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 944.30 | 1.75 | % | $ | 8.46 | ||||||||
Class B | 1,000.00 | 940.50 | 2.50 | 12.06 | ||||||||||||
Class C | 1,000.00 | 939.80 | 2.50 | 12.06 | ||||||||||||
Class I | 1,000.00 | 946.20 | 1.50 | 7.26 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,016.16 | 1.75 | % | $ | 8.77 | ||||||||
Class B | 1,000.00 | 1,012.43 | 2.50 | 12.51 | ||||||||||||
Class C | 1,000.00 | 1,012.43 | 2.50 | 12.51 | ||||||||||||
Class I | 1,000.00 | 1,017.40 | 1.50 | 7.52 | ||||||||||||
ING Foreign Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 899.20 | 1.56 | % | $ | 7.37 | ||||||||
Class B | 1,000.00 | 895.20 | 2.31 | 10.88 | ||||||||||||
Class C | 1,000.00 | 895.80 | 2.31 | 10.89 | ||||||||||||
Class I | 1,000.00 | 900.80 | 1.24 | 5.86 | ||||||||||||
Class Q | 1,000.00 | 899.60 | 1.49 | 7.04 | ||||||||||||
Class W(a) | 1,000.00 | 1,050.80 | 1.23 | 2.72 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.11 | 1.56 | % | $ | 7.82 | ||||||||
Class B | 1,000.00 | 1,013.38 | 2.31 | 11.56 | ||||||||||||
Class C | 1,000.00 | 1,013.38 | 2.31 | 11.56 | ||||||||||||
Class I | 1,000.00 | 1,018.70 | 1.24 | 6.22 | ||||||||||||
Class Q | 1,000.00 | 1,017.45 | 1.49 | 7.47 | ||||||||||||
Class W | 1,000.00 | 1,018.75 | 1.23 | 6.17 | ||||||||||||
ING Greater China Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 816.80 | 1.87 | % | $ | 8.45 | ||||||||
Class B | 1,000.00 | 814.10 | 2.62 | 11.82 | ||||||||||||
Class C | 1,000.00 | 813.80 | 2.62 | 11.82 | ||||||||||||
Class I | 1,000.00 | 818.20 | 1.62 | 7.32 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,015.56 | 1.87 | % | $ | 9.37 | ||||||||
Class B | 1,000.00 | 1,011.83 | 2.62 | 13.11 | ||||||||||||
Class C | 1,000.00 | 1,011.83 | 2.62 | 13.11 | ||||||||||||
Class I | 1,000.00 | 1,016.81 | 1.62 | 8.12 |
* | Expenses are equal to each Fund’s respective annualized expense rations multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year. |
(a) | Commencement of operations was February 12, 2008. Expenses paid reflect the 79 day period ended April 30, 2008. |
31
Table of Contents
Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING Index Plus International Equity Fund | November 1, 2007 | April 30, 2008 | Ratio | April 30, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 883.00 | 1.51 | % | $ | 7.07 | ||||||||
Class B | 1,000.00 | 879.40 | 2.26 | 10.56 | ||||||||||||
Class C | 1,000.00 | 880.20 | 2.26 | 10.57 | ||||||||||||
Class I | 1,000.00 | 884.80 | 1.21 | 5.67 | ||||||||||||
Class O(a) | 1,000.00 | 941.20 | 1.51 | 6.85 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.35 | 1.51 | % | $ | 7.57 | ||||||||
Class B | 1,000.00 | 1,013.63 | 2.26 | 11.31 | ||||||||||||
Class C | 1,000.00 | 1,013.63 | 2.26 | 11.31 | ||||||||||||
Class I | 1,000.00 | 1,018.85 | 1.21 | 6.07 | ||||||||||||
Class O | 1,000.00 | 1,017.35 | 1.51 | 7.57 | ||||||||||||
ING International Capital Appreciation Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 898.20 | 1.50 | % | $ | 7.08 | ||||||||
Class B | 1,000.00 | 895.40 | 2.25 | 10.60 | ||||||||||||
Class C | 1,000.00 | 895.30 | 2.25 | 10.60 | ||||||||||||
Class I | 1,000.00 | 900.30 | 1.16 | 5.48 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.40 | 1.50 | % | $ | 7.52 | ||||||||
Class B | 1,000.00 | 1,013.67 | 2.25 | 11.27 | ||||||||||||
Class C | 1,000.00 | 1,013.67 | 2.25 | 11.27 | ||||||||||||
Class I | 1,000.00 | 1,019.10 | 1.16 | 5.82 | ||||||||||||
ING International Equity Dividend Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 905.10 | 1.40 | % | $ | 6.63 | ||||||||
Class B | 1,000.00 | 901.50 | 2.15 | 10.16 | ||||||||||||
Class C | 1,000.00 | 901.70 | 2.15 | 10.17 | ||||||||||||
Class I | 1,000.00 | 907.00 | 1.15 | 5.45 | ||||||||||||
Class W(b) | 1,000.00 | 1,070.50 | 1.00 | 2.23 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.90 | 1.40 | % | $ | 7.02 | ||||||||
Class B | 1,000.00 | 1,014.17 | 2.15 | 10.77 | ||||||||||||
Class C | 1,000.00 | 1,014.17 | 2.15 | 10.77 | ||||||||||||
Class I | 1,000.00 | 1,019.14 | 1.15 | 5.77 | ||||||||||||
Class W | 1,000.00 | 1,019.89 | 1.00 | 5.02 |
* | Expenses are equal to each Fund’s respective annualized expense rations multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year. |
(a) | Commencement of operations was November 12, 2007. Expenses paid reflect 171 day period ended April 30, 2008. |
(b) | Commencement of operations was February 12, 2008. Expenses paid reflect the 79 day period ended April 30, 2008. |
32
Table of Contents
Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING International Growth Opportunities Fund | November 1, 2007 | April 30, 2008 | Ratio | April 30, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 913.80 | 1.70 | % | $ | 8.09 | ||||||||
Class B | 1,000.00 | 910.30 | 2.45 | 11.64 | ||||||||||||
Class C | �� | 1,000.00 | 911.20 | 2.45 | 11.64 | |||||||||||
Class I | 1,000.00 | 916.00 | 1.33 | 6.34 | ||||||||||||
Class Q | 1,000.00 | 915.50 | 1.36 | 6.48 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,016.41 | 1.70 | % | $ | 8.52 | ||||||||
Class B | 1,000.00 | 1,012.68 | 2.45 | 12.26 | ||||||||||||
Class C | 1,000.00 | 1,012.68 | 2.45 | 12.26 | ||||||||||||
Class I | 1,000.00 | 1,018.25 | 1.33 | 6.67 | ||||||||||||
Class Q | 1,000.00 | 1,018.10 | 1.36 | 6.82 | ||||||||||||
ING International Real Estate Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 857.50 | 1.50 | % | $ | 6.93 | ||||||||
Class B | 1,000.00 | 854.20 | 2.25 | 10.37 | ||||||||||||
Class C | 1,000.00 | 854.30 | 2.25 | 10.37 | ||||||||||||
Class I | 1,000.00 | 858.90 | 1.20 | 5.55 | ||||||||||||
Class W(a) | 1,000.00 | 1,054.40 | 1.53 | 3.39 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.40 | 1.50 | % | $ | 7.52 | ||||||||
Class B | 1,000.00 | 1,013.67 | 2.25 | 11.27 | ||||||||||||
Class C | 1,000.00 | 1,013.67 | 2.25 | 11.27 | ||||||||||||
Class I | 1,000.00 | 1,018.90 | 1.20 | 6.02 | ||||||||||||
Class W | 1,000.00 | 1,017.26 | 1.53 | 7.67 |
* | Expenses are equal to each Fund’s respective annualized expense rations multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year. |
(a) | Commencement of operations was February 12, 2008. Expenses paid reflects the 79 day period ended April 30, 2008. |
33
Table of Contents
Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING International SmallCap Multi-Manager Fund | November 1, 2007 | April 30, 2008 | Ratio | April 30, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 821.80 | 1.66 | % | $ | 7.52 | ||||||||
Class B | 1,000.00 | 818.90 | 2.31 | 10.45 | ||||||||||||
Class C | 1,000.00 | 819.10 | 2.31 | 10.45 | ||||||||||||
Class I | 1,000.00 | 823.50 | 1.27 | 5.76 | ||||||||||||
Class Q | 1,000.00 | 822.40 | 1.52 | 6.89 | ||||||||||||
Class W(a) | 1,000.00 | 1,079.90 | 1.21 | 2.72 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,016.61 | 1.66 | % | $ | 8.32 | ||||||||
Class B | 1,000.00 | 1,013.38 | 2.31 | 11.56 | ||||||||||||
Class C | 1,000.00 | 1,013.38 | 2.31 | 11.56 | ||||||||||||
Class I | 1,000.00 | 1,018.55 | 1.27 | 6.37 | ||||||||||||
Class Q | 1,000.00 | 1,017.30 | 1.52 | 7.62 | ||||||||||||
Class W | 1,000.00 | 1,018.85 | 1.21 | 6.07 | ||||||||||||
ING International Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 911.60 | 1.59 | % | $ | 7.56 | ||||||||
Class B | 1,000.00 | 908.50 | 2.29 | 10.87 | ||||||||||||
Class C | 1,000.00 | 909.10 | 2.14 | 10.16 | ||||||||||||
Class I | 1,000.00 | 913.00 | 1.24 | 5.90 | ||||||||||||
Class Q | 1,000.00 | 913.20 | 1.24 | 5.90 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,016.96 | 1.59 | % | $ | 7.97 | ||||||||
Class B | 1,000.00 | 1,013.48 | 2.29 | 11.46 | ||||||||||||
Class C | 1,000.00 | 1,014.22 | 2.14 | 10.72 | ||||||||||||
Class I | 1,000.00 | 1,018.70 | 1.24 | 6.22 | ||||||||||||
Class Q | 1,000.00 | 1,018.70 | 1.24 | 6.22 |
* | Expenses are equal to each Fund’s respective annualized expense rations multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year. |
(a) | Commencement of operations was February 12, 2008. Expenses paid reflects the 79 day period ended April 30, 2008. |
34
Table of Contents
Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING International Value Choice Fund | November 1, 2007 | April 30, 2008 | Ratio | April 30, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 945.90 | 1.64 | % | $ | 7.93 | ||||||||
Class B | 1,000.00 | 942.50 | 2.39 | 11.54 | ||||||||||||
Class C | 1,000.00 | 942.50 | 2.39 | 11.54 | ||||||||||||
Class I | 1,000.00 | 947.70 | 1.31 | 6.34 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,016.71 | 1.64 | % | $ | 8.22 | ||||||||
Class B | 1,000.00 | 1,012.98 | 2.39 | 11.96 | ||||||||||||
Class C | 1,000.00 | 1,012.98 | 2.39 | 11.96 | ||||||||||||
Class I | 1,000.00 | 1,018.35 | 1.31 | 6.57 | ||||||||||||
ING International Value Opportunities Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 898.00 | 1.46 | % | $ | 6.89 | ||||||||
Class B | 1,000.00 | 897.60 | 2.21 | 10.43 | ||||||||||||
Class C | 1,000.00 | 894.70 | 2.21 | 10.41 | ||||||||||||
Class I | 1,000.00 | 898.10 | 1.20 | 5.66 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.60 | 1.46 | % | $ | 7.32 | ||||||||
Class B | 1,000.00 | 1,013.87 | 2.21 | 11.07 | ||||||||||||
Class C | 1,000.00 | 1,013.87 | 2.21 | 11.07 | ||||||||||||
Class I | 1,000.00 | 1,018.90 | 1.20 | 6.02 | ||||||||||||
ING Russia Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 986.90 | 2.03 | % | $ | 10.03 | ||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,014.77 | 2.03 | % | $ | 10.17 |
* | Expenses are equal to each Fund’s respective annualized expense rations multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year. |
35
Table of Contents
Beginning | Ending | Expenses Paid | ||||||||||||||
Account | Account | Annualized | During the | |||||||||||||
Value | Value | Expense | Period Ended | |||||||||||||
ING Emerging Markets Fixed Income Fund | November 1, 2007 | April 30, 2008 | Ratio | April 30, 2008* | ||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 991.80 | 1.08 | % | $ | 5.35 | ||||||||
Class B | 1,000.00 | 988.20 | 1.83 | 9.05 | ||||||||||||
Class C | 1,000.00 | 989.40 | 1.83 | 9.05 | ||||||||||||
Class I | 1,000.00 | 993.30 | 0.81 | 4.01 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.49 | 1.08 | % | $ | 5.42 | ||||||||
Class B | 1,000.00 | 1,015.76 | 1.83 | 9.17 | ||||||||||||
Class C | 1,000.00 | 1,015.76 | 1.83 | 9.17 | ||||||||||||
Class I | 1,000.00 | 1,020.84 | 0.81 | 4.07 | ||||||||||||
ING Global Bond Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,089.10 | 0.91 | % | $ | 4.73 | ||||||||
Class B | 1,000.00 | 1,084.30 | 1.66 | 8.60 | ||||||||||||
Class C | 1,000.00 | 1,084.60 | 1.66 | 8.60 | ||||||||||||
Class I | 1,000.00 | 1,093.90 | 0.64 | 3.33 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.34 | 0.91 | % | $ | 4.57 | ||||||||
Class B | 1,000.00 | 1,016.61 | 1.66 | 8.32 | ||||||||||||
Class C | 1,000.00 | 1,016.61 | 1.66 | 8.32 | ||||||||||||
Class I | 1,000.00 | 1,022.68 | 0.64 | 3.22 | ||||||||||||
ING Diversified International Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 891.80 | 0.29 | % | $ | 1.36 | ||||||||
Class B | 1,000.00 | 889.10 | 1.04 | 4.88 | ||||||||||||
Class C | 1,000.00 | 889.00 | 1.04 | 4.88 | ||||||||||||
Class I | 1,000.00 | 893.00 | 0.04 | 0.19 | ||||||||||||
Class R | 1,000.00 | 890.80 | 0.54 | 2.54 | ||||||||||||
Class W(a) | 1,000.00 | 1,070.70 | 0.04 | 0.09 | ||||||||||||
Hypothetical (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,023.42 | 0.29 | % | $ | 1.46 | ||||||||
Class B | 1,000.00 | 1,019.69 | 1.04 | 5.22 | ||||||||||||
Class C | 1,000.00 | 1,019.69 | 1.04 | 5.22 | ||||||||||||
Class I | 1,000.00 | 1,024.66 | 0.04 | 0.20 | ||||||||||||
Class R | 1,000.00 | 1,022.18 | 0.54 | 2.72 | ||||||||||||
Class W | 1,000.00 | 1,024.66 | 0.04 | 0.20 |
* | Expenses are equal to each Fund’s respective annualized expense rations multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half-year. |
(a) | Commencement of operations was February 12, 2008. Expenses paid reflect the 79 day period ended April 30, 2008. |
36
Table of Contents
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+* | $ | 274,563,193 | $ | 155,157,476 | $ | 1,541,143,945 | $ | 109,599,902 | ||||||||
Investments in affiliates** | — | — | 6,062,408 | — | ||||||||||||
Short-term investments at amortized cost | 26,118,895 | — | 345,858,275 | 37,226,816 | ||||||||||||
Cash | 7,712,520 | — | 6,555,148 | 1,498,179 | ||||||||||||
Foreign currencies at value*** | 3,478,163 | 138,581 | 160,756 | 20,190 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 51,797 | 2,208,875 | 13,523,495 | 1,485,791 | ||||||||||||
Fund shares sold | 900,856 | 172,667 | 25,744,588 | 202,519 | ||||||||||||
Dividends and interest | 1,366,295 | 36,258 | 3,895,484 | 244,147 | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | — | — | 5,141 | — | ||||||||||||
Prepaid expenses | 45,346 | 27,814 | 96,450 | 36,432 | ||||||||||||
Reimbursement due from manager | — | — | — | 161 | ||||||||||||
Total assets | 314,237,065 | 157,741,671 | 1,943,045,690 | 150,314,137 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investment securities purchased | 338,621 | 2,432,776 | 18,669,531 | — | ||||||||||||
Payable for fund shares redeemed | 1,570,397 | 236,614 | 2,418,253 | 298,864 | ||||||||||||
Payable upon receipt of securities loaned | 26,118,895 | — | 287,051,807 | 28,197,205 | ||||||||||||
Payable to affiliates | 331,981 | 147,739 | 1,515,162 | 127,835 | ||||||||||||
Payable to custodian due to bank overdraft | — | 101,105 | — | — | ||||||||||||
Payable for trustee fees | 1,335 | 24,841 | 5,922 | 20,759 | ||||||||||||
Other accrued expenses and liabilities | 84,357 | 45,251 | 230,354 | 96,977 | ||||||||||||
Total liabilities | 28,445,586 | 2,988,326 | 309,891,029 | 28,741,640 | ||||||||||||
NET ASSETS | $ | 285,791,479 | $ | 154,753,345 | $ | 1,633,154,661 | $ | 121,572,497 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||
Paid-in capital | $ | 300,127,446 | $ | 120,435,582 | $ | 1,656,858,695 | $ | 269,811,844 | ||||||||
Undistributed net investment income (distributions in excess of net investment income) | 2,035,617 | (279,560 | ) | (34,389,294 | ) | (67,675 | ) | |||||||||
Accumulated net realized gain (loss) on investments and foreign currency related transactions | 9,247,065 | 14,070,830 | (93,763,245 | ) | (149,454,285 | ) | ||||||||||
Net unrealized appreciation or depreciation on investments and foreign currency related transactions | (25,618,649 | ) | 20,526,493 | 104,448,505 | 1,282,613 | |||||||||||
NET ASSETS | $ | 285,791,479 | $ | 154,753,345 | $ | 1,633,154,661 | $ | 121,572,497 | ||||||||
+ Including securities loaned at value | $ | 24,920,677 | $ | — | $ | 278,334,069 | $ | 27,495,553 | ||||||||
* Cost of investments in securities | $ | 300,224,226 | $ | 134,633,766 | $ | 1,435,346,443 | $ | 108,313,808 | ||||||||
** Cost of investments in affiliates | $ | — | $ | — | $ | 7,399,318 | $ | — | ||||||||
*** Cost of foreign currencies | $ | 3,445,816 | $ | 132,590 | $ | 148,198 | $ | 20,252 |
37
Table of Contents
ING | ING | ING | ING | |||||||||||||
Global | Global | Global | Global | |||||||||||||
Equity Dividend | Natural Resources | Real Estate | Value Choice | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 125,759,571 | $ | 154,750,641 | $ | 1,106,337,082 | $ | 60,183,881 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 9,184,731 | 13,061,727 | 53,112,294 | 2,335,100 | ||||||||||||
Net asset value and redemption price per share | $ | 13.69 | $ | 11.85 | $ | 20.83 | $ | 25.77 | ||||||||
Maximum offering price per share (5.75%)(1) | $ | 14.53 | $ | 12.57 | $ | 22.10 | $ | 27.34 | ||||||||
Class B: | ||||||||||||||||
Net assets | $ | 42,034,345 | n/a | $ | 43,813,118 | $ | 15,299,451 | |||||||||
Shares authorized | unlimited | n/a | unlimited | unlimited | ||||||||||||
Par value | $ | — | n/a | $ | — | $ | — | |||||||||
Shares outstanding | 3,080,790 | n/a | 2,474,653 | 549,916 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 13.64 | n/a | $ | 17.70 | $ | 27.82 | |||||||||
Maximum offering price per share | $ | 13.64 | n/a | $ | 17.70 | $ | 27.82 | |||||||||
Class C: | ||||||||||||||||
Net assets | $ | 94,449,527 | n/a | $ | 262,465,512 | $ | 34,717,393 | |||||||||
Shares authorized | unlimited | n/a | unlimited | unlimited | ||||||||||||
Par value | $ | — | n/a | $ | — | $ | — | |||||||||
Shares outstanding | 6,937,681 | n/a | 14,095,568 | 1,405,045 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 13.61 | n/a | $ | 18.62 | $ | 24.71 | |||||||||
Maximum offering price per share | $ | 13.61 | n/a | $ | 18.62 | $ | 24.71 | |||||||||
Class I: | ||||||||||||||||
Net assets | $ | 884 | $ | 1,182 | $ | 171,945,933 | $ | 9,174,773 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 65 | 100 | 8,250,760 | 354,878 | ||||||||||||
Net asset value and redemption price per share | $ | 13.70 | $ | 11.84 | $ | 20.84 | $ | 25.85 | ||||||||
Maximum offering price per share | $ | 13.70 | $ | 11.84 | $ | 20.84 | $ | 25.85 | ||||||||
Class O: | ||||||||||||||||
Net assets | $ | 23,545,159 | n/a | $ | 22,291,559 | n/a | ||||||||||
Shares authorized | unlimited | n/a | unlimited | n/a | ||||||||||||
Par value | $ | — | n/a | $ | — | n/a | ||||||||||
Shares outstanding | 1,721,329 | n/a | 1,070,455 | n/a | ||||||||||||
Net asset value and redemption price per share | $ | 13.68 | n/a | $ | 20.82 | n/a | ||||||||||
Maximum offering price per share | $ | 13.68 | n/a | $ | 20.82 | n/a | ||||||||||
Class Q: | ||||||||||||||||
Net assets | n/a | n/a | n/a | $ | 2,196,999 | |||||||||||
Shares authorized | n/a | n/a | n/a | unlimited | ||||||||||||
Par value | n/a | n/a | n/a | $ | — | |||||||||||
Shares outstanding | n/a | n/a | n/a | 72,574 | ||||||||||||
Net asset value and redemption price per share | n/a | n/a | n/a | $ | 30.27 | |||||||||||
Maximum offering price per share | n/a | n/a | n/a | $ | 30.27 | |||||||||||
Class W: | ||||||||||||||||
Net assets | $ | 1,993 | $ | 1,522 | $ | 26,301,457 | n/a | |||||||||
Shares authorized | unlimited | unlimited | unlimited | n/a | ||||||||||||
Par value | $ | — | $ | — | $ | — | n/a | |||||||||
Shares outstanding | 134 | 103 | 1,260,344 | n/a | ||||||||||||
Net asset value and redemption price per share | $ | 14.85 | $ | 14.71 | $ | 20.87 | n/a | |||||||||
Maximum offering price per share | $ | 14.85 | $ | 14.71 | $ | 20.87 | n/a |
(1) | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
(2) | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
38
Table of Contents
ING | ING | ING | ING | |||||||||||||
Asia-Pacific | Disciplined | Emerging | European | |||||||||||||
Real Estate | International SmallCap | Countries | Real Estate | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in securities at value+* | $ | 4,693,951 | $ | 359,317,049 | $ | 259,556,698 | $ | 5,808,371 | ||||||||
Investments in affiliates** | 42,836 | 509,390 | — | — | ||||||||||||
Short-term investments at amortized cost | — | — | 49,486,831 | — | ||||||||||||
Cash | 213,128 | 5,331,423 | 540,793 | 308,566 | ||||||||||||
Foreign currencies at value*** | 1,360 | — | — | 5,063 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 36,851 | 23,401,093 | 536,772 | — | ||||||||||||
Fund shares sold | 62,950 | 283,062 | 13,219,594 | 104,160 | ||||||||||||
Dividends and interest | 13,545 | 1,659,106 | 1,552,518 | 11,700 | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | — | — | 19,038 | — | ||||||||||||
Prepaid expenses | 52,714 | 42,041 | 51,833 | 49,733 | ||||||||||||
Reimbursement due from manager | 9,778 | — | — | 7,999 | ||||||||||||
Total assets | 5,127,113 | 390,543,164 | 324,964,077 | 6,295,592 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investment securities purchased | 120,192 | 10,137,255 | 1,255,976 | 121,336 | ||||||||||||
Payable for fund shares redeemed | — | 479 | 631,948 | — | ||||||||||||
Payable upon receipt of securities loaned | — | — | 41,426,178 | — | ||||||||||||
Securities sold short | — | 171,124 | — | — | ||||||||||||
Payable to affiliates | 5,290 | 242,934 | 385,966 | 6,734 | ||||||||||||
Payable to custodian due to foreign currency overdraft**** | — | 4,926,457 | 7,091 | — | ||||||||||||
Payable for trustee fees | 405 | 3,249 | 44,303 | 460 | ||||||||||||
Other accrued expenses and liabilities | 12,265 | 191,590 | 153,997 | 7,478 | ||||||||||||
Payable for borrowings against line of credit | — | 8,880,000 | — | — | ||||||||||||
Total liabilities | 138,152 | 24,553,088 | 43,905,459 | 136,008 | ||||||||||||
NET ASSETS | $ | 4,988,961 | $ | 365,990,076 | $ | 281,058,618 | $ | 6,159,584 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||
Paid-in capital | $ | 6,035,329 | $ | 423,949,665 | $ | 250,945,580 | $ | 6,407,180 | ||||||||
Undistributed net investment income (distributions in excess of net investment income) | (6,981 | ) | 3,290,480 | 2,493,570 | 20,180 | |||||||||||
Accumulated net realized gain (loss) on investments and foreign currency related transactions | (638,046 | ) | (37,472,611 | ) | 15,010,517 | (328,657 | ) | |||||||||
Net unrealized appreciation or depreciation on investments and foreign currency related transactions | (401,341 | ) | (23,777,458 | ) | 12,608,951 | 60,881 | ||||||||||
NET ASSETS | $ | 4,988,961 | $ | 365,990,076 | $ | 281,058,618 | $ | 6,159,584 | ||||||||
+ Including securities loaned at value | $ | — | $ | — | $ | 40,938,398 | $ | — | ||||||||
* Cost of investments in securities | $ | 5,086,345 | $ | 383,068,272 | $ | 246,950,599 | $ | 5,747,361 | ||||||||
** Cost of investments in affiliates | $ | 51,688 | $ | 580,696 | $ | — | $ | — | ||||||||
*** Cost of foreign currencies | $ | 942 | $ | — | $ | — | $ | 4,807 | ||||||||
**** Cost of foreign currency overdraft | $ | — | $ | 4,928,093 | $ | 7,101 | $ | — | ||||||||
Proceeds from securities sold short | $ | — | $ | 169,952 | $ | — | $ | — |
39
Table of Contents
ING | ING | ING | ING | |||||||||||||||||
Asia-Pacific | Disciplined | Emerging | European | |||||||||||||||||
Real Estate | International SmallCap | Countries | Real Estate | |||||||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||||||
Class A: | ||||||||||||||||||||
Net assets | $ | 4,837,379 | $ | 108,605 | $ | 172,255,850 | $ | 6,012,627 | ||||||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Shares outstanding | 604,393 | 10,897 | 4,650,523 | 638,752 | ||||||||||||||||
Net asset value and redemption price per share | $ | 8.00 | $ | 9.97 | $ | 37.04 | $ | 9.41 | ||||||||||||
Maximum offering price per share (5.75%)(1) | $ | 8.49 | $ | 10.58 | $ | 39.30 | $ | 9.98 | ||||||||||||
Class B: | ||||||||||||||||||||
Net assets | $ | 25,439 | $ | 5,274 | $ | 13,623,444 | $ | 11,899 | ||||||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Shares outstanding | 3,187 | 531 | 373,668 | 1,266 | ||||||||||||||||
Net asset value and redemption price per share(2) | $ | 7.98 | $ | 9.92 | $ | 36.46 | $ | 9.40 | ||||||||||||
Maximum offering price per share | $ | 7.98 | $ | 9.92 | $ | 36.46 | $ | 9.40 | ||||||||||||
Class C: | ||||||||||||||||||||
Net assets | $ | 125,336 | $ | 7,770 | $ | 46,298,091 | $ | 134,107 | ||||||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Shares outstanding | 15,680 | 783 | 1,348,298 | 14,290 | ||||||||||||||||
Net asset value and redemption price per share(2) | $ | 7.99 | $ | 9.92 | $ | 34.34 | $ | 9.38 | ||||||||||||
Maximum offering price per share | $ | 7.99 | $ | 9.92 | $ | 34.34 | $ | 9.38 | ||||||||||||
Class I: | ||||||||||||||||||||
Net assets | $ | 807 | $ | 365,868,427 | $ | 31,030,383 | $ | 951 | ||||||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Shares outstanding | 101 | 36,598,105 | 836,225 | 101 | ||||||||||||||||
Net asset value and redemption price per share | $ | 7.99 | $ | 10.00 | $ | 37.11 | $ | 9.42 | ||||||||||||
Maximum offering price per share | $ | 7.99 | $ | 10.00 | $ | 37.11 | $ | 9.42 | ||||||||||||
Class Q: | ||||||||||||||||||||
Net assets | n/a | n/a | $ | 17,773,269 | n/a | |||||||||||||||
Shares authorized | n/a | n/a | unlimited | n/a | ||||||||||||||||
Par value | n/a | n/a | $ | — | n/a | |||||||||||||||
Shares outstanding | n/a | n/a | 463,334 | n/a | ||||||||||||||||
Net asset value and redemption price per share | n/a | n/a | $ | 38.36 | n/a | |||||||||||||||
Maximum offering price per share | n/a | n/a | $ | 38.36 | n/a | |||||||||||||||
Class W: | ||||||||||||||||||||
Net assets | n/a | n/a | $ | 77,581 | n/a | |||||||||||||||
Shares authorized | n/a | n/a | unlimited | n/a | ||||||||||||||||
Par value | n/a | n/a | $ | — | n/a | |||||||||||||||
Shares outstanding | n/a | n/a | 1,999 | n/a | ||||||||||||||||
Net asset value and redemption price per share | n/a | n/a | $ | 38.81 | n/a | |||||||||||||||
Maximum offering price per share | n/a | n/a | $ | 38.81 | n/a |
(1) | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
(2) | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
40
Table of Contents
ING | ING | ING | ||||||||||||||
ING | Greater | Index Plus | International | |||||||||||||
Foreign | China | International Equity | Capital Appreciation | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in securities at value+* | $ | 646,488,747 | $ | 61,587,628 | $ | 267,892,469 | $ | 144,942,381 | ||||||||
Short-term investments at amortized cost | 38,752,391 | — | — | — | ||||||||||||
Cash | 2,247,463 | 841,020 | 1,422,407 | 1,404,156 | ||||||||||||
Foreign currencies at value** | 37,339,879 | 290,707 | 5,801,516 | 76,260 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 3,767,722 | — | 11,393,846 | 1,420,519 | ||||||||||||
Fund shares sold | 5,923,395 | 289,795 | 237,992 | 142,164 | ||||||||||||
Dividends and interest | 1,295,992 | 82,247 | 1,299,173 | 513,293 | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | 518,219 | — | — | — | ||||||||||||
Prepaid expenses | 67,628 | 32,463 | 46,165 | 32,087 | ||||||||||||
Reimbursement due from manager | — | — | 1,318 | — | ||||||||||||
Total assets | 736,401,436 | 63,123,860 | 288,094,886 | 148,530,860 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investment securities purchased | 9,153,779 | — | 3,516,752 | 764,393 | ||||||||||||
Payable for fund shares redeemed | 2,472,799 | 275,314 | 8,724,662 | 1,062,756 | ||||||||||||
Payable upon receipt of securities loaned | 36,733,478 | — | — | — | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | 1,812,740 | — | — | — | ||||||||||||
Payable to affiliates | 861,588 | 81,839 | 172,252 | 142,148 | ||||||||||||
Payable for trustee fees | — | 842 | 1,341 | 292 | ||||||||||||
Other accrued expenses and liabilities | 316,260 | 56,010 | 17,849 | 77,048 | ||||||||||||
Total liabilities | 51,350,644 | 414,005 | 12,432,856 | 2,046,637 | ||||||||||||
NET ASSETS | $ | 685,050,792 | $ | 62,709,855 | $ | 275,662,030 | $ | 146,484,223 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||
Paid-in capital | $ | 552,184,682 | $ | 47,817,049 | $ | 286,092,875 | $ | 135,656,872 | ||||||||
Undistributed net investment income (distributions in excess of net investment income) | 5,226,340 | (445,334 | ) | 1,805,161 | 452,293 | |||||||||||
Accumulated net realized gain (loss) on investments, foreign currency related transactions and futures | (5,614,081 | ) | 5,956,146 | (10,031,393 | ) | (1,499,442 | ) | |||||||||
Net unrealized appreciation or depreciation on investments, foreign currency related transactions and futures | 133,253,851 | 9,381,994 | (2,204,613 | ) | 11,874,500 | |||||||||||
NET ASSETS | $ | 685,050,792 | $ | 62,709,855 | $ | 275,662,030 | $ | 146,484,223 | ||||||||
+ Including securities loaned at value | $ | 35,644,703 | $ | — | $ | — | $ | — | ||||||||
* Cost of investments in securities | $ | 512,253,300 | $ | 52,205,377 | $ | 270,139,326 | $ | 133,066,292 | ||||||||
** Cost of foreign currencies | $ | 37,027,568 | $ | 290,950 | $ | 5,755,468 | $ | 76,115 |
41
Table of Contents
ING | ING | ING | ||||||||||||||||||
ING | Greater | Index Plus | International | |||||||||||||||||
Foreign | China | International Equity | Capital Appreciation | |||||||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||||||
Class A: | ||||||||||||||||||||
Net assets | $ | 329,490,364 | $ | 50,060,904 | $ | 19,355,183 | $ | 4,854,874 | ||||||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Shares outstanding | 16,627,569 | 2,810,416 | 1,777,637 | 381,569 | ||||||||||||||||
Net asset value and redemption price per share | $ | 19.82 | $ | 17.81 | $ | 10.89 | $ | 12.72 | ||||||||||||
Maximum offering price per share (5.75%)(1) | $ | 21.03 | $ | 18.90 | $ | 11.55 | $ | 13.50 | ||||||||||||
Class B: | ||||||||||||||||||||
Net assets | $ | 40,607,079 | $ | 5,561,449 | $ | 3,919,855 | $ | 813,490 | ||||||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Shares outstanding | 2,131,100 | 316,371 | 362,129 | 64,890 | ||||||||||||||||
Net asset value and redemption price per share(2) | $ | 19.05 | $ | 17.58 | $ | 10.82 | $ | 12.54 | ||||||||||||
Maximum offering price per share | $ | 19.05 | $ | 17.58 | $ | 10.82 | $ | 12.54 | ||||||||||||
Class C: | ||||||||||||||||||||
Net assets | $ | 202,481,908 | $ | 7,032,523 | $ | 2,649,416 | $ | 1,146,854 | ||||||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Shares outstanding | 10,605,615 | 399,691 | 244,943 | 91,230 | ||||||||||||||||
Net asset value and redemption price per share(2) | $ | 19.09 | $ | 17.59 | $ | 10.82 | $ | 12.57 | ||||||||||||
Maximum offering price per share | $ | 19.09 | $ | 17.59 | $ | 10.82 | $ | 12.57 | ||||||||||||
Class I: | ||||||||||||||||||||
Net assets | $ | 111,681,440 | $ | 54,979 | $ | 169,088,750 | $ | 139,669,005 | ||||||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Shares outstanding | 5,532,819 | 3,083 | 15,443,774 | 10,957,525 | ||||||||||||||||
Net asset value and redemption price per share | $ | 20.19 | $ | 17.83 | $ | 10.95 | $ | 12.75 | ||||||||||||
Maximum offering price per share | $ | 20.19 | $ | 17.83 | $ | 10.95 | $ | 12.75 | ||||||||||||
Class O: | ||||||||||||||||||||
Net assets | n/a | n/a | $ | 80,648,826 | n/a | |||||||||||||||
Shares authorized | n/a | n/a | unlimited | n/a | ||||||||||||||||
Par value | n/a | n/a | $ | — | n/a | |||||||||||||||
Shares outstanding | n/a | n/a | 7,449,730 | n/a | ||||||||||||||||
Net asset value and redemption price per share | n/a | n/a | $ | 10.83 | n/a | |||||||||||||||
Maximum offering price per share | n/a | n/a | $ | 10.83 | n/a | |||||||||||||||
Class Q: | ||||||||||||||||||||
Net assets | $ | 707,049 | n/a | n/a | n/a | |||||||||||||||
Shares authorized | unlimited | n/a | n/a | n/a | ||||||||||||||||
Par value | $ | — | n/a | n/a | n/a | |||||||||||||||
Shares outstanding | 35,516 | n/a | n/a | n/a | ||||||||||||||||
Net asset value and redemption price per share | $ | 19.91 | n/a | n/a | n/a | |||||||||||||||
Maximum offering price per share | $ | 19.91 | n/a | n/a | n/a | |||||||||||||||
Class W: | ||||||||||||||||||||
Net assets | $ | 82,952 | n/a | n/a | n/a | |||||||||||||||
Shares authorized | unlimited | n/a | n/a | n/a | ||||||||||||||||
Par value | $ | — | n/a | n/a | n/a | |||||||||||||||
Shares outstanding | 3,854 | n/a | n/a | n/a | ||||||||||||||||
Net asset value and redemption price per share | $ | 21.52 | n/a | n/a | n/a | |||||||||||||||
Maximum offering price per share | $ | 21.52 | n/a | n/a | n/a |
(1) | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
(2) | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
42
Table of Contents
ING | ING | ING | ING | |||||||||||||
International | International | International | International SmallCap | |||||||||||||
Equity Dividend | Growth Opportunities | Real Estate | Multi-Manager | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in securities at value+* | $ | 51,228,803 | $ | 121,367,620 | $ | 641,516,497 | $ | 854,870,054 | ||||||||
Investments in affiliates** | — | — | 3,080,031 | — | ||||||||||||
Short-term investments in affiliates at amortized cost | — | 1,925,000 | — | — | ||||||||||||
Short-term investments at amortized cost | — | 7,519,030 | 21,652,068 | 22,804,868 | ||||||||||||
Cash | 2,676,890 | 57,477 | 2,404,070 | 3,970,805 | ||||||||||||
Foreign currencies at value*** | 17,300 | 219,776 | 102,707 | 12,595,794 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 4,982 | — | 2,419,653 | 8,994,200 | ||||||||||||
Fund shares sold | 68,276 | 91,309 | 3,640,121 | 1,285,510 | ||||||||||||
Dividends and interest | 334,068 | 366,227 | 2,322,370 | 4,824,641 | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | — | — | 20,894 | 4,536 | ||||||||||||
Prepaid expenses | 74,577 | 29,535 | 56,198 | 77,210 | ||||||||||||
Reimbursement due from manager | 3,344 | — | — | — | ||||||||||||
Total assets | 54,408,240 | 131,575,974 | 677,214,609 | 909,427,618 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investment securities purchased | 70,050 | — | 9,562,242 | 3,116,324 | ||||||||||||
Payable for fund shares redeemed | 436,256 | 202,698 | 5,128,202 | 5,462,719 | ||||||||||||
Payable upon receipt of securities loaned | — | 6,906,030 | — | 20,033,988 | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | — | — | — | 2,939 | ||||||||||||
Payable to affiliates | 39,653 | 151,291 | 693,682 | 975,154 | ||||||||||||
Payable for trustee fees | 721 | 23,173 | — | 1,858 | ||||||||||||
Other accrued expenses and liabilities | 80,759 | 48,369 | 179,387 | 367,709 | ||||||||||||
Accrued foreign taxes on capital gains | — | 98,920 | — | 30,110 | ||||||||||||
Total liabilities | 627,439 | 7,430,481 | 15,563,513 | 29,990,801 | ||||||||||||
NET ASSETS | $ | 53,780,801 | $ | 124,145,493 | $ | 661,651,096 | $ | 879,436,817 | ||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||
Paid-in capital | $ | 57,079,049 | $ | 113,188,249 | $ | 700,834,499 | $ | 884,508,589 | ||||||||
Undistributed net investment income | 341,256 | 162,166 | 1,117,494 | 4,759,943 | ||||||||||||
Accumulated net realized gain (loss) on investments, foreign currency related transactions and written options | (412,937 | ) | 3,235,449 | (52,126,039 | ) | (33,849,814 | ) | |||||||||
Net unrealized appreciation or depreciation on investments, foreign currency related transactions and written options | (3,226,567 | ) | 7,559,629 | 11,825,142 | 24,018,099 | |||||||||||
NET ASSETS | $ | 53,780,801 | $ | 124,145,493 | $ | 661,651,096 | $ | 879,436,817 | ||||||||
+ Including securities loaned at value | $ | — | $ | 6,802,640 | $ | — | $ | 18,839,445 | ||||||||
* Cost of investments in securities | $ | 54,454,451 | $ | 113,817,942 | $ | 629,083,193 | $ | 830,838,491 | ||||||||
** Cost of investments in affiliates | $ | — | $ | — | $ | 3,712,980 | $ | — | ||||||||
*** Cost of foreign currencies | $ | 17,709 | $ | 220,786 | $ | 88,744 | $ | 12,599,520 |
43
Table of Contents
ING | ING | ING | ING | |||||||||||||
International | International | International | International SmallCap | |||||||||||||
Equity Dividend | Growth Opportunities | Real Estate | Multi-Manager | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 3,660,871 | $ | 56,569,734 | $ | 222,496,224 | $ | 380,647,894 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 390,016 | 4,720,415 | 18,477,954 | 8,184,535 | ||||||||||||
Net asset value and redemption price per share | $ | 9.39 | $ | 11.98 | $ | 12.04 | $ | 46.51 | ||||||||
Maximum offering price per share (5.75%)(1) | $ | 9.96 | $ | 12.71 | $ | 12.77 | $ | 49.35 | ||||||||
Class B: | ||||||||||||||||
Net assets | $ | 298,605 | $ | 12,626,370 | $ | 8,502,084 | $ | 37,736,285 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 31,880 | 1,111,681 | 709,112 | 783,062 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 9.37 | $ | 11.36 | $ | 11.99 | $ | 48.19 | ||||||||
Maximum offering price per share | $ | 9.37 | $ | 11.36 | $ | 11.99 | $ | 48.19 | ||||||||
Class C: | ||||||||||||||||
Net assets | $ | 1,553,992 | $ | 16,774,995 | $ | 96,014,089 | $ | 72,979,367 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 165,923 | 1,474,591 | 8,015,332 | 1,680,318 | ||||||||||||
Net asset value and redemption price per share(2) | $ | 9.37 | $ | 11.38 | $ | 11.98 | $ | 43.43 | ||||||||
Maximum offering price per share | $ | 9.37 | $ | 11.38 | $ | 11.98 | $ | 43.43 | ||||||||
Class I: | ||||||||||||||||
Net assets | $ | 48,266,336 | $ | 12,238,334 | $ | 334,524,873 | $ | 285,673,459 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | — | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 5,138,987 | 1,025,297 | 27,726,984 | 6,123,931 | ||||||||||||
Net asset value and redemption price per share | $ | 9.39 | $ | 11.94 | $ | 12.06 | $ | 46.65 | ||||||||
Maximum offering price per share | $ | 9.39 | $ | 11.94 | $ | 12.06 | $ | 46.65 | ||||||||
Class Q: | ||||||||||||||||
Net assets | n/a | $ | 25,936,060 | n/a | $ | 102,129,283 | ||||||||||
Shares authorized | n/a | unlimited | n/a | unlimited | ||||||||||||
Par value | n/a | $ | — | n/a | $ | — | ||||||||||
Shares outstanding | n/a | 2,186,227 | n/a | 2,018,900 | ||||||||||||
Net asset value and redemption price per share | n/a | $ | 11.86 | n/a | $ | 50.59 | ||||||||||
Maximum offering price per share | n/a | $ | 11.86 | n/a | $ | 50.59 | ||||||||||
Class W: | ||||||||||||||||
Net assets | $ | 997 | n/a | $ | 113,826 | $ | 270,529 | |||||||||
Shares authorized | unlimited | n/a | unlimited | unlimited | ||||||||||||
Par value | $ | — | n/a | $ | — | $ | — | |||||||||
Shares outstanding | 106 | n/a | 9,441 | 4,941 | ||||||||||||
Net asset value and redemption price per share | $ | 9.41 | n/a | $ | 12.06 | $ | 54.75 | |||||||||
Maximum offering price per share | $ | 9.41 | n/a | $ | 12.06 | $ | 54.75 |
(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. |
44
Table of Contents
ING | ING | ING | ||||||||||||||||||
International | International | International | ING | |||||||||||||||||
Value | Value Choice | Value Opportunities | Russia | |||||||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments in securities at value+* | $ | 4,116,620,251 | $ | 71,852,579 | $ | 9,048,844 | $ | 882,778,079 | ||||||||||||
Short-term investments at amortized cost | 213,284,180 | 3,573,846 | — | 176,807,367 | ||||||||||||||||
Cash | 3,865,529 | 1,531,431 | 449,752 | 14,286,287 | ||||||||||||||||
Foreign currencies at value** | 677 | — | — | — | ||||||||||||||||
Receivables: | ||||||||||||||||||||
Investment securities sold | — | 81,129 | — | — | ||||||||||||||||
Fund shares sold | 8,738,135 | 73,079 | — | 2,669,140 | ||||||||||||||||
Dividends and interest | 37,069,467 | 209,764 | 72,259 | 1,177,729 | ||||||||||||||||
Prepaid expenses | 68,100 | 29,324 | 29,506 | 21,993 | ||||||||||||||||
Reimbursement due from manager | — | — | 8,744 | — | ||||||||||||||||
Total assets | 4,379,646,339 | 77,351,152 | 9,609,105 | 1,077,740,595 | ||||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payable for investment securities purchased | — | 582,299 | — | — | ||||||||||||||||
Payable for fund shares redeemed | 13,397,009 | 1,137,761 | — | 1,559,214 | ||||||||||||||||
Payable upon receipt of securities loaned | 184,006,441 | — | — | 176,807,367 | ||||||||||||||||
Payable to affiliates | 4,766,641 | 78,606 | 8,761 | 1,169,835 | ||||||||||||||||
Payable to custodian due to foreign currency overdraft*** | — | 1,766 | 81,379 | — | ||||||||||||||||
Payable for trustee fees | 53,714 | 2,358 | 951 | 26,213 | ||||||||||||||||
Other accrued expenses and liabilities | 1,950,344 | 46,070 | 99,182 | 939,845 | ||||||||||||||||
Total liabilities | 204,174,149 | 1,848,860 | 190,273 | 180,502,474 | ||||||||||||||||
NET ASSETS | $ | 4,175,472,190 | $ | 75,502,292 | $ | 9,418,832 | $ | 897,238,121 | ||||||||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||||||||||
Paid-in capital | $ | 3,440,036,499 | $ | 72,310,778 | $ | 10,108,633 | $ | 462,600,035 | ||||||||||||
Undistributed net investment income (accumulated net investment loss) | 42,724,658 | 313,988 | 77,070 | (5,572,612 | ) | |||||||||||||||
Accumulated net realized gain (loss) on investments and foreign currency related transactions | 471,430,245 | 3,951,811 | (261,888 | ) | 137,449,196 | |||||||||||||||
Net unrealized appreciation or depreciation on investments and foreign currency related transactions | 221,280,788 | (1,074,285 | ) | (504,983 | ) | 302,761,502 | ||||||||||||||
NET ASSETS | $ | 4,175,472,190 | $ | 75,502,292 | $ | 9,418,832 | $ | 897,238,121 | ||||||||||||
+ Including securities loaned at value | $ | 176,689,317 | $ | — | $ | — | $ | 171,977,516 | ||||||||||||
* Cost of investments in securities | $ | 3,895,269,712 | $ | 72,920,597 | $ | 9,554,786 | $ | 580,017,723 | ||||||||||||
** Cost of foreign currencies | $ | 638 | $ | — | $ | — | $ | — | ||||||||||||
*** Cost of foreign currency overdraft | $ | — | $ | 1,720 | $ | 81,638 | $ | — |
45
Table of Contents
ING | ING | ING | ||||||||||||||
International | International | International | ING | |||||||||||||
Value | Value Choice | Value Opportunities | Russia | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Class A: | ||||||||||||||||
Net assets | $ | 1,767,377,527 | $ | 15,265,134 | $ | 9,361,037 | $ | 897,238,121 | ||||||||
Shares authorized | unlimited | unlimited | unlimited | unlimited | ||||||||||||
Par value | $ | 0.01 | $ | — | $ | — | $ | — | ||||||||
Shares outstanding | 100,004,682 | 1,276,602 | 1,005,854 | 13,599,698 | ||||||||||||
Net asset value and redemption price per share | $ | 17.67 | $ | 11.96 | $ | 9.31 | $ | 65.97 | ||||||||
Maximum offering price per share (5.75%)(1) | $ | 18.75 | $ | 12.69 | $ | 9.88 | $ | 69.99 | ||||||||
Class B: | ||||||||||||||||
Net assets | $ | 193,236,057 | $ | 3,259,149 | $ | 19,080 | n/a | |||||||||
Shares authorized | unlimited | unlimited | unlimited | n/a | ||||||||||||
Par value | $ | 0.01 | $ | — | $ | — | n/a | |||||||||
Shares outstanding | 11,146,875 | 275,955 | 2,039 | n/a | ||||||||||||
Net asset value and redemption price per share(2) | $ | 17.34 | $ | 11.81 | $ | 9.36 | n/a | |||||||||
Maximum offering price per share | $ | 17.34 | $ | 11.81 | $ | 9.36 | n/a | |||||||||
Class C: | ||||||||||||||||
Net assets | $ | 619,064,877 | $ | 4,178,699 | $ | 37,765 | n/a | |||||||||
Shares authorized | unlimited | unlimited | unlimited | n/a | ||||||||||||
Par value | $ | 0.01 | $ | — | $ | — | n/a | |||||||||
Shares outstanding | 36,019,213 | 352,895 | 4,107 | n/a | ||||||||||||
Net asset value and redemption price per share(2) | $ | 17.19 | $ | 11.84 | $ | 9.20 | n/a | |||||||||
Maximum offering price per share | $ | 17.19 | $ | 11.84 | $ | 9.20 | n/a | |||||||||
Class I: | ||||||||||||||||
Net assets | $ | 1,573,084,226 | $ | 52,799,310 | $ | 950 | n/a | |||||||||
Shares authorized | unlimited | unlimited | unlimited | n/a | ||||||||||||
Par value | $ | 0.01 | $ | — | $ | — | n/a | |||||||||
Shares outstanding | 88,957,450 | 4,419,835 | 102 | n/a | ||||||||||||
Net asset value and redemption price per share | $ | 17.68 | $ | 11.95 | $ | 9.31 | n/a | |||||||||
Maximum offering price per share | $ | 17.68 | $ | 11.95 | $ | 9.31 | n/a | |||||||||
Class Q: | ||||||||||||||||
Net assets | $ | 22,709,503 | n/a | n/a | n/a | |||||||||||
Shares authorized | unlimited | n/a | n/a | n/a | ||||||||||||
Par value | $ | 0.01 | n/a | n/a | n/a | |||||||||||
Shares outstanding | 1,281,673 | n/a | n/a | n/a | ||||||||||||
Net asset value and redemption price per share | $ | 17.72 | n/a | n/a | n/a | |||||||||||
Maximum offering price per share | $ | 17.72 | n/a | n/a | n/a |
(1) | Maximum offering price is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
(2) | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
46
Table of Contents
ING | ING | ING | ||||||||||
Emerging Markets | Global | Diversified | ||||||||||
Fixed Income | Bond | International | ||||||||||
Fund | Fund | Fund | ||||||||||
ASSETS: | ||||||||||||
Investments in securities at value* | $ | 274,400,594 | $ | 66,068,075 | $ | — | ||||||
Investments in affiliated underlying funds at value** | — | — | 566,022,871 | |||||||||
Short-term investments in affiliates at amortized cost | — | 37,125,000 | — | |||||||||
Short-term investments at amortized cost | — | 6,456,315 | — | |||||||||
Cash | 8,362,062 | — | — | |||||||||
Cash collateral for futures | 90,600 | 436,928 | — | |||||||||
Foreign currencies at value*** | 5,505,713 | 2,335,787 | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 1,303,562 | 2,987,145 | — | |||||||||
Fund shares sold | 337,701 | 1,602,575 | 2,228,531 | |||||||||
Dividends and interest | 4,701,428 | 501,203 | — | |||||||||
Futures variation margin | 29,719 | 63,932 | — | |||||||||
Unrealized appreciation on forward foreign currency contracts | — | 388,230 | — | |||||||||
Unrealized appreciation on swap agreements | — | 105,824 | — | |||||||||
Prepaid expenses | 40,716 | 48,541 | 66,843 | |||||||||
Reimbursement due from manager | — | — | 132,441 | |||||||||
Total assets | 294,772,095 | 118,119,555 | 568,450,686 | |||||||||
LIABILITIES: | ||||||||||||
Payable for investment securities purchased | 3,481,311 | 9,321,881 | 396,750 | |||||||||
Payable for fund shares redeemed | 21,282 | 135,717 | 1,312,314 | |||||||||
Payable for futures variation margin | — | 2,651 | — | |||||||||
Unrealized depreciation on forward foreign currency contracts | 217,625 | 726,428 | — | |||||||||
Upfront payments received on swap agreements | — | 2,827 | — | |||||||||
Unrealized depreciation on swap agreements | — | 166,986 | — | |||||||||
Income distribution payable | — | 276,596 | — | |||||||||
Payable to affiliates | 188,199 | 77,576 | 280,734 | |||||||||
Payable to custodian due to bank overdraft | — | 156,070 | 35,396 | |||||||||
Payable for trustee fees | 208 | 539 | 395 | |||||||||
Other accrued expenses and liabilities | 39,915 | 19,755 | 35,584 | |||||||||
Total liabilities | 3,948,540 | 10,887,026 | 2,061,173 | |||||||||
NET ASSETS | $ | 290,823,555 | $ | 107,232,529 | $ | 566,389,513 | ||||||
NET ASSETS WERE COMPRISED OF: | ||||||||||||
Paid-in capital | $ | 303,077,120 | $ | 105,433,584 | $ | 525,965,612 | ||||||
Undistributed net investment income (distributions in excess of net investment income) | 122,442 | (2,584,756 | ) | (555,752 | ) | |||||||
Accumulated net realized gain (loss) on investments, foreign currency related transactions, futures and swaps | (2,314,726 | ) | 3,193,777 | 27,081,186 | ||||||||
Net unrealized appreciation or depreciation on investments, foreign currency related transactions, futures and swaps | (10,061,281 | ) | 1,189,924 | 13,898,467 | ||||||||
NET ASSETS | $ | 290,823,555 | $ | 107,232,529 | $ | 566,389,513 | ||||||
* Cost of investments in securities | $ | 284,184,294 | $ | 64,053,456 | $ | — | ||||||
** Cost of investments in affiliated underlying funds | $ | — | $ | — | $ | 552,124,404 | ||||||
*** Cost of foreign currencies | $ | 5,509,629 | $ | 2,316,164 | $ | — |
47
Table of Contents
ING | ING | ING | ||||||||||
Emerging Markets | Global | Diversified | ||||||||||
Fixed Income | Bond | International | ||||||||||
Fund | Fund | Fund | ||||||||||
Class A: | ||||||||||||
Net assets | $ | 4,658,060 | $ | 79,230,203 | $ | 365,179,796 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | — | $ | — | $ | — | ||||||
Shares outstanding | 466,224 | 7,304,124 | 28,027,929 | |||||||||
Net asset value and redemption price per share | $ | 9.99 | $ | 10.85 | $ | 13.03 | ||||||
Maximum offering price per share | $ | 10.25 | (1) | $ | 11.13 | (1) | $ | 13.82 | (2) | |||
Class B: | ||||||||||||
Net assets | $ | 333,987 | $ | 3,429,390 | $ | 39,652,273 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | — | $ | — | $ | — | ||||||
Shares outstanding | 33,517 | 316,708 | 3,063,071 | |||||||||
Net asset value and redemption price per share(3) | $ | 9.96 | $ | 10.83 | $ | 12.95 | ||||||
Maximum offering price per share | $ | 9.96 | $ | 10.83 | $ | 12.95 | ||||||
Class C: | ||||||||||||
Net assets | $ | 1,900,490 | $ | 23,254,279 | $ | 160,477,589 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | — | $ | — | $ | — | ||||||
Shares outstanding | 190,867 | 2,139,100 | 12,413,178 | |||||||||
Net asset value and redemption price per share(3) | $ | 9.96 | $ | 10.87 | $ | 12.93 | ||||||
Maximum offering price per share | $ | 9.96 | $ | 10.87 | $ | 12.93 | ||||||
Class I: | ||||||||||||
Net assets | $ | 283,931,018 | $ | 1,318,657 | $ | 27,724 | ||||||
Shares authorized | unlimited | unlimited | unlimited | |||||||||
Par value | $ | — | $ | — | $ | — | ||||||
Shares outstanding | 28,495,333 | 121,878 | 2,128 | |||||||||
Net asset value and redemption price per share | $ | 9.96 | $ | 10.82 | $ | 13.03 | ||||||
Maximum offering price per share | $ | 9.96 | $ | 10.82 | $ | 13.03 | ||||||
Class R: | ||||||||||||
Net assets | n/a | n/a | $ | 345,050 | ||||||||
Shares authorized | n/a | n/a | unlimited | |||||||||
Par value | n/a | n/a | $ | — | ||||||||
Shares outstanding | n/a | n/a | 26,728 | |||||||||
Net asset value and redemption price per share | n/a | n/a | $ | 12.91 | ||||||||
Maximum offering price per share | n/a | n/a | $ | 12.91 | ||||||||
Class W: | ||||||||||||
Net assets | n/a | n/a | $ | 707,081 | ||||||||
Shares authorized | n/a | n/a | unlimited | |||||||||
Par value | n/a | n/a | $ | — | ||||||||
Shares outstanding | n/a | n/a | 54,286 | |||||||||
Net asset value and redemption price per share | n/a | n/a | $ | 13.03 | ||||||||
Maximum offering price per share | n/a | n/a | $ | 13.03 |
(1) | Maximum offering price is 2.50% and is computed at 100/97.50 of net asset value. On purchases of $99,999 or more, the offering price is reduced. |
(2) | Maximum offering price is 5.75% and is computed at 100/94.25 of net asset value. On purchases of $50,000 or more, the offering price is reduced. |
(3) | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |
48
Table of Contents
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* | $ | 7,138,347 | $ | 1,494,319 | $ | 20,873,014 | $ | 964,844 | ||||||||
Interest, net of foreign taxes withheld*(1) | 16,714 | 13,148 | 427,428 | 61,493 | ||||||||||||
Securities lending income | 62,934 | — | 269,064 | 79,245 | ||||||||||||
Total investment income | 7,217,995 | 1,507,467 | 21,569,506 | 1,105,582 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment management fees | 1,108,883 | 605,401 | 5,104,677 | 565,369 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 179,090 | 181,078 | 1,228,692 | 80,905 | ||||||||||||
Class B | 235,999 | — | 224,767 | 89,427 | ||||||||||||
Class C | 519,127 | — | 1,247,593 | 179,296 | ||||||||||||
Class O | 28,156 | — | 26,828 | — | ||||||||||||
Class Q | — | — | — | 2,944 | ||||||||||||
Transfer agent fees: | ||||||||||||||||
Class A | 92,018 | 79,409 | 644,243 | 60,855 | ||||||||||||
Class B | 30,331 | — | 29,543 | 19,031 | ||||||||||||
Class C | 66,747 | — | 163,786 | 38,174 | ||||||||||||
Class I | — | — | 4,819 | 736 | ||||||||||||
Class O | 13,651 | — | 14,102 | — | ||||||||||||
Class Q | — | — | — | 224 | ||||||||||||
Class W | — | — | 91 | — | ||||||||||||
Administrative service fees | 158,409 | 72,431 | 698,149 | 60,485 | ||||||||||||
Shareholder reporting expense | 173,494 | 39,434 | 738,588 | 23,441 | ||||||||||||
Registration fees | 49,206 | 25,384 | 94,539 | 30,701 | ||||||||||||
Professional fees | 18,691 | 11,046 | 47,772 | 7,652 | ||||||||||||
Custody and accounting expense | 57,130 | 13,104 | 158,528 | 15,652 | ||||||||||||
Trustee fees | 4,600 | 1,456 | 15,834 | 6,864 | ||||||||||||
Miscellaneous expense | 5,262 | 3,395 | 11,519 | 4,273 | ||||||||||||
Interest expense | — | 5,646 | 1,014 | 358 | ||||||||||||
Total expenses | 2,740,794 | 1,037,784 | 10,455,084 | 1,186,387 | ||||||||||||
Net waived and reimbursed fees | — | (141 | ) | — | (48,098 | ) | ||||||||||
Brokerage commission recapture | — | — | (447 | ) | (9,051 | ) | ||||||||||
Net expenses | 2,740,794 | 1,037,643 | 10,454,637 | 1,129,238 | ||||||||||||
Net investment income (loss) | 4,477,201 | 469,824 | 11,114,869 | (23,656 | ) | |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS: | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | 11,449,294 | 15,118,336 | (56,549,747 | ) | 6,464,621 | |||||||||||
Foreign currency related transactions | (110,155 | ) | 5,736 | (14,851 | ) | (17,972 | ) | |||||||||
Net realized gain (loss) on investments and foreign currency related transactions | 11,339,139 | 15,124,072 | (56,564,598 | ) | 6,446,649 | |||||||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||||||
Investments | (56,997,287 | ) | (10,972,963 | ) | (130,213,316 | ) | (18,129,934 | ) | ||||||||
Foreign currency related transactions | 22,774 | (2,848 | ) | (34,834 | ) | (1,646 | ) | |||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (56,974,513 | ) | (10,975,811 | ) | (130,248,150 | ) | (18,131,580 | ) | ||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | (45,635,374 | ) | 4,148,261 | (186,812,748 | ) | (11,684,931 | ) | |||||||||
Increase (decrease) in net assets resulting from operations | $ | (41,158,173 | ) | $ | 4,618,085 | $ | (175,697,879 | ) | $ | (11,708,587 | ) | |||||
* Foreign taxes withheld | $ | 319,234 | $ | 32,558 | $ | 1,495,563 | $ | 56,801 | ||||||||
(1) Affiliated interest income | $ | — | $ | 11,211 | $ | — | $ | — |
49
Table of Contents
ING | ING | ING | ING | |||||||||||||
Asia-Pacific | Disciplined | Emerging | European | |||||||||||||
Real Estate | International SmallCap | Countries | Real Estate | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
November 1, | Six Months | Six Months | November 1, | |||||||||||||
2007(1) to | Ended | Ended | 2007(1) to | |||||||||||||
April 30, | April 30, | April 30, | April 30, | |||||||||||||
2008 | 2008 | 2008 | 2008 | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends, net of foreign taxes withheld* | $ | 62,301 | $ | 5,391,446 | $ | 4,977,685 | $ | 79,767 | ||||||||
Interest, net of foreign taxes withheld* | 1,472 | 145,838 | 510,163 | 3,107 | ||||||||||||
Securities lending income | — | — | 99,391 | — | ||||||||||||
Total investment income | 63,773 | 5,537,284 | 5,587,239 | 82,874 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment management fees | 22,489 | 1,278,264 | 1,750,537 | 25,379 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 5,495 | 114 | 303,873 | 6,274 | ||||||||||||
Class B | 89 | 21 | 70,311 | 12 | ||||||||||||
Class C | 415 | 137 | 233,955 | 268 | ||||||||||||
Class Q | — | — | 22,490 | — | ||||||||||||
Transfer agent fees: | ||||||||||||||||
Class A | 4,848 | 1 | 99,639 | 287 | ||||||||||||
Class B | 2 | — | 8,069 | 1 | ||||||||||||
Class C | 10 | — | 26,850 | 66 | ||||||||||||
Class I | 1 | 3,018 | 5,101 | — | ||||||||||||
Class Q | — | — | 3,988 | — | ||||||||||||
Administrative service fees | 2,249 | 213,041 | 140,041 | 2,538 | ||||||||||||
Shareholder reporting expense | 1,124 | 14,805 | 69,968 | 1,270 | ||||||||||||
Registration fees | 2,882 | 22,287 | 45,481 | 2,382 | ||||||||||||
Professional fees | 7,274 | 27,502 | 13,104 | 11,138 | ||||||||||||
Custody and accounting expense | 5,212 | 159,694 | 154,173 | 301 | ||||||||||||
Trustee fees | 450 | 6,319 | 4,735 | 508 | ||||||||||||
Offering expense | 42,788 | — | — | 42,518 | ||||||||||||
Miscellaneous expense | 456 | 5,676 | 5,593 | 1,540 | ||||||||||||
Interest expense | — | 11,506 | 1,247 | — | ||||||||||||
Total expenses | 95,784 | 1,742,385 | 2,959,155 | 94,482 | ||||||||||||
Net waived and reimbursed fees | (56,041 | ) | — | (86,820 | ) | (49,810 | ) | |||||||||
Brokerage commission recapture | — | — | (39,685 | ) | — | |||||||||||
Net expenses | 39,743 | 1,742,385 | 2,832,650 | 44,672 | ||||||||||||
Net investment income | 24,030 | 3,794,899 | 2,754,589 | 38,202 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS: | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (619,798 | ) | (31,810,357 | ) | 18,514,855 | (307,257 | ) | |||||||||
Foreign currency related transactions | (18,248 | ) | 135,748 | (166,787 | ) | (21,400 | ) | |||||||||
Net realized gain (loss) on investments and foreign currency related transactions | (638,046 | ) | (31,674,609 | ) | 18,348,068 | (328,657 | ) | |||||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||||||
Investments | (401,246 | ) | (46,688,846 | ) | (45,055,020 | ) | 61,010 | |||||||||
Foreign currency related transactions | (95 | ) | (29,833 | ) | 1,753 | (129 | ) | |||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (401,341 | ) | (46,718,679 | ) | (45,053,267 | ) | 60,881 | |||||||||
Net realized and unrealized loss on investments and foreign currency related transactions | (1,039,387 | ) | (78,393,288 | ) | (26,705,199 | ) | (267,776 | ) | ||||||||
Decrease in net assets resulting from operations | $ | (1,015,357 | ) | $ | (74,598,389 | ) | $ | (23,950,610 | ) | $ | (229,574 | ) | ||||
* Foreign taxes withheld | $ | 9,355 | $ | 408,792 | $ | 370,300 | $ | 15,658 |
(1) | Commencement of operations |
50
Table of Contents
ING | ING | ING | ||||||||||||||
ING | Greater | Index Plus | International | |||||||||||||
Foreign | China | International Equity | Capital Appreciation | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends, net of foreign taxes withheld* | $ | 4,523,843 | $ | 267,379 | $ | 3,118,313 | $ | 1,269,309 | ||||||||
Interest, net of foreign taxes withheld*(1) | 354,075 | 67 | 182,970 | 16,025 | ||||||||||||
Securities lending income | 98,880 | — | — | — | ||||||||||||
Total investment income | 4,976,798 | 267,446 | 3,301,283 | 1,285,334 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment management fees | 3,297,222 | 399,212 | 602,413 | 592,272 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 403,682 | 69,182 | 22,613 | 5,697 | ||||||||||||
Class B | 216,656 | 28,000 | 16,956 | 4,353 | ||||||||||||
Class C | 1,028,263 | 42,179 | 11,972 | 5,004 | ||||||||||||
Class O | — | — | 77,924 | — | ||||||||||||
Class Q | 935 | — | — | — | ||||||||||||
Transfer agent fees: | ||||||||||||||||
Class A | 135,372 | 37,358 | 13,294 | 2,296 | ||||||||||||
Class B | 18,156 | 3,780 | 2,497 | 441 | ||||||||||||
Class C | 86,117 | 5,694 | 1,776 | 502 | ||||||||||||
Class I | 3,560 | 31 | 64,125 | 6,802 | ||||||||||||
Class O | — | — | 45,465 | — | ||||||||||||
Class Q | 27 | — | — | — | ||||||||||||
Administrative service fees | 338,727 | 34,714 | 109,531 | 69,678 | ||||||||||||
Shareholder reporting expense | 164,093 | 11,578 | 42,516 | 5,298 | ||||||||||||
Registration fees | 54,331 | 31,888 | 37,730 | 29,716 | ||||||||||||
Professional fees | 22,315 | 6,370 | 30,010 | 6,290 | ||||||||||||
Custody and accounting expense | 287,701 | 28,386 | 39,676 | 32,686 | ||||||||||||
Trustee fees | 8,202 | 808 | 3,423 | 910 | ||||||||||||
Miscellaneous expense | 11,674 | 3,745 | 269,393 | 2,736 | ||||||||||||
Interest expense | 565 | — | 50,911 | 957 | ||||||||||||
Total expenses | 6,077,598 | 702,925 | 1,442,225 | 765,638 | ||||||||||||
Net recouped (waived and reimbursed) fees | (16,587 | ) | — | 36,756 | 61,297 | |||||||||||
Brokerage commission recapture | (5,073 | ) | — | — | (2,514 | ) | ||||||||||
Net expenses | 6,055,938 | 702,925 | 1,478,981 | 824,421 | ||||||||||||
Net investment income (loss) | (1,079,140 | ) | (435,479 | ) | 1,822,302 | 460,913 | ||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS AND FUTURES: | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | 1,551,222 | 6,130,916 | (11,881,643 | ) | 273,787 | |||||||||||
Foreign currency related transactions | (3,750,034 | ) | 11,798 | 191,699 | (49,273 | ) | ||||||||||
Futures | — | — | 2,338,608 | — | ||||||||||||
Net realized gain (loss) on investments, foreign currency related transactions and futures | (2,198,812 | ) | 6,142,714 | (9,351,336 | ) | 224,514 | ||||||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||||||
Investments | (78,651,097 | ) | (23,779,331 | ) | (19,017,724 | ) | (15,893,972 | ) | ||||||||
Foreign currency related transactions | 6,022,603 | (722 | ) | 4,781 | (807 | ) | ||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (72,628,494 | ) | (23,780,053 | ) | (19,012,943 | ) | (15,894,779 | ) | ||||||||
Net realized and unrealized loss on investments, foreign currency related transactions and futures | (74,827,306 | ) | (17,637,339 | ) | (28,364,279 | ) | (15,670,265 | ) | ||||||||
Decrease in net assets resulting from operations | $ | (75,906,446 | ) | $ | (18,072,818 | ) | $ | (26,541,977 | ) | $ | (15,209,352 | ) | ||||
* Foreign taxes withheld | $ | 449,104 | $ | — | $ | 357,827 | $ | 121,061 | ||||||||
(1) Affiliated interest income | $ | — | $ | — | $ | 2 | $ | — |
51
Table of Contents
ING | ING | ING | ING | |||||||||||||
International | International | International | International SmallCap | |||||||||||||
Equity Dividend | Growth Opportunities | Real Estate | Multi-Manager | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends, net of foreign taxes withheld*(1) | $ | 1,267,993 | $ | 1,270,282 | $ | 8,644,097 | $ | 11,388,312 | ||||||||
Interest, net of foreign taxes withheld*(2) | 333 | 56,079 | 300,620 | 240,756 | ||||||||||||
Securities lending income | — | 30,658 | — | 243,367 | ||||||||||||
Total investment income | 1,268,326 | 1,357,019 | 8,944,717 | 11,872,435 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment management fees | 205,033 | 629,203 | 2,690,707 | 4,373,898 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 4,641 | 71,621 | 282,777 | 694,121 | ||||||||||||
Class B | 1,220 | 71,201 | 45,859 | 229,691 | ||||||||||||
Class C | 7,613 | 85,136 | 501,179 | 394,165 | ||||||||||||
Class Q | — | 33,919 | — | 127,829 | ||||||||||||
Transfer agent fees: | ||||||||||||||||
Class A | 2,625 | 36,891 | 95,306 | 198,198 | ||||||||||||
Class B | 182 | 9,208 | 3,859 | 22,954 | ||||||||||||
Class C | 1,061 | 10,960 | 42,240 | 39,392 | ||||||||||||
Class I | 34,817 | 454 | 43,202 | 82,300 | ||||||||||||
Class Q | — | 1,205 | — | 28,624 | ||||||||||||
Class W | — | — | 1 | 62 | ||||||||||||
Administrative service fees | 27,338 | 62,919 | 289,715 | 458,868 | ||||||||||||
Shareholder reporting expense | 1,858 | 44,318 | 99,295 | 155,285 | ||||||||||||
Registration fees | 21,409 | 30,643 | 44,387 | 66,117 | ||||||||||||
Professional fees | 4,058 | 12,674 | 19,333 | 41,925 | ||||||||||||
Custody and accounting expense | 11,427 | 37,698 | 108,237 | 351,205 | ||||||||||||
Trustee fees | 469 | 1,619 | 3,546 | 11,055 | ||||||||||||
Offering expense | 49,726 | — | — | — | ||||||||||||
Miscellaneous expense | 1,204 | 10,723 | 4,237 | 21,638 | ||||||||||||
Interest expense | — | 4,691 | — | 89,456 | ||||||||||||
Total expenses | 374,681 | 1,155,083 | 4,273,880 | 7,386,783 | ||||||||||||
Net recouped (waived and reimbursed) fees | (47,991 | ) | (30,867 | ) | 118,700 | — | ||||||||||
Brokerage commission recapture | — | — | — | (10,373 | ) | |||||||||||
Net expenses | 326,690 | 1,124,216 | 4,392,580 | 7,376,410 | ||||||||||||
Net investment income | 941,636 | 232,803 | 4,552,137 | 4,496,025 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY RELATED TRANSACTIONS AND WRITTEN OPTIONS: | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments (net of Indian capital gains tax withheld)** | (132,028 | ) | 5,038,811 | (24,610,159 | ) | (32,588,625 | ) | |||||||||
Foreign currency related transactions | (60,716 | ) | (19,414 | ) | (305,880 | ) | 22,167 | |||||||||
Written options | — | — | 339,706 | — | ||||||||||||
Net realized gain (loss) on investments, foreign currency related transactions and written options | (192,744 | ) | 5,019,397 | (24,576,333 | ) | (32,566,458 | ) | |||||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||||||
Investments (net of Indian capital gains tax accrued)*** | (6,655,816 | ) | (17,768,086 | ) | (62,656,989 | ) | (187,117,435 | ) | ||||||||
Foreign currency related transactions | (390 | ) | (13,834 | ) | 10,953 | 177,690 | ||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (6,656,206 | ) | (17,781,920 | ) | (62,646,036 | ) | (186,939,745 | ) | ||||||||
Net realized and unrealized loss on investments, foreign currency related transactions and written options | (6,848,950 | ) | (12,762,523 | ) | (87,222,369 | ) | (219,506,203 | ) | ||||||||
Decrease in net assets resulting from operations | $ | (5,907,314 | ) | $ | (12,529,720 | ) | $ | (82,670,232 | ) | $ | (215,010,178 | ) | ||||
* Foreign taxes withheld | $ | 122,580 | $ | 132,603 | $ | 1,126,368 | $ | 1,088,219 | ||||||||
** Foreign tax on sale of Indian investments | $ | — | $ | 40,004 | $ | — | $ | 23,279 | ||||||||
*** Foreign tax accrued on Indian investments | $ | — | $ | 98,920 | $ | — | $ | 30,110 | ||||||||
(1) Dividends from affiliates | $ | — | $ | — | $ | 133,730 | $ | — | ||||||||
(2) Affiliated interest income | $ | — | $ | 55,569 | $ | — | $ | — |
52
Table of Contents
ING | ING | ING | ||||||||||||||
International | International | International | ING | |||||||||||||
Value | Value Choice | Value Opportunities | Russia | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividends, net of foreign taxes withheld* | $ | 76,914,485 | $ | 834,580 | $ | 148,255 | $ | 3,123,697 | ||||||||
Interest | 1,239,354 | 53,283 | 577 | — | ||||||||||||
Securities lending income | 276,086 | — | — | 360,130 | ||||||||||||
Total investment income | 78,429,925 | 887,863 | 148,832 | 3,483,827 | ||||||||||||
EXPENSES: | ||||||||||||||||
Investment management fees | 22,748,054 | 388,840 | 37,276 | 5,582,621 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 2,783,853 | 19,537 | 11,591 | 1,116,524 | ||||||||||||
Class B | 1,152,323 | 16,881 | 62 | — | ||||||||||||
Class C | 3,263,443 | 21,455 | 165 | — | ||||||||||||
Class Q | 28,461 | — | — | — | ||||||||||||
Transfer agent fees: | ||||||||||||||||
Class A | 882,174 | 6,915 | 4,173 | 391,258 | ||||||||||||
Class B | 110,567 | 1,478 | 5 | — | ||||||||||||
Class C | 310,438 | 1,879 | 15 | — | ||||||||||||
Class I | 455,884 | 1,088 | — | — | ||||||||||||
Class Q | 5,653 | — | — | — | ||||||||||||
Administrative service fees | 2,274,772 | 38,883 | 4,660 | 446,607 | ||||||||||||
Shareholder reporting expense | 659,223 | 9,714 | 1,456 | 284,609 | ||||||||||||
Registration fees | 55,179 | 23,883 | 47,600 | 32,419 | ||||||||||||
Professional fees | 157,210 | 6,678 | 1,422 | 30,004 | ||||||||||||
Custody and accounting expense | 802,773 | 17,084 | 8,912 | 1,134,860 | ||||||||||||
Trustee fees | 76,792 | 1,386 | 546 | 26,292 | ||||||||||||
Offering expense | — | — | 27,713 | — | ||||||||||||
Miscellaneous expense | 477,700 | 3,747 | 4,461 | 11,245 | ||||||||||||
Interest expense | 28,569 | 221 | — | — | ||||||||||||
Total expenses | 36,273,068 | 559,669 | 150,057 | 9,056,439 | ||||||||||||
Net recouped (waived and reimbursed) fees | (508,888 | ) | 19,366 | (81,653 | ) | — | ||||||||||
Brokerage commission recapture | (82,743 | ) | (1,621 | ) | — | — | ||||||||||
Net expenses | 35,681,437 | 577,414 | 68,404 | 9,056,439 | ||||||||||||
Net investment income (loss) | 42,748,488 | 310,449 | 80,428 | (5,572,612 | ) | |||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS: | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | 471,691,166 | 4,584,070 | (248,647 | ) | 138,122,218 | |||||||||||
Foreign currency related transactions | (239,218 | ) | (49,639 | ) | (8,154 | ) | (70,990 | ) | ||||||||
Net realized gain (loss) on investments and foreign currency related transactions | 471,451,948 | 4,534,431 | (256,801 | ) | 138,051,228 | |||||||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||||||
Investments | (996,421,347 | ) | (9,557,059 | ) | (919,724 | ) | (146,413,257 | ) | ||||||||
Foreign currency related transactions | (274,694 | ) | (5,773 | ) | 1,427 | (95 | ) | |||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (996,696,041 | ) | (9,562,832 | ) | (918,297 | ) | (146,413,352 | ) | ||||||||
Net realized and unrealized loss on investments and foreign currency related transactions | (525,244,093 | ) | (5,028,401 | ) | (1,175,098 | ) | (8,362,124 | ) | ||||||||
Decrease in net assets resulting from operations | $ | (482,495,605 | ) | $ | (4,717,952 | ) | $ | (1,094,670 | ) | $ | (13,934,736 | ) | ||||
* Foreign taxes withheld | $ | 7,481,956 | $ | 93,328 | $ | 15,872 | $ | 536,596 |
53
Table of Contents
ING | ING | ING | ||||||||||
Emerging Markets | Global | Diversified | ||||||||||
Fixed Income | Bond | International | ||||||||||
Fund | Fund | Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividends | $ | 98,781 | $ | — | $ | — | ||||||
Dividends from affiliated underlying funds | — | — | 7,019,581 | |||||||||
Interest, net of foreign taxes withheld*(1) | 11,727,727 | 1,145,475 | — | |||||||||
Total investment income | 11,826,508 | 1,145,475 | 7,019,581 | |||||||||
EXPENSES: | ||||||||||||
Investment management fees | 1,010,170 | 125,315 | — | |||||||||
Distribution and service fees: | ||||||||||||
Class A | 9,895 | 62,727 | 441,153 | |||||||||
Class B | 1,797 | 7,597 | 199,083 | |||||||||
Class C | 8,255 | 54,532 | 781,935 | |||||||||
Class R | — | — | 928 | |||||||||
Transfer agent fees: | ||||||||||||
Class A | 935 | 5,630 | 120,953 | |||||||||
Class B | 43 | 182 | 13,646 | |||||||||
Class C | 199 | 1,306 | 53,597 | |||||||||
Class I | 7,299 | 2 | 9 | |||||||||
Class R | — | — | 127 | |||||||||
Class W | — | — | 44 | |||||||||
Administrative service fees | 157,999 | 31,328 | 274,823 | |||||||||
Shareholder reporting expense | 10,501 | 3,123 | 63,452 | |||||||||
Registration fees | 33,426 | 29,003 | 57,111 | |||||||||
Professional fees | 14,183 | 4,250 | 19,158 | |||||||||
Custody and accounting expense | 46,678 | 13,370 | 2,920 | |||||||||
Trustee fees | 3,411 | 546 | 4,810 | |||||||||
Miscellaneous expense | 2,728 | 6,835 | 4,107 | |||||||||
Interest expense | 315 | 838 | — | |||||||||
Total expenses | 1,307,834 | 346,584 | 2,037,856 | |||||||||
Net waived and reimbursed fees | — | (12,088 | ) | (505,544 | ) | |||||||
Net expenses | 1,307,834 | 334,496 | 1,532,312 | |||||||||
Net investment income | 10,518,674 | 810,979 | 5,487,269 | |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, INVESTMENTS IN AFFILIATED UNDERLYING FUNDS, FOREIGN CURRENCY RELATED TRANSACTIONS, FUTURES AND SWAPS: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | (1,890,880 | ) | 698,468 | — | ||||||||
Distributions of realized gains from affiliated underlying funds | — | �� | — | 40,611,836 | ||||||||
Investments in affiliated underlying funds | — | — | (11,930,628 | ) | ||||||||
Foreign currency related transactions | 140,088 | 2,256,886 | — | |||||||||
Futures and swaps | 101,914 | 214,339 | — | |||||||||
Net realized gain (loss) on investments, investments in affiliated underlying funds, foreign currency related transactions, futures and swaps | (1,648,878 | ) | 3,169,693 | 28,681,208 | ||||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||
Investments | (10,451,592 | ) | 764,783 | — | ||||||||
Investments in affiliated underlying funds | — | — | (101,343,801 | ) | ||||||||
Foreign currency related transactions | (224,371 | ) | (336,403 | ) | — | |||||||
Futures and swaps | (59,246 | ) | (407,179 | ) | — | |||||||
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, futures and swaps | (10,735,209 | ) | 21,201 | (101,343,801 | ) | |||||||
Net realized and unrealized gain (loss) on investments, investments in affiliated underlying funds foreign currency related transactions, futures and swaps | (12,384,087 | ) | 3,190,894 | (72,662,593 | ) | |||||||
Increase (decrease) in net assets resulting from operations | $ | (1,865,413 | ) | $ | 4,001,873 | $ | (67,175,324 | ) | ||||
* Foreign taxes withheld | $ | — | $ | 880 | $ | — | ||||||
(1) Affiliated interest income | $ | — | $ | 196,656 | $ | — |
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ING Global Equity Dividend Fund | ING Global Natural Resources Fund | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Year Ended | Ended | Year Ended | |||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 4,477,201 | $ | 9,943,310 | $ | 469,824 | $ | (367,759 | ) | |||||||
Net realized gain on investments and foreign currency related transactions | 11,339,139 | 27,811,655 | 15,124,072 | 26,954,117 | ||||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (56,974,513 | ) | 6,761,896 | (10,975,811 | ) | 21,662,769 | ||||||||||
Increase (decrease) in net assets resulting from operations | (41,158,173 | ) | 44,516,861 | 4,618,085 | 48,249,127 | |||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (2,375,404 | ) | (5,670,697 | ) | (1,265,333 | ) | (2,937,873 | ) | ||||||||
Class B | (600,277 | ) | (1,472,137 | ) | — | — | ||||||||||
Class C | (1,343,771 | ) | (2,980,276 | ) | — | — | ||||||||||
Class I | (17 | ) | (8 | ) | (26 | ) | — | |||||||||
Class O | (387,960 | ) | (499,649 | ) | — | — | ||||||||||
Net realized gains: | ||||||||||||||||
Class A | (12,404,290 | ) | (5,696,724 | ) | (26,908,550 | ) | (3,999,909 | ) | ||||||||
Class B | (3,985,012 | ) | (2,232,186 | ) | — | — | ||||||||||
Class C | (8,739,875 | ) | (3,980,153 | ) | — | — | ||||||||||
Class I | (77 | ) | — | (400 | ) | — | ||||||||||
Class O | (1,777,436 | ) | (83,443 | ) | — | — | ||||||||||
Total distributions | (31,614,119 | ) | (22,615,273 | ) | (28,174,309 | ) | (6,937,782 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 35,345,650 | 202,562,312 | 10,802,198 | 16,678,962 | ||||||||||||
Reinvestment of distributions | 21,878,468 | 14,663,596 | 25,092,384 | 6,190,526 | ||||||||||||
57,224,118 | 217,225,908 | 35,894,582 | 22,869,488 | |||||||||||||
Cost of shares redeemed | (87,924,623 | ) | (81,136,802 | ) | (14,953,948 | ) | (27,924,321 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (30,700,505 | ) | 136,089,106 | 20,940,634 | (5,054,833 | ) | ||||||||||
Net increase (decrease) in net assets | (103,472,797 | ) | 157,990,694 | (2,615,590 | ) | 36,256,512 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 389,264,276 | 231,273,582 | 157,368,935 | 121,112,423 | ||||||||||||
End of period | $ | 285,791,479 | $ | 389,264,276 | $ | 154,753,345 | $ | 157,368,935 | ||||||||
Undistributed net investment income (distribution in excess of net investment income) at end of period | $ | 2,035,617 | $ | 2,265,845 | $ | (279,560 | ) | $ | 515,975 | |||||||
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Table of Contents
ING Global Real Estate Fund | ING Global Value Choice Fund | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Year Ended | Ended | Year Ended | |||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 11,114,869 | $ | 9,309,818 | $ | (23,656 | ) | $ | (279,174 | ) | ||||||
Net realized gain (loss) on investments and foreign currency related transactions | (56,564,598 | ) | 3,038,303 | 6,446,649 | 20,403,387 | |||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (130,248,150 | ) | 111,748,957 | (18,131,580 | ) | 11,089,799 | ||||||||||
Increase (decrease) in net assets resulting from operations | (175,697,879 | ) | 124,097,078 | (11,708,587 | ) | 31,214,012 | ||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (25,633,722 | ) | (36,353,919 | ) | (330,676 | ) | — | |||||||||
Class B | (1,257,564 | ) | (2,289,473 | ) | — | — | ||||||||||
Class C | (6,418,232 | ) | (9,440,529 | ) | (28,732 | ) | — | |||||||||
Class I | (2,719,571 | ) | (1,235,834 | ) | (77,786 | ) | — | |||||||||
Class O | (569,054 | ) | (800,532 | ) | — | — | ||||||||||
Class Q | — | — | (15,997 | ) | — | |||||||||||
Class W | (23,690 | ) | — | — | — | |||||||||||
Net realized gains: | ||||||||||||||||
Class A | (1,914,849 | ) | (7,533,675 | ) | — | — | ||||||||||
Class B | (111,208 | ) | (577,495 | ) | — | — | ||||||||||
Class C | (570,013 | ) | (2,018,085 | ) | — | — | ||||||||||
Class I | (144,690 | ) | (167,262 | ) | — | — | ||||||||||
Class O | (44,110 | ) | (47,650 | ) | — | — | ||||||||||
Total distributions | (39,406,703 | ) | (60,464,454 | ) | (453,191 | ) | — | |||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 605,379,963 | 1,452,457,984 | 23,701,461 | 23,951,269 | ||||||||||||
Reinvestment of distributions | 30,827,171 | 46,781,605 | 305,217 | — | ||||||||||||
636,207,134 | 1,499,239,589 | 24,006,678 | 23,951,269 | |||||||||||||
Cost of shares redeemed | (367,519,336 | ) | (602,805,919 | ) | (20,955,562 | ) | (30,529,879 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 268,687,798 | 896,433,670 | 3,051,116 | (6,578,610 | ) | |||||||||||
Net increase (decrease) in net assets | 53,583,216 | 960,066,294 | (9,110,662 | ) | 24,635,402 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 1,579,571,445 | 619,505,151 | 130,683,159 | 106,047,757 | ||||||||||||
End of period | $ | 1,633,154,661 | $ | 1,579,571,445 | $ | 121,572,497 | $ | 130,683,159 | ||||||||
Undistributed net investment income (distribution in excess of net investment income) at end of period | $ | (34,389,294 | ) | $ | (8,882,330 | ) | $ | (67,675 | ) | $ | 409,172 | |||||
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ING Asia-Pacific | ING Disciplined International | |||||||||||
Real Estate Fund | SmallCap Fund | |||||||||||
November 1, | Six Months | December 20, | ||||||||||
2007(1) to | Ended | 2006(1) to | ||||||||||
April 30, | April 30, | October 31, | ||||||||||
2008 | 2008 | 2007 | ||||||||||
FROM OPERATIONS: | ||||||||||||
Net investment income | $ | 24,030 | $ | 3,794,899 | $ | 2,228,967 | ||||||
Net realized gain (loss) on investments and foreign currency related transactions | (638,046 | ) | (31,674,609 | ) | 2,282,503 | |||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (401,341 | ) | (46,718,679 | ) | 22,941,221 | |||||||
Increase (decrease) in net assets resulting from operations | (1,015,357 | ) | (74,598,389 | ) | 27,452,691 | |||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
Net investment income: | ||||||||||||
Class A | (30,443 | ) | (541 | ) | — | |||||||
Class B | (141 | ) | (2 | ) | — | |||||||
Class C | (421 | ) | (25 | ) | — | |||||||
Class I | (6 | ) | (2,965,190 | ) | — | |||||||
Net realized gains: | ||||||||||||
Class A | — | (1,783 | ) | — | ||||||||
Class B | — | (84 | ) | — | ||||||||
Class C | — | (892 | ) | — | ||||||||
Class I | — | (7,916,891 | ) | — | ||||||||
Total distributions | (31,011 | ) | (10,885,408 | ) | — | |||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||
Net proceeds from sale of shares | 6,059,516 | 97,513,660 | 492,620,976 | |||||||||
Reinvestment of distributions | 3,131 | 10,885,000 | — | |||||||||
6,062,647 | 108,398,660 | 492,620,976 | ||||||||||
Cost of shares redeemed | (27,318 | ) | (122,711,566 | ) | (54,286,888 | ) | ||||||
Net increase (decrease) in net assets resulting from capital share transactions | 6,035,329 | (14,312,906 | ) | 438,334,088 | ||||||||
Net increase (decrease) in net assets | 4,988,961 | (99,796,703 | ) | 465,786,779 | ||||||||
NET ASSETS: | ||||||||||||
Beginning of period | — | 465,786,779 | — | |||||||||
End of period | $ | 4,988,961 | $ | 365,990,076 | $ | 465,786,779 | ||||||
Undistributed net investment income (distribution in excess of net investment income) at end of period | $ | (6,981 | ) | $ | 3,290,480 | $ | 2,461,339 | |||||
(1) | Commencement of operations |
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Table of Contents
ING European | ||||||||||||
ING Emerging Countries Fund | Real Estate Fund | |||||||||||
Six Months | November 1, | |||||||||||
Ended | Year Ended | 2007(1) | ||||||||||
April 30, | October 31, | to April 30, | ||||||||||
2008 | 2007 | 2008 | ||||||||||
FROM OPERATIONS: | ||||||||||||
Net investment income | $ | 2,754,589 | $ | 3,516,628 | $ | 38,202 | ||||||
Net realized gain (loss) on investments and foreign currency related transactions | 18,348,068 | 46,867,839 | (328,657 | ) | ||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (45,053,267 | ) | 39,650,088 | 60,881 | ||||||||
Increase (decrease) in net assets resulting from operations | (23,950,610 | ) | 90,034,555 | (229,574 | ) | |||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
Net investment income: | ||||||||||||
Class A | (2,167,497 | ) | (1,896,150 | ) | (17,918 | ) | ||||||
Class B | (57,378 | ) | (83,261 | ) | — | |||||||
Class C | (291,243 | ) | (323,450 | ) | (100 | ) | ||||||
Class I | (594,705 | ) | (446,558 | ) | (4 | ) | ||||||
Class M | — | (13,746 | ) | — | ||||||||
Class Q | (242,630 | ) | (179,954 | ) | — | |||||||
Net realized gains: | ||||||||||||
Class A | (5,264,824 | ) | — | — | ||||||||
Class B | (438,355 | ) | — | — | ||||||||
Class C | (1,543,106 | ) | — | — | ||||||||
Class I | (1,145,162 | ) | — | — | ||||||||
Class Q | (548,437 | ) | — | — | ||||||||
Total distributions | (12,293,337 | ) | (2,943,119 | ) | (18,022 | ) | ||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||
Net proceeds from sale of shares | 51,952,743 | 112,724,921 | 6,406,868 | |||||||||
Reinvestment of distributions | 10,523,186 | 2,492,354 | 1,645 | |||||||||
62,475,929 | 115,217,275 | 6,408,513 | ||||||||||
Cost of shares redeemed | (75,817,843 | ) | (79,923,522 | ) | (1,333 | ) | ||||||
Net increase (decrease) in net assets resulting from capital share transactions | (13,341,914 | ) | 35,293,753 | 6,407,180 | ||||||||
Net increase (decrease) in net assets | (49,585,861 | ) | 122,385,189 | 6,159,584 | ||||||||
NET ASSETS: | ||||||||||||
Beginning of period | 330,644,479 | 208,259,290 | — | |||||||||
End of period | $ | 281,058,618 | $ | 330,644,479 | $ | 6,159,584 | ||||||
Undistributed net investment income at end of period | $ | 2,493,570 | $ | 3,092,434 | $ | 20,180 | ||||||
(1) | Commencement of operations |
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ING Foreign Fund | ING Greater China Fund | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Year Ended | Ended | Year Ended | |||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (1,079,140 | ) | $ | 2,085,807 | $ | (435,479 | ) | $ | 210,200 | ||||||
Net realized gain (loss) on investments and foreign currency related transactions | (2,198,812 | ) | 47,020,133 | 6,142,714 | 7,910,177 | |||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (72,628,494 | ) | 111,918,325 | (23,780,053 | ) | 29,642,227 | ||||||||||
Increase (decrease) in net assets resulting from operations | (75,906,446 | ) | 161,024,265 | (18,072,818 | ) | 37,762,604 | ||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | — | — | (206,726 | ) | (127,574 | ) | ||||||||||
Class B | — | — | — | (9,360 | ) | |||||||||||
Class C | — | — | — | (5,789 | ) | |||||||||||
Class I | — | — | (210 | ) | (143 | ) | ||||||||||
Net realized gains: | ||||||||||||||||
Class A | (20,918,801 | ) | (8,170,693 | ) | (6,348,739 | ) | (219 | ) | ||||||||
Class B | (3,020,180 | ) | (1,424,431 | ) | (607,794 | ) | (24 | ) | ||||||||
Class C | (13,830,785 | ) | (5,882,217 | ) | (1,066,835 | ) | (21 | ) | ||||||||
Class I | (6,602,918 | ) | (2,373,358 | ) | (4,310 | ) | — | |||||||||
Class Q | (50,212 | ) | (43,762 | ) | — | — | ||||||||||
Total distributions | (44,422,896 | ) | (17,894,461 | ) | (8,234,614 | ) | (143,130 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 116,272,136 | 228,656,436 | 16,164,744 | 51,182,704 | ||||||||||||
Reinvestment of distributions | 32,055,298 | 12,389,371 | 5,628,333 | 73,388 | ||||||||||||
148,327,434 | 241,045,807 | 21,793,077 | 51,256,092 | |||||||||||||
Cost of shares redeemed | (85,167,766 | ) | (116,454,629 | ) | (26,431,350 | ) | (23,031,761 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 63,159,668 | 124,591,178 | (4,638,273 | ) | 28,224,331 | |||||||||||
Net increase (decrease) in net assets | (57,169,674 | ) | 267,720,982 | (30,945,705 | ) | 65,843,805 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 742,220,466 | 474,499,484 | 93,655,560 | 27,811,755 | ||||||||||||
End of period | $ | 685,050,792 | $ | 742,220,466 | $ | 62,709,855 | $ | 93,655,560 | ||||||||
Undistributed net investment income (distribution in excess of net investment income) at end of period | $ | 5,226,340 | $ | 6,305,480 | $ | (445,334 | ) | $ | 197,081 | |||||||
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ING Index Plus International Equity Fund | ING International Capital Appreciation Fund | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Year Ended | Ended | Year Ended | |||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,822,302 | $ | 1,813,920 | $ | 460,913 | $ | 420,935 | ||||||||
Net realized gain (loss) on investments, foreign currency related transactions and futures | (9,351,336 | ) | 12,541,967 | 224,514 | 5,266,719 | |||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (19,012,943 | ) | 7,978,045 | (15,894,779 | ) | 24,274,753 | ||||||||||
Increase (decrease) in net assets resulting from operations | (26,541,977 | ) | 22,333,932 | (15,209,352 | ) | 29,962,407 | ||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (28,649 | ) | (87,342 | ) | (46,790 | ) | (23,107 | ) | ||||||||
Class B | (8,557 | ) | (1,478 | ) | (6,221 | ) | (260 | ) | ||||||||
Class C | (13,088 | ) | (2,010 | ) | (7,324 | ) | (23 | ) | ||||||||
Class I | (2,125,491 | ) | (863,636 | ) | (1,713,778 | ) | (383,682 | ) | ||||||||
Class O | (19 | ) | — | — | — | |||||||||||
Net realized gains: | ||||||||||||||||
Class A | (221,431 | ) | (291,175 | ) | (171,474 | ) | (108,029 | ) | ||||||||
Class B | (74,576 | ) | (6,890 | ) | (29,527 | ) | (1,967 | ) | ||||||||
Class C | (113,554 | ) | (12,818 | ) | (33,222 | ) | (1,476 | ) | ||||||||
Class I | (11,934,519 | ) | (1,953,787 | ) | (4,964,217 | ) | (1,126,292 | ) | ||||||||
Class O | (106 | ) | — | — | — | |||||||||||
Total distributions | (14,519,990 | ) | (3,219,136 | ) | (6,972,553 | ) | (1,644,836 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 95,417,245 | 62,111,210 | 21,819,452 | 73,718,329 | ||||||||||||
Proceeds from shares issued in merger (Note 13) | 128,431,314 | — | — | — | ||||||||||||
Reinvestment of distributions | 14,382,164 | 2,857,702 | 6,792,519 | 1,517,633 | ||||||||||||
238,230,723 | 64,968,912 | 28,611,971 | 75,235,962 | |||||||||||||
Cost of shares redeemed | (44,524,153 | ) | (52,958,552 | ) | (7,352,070 | ) | (7,155,866 | ) | ||||||||
Net increase in net assets resulting from capital share transactions | 193,706,570 | 12,010,360 | 21,259,901 | 68,080,096 | ||||||||||||
Net increase (decrease) in net assets | 152,644,603 | 31,125,156 | (922,004 | ) | 96,397,667 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 123,017,427 | 91,892,271 | 147,406,227 | 51,008,560 | ||||||||||||
End of period | $ | 275,662,030 | $ | 123,017,427 | $ | 146,484,223 | $ | 147,406,227 | ||||||||
Undistributed net investment income at end of period | $ | 1,805,161 | $ | 2,158,663 | $ | 452,293 | $ | 1,765,493 | ||||||||
60
Table of Contents
ING International | ING International | |||||||||||||||
Equity Dividend Fund | Growth Opportunities Fund | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | June 28, 2007(1) | Ended | Year Ended | |||||||||||||
April 30, | to October 31, | April 30, | October 31, | |||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 941,636 | $ | 193,602 | $ | 232,803 | $ | 128,203 | ||||||||
Net realized gain (loss) on investments and foreign currency related transactions | (192,744 | ) | 130,192 | 5,019,397 | 23,520,588 | |||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (6,656,206 | ) | 3,429,639 | (17,781,920 | ) | 11,840,950 | ||||||||||
Increase (decrease) in net assets resulting from operations | (5,907,314 | ) | 3,753,433 | (12,529,720 | ) | 35,489,741 | ||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (60,257 | ) | — | (83,294 | ) | (680,068 | ) | |||||||||
Class B | (3,158 | ) | — | — | (66,840 | ) | ||||||||||
Class C | (20,108 | ) | — | — | (70,208 | ) | ||||||||||
Class I | (830,872 | ) | — | (34,259 | ) | (212,485 | ) | |||||||||
Class Q | — | — | (72,032 | ) | (379,024 | ) | ||||||||||
Net realized gains: | ||||||||||||||||
Class A | (15,847 | ) | — | (9,436,503 | ) | (5,041,992 | ) | |||||||||
Class B | (884 | ) | — | (2,576,516 | ) | (1,473,205 | ) | |||||||||
Class C | (6,628 | ) | — | (2,904,702 | ) | (1,405,761 | ) | |||||||||
Class I | (212,974 | ) | — | (1,519,864 | ) | (1,170,829 | ) | |||||||||
Class Q | — | — | (4,634,332 | ) | (2,425,795 | ) | ||||||||||
Total distributions | (1,150,728 | ) | — | (21,261,502 | ) | (12,926,207 | ) | |||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 6,663,736 | 57,663,013 | 17,606,100 | 24,042,736 | ||||||||||||
Reinvestment of distributions | 1,127,441 | — | 18,676,003 | 11,571,000 | ||||||||||||
7,791,177 | 57,663,013 | 36,282,103 | 35,613,736 | |||||||||||||
Cost of shares redeemed | (8,258,625 | ) | (110,155 | ) | (22,173,897 | ) | (46,253,686 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (467,448 | ) | 57,552,858 | 14,108,206 | (10,639,950 | ) | ||||||||||
Net increase (decrease) in net assets | (7,525,490 | ) | 61,292,610 | (19,683,016 | ) | 11,923,584 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 61,306,291 | — | 143,828,509 | 131,904,925 | ||||||||||||
End of period | $ | 53,780,801 | $ | 61,306,291 | $ | 124,145,493 | $ | 143,828,509 | ||||||||
Undistributed net investment income at end of period | $ | 341,256 | $ | 314,015 | $ | 162,166 | $ | 118,948 | ||||||||
(1) | Commencement of operations |
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ING International | ING International | |||||||||||||||
Real Estate Fund | SmallCap Multi-Manager Fund | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Year Ended | Ended | Year Ended | |||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 4,552,137 | $ | 2,572,223 | $ | 4,496,025 | $ | 6,261,927 | ||||||||
Net realized gain (loss) on investments, foreign currency related transactions and written options | (24,576,333 | ) | (5,927,606 | ) | (32,566,458 | ) | 139,620,023 | |||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (62,646,036 | ) | 67,077,885 | (186,939,745 | ) | 138,128,121 | ||||||||||
Increase (decrease) in net assets resulting from operations | (82,670,232 | ) | 63,722,502 | (215,010,178 | ) | 284,010,071 | ||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (8,810,968 | ) | (3,122,648 | ) | (2,482,496 | ) | (1,450,677 | ) | ||||||||
Class B | (318,498 | ) | (87,059 | ) | — | — | ||||||||||
Class C | (3,540,598 | ) | (800,946 | ) | — | (3,361 | ) | |||||||||
Class I | (9,545,253 | ) | (1,247,020 | ) | (2,905,473 | ) | (1,454,644 | ) | ||||||||
Class Q | — | — | (658,389 | ) | (542,824 | ) | ||||||||||
Net realized gains: | ||||||||||||||||
Class A | — | — | (60,559,522 | ) | — | |||||||||||
Class B | — | — | (7,139,435 | ) | — | |||||||||||
Class C | — | — | (12,891,923 | ) | — | |||||||||||
Class I | — | — | (43,980,498 | ) | — | |||||||||||
Class Q | — | — | (14,055,684 | ) | — | |||||||||||
Total distributions | (22,215,317 | ) | (5,257,673 | ) | (144,673,420 | ) | (3,451,506 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 355,481,512 | 476,221,868 | 174,722,268 | 582,975,064 | ||||||||||||
Reinvestment of distributions | 11,039,235 | 3,314,796 | 106,415,697 | 2,386,090 | ||||||||||||
366,520,747 | 479,536,664 | 281,137,965 | 585,361,154 | |||||||||||||
Cost of shares redeemed | (131,785,303 | ) | (97,047,896 | ) | (243,324,969 | ) | (251,064,888 | ) | ||||||||
Net increase in net assets resulting from capital share transactions | 234,735,444 | 382,488,768 | 37,812,996 | 334,296,266 | ||||||||||||
Net increase (decrease) in net assets | 129,849,895 | 440,953,597 | (321,870,602 | ) | 614,854,831 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 531,801,201 | 90,847,604 | 1,201,307,419 | 586,452,588 | ||||||||||||
End of period | $ | 661,651,096 | $ | 531,801,201 | $ | 879,436,817 | $ | 1,201,307,419 | ||||||||
Undistributed net investment income at end of period | $ | 1,117,494 | $ | 18,780,674 | $ | 4,759,943 | $ | 6,310,276 | ||||||||
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ING International | ING International | |||||||||||||||
Value Fund | Value Choice Fund | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Year Ended | Ended | Year Ended | |||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 42,748,488 | $ | 56,997,675 | $ | 310,449 | $ | 961,863 | ||||||||
Net realized gain on investments and foreign currency related transactions | 471,451,948 | 773,210,681 | 4,534,431 | 11,127,404 | ||||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (996,696,041 | ) | 111,070,822 | (9,562,832 | ) | 5,114,818 | ||||||||||
Increase (decrease) in net assets resulting from operations | (482,495,605 | ) | 941,279,178 | (4,717,952 | ) | 17,204,085 | ||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (20,593,112 | ) | (18,482,190 | ) | (112,875 | ) | (98,246 | ) | ||||||||
Class B | (250,157 | ) | (533,208 | ) | (307 | ) | — | |||||||||
Class C | (2,488,818 | ) | (1,845,996 | ) | — | — | ||||||||||
Class I | (29,292,792 | ) | (22,422,943 | ) | (693,103 | ) | (317,928 | ) | ||||||||
Class Q | (353,269 | ) | (267,155 | ) | — | — | ||||||||||
Net realized gains: | ||||||||||||||||
Class A | (304,767,165 | ) | (197,689,141 | ) | (2,221,665 | ) | (310,768 | ) | ||||||||
Class B | (41,150,109 | ) | (36,175,155 | ) | (507,826 | ) | (60,618 | ) | ||||||||
Class C | (110,803,630 | ) | (73,056,964 | ) | (656,889 | ) | (75,307 | ) | ||||||||
Class I | (313,841,980 | ) | (171,997,304 | ) | (8,389,969 | ) | (671,110 | ) | ||||||||
Class Q | (3,792,183 | ) | (2,584,599 | ) | — | — | ||||||||||
Total distributions | (827,333,215 | ) | (525,054,655 | ) | (12,582,634 | ) | (1,533,977 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 495,885,722 | 981,748,449 | 10,258,540 | 62,085,850 | ||||||||||||
Reinvestment of distributions | 592,169,643 | 372,072,665 | 11,960,549 | 1,417,746 | ||||||||||||
1,088,055,365 | 1,353,821,114 | 22,219,089 | 63,503,596 | |||||||||||||
Cost of shares redeemed | (1,001,531,829 | ) | (1,219,257,275 | ) | (15,162,713 | ) | (56,041,699 | ) | ||||||||
Net increase in net assets resulting from capital share transactions | 86,523,536 | 134,563,839 | 7,056,376 | 7,461,897 | ||||||||||||
Net increase (decrease) in net assets | (1,223,305,284 | ) | 550,788,362 | (10,244,210 | ) | 23,132,005 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 5,398,777,474 | 4,847,989,112 | 85,746,502 | 62,614,497 | ||||||||||||
End of period | $ | 4,175,472,190 | $ | 5,398,777,474 | $ | 75,502,292 | $ | 85,746,502 | ||||||||
Undistributed net investment income at end of period | $ | 42,724,658 | $ | 52,954,318 | $ | 313,988 | $ | 809,824 | ||||||||
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ING International | ||||||||||||||||||||
Value Opportunities Fund | ING Russia Fund | |||||||||||||||||||
Six Months | February 28, | Six Months | Year | |||||||||||||||||
Ended | 2007(1) | Ended | Ended | |||||||||||||||||
April 30, | to October 31, | April 30, | October 31, | |||||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||||||
FROM OPERATIONS: | ||||||||||||||||||||
Net investment income (loss) | $ | 80,428 | $ | 173,417 | $ | (5,572,612 | ) | $ | (4,511,889 | ) | ||||||||||
Net realized gain (loss) on investments and foreign currency related transactions | (256,801 | ) | 55,392 | 138,051,228 | 142,284,643 | |||||||||||||||
Net change in unrealized appreciation or depreciation on investments and foreign currency related transactions | (918,297 | ) | 413,314 | (146,413,352 | ) | 177,636,410 | ||||||||||||||
Increase (decrease) in net assets resulting from operations | (1,094,670 | ) | 642,123 | (13,934,736 | ) | 315,409,164 | ||||||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||
Net investment income: | ||||||||||||||||||||
Class A | (202,959 | ) | — | — | — | |||||||||||||||
Class B | (20 | ) | — | — | — | |||||||||||||||
Class C | (558 | ) | — | — | — | |||||||||||||||
Class I | (24 | ) | — | — | — | |||||||||||||||
Net realized gains: | ||||||||||||||||||||
Class A | (49,157 | ) | — | (137,654,710 | ) | (43,574,710 | ) | |||||||||||||
Class B | (10 | ) | — | — | — | |||||||||||||||
Class C | (132 | ) | — | — | — | |||||||||||||||
Class I | (5 | ) | — | — | — | |||||||||||||||
Total distributions | (252,865 | ) | — | (137,654,710 | ) | (43,574,710 | ) | |||||||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||||||
Net proceeds from sale of shares | 65,195 | 10,090,135 | 130,212,288 | 280,987,914 | ||||||||||||||||
Reinvestment of distributions | 1,517 | — | 116,864,014 | 37,402,991 | ||||||||||||||||
66,712 | 10,090,135 | 247,076,302 | 318,390,905 | |||||||||||||||||
Redemption Fee Proceeds | — | — | 322,893 | 3,086,432 | ||||||||||||||||
Cost of shares redeemed | (2,925 | ) | (29,678 | ) | (121,075,368 | ) | (422,755,301 | ) | ||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 63,787 | 10,060,457 | 126,323,827 | (101,277,964 | ) | |||||||||||||||
Net increase (decrease) in net assets | (1,283,748 | ) | 10,702,580 | (25,265,619 | ) | 170,556,490 | ||||||||||||||
NET ASSETS: | ||||||||||||||||||||
Beginning of period | 10,702,580 | — | 922,503,740 | 751,947,250 | ||||||||||||||||
End of period | $ | 9,418,832 | $ | 10,702,580 | $ | 897,238,121 | $ | 922,503,740 | ||||||||||||
Undistributed net investment income (accumulated net investment loss) at end of period | $ | 77,070 | $ | 200,203 | $ | (5,572,612 | ) | $ | — | |||||||||||
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ING Emerging Markets | ||||||||||||||||
Fixed Income Fund | ING Global Bond Fund | |||||||||||||||
Six Months | Year | Six Months | Year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 10,518,674 | $ | 7,527,851 | $ | 810,979 | $ | 823,069 | ||||||||
Net realized gain (loss) on investments, foreign currency related transactions, futures and swaps | (1,648,878 | ) | (723,798 | ) | 3,169,693 | 798,273 | ||||||||||
Net change in unrealized appreciation or depreciation on investments, foreign currency related transactions, futures and swaps | (10,735,209 | ) | 406,474 | 21,201 | 939,686 | |||||||||||
Increase (decrease) in net assets resulting from operations | (1,865,413 | ) | 7,210,527 | 4,001,873 | 2,561,028 | |||||||||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Class A | (244,944 | ) | (1,326,791 | ) | (2,764,788 | ) | (1,111,960 | ) | ||||||||
Class B | (10,006 | ) | (17,775 | ) | (80,005 | ) | (6,982 | ) | ||||||||
Class C | (45,410 | ) | (40,349 | ) | (572,365 | ) | (15,266 | ) | ||||||||
Class I | (10,095,872 | ) | (6,243,283 | ) | (3,551 | ) | (47 | ) | ||||||||
Net realized gains: | ||||||||||||||||
Class A | — | (71,166 | ) | (369,378 | ) | (443,199 | ) | |||||||||
Class B | — | (814 | ) | (6,552 | ) | (718 | ) | |||||||||
Class C | — | (946 | ) | (30,696 | ) | (756 | ) | |||||||||
Class I | — | — | (12 | ) | (18 | ) | ||||||||||
Total distributions | (10,396,232 | ) | (7,701,124 | ) | (3,827,347 | ) | (1,578,946 | ) | ||||||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Net proceeds from sale of shares | 66,629,183 | 310,896,270 | 80,715,843 | 4,813,090 | ||||||||||||
Reinvestment of distributions | 10,274,145 | 6,461,870 | 1,693,062 | 44,534 | ||||||||||||
76,903,328 | 317,358,140 | 82,408,905 | 4,857,624 | |||||||||||||
Cost of shares redeemed | (89,480,547 | ) | (27,962,963 | ) | (6,208,335 | ) | (830,470 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (12,577,219 | ) | 289,395,177 | 76,200,570 | 4,027,154 | |||||||||||
Net increase (decrease) in net assets | (24,838,864 | ) | 288,904,580 | 76,375,096 | 5,009,236 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 315,662,419 | 26,757,839 | 30,857,433 | 25,848,197 | ||||||||||||
End of period | $ | 290,823,555 | $ | 315,662,419 | $ | 107,232,529 | $ | 30,857,433 | ||||||||
Undistributed net investment income (distribution in excess of net investment income) at end of period | $ | 122,442 | $ | — | $ | (2,584,756 | ) | $ | 24,974 | |||||||
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Table of Contents
ING Diversified International Fund | ||||||||
Six Months | Year | |||||||
Ended | Ended | |||||||
April 30, | October 31, | |||||||
2008 | 2007 | |||||||
FROM OPERATIONS: | ||||||||
Net investment income | $ | 5,487,269 | $ | 431,276 | ||||
Net realized gain on investments in affiliated underlying funds | 28,681,208 | 7,816,137 | ||||||
Net change in unrealized appreciation or depreciation on investments in affiliated underlying funds | (101,343,801 | ) | 97,142,153 | |||||
Increase (decrease) in net assets resulting from operations | (67,175,324 | ) | 105,389,566 | |||||
FROM DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Net investment income: | ||||||||
Class A | (6,883,233 | ) | (968,683 | ) | ||||
Class B | (519,915 | ) | (17,195 | ) | ||||
Class C | (2,156,592 | ) | (76,872 | ) | ||||
Class I | (586 | ) | (55 | ) | ||||
Class R | (6,279 | ) | (472 | ) | ||||
Net realized gains: | ||||||||
Class A | (2,346,495 | ) | — | |||||
Class B | (269,552 | ) | — | |||||
Class C | (1,057,058 | ) | — | |||||
Class I | (180 | ) | — | |||||
Class R | (2,520 | ) | — | |||||
Total distributions | (13,242,410 | ) | (1,063,277 | ) | ||||
FROM CAPITAL SHARE TRANSACTIONS: | ||||||||
Net proceeds from sale of shares | 117,666,114 | 299,856,179 | ||||||
Reinvestment of distributions | 9,865,970 | 792,330 | ||||||
127,532,084 | 300,648,509 | |||||||
Cost of shares redeemed | (76,880,265 | ) | (71,791,916 | ) | ||||
Net increase in net assets resulting from capital share transactions | 50,651,819 | 228,856,593 | ||||||
Net increase (decrease) in net assets | (29,765,915 | ) | 333,182,882 | |||||
NET ASSETS: | ||||||||
Beginning of period | 596,155,428 | 262,972,546 | ||||||
End of period | $ | 566,389,513 | $ | 596,155,428 | ||||
Undistributed net investment income (distribution in excess of net investment income) at end of period | $ | (555,752 | ) | $ | 3,523,584 | |||
66
Table of Contents
Class A | ||||||||||||||||||||||||||
Six Months | September 17, | |||||||||||||||||||||||||
Ended | 2003(1) to | |||||||||||||||||||||||||
April 30, | Year Ended October 31, | October 31, | ||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.84 | 15.76 | 13.07 | 12.41 | 10.49 | 10.00 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.24 | 0.54 | * | 0.54 | 0.47 | * | 0.44 | 0.02 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (1.96 | ) | 1.84 | 2.85 | 0.92 | 1.87 | 0.47 | ||||||||||||||||||
Total from investment operations | $ | (1.72 | ) | 2.38 | 3.39 | 1.39 | 2.31 | 0.49 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.23 | 0.55 | 0.51 | 0.54 | 0.39 | — | |||||||||||||||||||
Net realized gains on investments | $ | 1.20 | 0.75 | 0.19 | 0.19 | — | — | |||||||||||||||||||
Total distributions | $ | 1.43 | 1.30 | 0.70 | 0.73 | 0.39 | — | |||||||||||||||||||
Net asset value, end of period | $ | 13.69 | 16.84 | 15.76 | 13.07 | 12.41 | 10.49 | |||||||||||||||||||
Total Return(2) | % | (10.43 | ) | 15.80 | 26.56 | 11.45 | 22.59 | 4.90 | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 125,760 | 182,669 | 108,911 | 73,186 | 11,316 | 4,274 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 1.37 | 1.26 | 1.27 | 1.28 | 3.44 | 7.00 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 1.37 | 1.26 | 1.33 | 1.40 | 1.40 | 1.40 | |||||||||||||||||||
Net investment income after expense waiver/recoupment(3)(4) | % | 3.17 | 3.31 | 3.76 | 3.60 | 4.39 | 3.58 | |||||||||||||||||||
Portfolio turnover rate | % | 15 | 36 | 50 | 57 | 60 | 3 | |||||||||||||||||||
Class B | ||||||||||||||||||||||||||
Six Months | October 24, | |||||||||||||||||||||||||
Ended | 2003(1) to | |||||||||||||||||||||||||
April 30, | Year Ended October 31, | October 31, | ||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.79 | 15.72 | 13.05 | 12.37 | 10.49 | 10.31 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.18 | 0.39 | 0.43 | 0.37 | * | 0.42 | 0.00 | ** | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (1.95 | ) | 1.86 | 2.84 | 0.92 | 1.82 | 0.18 | ||||||||||||||||||
Total from investment operations | $ | (1.77 | ) | 2.25 | 3.27 | 1.29 | 2.24 | 0.18 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.18 | 0.43 | 0.41 | 0.42 | 0.36 | — | |||||||||||||||||||
Net realized gains on investments | $ | 1.20 | 0.75 | 0.19 | 0.19 | — | — | |||||||||||||||||||
Total distributions | $ | 1.38 | 1.18 | 0.60 | 0.61 | 0.36 | — | |||||||||||||||||||
Net asset value, end of period | $ | 13.64 | 16.79 | 15.72 | 13.05 | 12.37 | 10.49 | |||||||||||||||||||
Total Return(2) | % | (10.80 | ) | 14.94 | 25.55 | 10.65 | 21.92 | 1.75 | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 42,034 | 58,093 | 44,936 | 28,811 | 3,303 | 12 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 2.12 | 2.01 | 2.02 | 2.03 | 4.19 | 7.75 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 2.12 | 2.01 | 2.08 | 2.15 | 2.15 | 2.15 | |||||||||||||||||||
Net investment income (loss) after expense waiver/recoupment(3)(4) | % | 2.43 | 2.53 | 3.05 | 2.83 | 4.03 | (0.67 | ) | ||||||||||||||||||
Portfolio turnover rate | % | 15 | 36 | 50 | 57 | 60 | 3 | |||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005. |
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Class C | ||||||||||||||||||||||||||
Six Months | October 29, | |||||||||||||||||||||||||
Ended | 2003(1) to | |||||||||||||||||||||||||
April 30, | Year Ended October 31, | October 31, | ||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.75 | 15.69 | 13.02 | 12.37 | 10.48 | 10.44 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.18 | 0.39 | 0.43 | 0.37 | * | 0.39 | 0.00 | ** | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (1.94 | ) | 1.86 | 2.84 | 0.90 | 1.86 | 0.04 | ||||||||||||||||||
Total from investment operations | $ | (1.76 | ) | 2.25 | 3.27 | 1.27 | 2.25 | 0.04 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.18 | 0.44 | 0.41 | 0.43 | 0.36 | — | |||||||||||||||||||
Net realized gains on investments | $ | 1.20 | 0.75 | 0.19 | 0.19 | — | — | |||||||||||||||||||
Total distributions | $ | 1.38 | 1.19 | 0.60 | 0.62 | 0.36 | — | |||||||||||||||||||
Net asset value, end of period | $ | 13.61 | 16.75 | 15.69 | 13.02 | 12.37 | 10.48 | |||||||||||||||||||
Total Return(2) | % | (10.76 | ) | 14.94 | 25.62 | 10.51 | 21.99 | 0.38 | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 94,450 | 124,765 | 77,426 | 48,965 | 3,655 | 19 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 2.12 | 2.01 | 2.02 | 2.03 | 4.19 | 7.75 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 2.12 | 2.01 | 2.08 | 2.15 | 2.15 | 2.15 | |||||||||||||||||||
Net investment income (loss) after expense waiver/recoupment(3)(4) | % | 2.44 | 2.54 | 3.03 | 2.82 | 3.99 | (0.88 | ) | ||||||||||||||||||
Portfolio turnover rate | % | 15 | 36 | 50 | 57 | 60 | 3 | |||||||||||||||||||
Class I | ||||||||||
Six Months | August 1, | |||||||||
Ended | 2007(1) to | |||||||||
April 30, | October 31, | |||||||||
2008 | 2007 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value, beginning of period | $ | 16.83 | 15.81 | |||||||
Income (loss) from investment operations: | ||||||||||
Net investment income | $ | 0.26 | * | 0.12 | * | |||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (1.93 | ) | 1.03 | ||||||
Total from investment operations | $ | (1.67 | ) | 1.15 | ||||||
Less distributions from: | ||||||||||
Net investment income | $ | 0.26 | 0.13 | |||||||
Net realized gains on investments | $ | 1.20 | — | |||||||
Total distributions | $ | 1.46 | 0.13 | |||||||
Net asset value, end of period | $ | 13.70 | 16.83 | |||||||
Total Return(2) | % | (10.15 | ) | 7.26 | ||||||
Ratios and Supplemental Data: | ||||||||||
Net assets, end of period (000’s) | $ | 1 | 1 | |||||||
Ratios to average net assets: | ||||||||||
Expenses(3) | % | 0.99 | 0.90 | |||||||
Net investment income(3) | % | 3.57 | 2.98 | |||||||
Portfolio turnover rate | % | 15 | 36 | |||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005. |
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Class O | ||||||||||
Six Months | November 15, | |||||||||
Ended | 2006(1) to | |||||||||
April 30, | October 31, | |||||||||
2008 | 2007 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value, beginning of period | $ | 16.83 | 15.86 | |||||||
Income (loss) from investment operations: | ||||||||||
Net investment income | $ | 0.23 | * | 0.55 | * | |||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (1.94 | ) | 1.74 | ||||||
Total from investment operations | $ | (1.71 | ) | 2.29 | ||||||
Less distributions from: | ||||||||||
Net investment income | $ | 0.24 | 0.57 | |||||||
Net realized gains on investments | $ | 1.20 | 0.75 | |||||||
Total distributions | $ | 1.44 | 1.32 | |||||||
Net asset value, end of period | $ | 13.68 | 16.83 | |||||||
Total Return(2) | % | (10.48 | ) | 15.12 | ||||||
Ratios and Supplemental Data: | ||||||||||
Net assets, end of period (000’s) | $ | 23,545 | 23,737 | |||||||
Ratios to average net assets: | ||||||||||
Expenses(3) | % | 1.38 | 1.26 | |||||||
Net investment income(3) | % | 3.26 | 3.46 | |||||||
Portfolio turnover rate | % | 15 | 36 | |||||||
Class W | ||||||
February 12, | ||||||
2008(1) to | ||||||
April 30, | ||||||
2008 | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 14.51 | ||||
Income from investment operations: | ||||||
Net investment income | $ | 0.20 | * | |||
Net realized and unrealized gain on investments and foreign currency related transactions | $ | 0.26 | ||||
Total from investment operations | $ | 0.46 | ||||
Less distributions from: | ||||||
Net investment income | $ | 0.12 | ||||
Total distributions | $ | 0.12 | ||||
Net asset value, end of period | $ | 14.85 | ||||
Total Return(2) | % | 3.15 | ||||
Ratios and Supplemental Data: | ||||||
Net assets, end of period (000’s) | $ | 2 | ||||
Ratios to average net assets: | ||||||
Expenses(3) | % | 0.99 | ||||
Net investment income(3) | % | 6.42 | ||||
Portfolio turnover rate | % | 15 | ||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
* | Calculated using average number of shares outstanding throughout the period. |
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Class A | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.18 | 10.46 | 7.34 | 7.09 | 6.94 | 4.40 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 0.04 | * | (0.03 | ) | (0.06 | ) | (0.06 | ) | (0.05 | ) | (0.02 | ) | |||||||||||||
Net realized and unrealized gain on investments and foreign currency related transactions | $ | 0.19 | 4.36 | 3.20 | 0.54 | 0.20 | 2.56 | |||||||||||||||||||
Total from investment operations | $ | 0.23 | 4.33 | 3.14 | 0.48 | 0.15 | 2.54 | |||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.11 | 0.26 | 0.02 | 0.23 | — | — | |||||||||||||||||||
Net realized gains on investments | $ | 2.45 | 0.35 | — | — | — | — | |||||||||||||||||||
Total distributions | $ | 2.56 | 0.61 | 0.02 | 0.23 | — | — | |||||||||||||||||||
Net asset value, end of period | $ | 11.85 | 14.18 | 10.46 | 7.34 | 7.09 | 6.94 | |||||||||||||||||||
Total Return(2) | % | 3.51 | 43.22 | 42.76 | 6.81 | 2.16 | 57.73 | |||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 154,751 | 157,367 | 121,112 | 87,441 | 91,756 | 101,696 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Expenses(3) | % | 1.43 | † | 1.44 | † | 1.42 | 1.56 | 1.44 | 1.57 | |||||||||||||||||
Net investment income (loss)(3) | % | 0.65 | (0.28 | ) | (0.61 | ) | (0.77 | ) | (0.69 | ) | (0.36 | ) | ||||||||||||||
Portfolio turnover rate | % | 77 | 121 | 158 | 78 | 77 | 94 | |||||||||||||||||||
Class I | ||||||||||
Six Months | August 1, | |||||||||
Ended | 2007(1) to | |||||||||
April 30, | October 31, | |||||||||
2008 | 2007 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value, beginning of period | $ | 14.19 | 12.07 | |||||||
Income from investment operations: | ||||||||||
Net investment income | $ | 0.09 | * | 0.00 | ** | |||||
Net realized and unrealized gain on investments and foreign currency related transactions | $ | 0.17 | 2.12 | |||||||
Total from investment operations | $ | 0.26 | 2.12 | |||||||
Less distributions from: | ||||||||||
Net investment income | $ | 0.16 | — | |||||||
Net realized gains on investments | $ | 2.45 | — | |||||||
Total distributions | $ | 2.61 | — | |||||||
Net asset value, end of period | $ | 11.84 | 14.19 | |||||||
Total Return(2) | % | 3.73 | 17.56 | |||||||
Ratios and Supplemental Data: | ||||||||||
Net assets, end of period (000’s) | $ | 1 | 2 | |||||||
Ratios to average net assets: | ||||||||||
Expenses(3) | % | 1.08 | † | 1.08 | † | |||||
Net investment income(3) | % | 1.53 | 0.09 | |||||||
Portfolio turnover rate | % | 77 | 121 | |||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005. | |
† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.01% impact on the expense ratio. |
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Class W | ||||||
February 12, | ||||||
2008(1) to | ||||||
April 30, | ||||||
2008 | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 12.84 | ||||
Income from investment operations: | ||||||
Net investment income | $ | 0.01 | ||||
Net realized and unrealized gain on investments and foreign currency related transactions | $ | 1.86 | ||||
Total from investment operations | $ | 1.87 | ||||
Less distributions from: | ||||||
Net investment income | $ | — | ||||
Total distributions | $ | — | ||||
Net asset value, end of period | $ | 14.71 | ||||
Total Return(2) | % | 14.56 | ||||
Ratios and Supplemental Data: | ||||||
Net assets, end of period (000’s) | $ | 2 | ||||
Ratios to average net assets: | ||||||
Expenses(3) | % | 1.08 | ||||
Net investment income(3) | % | 0.40 | ||||
Portfolio turnover rate | % | 77 | ||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. |
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Table of Contents
Class A | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 24.19 | 22.23 | 17.14 | 15.40 | 13.06 | 10.40 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.17 | * | 0.22 | * | 0.20 | * | 0.26 | *† | 0.27 | 0.57 | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.95 | ) | 3.13 | 6.41 | 2.94 | † | 3.26 | 2.79 | |||||||||||||||||
Total from investment operations | $ | (2.78 | ) | 3.35 | 6.61 | 3.20 | 3.53 | 3.36 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.54 | 1.08 | 0.46 | 0.54 | 0.43 | 0.54 | |||||||||||||||||||
Net realized gains on investments | $ | 0.04 | 0.31 | 1.06 | 0.92 | 0.76 | 0.16 | |||||||||||||||||||
Total distributions | $ | 0.58 | 1.39 | 1.52 | 1.46 | 1.19 | 0.70 | |||||||||||||||||||
Net asset value, end of period | $ | 20.83 | 24.19 | 22.23 | 17.14 | 15.40 | 13.06 | |||||||||||||||||||
Total Return(1) | % | (11.45 | ) | 15.44 | 41.09 | 21.95 | 28.90 | 33.77 | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 1,106,337 | 1,115,493 | 467,405 | 138,314 | 95,561 | 41,549 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(2) | % | 1.36 | 1.30 | 1.39 | 1.50 | 1.55 | 1.95 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2)(3) | % | 1.36 | 1.30 | 1.39 | 1.59 | 1.75 | 1.75 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 1.36 | 1.30 | 1.39 | 1.59 | 1.75 | 1.75 | |||||||||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 1.73 | 0.96 | 1.04 | 1.58 | † | 2.55 | 5.14 | ||||||||||||||||||
Portfolio turnover rate | % | 21 | 57 | 39 | 91 | 129 | 124 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. | |
(2) | Annualized for periods less than one year. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
† | 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 and $0.10, increase net realized and unrealized gain on investments per share by $0.12 and $0.10 and decrease the ratio of net investment income to average net assets from 2.31% to 1.58% and 1.51% to 0.79% on Class A and Class B. |
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Table of Contents
Class B | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 20.67 | 19.20 | 15.01 | 13.67 | 11.74 | 9.43 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.08 | * | 0.04 | * | 0.05 | * | 0.12 | *† | 0.14 | 0.48 | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.54 | ) | 2.69 | 5.56 | 2.59 | † | 2.90 | 2.47 | |||||||||||||||||
Total from investment operations | $ | (2.46 | ) | 2.73 | 5.61 | 2.71 | 3.04 | 2.95 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.47 | 0.95 | 0.36 | 0.45 | 0.35 | 0.48 | |||||||||||||||||||
Net realized gains on investments | $ | 0.04 | 0.31 | 1.06 | 0.92 | 0.76 | 0.16 | |||||||||||||||||||
Total distributions | $ | 0.51 | 1.26 | 1.42 | 1.37 | 1.11 | 0.64 | |||||||||||||||||||
Net asset value, end of period | $ | 17.70 | 20.67 | 19.20 | 15.01 | 13.67 | 11.74 | |||||||||||||||||||
Total Return(1) | % | (11.83 | ) | 14.59 | 40.04 | 21.05 | 27.89 | 32.83 | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 43,813 | 57,837 | 31,677 | 12,302 | 4,736 | 1,506 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(2) | % | 2.11 | 2.05 | 2.14 | 2.25 | 2.30 | 2.70 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2)(3) | % | 2.11 | 2.05 | 2.14 | 2.34 | 2.50 | 2.50 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 2.11 | 2.05 | 2.14 | 2.34 | 2.50 | 2.50 | |||||||||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 0.98 | 0.22 | 0.31 | 0.79 | † | 1.78 | 4.44 | ||||||||||||||||||
Portfolio turnover rate | % | 21 | 57 | 39 | 91 | 129 | 124 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. | |
(2) | Annualized for periods less than one year. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
† | 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 and $0.10, increase net realized and unrealized gain on investments per share by $0.12 and $0.10 and decrease the ratio of net investment income to average net assets from 2.31% to 1.58% and 1.51% to 0.79% on Class A and Class B. |
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Class C | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 21.70 | 20.10 | 15.65 | 14.19 | 12.14 | 9.70 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.09 | * | 0.04 | * | 0.05 | * | 0.12 | *† | 0.14 | 0.45 | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.66 | ) | 2.82 | 5.82 | 2.71 | † | 3.02 | 2.60 | |||||||||||||||||
Total from investment operations | $ | (2.57 | ) | 2.86 | 5.87 | 2.83 | 3.16 | 3.05 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.47 | 0.95 | 0.36 | 0.45 | 0.35 | 0.45 | |||||||||||||||||||
Net realized gains on investments | $ | 0.04 | 0.31 | 1.06 | 0.92 | 0.76 | 0.16 | |||||||||||||||||||
Total distributions | $ | 0.51 | 1.26 | 1.42 | 1.37 | 1.11 | 0.61 | |||||||||||||||||||
Net asset value, end of period | $ | 18.62 | 21.70 | 20.10 | 15.65 | 14.19 | 12.14 | |||||||||||||||||||
Total Return(2) | % | (11.79 | ) | 14.57 | 40.06 | 21.11 | 27.93 | 32.89 | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 262,466 | 303,235 | 109,197 | 27,989 | 7,817 | 1,732 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 2.11 | 2.05 | 2.14 | 2.25 | 2.30 | 2.70 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 2.11 | 2.05 | 2.14 | 2.34 | 2.50 | 2.50 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 2.11 | 2.05 | 2.14 | 2.34 | 2.50 | 2.50 | |||||||||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 0.97 | 0.20 | 0.29 | 0.78 | † | 1.72 | 4.60 | ||||||||||||||||||
Portfolio turnover rate | % | 21 | 57 | 39 | 91 | 129 | 124 | |||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
† | 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 $0.11, increase net realized and unrealized gain on investments per share by $0.11 and decrease the ratio of net investment income to average net assets from 1.51% to 0.78% for Class C. | |
†† | 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 five months ended October 31, 2005 was to decrease the net investment income per share by $0.30, increase net realized and unrealized gain on investments per share by $0.30 and decrease the ratio of net investment income to average net assets from 2.60% to 0.85% for Class I. |
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Class I | ||||||||||||||||||
Six Months | June 3, | |||||||||||||||||
Ended | Year Ended | 2005(1) to | ||||||||||||||||
April 30, | October 31, | October 31, | ||||||||||||||||
2008 | 2007 | 2006 | 2005 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 24.21 | 22.23 | 17.14 | 16.32 | |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment income | $ | 0.21 | * | 0.28 | * | 0.28 | * | 0.14 | *†† | |||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.96 | ) | 3.16 | 6.39 | 0.86 | †† | |||||||||||
Total from investment operations | $ | (2.75 | ) | 3.44 | 6.67 | 1.00 | ||||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | 0.58 | 1.15 | 0.52 | 0.18 | |||||||||||||
Net realized gains on investments | $ | 0.04 | 0.31 | 1.06 | — | |||||||||||||
Total distributions | $ | 0.62 | 1.46 | 1.58 | 0.18 | |||||||||||||
Net asset value, end of period | $ | 20.84 | 24.21 | 22.23 | 17.14 | |||||||||||||
Total Return(2) | % | (11.31 | ) | 15.88 | 41.49 | 6.14 | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 171,946 | 76,869 | 11,226 | 1,681 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 1.00 | 0.95 | 1.06 | 1.22 | |||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture | % | 1.00 | 0.95 | 1.06 | 1.30 | |||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.00 | 0.95 | 1.06 | 1.30 | |||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 2.06 | 1.24 | 1.40 | 0.85 | †† | ||||||||||||
Portfolio turnover rate | % | 21 | 57 | 39 | 91 | |||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
† | 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 $0.11, increase net realized and unrealized gain on investments per share by $0.11 and decrease the ratio of net investment income to average net assets from 1.51% to 0.78% for Class C. | |
†† | 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 five months ended October 31, 2005 was to decrease the net investment income per share by $0.30, increase net realized and unrealized gain on investments per share by $0.30 and decrease the ratio of net investment income to average net assets from 2.60% to 0.85% for Class I. |
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Table of Contents
Class O | ||||||||||
Six Months | November 15, | |||||||||
Ended | 2006(1) to | |||||||||
April 30, | October 31, | |||||||||
2008 | 2007 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value, beginning of period | $ | 24.19 | 22.20 | |||||||
Income (loss) from investment operations: | ||||||||||
Net investment income | $ | 0.18 | 0.20 | * | ||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.97 | ) | 3.20 | ||||||
Total from investment operations | $ | (2.79 | ) | 3.40 | ||||||
Less distributions from: | ||||||||||
Net investment income | $ | 0.54 | 1.10 | |||||||
Net realized gains on investments | $ | 0.04 | 0.31 | |||||||
Total distributions | $ | 0.58 | 1.41 | |||||||
Net asset value, end of period | $ | 20.82 | 24.19 | |||||||
Total Return(2) | % | (11.50 | ) | 15.68 | ||||||
Ratios and Supplemental Data: | ||||||||||
Net assets, end of period (000’s) | $ | 22,292 | 26,137 | |||||||
Ratios to average net assets: | ||||||||||
Gross expenses prior to brokerage commission recapture(3) | % | 1.36 | 1.30 | |||||||
Net expenses after brokerage commission recapture(3) | % | 1.36 | 1.30 | |||||||
Net investment income after brokerage commission recapture(3) | % | 1.73 | 0.90 | |||||||
Portfolio turnover rate | % | 21 | 57 | |||||||
Class W | ||||||
February 12, | ||||||
2008(1) to | ||||||
April 30, | ||||||
2008 | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 19.29 | ||||
Income from investment operations: | ||||||
Net investment income | $ | 0.06 | * | |||
Net realized and unrealized gain on investments and foreign currency related transactions | $ | 1.62 | ||||
Total from investment operations | $ | 1.68 | ||||
Less distributions from: | ||||||
Net investment income | $ | 0.10 | ||||
Total distributions | $ | 0.10 | ||||
Net asset value, end of period | $ | 20.87 | ||||
Total Return(2) | % | 8.74 | ||||
Ratios and Supplemental Data: | ||||||
Net assets, end of period (000’s) | $ | 26,301 | ||||
Ratios to average net assets: | ||||||
Expenses(3) | % | 1.00 | ||||
Net investment income(3) | % | 1.37 | ||||
Portfolio turnover rate | % | 21 | ||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
* | Calculated using average number of shares outstanding throughout the period. |
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Table of Contents
Class A | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 28.40 | 21.72 | 18.16 | 15.96 | 14.76 | 12.36 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 0.04 | 0.01 | 0.08 | 0.09 | (0.04 | ) | (0.06 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.51 | ) | 6.67 | 3.62 | 2.11 | 1.24 | 2.46 | ||||||||||||||||||
Total from investment operations | $ | (2.47 | ) | 6.68 | 3.70 | 2.20 | 1.20 | 2.40 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.16 | — | 0.14 | — | — | — | |||||||||||||||||||
Total distributions | $ | 0.16 | — | 0.14 | — | — | — | |||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.00 | ** | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 25.77 | 28.40 | 21.72 | 18.16 | 15.96 | 14.76 | |||||||||||||||||||
Total Return(1) | % | (8.71 | ) | 30.76 | 20.48 | 13.78 | † | 8.13 | 19.42 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 60,184 | 58,600 | 47,305 | 41,941 | 46,133 | 56,877 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(2) | % | 1.68 | 1.77 | 1.78 | 1.90 | 1.77 | 1.93 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2)(3) | % | 1.59 | 1.82 | 1.78 | 1.85 | 1.85 | 1.85 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 1.58 | 1.81 | 1.77 | 1.85 | 1.85 | 1.85 | |||||||||||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 0.28 | 0.04 | 0.40 | 0.46 | (0.21 | ) | (0.35 | ) | |||||||||||||||||
Portfolio turnover rate | % | 33 | 66 | 77 | 129 | 101 | 125 | |||||||||||||||||||
Class B | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 30.58 | 23.54 | 19.67 | 17.39 | 16.19 | 13.65 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment loss | $ | (0.08 | )* | (0.17 | )* | (0.04 | ) | (0.04 | ) | (0.17 | ) | (0.16 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.68 | ) | 7.21 | 3.91 | 2.32 | 1.37 | 2.70 | ||||||||||||||||||
Total from investment operations | $ | (2.76 | ) | 7.04 | 3.87 | 2.28 | 1.20 | 2.54 | ||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.00 | ** | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 27.82 | 30.58 | 23.54 | 19.67 | 17.39 | 16.19 | |||||||||||||||||||
Total Return(1) | % | (9.03 | ) | 29.91 | 19.67 | 13.11 | † | 7.41 | 18.61 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 15,299 | 22,049 | 21,364 | 23,483 | 28,559 | 35,459 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(2) | % | 2.39 | 2.42 | 2.43 | 2.55 | 2.42 | 2.58 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2)(3) | % | 2.30 | 2.47 | 2.43 | 2.50 | 2.50 | 2.50 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 2.29 | 2.46 | 2.42 | 2.50 | 2.50 | 2.50 | |||||||||||||||||||
Net investment loss after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | (0.54 | ) | (0.62 | ) | (0.25 | ) | (0.19 | ) | (0.87 | ) | (1.00 | ) | |||||||||||||
Portfolio turnover rate | % | 33 | 66 | 77 | 129 | 101 | 125 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. | |
(2) | Annualized for periods less than one year. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005. | |
† | In 2005, there was no impact on total return due to payment by affiliate. |
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Table of Contents
Class C | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 27.18 | 20.93 | 17.50 | 15.48 | 14.41 | 12.14 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment loss | $ | (0.06 | ) | (0.14 | )* | (0.05 | ) | (0.04 | ) | (0.15 | ) | (0.15 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.39 | ) | 6.39 | 3.50 | 2.06 | 1.22 | 2.42 | ||||||||||||||||||
Total from investment operations | $ | (2.45 | ) | 6.25 | 3.45 | 2.02 | 1.07 | 2.27 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.02 | — | 0.02 | — | — | — | |||||||||||||||||||
Total distributions | $ | 0.02 | — | 0.02 | — | — | — | |||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.00 | ** | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 24.71 | 27.18 | 20.93 | 17.50 | 15.48 | 14.41 | |||||||||||||||||||
Total Return(2) | % | (9.02 | ) | 29.86 | 19.73 | 13.05 | † | 7.43 | 18.70 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 34,717 | 39,537 | 31,612 | 30,918 | 35,784 | 45,476 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 2.39 | 2.42 | 2.43 | 2.55 | 2.42 | 2.58 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 2.30 | 2.47 | 2.43 | 2.50 | 2.50 | 2.50 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 2.29 | 2.46 | 2.42 | 2.50 | 2.50 | 2.50 | |||||||||||||||||||
Net investment loss after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | (0.48 | ) | (0.60 | ) | (0.26 | ) | (0.19 | ) | (0.87 | ) | (1.01 | ) | |||||||||||||
Portfolio turnover rate | % | 33 | 66 | 77 | 129 | 101 | 125 | |||||||||||||||||||
Class I | ||||||||||||||
Six Months | September 6, | |||||||||||||
Ended | Year Ended | 2006(1) to | ||||||||||||
April 30, | October 31, | October 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||||
Per Share Operating Performance: | ||||||||||||||
Net asset value, beginning of period | $ | 28.57 | 21.73 | 21.31 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||
Net investment income (loss) | $ | 0.09 | * | 0.15 | (0.11 | ) | ||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.53 | ) | 6.69 | 0.53 | |||||||||
Total from investment operations | $ | (2.44 | ) | 6.84 | 0.42 | |||||||||
Less distribution from: | ||||||||||||||
Net investment income | $ | 0.28 | — | — | ||||||||||
Total distributions | $ | 0.28 | — | — | ||||||||||
Net asset value, end of period | $ | 25.85 | 28.57 | 21.73 | ||||||||||
Total Return(2) | % | (8.54 | ) | 31.48 | 1.97 | |||||||||
Ratios/Supplemental Data: | ||||||||||||||
Net assets, end of period (000’s) | $ | 9,175 | 7,845 | 3,010 | ||||||||||
Ratio to average net assets: | ||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 1.20 | 1.25 | 1.27 | ||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 1.20 | 1.30 | 1.26 | ||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.19 | 1.29 | 1.26 | ||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 0.70 | 0.67 | (0.69 | ) | |||||||||
Portfolio turnover rate | % | 33 | 66 | 77 | ||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005. | |
† | In 2005, there was no impact on total return due to payment by affiliate. |
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Table of Contents
Class Q | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 33.36 | 25.44 | 21.25 | 18.61 | 17.17 | 14.34 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 0.05 | 0.08 | * | 0.18 | * | 0.15 | 0.01 | (0.01 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.94 | ) | 7.84 | 4.20 | 2.49 | 1.43 | 2.84 | ||||||||||||||||||
Total from investment operations | $ | (2.89 | ) | 7.92 | 4.38 | 2.64 | 1.44 | 2.83 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.20 | — | 0.19 | — | — | — | |||||||||||||||||||
Total distributions | $ | 0.20 | — | 0.19 | — | — | — | |||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.00 | ** | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 30.27 | 33.36 | 25.44 | 21.25 | 18.61 | 17.17 | |||||||||||||||||||
Total Return(1) | % | (8.65 | ) | 31.13 | 20.75 | 14.19 | † | 8.39 | 19.74 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 2,197 | 2,652 | 2,757 | 4,387 | 4,223 | 6,454 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(2) | % | 1.45 | 1.50 | 1.52 | 1.60 | 1.51 | 1.62 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2)(3) | % | 1.45 | 1.55 | 1.52 | 1.55 | 1.59 | 1.54 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 1.44 | 1.54 | 1.51 | 1.55 | 1.59 | 1.54 | |||||||||||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 0.36 | 0.29 | 0.75 | 0.75 | 0.05 | (0.04 | ) | ||||||||||||||||||
Portfolio turnover rate | % | 33 | 66 | 77 | 129 | 101 | 125 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. | |
(2) | Annualized for periods less than one year. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005. | |
† | In 2005, there was no impact on total return due to payment by affiliate. |
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Table of Contents
Class A | Class B | Class C | Class I | |||||||||||||||
November 1, | November 1, | November 1, | November 1, | |||||||||||||||
2007(1) to | 2007(1) to | 2007(1) to | 2007(1) to | |||||||||||||||
April 30, | April 30, | April 30, | April 30, | |||||||||||||||
2008 | 2008 | 2008 | 2008 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.00 | 10.00 | 10.00 | 10.00 | |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment income | $ | 0.04 | 0.04 | * | 0.02 | 0.05 | ||||||||||||
Net realized and unrealized loss on investments | $ | (1.99 | ) | (2.02 | ) | (1.99 | ) | (2.00 | ) | |||||||||
Total from investment operations | $ | (1.95 | ) | (1.98 | ) | (1.97 | ) | (1.95 | ) | |||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | 0.05 | 0.04 | 0.04 | 0.06 | |||||||||||||
Total distributions | $ | 0.05 | 0.04 | 0.04 | 0.06 | |||||||||||||
Net asset value, end of period | $ | 8.00 | 7.98 | 7.99 | 7.99 | |||||||||||||
Total Return(2) | % | (19.47 | ) | (19.79 | ) | (19.75 | ) | (19.48 | ) | |||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 4,837 | 25 | 125 | 1 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 4.22 | 4.97 | 4.97 | 3.96 | |||||||||||||
Net expenses after expense waiver(3)(4) | % | 1.75 | 2.50 | 2.50 | 1.50 | |||||||||||||
Net investment income after expense waiver(3)(4) | % | 1.07 | 0.95 | 0.36 | 1.11 | |||||||||||||
Portfolio turnover rate | % | 46 | 46 | 46 | 46 | |||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charge. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expense, (excluding interest, taxes, brokerage and extraordinary expense) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. |
80
Table of Contents
Class A | Class B | |||||||||||||||||
Six Months | December 20, | Six Months | December 20, | |||||||||||||||
Ended | 2006(1) to | Ended | 2006(1) to | |||||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 12.09 | 10.00 | 12.02 | 10.00 | |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment income | $ | 0.09 | * | 0.14 | * | 0.04 | * | 0.06 | * | |||||||||
Net realized and unrealized gain (loss) on investments | $ | (1.96 | ) | 1.95 | (1.94 | ) | 1.96 | |||||||||||
Total from investment operations | $ | (1.87 | ) | 2.09 | (1.90 | ) | 2.02 | |||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | 0.06 | — | 0.01 | — | |||||||||||||
Net realized gains on investments | $ | 0.19 | — | 0.19 | — | |||||||||||||
Total distributions | $ | 0.25 | — | 0.20 | — | |||||||||||||
Net asset value, end of period | $ | 9.97 | 12.09 | 9.92 | 12.02 | |||||||||||||
Total Return(2) | % | (15.52 | ) | 20.90 | (15.87 | ) | 20.20 | |||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 109 | 69 | 5 | 5 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Expenses(3) | % | 1.07 | 1.11 | 1.82 | 1.86 | |||||||||||||
Net investment income(3) | % | 1.73 | 1.37 | 0.77 | 0.67 | |||||||||||||
Portfolio turnover rate | % | 55 | 116 | 55 | 116 | |||||||||||||
Class C | Class I | |||||||||||||||||
Six Months | December 20, | Six Months | December 20, | |||||||||||||||
Ended | 2006(1) to | Ended | 2006(1) to | |||||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 12.02 | 10.00 | 12.13 | 10.00 | |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment income (loss) | $ | (0.01 | )* | 0.02 | * | 0.10 | 0.13 | * | ||||||||||
Net realized and unrealized gain (loss) on investments | $ | (1.89 | ) | 2.00 | (1.97 | ) | 2.00 | |||||||||||
Total from investment operations | $ | (1.90 | ) | 2.02 | (1.87 | ) | 2.13 | |||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | 0.01 | — | 0.07 | — | |||||||||||||
Net realized gains on investments | $ | 0.19 | — | 0.19 | — | |||||||||||||
Total distributions | $ | 0.20 | — | 0.26 | — | |||||||||||||
Net asset value, end of period | $ | 9.92 | 12.02 | 10.00 | 12.13 | |||||||||||||
Total Return(2) | % | (15.87 | ) | 20.20 | (15.44 | ) | 21.30 | |||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 8 | 55 | 365,868 | 465,657 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Expenses(3) | % | 1.82 | 1.86 | 0.82 | 0.86 | |||||||||||||
Net investment income (loss)(3) | % | (0.17 | ) | 0.25 | 1.78 | 1.29 | ||||||||||||
Portfolio turnover rate | % | 55 | 116 | 55 | 116 | |||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charge. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
* | Calculated using average number of shares outstanding throughout the period. |
81
Table of Contents
Class A | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 41.48 | 29.62 | 23.60 | 19.40 | 17.32 | 12.44 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.40 | 0.47 | 0.48 | 0.19 | 0.09 | 0.03 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian tax) | $ | (3.28 | ) | 11.82 | 5.68 | 3.98 | 2.08 | 4.85 | ||||||||||||||||||
Total from investment operations | $ | (2.88 | ) | 12.29 | 6.16 | 4.17 | 2.17 | 4.88 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.45 | 0.43 | 0.14 | 0.02 | 0.09 | — | |||||||||||||||||||
Net realized gains on investments | $ | 1.11 | — | — | — | — | — | |||||||||||||||||||
Total distributions | $ | 1.56 | 0.43 | 0.14 | 0.02 | 0.09 | — | |||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.05 | 0.00 | ** | — | ||||||||||||||||||
Net asset value, end of period | $ | 37.04 | 41.48 | 29.62 | 23.60 | 19.40 | 17.32 | |||||||||||||||||||
Total Return(1) | % | (6.76 | ) | 41.93 | 26.19 | 21.76 | †† | 12.58 | † | 39.23 | ||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 172,256 | 197,307 | 123,219 | 87,143 | 67,282 | 71,953 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(2) | % | 2.03 | 1.99 | 2.02 | 2.09 | 2.10 | 2.37 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2)(3) | % | 1.93 | 1.89 | 1.92 | 2.00 | 2.20 | 2.27 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 1.90 | 1.86 | 1.91 | 2.00 | 2.20 | 2.27 | |||||||||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 2.13 | 1.42 | 1.80 | 0.91 | 0.41 | 0.22 | |||||||||||||||||||
Portfolio turnover rate | % | 17 | 51 | 35 | 124 | 88 | 135 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. | |
(2) | Annualized for periods less than one year. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005. | |
† | In 2004, 0.06% of the total return consists of a gain on the disposition of an investment not meeting the Fund’s investment restrictions. Excluding this item, total return would have been 12.52% and 11.72% for Class A and Class B, respectively. | |
†† | In 2005, 0.26% of the total return consists of a payment by affiliate. Excluding this item, total return would have been 21.50% and 20.61% for Class A and Class B, respectively. |
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Class B | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 40.67 | 29.04 | 23.17 | 19.17 | 17.15 | 12.39 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 0.28 | 0.24 | * | 0.28 | * | 0.04 | (0.04 | ) | (0.06 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian tax) | $ | (3.24 | ) | 11.57 | 5.59 | 3.91 | 2.06 | 4.82 | ||||||||||||||||||
Total from investment operations | $ | (2.96 | ) | 11.81 | 5.87 | 3.95 | 2.02 | 4.76 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.14 | 0.18 | — | — | — | — | |||||||||||||||||||
Net realized gains on investments | $ | 1.11 | — | — | — | — | — | |||||||||||||||||||
Total distributions | $ | 1.25 | 0.18 | — | — | — | — | |||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.05 | 0.00 | ** | — | ||||||||||||||||||
Net asset value, end of period | $ | 36.46 | 40.67 | 29.04 | 23.17 | 19.17 | 17.15 | |||||||||||||||||||
Total Return(1) | % | (7.13 | ) | 40.85 | 25.33 | 20.87 | †† | 11.78 | † | 38.42 | ||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 13,623 | 16,648 | 13,575 | 12,562 | 12,581 | 16,425 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(2) | % | 2.68 | 2.64 | 2.67 | 2.74 | 2.75 | 3.02 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(2)(3) | % | 2.68 | 2.64 | 2.67 | 2.74 | 2.85 | 2.92 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 2.65 | 2.61 | 2.66 | 2.74 | 2.85 | 2.92 | |||||||||||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(2)(3) | % | 1.36 | 0.67 | 1.06 | 0.14 | (0.30 | ) | (0.40 | ) | |||||||||||||||||
Portfolio turnover rate | % | 17 | 51 | 35 | 124 | 88 | 135 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. | |
(2) | Annualized for periods less than one year. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005. | |
† | In 2004, 0.06% of the total return consists of a gain on the disposition of an investment not meeting the Fund’s investment restrictions. Excluding this item, total return would have been 12.52% and 11.72% for Class A and Class B, respectively. | |
†† | In 2005, 0.26% of the total return consists of a payment by affiliate. Excluding this item, total return would have been 21.50% and 20.61% for Class A and Class B, respectively. |
83
Table of Contents
Class C | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 38.45 | 27.53 | 22.04 | 18.24 | 16.32 | 11.79 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 0.25 | 0.20 | 0.25 | 0.03 | (0.03 | ) | (0.06 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian tax) | $ | (3.04 | ) | 10.97 | 5.31 | 3.72 | 1.95 | 4.59 | ||||||||||||||||||
Total from investment operations | $ | (2.79 | ) | 11.17 | 5.56 | 3.75 | 1.92 | 4.53 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.21 | 0.25 | 0.07 | — | — | — | |||||||||||||||||||
Net realized gains on investments | $ | 1.11 | — | — | — | — | — | |||||||||||||||||||
Total distributions | $ | 1.32 | 0.25 | 0.07 | — | — | — | |||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.05 | 0.00 | * | — | ||||||||||||||||||
Net asset value, end of period | $ | 34.34 | 38.45 | 27.53 | 22.04 | 18.24 | 16.32 | |||||||||||||||||||
Total Return(2) | % | (7.09 | ) | 40.82 | 25.29 | 20.83 | †† | 11.76 | † | 38.42 | ||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 46,298 | 53,885 | 35,847 | 20,985 | 9,680 | 10,033 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 2.68 | 2.64 | 2.67 | 2.74 | 2.75 | 3.02 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 2.68 | 2.64 | 2.67 | 2.74 | 2.85 | 2.92 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 2.65 | 2.61 | 2.66 | 2.74 | 2.85 | 2.92 | |||||||||||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.38 | 0.65 | 1.12 | 0.25 | (0.20 | ) | (0.40 | ) | |||||||||||||||||
Portfolio turnover rate | % | 17 | 51 | 35 | 124 | 88 | 135 | |||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Amount is less than $0.005. | |
† | In 2004, 0.06% of the total return consists of a gain on an investment not meeting the Fund’s investment restrictions. Excluding this item, total return would have been 11.70%. | |
†† | In 2005, 0.27% of the total return on Class C consists of a payment by affiliate. Excluding this item, total return would have been 20.56%. |
84
Table of Contents
Class I | ||||||||||||||
Six Months | Year | December 21, | ||||||||||||
Ended | Ended | 2005(1) to | ||||||||||||
April 30, | October 31, | October 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||||
Per Share Operating Performance: | ||||||||||||||
Net asset value, beginning of period | $ | 41.63 | 29.72 | 25.52 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||
Net investment income | $ | 0.39 | * | 0.55 | 0.65 | * | ||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian tax) | $ | (3.23 | ) | 11.90 | 3.55 | |||||||||
Total from investment operations | $ | (2.84 | ) | 12.45 | 4.20 | |||||||||
Less distribution from: | ||||||||||||||
Net investment income | $ | 0.57 | 0.54 | — | ||||||||||
Net realized gains on investments | $ | 1.11 | — | — | ||||||||||
Total distributions | $ | 1.68 | 0.54 | — | ||||||||||
Net asset value, end of period | $ | 37.11 | 41.63 | 29.72 | ||||||||||
Total Return(2) | % | (6.62 | ) | 42.41 | 16.46 | |||||||||
�� | ||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||
Net assets, end of period (000’s) | $ | 31,030 | 41,551 | 23,456 | ||||||||||
Ratio to average net assets: | ||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 1.60 | 1.56 | 1.55 | ||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 1.60 | 1.56 | 1.55 | ||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.57 | 1.53 | 1.54 | ||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 2.10 | 1.71 | 2.73 | ||||||||||
Portfolio turnover rate | % | 17 | 51 | 35 | ||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
† | In 2004, 0.06% of the total return consists of a gain on an investment not meeting the Fund’s investment restrictions. Excluding this item, total return would have been 11.70%. | |
†† | In 2005, 0.27% of the total return on Class C consists of a payment by affiliate. Excluding this item, total return would have been 20.56%. |
85
Table of Contents
Class Q | Class W | |||||||||||||||||||||||||||||
Six Months | February 12, | |||||||||||||||||||||||||||||
Ended | 2008(1) to | |||||||||||||||||||||||||||||
April 30, | Year Ended October 31, | April 30, | ||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2008 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 42.92 | 30.62 | 24.38 | 20.03 | 17.89 | 12.80 | 36.18 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||
Net investment income | $ | 0.41 | 0.44 | 0.59 | * | 0.26 | 0.09 | 0.12 | 0.54 | * | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian tax) | $ | (3.37 | ) | 12.31 | 5.81 | 4.07 | 2.17 | 4.97 | 2.09 | |||||||||||||||||||||
Total from investment operations | $ | (2.96 | ) | 12.75 | 6.40 | 4.33 | 2.26 | 5.09 | 2.63 | |||||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||||||
Net investment income | $ | 0.49 | 0.45 | 0.16 | 0.03 | 0.12 | — | — | ||||||||||||||||||||||
Net realized gains on investments | $ | 1.11 | — | — | — | — | — | — | ||||||||||||||||||||||
Total distributions | $ | 1.60 | 0.45 | 0.16 | 0.03 | 0.12 | — | — | ||||||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.05 | 0.00 | ** | — | — | |||||||||||||||||||||
Net asset value, end of period | $ | 38.36 | 42.92 | 30.62 | 24.38 | 20.03 | 17.89 | 38.81 | ||||||||||||||||||||||
Total Return(2) | % | (6.72 | ) | 42.05 | 26.37 | 21.89 | †† | 12.70 | † | 39.77 | 7.27 | |||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 17,773 | 21,253 | 10,700 | 10,776 | 8,929 | 18,168 | 78 | ||||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 1.86 | 1.81 | 1.80 | 1.85 | 2.00 | 2.03 | 1.57 | ||||||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 1.86 | 1.81 | 1.80 | 1.85 | 2.10 | 1.93 | 1.57 | ||||||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.83 | 1.78 | 1.79 | 1.85 | 2.10 | 1.93 | 1.54 | ||||||||||||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 2.17 | 1.49 | 2.09 | 1.12 | 0.36 | 0.59 | 6.71 | ||||||||||||||||||||||
Portfolio turnover rate | % | 17 | 51 | 35 | 124 | 88 | 135 | 17 | ||||||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sale changes. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005. | |
† | In 2004, 0.06% of the total return consists of a gain on an investment not meeting the Fund’s investment restrictions. Excluding this item, total return would have been 12.64%. | |
†† | In 2005, 0.25% of the total return consists of a payment by affiliate. Excluding this item, total return would have been 21.64%. |
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Table of Contents
Class A | Class B | Class C | Class I | |||||||||||||||
November 1, | November 1, | November 1, | November 1, | |||||||||||||||
2007(1) to | 2007(1) to | 2007(1) to | 2007(1) to | |||||||||||||||
April 30, | April 30, | April 30, | April 30, | |||||||||||||||
2008 | 2008 | 2008 | 2008 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.00 | 10.00 | 10.00 | 10.00 | |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment income | $ | 0.06 | 0.14 | * | 0.06 | * | 0.07 | |||||||||||
Net realized and unrealized loss on investments | $ | (0.62 | ) | (0.74 | ) | (0.66 | ) | (0.61 | ) | |||||||||
Total from investment operations | $ | (0.56 | ) | (0.60 | ) | (0.60 | ) | (0.54 | ) | |||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | 0.03 | 0.00 | ** | 0.02 | 0.04 | ||||||||||||
Total distributions | $ | 0.03 | 0.00 | ** | 0.02 | 0.04 | ||||||||||||
Net asset value, end of period | $ | 9.41 | 9.40 | 9.38 | 9.42 | |||||||||||||
Total Return(2) | % | (5.57 | ) | (5.95 | ) | (6.02 | ) | (5.38 | ) | |||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 6,013 | 12 | 134 | 1 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 3.69 | 4.44 | 4.44 | 3.44 | |||||||||||||
Net expenses after expense waiver(3)(4) | % | 1.75 | 2.50 | 2.50 | 1.50 | |||||||||||||
Net investment income after expense waiver(3)(4) | % | 1.49 | 2.99 | 1.43 | 1.53 | |||||||||||||
Portfolio turnover rate | % | 83 | 83 | 83 | 83 | |||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charge. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expense, (excluding interest, taxes, brokerage and extraordinary expense) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005. |
87
Table of Contents
Class A | ||||||||||||||||||||||||||
Six Months | July 1, | |||||||||||||||||||||||||
Ended | 2003(1) to | |||||||||||||||||||||||||
April 30, | Year Ended October 31, | October 31, | ||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 23.54 | 18.56 | 14.79 | 12.38 | 11.01 | 10.00 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | (0.01 | )* | 0.10 | 0.08 | * | 0.06 | 0.11 | (0.00 | )** | ||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.32 | ) | 5.56 | 4.05 | 2.35 | 1.44 | 1.01 | ||||||||||||||||||
Total from investment operations | $ | (2.33 | ) | 5.66 | 4.13 | 2.41 | 1.55 | 1.01 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | — | — | — | — | 0.04 | — | |||||||||||||||||||
Return of capital | $ | — | — | — | — | 0.10 | — | |||||||||||||||||||
Net realized gains on investments | $ | 1.39 | 0.68 | 0.36 | — | 0.04 | — | |||||||||||||||||||
Total distributions | $ | 1.39 | 0.68 | 0.36 | — | 0.18 | — | |||||||||||||||||||
Net asset value, end of period | $ | 19.82 | 23.54 | 18.56 | 14.79 | 12.38 | 11.01 | |||||||||||||||||||
Total Return(2) | % | (10.08 | ) | 31.32 | 28.39 | 19.47 | 14.25 | 10.10 | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 329,490 | 349,917 | 219,819 | 122,883 | 62,949 | 6,598 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 1.57 | 1.54 | 1.58 | 1.66 | 1.95 | 6.03 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 1.56 | 1.54 | 1.65 | 1.68 | 1.70 | 1.95 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.56 | 1.54 | 1.65 | 1.68 | 1.70 | 1.95 | |||||||||||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | (0.09 | ) | 0.59 | 0.49 | 0.53 | 0.37 | (0.32 | ) | |||||||||||||||||
Portfolio turnover rate | % | 34 | 69 | 65 | 81 | 141 | 50 | |||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is more than $(0.005). |
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Class B | ||||||||||||||||||||||||||
Six Months | July 8, | |||||||||||||||||||||||||
Ended | 2003(1) to | |||||||||||||||||||||||||
April 30, | Year Ended October 31, | October 31, | ||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 22.78 | 18.11 | 14.55 | 12.26 | 10.99 | 10.29 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment loss | $ | (0.08 | ) | (0.03 | ) | (0.04 | )* | (0.03 | ) | (0.05 | )* | (0.01 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.26 | ) | 5.38 | 3.96 | 2.32 | 1.49 | 0.71 | ||||||||||||||||||
Total from investment operations | $ | (2.34 | ) | 5.35 | 3.92 | 2.29 | 1.44 | 0.70 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | — | — | — | — | 0.03 | — | |||||||||||||||||||
Return of capital | $ | — | — | — | — | 0.10 | — | |||||||||||||||||||
Net realized gains on investments | $ | 1.39 | 0.68 | 0.36 | — | 0.04 | — | |||||||||||||||||||
Total distributions | $ | 1.39 | 0.68 | 0.36 | — | 0.17 | — | |||||||||||||||||||
Net asset value, end of period | $ | 19.05 | 22.78 | 18.11 | 14.55 | 12.26 | 10.99 | |||||||||||||||||||
Total Return(2) | % | (10.48 | ) | 30.35 | 27.40 | 18.68 | 13.32 | 6.80 | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 40,607 | 50,276 | 38,136 | 22,944 | 11,263 | 1,344 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 2.32 | 2.29 | 2.33 | 2.41 | 2.70 | 6.78 | |||||||||||||||||||
Net expenses after expense waiver and prior to brokerage commission recapture(3)(4) | % | 2.31 | 2.29 | 2.40 | 2.43 | 2.45 | 2.70 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 2.31 | 2.29 | 2.40 | 2.43 | 2.45 | 2.70 | |||||||||||||||||||
Net investment loss after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | (0.87 | ) | (0.16 | ) | (0.24 | ) | (0.23 | ) | (0.46 | ) | (1.03 | ) | |||||||||||||
Portfolio turnover rate | % | 34 | 69 | 65 | 81 | 141 | 50 | |||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. |
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Class C | ||||||||||||||||||||||||||
Six Months | July 7, | |||||||||||||||||||||||||
Ended | 2003(1) to | |||||||||||||||||||||||||
April 30, | Year Ended October 31, | October 31, | ||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 22.81 | 18.14 | 14.57 | 12.28 | 11.01 | 10.27 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment loss | $ | (0.09 | ) | (0.03 | ) | (0.04 | )* | (0.03 | ) | (0.04 | )* | (0.01 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.24 | ) | 5.38 | 3.97 | 2.32 | 1.48 | 0.75 | ||||||||||||||||||
Total from investment operations | $ | (2.33 | ) | 5.35 | 3.93 | 2.29 | 1.44 | 0.74 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | — | — | — | — | 0.03 | — | |||||||||||||||||||
Return of capital | $ | — | — | — | — | 0.10 | — | |||||||||||||||||||
Net realized gains on investments | $ | 1.39 | 0.68 | 0.36 | — | 0.04 | — | |||||||||||||||||||
Total distributions | $ | 1.39 | 0.68 | 0.36 | — | 0.17 | — | |||||||||||||||||||
Net asset value, end of period | $ | 19.09 | 22.81 | 18.14 | 14.57 | 12.28 | 11.01 | |||||||||||||||||||
Total Return(2) | % | (10.42 | ) | 30.30 | 27.43 | 18.65 | 13.28 | 7.21 | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 202,482 | 232,439 | 154,101 | 87,877 | 41,424 | 5,601 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 2.32 | 2.29 | 2.33 | 2.41 | 2.70 | 6.78 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 2.31 | 2.29 | 2.40 | 2.43 | 2.45 | 2.70 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 2.31 | 2.29 | 2.40 | 2.43 | 2.45 | 2.70 | |||||||||||||||||||
Net investment loss after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | (0.85 | ) | (0.14 | ) | (0.26 | ) | (0.27 | ) | (0.41 | ) | (1.03 | ) | |||||||||||||
Portfolio turnover rate | % | 34 | 69 | 65 | 81 | 141 | 50 | |||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. |
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Class I | ||||||||||||||||||||||||||
Six Months | September 8, | |||||||||||||||||||||||||
Ended | 2003(1) to | |||||||||||||||||||||||||
April 30, | Year Ended October 31, | October 31, | ||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 23.91 | 18.78 | 14.93 | 12.45 | 11.05 | 10.63 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.02 | * | 0.16 | 0.13 | * | 0.34 | 0.19 | 0.00 | ** | ||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.35 | ) | 5.65 | 4.08 | 2.14 | 1.39 | 0.42 | ||||||||||||||||||
Total from investment operations | $ | (2.33 | ) | 5.81 | 4.21 | 2.48 | 1.58 | 0.42 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | — | — | — | — | 0.04 | — | |||||||||||||||||||
Return of capital | $ | — | — | — | — | 0.10 | — | |||||||||||||||||||
Net realized gains on investments | $ | 1.39 | 0.68 | 0.36 | — | 0.04 | — | |||||||||||||||||||
Total distributions | $ | 1.39 | 0.68 | 0.36 | — | 0.18 | — | |||||||||||||||||||
Net asset value, end of period | $ | 20.19 | 23.91 | 18.78 | 14.93 | 12.45 | 11.05 | |||||||||||||||||||
Total Return(2) | % | (9.92 | ) | 31.76 | 28.67 | 19.92 | 14.53 | 3.95 | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 111,681 | 108,732 | 61,248 | 1,049 | 2,547 | 188 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 1.25 | 1.21 | 1.28 | 1.34 | 1.50 | 5.51 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 1.24 | 1.21 | 1.35 | 1.35 | 1.25 | 1.43 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.24 | 1.21 | 1.34 | 1.35 | 1.25 | 1.43 | |||||||||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 0.24 | 0.94 | 0.78 | 0.97 | 1.58 | 0.21 | |||||||||||||||||||
Portfolio turnover rate | % | 34 | 69 | 65 | 81 | 141 | 50 | |||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005. |
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Class Q | ||||||||||||||||||||||||||
Six Months | July 10, | |||||||||||||||||||||||||
Ended | 2003(1) to | |||||||||||||||||||||||||
April 30, | Year Ended October 31, | October 31, | ||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 23.63 | 18.61 | 14.82 | 12.40 | 11.02 | 10.13 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | (0.00 | )** | 0.17 | * | 0.07 | * | 0.08 | 0.09 | (0.00 | )** | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.33 | ) | 5.53 | 4.08 | 2.34 | 1.46 | 0.89 | ||||||||||||||||||
Total from investment operations | $ | (2.33 | ) | 5.70 | 4.15 | 2.42 | 1.55 | 0.89 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | — | — | — | — | 0.03 | — | |||||||||||||||||||
Return of capital | $ | — | — | — | — | 0.10 | — | |||||||||||||||||||
Net realized gains on investments | $ | 1.39 | 0.68 | 0.36 | — | 0.04 | — | |||||||||||||||||||
Total distributions | $ | 1.39 | 0.68 | 0.36 | — | 0.17 | — | |||||||||||||||||||
Net asset value, end of period | $ | 19.91 | 23.63 | 18.61 | 14.82 | 12.40 | 11.02 | |||||||||||||||||||
Total Return(2) | % | (10.04 | ) | 31.45 | 28.47 | 19.52 | 14.28 | 8.79 | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 707 | 856 | 1,196 | 1,079 | 1,054 | 421 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 1.50 | 1.45 | 1.53 | 1.59 | 1.85 | 5.93 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 1.49 | 1.45 | 1.60 | 1.60 | 1.60 | 1.85 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.49 | 1.45 | 1.60 | 1.60 | 1.60 | 1.85 | |||||||||||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | (0.05 | ) | 0.82 | 0.43 | 0.53 | 0.34 | (0.17 | ) | |||||||||||||||||
Portfolio turnover rate | % | 34 | 69 | 65 | 81 | 141 | 50 | |||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is more than $(0.005). |
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Class W | ||||||
February 12, | ||||||
2008(1) to | ||||||
April 30, | ||||||
2008 | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 20.48 | ||||
Income from investment operations: | ||||||
Net investment income | $ | 0.06 | * | |||
Net realized and unrealized gain on investments and foreign currency related transactions | $ | 0.98 | ||||
Total from investment operations | $ | 1.04 | ||||
Net asset value, end of period | $ | 21.52 | ||||
Total Return(2) | % | 5.08 | ||||
Ratios and Supplemental Data: | ||||||
Net assets, end of period (000’s) | $ | 83 | ||||
Ratios to average net assets: | ||||||
Gross expenses prior to expense waiver(3)(4) | % | 1.24 | ||||
Net expenses after expense waiver(3)(4) | % | 1.23 | ||||
Net investment income after expense waiver(3)(4) | % | 1.43 | ||||
Portfolio turnover rate | % | 34 | ||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. |
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Class A | Class B | |||||||||||||||||||||||||
Six Months | Year | December 21, | Six Months | Year | January 6, | |||||||||||||||||||||
Ended | Ended | 2005(1) to | Ended | Ended | 2006(1) to | |||||||||||||||||||||
April 30, | October 31, | October 31, | April 30, | October 31, | October 31, | |||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 24.43 | 12.49 | 10.00 | 24.14 | 12.42 | 10.60 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | (0.11 | ) | 0.07 | 0.06 | (0.16 | ) | (0.03 | )* | 0.05 | * | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (4.39 | ) | 11.93 | 2.43 | (4.34 | ) | 11.79 | 1.77 | |||||||||||||||||
Total from investment operations | $ | (4.50 | ) | 12.00 | 2.49 | (4.50 | ) | 11.76 | 1.82 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.06 | 0.06 | — | — | 0.04 | — | |||||||||||||||||||
Net realized gains on investments | $ | 2.06 | 0.00 | ** | — | 2.06 | 0.00 | ** | — | |||||||||||||||||
Total distributions | $ | 2.12 | 0.06 | — | 2.06 | 0.04 | — | |||||||||||||||||||
Net asset value, end of period | $ | 17.81 | 24.43 | 12.49 | 17.58 | 24.14 | 12.42 | |||||||||||||||||||
Total Return(2) | % | (18.32 | ) | 96.41 | 24.90 | (18.59 | ) | 94.92 | 17.17 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 50,061 | 73,804 | 23,709 | 5,561 | 7,414 | 1,957 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Expenses(3) | % | 1.87 | 1.91 | 2.64 | 2.62 | 2.66 | 3.39 | |||||||||||||||||||
Net investment income (loss)(3) | % | (1.10 | ) | 0.54 | 0.75 | (1.83 | ) | (0.19 | ) | 0.47 | ||||||||||||||||
Portfolio turnover rate | % | 81 | 109 | 108 | 81 | 109 | 108 | |||||||||||||||||||
Class C | Class I | |||||||||||||||||||||||||
Six Months | Year | January 11, | Six Months | Year | May 8, | |||||||||||||||||||||
Ended | Ended | 2006(1) to | Ended | Ended | 2006(1) to | |||||||||||||||||||||
April 30, | October 31, | October 31, | April 30, | October 31, | October 31, | |||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 24.16 | 12.43 | 10.67 | 24.46 | 12.50 | 12.84 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | (0.17 | )* | (0.03 | )* | 0.05 | * | (0.07 | )* | 0.11 | 0.08 | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (4.34 | ) | 11.79 | 1.71 | (4.40 | ) | 11.93 | (0.42 | ) | ||||||||||||||||
Total from investment operations | $ | (4.51 | ) | 11.76 | 1.76 | (4.47 | ) | 12.04 | (0.34 | ) | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | — | 0.03 | — | 0.10 | 0.08 | — | |||||||||||||||||||
Net realized gains on investments | $ | 2.06 | 0.00 | ** | — | 2.06 | 0.00 | ** | — | |||||||||||||||||
Total distributions | $ | 2.06 | 0.03 | — | 2.16 | 0.08 | — | |||||||||||||||||||
Net asset value, end of period | $ | 17.59 | 24.16 | 12.43 | 17.83 | 24.46 | 12.50 | |||||||||||||||||||
Total Return(2) | % | (18.62 | ) | 94.75 | 16.49 | (18.18 | ) | 96.81 | (2.65 | ) | ||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 7,033 | 12,386 | 2,124 | 55 | 52 | 22 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Expenses(3) | % | 2.62 | 2.66 | 3.39 | 1.62 | 1.66 | 2.39 | |||||||||||||||||||
Net investment income (loss)(3) | % | (1.86 | ) | (0.20 | ) | 0.53 | (0.77 | ) | 0.73 | 1.47 | ||||||||||||||||
Portfolio turnover rate | % | 81 | 109 | 108 | 81 | 109 | 108 | |||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005. |
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Class A | Class B | |||||||||||||||||||||||||
Six Months | Year | December 21, | Six Months | Year | January 12, | |||||||||||||||||||||
Ended | Ended | 2005(1) to | Ended | Ended | 2006(1) to | |||||||||||||||||||||
April 30, | October 31, | October 31, | April 30, | October 31, | October 31, | |||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.95 | 11.68 | 10.00 | 13.90 | 11.63 | 10.43 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.07 | * | 0.14 | * | 0.14 | * | 0.01 | * | 0.09 | * | 0.06 | * | |||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (1.58 | ) | 2.48 | 1.54 | (1.56 | ) | 2.51 | 1.14 | |||||||||||||||||
Total from investment operations | $ | (1.51 | ) | 2.62 | 1.68 | (1.55 | ) | 2.60 | 1.20 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.18 | 0.08 | — | 0.16 | 0.06 | — | |||||||||||||||||||
Net realized gains on investments | $ | 1.37 | 0.27 | — | 1.37 | 0.27 | — | |||||||||||||||||||
Total distributions | $ | 1.55 | 0.35 | — | 1.53 | 0.33 | — | |||||||||||||||||||
Net asset value, end of period | $ | 10.89 | 13.95 | 11.68 | 10.82 | 13.90 | 11.63 | |||||||||||||||||||
Total Return(2) | % | (11.70 | ) | 22.98 | 16.80 | (12.06 | ) | 22.85 | 11.51 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 19,355 | 2,233 | 12,513 | 3,920 | 734 | 264 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 1.48 | 1.13 | 1.30 | 2.23 | 1.89 | 2.05 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 1.51 | † | 1.16 | 1.15 | 2.26 | † | 1.92 | 1.90 | |||||||||||||||||
Net investment income after expense waiver/recoupment(3)(4) | % | 1.38 | 1.17 | 1.50 | 0.62 | 0.67 | 0.64 | |||||||||||||||||||
Portfolio turnover rate | % | 94 | 213 | 188 | 94 | 213 | 188 | |||||||||||||||||||
Class C | Class I | |||||||||||||||||||||||||
Six Months | Year | January 12, | Six Months | Year | December 21, | |||||||||||||||||||||
Ended | Ended | 2006(1) to | Ended | Ended | 2005(1) to | |||||||||||||||||||||
April 30, | October 31, | October 31, | April 30, | October 31, | October 31, | |||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.89 | 11.61 | 10.43 | 14.06 | 11.70 | 10.00 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.03 | * | 0.09 | * | 0.08 | * | 0.10 | * | 0.20 | 0.16 | * | ||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (1.57 | ) | 2.50 | 1.10 | (1.60 | ) | 2.55 | 1.54 | |||||||||||||||||
Total from investment operations | $ | (1.54 | ) | 2.59 | 1.18 | (1.50 | ) | 2.75 | 1.70 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.16 | 0.04 | — | 0.24 | 0.12 | — | |||||||||||||||||||
Net realized gains on investments | $ | 1.37 | 0.27 | — | 1.37 | 0.27 | — | |||||||||||||||||||
Total distributions | $ | 1.53 | 0.31 | — | 1.61 | 0.39 | — | |||||||||||||||||||
Net asset value, end of period | $ | 10.82 | 13.89 | 11.61 | 10.95 | 14.06 | 11.70 | |||||||||||||||||||
Total Return(2) | % | (11.98 | ) | 22.81 | 11.31 | (11.52 | ) | 24.14 | 17.00 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 2,649 | 1,126 | 534 | 169,089 | 118,924 | 78,581 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 2.23 | 1.89 | 2.05 | 1.18 | 0.84 | 1.05 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 2.26 | † | 1.92 | 1.90 | 1.21 | † | 0.87 | 0.90 | |||||||||||||||||
Net investment income after expense waiver/recoupment(3)(4) | % | 0.55 | 0.69 | 0.87 | 1.82 | 1.78 | 1.69 | |||||||||||||||||||
Portfolio turnover rate | % | 94 | 213 | 188 | 94 | 213 | 188 | |||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.01% impact on the expense ratio. |
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Table of Contents
Class O | ||||||
November 12, | ||||||
2007(1) to | ||||||
April 30, | ||||||
2008 | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 13.09 | ||||
Income (loss) from investment operations: | ||||||
Net investment income | $ | 0.08 | ||||
Net realized and unrealized gain (loss) on investments | $ | (0.73 | ) | |||
Total from investment operations | $ | (0.65 | ) | |||
Less distributions from: | ||||||
Net investment income | $ | 0.24 | ||||
Net realized gains on investments | $ | 1.37 | ||||
Total distributions | $ | 1.61 | ||||
Net asset value, end of period | $ | 10.83 | ||||
Total Return(2) | % | (5.88 | ) | |||
Ratios and Supplemental Data: | ||||||
Net assets, end of period (000’s) | $ | 80,649 | ||||
Ratios to average net assets: | ||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 1.48 | ||||
Net expenses after expense waiver/recoupment(3) | % | 1.51 | † | |||
Net investment income after expense waiver/recoupment(3) | % | 1.51 | ||||
Portfolio turnover rate | % | 94 | ||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charge. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.01% impact on the expense ratio. |
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Table of Contents
Class A | Class B | |||||||||||||||||||||||||
Six Months | Year | December 21, | Six Months | Year | January 9, | |||||||||||||||||||||
Ended | Ended | 2005(1) to | Ended | Ended | 2006(1) to | |||||||||||||||||||||
April 30, | October 31, | October 31, | April 30, | October 31, | October 31, | |||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.86 | 11.39 | 10.00 | 14.67 | 11.33 | 10.42 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 0.02 | * | 0.01 | * | 0.04 | (0.03 | ) | (0.09 | ) | (0.04 | )* | ||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (1.52 | ) | 3.76 | 1.35 | (1.49 | ) | 3.71 | 0.95 | |||||||||||||||||
Total from investment operations | $ | (1.50 | ) | 3.77 | 1.39 | (1.52 | ) | 3.62 | 0.91 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.14 | 0.05 | — | 0.11 | 0.03 | — | |||||||||||||||||||
Net realized gains on investments | $ | 0.50 | 0.25 | — | 0.50 | 0.25 | — | |||||||||||||||||||
Total distributions | $ | 0.64 | 0.30 | — | 0.61 | 0.28 | — | |||||||||||||||||||
Net asset value, end of period | $ | 12.72 | 14.86 | 11.39 | 12.54 | 14.67 | 11.33 | |||||||||||||||||||
Total Return(2) | % | (10.18 | ) | 33.89 | 13.90 | (10.46 | ) | 32.67 | 8.73 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 4,855 | 4,592 | 3,677 | 813 | 943 | 66 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 1.41 | 1.48 | 1.84 | 2.16 | 2.23 | 2.59 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 1.50 | 1.50 | 1.50 | 2.25 | 2.25 | 2.25 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.50 | 1.50 | 1.50 | 2.25 | 2.25 | 2.25 | |||||||||||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 0.35 | 0.08 | 0.32 | (0.53 | ) | (0.88 | ) | (0.43 | ) | ||||||||||||||||
Portfolio turnover rate | % | 29 | 71 | 91 | 29 | 71 | 91 | |||||||||||||||||||
Class C | Class I | |||||||||||||||||||||||||
Six Months | Year | January 24, | Six Months | Year | December 21, | |||||||||||||||||||||
Ended | Ended | 2006(1) to | Ended | Ended | 2005(1) to | |||||||||||||||||||||
April 30, | October 31, | October 31, | April 30, | October 31, | October 31, | |||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.71 | 11.35 | 10.28 | 14.90 | 11.43 | 10.00 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | (0.02 | )* | (0.12 | ) | (0.03 | ) | 0.04 | * | 0.06 | * | 0.02 | ||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (1.51 | ) | 3.73 | 1.10 | (1.52 | ) | 3.75 | 1.41 | |||||||||||||||||
Total from investment operations | $ | (1.53 | ) | 3.61 | 1.07 | (1.48 | ) | 3.81 | 1.43 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.11 | 0.00 | ** | — | 0.17 | 0.09 | — | ||||||||||||||||||
Net realized gains on investments | $ | 0.50 | 0.25 | — | 0.50 | 0.25 | — | |||||||||||||||||||
Total distributions | $ | 0.61 | 0.25 | — | 0.67 | 0.34 | — | |||||||||||||||||||
Net asset value, end of period | $ | 12.57 | 14.71 | 11.35 | 12.75 | 14.90 | 11.43 | |||||||||||||||||||
Total Return(2) | % | (10.47 | ) | 32.45 | 10.41 | (9.97 | ) | 34.14 | 14.30 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 1,147 | 971 | 65 | 139,669 | 140,901 | 47,200 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/ recoupment and brokerage commission recapture(3) | % | 2.16 | 2.23 | 2.59 | 1.07 | 1.13 | 1.56 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 2.25 | 2.25 | 2.25 | 1.16 | 1.15 | 1.22 | |||||||||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 2.25 | 2.25 | 2.25 | 1.16 | 1.15 | 1.22 | |||||||||||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | (0.32 | ) | (0.97 | ) | (0.50 | ) | 0.69 | 0.47 | 0.39 | ||||||||||||||||
Portfolio turnover rate | % | 29 | 71 | 91 | 29 | 71 | 91 | |||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005. |
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Class A | Class B | |||||||||||||||||
Six Months | June 28, | Six Months | June 28, | |||||||||||||||
Ended | 2007(1) to | Ended | 2007(1) to | |||||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.57 | 10.00 | 10.55 | 10.00 | |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment income | $ | 0.15 | 0.06 | * | 0.13 | * | 0.03 | * | ||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (1.14 | ) | 0.51 | (1.16 | ) | 0.52 | |||||||||||
Total from investment operations | $ | (0.99 | ) | 0.57 | (1.03 | ) | 0.55 | |||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | 0.15 | — | 0.11 | — | |||||||||||||
Net realized gains on investments | $ | 0.04 | — | 0.04 | — | |||||||||||||
Total distributions | $ | 0.19 | — | 0.15 | — | |||||||||||||
Net asset value, end of period | $ | 9.39 | 10.57 | 9.37 | 10.55 | |||||||||||||
Total Return(2) | % | (9.49 | ) | 5.70 | (9.85 | ) | 5.50 | |||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 3,661 | 4,122 | 299 | 239 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 1.57 | 1.64 | 2.32 | 2.39 | |||||||||||||
Net expenses after expense waiver(3)(4) | % | 1.40 | 1.40 | 2.15 | 2.15 | |||||||||||||
Net investment income after expense waiver(3)(4) | % | 3.25 | 1.81 | 2.74 | 1.09 | |||||||||||||
Portfolio turnover rate | % | 16 | 7 | 16 | 7 | |||||||||||||
Class C | Class I | Class W | ||||||||||||||||||||
Six Months | June 28, | Six Months | June 28, | February 12, | ||||||||||||||||||
Ended | 2007(1) to | Ended | 2007(1) to | 2008(1) to | ||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | ||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.55 | 10.00 | 10.58 | 10.00 | 8.86 | ||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||
Net investment income | $ | 0.11 | * | 0.03 | * | 0.17 | 0.07 | * | 0.15 | * | ||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (1.13 | ) | 0.52 | (1.16 | ) | 0.51 | 0.47 | ||||||||||||||
Total from investment operations | $ | (1.02 | ) | 0.55 | (0.99 | ) | 0.58 | 0.62 | ||||||||||||||
Less distributions from: | ||||||||||||||||||||||
Net investment income | $ | 0.12 | — | 0.16 | — | 0.07 | ||||||||||||||||
Net realized gains on investments | $ | 0.04 | — | 0.04 | — | — | ||||||||||||||||
Total distributions | $ | 0.16 | — | 0.20 | — | 0.07 | ||||||||||||||||
Net asset value, end of period | $ | 9.37 | 10.55 | 9.39 | 10.58 | 9.41 | ||||||||||||||||
Total Return(2) | % | (9.83 | ) | 5.50 | (9.30 | ) | 5.80 | 7.05 | ||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 1,554 | 1,334 | 48,266 | 55,611 | 1 | ||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 2.32 | 2.39 | 1.32 | 1.39 | 1.17 | ||||||||||||||||
Net expenses after expense waiver(3)(4) | % | 2.15 | 2.15 | 1.15 | 1.15 | 1.00 | ||||||||||||||||
Net investment income after expense waiver(3)(4) | % | 2.47 | 1.08 | 3.49 | 1.95 | 7.71 | ||||||||||||||||
Portfolio turnover rate | % | 16 | 7 | 16 | 7 | 16 | ||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charge. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. |
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Class A | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.61 | 13.20 | 10.97 | 9.78 | 8.48 | 7.05 | |||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.03 | 0.03 | 0.12 | 0.10 | 0.09 | 0.04 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian capital gains tax) | $ | (1.35 | ) | 3.67 | 2.28 | 1.18 | 1.22 | 1.37 | ||||||||||||||||||
Total from investment operations | $ | (1.32 | ) | 3.70 | 2.40 | 1.28 | 1.31 | 1.41 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.02 | 0.15 | 0.17 | 0.10 | 0.01 | 0.03 | |||||||||||||||||||
Net realized gains on investments | $ | 2.29 | 1.14 | — | — | — | — | |||||||||||||||||||
Total distributions | $ | 2.31 | 1.29 | 0.17 | 0.10 | 0.01 | 0.03 | |||||||||||||||||||
Redemption fees applied to capital | $ | — | — | — | — | 0.00 | ** | 0.05 | ||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.01 | — | — | |||||||||||||||||||
Net asset value, end of period | $ | 11.98 | 15.61 | 13.20 | 10.97 | 9.78 | 8.48 | |||||||||||||||||||
Total Return(1) | % | (8.62 | ) | 30.37 | 22.12 | 13.30 | †† | 15.49 | 20.72 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 56,570 | 64,631 | 58,697 | 51,193 | 47,551 | 43,821 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(2) | % | 1.71 | 1.65 | 1.65 | 1.65 | 1.64 | 1.87 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(2)(3) | % | 1.70 | † | 1.65 | † | 1.65 | 1.65 | 1.68 | 1.85 | |||||||||||||||||
Net investment income after expense waiver/recoupment(2)(3) | % | 0.45 | 0.23 | 0.96 | 0.94 | 0.78 | 0.64 | |||||||||||||||||||
Portfolio turnover rate | % | 71 | 130 | 173 | 116 | 90 | 100 | |||||||||||||||||||
Class B | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.96 | 12.69 | 10.55 | 9.43 | 8.22 | 6.91 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | (0.03 | ) | (0.07 | )* | 0.03 | * | 0.02 | (0.00 | )** | (0.00 | )** | ||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian capital gains tax) | $ | (1.28 | ) | 3.53 | 2.20 | 1.14 | 1.21 | 1.31 | ||||||||||||||||||
Total from investment operations | $ | (1.31 | ) | 3.46 | 2.23 | 1.16 | 1.21 | 1.31 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | — | 0.05 | 0.09 | 0.05 | — | — | |||||||||||||||||||
Net realized gains of investments | $ | 2.29 | 1.14 | — | — | — | — | |||||||||||||||||||
Total distributions | $ | 2.29 | 1.19 | 0.09 | 0.05 | — | — | |||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.01 | — | — | |||||||||||||||||||
Net asset value, end of period | $ | 11.36 | 14.96 | 12.69 | 10.55 | 9.43 | 8.22 | |||||||||||||||||||
Total Return(1) | % | (8.97 | ) | 29.42 | 21.23 | 12.41 | †† | 14.72 | 18.96 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 12,626 | 17,311 | 16,822 | 16,338 | 15,069 | 12,466 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(2) | % | 2.46 | 2.40 | 2.40 | 2.40 | 2.39 | 2.62 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(2)(3) | % | 2.45 | † | 2.40 | † | 2.40 | 2.40 | 2.43 | 2.60 | |||||||||||||||||
Net investment income (loss) after expense waiver/recoupment(2)(3) | % | (0.42 | ) | (0.51 | ) | 0.22 | 0.19 | (0.02 | ) | (0.05 | ) | |||||||||||||||
Portfolio turnover rate | % | 71 | 130 | 173 | 116 | 90 | 100 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. | |
(2) | Annualized for periods less than one year. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005 or more than $(0.005). | |
† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.01% impact on the expense ratio. | |
†† | In 2005, 0.10% of the total return on Class A and Class B, consists of a payment by affiliate. Excluding this item, total return would have been 13.20% and 12.31% for Class A and Class B, respectively. |
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Class C | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.97 | 12.70 | 10.55 | 9.42 | 8.22 | 6.91 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | (0.02 | ) | (0.07 | ) | 0.04 | 0.03 | (0.00 | )** | (0.00 | )** | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian capital gains tax) | $ | (1.28 | ) | 3.54 | 2.19 | 1.13 | 1.20 | 1.31 | ||||||||||||||||||
Total from investment operations | $ | (1.30 | ) | 3.47 | 2.23 | 1.16 | 1.20 | 1.31 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | — | 0.06 | 0.08 | 0.04 | — | 0.00 | ** | ||||||||||||||||||
Net realized gains on investments | $ | 2.29 | 1.14 | — | — | — | — | |||||||||||||||||||
Total distributions | $ | 2.29 | 1.20 | 0.08 | 0.04 | — | 0.00 | ** | ||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.01 | — | — | |||||||||||||||||||
Net asset value, end of period | $ | 11.38 | 14.97 | 12.70 | 10.55 | 9.42 | 8.22 | |||||||||||||||||||
Total Return(1) | % | (8.88 | ) | 29.46 | 21.25 | 12.46 | †† | 14.60 | 18.97 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 16,775 | 19,104 | 15,918 | 15,008 | 16,230 | 14,526 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(2) | % | 2.46 | 2.40 | 2.40 | 2.40 | 2.39 | 2.62 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(2)(3) | % | 2.45 | † | 2.40 | † | 2.40 | 2.40 | 2.43 | 2.60 | |||||||||||||||||
Net investment income (loss) after expense waiver/recoupment(2)(3) | % | (0.30 | ) | (0.52 | ) | 0.21 | 0.18 | (0.04 | ) | (0.05 | ) | |||||||||||||||
Portfolio turnover rate | % | 71 | 130 | 173 | 116 | 90 | 100 | |||||||||||||||||||
Class I | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.57 | 13.16 | 10.94 | 9.76 | 8.45 | 7.06 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 0.07 | 0.06 | * | 0.15 | * | 0.14 | 0.09 | 0.10 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian capital gains tax) | $ | (1.36 | ) | 3.70 | 2.29 | 1.18 | 1.25 | 1.34 | ||||||||||||||||||
Total from investment operations | $ | (1.29 | ) | 3.76 | 2.44 | 1.32 | 1.34 | 1.44 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.05 | 0.21 | 0.22 | 0.15 | 0.03 | 0.05 | |||||||||||||||||||
Net realized gains on investments | $ | 2.29 | 1.14 | — | — | — | — | |||||||||||||||||||
Total distributions | $ | 2.34 | 1.35 | 0.22 | 0.15 | 0.03 | 0.05 | |||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.01 | — | — | |||||||||||||||||||
Net asset value, end of period | $ | 11.94 | 15.57 | 13.16 | 10.94 | 9.76 | 8.45 | |||||||||||||||||||
Total Return(1) | % | (8.40 | ) | 31.02 | 22.56 | 13.73 | †† | 15.94 | 20.53 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 12,238 | 10,251 | 13,354 | 23,452 | 17,211 | 11,582 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(2) | % | 1.34 | 1.28 | 1.25 | 1.26 | 1.22 | 1.34 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(2)(3) | % | 1.33 | † | 1.28 | † | 1.25 | 1.26 | 1.26 | 1.33 | |||||||||||||||||
Net investment income after expense waiver/recoupment(2)(3) | % | 1.09 | 0.46 | 1.27 | 1.34 | 1.13 | 1.29 | |||||||||||||||||||
Portfolio turnover rate | % | 71 | 130 | 173 | 116 | 90 | 100 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. | |
(2) | Annualized for periods less than one year. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005 or more than $(0.005). | |
† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.01% impact on the expense ratio. | |
†† | In 2005, 0.10% of the total return on Class C and Class I, consists of a payment by affiliate. Excluding this item, total return would have been 12.36% and 13.63% for Class C and Class I, respectively. |
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Class Q | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.47 | 13.10 | 10.89 | 9.72 | 8.43 | 7.04 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.05 | 0.05 | 0.14 | 0.08 | 0.06 | 0.07 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian capital gains tax) | $ | (1.33 | ) | 3.64 | 2.27 | 1.20 | 1.25 | 1.37 | ||||||||||||||||||
Total from investment operations | $ | (1.28 | ) | 3.69 | 2.41 | 1.28 | 1.31 | 1.44 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.04 | 0.18 | 0.20 | 0.12 | 0.02 | 0.05 | |||||||||||||||||||
Net realized gains on investments | $ | 2.29 | 1.14 | — | — | — | — | |||||||||||||||||||
Total distributions | $ | 2.33 | 1.32 | 0.20 | 0.12 | 0.02 | 0.05 | |||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.01 | — | — | |||||||||||||||||||
Net asset value, end of period | $ | 11.86 | 15.47 | 13.10 | 10.89 | 9.72 | 8.43 | |||||||||||||||||||
Total Return(1) | % | (8.45 | ) | 30.55 | 22.38 | 13.41 | †† | 15.61 | 20.51 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 25,936 | 32,532 | 27,114 | 14,544 | 7,274 | 14,755 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(2) | % | 1.59 | 1.52 | 1.50 | 1.51 | 1.56 | 1.59 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(2)(3) | % | 1.36 | † | 1.52 | † | 1.50 | 1.51 | 1.60 | 1.59 | |||||||||||||||||
Net investment income after expense waiver/recoupment(2)(3) | % | 0.76 | 0.40 | 1.19 | 1.00 | 0.73 | 0.91 | |||||||||||||||||||
Portfolio turnover rate | % | 71 | 130 | 173 | 116 | 90 | 100 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. | |
(2) | Annualized for periods less than one year. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.01% impact on the expense ratio. | |
†† | In 2005, 0.10% of the total return on Class Q, consists of a payment by affiliate. Excluding this item, total return would have been 13.31% for Class Q. |
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Class A | Class B | |||||||||||||||||||||||||
Six Months | Year | February 28, | Six Months | Year | February 28, | |||||||||||||||||||||
Ended | Ended | 2006(1) to | Ended | Ended | 2006(1) to | |||||||||||||||||||||
April 30, | October 31, | October 31, | April 30, | October 31, | October 31, | |||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.56 | 11.63 | 10.00 | 14.50 | 11.59 | 10.00 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.09 | * | 0.13 | * | 0.09 | * | 0.05 | * | 0.03 | * | 0.04 | * | |||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.16 | ) | 3.14 | 1.60 | (2.16 | ) | 3.14 | 1.59 | |||||||||||||||||
Total from investment operations | $ | (2.07 | ) | 3.27 | 1.69 | (2.11 | ) | 3.17 | 1.63 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.45 | 0.34 | 0.06 | 0.40 | 0.26 | 0.04 | |||||||||||||||||||
Total distributions | $ | 0.45 | 0.34 | 0.06 | 0.40 | 0.26 | 0.04 | |||||||||||||||||||
Net asset value, end of period | $ | 12.04 | 14.56 | 11.63 | 11.99 | 14.50 | 11.59 | |||||||||||||||||||
Total Return(2) | % | (14.25 | ) | 28.49 | 16.94 | (14.58 | ) | 27.69 | 16.38 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 222,496 | 271,425 | 49,798 | 8,502 | 11,819 | 1,639 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 1.46 | 1.51 | 2.01 | 2.21 | 2.26 | 2.76 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 1.50 | 1.50 | 1.50 | 2.25 | 2.25 | 2.25 | |||||||||||||||||||
Net investment income after expense waiver/recoupment(3)(4) | % | 1.52 | 0.99 | 1.33 | 0.76 | 0.25 | 0.51 | |||||||||||||||||||
Portfolio turnover rate | % | 22 | 44 | 29 | 22 | 44 | 29 | |||||||||||||||||||
Class C | Class I | |||||||||||||||||||||||||
Six Months | Year | February 28, | Six Months | Year | February 28, | |||||||||||||||||||||
Ended | Ended | 2006(1) to | Ended | Ended | 2006(1) to | |||||||||||||||||||||
April 30, | October 31, | October 31, | April 30, | October 31, | October 31, | |||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.49 | 11.59 | 10.00 | 14.58 | 11.64 | 10.00 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.05 | * | 0.03 | * | 0.04 | * | 0.12 | * | 0.16 | * | 0.08 | * | |||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.15 | ) | 3.13 | 1.59 | (2.17 | ) | 3.15 | 1.63 | |||||||||||||||||
Total from investment operations | $ | (2.10 | ) | 3.16 | 1.63 | (2.05 | ) | 3.31 | 1.71 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.41 | 0.26 | 0.04 | 0.47 | 0.37 | 0.07 | |||||||||||||||||||
Total distributions | $ | 0.41 | 0.26 | 0.04 | 0.47 | 0.37 | 0.07 | |||||||||||||||||||
Net asset value, end of period | $ | 11.98 | 14.49 | 11.59 | 12.06 | 14.58 | 11.64 | |||||||||||||||||||
Total Return(2) | % | (14.57 | ) | 27.58 | 16.31 | (14.11 | ) | 28.80 | 17.23 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 96,014 | 121,529 | 17,075 | 334,525 | 127,029 | 22,336 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 2.21 | 2.26 | 2.76 | 1.16 | 1.26 | 1.76 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 2.25 | 2.25 | 2.25 | 1.20 | 1.25 | 1.25 | |||||||||||||||||||
Net investment income after expense waiver/recoupment(3)(4) | % | 0.78 | 0.24 | 0.54 | 1.98 | 1.22 | 1.09 | |||||||||||||||||||
Portfolio turnover rate | % | 22 | 44 | 29 | 22 | 44 | 29 | |||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. |
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Table of Contents
Class W | ||||||
February 12, | ||||||
2008(1) to | ||||||
April 30, | ||||||
2008 | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 11.48 | ||||
Income from investment operations: | ||||||
Net investment income | $ | 0.07 | * | |||
Net realized and unrealized gain on investments | $ | 0.55 | ||||
Total from investment operations | $ | 0.62 | ||||
Less distributions from: | ||||||
Net investment income | $ | 0.04 | ||||
Total distributions | $ | 0.04 | ||||
Net asset value, end of period | $ | 12.06 | ||||
Total Return(2) | % | 5.44 | ||||
Ratios and Supplemental Data: | ||||||
Net assets, end of period (000’s) | $ | 114 | ||||
Ratios to average net assets: | ||||||
Gross expenses prior to expense recoupment(3) | % | 1.49 | ||||
Net expenses after expense recoupment(3)(4) | % | 1.53 | ||||
Net investment income after expense recoupment(3)(4) | % | 2.63 | ||||
Portfolio turnover rate | % | 22 | ||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charge. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. |
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Class A | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 66.43 | 47.15 | 37.75 | 29.27 | 25.37 | 18.35 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.23 | 0.31 | 0.29 | 0.33 | * | 0.02 | 0.01 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian capital gains tax) | $ | (11.95 | ) | 19.25 | 9.44 | 8.05 | 3.86 | 7.01 | ||||||||||||||||||
Total from investment operations | $ | (11.72 | ) | 19.56 | 9.73 | 8.38 | 3.88 | 7.02 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.32 | 0.28 | 0.33 | — | 0.00 | ** | — | ||||||||||||||||||
Net realized gain on investments | $ | 7.88 | — | — | — | — | — | |||||||||||||||||||
Total distributions | $ | 8.20 | 0.28 | 0.33 | — | 0.00 | ** | — | ||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.10 | 0.02 | — | |||||||||||||||||||
Net asset value, end of period | $ | 46.51 | 66.43 | 47.15 | 37.75 | 29.27 | 25.37 | |||||||||||||||||||
Total Return(1) | % | (17.82 | ) | 41.67 | 25.91 | 28.97 | †† | 15.39 | † | 38.26 | ||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 380,648 | 523,535 | 243,020 | 173,612 | 154,658 | 150,043 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(2) | % | 1.66 | 1.60 | 1.66 | 1.74 | 1.72 | 1.94 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(2)(3) | % | 1.66 | 1.60 | 1.66 | 1.74 | 1.75 | 1.95 | |||||||||||||||||||
Net investment income after expense waiver/recoupment(2)(3) | % | 0.92 | 0.67 | 0.67 | 0.98 | 0.07 | 0.00 | ** | ||||||||||||||||||
Portfolio turnover rate | % | 38 | 93 | 85 | 124 | 106 | 114 | |||||||||||||||||||
Class B | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 68.31 | 48.53 | 38.83 | 30.30 | 26.43 | 19.25 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 0.02 | * | 0.00 | * ** | (0.01 | )* | 0.10 | * | (0.19 | ) | (0.24 | ) | |||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian capital gains tax) | $ | (12.26 | ) | 19.78 | 9.75 | 8.33 | 4.04 | 7.42 | ||||||||||||||||||
Total from investment operations | $ | (12.24 | ) | 19.78 | 9.74 | 8.43 | 3.85 | 7.18 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | — | — | 0.04 | — | — | — | |||||||||||||||||||
Net realized gain on investments | $ | 7.88 | — | — | — | — | — | |||||||||||||||||||
Total distributions | $ | 7.88 | — | 0.04 | — | — | — | |||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.10 | 0.02 | — | |||||||||||||||||||
Net asset value, end of period | $ | 48.19 | 68.31 | 48.53 | 38.83 | 30.30 | 26.43 | |||||||||||||||||||
Total Return(1) | % | (18.11 | ) | 40.76 | 25.10 | 28.15 | †† | 14.64 | † | 37.30 | ||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 37,736 | 65,619 | 58,469 | 57,131 | 58,318 | 62,104 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(2) | % | 2.31 | 2.25 | 2.31 | 2.39 | 2.37 | 2.59 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(2)(3) | % | 2.31 | 2.25 | 2.31 | 2.39 | 2.40 | 2.60 | |||||||||||||||||||
Net investment income (loss) after expense waiver/recoupment(2)(3) | % | 0.07 | 0.00 | ** | (0.03 | ) | 0.29 | (0.60 | ) | (0.68 | ) | |||||||||||||||
Portfolio turnover rate | % | 38 | 93 | 85 | 124 | 106 | 114 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. | |
(2) | Annualized for periods less than one year. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by ING Investments, LLC within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005 or 0.005%. | |
† | In 2004, the Sub-Adviser fully reimbursed the Fund for a loss incurred from a transaction not meeting the Fund’s investment guidelines, which otherwise would have reduced total return by 0.07%. | |
†† | In 2005, 0.34% and 0.33% of the total return on Class A and Class B, respectively, consists of a payment by affiliate. Excluding this item, total return would have been 28.63% and 27.82% on Class A and Class B, respectively. |
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Table of Contents
Class C | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 62.48 | 44.39 | 35.59 | 27.77 | 24.23 | 17.65 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 0.05 | 0.00 | * ** | (0.00 | )** | 0.10 | * | (0.17 | ) | (0.29 | ) | ||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian capital gains tax) | $ | (11.22 | ) | 18.09 | 8.91 | 7.62 | 3.70 | 6.87 | ||||||||||||||||||
Total from investment operations | $ | (11.17 | ) | 18.09 | 8.91 | 7.72 | 3.53 | 6.58 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | — | 0.00 | ** | 0.11 | — | — | — | ||||||||||||||||||
Net realized gain on investments | $ | 7.88 | — | — | — | — | — | |||||||||||||||||||
Total distributions | $ | 7.88 | 0.00 | ** | 0.11 | — | — | — | ||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.10 | 0.01 | — | |||||||||||||||||||
Net asset value, end of period | $ | 43.43 | 62.48 | 44.39 | 35.59 | 27.77 | 24.23 | |||||||||||||||||||
Total Return(2) | % | (18.09 | ) | 40.76 | 25.09 | 28.16 | †† | 14.61 | † | 37.28 | ||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 72,979 | 104,274 | 65,534 | 52,420 | 47,793 | 50,227 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 2.31 | 2.25 | 2.31 | 2.39 | 2.37 | 2.59 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 2.31 | 2.25 | 2.31 | 2.39 | 2.40 | 2.60 | |||||||||||||||||||
Net investment income (loss) after expense waiver/recoupment(3)(4) | % | 0.21 | 0.01 | (0.01 | ) | 0.30 | (0.60 | ) | (0.68 | ) | ||||||||||||||||
Portfolio turnover rate | % | 38 | 93 | 85 | 124 | 106 | 114 | |||||||||||||||||||
Class I | ||||||||||||||
Six Months | Year | December 21, | ||||||||||||
Ended | Ended | 2005(1) to | ||||||||||||
April 30, | October 31, | October 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||||
Per Share Operating Performance: | ||||||||||||||
Net asset value, beginning of period | $ | 66.72 | 47.35 | 40.64 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||
Net investment income | $ | 0.35 | 0.60 | 0.39 | * | |||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian capital gains tax) | $ | (12.02 | ) | 19.25 | 6.32 | |||||||||
Total from investment operations | $ | (11.67 | ) | 19.85 | 6.71 | |||||||||
Less distributions from: | ||||||||||||||
Net investment income | $ | 0.52 | 0.48 | — | ||||||||||
Net realized gain on investments | $ | 7.88 | — | — | ||||||||||
Total distributions | $ | 8.40 | 0.48 | — | ||||||||||
Net asset value, end of period | $ | 46.65 | 66.72 | 47.35 | ||||||||||
Total Return(2) | % | (17.65 | ) | 42.24 | 16.51 | |||||||||
Ratios and Supplemental Data: | ||||||||||||||
Net assets, end of period (000’s) | $ | 285,673 | 376,737 | 137,184 | ||||||||||
Ratios to average net assets: | ||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 1.27 | 1.20 | 1.20 | ||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 1.27 | 1.20 | 1.20 | ||||||||||
Net investment income after expense waiver/recoupment(3)(4) | % | 1.36 | 1.12 | 1.02 | ||||||||||
Portfolio turnover rate | % | 38 | 93 | 85 | ||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is more than $(0.005) or less than $0.005. | |
† | In 2004, the Sub-Adviser fully reimbursed the Fund for a loss incurred from a transaction not meeting the Fund’s investment guidelines, which otherwise would have reduced total return by 0.07%. | |
†† | In 2005, 0.36% of the total return consists of a payment by affiliate. Excluding this item, total return would have been 27.80%. |
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Class Q | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 71.41 | 50.65 | 40.53 | 31.34 | 27.11 | 19.54 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.29 | 0.48 | 0.37 | 0.43 | * | 0.10 | 0.21 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions (net of Indian capital gains tax) | $ | (12.86 | ) | 20.62 | 10.16 | 8.66 | 4.13 | 7.36 | ||||||||||||||||||
Total from investment operations | $ | (12.57 | ) | 21.10 | 10.53 | 9.09 | 4.23 | 7.57 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.37 | 0.34 | 0.41 | — | 0.01 | — | |||||||||||||||||||
Net realized gain on investments | $ | 7.88 | — | — | — | — | — | |||||||||||||||||||
Total distributions | $ | 8.25 | 0.34 | 0.41 | — | 0.01 | — | |||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.10 | 0.01 | — | |||||||||||||||||||
Net asset value, end of period | $ | 50.59 | 71.41 | 50.65 | 40.53 | 31.34 | 27.11 | |||||||||||||||||||
Total Return(2) | % | (17.76 | ) | 41.87 | 26.14 | 29.32 | †† | 15.66 | † | 38.74 | ||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 102,129 | 131,142 | 82,245 | 57,846 | 61,166 | 79,140 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(3) | % | 1.52 | 1.45 | 1.48 | 1.49 | 1.47 | 1.58 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 1.52 | 1.45 | 1.48 | 1.49 | 1.50 | 1.59 | |||||||||||||||||||
Net investment income after expense waiver/recoupment(3)(4) | % | 1.12 | 0.81 | 0.83 | 1.18 | 0.28 | 0.35 | |||||||||||||||||||
Portfolio turnover rate | % | 38 | 93 | 85 | 124 | 106 | 114 | |||||||||||||||||||
Class W | ||||||
February 12, | ||||||
2008(1) to | ||||||
April 30, | ||||||
2008 | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 50.70 | ||||
Income from investment operations: | ||||||
Net investment income | $ | 0.59 | * | |||
Net realized and unrealized gain on investments and foreign currency related transactions (net of Indian capital gains tax) | $ | 3.46 | ||||
Total from investment operations | $ | 4.05 | ||||
Net asset value, end of period | $ | 54.75 | ||||
Total Return(2) | % | 7.99 | ||||
Ratios and Supplemental Data: | ||||||
Net assets, end of period (000’s) | $ | 271 | ||||
Ratios to average net assets: | ||||||
Expenses(3) | % | 1.21 | ||||
Net investment income (loss)(3) | % | 5.20 | ||||
Portfolio turnover rate | % | 38 | ||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
† | In 2004, the Sub-Adviser fully reimbursed the Fund for a loss incurred from a transaction not meeting the Fund’s investment guidelines, which otherwise would have reduced total return by 0.07%. | |
†† | In 2005, 0.36% of the total return consists of a payment by affiliate. Excluding this item, total return would have been 28.96%. |
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Class A | ||||||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 23.15 | 21.52 | 18.33 | 16.90 | 13.71 | 10.40 | |||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||
Net investment income | $ | 0.18 | 0.24 | * | 0.18 | * | 0.17 | 0.13 | 0.08 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.08 | ) | 3.73 | 4.58 | 2.28 | 3.15 | 3.48 | ||||||||||||||||||||||
Total from investment operations | $ | (1.90 | ) | 3.97 | 4.76 | 2.45 | 3.28 | 3.56 | ||||||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||||||
Net investment income | $ | 0.23 | 0.20 | 0.16 | 0.22 | 0.09 | 0.05 | |||||||||||||||||||||||
Net realized gains on investments | $ | 3.35 | 2.14 | 1.41 | 0.80 | — | 0.20 | |||||||||||||||||||||||
Total distributions | $ | 3.58 | 2.34 | 1.57 | 1.02 | 0.09 | 0.25 | |||||||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.00 | ** | — | — | ||||||||||||||||||||||
Net asset value, end of period | $ | 17.67 | 23.15 | 21.52 | 18.33 | 16.90 | 13.71 | |||||||||||||||||||||||
Total Return(1) | % | (8.84 | ) | 19.87 | 27.64 | 15.06 | † | 24.03 | 35.11 | |||||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 1,767,378 | 2,136,218 | 1,995,027 | 1,732,332 | 1,869,868 | 1,641,943 | |||||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||||||
Gross expenses prior to brokerage commission recapture(2) | % | 1.60 | 1.59 | 1.60 | 1.60 | 1.61 | 1.74 | |||||||||||||||||||||||
Net expenses after brokerage commission recapture(2) | % | 1.59 | 1.59 | 1.60 | 1.60 | 1.61 | 1.74 | |||||||||||||||||||||||
Net investment income after brokerage commission recapture(2) | % | 1.94 | 1.08 | 0.90 | 0.88 | 0.79 | 0.66 | |||||||||||||||||||||||
Portfolio turnover rate | % | 12 | 32 | 25 | 21 | 29 | 9 | |||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 22.64 | 21.07 | 17.95 | 16.58 | 13.45 | 10.23 | |||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 0.09 | * | 0.08 | * | 0.04 | * | 0.05 | 0.02 | (0.00 | )** | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.02 | ) | 3.66 | 4.50 | 2.23 | 3.11 | 3.42 | ||||||||||||||||||||||
Total from investment operations | $ | (1.93 | ) | 3.74 | 4.54 | 2.28 | 3.13 | 3.42 | ||||||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||||||
Net investment income | $ | 0.02 | 0.03 | 0.01 | 0.11 | — | — | |||||||||||||||||||||||
Net realized gains on investments | $ | 3.35 | 2.14 | 1.41 | 0.80 | — | 0.20 | |||||||||||||||||||||||
Total distributions | $ | 3.37 | 2.17 | 1.42 | 0.91 | — | 0.20 | |||||||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.00 | ** | — | — | ||||||||||||||||||||||
Net asset value, end of period | $ | 17.34 | 22.64 | 21.07 | 17.95 | 16.58 | 13.45 | |||||||||||||||||||||||
Total Return(1) | % | (9.15 | ) | 19.03 | 26.81 | 14.21 | † | 23.27 | 34.11 | |||||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 193,236 | 301,705 | 368,952 | 411,071 | 454,952 | 420,651 | |||||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||||||
Gross expenses prior to brokerage commission recapture(2) | % | 2.30 | 2.29 | 2.30 | 2.30 | 2.31 | 2.44 | |||||||||||||||||||||||
Net expenses after brokerage commission recapture(2) | % | 2.29 | 2.29 | 2.30 | 2.30 | 2.31 | 2.44 | |||||||||||||||||||||||
Net investment income (loss) after brokerage commission recapture(2) | % | 0.98 | 0.39 | 0.20 | 0.17 | 0.09 | (0.04 | ) | ||||||||||||||||||||||
Portfolio turnover rate | % | 12 | 32 | 25 | 21 | 29 | 9 | |||||||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. | |
(2) | Annualized for periods less than one year. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005 or more than $(0.005). | |
† | In 2005, there was no impact on total return due to payment by affiliate. |
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Class C | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 22.52 | 20.98 | 17.91 | 16.54 | 13.42 | 10.21 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 0.12 | 0.08 | * | 0.05 | 0.04 | 0.02 | (0.00 | )* | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.02 | ) | 3.65 | 4.46 | 2.24 | 3.10 | 3.41 | ||||||||||||||||||
Total from investment operations | $ | (1.90 | ) | 3.73 | 4.51 | 2.28 | 3.12 | 3.41 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.08 | 0.05 | 0.03 | 0.11 | — | — | |||||||||||||||||||
Net realized gains on investments | $ | 3.35 | 2.14 | 1.41 | 0.80 | — | 0.20 | |||||||||||||||||||
Total distributions | $ | 3.43 | 2.19 | 1.44 | 0.91 | — | 0.20 | |||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.00 | * | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 17.19 | 22.52 | 20.98 | 17.91 | 16.54 | 13.42 | |||||||||||||||||||
Total Return(1) | % | (9.09 | ) | 19.10 | 26.71 | 14.25 | † | 23.25 | 34.08 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 619,065 | 757,941 | 729,067 | 663,626 | 675,039 | 628,704 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver and brokerage commission recapture(2) | % | 2.30 | 2.29 | 2.30 | 2.30 | 2.31 | 2.44 | |||||||||||||||||||
Net expenses after expense waiver and prior to brokerage commission recapture(2) | % | 2.15 | 2.28 | 2.30 | 2.30 | 2.31 | 2.44 | |||||||||||||||||||
Net expenses after expense waiver and brokerage commission recapture(2) | % | 2.14 | 2.28 | 2.30 | 2.30 | 2.31 | 2.44 | |||||||||||||||||||
Net investment income (loss) after expense waiver and brokerage commission recapture(2) | % | 1.37 | 0.38 | 0.20 | 0.15 | 0.09 | (0.04 | ) | ||||||||||||||||||
Portfolio turnover rate | % | 12 | 32 | 25 | 21 | 29 | 9 | |||||||||||||||||||
Class I | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of year | $ | 23.22 | 21.58 | 18.38 | 16.96 | 13.74 | 10.43 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.21 | 0.32 | * | 0.25 | 0.20 | 0.16 | 0.13 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.09 | ) | 3.74 | 4.60 | 2.31 | 3.20 | 3.48 | ||||||||||||||||||
Total from investment operations | $ | (1.88 | ) | 4.06 | 4.85 | 2.51 | 3.36 | 3.61 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.31 | 0.28 | 0.24 | 0.29 | 0.14 | 0.10 | |||||||||||||||||||
Net realized gains on investments | $ | 3.35 | 2.14 | 1.41 | 0.80 | — | 0.20 | |||||||||||||||||||
Total distributions | $ | 3.66 | 2.42 | 1.65 | 1.09 | 0.14 | 0.30 | |||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.00 | * | — | — | ||||||||||||||||||
Net asset value, end of year | $ | 17.68 | 23.22 | 21.58 | 18.38 | 16.96 | 13.74 | |||||||||||||||||||
Total Return(1) | % | (8.70 | ) | 20.31 | 28.15 | 15.42 | † | 24.67 | 35.58 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of year (000’s) | $ | 1,573,084 | 2,176,402 | 1,728,560 | 1,221,594 | 831,142 | 482,047 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to brokerage commission recapture(2) | % | 1.25 | 1.23 | 1.22 | 1.23 | 1.21 | 1.29 | |||||||||||||||||||
Net expenses after brokerage commission recapture(2) | % | 1.24 | 1.23 | 1.22 | 1.23 | 1.21 | 1.29 | |||||||||||||||||||
Net investment income after brokerage commission recapture(2) | % | 2.11 | 1.45 | 1.26 | 1.18 | 1.18 | 1.12 | |||||||||||||||||||
Portfolio turnover rate | % | 12 | 32 | 25 | 21 | 29 | 9 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. | |
(2) | Annualized for periods less than one year. | |
* | Amount is less than $0.005 or more than $(0.005). | |
† | In 2005, there was no impact on total return due to payment by affiliate. |
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Class Q | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 23.26 | 21.57 | 18.37 | 16.94 | 13.73 | 10.44 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.22 | 0.31 | * | 0.21 | * | 0.19 | 0.14 | 0.10 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (2.10 | ) | 3.74 | 4.59 | 2.29 | 3.17 | 3.49 | ||||||||||||||||||
Total from investment operations | $ | (1.88 | ) | 4.05 | 4.80 | 2.48 | 3.31 | 3.59 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.31 | 0.22 | 0.19 | 0.25 | 0.10 | 0.10 | |||||||||||||||||||
Net realized gains on investments | $ | 3.35 | 2.14 | 1.41 | 0.80 | — | 0.20 | |||||||||||||||||||
Total distributions | $ | 3.66 | 2.36 | 1.60 | 1.05 | 0.10 | 0.30 | |||||||||||||||||||
Payment by affiliate | $ | — | — | — | 0.00 | ** | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 17.72 | 23.26 | 21.57 | 18.37 | 16.94 | 13.73 | |||||||||||||||||||
Total Return(1) | % | (8.68 | ) | 20.25 | 27.82 | 15.20 | † | 24.32 | 35.37 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 22,710 | 26,512 | 26,383 | 27,993 | 28,862 | 29,319 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver and brokerage commission recapture(2) | % | 1.50 | 1.48 | 1.47 | 1.48 | 1.46 | 1.54 | |||||||||||||||||||
Net expenses after expense waiver and prior to brokerage commission recapture(2) | % | 1.25 | 1.27 | 1.47 | 1.48 | 1.46 | 1.54 | |||||||||||||||||||
Net expenses after expense waiver and brokerage commission recapture(2) | % | 1.24 | 1.27 | 1.47 | 1.48 | 1.46 | 1.54 | |||||||||||||||||||
Net investment income after expense waiver brokerage commission recapture(2) | % | 2.32 | 1.40 | 1.06 | 0.99 | 0.89 | 0.87 | |||||||||||||||||||
Portfolio turnover rate | % | 12 | 32 | 25 | 21 | 29 | 9 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. | |
(2) | Annualized for periods less than one year. | |
† | In 2005, there was no impact on total return due to payment by affiliate. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005. |
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Class A | ||||||||||||||||||
Six Months | February 1, | |||||||||||||||||
Ended | Year Ended | 2005(1) to | ||||||||||||||||
April 30, | October 31, | October 31, | ||||||||||||||||
2008 | 2007 | 2006 | 2005 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 14.89 | 12.42 | 10.70 | 10.00 | |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment income | $ | 0.04 | 0.10 | * | 0.12 | * | 0.11 | * | ||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (0.89 | ) | 2.65 | 1.86 | 0.59 | ||||||||||||
Total from investment operations | $ | (0.85 | ) | 2.75 | 1.98 | 0.70 | ||||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | 0.10 | 0.07 | 0.10 | — | |||||||||||||
Net realized gains on investments | $ | 1.98 | 0.21 | 0.16 | — | |||||||||||||
Total distributions | $ | 2.08 | 0.28 | 0.26 | — | |||||||||||||
Net asset value, end of period | $ | 11.96 | 14.89 | 12.42 | 10.70 | |||||||||||||
Total Return(2) | % | (5.41 | ) | 22.48 | 18.82 | 7.00 | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 15,265 | 16,598 | 17,962 | 6,115 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 1.60 | 1.63 | 1.71 | 3.44 | |||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 1.65 | 1.70 | 1.70 | 1.70 | |||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 1.64 | 1.70 | 1.69 | 1.70 | |||||||||||||
Net investment income after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 0.70 | 0.77 | 1.04 | 1.08 | |||||||||||||
Portfolio turnover rate | % | 33 | 88 | 31 | 24 | |||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. |
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Class B | ||||||||||||||||||
Six Months | February 1, | |||||||||||||||||
Ended | Year Ended | 2005(1) to | ||||||||||||||||
April 30, | October 31, | October 31, | ||||||||||||||||
2008 | 2007 | 2006 | 2005 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 14.67 | 12.27 | 10.65 | 10.00 | |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment income (loss) | $ | (0.02 | ) | 0.00 | * ** | 0.04 | * | 0.04 | * | |||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (0.86 | ) | 2.61 | 1.82 | 0.61 | ||||||||||||
Total from investment operations | $ | (0.88 | ) | 2.61 | 1.86 | 0.65 | ||||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | 0.00 | ** | — | 0.08 | — | ||||||||||||
Net realized gains on investments | $ | 1.98 | 0.21 | 0.16 | — | |||||||||||||
Total distributions | $ | 1.98 | 0.21 | 0.24 | — | |||||||||||||
Net asset value, end of period | $ | 11.81 | 14.67 | 12.27 | 10.65 | |||||||||||||
Total Return(2) | % | (5.75 | ) | 21.54 | 17.77 | 6.50 | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 3,259 | 3,805 | 3,565 | 1,427 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver/recoupment and brokerage commission recapture(3) | % | 2.35 | 2.38 | 2.46 | 4.19 | |||||||||||||
Net expenses after expense waiver/recoupment and prior to brokerage commission recapture(3)(4) | % | 2.40 | 2.45 | 2.45 | 2.45 | |||||||||||||
Net expenses after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | 2.39 | 2.45 | 2.44 | 2.45 | |||||||||||||
Net investment income (loss) after expense waiver/recoupment and brokerage commission recapture(3)(4) | % | (0.14 | ) | 0.01 | 0.35 | 0.36 | ||||||||||||
Portfolio turnover rate | % | 33 | 88 | 31 | 24 | |||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005. |
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Class C | ||||||||||||||||||
Six Months | February 4, | |||||||||||||||||
Ended | Year Ended | 2005(1) to | ||||||||||||||||
April 30, | October 31, | October 31, | ||||||||||||||||
2008 | 2007 | 2006 | 2005 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 14.70 | 12.29 | 10.66 | 10.01 | |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment income (loss) | $ | (0.01 | ) | 0.00 | ** | 0.04 | * | 0.04 | * | |||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (0.87 | ) | 2.62 | 1.83 | 0.61 | ||||||||||||
Total from investment operations | $ | (0.88 | ) | 2.62 | 1.87 | 0.65 | ||||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | — | — | 0.08 | — | |||||||||||||
Net realized gains on investments | $ | 1.98 | 0.21 | 0.16 | — | |||||||||||||
Total distributions | $ | 1.98 | 0.21 | 0.24 | — | |||||||||||||
Net asset value, end of period | $ | 11.84 | 14.70 | 12.29 | 10.66 | |||||||||||||
Total Return(2) | % | (5.75 | ) | 21.58 | 17.78 | 6.49 | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 4,179 | 4,930 | 4,189 | 1,796 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver and brokerage commission recapture(3) | % | 2.35 | 2.38 | 2.46 | 4.19 | |||||||||||||
Net expenses after expense waiver and prior to brokerage commission recapture(3)(4) | % | 2.40 | 2.45 | 2.45 | 2.45 | |||||||||||||
Net expenses after expense waiver and brokerage commission recapture(3)(4) | % | 2.39 | 2.45 | 2.44 | 2.45 | |||||||||||||
Net investment income (loss) after expense waiver and brokerage commission recapture(3)(4) | % | (0.13 | ) | 0.00 | ** | 0.33 | 0.35 | |||||||||||
Portfolio turnover rate | % | 33 | 88 | 31 | 24 | |||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is less than $0.005 or 0.005%. |
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Class I | ||||||||||||||
Six Months | Year | December 21, | ||||||||||||
Ended | Ended | 2005(1) to | ||||||||||||
April 30, | October 31, | October 31, | ||||||||||||
2008 | 2007 | 2006 | ||||||||||||
Per Share Operating Performance: | ||||||||||||||
Net asset value, beginning of period | $ | 14.92 | 12.42 | 11.04 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||
Net investment income | $ | 0.06 | * | 0.17 | * | 0.16 | * | |||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (0.89 | ) | 2.64 | 1.22 | |||||||||
Total from investment operations | $ | (0.83 | ) | 2.81 | 1.38 | |||||||||
Less distributions from: | ||||||||||||||
Net investment income | $ | 0.16 | 0.10 | — | ||||||||||
Net realized gains on investments | $ | 1.98 | 0.21 | — | ||||||||||
Total distributions | $ | 2.14 | 0.31 | — | ||||||||||
Net asset value, end of period | $ | 11.95 | 14.92 | 12.42 | ||||||||||
Total Return(2) | % | (5.23 | ) | 23.04 | 12.50 | |||||||||
Ratios and Supplemental Data: | ||||||||||||||
Net assets, end of period (000’s) | $ | 52,799 | 60,413 | 36,899 | ||||||||||
Ratios to average net assets: | ||||||||||||||
Gross expenses prior to expense waiver and brokerage commission recapture(3) | % | 1.27 | 1.24 | 1.36 | ||||||||||
Net expenses after expense waiver and prior to brokerage commission recapture(3)(4) | % | 1.32 | 1.31 | 1.35 | ||||||||||
Net expenses after expense waiver and brokerage commission recapture(3)(4) | % | 1.31 | 1.31 | 1.34 | ||||||||||
Net investment income after expense waiver and brokerage commission recapture(3)(4) | % | 0.96 | 1.29 | 1.56 | ||||||||||
Portfolio turnover rate | % | 33 | 88 | 31 | ||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. |
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Class A | Class B | |||||||||||||||||
Six Months | February 28, | Six Months | February 28, | |||||||||||||||
Ended | 2007(1) to | Ended | 2007(1) to | |||||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.64 | 10.00 | 10.59 | 10.00 | |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment income | $ | 0.08 | 0.17 | 0.07 | 0.02 | * | ||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (1.16 | ) | 0.47 | (1.15 | ) | 0.57 | |||||||||||
Total from investment operations | $ | (1.08 | ) | 0.64 | (1.08 | ) | 0.59 | |||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | 0.20 | — | 0.10 | — | |||||||||||||
Net realized gains on investments | $ | 0.05 | — | 0.05 | — | |||||||||||||
Total distributions | $ | 0.25 | — | 0.15 | — | |||||||||||||
Net asset value, end of period | $ | 9.31 | 10.64 | 9.36 | 10.59 | |||||||||||||
Total Return(2) | % | (10.20 | ) | 6.40 | (10.24 | ) | 5.90 | |||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 9,361 | 10,671 | 19 | 2 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 3.22 | 2.80 | 3.97 | 3.55 | |||||||||||||
Net expenses after expense waiver(3)(4) | % | 1.46 | 1.40 | 2.21 | 2.15 | |||||||||||||
Net investment income after expense waiver(3)(4) | % | 1.73 | 2.52 | 1.68 | 0.33 | |||||||||||||
Portfolio turnover rate | % | 19 | 41 | 19 | 41 | |||||||||||||
Class C | Class I | |||||||||||||||||
Six Months | February 28, | Six Months | February 28, | |||||||||||||||
Ended | 2007(1) to | Ended | 2007(1) to | |||||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.56 | 10.00 | 10.67 | 10.00 | |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||
Net investment income | $ | 0.05 | 0.01 | * | 0.09 | 0.20 | ||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (1.15 | ) | 0.55 | (1.17 | ) | 0.47 | |||||||||||
Total from investment operations | $ | (1.10 | ) | 0.56 | (1.08 | ) | 0.67 | |||||||||||
Less distributions from: | ||||||||||||||||||
Net investment income | $ | 0.21 | — | 0.23 | — | |||||||||||||
Net realized gains on investments | $ | 0.05 | — | 0.05 | — | |||||||||||||
Total distributions | $ | 0.26 | — | 0.28 | — | |||||||||||||
Net asset value, end of period | $ | 9.20 | 10.56 | 9.31 | 10.67 | |||||||||||||
Total Return(2) | % | (10.53 | ) | 5.60 | (10.19 | ) | 6.70 | |||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||
Net assets, end of period (000’s) | $ | 38 | 28 | 1 | 1 | |||||||||||||
Ratios to average net assets: | ||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 3.97 | 3.55 | 2.96 | 2.55 | |||||||||||||
Net expenses after expense waiver(3)(4) | % | 2.21 | 2.15 | 1.20 | 1.15 | |||||||||||||
Net investment income after expense waiver(3)(4) | % | 1.13 | 0.19 | 1.77 | 2.94 | |||||||||||||
Portfolio turnover rate | % | 19 | 41 | 19 | 41 | |||||||||||||
(1) | Commencement of operations | |
(2) | Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charge. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, tax, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. |
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Class A | ||||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||
April 30, | Year Ended October 31, | |||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 78.13 | 55.81 | 33.49 | 25.01 | 19.13 | 12.15 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | (0.42 | )* | (0.33 | )* | (0.27 | ) | (0.00 | )** | 0.04 | (0.00 | )** | ||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency related transactions | $ | (0.15 | ) | 25.77 | 22.37 | 8.39 | 5.69 | 7.06 | ||||||||||||||||||
Total from investment operations | $ | (0.57 | ) | 25.44 | 22.10 | 8.39 | 5.73 | 7.06 | ||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | — | — | — | 0.01 | 0.02 | 0.12 | |||||||||||||||||||
Net realized gains on investments | $ | 11.59 | 3.12 | — | — | — | — | |||||||||||||||||||
Total distributions | $ | 11.59 | 3.12 | — | 0.01 | 0.02 | 0.12 | |||||||||||||||||||
Redemption fees applied to capital | $ | — | — | 0.22 | 0.10 | 0.17 | 0.04 | |||||||||||||||||||
Net asset value, end of period | $ | 65.97 | 78.13 | 55.81 | 33.49 | 25.01 | 19.13 | |||||||||||||||||||
Total Return(1) | % | (1.31 | ) | 47.16 | 66.65 | 33.98 | 30.88 | 58.98 | ||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 897,238 | 922,504 | 751,947 | 271,603 | 212,180 | 161,601 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Expenses(2) | % | 2.03 | 1.96 | 1.98 | 2.13 | 2.01 | 2.09 | |||||||||||||||||||
Net investment income (loss)(2) | % | (1.25 | ) | (0.52 | ) | (0.64 | ) | (0.01 | ) | 0.15 | (0.02 | ) | ||||||||||||||
Portfolio turnover rate | % | 25 | 12 | 20 | 26 | 54 | 23 | |||||||||||||||||||
(1) | Total return is calculated assuming reinvestment of all dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. | |
(2) | Annualized for periods less than one year. | |
* | Calculated using average number of shares outstanding throughout the period. | |
** | Amount is more than $(0.005). |
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Class A | Class B | |||||||||||||||||||||||||
Six Months | Year | December 21, | Six Months | Year | January 4, | |||||||||||||||||||||
Ended | Ended | 2005(1) to | Ended | Ended | 2006(1) to | |||||||||||||||||||||
April 30, | October 31, | October 31, | April 30, | October 31, | October 31, | |||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.39 | 10.33 | 10.00 | 10.36 | 10.30 | 10.15 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.33 | 0.66 | * | 0.64 | * | 0.28 | 0.54 | * | 0.59 | * | |||||||||||||||
Net realized and unrealized gain (loss) on investments, foreign currency related transactions, and futures | $ | (0.41 | ) | 0.06 | 0.26 | (0.40 | ) | 0.10 | 0.09 | |||||||||||||||||
Total from investment operations | $ | (0.08 | ) | 0.72 | 0.90 | (0.12 | ) | 0.64 | 0.68 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.32 | 0.63 | 0.57 | 0.28 | 0.55 | 0.53 | |||||||||||||||||||
Net realized gains on investments | $ | — | 0.03 | — | — | 0.03 | — | |||||||||||||||||||
Total distributions | $ | 0.32 | 0.66 | 0.57 | 0.28 | 0.58 | 0.53 | |||||||||||||||||||
Net asset value, end of period | $ | 9.99 | 10.39 | 10.33 | 9.96 | 10.36 | 10.30 | |||||||||||||||||||
Total Return(2) | % | (0.82 | ) | 7.18 | 9.28 | (1.18 | ) | 6.40 | 6.92 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 4,658 | 10,539 | 26,121 | 334 | 404 | 293 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(4) | % | 1.08 | 1.12 | 2.41 | 1.83 | 1.87 | 3.16 | |||||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 1.08 | 1.20 | 1.25 | 1.83 | 1.95 | 2.00 | |||||||||||||||||||
Net investment income after expense waiver/recoupment(3)(4) | % | 6.38 | 6.39 | 7.36 | 5.64 | 5.22 | 6.91 | |||||||||||||||||||
Portfolio turnover rate | % | 20 | 29 | 56 | 20 | 29 | 56 | |||||||||||||||||||
Class C | Class I | |||||||||||||||||||||||||||||
Six Months | Year | March 1, | Six Months | December 20, | May 1, | February 7, | ||||||||||||||||||||||||
Ended | Ended | 2006(1) to | Ended | 2006(1) to | 2006 to | 2006(1) to | ||||||||||||||||||||||||
April 30, | October 31, | October 31, | April 30, | October 31, | August 24, | April 30, | ||||||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006(5) | 2006 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.35 | 10.29 | 10.43 | 10.36 | 10.48 | 10.18 | 10.24 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||
Net investment income | $ | 0.29 | 0.53 | 0.61 | * | 0.33 | 0.54 | 0.26 | * | 0.28 | * | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments, foreign currency related transactions, and futures | $ | (0.40 | ) | 0.11 | (0.39 | ) | (0.40 | ) | (0.11 | ) | (0.28 | ) | (0.19 | ) | ||||||||||||||||
Total from investment operations | $ | (0.11 | ) | 0.64 | 0.27 | (0.07 | ) | 0.43 | (0.02 | ) | 0.09 | |||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||||||
Net investment income | $ | 0.28 | 0.55 | 0.41 | 0.33 | 0.55 | 0.06 | 0.15 | ||||||||||||||||||||||
Net realized gains on investments | $ | — | 0.03 | — | — | — | — | — | ||||||||||||||||||||||
Total distributions | $ | 0.28 | 0.58 | 0.41 | 0.33 | 0.55 | 0.06 | 0.15 | ||||||||||||||||||||||
Net asset value, end of period | $ | 9.96 | 10.35 | 10.29 | 9.96 | 10.36 | 10.10 | 10.18 | ||||||||||||||||||||||
Total Return(2) | % | (1.06 | ) | 6.41 | 2.75 | (0.67 | ) | 4.25 | (0.15 | ) | 0.91 | |||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 1,900 | 1,564 | 344 | 283,931 | 303,156 | 13 | 13 | ||||||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||||||
Gross expenses prior to expense waiver/recoupment(4) | % | 1.83 | 1.87 | 3.16 | 0.81 | 0.84 | 2.33 | 2.65 | ||||||||||||||||||||||
Net expenses after expense waiver/recoupment(3)(4) | % | 1.83 | 1.83 | 1.95 | 0.81 | 0.92 | 1.06 | 1.00 | ||||||||||||||||||||||
Net investment income after expense waiver/recoupment(3)(4) | % | 5.66 | 4.87 | 7.09 | 6.67 | 5.36 | 8.32 | 7.79 | ||||||||||||||||||||||
Portfolio turnover rate | % | 20 | 29 | 56 | 20 | 29 | 29 | 26 | ||||||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
(4) | Annualized for periods less than one year. | |
(5) | Class I was fully redeemed on August 25, 2006 and re-commenced operations on December 20, 2006. | |
* | Calculated using average number of shares outstanding throughout the period. |
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Class A | Class B | |||||||||||||||||||||||||
Six Months | Year | June 30, | Six Months | Year | June 30, | |||||||||||||||||||||
Ended | Ended | 2006(1) to | Ended | Ended | 2006(1) to | |||||||||||||||||||||
April 30, | October 31, | October 31, | April 30, | October 31, | October 31, | |||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.59 | 10.25 | 10.00 | 10.55 | 10.24 | 10.00 | |||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.15 | * | 0.31 | * | 0.08 | * | 0.10 | * | 0.25 | * | 0.06 | * | |||||||||||||
Net realized and unrealized gain on investments, foreign currency related transactions, and futures | $ | 0.78 | 0.64 | 0.23 | 0.77 | 0.62 | 0.22 | |||||||||||||||||||
Total from investment operations | $ | 0.93 | 0.95 | 0.31 | 0.87 | 0.87 | 0.28 | |||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.55 | 0.43 | 0.06 | 0.47 | 0.38 | 0.04 | |||||||||||||||||||
Net realized gains on investments | $ | 0.12 | 0.18 | — | 0.12 | 0.18 | — | |||||||||||||||||||
Total distributions | $ | 0.67 | 0.61 | 0.06 | 0.59 | 0.56 | 0.04 | |||||||||||||||||||
Net asset value, end of period | $ | 10.85 | 10.59 | 10.25 | 10.83 | 10.55 | 10.24 | |||||||||||||||||||
Total Return(2) | % | 8.91 | 9.61 | 3.13 | 8.43 | 8.74 | 2.84 | |||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 79,230 | 28,887 | 25,784 | 3,429 | 342 | 28 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 0.95 | 1.46 | 1.38 | 1.70 | 2.21 | 2.13 | |||||||||||||||||||
Net expenses after expense waiver(3)(4) | % | 0.91 | † | 0.90 | † | 0.90 | 1.66 | † | 1.65 | † | 1.65 | |||||||||||||||
Net investment income after expense waiver(3)(4) | % | 2.74 | 3.08 | 2.41 | 1.92 | 2.44 | 2.00 | |||||||||||||||||||
Portfolio turnover rate | % | 453 | 858 | 451 | 453 | 858 | 451 | |||||||||||||||||||
Class C | Class I | |||||||||||||||||||||||||
Six Months | Year | June 30, | Six Months | Year | June 30, | |||||||||||||||||||||
Ended | Ended | 2006(1) to | Ended | Ended | 2006(1) to | |||||||||||||||||||||
April 30, | October 31, | October 31, | April 30, | October 31, | October 31, | |||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.59 | 10.24 | 10.00 | 10.58 | 10.25 | 10.00 | |||||||||||||||||||
Income from investment operations: | ||||||||||||||||||||||||||
Net investment income | $ | 0.10 | * | 0.24 | * | 0.06 | * | 0.22 | * | 0.35 | * | 0.09 | * | |||||||||||||
Net realized and unrealized gain on investments, foreign currency related transactions, and futures | $ | 0.78 | 0.64 | 0.22 | 0.75 | 0.63 | 0.23 | |||||||||||||||||||
Total from investment operations | $ | 0.88 | 0.88 | 0.28 | 0.97 | 0.98 | 0.32 | |||||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.48 | 0.35 | 0.04 | 0.61 | 0.47 | 0.07 | |||||||||||||||||||
Net realized gains on investments | $ | 0.12 | 0.18 | — | 0.12 | 0.18 | — | |||||||||||||||||||
Total distributions | $ | 0.60 | 0.53 | 0.04 | 0.73 | 0.65 | 0.07 | |||||||||||||||||||
Net asset value, end of period | $ | 10.87 | 10.59 | 10.24 | 10.82 | 10.58 | 10.25 | |||||||||||||||||||
Total Return(2) | % | 8.46 | 8.90 | 2.82 | 9.39 | 9.88 | 3.23 | |||||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 23,254 | 1,627 | 36 | 1,319 | 1 | 1 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver(3) | % | 1.70 | 2.21 | 2.13 | 0.68 | 1.00 | 1.03 | |||||||||||||||||||
Net expenses after expense waiver(3)(4) | % | 1.66 | † | 1.65 | † | 1.65 | 0.64 | † | 0.61 | † | 0.55 | |||||||||||||||
Net investment income after expense waiver(3)(4) | % | 1.89 | 2.33 | 1.68 | 4.15 | 3.47 | 2.68 | |||||||||||||||||||
Portfolio turnover rate | % | 453 | 858 | 451 | 453 | 858 | 451 | |||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charge. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
* | Calculated using average number of shares outstanding throughout the period. | |
† | Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.01% impact on the expense ratio. |
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Class A | Class B | |||||||||||||||||||||||||
Six Months | Year | December 21, | Six Months | Year | December 21, | |||||||||||||||||||||
Ended | Ended | 2005(1) to | Ended | Ended | 2005(1) to | |||||||||||||||||||||
April 30, | October 31, | October 31, | April 30, | October 31, | October 31, | |||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.98 | 11.61 | 10.00 | 14.84 | 11.54 | 10.00 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 0.15 | * | 0.05 | * | (0.03 | )* | 0.10 | * | (0.04 | ) | (0.10 | )* | |||||||||||||
Net realized and unrealized gain (loss) on investments in affiliates | $ | (1.75 | ) | 3.38 | 1.64 | (1.73 | ) | 3.35 | 1.64 | |||||||||||||||||
Total from investment operations | $ | (1.60 | ) | 3.43 | 1.61 | (1.63 | ) | 3.31 | 1.54 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.26 | 0.06 | — | 0.17 | 0.01 | — | |||||||||||||||||||
Net realized gains on investments | $ | 0.09 | — | — | 0.09 | — | — | |||||||||||||||||||
Total distributions | $ | 0.35 | 0.06 | — | 0.26 | 0.01 | — | |||||||||||||||||||
Net asset value, end of period | $ | 13.03 | 14.98 | 11.61 | 12.95 | 14.84 | 11.54 | |||||||||||||||||||
Total Return(2) | % | (10.82 | ) | 29.66 | 16.10 | (11.09 | ) | 28.68 | 15.40 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 365,180 | 383,364 | 170,108 | 39,652 | 43,667 | 23,035 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver(4)(5) | % | 0.47 | 0.55 | 0.66 | 1.22 | 1.30 | 1.41 | |||||||||||||||||||
Net expenses after expense waiver(3)(4)(5) | % | 0.29 | 0.21 | 0.35 | 1.04 | 0.96 | 1.10 | |||||||||||||||||||
Net investment income (loss) after expense waiver(3)(4)(5) | % | 2.26 | 0.37 | (0.35 | ) | 1.51 | (0.34 | ) | (1.10 | ) | ||||||||||||||||
Portfolio turnover rate | % | 24 | 32 | 30 | 24 | 32 | 30 | |||||||||||||||||||
Class C | Class I | |||||||||||||||||||||||||
Six Months | Year | December 21, | Six Months | Year | December 21, | |||||||||||||||||||||
Ended | Ended | 2005(1) to | Ended | Ended | 2005(1) to | |||||||||||||||||||||
April 30, | October 31, | October 31, | April 30, | October 31, | October 31, | |||||||||||||||||||||
2008 | 2007 | 2006 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.83 | 11.54 | 10.00 | 14.99 | 11.63 | 10.00 | |||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 0.10 | * | (0.05 | )* | (0.10 | )* | 0.17 | 0.03 | * | (0.01 | )* | ||||||||||||||
Net realized and unrealized gain (loss) on investments in affiliates | $ | (1.73 | ) | 3.35 | 1.64 | (1.76 | ) | 3.41 | 1.64 | |||||||||||||||||
Total from investment operations | $ | (1.63 | ) | 3.30 | 1.54 | (1.59 | ) | 3.44 | 1.63 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||||
Net investment income | $ | 0.18 | 0.01 | — | 0.28 | 0.08 | — | |||||||||||||||||||
Net realized gains on investments | $ | 0.09 | — | — | 0.09 | — | — | |||||||||||||||||||
Total distributions | $ | 0.27 | 0.01 | — | 0.37 | 0.08 | — | |||||||||||||||||||
Net asset value, end of period | $ | 12.93 | 14.83 | 11.54 | 13.03 | 14.99 | 11.63 | |||||||||||||||||||
Total Return(2) | % | (11.10 | ) | 28.63 | 15.40 | (10.70 | ) | 29.69 | 16.30 | |||||||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||||
Net assets, end of period (000’s) | $ | 160,478 | 168,661 | 69,825 | 28 | 32 | 4 | |||||||||||||||||||
Ratios to average net assets: | ||||||||||||||||||||||||||
Gross expenses prior to expense waiver(4)(5) | % | 1.22 | 1.30 | 1.41 | 0.22 | 0.30 | 0.45 | |||||||||||||||||||
Net expenses after expense waiver(3)(4)(5) | % | 1.04 | 0.96 | 1.10 | 0.04 | 0.09 | 0.10 | |||||||||||||||||||
Net investment income (loss) after expense waiver(3)(4)(5) | % | 1.52 | (0.39 | ) | (1.10 | ) | 2.57 | 0.21 | (0.13 | ) | ||||||||||||||||
Portfolio turnover rate | % | 24 | 32 | 30 | 24 | 32 | 30 | |||||||||||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charge. Total return for less than one year is not annualized. | |
(3) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
(4) | Annualized for periods less than one year. | |
(5) | Expense ratios do not include expenses of Underlying Funds. | |
* | Calculated using average number of shares outstanding throughout the period. |
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Class R | Class W | |||||||||||||
Six Months | December 12, | February 12, | ||||||||||||
Ended | 2006(1) to | 2008(1) to | ||||||||||||
April 30, | October 31, | April 30, | ||||||||||||
2008 | 2007 | 2008 | ||||||||||||
Per Share Operating Performance: | ||||||||||||||
Net asset value, beginning of period | $ | 14.82 | 12.19 | 12.17 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||
Net investment income (loss) | $ | 0.14 | (0.05 | )* | 0.01 | |||||||||
Net realized and unrealized gain (loss) on investments in affiliates | $ | (1.74 | ) | 2.76 | 0.85 | |||||||||
Total from investment operations | $ | (1.60 | ) | 2.71 | 0.86 | |||||||||
Less distributions from: | ||||||||||||||
Net investment income | $ | 0.22 | 0.08 | — | ||||||||||
Net realized gains on investments | $ | 0.09 | — | — | ||||||||||
Total distributions | $ | 0.31 | 0.08 | — | ||||||||||
Net asset value, end of period | $ | 12.91 | 14.82 | 13.03 | ||||||||||
Total Return(2) | % | (10.92 | ) | 22.33 | 7.07 | |||||||||
Ratios and Supplemental Data: | ||||||||||||||
Net assets, end of period (000’s) | $ | 345 | 432 | 707 | ||||||||||
Ratios to average net assets: | ||||||||||||||
Gross expenses prior to expense waiver(3)(5) | % | 0.72 | 0.80 | 0.22 | ||||||||||
Net expenses after expense waiver(3)(4)(5) | % | 0.54 | 0.46 | 0.04 | ||||||||||
Net investment loss after expense waiver(3)(4)(5) | % | 2.11 | (0.46 | ) | 0.52 | |||||||||
Portfolio turnover rate | % | 24 | 32 | 24 | ||||||||||
(1) | Commencement of operations. | |
(2) | Total return is calculated assuming reinvestment of dividends and capital gain distributions at net asset value and excluding the deduction of sales charges. Total return for less than one year is not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | The Investment Adviser has agreed to limit expenses, (excluding interest, taxes, brokerage and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred. | |
(5) | Expense ratios do not include expenses of Underlying Funds. | |
* | Calculated using average number of shares outstanding throughout the period. |
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A. | Security Valuation. For all Funds except Russia and Diversified International, investments in equity securities traded on a national securities exchange are valued at the last reported sale price. Securities reported by National Association of Securities Dealers Automated Quotation System (“NASDAQ”) will be valued at the NASDAQ official closing prices. Securities traded on an exchange or NASDAQ for which there has been no sale, securities traded in the over-the-counter-market, gold and silver bullion, platinum and palladium are valued at the mean between the last reported bid and ask prices. All investments quoted in foreign currencies will be valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at that time. Debt securities are valued at prices obtained from independent services or from one or more dealers making markets in the securities and may be adjusted based on the Funds’ valuation procedures. U.S. government obligations are valued by using market quotations or independent pricing services that use prices provided by market-makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics. |
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B. | Security Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded, net of any applicable withholding tax, on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Premium amortization and discount accretion are determined by the effective yield method. |
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C. | Foreign Currency Translation. The books and records of the Funds and Underlying Funds are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis: |
(1) | Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at the end of the day. | |
(2) | Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions. |
D. | Foreign Currency Transactions and Futures Contracts. Each Fund and Underlying Fund may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar, generally in connection with the planned purchases or sales of securities. The Funds and Underlying Funds either enter into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or may use forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar. |
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E. | Distributions to Shareholders. The Funds record distributions to their shareholders on ex-dividend date. Each Fund pays dividends and capital gains, if any, annually (except, Global Equity Dividend, Global Real Estate Asia-Pacific Real Estate, European Real Estate, International Equity Dividend and International Real Estate, which pay dividends, if any, quarterly and Emerging Markets Fixed Income and Global Bond, which pay dividends monthly). The Funds may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles for investment companies. |
F. | Federal Income Taxes. It is the policy of the Funds to comply with subchapter M of the Internal Revenue Code and related excise tax provisions applicable to regulated investment companies and to distribute substantially all of their net investment income and any net realized capital gains to their shareholders. Therefore, no federal income tax provision is required. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized or expire. |
G. | Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. |
H. | Organization Expenses and Offering Costs. Costs incurred with the organization of the Funds and Underlying Funds are expensed as incurred. Costs incurred with the offering of shares of the Funds and Underlying Funds are deferred and amortized over a twelve-month period on a straight-line basis. |
I. | Repurchase Agreements. Each Fund and Underlying Fund may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is usually short, from overnight to one week, while the underlying securities generally have longer maturities. Each Fund and Underlying Fund will receive as collateral securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by the Fund or Underlying Fund. The underlying collateral is valued daily on a mark to market basis to assure that the value, including accrued interest is at least equal to the repurchase price. There would be potential loss to the Fund or Underlying Fund in the event the Fund or Underlying Fund is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral. |
J. | Securities Lending. Each Fund and Underlying Fund has the option to temporarily loan up to 30% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. The borrower is required to fully collateralize the loans with cash or U.S. government securities. Generally, in the event of counterparty default, each Fund and |
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Underlying Fund has the right to use collateral to offset losses incurred. There would be potential loss to a Fund or Underlying Fund in the event the Fund or Underlying Fund is delayed or prevented from exercising its right to dispose of the collateral. Each Fund and Underlying Fund bears the risk of loss with respect to the investment of collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a Fund or Underlying Fund. |
K. | Options Contracts. All Funds and Underlying Funds may purchase put and call options and may write (sell) put options and covered call options. The Funds and Underlying Funds may engage in option transactions as a hedge against adverse movements in the value of portfolio holdings or to increase market exposure. Option contracts are valued daily and unrealized gains or losses are recorded based upon the last sales price on the principal exchange on which the options are traded. The Funds and Underlying Funds will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option, the purchase cost of the security for a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. Realized and unrealized gains or losses on option contracts are reflected in the accompanying financial statements. The value of an option purchased or written is marked to market daily and is valued at the closing price on the exchange on which it is traded or, if not traded on an exchange or no closing price is available, at the mean between last bid and asked prices. The risk in writing a covered call option is that the Funds and Underlying Funds give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Funds and Underlying Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Funds and Underlying Funds pay a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract. |
L. | Swap Contracts. Certain Funds and Underlying Funds may enter into interest rate swaps, currency swaps and other types of swap agreements, including swaps on securities and indices. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other on regularly scheduled dates over a stated term, based on different interest rates, currency exchange rates, security prices, the prices or rates of other types of financial instruments or assets or the levels of specified indices. During the term of the swap, changes in the value of the swap are recognized as unrealized appreciation or depreciation. |
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 |
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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. |
Non U.S. Government | ||||||||
Purchases | Sales | |||||||
Global Equity Dividend | $ | 47,726,190 | $ | 107,825,609 | ||||
Global Natural Resources | 113,910,108 | 120,064,236 | ||||||
Global Real Estate | 486,627,576 | 295,680,350 | ||||||
Global Value Choice | 39,141,177 | 43,006,812 | ||||||
Asia-Pacific Real Estate | 7,778,269 | 2,037,313 | ||||||
Disciplined International SmallCap | 234,734,623 | 261,188,368 | ||||||
Emerging Countries | 47,626,461 | 88,618,862 | ||||||
European Real Estate | 10,285,557 | 4,230,938 | ||||||
Foreign | 225,711,836 | 236,122,922 | ||||||
Greater China | 56,306,302 | 68,080,189 | ||||||
Index Plus International Equity | 373,598,200 | 195,281,891 | ||||||
International Capital Appreciation | 56,245,413 | 40,487,203 | ||||||
International Equity Dividend | 20,971,949 | 8,295,638 | ||||||
International Growth Opportunities | 89,983,645 | 96,442,510 | ||||||
International Real Estate | 341,515,421 | 126,936,762 | ||||||
International SmallCap Multi-Manager | 356,700,084 | 458,763,059 | ||||||
International Value | 537,944,358 | 1,178,345,997 | ||||||
International Value Choice | 24,762,038 | 28,759,704 | ||||||
International Value Opportunities | 1,785,862 | 1,993,458 | ||||||
Russia | 223,026,163 | 244,229,540 | ||||||
Emerging Markets Fixed Income | 60,040,319 | 58,004,752 | ||||||
Global Bond | 44,215,523 | 28,492,068 | ||||||
Diversified International | 177,833,363 | 134,665,264 |
Purchases | Sales | |||||||
Global Bond | $ | 230,444,986 | $ | 214,517,237 |
As a Percentage of Average 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(1) | 0.90% on the first $500 million; 0.80% on the next $500 million; and 0.75% thereafter | |
Asia-Pacific Real Estate | 1.00% on the first $250 million; 0.90% on the next $250 million; 0.80% thereafter | |
Disciplined International SmallCap | 0.60% | |
Emerging Countries | 1.25% | |
European Real Estate | 1.00% on the first $250 million; 0.90% on the next $250 million; 0.80% thereafter | |
Foreign(2) | 1.00% on the first $500 million; and 0.90% thereafter | |
Greater China | 1.15% on the first $100 million; 1.05% on the next $150 million; and 0.95% thereafter | |
Index Plus International Equity | 0.55% | |
International Capital Appreciation | 0.85% on the first $500 million; 0.80% on the next $500 million; and 0.75% thereafter | |
International Equity Dividend | 0.75% | |
International Growth Opportunities | 1.00% | |
International Real Estate | 1.00% on the first $250 million; 0.90% on the next $250 million; and 0.80% thereafter | |
International SmallCap Multi-Manager | 1.00% on first $500 million; 0.90% on next $500 million; and 0.85% thereafter | |
International Value | 1.00% | |
International Value Choice | 1.00% | |
International Value Opportunities | 0.80% on first $1 billion; and 0.75% thereafter | |
Russia | 1.25% | |
Emerging Markets Fixed Income | 0.65% on the first $250 million; 0.60% on the next $250 million; and 0.55% thereafter | |
Global Bond | 0.40% | |
Diversified International | 0.00% |
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(1) | Prior to January 2, 2008, the fee was 1.00% on the first $250 million, 0.90% on the next $250 million, 0.80% on the next $500 million, and 0.75% thereafter. |
(2) | Effective July 31, 2007, ING Investments has contractually agreed to waive a portion of the advisory fee for ING Foreign Fund. This advisory fee waiver will continue through at least May 1, 2009. There is no guarantee that this waiver will continue after this date. This agreement will only renew if ING Investments elects to renew it. |
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Class A | Class B | Class C | Class O | Class Q | Class R | |||||||||||||||||||
Global Equity Dividend | 0.25% | 1.00 | % | 1.00 | % | 0.25 | % | N/A | N/A | |||||||||||||||
Global Natural Resources | 0.25% | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
Global Real Estate | 0.25% | 1.00 | % | 1.00 | % | 0.25 | % | N/A | N/A | |||||||||||||||
Global Value Choice | 0.25% | (1) | 1.00 | % | 1.00 | % | N/A | 0.25 | % | N/A | ||||||||||||||
Asia-Pacific Real Estate | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
Disciplined International SmallCap | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
Emerging Countries | 0.35% | (2) | 1.00 | % | 1.00 | % | N/A | 0.25 | % | N/A | ||||||||||||||
European Real Estate | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
Foreign | 0.25% | 1.00 | % | 1.00 | % | N/A | 0.25 | % | N/A | �� | ||||||||||||||
Greater China | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
Index Plus International Equity | 0.25% | 1.00 | % | 1.00 | % | 0.25 | % | N/A | N/A | |||||||||||||||
International Capital Appreciation | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
International Equity Dividend | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
International Growth Opportunities | 0.25% | 1.00 | % | 1.00 | % | N/A | 0.25 | % | N/A | |||||||||||||||
International Real Estate | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
International SmallCap Multi-Manager | 0.35% | 1.00 | % | 1.00 | % | N/A | 0.25 | % | N/A | |||||||||||||||
International Value | 0.30% | 1.00 | % | 1.00 | %(3) | N/A | 0.25 | %(3) | N/A | |||||||||||||||
International Value Choice | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
International Value Opportunities | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
Russia | 0.25% | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
Emerging Markets Fixed Income | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
Global Bond | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | N/A | ||||||||||||||||
Diversified International | 0.25% | 1.00 | % | 1.00 | % | N/A | N/A | 0.50 | % |
(1) | Prior to January 2, 2008 the fee for Global Value Choice Class A was 0.35%. |
(2) | 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, 2008 through December 31, 2008. Previously, the Distributor had agreed to waive 0.10% of the Distribution Fee for Class A shares of Emerging Countries for the period from January 1, 2007 through December 31, 2007. |
(3) | The Distributor has agreed to waive 0.25% of the Distribution Fee for Class Q shares and a portion of the Distribution Fee for Class C shares of International Value for the period from January 1, 2007 through December 31, 2007. |
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Class A | Class C | |||||||
Shares | Shares | |||||||
Initial Sales Charges: | ||||||||
Global Equity Dividend | $ | 20,234 | N/A | |||||
Global Natural Resources | 20,389 | N/A | ||||||
Global Real Estate | 103,923 | N/A | ||||||
Global Value Choice | 6,807 | N/A | ||||||
Asia-Pacific Real Estate | 1,091 | N/A | ||||||
Disciplined International SmallCap | 71 | N/A | ||||||
Emerging Countries | 18,650 | N/A | ||||||
European Real Estate | 1,614 | N/A | ||||||
Foreign | 30,757 | N/A | ||||||
Greater China | 24,282 | N/A | ||||||
Index Plus International Equity | 930 | N/A | ||||||
International Capital Appreciation | 3,680 | N/A | ||||||
International Equity Dividend | 1,614 | N/A | ||||||
International Growth Opportunities | 3,729 | N/A | ||||||
International Real Estate | 19,599 | N/A | ||||||
International SmallCap Multi-Manager | 18,983 | N/A | ||||||
International Value | 421 | N/A | ||||||
International Value Choice | 2,044 | N/A | ||||||
International Value Opportunities | 242 | N/A | �� | |||||
Russia | 279,465 | N/A | ||||||
Emerging Markets Fixed Income | 792 | N/A | ||||||
Global Bond | 20,473 | N/A | ||||||
Diversified International | 103,421 | N/A | ||||||
Contingent Deferred Sales Charges: | ||||||||
Global Equity Dividend | 1,132 | 9,453 | ||||||
Global Natural Resources | — | — | ||||||
Global Real Estate | 3,759 | 64,324 | ||||||
Global Value Choice | — | 586 | ||||||
Asia-Pacific Real Estate | — | — | ||||||
Disciplined International SmallCap | — | 274 | ||||||
Emerging Countries | 2,298 | 4,394 | ||||||
European Real Estate | — | — | ||||||
Foreign | 4,752 | 7,301 | ||||||
Greater China | 1,026 | 5,080 | ||||||
Index Plus International Equity | — | 246 | ||||||
International Capital Appreciation | — | 32 | ||||||
International Equity Dividend | — | — | ||||||
International Growth Opportunities | — | 426 | ||||||
International Real Estate | 8,919 | 20,962 | ||||||
International SmallCap Multi-Manager | 2,988 | 11,812 | ||||||
International Value | 2,429 | 115 | ||||||
International Value Choice | 25 | 304 | ||||||
International Value Opportunities | — | — | ||||||
Russia | — | — | ||||||
Emerging Markets Fixed Income | — | 244 | ||||||
Global Bond | — | 3,214 | ||||||
Diversified International Fund | 4,350 | 22,994 |
Accrued | ||||||||||||||||||||
Accrued | Shareholder | |||||||||||||||||||
Investment | Accrued | Service and | ||||||||||||||||||
Management | Administrative | Distribution | Accrued | |||||||||||||||||
Portfolio | Fees | Fees | Fees | Recoupment | Total | |||||||||||||||
Global Equity Dividend | $ | 165,097 | $ | 23,585 | $ | 143,299 | $ | — | $ | 331,981 | ||||||||||
Global Natural Resources | 103,986 | 12,501 | 31,252 | — | 147,739 | |||||||||||||||
Global Real Estate | 923,378 | 126,786 | 464,998 | — | 1,515,162 | |||||||||||||||
Global Value Choice | 89,676 | 9,964 | 28,034 | 161 | 127,835 | |||||||||||||||
Asia-Pacific Real Estate | 3,854 | 385 | 1,051 | — | 5,290 | |||||||||||||||
Disciplined International SmallCap | 208,201 | 34,700 | 33 | — | 242,934 | |||||||||||||||
Emerging Countries | 275,836 | 22,067 | 88,063 | — | 385,966 | |||||||||||||||
European Real Estate | 4,931 | 493 | 1,310 | — | 6,734 | |||||||||||||||
Foreign | 540,580 | 55,510 | 265,498 | — | 861,588 | |||||||||||||||
Greater China | 57,021 | 4,958 | 19,860 | — | 81,839 | |||||||||||||||
Index Plus International Equity | 122,731 | 22,314 | 25,888 | 1,319 | 172,252 | |||||||||||||||
International Capital Appreciation | 100,548 | 11,829 | 2,553 | 27,218 | 142,148 | |||||||||||||||
International Equity Dividend | 33,010 | 4,401 | 2,242 | — | 39,653 | |||||||||||||||
International Growth Opportunities | 101,354 | 10,151 | 39,786 | — | 151,291 | |||||||||||||||
International Real Estate | 476,826 | 51,918 | 128,336 | 36,602 | 693,682 | |||||||||||||||
International SmallCap Multi-Manager | 685,196 | 71,578 | 218,380 | — | 975,154 | |||||||||||||||
International Value | 3,370,749 | 337,070 | 1,058,822 | — | 4,766,641 | |||||||||||||||
International Value Choice | 62,960 | 6,296 | 9,350 | — | 78,606 | |||||||||||||||
International Value Opportunities | 6,070 | 759 | 1,932 | — | 8,761 | |||||||||||||||
Russia | 913,934 | 73,114 | 182,787 | — | 1,169,835 | |||||||||||||||
Emerging Markets Fixed Income | 160,335 | 25,014 | 2,850 | — | 188,199 | |||||||||||||||
Global Bond | 32,020 | 8,315 | 36,437 | 804 | 77,576 | |||||||||||||||
Diversified International | — | 45,685 | 235,049 | — | 280,734 |
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Affiliated | Commissions | |||||
Fund | Brokers | Received | ||||
Global Real Estate | ING Baring LLC | $ | 46,575 | |||
Asia-Pacific Real Estate | ING Baring LLC | 1,016 | ||||
Emerging Countries | ING Baring LLC | 4,169 | ||||
Foreign | ING Baring LLC | 3,178 | ||||
ING Securities | 5,428 | |||||
Greater China | ING Baring LLC | 14,815 | ||||
International Real Estate | ING Baring LLC | 35,653 |
Accrued | ||||||
Fund | Expense | Amount | ||||
European Real Estate | Audit | $ | 7,951 | |||
Greater China | Transfer Agent | 23,648 |
Class A | Class B | Class C | Class I | Class O | Class Q | Class R | Class W | |||||||||||||||||||||||||
Global Equity Dividend | 1.40 | % | 2.15 | % | 2.15 | % | 1.15 | % | 1.40 | % | N/A | N/A | 1.15 | % | ||||||||||||||||||
Global Natural Resources | 2.75 | % | N/A | N/A | 2.50 | % | N/A | N/A | N/A | 2.50 | % | |||||||||||||||||||||
Global Real Estate | 1.75 | % | 2.50 | % | 2.50 | % | 1.50 | % | 1.75 | % | N/A | N/A | 1.50 | % | ||||||||||||||||||
Global Value Choice(1) | 1.50 | % | 2.25 | % | 2.25 | % | 1.25 | % | N/A | 1.50 | % | N/A | N/A | |||||||||||||||||||
Asia-Pacific Real Estate | 1.75 | % | 2.50 | % | 2.50 | % | 1.50 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||
Disciplined International SmallCap | 1.20 | % | 1.95 | % | 1.95 | % | 0.95 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||
Emerging Countries(2) | 2.25 | % | 2.90 | % | 2.90 | % | 1.90 | % | N/A | 2.15 | % | N/A | 1.90 | % | ||||||||||||||||||
European Real Estate | 1.75 | % | 2.50 | % | 2.50 | % | 1.50 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||
Foreign(3) | 1.95 | % | 2.70 | % | 2.70 | % | 1.60 | % | N/A | 1.85 | % | N/A | 1.45 | % | ||||||||||||||||||
Greater China(4) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
Index Plus International Equity | 1.15 | % | 1.90 | % | 1.90 | % | 0.90 | % | 1.15 | % | N/A | N/A | N/A | |||||||||||||||||||
International Capital Appreciation | 1.50 | % | 2.25 | % | 2.25 | % | 1.25 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||
International Equity Dividend | 1.40 | % | 2.15 | % | 2.15 | % | 1.15 | % | N/A | N/A | N/A | 1.15 | % | |||||||||||||||||||
International Growth Opportunities(5) | 2.75 | % | 3.50 | % | 3.50 | % | 2.50 | % | N/A | 2.75 | % | N/A | N/A | |||||||||||||||||||
International Real Estate | 1.50 | % | 2.25 | % | 2.25 | % | 1.25 | % | N/A | N/A | N/A | 1.25 | % | |||||||||||||||||||
International SmallCap Multi-Manager | 1.95 | % | 2.60 | % | 2.60 | % | 1.40 | % | N/A | 1.85 | % | N/A | 1.60 | % | ||||||||||||||||||
International Value | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
International Value Choice | 1.70 | % | 2.45 | % | 2.45 | % | 1.45 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||
International Value Opportunities | 1.40 | % | 2.15 | % | 2.15 | % | 1.15 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||
Russia | 3.35 | % | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||
Emerging Markets Fixed Income | 1.25 | % | 2.00 | % | 2.00 | % | 1.00 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||
Global Bond | 0.90 | % | 1.65 | % | 1.65 | % | 0.61 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||
Diversified International(6) | 0.35 | % | 1.10 | % | 1.10 | % | 0.10 | % | N/A | N/A | 0.60 | % | 0.10 | % |
(1) | Prior to January 2, 2008, Global Value Choice limits were 1.85%, 2.50%, 2.50%, 1.50%, and 1.75% for Classes A, B, C, I and Q respectively. |
(2) | Effective January 1, 2008, pursuant to a side agreement, ING Investments has lowered the expense limits for Emerging Countries through at least March 1, 2009. The expense limits for Emerging Countries are 2.10%, 2.85%, 2.85% and 2.10% |
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for Class A, B, C and Q shares, respectively. If, after March 1, 2009, 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 dated March 1, 2008, ING Investments has lowered the expense limits for Foreign through at least March 1, 2009. The expense limits for the Foreign are 1.70%, 2.45%, 2.45%, 1.35% and 1.60% for Class A, B, C, I and Q shares, respectively. If, after March 1, 2009, ING Investments elects not to renew the side agreement, the expense limits will revert to the limits listed in the table above. There is no guarantee that this side agreement will continue after that date. The side agreement will only renew if ING Investments elects to renew it. |
(4) | Pursuant to a side agreement dated November 1, 2007, the expense limits for Greater China are 2.10%, 2.85%, 2.85% and 1.85% for Class A, B, C and I shares, respectively, through March 1, 2009. 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) | Pursuant to a side agreement dated March 1, 2008, ING Investments has lowered the expense limits for International Growth Opportunities through at least March 1, 2009. The expense limits for International Growth Opportunities are 1.95%, 2.70%, 2.70%, 1.60% and 1.85% for Class A, B, C, I and Q shares, respectively. If, after March 1, 2009, 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. |
(6) | The operating expense limits for Diversified International set out above apply only at the fund level and do not limit the fees payable by the underlying investment companies in which the fund invests. The total expense limits including the underlying investment companies are 1.47%, 2.22%, 2.22% 1.22% and 1.72% for Class A, B, C, I and R shares, respectively. Effective December 17, 2007, the total expense limit was 1.22% for Class W shares. |
April 30, | ||||||||||||||||
Fund | 2009 | 2010 | 2011 | Total | ||||||||||||
Asia-Pacific Real Estate | $ | — | $ | — | $ | 56,041 | $ | 56,041 | ||||||||
European Real Estate | — | — | 49,810 | 49,810 | ||||||||||||
International Capital Appreciation | — | 4,987 | — | 4,987 | ||||||||||||
International Equity Dividend | — | — | 72,300 | 72,300 | ||||||||||||
International Real Estate | — | 21,519 | — | 21,519 | ||||||||||||
International Value Opportunities | — | 6,869 | 171,446 | 178,315 | ||||||||||||
Global Bond | — | 120,126 | 61,213 | 181,339 | ||||||||||||
Diversified International | 80,054 | 680,452 | 1,546,288 | 2,306,794 |
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Approximate | ||||||||||||
Weighted | ||||||||||||
Approximate | Average | |||||||||||
Average Daily | Interest Rate | |||||||||||
Days | Balance for | for Days | ||||||||||
Fund | Utilized | Days Utilized | Utilized | |||||||||
Global Natural Resources | 75 | $ | 698,133 | 3.95 | % | |||||||
Global Real Estate | 4 | 2,285,000 | 4.06 | % | ||||||||
Global Value Choice | 6 | 495,000 | 4.42 | % | ||||||||
Disciplined International SmallCap | 28 | 3,750,357 | 4.01 | % | ||||||||
Emerging Countries | 9 | 1,115,556 | 4.54 | % | ||||||||
Foreign | 3 | 1,403,333 | 4.91 | % | ||||||||
Index Plus International Equity | 49 | 9,239,388 | 4.12 | % | ||||||||
International Capital Appreciation | 14 | 598,571 | 4.18 | % | ||||||||
International Growth Opportunities | 32 | 1,101,563 | 4.87 | % | ||||||||
International SmallCap | 71 | 10,099,718 | 4.57 | % | ||||||||
International Value | 35 | 7,724,857 | 3.87 | % | ||||||||
International Value Choice | 4 | 572,500 | 3.54 | % | ||||||||
Emerging Markets Fixed Income | 4 | 1,010,000 | 2.85 | % | ||||||||
Global Bond | 6 | 1,075,000 | 4.75 | % |
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Global Equity Dividend (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 1,122,218 | 6,497,494 | 166,926 | 1,035,641 | 665,964 | 3,220,887 | ||||||||||||||||||
Reinvestment of distributions | 720,744 | 465,717 | 232,818 | 161,965 | 437,485 | 259,339 | ||||||||||||||||||
Shares redeemed | (3,508,307 | ) | (3,024,146 | ) | (778,809 | ) | (595,508 | ) | (1,614,802 | ) | (965,038 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (1,665,345 | ) | 3,939,065 | (379,065 | ) | 602,098 | (511,353 | ) | 2,515,188 | |||||||||||||||
Global Equity Dividend ($) | ||||||||||||||||||||||||
Shares sold | $ | 16,024,420 | $ | 104,816,704 | $ | 2,373,228 | $ | 16,616,360 | $ | 9,436,092 | $ | 51,629,780 | ||||||||||||
Reinvestment of distributions | 10,292,530 | 7,440,753 | 3,314,077 | 2,570,336 | 6,212,032 | 4,112,436 | ||||||||||||||||||
Shares redeemed | (49,548,516 | ) | (48,779,296 | ) | (10,966,402 | ) | (9,575,960 | ) | (22,337,005 | ) | (15,559,185 | ) | ||||||||||||
Net increase (decrease) | $ | (23,231,566 | ) | $ | 63,478,161 | $ | (5,279,097 | ) | $ | 9,610,736 | $ | (6,688,881 | ) | $ | 40,183,031 | |||||||||
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Class I | Class O | Class W | ||||||||||||||||||||||
Six Months | August 1, | Six Months | November 15, | February 12, | ||||||||||||||||||||
Ended | 2007(1) to | Ended | 2006(1) to | 2008(1) to | ||||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | ||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | ||||||||||||||||||||
Global Equity Dividend (Number of Shares) | ||||||||||||||||||||||||
Shares sold | — | 64 | 527,397 | 1,823,965 | 134 | |||||||||||||||||||
Reinvestment of distributions | 1 | — | 144,398 | 33,142 | — | |||||||||||||||||||
Shares redeemed | — | — | (361,086 | ) | (446,487 | ) | — | |||||||||||||||||
Net increase in shares outstanding | 1 | 64 | 310,709 | 1,410,620 | 134 | |||||||||||||||||||
Global Equity Dividend ($) | ||||||||||||||||||||||||
Shares sold | $ | — | $ | 1,018 | $ | 7,509,890 | $ | 29,498,450 | $ | 2,020 | ||||||||||||||
Reinvestment of distributions | 13 | — | 2,059,816 | 540,071 | — | |||||||||||||||||||
Shares redeemed | — | — | (5,072,700 | ) | (7,222,361 | ) | — | |||||||||||||||||
Net increase | $ | 13 | $ | 1,018 | $ | 4,497,006 | $ | 22,816,160 | $ | 2,020 | ||||||||||||||
Class A | Class I | Class W | ||||||||||||||||||||||
Six Months | Six Months | August 1, | February 12, | |||||||||||||||||||||
Ended | Year Ended | Ended | 2007(1) to | 2008(1) to | ||||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | ||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | ||||||||||||||||||||
Global Natural Resources (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 950,144 | 1,398,112 | 7 | 157 | 103 | |||||||||||||||||||
Reinvestment of distributions | 2,336,443 | 570,030 | 20 | — | — | |||||||||||||||||||
Shares redeemed | (1,321,780 | ) | (2,449,466 | ) | (83 | ) | (1 | ) | — | |||||||||||||||
Net increase (decrease) in shares outstanding | 1,964,807 | (481,324 | ) | (56 | ) | 156 | 103 | |||||||||||||||||
Global Natural Resources ($) | ||||||||||||||||||||||||
Shares sold | $ | 10,800,705 | $ | 16,676,935 | $ | 100 | $ | 2,027 | $ | 1,393 | ||||||||||||||
Reinvestment of distributions | 25,092,175 | 6,190,526 | 209 | — | — | |||||||||||||||||||
Shares redeemed | (14,953,035 | ) | (27,924,309 | ) | (913 | ) | (12 | ) | — | |||||||||||||||
Net increase (decrease) | $ | 20,939,845 | $ | (5,056,848 | ) | $ | (604 | ) | $ | 2,015 | $ | 1,393 | ||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Global Real Estate (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 19,584,971 | 44,628,840 | 159,715 | 1,826,489 | 3,142,066 | 11,726,737 | ||||||||||||||||||
Reinvestment of distributions | 1,075,289 | 1,488,668 | 59,951 | 108,319 | 262,307 | 364,760 | ||||||||||||||||||
Shares redeemed | (13,655,773 | ) | (21,034,520 | ) | (543,744 | ) | (786,045 | ) | (3,281,794 | ) | (3,551,184 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | 7,004,487 | 25,082,988 | (324,078 | ) | 1,148,763 | 122,579 | 8,540,313 | |||||||||||||||||
Global Real Estate ($) | ||||||||||||||||||||||||
Shares sold | $ | 395,409,820 | $ | 1,053,431,057 | $ | 2,733,623 | $ | 37,270,066 | $ | 56,866,450 | $ | 250,279,742 | ||||||||||||
Reinvestment of distributions | 22,021,950 | 34,928,676 | 1,045,083 | 2,180,962 | 4,807,384 | 7,711,845 | ||||||||||||||||||
Shares redeemed | (274,457,451 | ) | (490,048,454 | ) | (9,290,311 | ) | (15,294,287 | ) | (59,200,767 | ) | (72,337,353 | ) | ||||||||||||
Net increase (decrease) | $ | 142,974,319 | $ | 598,311,279 | $ | (5,511,605 | ) | $ | 24,156,741 | $ | 2,473,067 | $ | 185,654,234 | |||||||||||
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Class I | Class O | Class W | ||||||||||||||||||||||
Six Months | Six Months | November 15, | February 12, | |||||||||||||||||||||
Ended | Year Ended | Ended | 2006(1) to | 2008(1) to | ||||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | ||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | ||||||||||||||||||||
Global Real Estate (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 5,939,725 | 2,833,616 | 228,670 | 1,927,071 | 1,260,095 | |||||||||||||||||||
Reinvestment of distributions | 115,003 | 51,336 | 28,025 | 32,070 | 1,117 | |||||||||||||||||||
Shares redeemed | (979,545 | ) | (214,363 | ) | (266,862 | ) | (878,519 | ) | (868 | ) | ||||||||||||||
Net increase (decrease) in shares outstanding | 5,075,183 | 2,670,589 | (10,167 | ) | 1,080,622 | 1,260,344 | ||||||||||||||||||
Global Real Estate ($) | ||||||||||||||||||||||||
Shares sold | $ | 119,967,042 | $ | 65,388,279 | $ | 4,653,439 | $ | 46,088,840 | $ | 25,749,589 | ||||||||||||||
Reinvestment of distributions | 2,355,705 | 1,203,302 | 574,134 | 756,820 | 22,915 | |||||||||||||||||||
Shares redeemed | (19,169,256 | ) | (4,776,229 | ) | (5,383,868 | ) | (20,349,596 | ) | (17,683 | ) | ||||||||||||||
Net increase (decrease) | $ | 103,153,491 | $ | 61,815,352 | $ | (156,295 | ) | $ | 26,496,064 | $ | 25,754,821 | |||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Global Value Choice (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 626,211 | 413,843 | 57,563 | 125,643 | 98,424 | 224,819 | ||||||||||||||||||
Reinvestment of distributions | 7,665 | — | — | — | 565 | — | ||||||||||||||||||
Shares redeemed | (361,949 | ) | (528,474 | ) | (228,562 | ) | (312,118 | ) | (148,301 | ) | (281,123 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | 271,927 | (114,631 | ) | (170,999 | ) | (186,475 | ) | (49,312 | ) | (56,304 | ) | |||||||||||||
Global Value Choice ($) | ||||||||||||||||||||||||
Shares sold | $ | 16,203,377 | $ | 10,390,704 | $ | 1,616,753 | $ | 3,421,856 | $ | 2,486,071 | $ | 5,420,100 | ||||||||||||
Reinvestment of distributions | 197,906 | — | — | — | 14,032 | — | ||||||||||||||||||
Shares redeemed | (9,263,501 | ) | (13,039,443 | ) | (6,415,207 | ) | (8,358,692 | ) | (3,645,955 | ) | (6,746,051 | ) | ||||||||||||
Net increase (decrease) | $ | 7,137,782 | $ | (2,648,739 | ) | $ | (4,798,454 | ) | $ | (4,936,836 | ) | $ | (1,145,852 | ) | $ | (1,325,951 | ) | |||||||
Class I | Class Q | |||||||||||||||||||||||
Six Months | Six Months | |||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||||||||||
Global Value Choice (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 128,021 | 185,884 | 3,503 | 9,271 | ||||||||||||||||||||
Reinvestment of distributions | 3,007 | — | 511 | — | ||||||||||||||||||||
Shares redeemed | (50,755 | ) | (49,776 | ) | (10,944 | ) | (38,134 | ) | ||||||||||||||||
Net increase (decrease) in shares outstanding | 80,273 | 136,108 | (6,930 | ) | (28,863 | ) | ||||||||||||||||||
Global Value Choice ($) | ||||||||||||||||||||||||
Shares sold | $ | 3,288,080 | $ | 4,448,082 | $ | 107,180 | $ | 270,527 | ||||||||||||||||
Reinvestment of distributions | 77,786 | — | 15,493 | — | ||||||||||||||||||||
Shares redeemed | (1,305,195 | ) | (1,272,296 | ) | (325,704 | ) | (1,113,397 | ) | ||||||||||||||||
Net increase (decrease) | $ | 2,060,671 | $ | 3,175,786 | $ | (203,031 | ) | $ | (842,870 | ) | ||||||||||||||
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Class A | Class B | Class C | Class I | |||||||||||||||||||||
November 1, | November 1, | November 1, | November 1, | |||||||||||||||||||||
2007(1) to | 2007(1) to | 2007(1) to | 2007(1) to | |||||||||||||||||||||
April 30, | April 30, | April 30, | April 30, | |||||||||||||||||||||
2008 | 2008 | 2008 | 2008 | |||||||||||||||||||||
Asia-Pacific Real Estate (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 606,508 | 3,552 | 16,283 | 102 | ||||||||||||||||||||
Reinvestment of distributions | 317 | 17 | 49 | — | ||||||||||||||||||||
Shares redeemed | (2,432 | ) | (382 | ) | (652 | ) | (1 | ) | ||||||||||||||||
Net increase in shares outstanding | 604,393 | 3,187 | 15,680 | 101 | ||||||||||||||||||||
Asia-Pacific Real Estate ($) | ||||||||||||||||||||||||
Shares sold | $ | 5,886,048 | $ | 30,402 | $ | 142,046 | $ | 1,020 | ||||||||||||||||
Reinvestment of distributions | 2,581 | 137 | 413 | — | ||||||||||||||||||||
Shares redeemed | (18,855 | ) | (3,153 | ) | (5,300 | ) | (10 | ) | ||||||||||||||||
Net increase | $ | 5,869,774 | $ | 27,386 | $ | 137,159 | $ | 1,010 | ||||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | December 20, | Six Months | December 20, | Six Months | December 20, | |||||||||||||||||||
Ended | 2006(1) to | Ended | 2006(1) to | Ended | 2006(1) to | |||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Disciplined International SmallCap (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 16,888 | 9,086 | 205 | 439 | 121 | 5,041 | ||||||||||||||||||
Reinvestment of distributions | 191 | — | 7 | — | 88 | — | ||||||||||||||||||
Shares redeemed | (11,901 | ) | (3,367 | ) | (120 | ) | — | (4,040 | ) | (427 | ) | |||||||||||||
Net increase (decrease) in shares outstanding | 5,178 | 5,719 | 92 | 439 | (3,831 | ) | 4,614 | |||||||||||||||||
Disciplined International SmallCap ($) | ||||||||||||||||||||||||
Shares sold | $ | 182,850 | $ | 103,553 | $ | 2,000 | $ | 4,533 | $ | 1,417 | $ | 57,840 | ||||||||||||
Reinvestment of distributions | 1,955 | — | 67 | — | 897 | — | ||||||||||||||||||
Shares redeemed | (127,502 | ) | (37,185 | ) | (1,189 | ) | — | (37,419 | ) | (4,978 | ) | |||||||||||||
Net increase (decrease) | $ | 57,303 | $ | 66,368 | $ | 878 | $ | 4,533 | $ | (35,105 | ) | $ | 52,862 | |||||||||||
Class I | ||||||||||||||||||||||||
Six Months | December 20, | |||||||||||||||||||||||
Ended | 2006(1) to | |||||||||||||||||||||||
April 30, | October 31, | |||||||||||||||||||||||
2008 | 2007 | |||||||||||||||||||||||
Disciplined International SmallCap (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 9,528,187 | 43,082,677 | ||||||||||||||||||||||
Reinvestment of distributions | 1,061,868 | — | ||||||||||||||||||||||
Shares redeemed | (12,392,740 | ) | (4,681,887 | ) | ||||||||||||||||||||
Net increase (decrease) in shares outstanding | (1,802,685 | ) | 38,400,790 | |||||||||||||||||||||
Disciplined International SmallCap ($) | ||||||||||||||||||||||||
Shares sold | $ | 97,327,393 | $ | 492,455,050 | ||||||||||||||||||||
Reinvestment of distributions | 10,882,081 | — | ||||||||||||||||||||||
Shares redeemed | (122,545,456 | ) | (54,244,725 | ) | ||||||||||||||||||||
Net increase (decrease) | $ | (14,335,982 | ) | $ | 438,210,325 | |||||||||||||||||||
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Table of Contents
Class A(2) | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Emerging Countries (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 618,333 | 1,677,506 | 33,480 | 120,366 | 121,082 | 415,931 | ||||||||||||||||||
Shares converted | — | 48,167 | — | — | — | — | ||||||||||||||||||
Reinvestment of distributions | 175,355 | 49,397 | 12,082 | 2,139 | 40,477 | 6,705 | ||||||||||||||||||
Shares redeemed | (899,557 | ) | (1,177,964 | ) | (81,277 | ) | (180,617 | ) | (214,617 | ) | (323,475 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (105,869 | ) | 597,106 | (35,715 | ) | (58,112 | ) | (53,058 | ) | 99,161 | ||||||||||||||
Emerging Countries ($) | ||||||||||||||||||||||||
Shares sold | $ | 22,567,669 | $ | 61,051,631 | $ | 1,200,081 | $ | 4,540,140 | $ | 4,105,707 | $ | 14,223,797 | ||||||||||||
Shares converted | — | 1,570,432 | — | — | — | — | ||||||||||||||||||
Reinvestment of distributions | 6,268,947 | 1,591,065 | 426,373 | 67,985 | 1,345,440 | 201,560 | ||||||||||||||||||
Shares redeemed | (32,733,412 | ) | (42,526,644 | ) | (2,920,278 | ) | (6,583,827 | ) | (7,174,480 | ) | (10,757,579 | ) | ||||||||||||
Net increase (decrease) | $ | (3,896,796 | ) | $ | 21,686,484 | $ | (1,293,824 | ) | $ | (1,975,702 | ) | $ | (1,723,333 | ) | $ | 3,667,778 | ||||||||
Class I | Class M(2) | Class Q | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Emerging Countries (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 577,248 | 517,678 | — | 49 | 74,607 | 383,862 | ||||||||||||||||||
Shares converted | — | — | — | (48,826 | ) | — | — | |||||||||||||||||
Reinvestment of distributions | 48,613 | 13,851 | — | 425 | 20,058 | 5,154 | ||||||||||||||||||
Shares redeemed | (787,714 | ) | (322,580 | ) | — | (1,853 | ) | (126,482 | ) | (243,283 | ) | |||||||||||||
Net increase (decrease) in shares outstanding | (161,853 | ) | 208,949 | — | (50,205 | ) | (31,817 | ) | 145,733 | |||||||||||||||
Emerging Countries ($) | ||||||||||||||||||||||||
Shares sold | $ | 21,202,741 | $ | 18,694,152 | $ | — | $ | 1,496 | $ | 2,800,325 | $ | 14,213,705 | ||||||||||||
Shares converted | — | — | — | (1,570,432 | ) | — | — | |||||||||||||||||
Reinvestment of distributions | 1,739,866 | 446,558 | — | 13,499 | 742,560 | 171,687 | ||||||||||||||||||
Shares redeemed | (28,349,103 | ) | (11,228,172 | ) | — | (57,877 | ) | (4,640,530 | ) | (8,769,423 | ) | |||||||||||||
Net increase (decrease) | $ | (5,406,496 | ) | $ | 7,912,538 | $ | — | $ | (1,613,314 | ) | $ | (1,097,645 | ) | $ | 5,615,969 | |||||||||
Class W | ||||||||||||||||||||||||
February 12, | ||||||||||||||||||||||||
2008(1) to | ||||||||||||||||||||||||
April 30, | ||||||||||||||||||||||||
2008 | ||||||||||||||||||||||||
Emerging Countries (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 2,000 | |||||||||||||||||||||||
Shares redeemed | (1 | ) | ||||||||||||||||||||||
Net increase in shares outstanding | 1,999 | |||||||||||||||||||||||
Emerging Countries ($) | ||||||||||||||||||||||||
Shares sold | $ | 76,220 | ||||||||||||||||||||||
Shares redeemed | (40 | ) | ||||||||||||||||||||||
Net increase | $ | 76,180 | ||||||||||||||||||||||
(1) | Commencement of operations | |
(2) | Effective January 2, 2007, Class M shareholders of Emerging Countries were converted to Class A shares of the fund. |
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Class A | Class B | Class C | Class I | |||||||||||||||||||||
November 1, | November 1, | November 1, | November 1, | |||||||||||||||||||||
2007(1) to | 2007(1) to | 2007(1) to | 2007(1) to | |||||||||||||||||||||
April 30, | April 30, | April 30, | April 30, | |||||||||||||||||||||
2008 | 2008 | 2008 | 2008 | |||||||||||||||||||||
European Real Estate (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 638,624 | 1,267 | 14,380 | 102 | ||||||||||||||||||||
Reinvestment of distributions | 162 | — | 11 | — | ||||||||||||||||||||
Shares redeemed | (34 | ) | (1 | ) | (101 | ) | (1 | ) | ||||||||||||||||
Net increase in shares outstanding | 638,752 | 1,266 | 14,290 | 101 | ||||||||||||||||||||
European Real Estate ($) | ||||||||||||||||||||||||
Shares sold | $ | 6,257,510 | $ | 12,089 | $ | 136,249 | $ | 1,020 | ||||||||||||||||
Reinvestment of distributions | 1,547 | — | 98 | — | ||||||||||||||||||||
Shares redeemed | (467 | ) | (10 | ) | (846 | ) | (10 | ) | ||||||||||||||||
Net increase | $ | 6,258,590 | $ | 12,079 | $ | 135,501 | $ | 1,010 | ||||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Foreign (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 3,454,147 | 5,586,881 | 196,641 | 465,033 | 1,248,139 | 2,788,802 | ||||||||||||||||||
Reinvestment of distributions | 689,982 | 268,335 | 113,030 | 54,324 | 458,601 | 201,179 | ||||||||||||||||||
Shares redeemed | (2,383,991 | ) | (2,834,087 | ) | (386,047 | ) | (418,014 | ) | (1,291,080 | ) | (1,297,440 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | 1,760,138 | 3,021,129 | (76,376 | ) | 101,343 | 415,660 | 1,692,541 | |||||||||||||||||
Foreign ($) | ||||||||||||||||||||||||
Shares sold | $ | 69,402,000 | $ | 116,065,154 | $ | 3,911,714 | $ | 9,375,051 | $ | 24,399,348 | $ | 55,924,710 | ||||||||||||
Reinvestment of distributions | 14,110,126 | 5,170,819 | 2,230,091 | 1,019,661 | 9,061,951 | 3,781,772 | ||||||||||||||||||
Shares redeemed | (47,857,449 | ) | (58,600,260 | ) | (7,469,173 | ) | (8,375,577 | ) | (25,618,617 | ) | (26,171,530 | ) | ||||||||||||
Net increase (decrease) | $ | 35,654,677 | $ | 62,635,713 | $ | (1,327,368 | ) | $ | 2,019,135 | $ | 7,842,682 | $ | 33,534,952 | |||||||||||
Class I | Class Q | Class W | ||||||||||||||||||||||
Six Months | Six Months | February 12, | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | 2008(1) to | ||||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | ||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | ||||||||||||||||||||
Foreign (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 877,928 | 2,245,294 | — | 234 | 3,855 | |||||||||||||||||||
Reinvestment of distributions | 317,295 | 121,586 | 2,445 | 2,264 | — | |||||||||||||||||||
Shares redeemed | (209,846 | ) | (1,080,849 | ) | (3,157 | ) | (30,513 | ) | (1 | ) | ||||||||||||||
Net increase (decrease) in shares outstanding | 985,377 | 1,286,031 | (712 | ) | (28,015 | ) | 3,854 | |||||||||||||||||
Foreign ($) | ||||||||||||||||||||||||
Shares sold | $ | 18,476,023 | $ | 47,286,509 | $ | — | $ | 5,012 | $ | 83,051 | ||||||||||||||
Reinvestment of distributions | 6,602,918 | 2,373,357 | 50,212 | 43,762 | — | |||||||||||||||||||
Shares redeemed | (4,160,345 | ) | (22,654,368 | ) | (62,159 | ) | (652,894 | ) | (23 | ) | ||||||||||||||
Net increase (decrease) | $ | 20,918,596 | $ | 27,005,498 | $ | (11,947 | ) | $ | (604,120 | ) | $ | 83,028 | ||||||||||||
(1) | Commencement of operations |
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Table of Contents
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Greater China (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 650,244 | 2,196,767 | 67,344 | 295,918 | 143,374 | 559,664 | ||||||||||||||||||
Reinvestment of distributions | 239,808 | 4,251 | 29,578 | 626 | 49,298 | 357 | ||||||||||||||||||
Shares redeemed | (1,100,834 | ) | (1,077,963 | ) | (87,597 | ) | (146,993 | ) | (305,606 | ) | (218,283 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (210,782 | ) | 1,123,055 | 9,325 | 149,551 | (112,934 | ) | 341,738 | ||||||||||||||||
Greater China ($) | ||||||||||||||||||||||||
Shares sold | $ | 12,233,051 | $ | 36,379,127 | $ | 1,263,311 | $ | 4,827,247 | $ | 2,655,632 | $ | 9,969,510 | ||||||||||||
Reinvestment of distributions | 4,242,198 | 59,565 | 517,910 | 8,720 | 863,707 | 4,978 | ||||||||||||||||||
Shares redeemed | (19,275,407 | ) | (17,193,019 | ) | (1,653,852 | ) | (2,430,746 | ) | (5,501,463 | ) | (3,407,996 | ) | ||||||||||||
Net increase (decrease) | $ | (2,800,158 | ) | $ | 19,245,673 | $ | 127,369 | $ | 2,405,221 | $ | (1,982,124 | ) | $ | 6,566,492 | ||||||||||
Class I | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | Year Ended | |||||||||||||||||||||||
April 30, | October 31, | |||||||||||||||||||||||
2008 | 2007 | |||||||||||||||||||||||
Greater China (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 741 | 338 | ||||||||||||||||||||||
Reinvestment of distributions | 255 | 9 | ||||||||||||||||||||||
Shares redeemed | (31 | ) | — | |||||||||||||||||||||
Net increase in shares outstanding | 965 | 347 | ||||||||||||||||||||||
Greater China ($) | ||||||||||||||||||||||||
Shares sold | $ | 12,750 | $ | 6,820 | ||||||||||||||||||||
Reinvestment of distributions | 4,518 | 125 | ||||||||||||||||||||||
Shares redeemed | (628 | ) | — | |||||||||||||||||||||
Net increase | $ | 16,640 | $ | 6,945 | ||||||||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Index Plus International Equity (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 68,230 | 128,123 | 10,792 | 32,179 | 19,866 | 53,278 | ||||||||||||||||||
Proceeds from shares issued in merger | 2,083,276 | — | 355,813 | — | 197,636 | — | ||||||||||||||||||
Reinvestment of distributions | 15,616 | 1,989 | 6,215 | 632 | 5,787 | 773 | ||||||||||||||||||
Shares redeemed | (549,639 | ) | (1,041,019 | ) | (63,510 | ) | (2,719 | ) | (59,415 | ) | (18,988 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | 1,617,483 | (910,907 | ) | 309,310 | 30,092 | 163,874 | 35,063 | |||||||||||||||||
Index Plus International Equity ($) | ||||||||||||||||||||||||
Shares sold | $ | 750,831 | $ | 1,644,502 | $ | 119,638 | $ | 413,854 | $ | 223,329 | $ | 680,086 | ||||||||||||
Proceeds from shares issued in merger | 24,809,468 | — | 4,223,697 | — | 2,343,627 | — | ||||||||||||||||||
Reinvestment of distributions | 183,797 | 23,642 | 72,966 | 7,493 | 67,879 | 9,149 | ||||||||||||||||||
Shares redeemed | (5,893,926 | ) | (13,003,326 | ) | (665,376 | ) | (36,087 | ) | (635,545 | ) | (234,315 | ) | ||||||||||||
Net increase (decrease) | $ | 19,850,170 | $ | (11,335,182 | ) | $ | 3,750,925 | $ | 385,260 | $ | 1,999,290 | $ | 454,920 | |||||||||||
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Table of Contents
Class I | Class O | |||||||||||
Six Months | November 12, | |||||||||||
Ended | Year Ended | 2007(1) to | ||||||||||
April 30, | October 31, | April 30, | ||||||||||
2008 | 2007 | 2008 | ||||||||||
Index Plus International Equity (Number of Shares) | ||||||||||||
Shares sold | 7,691,392 | 4,628,592 | 879,909 | |||||||||
Proceeds from shares issued in merger | 523,573 | — | 7,673,371 | |||||||||
Reinvestment of distributions | 1,189,238 | 237,356 | 62 | |||||||||
Shares redeemed | (2,418,115 | ) | (3,125,186 | ) | (1,103,612 | ) | ||||||
Net increase in shares outstanding | 6,986,088 | 1,740,762 | 7,449,730 | |||||||||
Index Plus International Equity ($) | ||||||||||||
Shares sold | $ | 84,933,814 | $ | 59,372,768 | $ | 9,389,633 | ||||||
Proceeds from shares issued in merger | 6,258,727 | — | 90,795,795 | |||||||||
Reinvestment of distributions | 14,056,792 | 2,817,418 | 730 | |||||||||
Shares redeemed | (25,679,759 | ) | (39,684,824 | ) | (11,649,547 | ) | ||||||
Net increase | $ | 79,569,574 | $ | 22,505,362 | $ | 88,536,611 | ||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
International Capital Appreciation (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 86,983 | 192,965 | 40,164 | 61,628 | 47,665 | 66,475 | ||||||||||||||||||
Reinvestment of distributions | 4,821 | 413 | 2,138 | 115 | 1,936 | 123 | ||||||||||||||||||
Shares redeemed | (19,324 | ) | (207,146 | ) | (41,677 | ) | (3,275 | ) | (24,381 | ) | (6,361 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | 72,480 | (13,768 | ) | 625 | 58,468 | 25,220 | 60,237 | |||||||||||||||||
International Capital Appreciation ($) | ||||||||||||||||||||||||
Shares sold | $ | 1,146,710 | $ | 2,368,777 | $ | 527,651 | $ | 807,880 | $ | 593,964 | $ | 888,507 | ||||||||||||
Reinvestment of distributions | 62,381 | 4,867 | 27,323 | 1,344 | 24,821 | 1,448 | ||||||||||||||||||
Shares redeemed | (242,324 | ) | (2,460,407 | ) | (506,967 | ) | (40,301 | ) | (297,909 | ) | (80,137 | ) | ||||||||||||
Net increase (decrease) | $ | 966,767 | $ | (86,763 | ) | $ | 48,007 | $ | 768,923 | $ | 320,876 | $ | 809,818 | |||||||||||
Class I | ||||||||
Six Months | ||||||||
Ended | Year Ended | |||||||
April 30, | October 31, | |||||||
2008 | 2007 | |||||||
International Capital Appreciation (Number of Shares) | ||||||||
Shares sold | 1,498,959 | 5,530,264 | ||||||
Reinvestment of distributions | 515,675 | 128,072 | ||||||
Shares redeemed | (514,632 | ) | (331,815 | ) | ||||
Net increase in shares outstanding | 1,500,002 | 5,326,521 | ||||||
International Capital Appreciation ($) | ||||||||
Shares sold | $ | 19,551,127 | $ | 69,653,165 | ||||
Reinvestment of distributions | 6,677,994 | 1,509,974 | ||||||
Shares redeemed | (6,304,870 | ) | (4,575,021 | ) | ||||
Net increase | $ | 19,924,251 | $ | 66,588,118 | ||||
(1) | Commencement of operations |
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Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | June 28, | Six Months | June 28, | Six Months | June 28, | |||||||||||||||||||
Ended | 2007(1) to | Ended | 2007(1) to | Ended | 2007(1) to | |||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
International Equity Dividend (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 70,933 | 393,069 | 9,614 | 22,651 | 75,464 | 126,454 | ||||||||||||||||||
Reinvestment of distributions | 6,241 | — | 57 | — | 2,451 | — | ||||||||||||||||||
Shares redeemed | (77,096 | ) | (3,131 | ) | (411 | ) | (31 | ) | (38,445 | ) | — | |||||||||||||
Net increase in shares outstanding | 78 | 389,938 | 9,260 | 22,620 | 39,470 | 126,454 | ||||||||||||||||||
International Equity Dividend ($) | ||||||||||||||||||||||||
Shares sold | $ | 679,862 | $ | 3,902,205 | $ | 90,349 | $ | 218,286 | $ | 733,835 | $ | 1,252,342 | ||||||||||||
Reinvestment of distributions | 59,654 | — | 543 | — | 23,412 | — | ||||||||||||||||||
Shares redeemed | (724,265 | ) | (31,138 | ) | (3,843 | ) | (310 | ) | (346,236 | ) | — | |||||||||||||
Net increase | $ | 15,251 | $ | 3,871,067 | $ | 87,049 | $ | 217,976 | $ | 411,011 | $ | 1,252,342 | ||||||||||||
Class I | Class W | |||||||||||||||||||||||
Six Months | June 28, | February 12, | ||||||||||||||||||||||
Ended | 2007(1) to | 2008(1) to | ||||||||||||||||||||||
April 30, | October 31, | April 30, | ||||||||||||||||||||||
2008 | 2007 | 2008 | ||||||||||||||||||||||
International Equity Dividend (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 533,323 | 5,265,562 | 106 | |||||||||||||||||||||
Reinvestment of distributions | 109,148 | — | — | |||||||||||||||||||||
Shares redeemed | (761,154 | ) | (7,892 | ) | — | |||||||||||||||||||
Net increase (decrease) in shares outstanding | (118,683 | ) | 5,257,670 | 106 | ||||||||||||||||||||
International Equity Dividend ($) | ||||||||||||||||||||||||
Shares sold | $ | 5,158,675 | $ | 52,290,180 | $ | 1,015 | ||||||||||||||||||
Reinvestment of distributions | 1,043,832 | — | — | |||||||||||||||||||||
Shares redeemed | (7,184,281 | ) | (78,707 | ) | — | |||||||||||||||||||
Net increase (decrease) | $ | (981,774 | ) | $ | 52,211,473 | $ | 1,015 | |||||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
International Growth Opportunities (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 418,486 | 606,666 | 63,006 | 90,648 | 186,128 | 150,534 | ||||||||||||||||||
Reinvestment of distributions | 721,221 | 424,904 | 183,439 | 101,617 | 135,646 | 65,339 | ||||||||||||||||||
Shares redeemed | (558,537 | ) | (1,337,839 | ) | (292,077 | ) | (360,538 | ) | (123,672 | ) | (192,575 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | 581,170 | (306,269 | ) | (45,632 | ) | (168,273 | ) | 198,102 | 23,298 | |||||||||||||||
International Growth Opportunities ($) | ||||||||||||||||||||||||
Shares sold | $ | 5,206,671 | $ | 8,143,922 | $ | 739,181 | $ | 1,180,526 | $ | 2,149,000 | $ | 1,979,430 | ||||||||||||
Reinvestment of distributions | 8,741,204 | 5,354,882 | 2,113,215 | 1,234,642 | 1,563,995 | 793,868 | ||||||||||||||||||
Shares redeemed | (6,817,700 | ) | (17,966,521 | ) | (3,386,627 | ) | (4,705,424 | ) | (1,389,260 | ) | (2,507,472 | ) | ||||||||||||
Net increase (decrease) | $ | 7,130,175 | $ | (4,467,717 | ) | $ | (534,231 | ) | $ | (2,290,256 | ) | $ | 2,323,735 | $ | 265,826 | |||||||||
(1) | Commencement of operations |
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Class I | Class Q | |||||||||||||||||||||||
Six Months | Six Months | |||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||||||||||
International Growth Opportunities (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 457,015 | 360,989 | 346,219 | 594,965 | ||||||||||||||||||||
Reinvestment of distributions | 128,973 | 110,577 | 392,610 | 225,064 | ||||||||||||||||||||
Shares redeemed | (219,213 | ) | (827,433 | ) | (655,539 | ) | (787,068 | ) | ||||||||||||||||
Net increase (decrease) in shares outstanding | 366,775 | (355,867 | ) | 83,290 | 32,961 | |||||||||||||||||||
International Growth Opportunities ($) | ||||||||||||||||||||||||
Shares sold | $ | 5,374,450 | $ | 4,754,225 | $ | 4,136,798 | $ | 7,984,633 | ||||||||||||||||
Reinvestment of distributions | 1,554,121 | 1,383,313 | 4,703,468 | 2,804,295 | ||||||||||||||||||||
Shares redeemed | (2,563,583 | ) | (10,767,823 | ) | (8,016,727 | ) | (10,306,446 | ) | ||||||||||||||||
Net increase (decrease) | $ | 4,364,988 | $ | (4,630,285 | ) | $ | 823,539 | $ | 482,482 | |||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
International Real Estate (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 6,776,781 | 19,878,781 | 55,806 | 767,102 | 1,699,607 | 8,245,988 | ||||||||||||||||||
Reinvestment of distributions | 435,236 | 123,340 | 20,625 | 5,012 | 149,862 | 30,706 | ||||||||||||||||||
Shares redeemed | (7,378,305 | ) | (5,641,413 | ) | (182,570 | ) | (98,193 | ) | (2,222,768 | ) | (1,361,519 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (166,288 | ) | 14,360,708 | (106,139 | ) | 673,921 | (373,299 | ) | 6,915,175 | |||||||||||||||
International Real Estate ($) | ||||||||||||||||||||||||
Shares sold | $ | 82,924,369 | $ | 265,384,203 | $ | 679,037 | $ | 10,170,413 | $ | 20,562,786 | $ | 109,483,769 | ||||||||||||
Reinvestment of distributions | 5,345,358 | 1,645,656 | 252,968 | 65,277 | 1,836,503 | 401,088 | ||||||||||||||||||
Shares redeemed | (86,925,102 | ) | (74,585,692 | ) | (2,152,741 | ) | (1,277,012 | ) | (26,039,406 | ) | (17,644,347 | ) | ||||||||||||
Net increase (decrease) | $ | 1,344,625 | $ | 192,444,167 | $ | (1,220,736 | ) | $ | 8,958,678 | $ | (3,640,117 | ) | $ | 92,240,510 | ||||||||||
Class I | Class W | |||||||||||
Six Months | February 12, | |||||||||||
Ended | Year Ended | 2008(1) to | ||||||||||
April 30, | October 31, | April 30, | ||||||||||
2008 | 2007 | 2008 | ||||||||||
International Real Estate (Number of Shares) | ||||||||||||
Shares sold | 20,120,020 | 6,969,530 | 9,439 | |||||||||
Reinvestment of distributions | 293,488 | 90,632 | 2 | |||||||||
Shares redeemed | (1,397,337 | ) | (268,863 | ) | — | |||||||
Net increase in shares outstanding | 19,016,171 | 6,791,299 | 9,441 | |||||||||
International Real Estate ($) | ||||||||||||
Shares sold | $ | 251,204,573 | $ | 91,183,483 | $ | 110,747 | ||||||
Reinvestment of distributions | 3,604,384 | 1,202,775 | 22 | |||||||||
Shares redeemed | (16,668,054 | ) | (3,540,845 | ) | — | |||||||
Net increase | $ | 238,140,903 | $ | 88,845,413 | $ | 110,769 | ||||||
(1) | Commencement of operations |
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Table of Contents
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
International SmallCap Multi-Manager (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 2,076,876 | 5,045,814 | 40,566 | 120,228 | 172,812 | 517,439 | ||||||||||||||||||
Reinvestment of distributions | 998,505 | 20,929 | 118,877 | — | 221,020 | 53 | ||||||||||||||||||
Shares redeemed | (2,771,597 | ) | (2,339,921 | ) | (337,042 | ) | (364,409 | ) | (382,500 | ) | (324,780 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | 303,784 | 2,726,822 | (177,599 | ) | (244,181 | ) | 11,332 | 192,712 | ||||||||||||||||
International SmallCap Multi-Manager ($) | ||||||||||||||||||||||||
Shares sold | $ | 101,262,224 | $ | 301,848,369 | $ | 2,135,605 | $ | 7,497,411 | $ | 7,976,819 | $ | 29,552,044 | ||||||||||||
Reinvestment of distributions | 47,126,969 | 1,059,446 | 5,828,529 | — | 9,764,678 | 2,524 | ||||||||||||||||||
Shares redeemed | (133,634,275 | ) | (137,896,302 | ) | (16,664,947 | ) | (21,737,439 | ) | (16,798,704 | ) | (17,907,434 | ) | ||||||||||||
Net increase (decrease) | $ | 14,754,918 | $ | 165,011,513 | $ | (8,700,813 | ) | $ | (14,240,028 | ) | $ | 942,793 | $ | 11,647,134 | ||||||||||
Class I | Class Q | Class W | ||||||||||||||||||||||
Six Months | Six Months | February 12, | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | 2008(1) to | ||||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | ||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | ||||||||||||||||||||
International SmallCap Multi-Manager (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 943,600 | 3,249,235 | 314,451 | 851,771 | 4,942 | |||||||||||||||||||
Reinvestment of distributions | 627,703 | 16,186 | 273,319 | 9,277 | — | |||||||||||||||||||
Shares redeemed | (1,093,698 | ) | (516,468 | ) | (405,269 | ) | (648,584 | ) | (1 | ) | ||||||||||||||
Net increase in shares outstanding | 477,605 | 2,748,953 | 182,501 | 212,464 | 4,941 | |||||||||||||||||||
International SmallCap Multi-Manager ($) | ||||||||||||||||||||||||
Shares sold | $ | 46,812,112 | $ | 188,727,994 | $ | 16,272,464 | $ | 55,349,246 | $ | 263,044 | ||||||||||||||
Reinvestment of distributions | 29,671,518 | 819,983 | 14,024,003 | 504,137 | — | |||||||||||||||||||
Shares redeemed | (54,707,228 | ) | (32,274,836 | ) | (21,519,758 | ) | (41,248,877 | ) | (57 | ) | ||||||||||||||
Net increase | $ | 21,776,402 | $ | 157,273,141 | $ | 8,776,709 | $ | 14,604,506 | $ | 262,987 | ||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
International Value (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 9,880,094 | 16,368,193 | 379,869 | 453,105 | 1,340,944 | 834,396 | ||||||||||||||||||
Reinvestment of distributions | 13,738,713 | 7,950,487 | 1,777,035 | 1,377,293 | 4,567,631 | 2,721,822 | ||||||||||||||||||
Shares redeemed | (15,873,821 | ) | (24,751,517 | ) | (4,336,088 | ) | (6,016,199 | ) | (3,549,993 | ) | (4,638,571 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | 7,744,986 | (432,837 | ) | (2,179,184 | ) | (4,185,801 | ) | 2,358,582 | (1,082,353 | ) | ||||||||||||||
International Value ($) | ||||||||||||||||||||||||
Shares sold | $ | 182,708,288 | $ | 353,613,593 | $ | 7,112,414 | $ | 9,307,026 | $ | 24,078,198 | $ | 16,733,659 | ||||||||||||
Reinvestment of distributions | 253,067,088 | 162,571,673 | 32,199,846 | 27,711,130 | 81,988,970 | 54,463,672 | ||||||||||||||||||
Shares redeemed | (288,840,145 | ) | (539,661,218 | ) | (79,563,072 | ) | (129,493,665 | ) | (62,480,314 | ) | (98,807,462 | ) | ||||||||||||
Net increase (decrease) | $ | 146,935,231 | $ | (23,475,952 | ) | $ | (40,250,812 | ) | $ | (92,475,509 | ) | $ | 43,586,854 | $ | (27,610,131 | ) | ||||||||
(1) | Commencement of operations |
142
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Class I | Class Q | |||||||||||||||||||||||
Six Months | Six Months | |||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||||||||||
International Value (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 15,201,492 | 27,853,117 | 76,882 | 4,986 | ||||||||||||||||||||
Reinvestment of distributions | 12,048,408 | 6,124,030 | 168,251 | 102,040 | ||||||||||||||||||||
Shares redeemed | (32,015,853 | ) | (20,350,068 | ) | (103,258 | ) | (190,516 | ) | ||||||||||||||||
Net increase (decrease) in shares outstanding | (4,765,953 | ) | 13,627,079 | 141,875 | (83,490 | ) | ||||||||||||||||||
International Value ($) | ||||||||||||||||||||||||
Shares sold | $ | 280,702,606 | $ | 601,984,171 | $ | 1,284,216 | $ | 110,000 | ||||||||||||||||
Reinvestment of distributions | 221,811,195 | 125,236,405 | 3,102,544 | 2,089,785 | ||||||||||||||||||||
Shares redeemed | (568,771,806 | ) | (447,151,806 | ) | (1,876,492 | ) | (4,143,124 | ) | ||||||||||||||||
Net increase (decrease) | $ | (66,258,005 | ) | $ | 280,068,770 | $ | 2,510,268 | $ | (1,943,339 | ) | ||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
International Value Choice (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 209,336 | 196,008 | 24,371 | 40,254 | 51,780 | 85,318 | ||||||||||||||||||
Reinvestment of distributions | 176,805 | 26,003 | 29,707 | 3,151 | 39,133 | 4,177 | ||||||||||||||||||
Shares redeemed | (224,607 | ) | (553,686 | ) | (37,489 | ) | (74,651 | ) | (73,317 | ) | (94,956 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | 161,534 | (331,675 | ) | 16,589 | (31,246 | ) | 17,596 | (5,461 | ) | |||||||||||||||
International Value Choice ($) | ||||||||||||||||||||||||
Shares sold | $ | 2,512,748 | $ | 2,591,527 | $ | 296,682 | $ | 523,398 | $ | 620,404 | $ | 1,113,930 | ||||||||||||
Reinvestment of distributions | 2,075,696 | 334,923 | 345,496 | 40,274 | 456,287 | 53,511 | ||||||||||||||||||
Shares redeemed | (2,696,219 | ) | (7,400,948 | ) | (451,403 | ) | (971,726 | ) | (881,607 | ) | (1,252,071 | ) | ||||||||||||
Net increase (decrease) | $ | 1,892,225 | $ | (4,474,498 | ) | $ | 190,775 | $ | (408,054 | ) | $ | 195,084 | $ | (84,630 | ) | |||||||||
Class I | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | Year Ended | |||||||||||||||||||||||
April 30, | October 31, | |||||||||||||||||||||||
2008 | 2007 | |||||||||||||||||||||||
International Value Choice (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 536,109 | 4,387,177 | ||||||||||||||||||||||
Reinvestment of distributions | 775,006 | 76,908 | ||||||||||||||||||||||
Shares redeemed | (941,169 | ) | (3,383,938 | ) | ||||||||||||||||||||
Net increase in shares outstanding | 369,946 | 1,080,147 | ||||||||||||||||||||||
International Value Choice ($) | ||||||||||||||||||||||||
Shares sold | $ | 6,828,706 | $ | 57,856,995 | ||||||||||||||||||||
Reinvestment of distributions | 9,083,070 | 989,038 | ||||||||||||||||||||||
Shares redeemed | (11,133,484 | ) | (46,416,954 | ) | ||||||||||||||||||||
Net increase | $ | 4,778,292 | $ | 12,429,079 | ||||||||||||||||||||
143
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Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | February 28, | Six Months | February 28, | Six Months | February 28, | |||||||||||||||||||
Ended | 2007(1) to | Ended | 2007(1) to | Ended | 2007(1) to | |||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
International Value Opportunities (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 3,091 | 1,004,583 | 1,978 | 1,280 | 1,489 | 2,699 | ||||||||||||||||||
Reinvestment of distributions | 136 | — | 1 | — | 21 | — | ||||||||||||||||||
Shares redeemed | (67 | ) | (1,889 | ) | (135 | ) | (1,085 | ) | (100 | ) | (2 | ) | ||||||||||||
Net increase in shares outstanding | 3,160 | 1,002,694 | 1,844 | 195 | 1,410 | 2,697 | ||||||||||||||||||
International Value Opportunities ($) | ||||||||||||||||||||||||
Shares sold | $ | 30,994 | $ | 10,048,363 | $ | 19,315 | $ | 13,195 | $ | 14,886 | $ | 27,547 | ||||||||||||
Reinvestment of distributions | 1,301 | — | 14 | — | 202 | — | ||||||||||||||||||
Shares redeemed | (600 | ) | (18,645 | ) | (1,271 | ) | (11,002 | ) | (1,054 | ) | (21 | ) | ||||||||||||
Net increase | $ | 31,695 | $ | 10,029,718 | $ | 18,058 | $ | 2,193 | $ | 14,034 | $ | 27,526 | ||||||||||||
Class I | ||||||||||||||||||||||||
Six Months | February 28, | |||||||||||||||||||||||
Ended | 2007(1) to | |||||||||||||||||||||||
April 30, | October 31, | |||||||||||||||||||||||
2008 | 2007 | |||||||||||||||||||||||
International Value Opportunities (Number of Shares) | ||||||||||||||||||||||||
Shares sold | — | 103 | ||||||||||||||||||||||
Reinvestment of distributions | — | — | ||||||||||||||||||||||
Shares redeemed | — | (1 | ) | |||||||||||||||||||||
Net increase in shares outstanding | — | 102 | ||||||||||||||||||||||
International Value Opportunities ($) | ||||||||||||||||||||||||
Shares sold | $ | — | $ | 1,030 | ||||||||||||||||||||
Reinvestment of distributions | — | — | ||||||||||||||||||||||
Shares redeemed | — | (10 | ) | |||||||||||||||||||||
Net increase | $ | — | $ | 1,020 | ||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | Year Ended | |||||||||||||||||||||||
April 30, | October 31, | |||||||||||||||||||||||
2008 | 2007 | |||||||||||||||||||||||
Russia (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 1,907,611 | 4,435,492 | ||||||||||||||||||||||
Reinvestment of distributions | 1,701,821 | 613,999 | ||||||||||||||||||||||
Shares redeemed | (1,817,138 | ) | (6,715,298 | ) | ||||||||||||||||||||
Net increase (decrease) in shares outstanding | 1,792,294 | (1,665,807 | ) | |||||||||||||||||||||
Russia ($) | ||||||||||||||||||||||||
Shares sold | $ | 130,212,288 | $ | 280,987,914 | ||||||||||||||||||||
Reinvestment of distributions | 116,864,014 | 37,402,991 | ||||||||||||||||||||||
Redemption fee proceeds | 322,893 | 3,086,432 | ||||||||||||||||||||||
Shares redeemed | (121,075,368 | ) | (422,755,301 | ) | ||||||||||||||||||||
Net increase (decrease) | $ | 126,323,827 | $ | (101,277,964 | ) | |||||||||||||||||||
144
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Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Emerging Markets Fixed Income (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 137,625 | 574,996 | (203 | ) | 12,563 | 53,230 | 121,704 | |||||||||||||||||
Reinvestment of distributions | 13,970 | 17,007 | 766 | 1,367 | 2,891 | 2,892 | ||||||||||||||||||
Shares redeemed | (699,624 | ) | (2,107,447 | ) | (6,021 | ) | (3,405 | ) | (16,326 | ) | (6,959 | ) | ||||||||||||
Net increase (decrease) in shares outstanding | (548,029 | ) | (1,515,444 | ) | (5,458 | ) | 10,525 | 39,795 | 117,637 | |||||||||||||||
Emerging Markets Fixed Income ($) | ||||||||||||||||||||||||
Shares sold | $ | 1,394,440 | $ | 5,985,060 | $ | (2,084 | ) | $ | 129,139 | $ | 535,599 | $ | 1,261,502 | |||||||||||
Reinvestment of distributions | 141,358 | 174,982 | 7,791 | 14,047 | 29,140 | 29,610 | ||||||||||||||||||
Shares redeemed | (7,091,691 | ) | (21,814,799 | ) | (61,002 | ) | (34,681 | ) | (165,035 | ) | (71,700 | ) | ||||||||||||
Net increase (decrease) | $ | (5,555,893 | ) | $ | (15,654,757 | ) | $ | (55,295 | ) | $ | 108,505 | $ | 399,704 | $ | 1,219,412 | |||||||||
Class I | ||||||||||||||||||||||||
Six Months | December 20, | |||||||||||||||||||||||
Ended | 2006(1) to | |||||||||||||||||||||||
April 30, | October 31, | |||||||||||||||||||||||
2008 | 2007 | |||||||||||||||||||||||
Emerging Markets Fixed Income (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 6,439,444 | 29,241,272 | ||||||||||||||||||||||
Reinvestment of distributions | 1,000,825 | 617,893 | ||||||||||||||||||||||
Shares redeemed | (8,202,775 | ) | (601,326 | ) | ||||||||||||||||||||
Net increase (decrease) in shares outstanding | (762,506 | ) | 29,257,839 | |||||||||||||||||||||
Emerging Markets Fixed Income ($) | ||||||||||||||||||||||||
Shares sold | $ | 64,701,228 | $ | 303,520,569 | ||||||||||||||||||||
Reinvestment of distributions | 10,095,856 | 6,243,231 | ||||||||||||||||||||||
Shares redeemed | (82,162,819 | ) | (6,041,783 | ) | ||||||||||||||||||||
Net increase (decrease) | $ | (7,365,735 | ) | $ | 303,722,017 | |||||||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Global Bond (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 4,864,525 | 274,870 | 290,825 | 33,601 | 2,102,607 | 160,111 | ||||||||||||||||||
Reinvestment of distributions | 106,951 | 3,007 | 6,284 | 658 | 40,829 | 673 | ||||||||||||||||||
Shares redeemed | (394,543 | ) | (66,579 | ) | (12,809 | ) | (4,564 | ) | (157,927 | ) | (10,660 | ) | ||||||||||||
Net increase in shares outstanding | 4,576,933 | 211,298 | 284,300 | 29,695 | 1,985,509 | 150,124 | ||||||||||||||||||
Global Bond ($) | ||||||||||||||||||||||||
Shares sold | $ | 53,253,331 | $ | 2,826,384 | $ | 3,184,818 | $ | 339,806 | $ | 22,960,344 | $ | 1,646,890 | ||||||||||||
Reinvestment of distributions | 1,172,489 | 30,842 | 68,640 | 6,727 | 448,444 | 6,965 | ||||||||||||||||||
Shares redeemed | (4,342,621 | ) | (676,036 | ) | (139,934 | ) | (45,456 | ) | (1,725,780 | ) | (108,978 | ) | ||||||||||||
Net increase | $ | 50,083,199 | $ | 2,181,190 | $ | 3,113,524 | $ | 301,077 | $ | 21,683,008 | $ | 1,544,877 | ||||||||||||
145
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Class I | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | Year Ended | |||||||||||||||||||||||
April 30, | October 31, | |||||||||||||||||||||||
2008 | 2007 | |||||||||||||||||||||||
Global Bond (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 121,453 | 1 | ||||||||||||||||||||||
Reinvestment of distributions | 323 | — | ||||||||||||||||||||||
Shares redeemed | — | — | ||||||||||||||||||||||
Net increase in shares outstanding | 121,776 | 1 | ||||||||||||||||||||||
Global Bond ($) | ||||||||||||||||||||||||
Shares sold | $ | 1,317,350 | $ | 10 | ||||||||||||||||||||
Reinvestment of distributions | 3,489 | — | ||||||||||||||||||||||
Shares redeemed | — | — | ||||||||||||||||||||||
Net increase | $ | 1,320,839 | $ | 10 | ||||||||||||||||||||
Class A | Class B | Class C | ||||||||||||||||||||||
Six Months | Six Months | Six Months | ||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | |||||||||||||||||||
Diversified International (Number of Shares) | ||||||||||||||||||||||||
Shares sold | 6,128,590 | 14,796,567 | 458,724 | 1,227,737 | 2,311,011 | 6,505,341 | ||||||||||||||||||
Reinvestment of distributions | 515,063 | 58,638 | 48,511 | 1,114 | 164,842 | 4,093 | ||||||||||||||||||
Shares redeemed | (4,209,632 | ) | (3,910,709 | ) | (385,799 | ) | (282,859 | ) | (1,432,713 | ) | (1,190,161 | ) | ||||||||||||
Net increase in shares outstanding | 2,434,021 | 10,944,496 | 121,436 | 945,992 | 1,043,140 | 5,319,273 | ||||||||||||||||||
Diversified International ($) | ||||||||||||||||||||||||
Shares sold | $ | 80,418,516 | $ | 196,674,148 | $ | 6,032,184 | $ | 16,173,010 | $ | 30,512,090 | $ | 85,984,708 | ||||||||||||
Reinvestment of distributions | 6,979,408 | 727,447 | 654,909 | 13,771 | 2,222,086 | 50,585 | ||||||||||||||||||
Shares redeemed | (53,829,083 | ) | (51,884,948 | ) | (4,851,123 | ) | (3,741,472 | ) | (18,146,507 | ) | (15,544,550 | ) | ||||||||||||
Net increase | $ | 33,568,841 | $ | 145,516,647 | $ | 1,835,970 | $ | 12,445,309 | $ | 14,587,669 | $ | 70,490,743 | ||||||||||||
Class I | Class R | Class W | ||||||||||||||||||||||
Six Months | Six Months | December 12, | February 12, | |||||||||||||||||||||
Ended | Year Ended | Ended | 2006(1) to | 2008(1) to | ||||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | ||||||||||||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | ||||||||||||||||||||
Diversified International (Number of Shares) | ||||||||||||||||||||||||
Shares sold | — | 36,440 | 1,146 | 39,818 | 54,286 | |||||||||||||||||||
Reinvestment of distributions | 57 | 4 | 655 | 38 | — | |||||||||||||||||||
Shares redeemed | (47 | ) | (34,712 | ) | (4,227 | ) | (10,702 | ) | — | |||||||||||||||
Net increase (decrease) in shares outstanding | 10 | 1,732 | (2,426 | ) | 29,154 | 54,286 | ||||||||||||||||||
Diversified International ($) | ||||||||||||||||||||||||
Shares sold | $ | — | $ | 522,197 | $ | 14,594 | $ | 502,116 | $ | 688,731 | ||||||||||||||
Reinvestment of distributions | 766 | 55 | 8,800 | 472 | — | |||||||||||||||||||
Shares redeemed | (640 | ) | (476,693 | ) | (52,912 | ) | (144,253 | ) | — | |||||||||||||||
Net increase (decrease) | $ | 126 | $ | 45,559 | $ | (29,518 | ) | $ | 358,335 | $ | 688,731 | |||||||||||||
(1) | Commencement of operations |
146
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Initial | Percent | |||||||||||||||||||||
Acquisition | of Net | |||||||||||||||||||||
Fund | Security | Shares | Date | Cost | Value | Assets | ||||||||||||||||
Global Natural Resources | Silver Bear Resources, Inc.-PIPE | 293,709 | 03/19/07 | $ | 249,403 | $ | 232,339 | 0.2 | % | |||||||||||||
$ | 249,403 | $ | 232,339 | 0.2 | % | |||||||||||||||||
Disciplined International SmallCap | Octaviar Ltd. | 67,247 | 06/28/07 | $ | 293,034 | $ | 62,813 | 0.0 | % | |||||||||||||
$ | 293,034 | $ | 62,813 | 0.0 | % | |||||||||||||||||
Foreign | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | $ | 303,609 | $ | 232,328 | 0.0 | % | |||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 186,682 | 122,696 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 172,879 | 122,392 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 374,865 | 266,089 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 204,015 | 136,864 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 926,675 | 773,508 | 0.1 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 140,772 | 153,889 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 35,926 | 35,443 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 245,030 | 170,510 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 54,425 | 47,755 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 42,585 | 38,621 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 103,700 | 84,269 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 64,941 | 77,940 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 56,976 | 63,631 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 103,337 | 116,288 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 13,706 | 23,817 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 58,347 | 53,823 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 40,302 | 41,014 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 8,886 | 8,839 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 449,942 | 604,820 | 0.1 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 63,608 | 146,525 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 511,782 | 565,250 | 0.1 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | 110,776 | 94,500 | 0.0 | % | ||||||||||||||||
Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys-REG S GDR) | 35 | 11/21/07 | — | — | 0.0 | % | ||||||||||||||||
Silvinit | 3,602 | 05/10/07 | 1,353,792 | 2,791,550 | 0.4 | % | ||||||||||||||||
$ | 5,627,554 | $ | 6,772,361 | 1.0 | % | |||||||||||||||||
147
Table of Contents
Initial | Percent | |||||||||||||||||||||
Acquisition | of Net | |||||||||||||||||||||
Fund | Security | Shares | Date | Cost | Value | Assets | ||||||||||||||||
International SmallCap Multi-Manager | Atlas Iron Ltd. | 350,933 | 01/31/08 | $ | 611,140 | $ | 1,019,306 | 0.2 | % | |||||||||||||
Hong Leong Asia Ltd. | 542,000 | 06/11/07 | 1,191,033 | 1,065,511 | 0.2 | % | ||||||||||||||||
JM AB-Rights | 262,800 | 04/30/08 | — | 221,537 | 0.2 | % | ||||||||||||||||
MFS Technology Ltd. | 19,000 | 01/25/06 | 9,612 | 4,554 | 0.2 | % | ||||||||||||||||
Octaviar Ltd. | 673,856 | 09/11/06 | 2,852,642 | 629,427 | 0.2 | % | ||||||||||||||||
SeAH Steel Corp. | 26,220 | 03/04/05 | 944,988 | 1,224,197 | 0.2 | % | ||||||||||||||||
Vitec Group PLC | 95,200 | 03/15/07 | 1,066,102 | 858,972 | 0.2 | % | ||||||||||||||||
$ | 6,675,517 | $ | 5,023,504 | 1.4 | % | |||||||||||||||||
Acquired | ||||||||||||||||||||||
Capital Loss | Acquired Portfolio | |||||||||||||||||||||
Acquiring | Acquired | Total Net Assets of | Total Net Assets of | Carry forward | Unrealized | Conversion | ||||||||||||||||
Fund | Fund | Acquired Fund (000’s) | Acquiring Fund (000’s) | (000’s) | Depreciation (000’s) | Ratio | ||||||||||||||||
Index Plus International Equity | ING International Equity Fund | $ | 128,431 | $ | 122,957 | $ | 13,594 | $ | 3,120 | 1.0243 |
148
Table of Contents
Value of | ||||||||
Securities | Value of | |||||||
Fund | Loaned | Collateral | ||||||
Global Equity Dividend | $ | 24,920,677 | $ | 26,118,895 | ||||
Global Real Estate | 278,334,069 | 287,051,807 | ||||||
Global Value Choice | 27,495,553 | 28,197,205 | ||||||
Emerging Countries | 40,938,398 | 41,426,178 | ||||||
Foreign | 35,644,703 | 36,733,478 | ||||||
International Growth Opportunities | 6,802,640 | 6,906,030 | ||||||
International SmallCap Multi-Manager | 18,839,445 | 20,033,988 | ||||||
International Value | 176,689,317 | 184,006,441 | ||||||
Russia | 171,977,516 | 176,807,367 |
149
Table of Contents
Six Months Ended | Year Ended | |||||||||||||||||||
April 30, 2008 | October 31, 2007 | |||||||||||||||||||
Dividends Paid | ||||||||||||||||||||
Ordinary | Long-Term | Ordinary | Long-Term | Deduction on | ||||||||||||||||
Income | Capital Gains | Income | Capital Gains | Redemptions | ||||||||||||||||
Global Equity Dividend | $ | 11,397,112 | $ | 20,217,007 | $ | 18,796,716 | $ | 3,818,557 | $ | — | ||||||||||
Global Natural Resources | 20,563,562 | 7,610,745 | 2,937,873 | 3,999,909 | — | |||||||||||||||
Global Real Estate(1) | 37,617,882 | 1,788,821 | 51,930,847 | 8,533,607 | — | |||||||||||||||
Global Value Choice | 453,191 | — | — | — | — | |||||||||||||||
Asia-Pacific Real Estate | 31,011 | — | — | — | — | |||||||||||||||
Disciplined International SmallCap | 10,885,408 | — | — | — | — | |||||||||||||||
Emerging Countries | 3,353,453 | 8,939,884 | 2,943,119 | — | — | |||||||||||||||
European Real Estate | 18,022 | — | — | — | — | |||||||||||||||
Foreign | 4,162,848 | 40,260,048 | 5,017,181 | 12,877,280 | — | |||||||||||||||
Greater China | 6,809,182 | 1,425,432 | 143,130 | — | — | |||||||||||||||
Index Plus International Equity | 11,799,120 | 2,720,870 | 3,219,136 | — | — | |||||||||||||||
International Capital Appreciation | 5,738,481 | 1,234,072 | 1,644,836 | — | — | |||||||||||||||
International Equity Dividend | 1,150,728 | — | — | — | — | |||||||||||||||
International Growth Opportunities | 10,462,421 | 10,799,081 | 3,156,568 | 9,769,639 | — | |||||||||||||||
International Real Estate | 22,215,317 | — | 5,257,673 | — | — | |||||||||||||||
International SmallCap Multi-Manager | 78,370,081 | 66,303,339 | 3,451,506 | — | — | |||||||||||||||
International Value | 169,348,534 | 657,984,681 | 122,228,627 | 402,826,028 | — | |||||||||||||||
International Value Choice | 4,881,115 | 7,701,519 | 1,154,606 | 379,371 | — | |||||||||||||||
International Value Opportunities | 252,864 | — | — | — | — | |||||||||||||||
Russia | — | 137,654,710 | — | 43,574,710 | 139 | |||||||||||||||
Emerging Markets Fixed Income | 10,396,232 | — | 7,701,124 | — | — | |||||||||||||||
Global Bond | 3,827,347 | — | 1,570,829 | 8,117 | — | |||||||||||||||
Diversified International | 11,313,774 | 1,928,636 | 1,063,277 | — | 19,330 | |||||||||||||||
(1) | Composition of dividends and distributions presented herein is based on the Fund’s tax year-end of December 31. |
Undistributed | ||||||||||||||||||||||||
Long | Post-October | |||||||||||||||||||||||
Undistributed | Term | Unrealized | Currency | Capital | ||||||||||||||||||||
Ordinary | Capital | Appreciation/ | Losses | Loss | Expiration | |||||||||||||||||||
Income | Gains | (Depreciation) | Deferred | Carryforwards | Dates | |||||||||||||||||||
Global Equity Dividend | $ | 8,910,172 | $ | 20,212,116 | $ | 29,314,208 | $ | — | $ | — | — | |||||||||||||
Global Natural Resources | 19,813,418 | 7,608,261 | 30,452,308 | — | — | — | ||||||||||||||||||
Global Real Estate(1) | 18,943,194 | 1,254,042 | 163,390,908 | (203,868 | ) | — | — | |||||||||||||||||
Global Value Choice | 452,143 | — | 18,664,718 | — | (67,231,400 | ) | 2009 | |||||||||||||||||
(81,779,077 | ) | 2010 | ||||||||||||||||||||||
(6,183,953 | ) | 2011 | ||||||||||||||||||||||
$ | (155,194,430 | ) | ||||||||||||||||||||||
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Undistributed | ||||||||||||||||||||||||
Long | Post-October | |||||||||||||||||||||||
Undistributed | Term | Unrealized | Currency | Capital | ||||||||||||||||||||
Ordinary | Capital | Appreciation/ | Losses | Loss | Expiration | |||||||||||||||||||
Income | Gains | (Depreciation) | Deferred | Carryforwards | Dates | |||||||||||||||||||
Disciplined International SmallCap | 10,387,969 | — | 17,136,239 | — | — | — | ||||||||||||||||||
Emerging Countries | 3,139,691 | 8,937,268 | 57,601,834 | — | (3,321,810 | )* | 2008 | |||||||||||||||||
Foreign | 4,110,078 | 39,829,512 | 209,255,862 | — | — | — | ||||||||||||||||||
Greater China | 6,797,514 | 1,424,320 | 32,978,404 | — | — | — | ||||||||||||||||||
Index Plus International Equity | 11,776,394 | 2,716,188 | 13,018,816 | — | — | — | ||||||||||||||||||
International Capital Appreciation | 5,727,180 | 1,233,537 | 26,048,539 | — | — | — | ||||||||||||||||||
International Equity Dividend | 539,747 | — | 3,206,366 | — | — | — | ||||||||||||||||||
International Growth Opportunities | 10,460,955 | 10,794,409 | 25,331,782 | — | (1,838,679 | )* | 2008 | |||||||||||||||||
International Real Estate | 18,778,690 | — | 49,465,611 | — | (26,312 | ) | 2014 | |||||||||||||||||
(2,515,843 | ) | 2015 | ||||||||||||||||||||||
$ | (2,542,155 | ) | ||||||||||||||||||||||
International SmallCap | 78,354,785 | 66,294,175 | 209,962,864 | — | — | — | ||||||||||||||||||
International Value | 169,333,918 | 657,964,463 | 1,217,966,130 | — | — | — | ||||||||||||||||||
International Value Choice | 4,878,165 | 7,696,698 | 7,917,237 | — | — | — | ||||||||||||||||||
International Value Opportunities | 248,964 | — | 408,770 | — | — | — | ||||||||||||||||||
Russia | — | 137,645,235 | 448,582,297 | — | — | — | ||||||||||||||||||
Emerging Markets Fixed Income | — | — | 601,729 | — | (593,649 | ) | 2015 | |||||||||||||||||
Global Bond | 465,305 | — | 1,228,620 | — | — | — | ||||||||||||||||||
Diversified International | 5,267,267 | 1,925,350 | 113,649,018 | — | — | — |
* | Utilization of these capital losses is subject to annual limitations under Section 382 of the Internal Revenue Code. |
(1) | As of the Fund’s tax year ended December 31, 2006. |
151
Table of Contents
Per Share | Payable | Record | ||||||||||
Amount | Date | Date | ||||||||||
Emerging Markets Fixed Income | ||||||||||||
Class A | $ | 0.0550 | May 5, 2008 | April 30, 2008 | ||||||||
Class B | $ | 0.0491 | May 5, 2008 | April 30, 2008 | ||||||||
Class C | $ | 0.0492 | May 5, 2008 | April 30, 2008 | ||||||||
Class I | $ | 0.0575 | May 5, 2008 | April 30, 2008 | ||||||||
Class A | $ | 0.0500 | June 4, 2008 | May 30, 2008 | ||||||||
Class B | $ | 0.0438 | June 4, 2008 | May 30, 2008 | ||||||||
Class C | $ | 0.0438 | June 4, 2008 | May 30, 2008 | ||||||||
Class I | $ | 0.0522 | June 4, 2008 | May 30, 2008 |
152
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• | ING has agreed with the ING Funds to indemnify and hold harmless the ING Funds from all damages resulting from wrongful conduct by ING or its employees or from ING’s internal investigation, any investigations conducted by any governmental or self-regulatory agencies, litigation or other formal proceedings, including any proceedings by the SEC. ING Investments reported to the Boards that ING management believes that the total amount of any indemnification obligations will not be material to ING or its U.S. business. |
• | ING updated its Code of Conduct for employees reinforcing its employees’ obligation to conduct personal trading activity consistent with the law, disclosed limits, and other requirements. |
153
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Shares | Value | |||||||||||||
COMMON STOCK: 92.5% | ||||||||||||||
Australia: 6.1% | ||||||||||||||
125,644 | Australia & New Zealand Banking Group Ltd. | $ | 2,593,868 | |||||||||||
150,172 | Crown Ltd. | 1,554,314 | ||||||||||||
575,698 | Foster’s Group Ltd. | 2,748,338 | ||||||||||||
847,648 | Insurance Australia Group | 3,473,357 | ||||||||||||
175,010 | Suncorp-Metway Ltd. | 2,250,916 | ||||||||||||
122,307 | TABCORP Holdings Ltd. | 1,312,616 | ||||||||||||
102,255 | Wesfarmers Ltd. | 3,579,288 | ||||||||||||
17,512,697 | ||||||||||||||
Belgium: 3.2% | ||||||||||||||
59,738 | Belgacom SA | 2,742,987 | ||||||||||||
31,099 | L | Elia System Operator SA | 1,384,380 | |||||||||||
187,090 | Fortis | 5,077,374 | ||||||||||||
9,204,741 | ||||||||||||||
Bermuda: 0.5% | ||||||||||||||
278,388 | Hiscox Ltd. | 1,406,029 | ||||||||||||
1,406,029 | ||||||||||||||
Brazil: 0.7% | ||||||||||||||
84,609 | Tele Norte Leste Participacoes SA ADR | 1,938,392 | ||||||||||||
1,938,392 | ||||||||||||||
Canada: 3.8% | ||||||||||||||
7,854 | @,# | Bell Aliant Regional Communications Income Fund | 234,739 | |||||||||||
51,065 | Bell Aliant Regional Communications Income Fund | 1,526,220 | ||||||||||||
42,056 | L | Enerplus Resources Fund | 1,888,314 | |||||||||||
152,133 | Precision Drilling Trust | 3,806,724 | ||||||||||||
90,582 | TransCanada Corp. | 3,318,912 | ||||||||||||
10,774,909 | ||||||||||||||
Denmark: 0.9% | ||||||||||||||
77,249 | Danske Bank A/S | 2,659,541 | ||||||||||||
2,659,541 | ||||||||||||||
France: 7.3% | ||||||||||||||
31,921 | BNP Paribas | 3,402,933 | ||||||||||||
79,685 | France Telecom SA | 2,493,417 | ||||||||||||
38,728 | Sanofi-Aventis | 2,985,199 | ||||||||||||
56,322 | Total SA | 4,717,876 | ||||||||||||
40,749 | Vinci SA | 2,989,320 | ||||||||||||
103,767 | Vivendi | 4,183,623 | ||||||||||||
20,772,368 | ||||||||||||||
Greece: 1.1% | ||||||||||||||
84,211 | OPAP SA | 3,275,936 | ||||||||||||
3,275,936 | ||||||||||||||
Hong Kong: 0.5% | ||||||||||||||
198,168 | CLP Holdings Ltd. | 1,572,301 | ||||||||||||
1,572,301 | ||||||||||||||
Hungary: 1.0% | ||||||||||||||
106,742 | L | Magyar Telekom Telecommunications PLC ADR | 2,854,281 | |||||||||||
2,854,281 | ||||||||||||||
Ireland: 1.2% | ||||||||||||||
160,952 | Allied Irish Banks PLC | 3,362,019 | ||||||||||||
3,362,019 | ||||||||||||||
Israel: 0.7% | ||||||||||||||
485,456 | Bank Hapoalim BM | 2,056,857 | ||||||||||||
2,056,857 | ||||||||||||||
Italy: 9.4% | ||||||||||||||
327,633 | Enel S.p.A. | 3,554,862 | ||||||||||||
122,610 | ENI S.p.A. | 4,719,083 | ||||||||||||
444,365 | Intesa Sanpaolo S.p.A. | 3,303,358 | ||||||||||||
99,564 | Italcementi S.p.A. RNC | 1,583,097 | ||||||||||||
401,947 | Mediaset S.p.A. | 3,652,786 | ||||||||||||
38,507 | Pirelli & C Real Estate S.p.A. | 1,155,145 | ||||||||||||
460,065 | Snam Rete Gas S.p.A. | 2,907,699 | ||||||||||||
1,385,886 | Telecom Italia S.p.A. RNC | 2,256,067 | ||||||||||||
486,282 | UniCredito Italiano S.p.A. | 3,664,921 | ||||||||||||
26,797,018 | ||||||||||||||
Netherlands: 1.1% | ||||||||||||||
76,626 | Royal Dutch Shell PLC | 3,071,218 | ||||||||||||
3,071,218 | ||||||||||||||
New Zealand: 0.5% | ||||||||||||||
481,207 | Telecom Corp. of New Zealand Ltd. | 1,419,344 | ||||||||||||
1,419,344 | ||||||||||||||
Norway: 1.0% | ||||||||||||||
201,949 | DnB NOR ASA | 2,997,986 | ||||||||||||
2,997,986 | ||||||||||||||
Poland: 1.0% | ||||||||||||||
275,767 | Telekomunikacja Polska SA | 2,770,782 | ||||||||||||
2,770,782 | ||||||||||||||
Singapore: 0.8% | ||||||||||||||
147,000 | DBS Group Holdings Ltd. | 2,150,746 | ||||||||||||
2,150,746 | ||||||||||||||
South Korea: 1.1% | ||||||||||||||
58,609 | KT Corp. ADR | 1,355,040 | ||||||||||||
25,771 | S-Oil Corp. | 1,734,653 | ||||||||||||
3,089,693 | ||||||||||||||
Spain: 1.0% | ||||||||||||||
136,689 | Banco Santander Central Hispano SA | 2,956,049 | ||||||||||||
2,956,049 | ||||||||||||||
Sweden: 1.6% | ||||||||||||||
164,346 | Svenska Cellulosa AB — B Shares | 2,751,206 | ||||||||||||
665,421 | Telefonaktiebolaget LM Ericsson | 1,680,846 | ||||||||||||
4,432,052 | ||||||||||||||
Taiwan: 1.2% | ||||||||||||||
304,982 | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 3,427,998 | ||||||||||||
3,427,998 | ||||||||||||||
Thailand: 0.4% | ||||||||||||||
179,100 | Siam Cement PCL | 1,218,867 | ||||||||||||
1,218,867 | ||||||||||||||
United Kingdom: 17.6% | ||||||||||||||
76,831 | AstraZeneca PLC | 3,223,186 | ||||||||||||
227,113 | Aviva PLC | 2,821,395 | ||||||||||||
316,886 | Barclays PLC | 2,865,251 | ||||||||||||
413,742 | BBA Aviation PLC | 1,284,556 | ||||||||||||
408,817 | BP PLC | 4,953,932 | ||||||||||||
71,681 | British American Tobacco PLC | 2,688,913 | ||||||||||||
308,982 | Cattles PLC | 1,460,208 | ||||||||||||
72,484 | Diageo PLC | 1,478,357 | ||||||||||||
993,729 | DSG International PLC | 1,281,951 | ||||||||||||
192,556 | GlaxoSmithKline PLC | 4,259,565 | ||||||||||||
178,195 | HSBC Holdings PLC | 3,094,158 | ||||||||||||
1,189,242 | Legal & General Group PLC | 2,982,005 | ||||||||||||
345,161 | Lloyds TSB Group PLC | 2,943,548 | ||||||||||||
177,288 | Marks & Spencer Group PLC | 1,330,215 |
154
Table of Contents
Shares | Value | |||||||||||||
United Kingdom (continued) | ||||||||||||||
598,562 | Royal Bank of Scotland Group PLC | $ | 4,051,287 | |||||||||||
106,619 | Severn Trent PLC | 3,078,926 | ||||||||||||
326,280 | Tate & Lyle PLC | 3,414,481 | ||||||||||||
218,812 | United Utilities PLC | 3,104,145 | ||||||||||||
50,316,079 | ||||||||||||||
United States: 28.8% | ||||||||||||||
82,435 | AGL Resources, Inc. | 2,802,790 | ||||||||||||
57,718 | Altria Group, Inc. | 1,154,360 | ||||||||||||
68,814 | Ameren Corp. | 3,121,403 | ||||||||||||
62,121 | L | Arthur J. Gallagher & Co. | 1,526,313 | |||||||||||
73,769 | AT&T, Inc. | 2,855,598 | ||||||||||||
104,015 | L | Bank of America Corp. | 3,904,723 | |||||||||||
172,062 | Bristol-Myers Squibb Co. | 3,780,202 | ||||||||||||
171,182 | Citigroup, Inc. | 4,325,769 | ||||||||||||
277,099 | L | Citizens Communications Co. | 2,970,501 | |||||||||||
70,261 | L | Consolidated Edison, Inc. | 2,922,858 | |||||||||||
73,005 | Dow Chemical Co. | 2,931,151 | ||||||||||||
81,501 | Duke Energy Corp. | 1,492,283 | ||||||||||||
93,105 | L | Fifth Third Bancorp. | 1,995,240 | |||||||||||
116,513 | L | First Horizon National Corp. | 1,258,340 | |||||||||||
122,391 | L | Foot Locker, Inc. | 1,548,246 | |||||||||||
82,519 | General Electric Co. | 2,698,371 | ||||||||||||
25,509 | Kinder Morgan Energy Partners LP | 1,493,297 | ||||||||||||
90,961 | Kraft Foods, Inc. | 2,877,096 | ||||||||||||
171,344 | L | Leggett & Platt, Inc. | 2,844,310 | |||||||||||
142,065 | L | Masco Corp. | 2,587,004 | |||||||||||
57,500 | MeadWestvaco Corp. | 1,512,250 | ||||||||||||
69,386 | Merck & Co., Inc. | 2,639,443 | ||||||||||||
169,182 | NiSource, Inc. | 3,028,358 | ||||||||||||
203,758 | Pfizer, Inc. | 4,097,573 | ||||||||||||
57,718 | @ | Philip Morris International, Inc. | 2,945,350 | |||||||||||
36,585 | L | Rayonier, Inc. | 1,537,668 | |||||||||||
46,378 | L | Reynolds American, Inc. | 2,497,455 | |||||||||||
84,120 | Southern Co. | 3,131,788 | ||||||||||||
62,362 | Spectra Energy Corp. | 1,540,341 | ||||||||||||
92,239 | US Bancorp. | 3,125,980 | ||||||||||||
51,154 | UST, Inc. | 2,663,589 | ||||||||||||
83,339 | L | Wachovia Corp. | 2,429,332 | |||||||||||
82,238,982 | ||||||||||||||
Total Common Stock (Cost $288,068,774) | 264,276,885 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 3.6% | ||||||||||||||
Australia: 1.1% | ||||||||||||||
219,997 | Stockland | 1,498,433 | ||||||||||||
90,922 | Westfield Group | 1,562,412 | ||||||||||||
3,060,845 | ||||||||||||||
Germany: 0.6% | ||||||||||||||
85,389 | @ | Alstria Office AG | 1,631,745 | |||||||||||
1,631,745 | ||||||||||||||
Netherlands: 0.5% | ||||||||||||||
16,890 | Corio NV | 1,569,890 | ||||||||||||
1,569,890 | ||||||||||||||
United States: 1.4% | ||||||||||||||
51,660 | L | Duke Realty Corp. | 1,261,537 | |||||||||||
47,561 | L | Hospitality Properties Trust | 1,528,135 | |||||||||||
64,112 | L | iStar Financial, Inc. | 1,234,156 | |||||||||||
4,023,828 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $12,155,452) | 10,286,308 | |||||||||||||
Total Long-Term Investments (Cost $300,224,226) | 274,563,193 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 9.1% | ||||||||||||||
Securities Lending CollateralCC: 9.1% | ||||||||||||||
$ | 26,118,895 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 26,118,895 | ||||||||||
Total Short-Term Investments (Cost $26,118,895) | 26,118,895 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $326,343,121)* | 105.2 | % | $ | 300,682,088 | ||||||||||
Other Assets and Liabilities - Net | (5.2 | ) | (14,890,609 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 285,791,479 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees. | |
cc | Securities purchased with cash collateral for securities loaned. | |
L | Loaned security, a portion or all of the security is on loan at April 30, 2008. | |
* | Cost for federal income tax purposes is $327,329,614. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 11,780,650 | ||
Gross Unrealized Depreciation | (38,428,176 | ) | ||
Net Unrealized Depreciation | $ | (26,647,526 | ) | |
155
Table of Contents
Percentage of | ||||
Industry | Net Assets | |||
Aerospace/Defense | 0.5 | % | ||
Agriculture | 4.2 | |||
Banks | 21.7 | |||
Beverages | 1.5 | |||
Building Materials | 1.9 | |||
Chemicals | 1.0 | |||
Diversified | 2.0 | |||
Diversified Financial Services | 2.0 | |||
Electric | 6.0 | |||
Engineering & Construction | 1.1 | |||
Entertainment | 1.6 | |||
Food | 2.2 | |||
Forest Products & Paper | 2.0 | |||
Gas | 3.1 | |||
Hotels | 0.5 | |||
Insurance | 4.3 | |||
Lodging | 0.5 | |||
Media | 2.7 | |||
Miscellaneous Manufacturing | 3.2 | |||
Office Property | 0.6 | |||
Oil & Gas | 8.7 | |||
Pharmaceuticals | 7.3 | |||
Pipelines | 2.2 | |||
Real Estate | 0.4 | |||
Retail | 1.5 | |||
Semiconductors | 1.2 | |||
Shopping Centers | 0.5 | |||
Telecommunications | 9.5 | |||
Water | 2.2 | |||
Short-Term Investments | 9.1 | |||
Other Assets and Liabilities — Net | (5.2 | ) | ||
Net Assets | 100.0 | % | ||
156
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 100.3% | ||||||||||||||
Australia: 2.3% | ||||||||||||||
73,393 | @ | Aquarius Platinum Ltd. | $ | 1,146,352 | ||||||||||
923,215 | Boart Longyear Group | 1,649,610 | ||||||||||||
333,200 | @ | Centamin Egypt Ltd. | 443,340 | |||||||||||
100,238 | @ | White Energy Co., Ltd. | 255,479 | |||||||||||
3,494,781 | ||||||||||||||
Barbados: 2.0% | ||||||||||||||
82,200 | @ | Nabors Industries Ltd. | 3,085,788 | |||||||||||
3,085,788 | ||||||||||||||
Bermuda: 0.4% | ||||||||||||||
110,700 | @ | Energy XXI Acquisition Corp. Bermuda Ltd. | 536,895 | |||||||||||
536,895 | ||||||||||||||
Brazil: 1.1% | ||||||||||||||
43,300 | Cia Vale do Rio Doce ADR | 1,692,164 | ||||||||||||
1,692,164 | ||||||||||||||
Canada: 21.9% | ||||||||||||||
8,700 | Agnico-Eagle Mines Ltd. | 543,315 | ||||||||||||
6,900 | Barrick Gold Corp. | 266,478 | ||||||||||||
56,900 | Canadian Natural Resources Ltd. | 4,836,500 | ||||||||||||
425,056 | @ | Catalyst Paper Corp. | 422,059 | |||||||||||
256,500 | @ | Consolidated Thompson Iron Mines Ltd. | 2,040,080 | |||||||||||
107,000 | @ | Eldorado Gold Corp. | 729,908 | |||||||||||
72,700 | Encana Corp. | 5,874,887 | ||||||||||||
236,600 | @ | European Goldfields Ltd. | 1,282,729 | |||||||||||
8,100 | First Quantum Minerals Ltd. | 711,233 | ||||||||||||
33,892 | @ | FNX Mining Co., Inc. | 841,327 | |||||||||||
16,063 | @ | Franco-Nevada Corp. | 285,501 | |||||||||||
16,100 | @,# | Franco-Nevada Corp. | 285,775 | |||||||||||
281,200 | @ | Frontera Copper Corp. | 1,359,789 | |||||||||||
49,749 | GoldCorp, Inc. | 1,777,034 | ||||||||||||
79,600 | @ | MAG Silver Corp. | 848,087 | |||||||||||
13,200 | @ | Major Drilling Group International | 676,973 | |||||||||||
137,200 | @ | Premier Gold Mines Ltd. | 258,842 | |||||||||||
34,900 | @ | QuADRa Mining Ltd. | 788,031 | |||||||||||
404,700 | @ | Shore Gold, Inc. | 1,462,723 | |||||||||||
163,100 | @ | Silver Bear Resources, Inc. | 387,061 | |||||||||||
293,709 | I | Silver Bear Resources, Inc. — PIPE | 232,339 | |||||||||||
83,175 | @ | Silver Wheaton Corp. | 1,103,732 | |||||||||||
24,400 | @ | Sino-Forest Corp. | 369,477 | |||||||||||
30,800 | Suncor Energy, Inc. | 3,470,852 | ||||||||||||
17,364 | Teck Cominco Ltd. | 758,286 | ||||||||||||
25,144 | TransCanada Corp | 923,791 | ||||||||||||
49,800 | @ | Viterra, Inc. | 680,912 | |||||||||||
52,036 | Yamana Gold, Inc. | 667,102 | ||||||||||||
33,884,823 | ||||||||||||||
France: 1.4% | ||||||||||||||
26,500 | Total SA ADR | 2,226,000 | ||||||||||||
2,226,000 | ||||||||||||||
Italy: 1.0% | ||||||||||||||
20,300 | ENI S.p.A. ADR | 1,563,506 | ||||||||||||
1,563,506 | ||||||||||||||
Netherlands: 2.7% | ||||||||||||||
52,400 | Royal Dutch Shell PLC ADR — Class A | 4,208,244 | ||||||||||||
4,208,244 | ||||||||||||||
Norway: 1.9% | ||||||||||||||
81,200 | Statoil ASA ADR | 2,937,004 | ||||||||||||
2,937,004 | ||||||||||||||
South Africa: 0.9% | ||||||||||||||
129,235 | @ | First Uranium Corp. | 841,805 | |||||||||||
854,618 | @ | Merafe Resources Ltd. | 392,821 | |||||||||||
68,496 | Sentula Mining Ltd. | 162,568 | ||||||||||||
1,397,194 | ||||||||||||||
Switzerland: 0.9% | ||||||||||||||
18,538 | Xstrata PLC | 1,443,249 | ||||||||||||
1,443,249 | ||||||||||||||
United Kingdom: 0.9% | ||||||||||||||
29,900 | Randgold Resources Ltd. ADR | 1,361,048 | ||||||||||||
1,361,048 | ||||||||||||||
United States: 62.9% | ||||||||||||||
39,500 | Anadarko Petroleum Corp. | 2,629,120 | ||||||||||||
46,350 | Apache Corp. | 6,242,418 | ||||||||||||
36,200 | Baker Hughes, Inc. | 2,927,856 | ||||||||||||
112,300 | BJ Services Co. | 3,174,721 | ||||||||||||
92,700 | Chevron Corp. | 8,913,105 | ||||||||||||
5,700 | Cleveland-Cliffs, Inc. | 914,280 | ||||||||||||
83,200 | ConocoPhillips | 7,167,680 | ||||||||||||
17,100 | Consol Energy, Inc. | 1,384,416 | ||||||||||||
48,400 | Devon Energy Corp. | 5,488,560 | ||||||||||||
13,042 | Diana Shipping, Inc. | 395,955 | ||||||||||||
68,700 | El Paso Corp. | 1,177,518 | ||||||||||||
128,700 | ExxonMobil Corp. | 11,978,107 | ||||||||||||
24,300 | Freeport-McMoRan Copper & Gold, Inc. | 2,764,125 | ||||||||||||
19,500 | @ | Global Industries Ltd. | 311,220 | |||||||||||
129,800 | Halliburton Co. | 5,959,118 | ||||||||||||
29,750 | Hess Corp. | 3,159,450 | ||||||||||||
62,100 | @ | Key Energy Services, Inc. | 850,770 | |||||||||||
35,500 | Marathon Oil Corp. | 1,617,735 | ||||||||||||
28,100 | Noble Energy, Inc. | 2,444,700 | ||||||||||||
70,800 | Occidental Petroleum Corp. | 5,891,268 | ||||||||||||
115,100 | Patterson-UTI Energy, Inc. | 3,215,894 | ||||||||||||
10,800 | @ | Plains Exploration & Production Co. | 672,624 | |||||||||||
47,000 | Schlumberger Ltd. | 4,725,850 | ||||||||||||
58,500 | Spectra Energy Corp. | 1,444,950 | ||||||||||||
47,100 | Sunoco, Inc. | 2,185,911 | ||||||||||||
45,100 | Tidewater, Inc. | 2,941,422 | ||||||||||||
27,904 | @ | Transocean, Inc. | 4,114,724 | |||||||||||
5,000 | United States Steel Corp. | 769,750 | ||||||||||||
30,125 | XTO Energy, Inc. | 1,863,533 | ||||||||||||
97,326,780 | ||||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $134,633,766)* | 100.3 | % | $ | 155,157,476 | ||||||||||
Other Assets and Liabilities - Net | (0.3 | ) | (404,131 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 154,753,345 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees. | |
I | Illiquid security | |
* | Cost for federal income tax purposes is $135,154,288. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 22,930,199 | ||
Gross Unrealized Depreciation | (2,927,011 | ) | ||
Net Unrealized Appreciation | $ | 20,003,188 | ||
157
Table of Contents
Percentage of | ||||
Industry | Net Assets | |||
Coal | 1.1 | % | ||
Engineering & Construction | 1.1 | |||
Forest Products & Paper | 0.5 | |||
Iron/Steel | 2.4 | |||
Mining | 16.5 | |||
Oil & Gas | 59.6 | |||
Oil & Gas Services | 14.2 | |||
Pipelines | 2.3 | |||
Transportation | 2.6 | |||
Other Assets and Liabilities — Net | (0.3 | ) | ||
Net Assets | 100.0 | % | ||
158
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 27.3% | ||||||||||||||
Austria: 0.2% | ||||||||||||||
19,460 | @ | CA Immobilien Anlagen AG | $ | 452,483 | ||||||||||
206,140 | @ | Meinl European Land Ltd. | 2,688,274 | |||||||||||
3,140,757 | ||||||||||||||
Brazil: 0.6% | ||||||||||||||
707,700 | @ | BR Malls Participacoes SA | 7,663,699 | |||||||||||
517,500 | ||||||||||||||
Brascan Residential Properties SA (Issuer: Merrill Lynch) | 2,848,710 | |||||||||||||
10,512,409 | ||||||||||||||
Canada: 0.5% | ||||||||||||||
391,800 | L | Brookfield Properties Co. (U.S. Denominated Security) | 7,886,934 | |||||||||||
7,886,934 | ||||||||||||||
Finland: 0.8% | ||||||||||||||
2,260,985 | Citycon OYJ | 13,125,829 | ||||||||||||
13,125,829 | ||||||||||||||
Germany: 0.1% | ||||||||||||||
19,440 | Deutsche Euroshop AG | 825,299 | ||||||||||||
825,299 | ||||||||||||||
Hong Kong: 12.3% | ||||||||||||||
3,870,400 | Cheung Kong Holdings Ltd. | 60,453,364 | ||||||||||||
3,063,100 | Hang Lung Group Ltd. | 16,484,441 | ||||||||||||
4,300,300 | Hang Lung Properties Ltd. | 17,458,455 | ||||||||||||
1,815,600 | Hongkong Land Holdings Ltd. | 8,241,913 | ||||||||||||
2,518,100 | Kerry Properties Ltd. | 17,048,802 | ||||||||||||
4,639,600 | Shui On Land Ltd. | 4,611,036 | ||||||||||||
5,307,500 | Sino Land Co. | 13,384,093 | ||||||||||||
3,062,700 | Sun Hung Kai Properties Ltd. | 53,525,399 | ||||||||||||
1,920,375 | Wharf Holdings Ltd. | 9,711,699 | ||||||||||||
200,919,202 | ||||||||||||||
India: 0.5% | ||||||||||||||
1,023,600 | @ | Unitech Ltd. (Global Instrument, Issuer: Macquarie Group Ltd.) | 7,830,875 | |||||||||||
7,830,875 | ||||||||||||||
Japan: 9.6% | ||||||||||||||
2,600,600 | Mitsubishi Estate Co., Ltd. | 75,630,355 | ||||||||||||
2,421,300 | Mitsui Fudosan Co., Ltd. | 61,186,062 | ||||||||||||
3,238 | NTT Urban Development Corp. | 5,023,790 | ||||||||||||
594,100 | Sumitomo Realty & Development Co., Ltd. | 14,891,677 | ||||||||||||
156,731,884 | ||||||||||||||
Singapore: 1.0% | ||||||||||||||
3,137,400 | CapitaLand Ltd. | 15,812,501 | ||||||||||||
15,812,501 | ||||||||||||||
Sweden: 0.5% | ||||||||||||||
887,660 | Hufvudstaden AB | 8,730,776 | ||||||||||||
8,730,776 | ||||||||||||||
Switzerland: 0.6% | ||||||||||||||
166,700 | @ | PSP Swiss Property AG | 10,320,943 | |||||||||||
10,320,943 | ||||||||||||||
United Kingdom: 0.6% | ||||||||||||||
135,300 | @ | Hirco PLC | 924,077 | |||||||||||
3,366,465 | Safestore Holdings Ltd. | 9,690,518 | ||||||||||||
10,614,595 | ||||||||||||||
Total Common Stock (Cost $379,498,639) | 446,452,004 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 66.6% | ||||||||||||||
Australia: 10.2% | ||||||||||||||
5,113,300 | CFS Retail Property Trust | 10,770,717 | ||||||||||||
2,986,100 | Commonwealth Property Office Fund | 3,947,032 | ||||||||||||
6,090,200 | DB Rreef Trust | 10,079,761 | ||||||||||||
2,422,100 | GPT Group | 7,609,427 | ||||||||||||
2,708,765 | Macquarie CountryWide Trust | 3,547,287 | ||||||||||||
3,129,931 | Macquarie Goodman Group | 13,292,757 | ||||||||||||
2,589,500 | Mirvac Group | 10,232,085 | ||||||||||||
3,789,400 | Stockland | 25,810,177 | ||||||||||||
2,642,250 | Valad Property Group | 2,356,044 | ||||||||||||
4,600,154 | Westfield Group | 79,049,462 | ||||||||||||
166,694,749 | ||||||||||||||
Canada: 1.2% | ||||||||||||||
64,000 | @,# | Calloway Real Estate Investment Trust | 1,345,328 | |||||||||||
193,000 | Calloway Real Estate Investment Trust | 4,057,005 | ||||||||||||
695,600 | RioCan Real Estate Investment Trust | 14,483,896 | ||||||||||||
19,886,229 | ||||||||||||||
France: 6.3% | ||||||||||||||
28,680 | Gecina SA | 4,036,546 | ||||||||||||
144,050 | Klepierre | 8,711,258 | ||||||||||||
358,219 | Mercialys | 16,631,534 | ||||||||||||
19,281 | Societe de la Tour Eiffel | 2,754,184 | ||||||||||||
37,153 | Societe Immobiliere de Location pour l’Industrie et le Commerce | 5,294,764 | ||||||||||||
255,386 | Unibail | 65,589,427 | ||||||||||||
103,017,713 | ||||||||||||||
Hong Kong: 0.9% | ||||||||||||||
5,786,100 | Link Real Estate Investment Trust | 13,852,262 | ||||||||||||
13,852,262 | ||||||||||||||
Japan: 3.6% | ||||||||||||||
858 | Japan Logistics Fund, Inc. | 5,842,227 | ||||||||||||
1,635 | Japan Real Estate Investment Corp. | 19,381,441 | ||||||||||||
1,075 | Japan Retail Fund Investment Corp. | 6,366,245 | ||||||||||||
726 | Kenedix Realty Investment Corp. | 4,296,944 | ||||||||||||
486 | Nippon Accommodations Fund, Inc. | 2,340,251 | ||||||||||||
1,383 | Nippon Building Fund, Inc. | 18,153,394 | ||||||||||||
581 | Nomura Real Estate Residential Fund, Inc. | 2,513,178 | ||||||||||||
58,893,680 | ||||||||||||||
Netherlands: 2.1% | ||||||||||||||
263,410 | Corio NV | 24,483,402 | ||||||||||||
180,305 | Eurocommercial Properties NV | 10,337,925 | ||||||||||||
34,821,327 | ||||||||||||||
Singapore: 1.6% | ||||||||||||||
4,504,400 | @ | Ascendas Real Estate Investment Trust | 8,598,908 | |||||||||||
5,480,500 | @ | CapitaMall Trust | 14,104,743 |
159
Table of Contents
Shares | Value | |||||||||||||
Singapore (continued) | ||||||||||||||
3,465,600 | @ | Macquarie MEAG Prime Real Estate Investment Trust | $ | 3,168,753 | ||||||||||
25,872,404 | ||||||||||||||
United Kingdom: 6.7% | ||||||||||||||
943,700 | British Land Co. PLC | 15,661,859 | ||||||||||||
445,800 | Brixton PLC | 2,626,095 | ||||||||||||
468,130 | Derwent Valley Holdings PLC | 12,390,202 | ||||||||||||
557,596 | Great Portland Estates PLC | 5,047,487 | ||||||||||||
851,728 | Hammerson PLC | 16,957,523 | ||||||||||||
1,344,617 | Land Securities Group PLC | 40,888,604 | ||||||||||||
220,359 | Liberty International PLC | 4,264,345 | ||||||||||||
1,312,800 | Segro PLC | 11,954,167 | ||||||||||||
109,790,282 | ||||||||||||||
United States: 34.0% | ||||||||||||||
82,900 | Acadia Realty Trust | 2,125,556 | ||||||||||||
212,800 | L | AMB Property Corp. | 12,289,200 | |||||||||||
105,010 | L | AvalonBay Communities, Inc. | 10,474,748 | |||||||||||
198,200 | L | BioMed Realty Trust, Inc. | 5,153,200 | |||||||||||
404,600 | L | Boston Properties, Inc. | 40,658,254 | |||||||||||
222,400 | L | BRE Properties, Inc. | 10,664,080 | |||||||||||
172,300 | L | Corporate Office Properties Trust SBI MD | 6,426,790 | |||||||||||
388,100 | L | Douglas Emmett, Inc. | 9,221,256 | |||||||||||
153,600 | L | Equity One, Inc. | 3,793,920 | |||||||||||
341,600 | L | Equity Residential | 14,183,232 | |||||||||||
103,000 | L | Essex Property Trust, Inc. | 12,257,000 | |||||||||||
183,900 | L | Extra Space Storage, Inc. | 3,095,037 | |||||||||||
347,000 | L | Federal Realty Investment Trust | 28,506,050 | |||||||||||
118,100 | L | FelCor Lodging Trust, Inc. | 1,486,879 | |||||||||||
448,900 | L | General Growth Properties, Inc. | 18,386,944 | |||||||||||
556,000 | L | HCP, Inc. | 19,849,200 | |||||||||||
224,500 | L | Health Care Real Estate Investment Trust, Inc. | 10,877,025 | |||||||||||
232,900 | L | Highwoods Properties, Inc. | 8,160,816 | |||||||||||
147,600 | L | Home Properties, Inc. | 7,759,332 | |||||||||||
1,040,510 | L | Host Hotels & Resorts, Inc. | 17,896,772 | |||||||||||
144,400 | L | Kilroy Realty Corp. | 7,555,008 | |||||||||||
372,100 | L | Kimco Realty Corp. | 14,850,511 | |||||||||||
97,400 | LaSalle Hotel Properties | 3,123,618 | ||||||||||||
224,275 | L | Liberty Property Trust | 7,856,353 | |||||||||||
164,800 | L | Macerich Co. | 12,051,824 | |||||||||||
336,000 | L | Nationwide Health Properties, Inc. | 12,102,720 | |||||||||||
365,500 | Omega Healthcare Investors, Inc. | 6,396,250 | ||||||||||||
83,200 | L | Post Properties, Inc. | 3,053,440 | |||||||||||
384,500 | L | Prologis | 24,073,545 | |||||||||||
294,754 | L | Public Storage, Inc. | 26,734,188 | |||||||||||
328,000 | L | Regency Centers Corp. | 23,474,960 | |||||||||||
677,650 | Simon Property Group, Inc. | 67,670,129 | ||||||||||||
124,400 | L | SL Green Realty Corp. | 11,544,320 | |||||||||||
290,400 | L | Strategic Hotel Capital, Inc. | 4,184,664 | |||||||||||
271,000 | Tanger Factory Outlet Centers, Inc. | 10,932,140 | ||||||||||||
233,500 | L | Taubman Centers, Inc. | 13,232,445 | |||||||||||
366,700 | L | UDR, Inc. | 9,270,176 | |||||||||||
709,100 | L | Ventas, Inc. | 34,433,896 | |||||||||||
198,000 | L | Vornado Realty Trust | 18,431,820 | |||||||||||
554,237,298 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $1,049,328,521) | 1,087,065,944 | |||||||||||||
MUTUAL FUNDS: 0.8% | ||||||||||||||
Australia: 0.3% | ||||||||||||||
2,178,900 | ** | ING Industrial Fund | 4,281,390 | |||||||||||
4,281,390 | ||||||||||||||
Luxembourg: 0.4% | ||||||||||||||
464,350 | Prologis European Properties | 7,540,621 | ||||||||||||
7,540,621 | ||||||||||||||
United Kingdom: 0.1% | ||||||||||||||
1,266,400 | ** | ING UK Real Estate Income Trust Ltd. | 1,781,018 | |||||||||||
1,781,018 | ||||||||||||||
Total Mutual Funds (Cost $13,918,601) | 13,603,029 | |||||||||||||
WARRANTS: 0.0% | ||||||||||||||
Hong Kong: 0.0% | ||||||||||||||
158,416 | @ | China Overseas Land & Investment Ltd. | 85,376 | |||||||||||
Total Warrants (Cost $-) | 85,376 | |||||||||||||
Total Long-Term Investments (Cost $1,442,745,761) | 1,547,206,353 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 21.2% | ||||||||||||||
U.S. Government Agency Obligations: 3.6% | ||||||||||||||
$ | 58,809,000 | L,Z | Federal Home Loan Bank, 1.550%, due 05/01/08 | $ | 58,806,468 | |||||||||
Total U.S. Government Agency Obligations (Cost $58,806,468) | 58,806,468 | |||||||||||||
Securities Lending CollateralCC: 17.6% | ||||||||||||||
287,051,807 | Bank of New York Mellon Corp. Institutional Cash Reserves | 287,051,807 | ||||||||||||
Total Securities Lending Collateral (Cost $287,051,807) | 287,051,807 | |||||||||||||
Total Short-Term Investments (Cost $345,858,275) | 345,858,275 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $1,788,604,036)* | 115.9 | % | $ | 1,893,064,628 | ||||||||||
Other Assets and Liabilities - Net | (15.9 | ) | (259,909,967 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 1,633,154,661 | ||||||||||
160
Table of Contents
@ | Non-income producing security | |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees. | |
cc | Securities purchased with cash collateral for securities loaned. | |
L | Loaned security, a portion or all of the security is on loan at April 30, 2008. | |
** | Investment in affiliate | |
Z | Indicates Zero Coupon Bond; rate shown reflects current effective yield. | |
* | Cost for federal income tax purposes is $1,836,128,375. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 110,673,017 | ||
Gross Unrealized Depreciation | (53,736,764 | ) | ||
Net Unrealized Appreciation | $ | 56,936,253 | ||
Percentage of | ||||
Industry | Net Assets | |||
Apartments | 4.3 | % | ||
Closed-End Funds | 0.8 | |||
Diversified | 20.4 | |||
Engineering & Construction | 0.5 | |||
Health Care | 5.1 | |||
Holding Companies — Diversified | 0.6 | |||
Hotels | 1.7 | |||
Office Property | 9.5 | |||
Real Estate | 25.6 | |||
Regional Malls | 6.8 | |||
Shopping Centers | 14.4 | |||
Storage | 1.8 | |||
Storage/Warehousing | 0.6 | |||
Warehouse/Industrial | 2.6 | |||
Short-Term Investments | 21.2 | |||
Other Assets and Liabilities — Net | (15.9 | ) | ||
Net Assets | 100.0 | % | ||
In | ||||||||||||||||||||
Settlement | Exchange | Unrealized | ||||||||||||||||||
Currency | Buy/Sell | Date | For | Value | Appreciation | |||||||||||||||
USD | ||||||||||||||||||||
Japanese Yen JPY 127,933,302 | Buy | 05/07/08 | 1,225,720 | 1,230,861 | $ | 5,141 | ||||||||||||||
$ | 5,141 | |||||||||||||||||||
161
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 90.2% | ||||||||||||||
Australia: 0.4% | ||||||||||||||
126,600 | @ | Moto Goldmines Ltd. | $ | 457,575 | ||||||||||
457,575 | ||||||||||||||
Brazil: 2.9% | ||||||||||||||
191,800 | L | Centrais Eletricas Brasileiras SA ADR — Class B | 2,911,620 | |||||||||||
11,700 | L | Cia de Saneamento Basico do Estado de Sao Paulo ADR | 592,371 | |||||||||||
3,503,991 | ||||||||||||||
Canada: 7.4% | ||||||||||||||
43,264 | L | AbitibiBowater, Inc. | 427,016 | |||||||||||
138,400 | Barrick Gold Corp. | 5,345,008 | ||||||||||||
182,700 | @,L | Crystallex International Corp. | 166,257 | |||||||||||
457,800 | @ | Gabriel Resources Ltd. | 904,599 | |||||||||||
85,100 | @,L | Ivanhoe Mines Ltd. | 817,811 | |||||||||||
198,100 | @ | Patheon, Inc. | 717,967 | |||||||||||
12,700 | L | Petro-Canada | 636,524 | |||||||||||
9,015,182 | ||||||||||||||
Cayman Islands: 1.3% | ||||||||||||||
152,500 | @,L | Apex Silver Mines Ltd. | 1,532,625 | |||||||||||
1,532,625 | ||||||||||||||
Finland: 1.1% | ||||||||||||||
70,500 | UPM-Kymmene OYJ | 1,352,041 | ||||||||||||
1,352,041 | ||||||||||||||
France: 4.5% | ||||||||||||||
73,000 | Sanofi-Aventis ADR | 2,816,340 | ||||||||||||
11,300 | Technip SA ADR | 1,044,322 | ||||||||||||
24,200 | Thales SA | 1,576,215 | ||||||||||||
5,436,877 | ||||||||||||||
Italy: 1.0% | ||||||||||||||
32,000 | ERG S.p.A. | 700,745 | ||||||||||||
322,800 | Telecom Italia S.p.A. RNC | 525,482 | ||||||||||||
1,226,227 | ||||||||||||||
Japan: 17.4% | ||||||||||||||
168,000 | @ | Chiyoda Corp. | 1,266,619 | |||||||||||
500 | Fields Corp. | 957,182 | ||||||||||||
5,800 | Hakuhodo DY Holdings, Inc. | 352,484 | ||||||||||||
42,400 | JS Group Corp. | 738,609 | ||||||||||||
5,900 | L | Kao Corp. ADR | 1,586,355 | |||||||||||
55,000 | Kissei Pharmaceutical Co., Ltd. | 1,161,958 | ||||||||||||
183,000 | Nippon Oil Corp. | 1,261,168 | ||||||||||||
245,000 | Nippon Telegraph & Telephone Corp. ADR | 5,265,050 | ||||||||||||
83,000 | Obayashi Corp. | 403,218 | ||||||||||||
97,800 | Paramount Bed Co., Ltd. | 1,300,573 | ||||||||||||
262,000 | Sekisui House Ltd. | 2,494,085 | ||||||||||||
25,400 | Seven & I Holdings Co., Ltd. | 760,386 | ||||||||||||
282,000 | Sumitomo Osaka Cement Co., Ltd. | 617,904 | ||||||||||||
66,000 | Sumitomo Trust & Banking Co., Ltd. | 593,405 | ||||||||||||
54,000 | Toppan Printing Co., Ltd. | 602,935 | ||||||||||||
21,000 | Toppan Printing Co., Ltd. ADR | 1,161,420 | ||||||||||||
33,100 | Toyo Seikan Kaisha Ltd. | 650,592 | ||||||||||||
21,173,943 | ||||||||||||||
Netherlands: 3.7% | ||||||||||||||
57,000 | Royal Dutch Shell PLC ADR — Class B | 4,542,900 | ||||||||||||
4,542,900 | ||||||||||||||
Norway: 2.2% | ||||||||||||||
4,134,000 | @,L | Marine Harvest | 2,713,123 | |||||||||||
2,713,123 | ||||||||||||||
Papua New Guinea: 1.9% | ||||||||||||||
820,004 | @,L | Lihir Gold Ltd. | 2,326,401 | |||||||||||
2,326,401 | ||||||||||||||
South Africa: 5.7% | ||||||||||||||
142,000 | L | Anglogold Ashanti Ltd. ADR | 4,845,040 | |||||||||||
153,900 | Gold Fields Ltd. | 2,057,990 | ||||||||||||
6,903,030 | ||||||||||||||
South Korea: 5.3% | ||||||||||||||
326,150 | L | Korea Electric Power Corp. ADR | 5,358,648 | |||||||||||
35,200 | L | KT Corp. ADR | 813,824 | |||||||||||
3,800 | @ | Samsung SDI Co., Ltd. | 292,747 | |||||||||||
6,465,219 | ||||||||||||||
Sweden: 0.5% | ||||||||||||||
24,200 | L | Telefonaktiebolaget LM Ericsson ADR | 610,324 | |||||||||||
610,324 | ||||||||||||||
Switzerland: 0.5% | ||||||||||||||
16,800 | L | UBS AG — New | 564,312 | |||||||||||
564,312 | ||||||||||||||
United Kingdom: 8.0% | ||||||||||||||
82,000 | L | AstraZeneca PLC ADR | 3,442,360 | |||||||||||
221,500 | Benfield Group Ltd. | 1,154,153 | ||||||||||||
17,800 | BP PLC ADR | 1,295,662 | ||||||||||||
35,139 | @,L | Lighthouse Caledonia ASA | 33,143 | |||||||||||
76,800 | Mondi PLC | 608,656 | ||||||||||||
143,900 | Stolt-Nielsen SA | 3,199,052 | ||||||||||||
9,733,026 | ||||||||||||||
United States: 26.4% | ||||||||||||||
164,100 | @ | Allied Waste Industries, Inc. | 2,028,276 | |||||||||||
75,200 | @ | Amgen, Inc. | 3,148,624 | |||||||||||
19,000 | Chevron Corp. | 1,826,850 | ||||||||||||
20,600 | @ | eBay, Inc. | 644,574 | |||||||||||
67,900 | Electronic Data Systems Corp. | 1,260,224 | ||||||||||||
34,300 | L | Idacorp, Inc. | 1,112,692 | |||||||||||
20,000 | Microsoft Corp. | 570,400 | ||||||||||||
126,300 | L | Newmont Mining Corp. | 5,583,723 | |||||||||||
26,650 | Peabody Energy Corp. | 1,629,115 | ||||||||||||
46,200 | Puget Energy, Inc. | 1,257,102 | ||||||||||||
18,900 | @,L | Scholastic Corp. | 532,035 | |||||||||||
136,700 | @,L | Smithfield Foods, Inc. | 3,920,556 | |||||||||||
394,600 | L | Sprint Nextel Corp. | 3,152,854 | |||||||||||
30,600 | @,L | Tech Data Corp. | 1,028,466 | |||||||||||
166,600 | Tyson Foods, Inc. | 2,965,480 | ||||||||||||
9,400 | Union Pacific Corp. | 1,364,786 | ||||||||||||
32,025,757 | ||||||||||||||
Total Common Stock (Cost $108,288,217) | 109,582,553 | |||||||||||||
RIGHTS: 0.0% | ||||||||||||||
Switzerland: 0.0% | ||||||||||||||
16,800 | UBS AG — Reg Rights | 17,349 | ||||||||||||
Total Rights (Cost $25,591) | 17,349 | |||||||||||||
Total Long-Term Investments (Cost $108,313,808) | 109,599,902 | |||||||||||||
162
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 30.6% | ||||||||||||||
U.S. Government Agency Obligations: 7.4% | ||||||||||||||
$ | 9,030,000 | L,Z | Federal Home Loan Bank, 1.550%, due 05/01/08 | $ | 9,029,611 | |||||||||
Total U.S. Government Agency Obligations (Cost $9,029,611) | 9,029,611 | |||||||||||||
Securities Lending CollateralCC: 23.2% | ||||||||||||||
28,197,205 | Bank of New York Mellon Corp. Institutional Cash Reserves | 28,197,205 | ||||||||||||
Total Securities Lending Collateral (Cost $28,197,205) | 28,197,205 | |||||||||||||
Total Short-Term Investments (Cost $37,226,816) | 37,226,816 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $145,540,624)* | 120.8 | % | $ | 146,826,718 | ||||||||||
Other Assets and Liabilities - Net | (20.8 | ) | (25,254,221 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 121,572,497 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
cc | Securities purchased with cash collateral for securities loaned. | |
L | Loaned security, a portion or all of the security is on loan at April 30, 2008. | |
Z | Indicates Zero Coupon Bond; rate shown reflects current effective yield. | |
* | Cost for federal income tax purposes is $146,351,739. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 10,109,680 | ||
Gross Unrealized Depreciation | (9,634,701 | ) | ||
Net Unrealized Appreciation | $ | 474,979 | ||
Percentage of | ||||
Industry | Net Assets | |||
Advertising | 0.3 | % | ||
Aerospace/Defense | 1.3 | |||
Banks | 0.5 | |||
Biotechnology | 2.6 | |||
Building Materials | 1.1 | |||
Coal | 1.3 | |||
Commercial Services | 1.5 | |||
Computers | 1.0 | |||
Cosmetics/Personal Care | 1.3 | |||
Distribution/Wholesale | 0.8 | |||
Diversified Financial Services | 0.5 | |||
Electric | 8.8 | |||
Electronics | 0.2 | |||
Engineering & Construction | 1.4 | |||
Environmental Control | 1.7 | |||
Food | 7.9 | |||
Forest Products & Paper | 2.0 | |||
Healthcare — Products | 1.1 | |||
Home Builders | 2.1 | |||
Insurance | 0.9 | |||
Internet | 0.5 | |||
Leisure Time | 0.8 | |||
Media | 0.4 | |||
Mining | 19.8 | |||
Oil & Gas | 8.4 | |||
Oil & Gas Services | 0.9 | |||
Packaging & Containers | 0.5 | |||
Pharmaceuticals | 6.7 | |||
Retail | 0.6 | |||
Software | 0.5 | |||
Telecommunications | 8.5 | |||
Transportation | 3.8 | |||
Water | 0.5 | |||
Short-Term Investments | 30.6 | |||
Other Assets and Liabilities — Net | (20.8 | ) | ||
Net Assets | 100.0 | % | ||
163
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 55.4% | ||||||||||||||
Australia: 1.3% | ||||||||||||||
5,600 | Lend Lease Corp., Ltd. | $ | 65,534 | |||||||||||
65,534 | ||||||||||||||
Hong Kong: 28.6% | ||||||||||||||
23,100 | Cheung Kong Holdings Ltd. | 360,808 | ||||||||||||
11,000 | Hang Lung Group Ltd. | 59,198 | ||||||||||||
32,000 | Hang Lung Properties Ltd. | 129,914 | ||||||||||||
7,900 | Henderson Land Development Co., Ltd. | 60,433 | ||||||||||||
22,300 | Hongkong Land Holdings Ltd. | 101,231 | ||||||||||||
14,000 | Hysan Development Co., Ltd. | 40,612 | ||||||||||||
14,000 | Kerry Properties Ltd. | 94,787 | ||||||||||||
31,000 | Shui On Land Ltd. | 30,809 | ||||||||||||
36,000 | Shun TAK Holdings Ltd. | 48,033 | ||||||||||||
32,000 | Sino Land Co. | 80,695 | ||||||||||||
20,400 | Sun Hung Kai Properties Ltd. | 356,521 | ||||||||||||
13,000 | Wharf Holdings Ltd. | 65,743 | ||||||||||||
1,428,784 | ||||||||||||||
India: 0.3% | ||||||||||||||
2,200 | @ | Unitech Ltd. (Global Instrument, Issuer: Macquarie Group Ltd.) | 16,831 | |||||||||||
16,831 | ||||||||||||||
Japan: 22.1% | ||||||||||||||
17,000 | Mitsubishi Estate Co., Ltd. | 494,392 | ||||||||||||
15,000 | Mitsui Fudosan Co., Ltd. | 379,049 | ||||||||||||
40 | NTT Urban Development Corp. | 62,060 | ||||||||||||
5,000 | Sumitomo Realty & Development Co., Ltd. | 125,330 | ||||||||||||
2,000 | Tokyo Tatemono Co., Ltd. | 17,461 | ||||||||||||
3,000 | Tokyu Land Corp. | 22,443 | ||||||||||||
1,100,735 | ||||||||||||||
Singapore: 3.1% | ||||||||||||||
22,000 | CapitaLand Ltd. | 110,880 | ||||||||||||
2,000 | City Developments Ltd. | 17,897 | ||||||||||||
16,000 | Wheelock Properties S Ltd. | 23,965 | ||||||||||||
152,742 | ||||||||||||||
Total Common Stock | ||||||||||||||
(Cost $3,028,553) | 2,764,626 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 38.7% | ||||||||||||||
Australia: 22.0% | ||||||||||||||
2,900 | Australand Property Group | 4,498 | ||||||||||||
23,300 | Babcock & Brown Japan Property Trust | 25,636 | ||||||||||||
31,800 | CFS Retail Property Trust | 66,984 | ||||||||||||
11,700 | Charter Hall Group | 15,952 | ||||||||||||
49,200 | Commonwealth Property Office Fund | 65,033 | ||||||||||||
21,100 | DB Rreef Trust | 34,922 | ||||||||||||
40,900 | GPT Group | 128,494 | ||||||||||||
18,300 | Macquarie Goodman Group | 77,720 | ||||||||||||
15,400 | Mirvac Group | 60,851 | ||||||||||||
20,500 | Stockland | 139,629 | ||||||||||||
11,700 | Valad Property Group | 10,433 | ||||||||||||
27,100 | Westfield Group | 465,689 | ||||||||||||
1,095,841 | ||||||||||||||
Hong Kong: 2.1% | ||||||||||||||
43,000 | Link Real Estate Investment Trust | 102,945 | ||||||||||||
102,945 | ||||||||||||||
Japan: 8.2% | ||||||||||||||
4 | Fukuoka Real Estate Investment Trust Corp. | 24,029 | ||||||||||||
2 | Japan Excellent, Inc. | 12,211 | ||||||||||||
4 | Japan Logistics Fund, Inc. | 27,236 | ||||||||||||
10 | Japan Real Estate Investment Corp. | 118,541 | ||||||||||||
3 | Kenedix Realty Investment Corp. | 17,756 | ||||||||||||
11 | Nippon Building Fund, Inc. | 144,387 | ||||||||||||
5 | Nomura Real Estate Office Fund, Inc. | 39,761 | ||||||||||||
3 | Tokyu Real Estate Investment Trust, Inc. | 25,261 | ||||||||||||
409,182 | ||||||||||||||
Singapore: 6.4% | ||||||||||||||
31,000 | @ | Ascendas Real Estate Investment Trust | 59,179 | |||||||||||
23,000 | @ | Ascott Residence Trust | 22,606 | |||||||||||
22,000 | @ | CapitaCommercial Trust | 36,431 | |||||||||||
37,000 | @ | CapitaMall Trust | 95,224 | |||||||||||
43,000 | @ | Fortune Real Estate Investment Trust | 27,546 | |||||||||||
87,900 | @ | Macquarie MEAG Prime Real Estate Investment Trust | 80,371 | |||||||||||
321,357 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $2,057,792) | 1,929,325 | |||||||||||||
MUTUAL FUNDS: 0.8% | ||||||||||||||
Australia: 0.8% | ||||||||||||||
21,800 | ** | ING Industrial Fund | 42,836 | |||||||||||
Total Mutual Funds (Cost $51,688) | 42,836 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $5,138,033)* | 94.9 | % | $ | 4,736,787 | ||||||||||
Other Assets and Liabilities - Net | 5.1 | 252,174 | ||||||||||||
Net Assets | 100.0 | % | $ | 4,988,961 | ||||||||||
@ | Non-income producing security | |
** | Investment in affiliate | |
* | Cost for federal income tax purposes is $5,246,814. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 56,854 | ||
Gross Unrealized Depreciation | (566,881 | ) | ||
Net Unrealized Depreciation | $ | (510,027 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Closed-End Funds | 0.8 | % | ||
Diversified | 12.7 | |||
Engineering & Construction | 0.3 | |||
Holding Companies — Diversified | 1.3 | |||
Hotels | 0.5 | |||
Office Property | 8.1 | |||
Real Estate | 53.8 | |||
Shopping Centers | 16.8 | |||
Warehouse/Industrial | 0.6 | |||
Other Assets and Liabilities — Net | 5.1 | |||
Net Assets | 100.0 | % | ||
164
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 91.1% | ||||||||||||||
Australia: 5.4% | ||||||||||||||
123,258 | Ansell Ltd. | $ | 1,333,966 | |||||||||||
71,700 | @ | Anvil Mining Ltd. | 948,311 | |||||||||||
137,088 | @ | Arrow Energy NL | 302,554 | |||||||||||
237,273 | Australian Infrastructure Fund | 624,566 | ||||||||||||
343,059 | @ | Australian Worldwide Exploration Ltd. | 1,181,332 | |||||||||||
147,947 | Beach Petroleum Ltd. | 168,486 | ||||||||||||
561,918 | Challenger Financial Services Group Ltd. | 1,104,593 | ||||||||||||
87,851 | Computershare Ltd. | 737,933 | ||||||||||||
73,251 | CSR Ltd. | 218,023 | ||||||||||||
39,238 | Felix Resources Ltd. | 541,996 | ||||||||||||
12,760 | Flight Centre Ltd. | 261,828 | ||||||||||||
104,088 | Goodman Fielder Ltd. | 175,169 | ||||||||||||
37,734 | Healthscope Ltd. | 193,078 | ||||||||||||
18,169 | Incitec Pivot Ltd. | 2,763,823 | ||||||||||||
26,208 | Independence Group NL | 205,876 | ||||||||||||
348,327 | Macmahon Holdings Ltd. | 532,869 | ||||||||||||
122,479 | Macquarie Media Group Ltd. | 424,791 | ||||||||||||
204,407 | Metcash Ltd. | 811,518 | ||||||||||||
194,505 | Minara Resources Ltd. | 1,065,644 | ||||||||||||
55,402 | Mincor Resources NL | 183,999 | ||||||||||||
30,428 | Monadelphous Group Ltd. | 385,345 | ||||||||||||
67,247 | I,X | Octaviar Ltd. | 62,813 | |||||||||||
306,096 | Oxiana Ltd. | 950,257 | ||||||||||||
348,347 | Pacific Brands Ltd. | 645,775 | ||||||||||||
267,174 | PMP Ltd. | 338,321 | ||||||||||||
87,158 | Seven Network Ltd. | 762,233 | ||||||||||||
18,774 | Sims Group Ltd. | 585,621 | ||||||||||||
642,407 | # | Spark Infrastructure Group | 1,075,685 | |||||||||||
93,984 | Transfield Services Ltd. | 1,133,693 | ||||||||||||
19,720,098 | ||||||||||||||
Austria: 0.5% | ||||||||||||||
64,255 | @ | Austrian Airlines | 372,098 | |||||||||||
14,678 | @ | Ca Immo International AA | 230,527 | |||||||||||
38,594 | @ | CA Immobilien Anlagen AG | 897,387 | |||||||||||
6,171 | Zumtobel AG | 187,690 | ||||||||||||
1,687,702 | ||||||||||||||
Belgium: 0.7% | ||||||||||||||
36,621 | AGFA-Gevaert NV | 267,360 | ||||||||||||
12,672 | EVS Broadcast Equipment SA | 1,288,993 | ||||||||||||
18,069 | Omega Pharma SA | 788,950 | ||||||||||||
24,149 | @ | RHJ International | 315,029 | |||||||||||
2,660,332 | ||||||||||||||
Bermuda: 0.4% | ||||||||||||||
46,927 | Catlin Group Ltd. | 362,797 | ||||||||||||
88,600 | @ | Global Sources Ltd. | 1,230,654 | |||||||||||
1,593,451 | ||||||||||||||
Canada: 7.2% | ||||||||||||||
9,500 | Aecon Group, Inc. | 149,136 | ||||||||||||
50,500 | Aeroplan Income Fund | 764,696 | ||||||||||||
34,500 | @ | Altius Minerals Corp. | 523,444 | |||||||||||
13,600 | Astral Media Inc. | 466,027 | ||||||||||||
9,100 | Atco Ltd. | 428,480 | ||||||||||||
63,000 | @ | CanWest Global Communications Corp. | 262,109 | |||||||||||
94,000 | @ | Celestica, Inc. | 882,971 | |||||||||||
28,100 | CML Healthcare Income Fund | 418,807 | ||||||||||||
100,500 | Daylight Resources Trust | 976,959 | ||||||||||||
38,500 | Emera, Inc. | 820,003 | ||||||||||||
6,300 | @ | FNX Mining Co., Inc. | 156,390 | |||||||||||
32,000 | Forzani Group Ltd. | 563,360 | ||||||||||||
32,800 | Gerdau AmeriSteel Corp. | 511,330 | ||||||||||||
1 | Harvest Energy Trust | 12 | ||||||||||||
13,100 | @ | HudBay Minerals, Inc. | 247,145 | |||||||||||
24,500 | Iamgold Corp. | 147,667 | ||||||||||||
34,400 | Industrial Alliance Insurance | 1,352,978 | ||||||||||||
7,000 | Inmet Mining Corp. | 574,471 | ||||||||||||
49,900 | Jazz Air Income Fund | 385,485 | ||||||||||||
14,900 | Labrador Iron Ore Royalty Income Fund | 781,174 | ||||||||||||
27,300 | Laurentian Bank of Canada | 1,144,209 | ||||||||||||
45,200 | Methanex Corp. | 1,054,712 | ||||||||||||
33,400 | Metro Inc. | 809,215 | ||||||||||||
13,000 | Northbridge Financial Corp. | 448,565 | ||||||||||||
113,300 | @ | Northgate Minerals Corp. | 321,754 | |||||||||||
14,700 | @ | Oilexco Incorporated | 224,346 | |||||||||||
29,100 | @ | Petrobank Energy & Resources Ltd. | 1,404,290 | |||||||||||
23,200 | @ | Petrolifera Petroleum Ltd. | 217,694 | |||||||||||
67,500 | Progress Energy Trust | 941,689 | ||||||||||||
65,600 | @ | QuADRa Mining Ltd. | 1,481,227 | |||||||||||
9,700 | Rothmans Inc. | 239,538 | ||||||||||||
36,200 | Shawcor Ltd. | 1,078,344 | ||||||||||||
87,400 | Sherritt International Corp. | 1,219,313 | ||||||||||||
71,700 | @ | Silver Wheaton Corp. | 950,447 | |||||||||||
50,200 | Silvercorp Metals, Inc. | 366,369 | ||||||||||||
14,200 | @ | Sino-Forest Corp. | 215,023 | |||||||||||
33,500 | @ | Stantec, Inc. | 985,607 | |||||||||||
42,200 | Teranet Income Fund | 398,074 | ||||||||||||
20,200 | Transcontinental, Inc. | 378,888 | ||||||||||||
123,400 | @ | UTS Energy Corp. | 662,888 | |||||||||||
34,600 | Vermilion Energy Trust | 1,362,905 | ||||||||||||
26,317,741 | ||||||||||||||
China: 0.1% | ||||||||||||||
56,000 | Hengan International Group Co., Ltd. | �� | 199,882 | |||||||||||
199,882 | ||||||||||||||
Denmark: 0.4% | ||||||||||||||
16,175 | East Asiatic Co., Ltd. A/S | 1,429,641 | ||||||||||||
1,429,641 | ||||||||||||||
Finland: 0.1% | ||||||||||||||
16,997 | OKO Bank | 337,421 | ||||||||||||
337,421 | ||||||||||||||
France: 9.4% | ||||||||||||||
29,911 | Accor SA | 2,464,480 | ||||||||||||
30,058 | Air France-KLM | 929,171 | ||||||||||||
15,794 | @ | Arkema | 907,506 | |||||||||||
4,920 | Bacou Dalloz | 622,232 | ||||||||||||
2,501 | Bollore Investissement | 552,712 | ||||||||||||
2,224 | Bonduelle S.C.A. | 275,656 | ||||||||||||
9,192 | Capgemini SA | 552,085 | ||||||||||||
2,839 | Cie Generale D’Optique Essilor International SA | 176,118 | ||||||||||||
5,529 | Ciments Francais SA | 1,066,372 | ||||||||||||
12,656 | CNP Assurances | 1,501,077 | ||||||||||||
6,305 | @ | Compagnie Generale de Geophysique SA | 1,583,612 | |||||||||||
1,534 | Eramet SLN | 1,368,029 | ||||||||||||
10,325 | Etablissements Maurel et Prom | 238,006 | ||||||||||||
10,767 | Eurazeo | 1,386,437 | ||||||||||||
45,465 | @ | Eutelsat Communications | 1,336,153 | |||||||||||
590 | Generale de Sante | 13,404 | ||||||||||||
24,338 | IMS-International Metal Service | 976,313 | ||||||||||||
11,581 | Ipsen | 707,722 | ||||||||||||
4,859 | Kaufman & Broad SA | 224,651 | ||||||||||||
21,793 | Lagardere SCA | 1,553,716 | ||||||||||||
1,303 | Laurent-Perrier Group | 188,638 | ||||||||||||
41,632 | Legrand SA | 1,244,284 | ||||||||||||
25,563 | Neuf Cegetel | 1,429,935 | ||||||||||||
3,411 | Pierre & Vacances | 374,385 | ||||||||||||
48,842 | Safran SA | 1,021,014 | ||||||||||||
61,543 | Scor SA | 1,477,300 | ||||||||||||
10,081 | Sequana Capital | 257,573 | ||||||||||||
16,048 | Societe BIC SA | 821,419 | ||||||||||||
20,894 | Sodexho Alliance SA | 1,393,360 | ||||||||||||
24,104 | Technip SA | 2,221,107 | ||||||||||||
26,376 | Thales SA | 1,717,944 |
165
Table of Contents
Shares | Value | |||||||||||||
France (continued) | ||||||||||||||
157,690 | @ | Thomson | $ | 997,058 | ||||||||||
2,530 | @ | UbiSoft Entertainment | 252,689 | |||||||||||
4,614 | Vallourec | 1,250,916 | ||||||||||||
5,976 | Vilmorin & Cie | 1,114,542 | ||||||||||||
3,014 | Virbac SA | 284,144 | ||||||||||||
34,481,760 | ||||||||||||||
Germany: 8.9% | ||||||||||||||
52,837 | Aareal Bank AG | 1,959,593 | ||||||||||||
9,593 | Adidas AG | 608,931 | ||||||||||||
70,942 | @ | Aixtron AG | 1,097,275 | |||||||||||
1,963 | AMB Generali Holding AG | 360,401 | ||||||||||||
22,143 | Celesio AG | 962,864 | ||||||||||||
22,562 | Curanum AG | 161,612 | ||||||||||||
16,240 | Deutsche Beteiligungs AG | 402,358 | ||||||||||||
28,173 | Deutsche Euroshop AG | 1,196,046 | ||||||||||||
84,697 | Deutsche Lufthansa AG | 2,234,799 | ||||||||||||
30,682 | @ | Drillisch AG | 189,244 | |||||||||||
65,475 | EpCos. AG | 999,029 | ||||||||||||
46,118 | Freenet AG | 788,407 | ||||||||||||
38,020 | Fresenius Medical Care AG & Co. KGaA | 2,011,888 | ||||||||||||
73,679 | Gildemeister AG | 2,163,421 | ||||||||||||
17,714 | Hannover Rueckversicheru — Reg | 963,478 | ||||||||||||
11,134 | HeidelbergCement AG | 1,861,302 | ||||||||||||
1,783 | Hochtief AG | 181,545 | ||||||||||||
156,291 | @ | IKB Deutsche Industriebank AG | 1,071,854 | |||||||||||
122,027 | @ | Infineon Technologies AG | 1,122,484 | |||||||||||
50,669 | @ | IWKA AG | 1,852,475 | |||||||||||
34,382 | @ | Jenoptik AG | 304,802 | |||||||||||
1,168 | K+S AG | 477,551 | ||||||||||||
33,231 | Kontron AG | 536,283 | ||||||||||||
2,515 | KWS Saat AG | 545,967 | ||||||||||||
24,380 | Leoni AG | 1,309,177 | ||||||||||||
10,040 | MAN AG | 1,395,829 | ||||||||||||
41,810 | @ | Medion AG | 831,357 | |||||||||||
6,059 | Salzgitter AG | 1,232,455 | ||||||||||||
58,615 | Suedzucker AG | 1,326,714 | ||||||||||||
9,507 | United Internet AG | 202,462 | ||||||||||||
13,309 | Vossloh AG | 1,920,714 | ||||||||||||
1,297 | Wacker Chemie AG | 314,570 | ||||||||||||
32,586,887 | ||||||||||||||
Greece: 0.5% | ||||||||||||||
64,540 | Hellenic Technodomiki Tev SA | 800,699 | ||||||||||||
17,207 | Neochimiki LV Lavrentiadis SA | 494,932 | ||||||||||||
17,300 | Tsakos Energy Navigation Ltd. | 562,250 | ||||||||||||
1,857,881 | ||||||||||||||
Hong Kong: 2.3% | ||||||||||||||
295,700 | @ | CDC Corp. — Class A | 1,020,165 | |||||||||||
686,000 | China Gas Holdings Ltd. | 212,673 | ||||||||||||
410,000 | Great Eagle Holding Co. | 1,189,464 | ||||||||||||
408,800 | Hkr International Ltd. | 277,686 | ||||||||||||
219,500 | Hongkong & Shanghai Hotels | 375,863 | ||||||||||||
413,000 | Hopewell Holdings | 1,797,279 | ||||||||||||
658,000 | Hysan Development Co., Ltd. | 1,908,779 | ||||||||||||
552,000 | K Wah International Holdings Ltd. | 241,855 | ||||||||||||
15,100 | @ | Khd Humboldt Wedag International | 437,749 | |||||||||||
100,800 | Mandarin Oriental International Ltd. | 224,298 | ||||||||||||
1,137,000 | Minmetals Resources Ltd. | 440,665 | ||||||||||||
1,232,000 | Sinolink Worldwide Holdings | 216,174 | ||||||||||||
8,342,650 | ||||||||||||||
Indonesia: 0.0% | ||||||||||||||
222,316 | @ | First Resources Ltd. | 165,583 | |||||||||||
165,583 | ||||||||||||||
Ireland: 0.9% | ||||||||||||||
57,177 | Iaws Group PLC | 1,440,883 | ||||||||||||
45,304 | Kerry Group PLC | 1,401,673 | ||||||||||||
70,278 | United Drug PLC | 417,973 | ||||||||||||
3,260,529 | ||||||||||||||
Italy: 5.0% | ||||||||||||||
48,693 | ACEA S.p.A. | 937,617 | ||||||||||||
242,638 | AEM S.p.A. | 891,750 | ||||||||||||
87,358 | Banca Popolare di Milano Scrl | 1,071,505 | ||||||||||||
46,746 | Benetton Group S.p.A. | 609,956 | ||||||||||||
40,414 | Biesse S.p.A. | 859,347 | ||||||||||||
47,285 | Buzzi Unicem S.p.A. | 1,202,386 | ||||||||||||
18,539 | Buzzi Unicem S.p.A. RNC | 319,782 | ||||||||||||
111,019 | @ | DeA Capital S.p.A. | 311,538 | |||||||||||
468,722 | @ | Ducati Motor Holding S.p.A. | 1,231,775 | |||||||||||
309,570 | IMMSI S.p.A. | 423,732 | ||||||||||||
220,341 | @ | Impregilo S.p.A. | 1,326,181 | |||||||||||
115,790 | Indesit Co. S.p.A. | 1,389,959 | ||||||||||||
22,997 | Italcementi S.p.A. RNC | 365,659 | ||||||||||||
5,728 | Italmobiliare S.p.A. | 409,946 | ||||||||||||
7,916 | Italmobiliare S.p.A. RNC | 750,213 | ||||||||||||
19,122 | Permasteelisa S.p.A. | 406,253 | ||||||||||||
335,654 | Piaggio & C S.p.A. | 750,690 | ||||||||||||
173,941 | Recordati S.p.A. | 1,267,972 | ||||||||||||
173,449 | Safilo Group S.p.A. | 478,454 | ||||||||||||
190,661 | @ | Sorin S.p.A. | 320,531 | |||||||||||
354,624 | Terna S.p.A | 1,564,164 | ||||||||||||
461,877 | Unipol S.p.A. | 1,505,096 | ||||||||||||
18,394,506 | ||||||||||||||
Japan: 14.7% | ||||||||||||||
101,000 | @ | Aida Engineering Ltd. | 646,101 | |||||||||||
3,600 | Alfresa Holdings Corp. | 253,909 | ||||||||||||
30,200 | Aoyama Trading Co., Ltd. | 685,525 | ||||||||||||
20,400 | Arisawa Manufacturing Co., Ltd. | 143,843 | ||||||||||||
36,800 | Autobacs Seven Co., Ltd. | 961,615 | ||||||||||||
7,700 | Bank of Iwate Ltd. | 495,770 | ||||||||||||
125,000 | Bank of Nagoya Ltd. | 858,092 | ||||||||||||
9,000 | Bank of Okinawa Ltd. | 344,783 | ||||||||||||
61,100 | Chuo Denki Kogyo Co., Ltd. | 935,987 | ||||||||||||
99,000 | COMSYS Holdings Corp. | 895,485 | ||||||||||||
61,200 | Culture Convenience Club Co., Ltd. | 253,523 | ||||||||||||
59,000 | Daimei Telecom Engineering Corp. | 483,963 | ||||||||||||
43 | Dena Co., Ltd. | 305,587 | ||||||||||||
51,000 | Denki Kogyo Co., Ltd. | 310,394 | ||||||||||||
73,000 | Eighteenth Bank Ltd. | 265,858 | ||||||||||||
75,874 | @ | Eneserve Corp. | 298,432 | |||||||||||
19,900 | Enplas Corp. | 209,458 | ||||||||||||
34 | EPS Co., Ltd. | 162,671 | ||||||||||||
25,000 | Ezaki Glico Co., Ltd. | 275,968 | ||||||||||||
20,600 | Fuji Machine Manufacturing Co., Ltd. | 410,156 | ||||||||||||
142,000 | Fukuyama Transporting Co., Ltd. | 479,180 | ||||||||||||
57,200 | Glory Ltd. | 1,288,368 | ||||||||||||
56,000 | H2O Retailing Corp. | 406,059 | ||||||||||||
58,000 | @ | Higashi-Nippon Bank Ltd. | 235,663 | |||||||||||
110,000 | Higo Bank Ltd. | 692,830 | ||||||||||||
37,000 | Hitachi Capital Corp. | 545,764 | ||||||||||||
71,000 | Hitachi Kokusai Electric, Inc. | 674,131 | ||||||||||||
40,000 | Hitachi Software Engineering Co., Ltd. | 984,932 | ||||||||||||
125,000 | Hokkoku Bank Ltd. | 537,866 | ||||||||||||
65,300 | House Foods Corp. | 1,016,744 | ||||||||||||
100,000 | Hyakugo Bank Ltd. | 657,651 | ||||||||||||
55,800 | @ | Ines Corp. | 286,940 | |||||||||||
44,100 | Itochu Enex Co., Ltd. | 263,293 | ||||||||||||
150,000 | @ | Itoham Foods, Inc. | 847,029 | |||||||||||
134,000 | @ | Jaccs Co., Ltd. | 477,580 | |||||||||||
46,300 | Japan Asia Investment Co., Ltd. | 228,799 | ||||||||||||
19,800 | Japan Digital Laboratory Co. | 268,183 | ||||||||||||
132,000 | Japan Radio Co., Ltd. | 326,544 | ||||||||||||
96,000 | Jeol Ltd. | 369,871 | ||||||||||||
133,000 | Juroku Bank Ltd. | 783,202 |
166
Table of Contents
Shares | Value | |||||||||||||
Japan (continued) | ||||||||||||||
81,000 | Kagoshima Bank Ltd. | $ | 650,648 | |||||||||||
25,000 | Kaken Pharmaceutical Co., Ltd. | 183,096 | ||||||||||||
74,000 | Keiyo Bank Ltd. | 523,206 | ||||||||||||
39,000 | Keiyo Co., Ltd. | 213,629 | ||||||||||||
49,900 | Kimoto Co., Ltd. | 646,686 | ||||||||||||
62,000 | Koa Corp. | 546,607 | ||||||||||||
19,000 | Macnica, Inc. | 239,041 | ||||||||||||
106,000 | @ | Maeda Road Construction Co., Ltd. | 829,253 | |||||||||||
65,700 | @ | Maruetsu, Inc. | 533,320 | |||||||||||
63,000 | Mie Bank Ltd. | 321,108 | ||||||||||||
253,000 | @ | Mitsui Matsushima Co., Ltd. | 647,564 | |||||||||||
99,000 | Mitsui Sugar Co., Ltd. | 329,262 | ||||||||||||
53,000 | Nanto Bank Ltd. | 274,164 | ||||||||||||
61,500 | NEC Networks & System Integration Corp. | 862,137 | ||||||||||||
184,000 | Nichirei Corp. | 868,608 | ||||||||||||
28,500 | Nifco, Inc. | 615,160 | ||||||||||||
34,900 | Nihon Eslead Corp. | 416,825 | ||||||||||||
77,000 | Nippon Chemical Industrial Co., Ltd. | 197,157 | ||||||||||||
29,200 | Nippon Pillar Packing Co., Ltd. | 161,333 | ||||||||||||
22,000 | Nippon Seiki Co., Ltd. | 323,360 | ||||||||||||
140,000 | @ | Nippon Sharyo Ltd. | 306,976 | |||||||||||
283,000 | Nippon Sheet Glass Co., Ltd. | 1,303,759 | ||||||||||||
55,600 | Nippon Shinyaku Co., Ltd. | 654,866 | ||||||||||||
204,000 | Nippon Synthetic Chemical Industry Co., Ltd. | 1,216,733 | ||||||||||||
110,600 | @ | NIS Group Co., Ltd. | 223,246 | |||||||||||
139,000 | Nissan Shatai Co., Ltd. | 1,034,972 | ||||||||||||
89,300 | Nisshinbo Industries, Inc. | 983,370 | ||||||||||||
4,350 | Nitori Co., Ltd. | 228,985 | ||||||||||||
86,000 | @ | Nitto Boseki Co., Ltd. | 179,215 | |||||||||||
21,900 | Oiles Corp. | 409,132 | ||||||||||||
56,000 | Oita Bank Ltd. | 395,691 | ||||||||||||
66,600 | Okabe Co., Ltd. | 257,995 | ||||||||||||
50,000 | Pacific Industrial Co., Ltd. | 196,184 | ||||||||||||
18,200 | Ryosan Co., Ltd. | 406,787 | ||||||||||||
87,000 | Sanden Corp. | 359,452 | ||||||||||||
99,000 | San-In Godo Bank Ltd. | 876,783 | ||||||||||||
33,000 | Sanken Electric Co., Ltd. | 183,482 | ||||||||||||
88,000 | @ | Seika Corp. | 191,430 | |||||||||||
30,000 | Shima Seiki Manufacturing Ltd. | 1,182,023 | ||||||||||||
44,300 | Shin-Etsu Polymer Co., Ltd. | 265,264 | ||||||||||||
38,700 | Shizuoka Gas Co., Ltd. | 232,095 | ||||||||||||
14,900 | @ | SHO-BOND Holdings Co., Ltd. | 171,661 | |||||||||||
23,300 | Sugi Pharmacy Co., Ltd. | 616,502 | ||||||||||||
174,000 | Sumitomo Bakelite Co. Ltd. | 970,492 | ||||||||||||
40,000 | @ | Taihei Dengyo Kaisha Ltd. | 302,437 | |||||||||||
78,000 | Takasago International Corp. | 549,768 | ||||||||||||
97,000 | Tamura Corp. | 309,718 | ||||||||||||
60,500 | Tecmo Ltd. | 647,163 | ||||||||||||
61,000 | Tochigi Bank Ltd. | 403,964 | ||||||||||||
35,000 | Toho Gas Co., Ltd. | 170,236 | ||||||||||||
48,500 | Toho Pharmaceutical Co., Ltd. | 1,002,370 | ||||||||||||
9,300 | Tokyo Seimitsu Co., Ltd. | 186,155 | ||||||||||||
73,000 | Tokyo Style Co., Ltd. | 735,419 | ||||||||||||
145,000 | Toshiba Plant Systems & Services Corp. | 1,187,930 | ||||||||||||
140,900 | Toshiba Tec Corp. | 988,642 | ||||||||||||
31,900 | @ | Towa Corp. | 259,756 | |||||||||||
63,000 | Toyo Kohan Co., Ltd. | 312,383 | ||||||||||||
39,800 | Urban Corp. | 219,543 | ||||||||||||
34,420 | Usen Corp. | 150,445 | ||||||||||||
125,000 | Wacoal Holdings Corp. | 1,796,965 | ||||||||||||
37,500 | Yamanashi Chuo Bank Ltd. | 247,634 | ||||||||||||
31,500 | Yamato Kogyo Co., Ltd. | 1,493,534 | ||||||||||||
7,700 | Zenrin Co., Ltd. | 170,574 | ||||||||||||
53,931,644 | ||||||||||||||
Netherlands: 2.4% | ||||||||||||||
30,700 | Chicago Bridge & Iron Co. NV | 1,223,088 | ||||||||||||
9,400 | CNH Global NV | 405,516 | ||||||||||||
103,804 | @ | Crucell NV | 1,931,892 | |||||||||||
29,159 | Koninklijke BAM Groep NV | 693,607 | ||||||||||||
16,367 | Koninklijke DSM NV | 878,465 | ||||||||||||
3,080 | Nutreco Holding NV | 224,923 | ||||||||||||
58,720 | OCE NV | 880,964 | ||||||||||||
46,757 | OPG Groep NV | 1,252,569 | ||||||||||||
11,371 | SBM Offshore NV | 433,414 | ||||||||||||
3,946 | @ | TomTom | 136,337 | |||||||||||
9,339 | Unit 4 Agresso NV | 263,014 | ||||||||||||
12,750 | Wolters Kluwer NV | 340,293 | ||||||||||||
8,664,082 | ||||||||||||||
Norway: 0.8% | ||||||||||||||
44,000 | Norwegian Property ASA | 382,255 | ||||||||||||
32,800 | @ | ODIM ASA | 574,482 | |||||||||||
11,400 | Tandberg ASA | 192,708 | ||||||||||||
75,400 | @ | TGS Nopec Geophysical Co. ASA | 1,208,684 | |||||||||||
55,758 | Veidekke ASA | 498,837 | ||||||||||||
2,856,966 | ||||||||||||||
Papua New Guinea: 0.2% | ||||||||||||||
128,882 | @ | Lihir Gold Ltd. | 365,646 | |||||||||||
58,518 | Oil Search Ltd. | 262,047 | ||||||||||||
627,693 | ||||||||||||||
Portugal: 0.5% | ||||||||||||||
332,792 | Portucel Empresa Produtora de Pasta e Papel SA | 1,255,499 | ||||||||||||
43,006 | Semapa-Sociedade de Investimento e Gestao | 601,829 | ||||||||||||
93,936 | Sonae SGPS SA | 166,962 | ||||||||||||
2,024,290 | ||||||||||||||
Singapore: 0.5% | ||||||||||||||
51,000 | Haw Par Corp., Ltd. | 282,436 | ||||||||||||
107,000 | Hong Leong Asia Ltd. | 210,350 | ||||||||||||
112,000 | Kim Eng Holdings Ltd. | 182,211 | ||||||||||||
36,000 | Singapore Petroleum Co., Ltd. | 192,205 | ||||||||||||
105,652 | Straits Asia Resources Ltd. | 257,112 | ||||||||||||
39,800 | @ | Verigy Ltd. | 850,526 | |||||||||||
1,974,840 | ||||||||||||||
South Korea: 3.6% | ||||||||||||||
130,252 | Asiana Airlines | 814,076 | ||||||||||||
5,440 | Binggrae Co., Ltd. | 202,552 | ||||||||||||
15,498 | BNG Steel Co., Ltd. | 181,735 | ||||||||||||
5,332 | Cheil Industries, Inc. | 290,601 | ||||||||||||
4,090 | @ | Daewoong Pharmaceutical Co., Ltd. | 418,146 | |||||||||||
13,680 | @ | Daishin Securities Co., Ltd. | 302,065 | |||||||||||
974 | DC Chemical Co., Ltd. | 392,086 | ||||||||||||
2,040 | Dong-A Pharmaceutical Co., Ltd. | 232,574 | ||||||||||||
4,260 | @ | Dongbu Insurance Co., Ltd. | 159,637 | |||||||||||
16,120 | Dongkuk Steel Mill Co., Ltd. | 751,612 | ||||||||||||
1,211 | @ | Doosan Corp. | 207,467 | |||||||||||
41,588 | @ | Hanarotelecom, Inc. | 340,842 | |||||||||||
22,450 | @ | Hyundai Marine & Fire Insurance Co., Ltd. | 459,474 | |||||||||||
2,318 | Korea Iron & Steel Co., Ltd. | 178,882 | ||||||||||||
194,891 | Korea Technology Investment Corp. | 331,224 | ||||||||||||
1,654 | Korea Zinc Co., Ltd. | 199,047 | ||||||||||||
6,260 | Kumho Electric, Inc. | 195,439 | ||||||||||||
31,232 | Kumho Industrial Co., Ltd. | 1,040,267 | ||||||||||||
6,672 | LG Fashion Corp. | 193,457 | ||||||||||||
10,077 | @ | LG Life Sciences Ltd. | 585,628 | |||||||||||
772 | Lotte Chilsung Beverage Co., Ltd. | 883,036 | ||||||||||||
27,620 | @ | Lotte Midopa Co., Ltd. | 305,642 | |||||||||||
1,200 | Lotte Samkang Co., Ltd. | 251,758 | ||||||||||||
71,220 | Meritz Fire & Marine Insurance Co., Ltd. | 617,613 | ||||||||||||
96,500 | @ | ON*Media Corp. | 424,768 | |||||||||||
24,150 | Poongsan Corp. | 431,584 | ||||||||||||
1,071 | Samchully Co., Ltd. | 204,862 | ||||||||||||
36,880 | SKC Co., Ltd. | 755,674 |
167
Table of Contents
Shares | Value | |||||||||||||
South Korea (continued) | ||||||||||||||
66,860 | @ | Ssamgyong Motor Co. | $ | 348,674 | ||||||||||
596,000 | STX Pan Ocean Co., Ltd. | 1,478,321 | ||||||||||||
13,178,743 | ||||||||||||||
Spain: 3.9% | ||||||||||||||
74,853 | Acerinox SA | 2,017,985 | ||||||||||||
32,745 | Banco De Sabadell SA | 325,779 | ||||||||||||
313,370 | Corp. Mapfre SA | 1,589,555 | ||||||||||||
50,848 | @ | Corporacion Dermoestetica | 406,655 | |||||||||||
14,097 | Corporacion Financiera Alba SA | 981,484 | ||||||||||||
29,245 | Duro Felguera SA | 317,027 | ||||||||||||
7,039 | Gamesa Corp. Tecnologica SA | 339,885 | ||||||||||||
285,835 | Iberia Lineas Aereas de Espana | 1,122,491 | ||||||||||||
69,054 | @ | Nh Hoteles SA | 1,130,343 | |||||||||||
32,496 | Obrascon Huarte Lain SA | 1,310,379 | ||||||||||||
107,494 | Promotora de Informaciones SA (PRISA) | 1,880,561 | ||||||||||||
32,484 | Union Fenosa SA | 2,169,376 | ||||||||||||
29,166 | Viscofan SA | 699,616 | ||||||||||||
14,291,136 | ||||||||||||||
Sweden: 1.6% | ||||||||||||||
11,000 | Getinge AB | 279,180 | ||||||||||||
15,000 | Hexagon AB | 270,481 | ||||||||||||
23,400 | Holmen AB | 745,184 | ||||||||||||
67,300 | Kinnevik Investment AB | 1,431,106 | ||||||||||||
59,500 | Kungsleden AB | 591,642 | ||||||||||||
7,725 | Lundbergforetagen AB — B Shares | 458,425 | ||||||||||||
18,600 | @ | Lundin Petroleum AB | 258,478 | |||||||||||
10,700 | ORC Software AB | 201,604 | ||||||||||||
88,600 | Peab AB | 760,112 | ||||||||||||
33,400 | @ | Peab AB | 331,909 | |||||||||||
98,207 | RNB Retail and Brands AB | 427,745 | ||||||||||||
8,700 | Wallenstam Byggnads AB | 168,845 | ||||||||||||
5,924,711 | ||||||||||||||
Switzerland: 6.6% | ||||||||||||||
5,926 | @ | Actelion Ltd. — Reg | 297,512 | |||||||||||
33,227 | Adecco SA | 1,977,780 | ||||||||||||
15,016 | @ | Ascom Holding AG — Reg | 158,689 | |||||||||||
16,980 | Baloise Holding AG | 1,849,031 | ||||||||||||
1,206 | Banque Cantonale Vaudoise | 476,302 | ||||||||||||
5,270 | Bucher Industries AG | 1,457,890 | ||||||||||||
2,337 | Flughafen Zuerich AG | 1,023,336 | ||||||||||||
4,108 | Galenica AG | 1,299,762 | ||||||||||||
2,879 | Geberit AG — Reg | 442,165 | ||||||||||||
24,384 | Holcim Ltd. | 2,379,196 | ||||||||||||
395 | Jelmoli Holding AG | 1,033,370 | ||||||||||||
3,259 | Kuehne & Nagel International AG | 349,475 | ||||||||||||
11,285 | @ | Logitech International SA | 341,002 | |||||||||||
23,882 | @ | Micronas Semiconductor Hold | 182,852 | |||||||||||
3,095 | @ | OC Oerlikon Corp. AG | 1,063,022 | |||||||||||
2,859 | Pargesa Holding SA | 326,943 | ||||||||||||
18,090 | @ | PSP Swiss Property AG | 1,120,011 | |||||||||||
2,960 | Rieter Holding AG | 1,099,341 | ||||||||||||
4,143 | Schindler Holding AG | 334,380 | ||||||||||||
207 | SGS SA | 290,170 | ||||||||||||
1,567 | Sulzer AG | 204,474 | ||||||||||||
7,051 | Swatch Group AG — BR | 1,882,745 | ||||||||||||
7,365 | @ | Swiss Life Holding | 2,189,079 | |||||||||||
5,089 | Syngenta AG | 1,512,476 | ||||||||||||
2,345 | Synthes, Inc. | 320,851 | ||||||||||||
1,787 | Valora Holding AG | 446,183 | ||||||||||||
24,058,037 | ||||||||||||||
United Kingdom: 14.3% | ||||||||||||||
383,694 | ARM Holdings PLC | 761,683 | ||||||||||||
71,773 | Axon Group PLC | 638,441 | ||||||||||||
155,388 | Balfour Beatty PLC | 1,348,734 | ||||||||||||
57,038 | Bellway PLC | 790,077 | ||||||||||||
146,778 | Bodycote International | 700,832 | ||||||||||||
99,130 | Bovis Homes Group PLC | 909,773 | ||||||||||||
168,559 | Brit Insurance Holdings PLC | 814,017 | ||||||||||||
138,947 | @ | British Airways PLC | 620,249 | |||||||||||
162,965 | Britvic PLC | 1,070,864 | ||||||||||||
214,384 | Cable & Wireless PLC | 632,570 | ||||||||||||
8,207 | @ | Cairn Energy PLC | 509,053 | |||||||||||
29,940 | Capita Group PLC | 392,457 | ||||||||||||
65,881 | Capital & Regional PLC | 564,627 | ||||||||||||
11,518 | Charter PLC | 204,346 | ||||||||||||
276,142 | Chaucer Holdings PLC | 490,180 | ||||||||||||
25,664 | Chemring Group PLC | 1,252,608 | ||||||||||||
28,438 | @ | CLS Holdings PLC | 195,541 | |||||||||||
188,021 | @ | Colt Telecom Group SA | 628,642 | |||||||||||
9,116 | @ | Dana Petroleum PLC | 311,478 | |||||||||||
44,935 | De La Rue PLC | 759,954 | ||||||||||||
1,053,322 | Dimension Data Holdings PLC | 984,875 | ||||||||||||
55,102 | Drax Group PLC | 654,846 | ||||||||||||
175,426 | DS Smith PLC | 451,602 | ||||||||||||
194,905 | Enodis PLC | 934,910 | ||||||||||||
19,132 | Expro International Group | 575,423 | ||||||||||||
212,334 | F&C Asset Management PLC | 720,765 | ||||||||||||
393,827 | Friends Provident PLC | 924,669 | ||||||||||||
96,497 | Gcap Media PLC | 421,327 | ||||||||||||
81,148 | Greene King PLC | 826,828 | ||||||||||||
5,533 | Greggs PLC | 504,820 | ||||||||||||
46,462 | Group 4 Securicor PLC | 209,656 | ||||||||||||
20,735 | Hikma Pharmaceuticals PLC | 192,381 | ||||||||||||
121,718 | Informa PLC | 830,065 | ||||||||||||
97,627 | @ | Invensys PLC | 575,810 | |||||||||||
291,008 | JJB Sports PLC | 655,921 | ||||||||||||
35,226 | Keller Group PLC | 471,295 | ||||||||||||
38,266 | Kier Group PLC | 893,259 | ||||||||||||
200,386 | Kingston Communications PLC | 189,982 | ||||||||||||
45,542 | London Stock Exchange Group PLC | 967,988 | ||||||||||||
19,175 | Lonmin PLC | 1,173,475 | ||||||||||||
50,135 | Luminar Group Holdings PLC | 318,529 | ||||||||||||
175,909 | Meggitt PLC | 1,031,957 | ||||||||||||
64,448 | Melrose PLC | 211,846 | ||||||||||||
194,211 | Millennium & Copthorne Hotels PLC | 1,533,250 | ||||||||||||
69,301 | Mondi PLC | 549,225 | ||||||||||||
43,492 | Morgan Sindall PLC | 868,690 | ||||||||||||
52,024 | Next PLC | 1,176,373 | ||||||||||||
150,465 | Northumbrian Water Group PLC | 971,986 | ||||||||||||
365,673 | Pendragon PLC | 284,053 | ||||||||||||
103,059 | Pennon Group PLC | 1,292,712 | ||||||||||||
32,510 | Petrofac Ltd. | 378,807 | ||||||||||||
44,761 | @ | Premier Oil PLC | 1,365,743 | |||||||||||
6,796 | Randgold Resources Ltd. | 305,351 | ||||||||||||
105,138 | Rok PLC | 266,718 | ||||||||||||
49,610 | Schroders PLC | 1,031,297 | ||||||||||||
45,739 | Schroders PLC — Non Voting | 855,117 | ||||||||||||
181,293 | Shanks Group PLC | 894,069 | ||||||||||||
33,755 | Spectris PLC | 509,282 | ||||||||||||
724,463 | @ | Spirent Communications PLC | 1,009,731 | |||||||||||
76,874 | SSL International PLC | 699,209 | ||||||||||||
275,163 | Stagecoach Group PLC | 1,393,360 | ||||||||||||
32,925 | Travis Perkins PLC | 630,401 | ||||||||||||
310,640 | Trinity Mirror PLC | 1,665,198 | ||||||||||||
79,031 | Tullow Oil PLC | 1,180,340 | ||||||||||||
43,552 | Vedanta Resources PLC | 1,920,226 | ||||||||||||
13,788 | Venture Production PLC | 202,469 | ||||||||||||
58,965 | VT Group PLC | 790,001 | ||||||||||||
91,077 | Weir Group PLC | 1,497,494 | ||||||||||||
62,617 | WH Smith PLC | 529,192 | ||||||||||||
9,494 | Whitbread PLC | 227,845 | ||||||||||||
52,346,494 | ||||||||||||||
United States: 0.2% | ||||||||||||||
45,600 | Virgin Media, Inc. | 588,240 | ||||||||||||
588,240 | ||||||||||||||
Total Common Stock (Cost $356,241,642) | 333,502,940 | |||||||||||||
168
Table of Contents
Shares | Value | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 2.3% | ||||||||||||||
Australia: 0.6% | ||||||||||||||
540,087 | CFS Retail Property Trust | $ | 1,137,646 | |||||||||||
763,837 | Commonwealth Property Office Fund | 1,009,641 | ||||||||||||
2,147,287 | ||||||||||||||
France: 0.4% | ||||||||||||||
2,407 | Gecina SA | 338,771 | ||||||||||||
4,749 | Unibail | 1,219,660 | ||||||||||||
1,558,431 | ||||||||||||||
Netherlands: 0.4% | ||||||||||||||
11,878 | Nieuwe Steen Investments Funds NV | 343,685 | ||||||||||||
8,316 | Wereldhave NV | 1,051,693 | ||||||||||||
1,395,378 | ||||||||||||||
United Kingdom: 0.9% | ||||||||||||||
44,105 | Hammerson PLC | 878,111 | ||||||||||||
70,194 | Liberty International PLC | 1,358,381 | ||||||||||||
95,577 | Segro PLC | 870,310 | ||||||||||||
3,106,802 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $9,006,955) | 8,207,898 | |||||||||||||
EXCHANGE-TRADED FUNDS: 3.9% | ||||||||||||||
Developed Markets: 3.9% | ||||||||||||||
190,000 | iShares MSCI EAFE Index Fund | 14,403,900 | ||||||||||||
Total Exchange-Traded Funds (Cost $13,887,784) | 14,403,900 | |||||||||||||
MUTUAL FUNDS: 0.3% | ||||||||||||||
Australia: 0.1% | ||||||||||||||
387,423 | ** | ING Office Fund | 509,390 | |||||||||||
509,390 | ||||||||||||||
United Kingdom: 0.2% | ||||||||||||||
15,617 | Caledonia Investments PLC | 632,655 | ||||||||||||
632,655 | ||||||||||||||
Total Mutual Funds (Cost $1,221,474) | 1,142,045 | |||||||||||||
PREFERRED STOCK: 0.7% | ||||||||||||||
Germany: 0.1% | ||||||||||||||
6,970 | Draegerwerk AG | 464,843 | ||||||||||||
464,843 | ||||||||||||||
Italy: 0.6% | ||||||||||||||
34,219 | @ | Instituto Finanziario Industriale S.p.A. | 897,139 | |||||||||||
407,276 | Unipol S.p.A. | 1,183,042 | ||||||||||||
2,080,181 | ||||||||||||||
Total Preferred Stock (Cost $3,291,113) | 2,545,024 | |||||||||||||
RIGHTS: 0.0% | ||||||||||||||
United Kingdom: 0.0% | ||||||||||||||
57,398 | Melrose PLC — Subscription Shares | 24,632 | ||||||||||||
Total Rights (Cost $-) | 24,632 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $383,648,968)* | 98.3 | % | $ | 359,826,439 | ||||||||||
Other Assets and Liabilities - Net | 1.7 | 6,163,637 | ||||||||||||
Net Assets | 100.0 | % | $ | 365,990,076 | ||||||||||
@ | Non-income producing security | |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees. | |
** | Investment in affiliate | |
I | Illiquid security | |
X | Fair value determined by ING Funds Valuation Committee appointed by the Fund’s Board of Trustees. | |
* | Cost for federal income tax purposes is $390,603,699. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 13,015,725 | ||
Gross Unrealized Depreciation | (43,792,985 | ) | ||
Net Unrealized Depreciation | $ | (30,777,260 | ) | |
Shares | Description | Market Value | ||||||
(2,731 | ) | Hunter Douglas NV | $ | (171,124 | ) | |||
Total Short Positions (Proceeds $169,952) | $ | (171,124 | ) | |||||
169
Table of Contents
Percentage of | ||||
Industry | Net Assets | |||
Advertising | 0.2 | % | ||
Aerospace/Defense | 1.2 | |||
Agriculture | 0.5 | |||
Airlines | 1.8 | |||
Apparel | 1.1 | |||
Auto Manufacturers | 0.5 | |||
Auto Parts & Equipment | 0.4 | |||
Banks | 4.1 | |||
Beverages | 0.8 | |||
Biotechnology | 0.5 | |||
Building Materials | 3.1 | |||
Chemicals | 3.2 | |||
Closed-End Funds | 0.3 | |||
Coal | 0.4 | |||
Commercial Services | 1.6 | |||
Computers | 0.9 | |||
Distribution/Wholesale | 0.6 | |||
Diversified | 1.7 | |||
Diversified Financial Services | 2.2 | |||
Electric | 2.0 | |||
Electrical Components & Equipment | 1.8 | |||
Electronics | 2.0 | |||
Energy — Alternate Sources | 0.0 | |||
Engineering & Construction | 5.3 | |||
Environmental Control | 0.2 | |||
Food | 3.5 | |||
Food Service | 0.4 | |||
Forest Products & Paper | 1.0 | |||
Gas | 0.2 | |||
Hand/Machine Tools | 1.2 | |||
Healthcare — Products | 0.8 | |||
Healthcare — Services | 0.9 | |||
Holding Companies — Diversified | 1.6 | |||
Home Builders | 0.8 | |||
Home Furnishings | 0.6 | |||
Household Products/Wares | 0.4 | |||
Insurance | 5.0 | |||
Internet | 0.7 | |||
Investment Companies | 1.6 | |||
Iron/Steel | 2.0 | |||
Leisure Time | 0.6 | |||
Lodging | 1.6 | |||
Machinery — Construction & Mining | 0.1 | |||
Machinery — Diversified | 2.5 | |||
Media | 2.4 | |||
Metal Fabricate/Hardware | 0.6 | |||
Mining | 4.2 | |||
Miscellaneous Manufacturing | 2.1 | |||
Office Property | 0.3 | |||
Office/Business Equipment | 0.2 | |||
Oil & Gas | 3.3 | |||
Oil & Gas Services | 2.0 | |||
Pharmaceuticals | 3.0 | |||
Pipelines | 0.1 | |||
Real Estate | 3.3 | |||
Retail | 3.2 | |||
Semiconductors | 1.6 | |||
Shopping Centers | 0.3 | |||
Software | 0.9 | |||
Telecommunications | 2.4 | |||
Textiles | 0.3 | |||
Toys/Games/Hobbies | 0.2 | |||
Transportation | 1.2 | |||
Venture Capital | 0.3 | |||
Water | 0.6 | |||
Other Long-Term Investments | 3.9 | |||
Other Assets and Liabilities — Net | 1.7 | |||
Net Assets | 100.0 | % | ||
170
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 79.2% | ||||||||||||||
Argentina: 1.1% | ||||||||||||||
171,040 | @,L | Telecom Argentina SA ADR | $ | 3,003,462 | ||||||||||
3,003,462 | ||||||||||||||
Brazil: 12.8% | ||||||||||||||
343,189 | AES Tiete SA | 3,406,701 | ||||||||||||
64,080 | L | Brasil Telecom Participacoes SA ADR | 4,845,089 | |||||||||||
322,950 | L | Centrais Eletricas Brasileiras SA ADR — Class A | 4,675,444 | |||||||||||
137,704 | Cia de Saneamento Basico do Estado de Sao Paulo | 3,505,148 | ||||||||||||
244,800 | Marfrig Frigorificos e Comercio de Alimentos SA | 2,857,129 | ||||||||||||
386,900 | Sul America SA | 5,956,426 | ||||||||||||
72,850 | L | Tele Norte Leste Participacoes SA ADR | 1,668,994 | |||||||||||
99,900 | L | Tim Participacoes SA ADR | 3,354,642 | |||||||||||
851,658 | @,L | Vivo Participacoes SA ADR | 5,748,692 | |||||||||||
36,018,265 | ||||||||||||||
China: 4.0% | ||||||||||||||
9,333,000 | Weiqiao Textile Co. | 11,151,220 | ||||||||||||
11,151,220 | ||||||||||||||
Czech Republic: 2.3% | ||||||||||||||
211,508 | Telefonica O2 Czech Republic A/S | 6,467,724 | ||||||||||||
6,467,724 | ||||||||||||||
Estonia: 1.0% | ||||||||||||||
77,771 | As Eesti Telekom GDR | 2,778,836 | ||||||||||||
2,778,836 | ||||||||||||||
Hong Kong: 5.9% | ||||||||||||||
1,867,000 | Dickson Concepts International Ltd. | 1,378,588 | ||||||||||||
12,162,000 | First Pacific Co. | 8,913,785 | ||||||||||||
14,936,000 | Fountain SET Holdings | 2,365,117 | ||||||||||||
3,826,000 | SmarTone Telecommunications Holding Ltd. | 4,030,185 | ||||||||||||
16,687,675 | ||||||||||||||
Hungary: 2.9% | ||||||||||||||
1,543,179 | Magyar Telekom Telecommunications PLC | 8,205,902 | ||||||||||||
8,205,902 | ||||||||||||||
Indonesia: 0.6% | ||||||||||||||
2,178,000 | Gudang Garam Tbk PT | 1,784,012 | ||||||||||||
1,784,012 | ||||||||||||||
Israel: 1.7% | ||||||||||||||
1,384,690 | Bezeq Israeli Telecommunication Corp., Ltd. | 2,565,008 | ||||||||||||
95,399 | Partner Communications | 2,242,875 | ||||||||||||
4,807,883 | ||||||||||||||
Malaysia: 2.3% | ||||||||||||||
5,304,714 | @ | Proton Holdings Bhd | 6,537,780 | |||||||||||
6,537,780 | ||||||||||||||
Mexico: 2.6% | ||||||||||||||
284,249 | Alfa SA de CV | 1,991,877 | ||||||||||||
145,250 | L | Telefonos de Mexico SA de CV ADR | 5,237,715 | |||||||||||
7,229,592 | ||||||||||||||
Pakistan: 0.7% | ||||||||||||||
968,500 | Nishat Mills Ltd. | 1,954,999 | ||||||||||||
1,954,999 | ||||||||||||||
Panama: 3.4% | ||||||||||||||
499,400 | L | Banco Latinoamericano de Exportaciones SA | 9,388,720 | |||||||||||
9,388,720 | ||||||||||||||
Singapore: 0.6% | ||||||||||||||
1,219,500 | MobileOne Ltd. | 1,741,305 | ||||||||||||
1,741,305 | ||||||||||||||
South Africa: 4.4% | ||||||||||||||
774,340 | @ | Imperial Holdings Ltd. | 7,797,404 | |||||||||||
1,006,200 | Jd Group Ltd. | 4,675,300 | ||||||||||||
12,472,704 | ||||||||||||||
South Korea: 12.1% | ||||||||||||||
1,061,460 | L | Daeduck Electronics Co. | 5,583,040 | |||||||||||
69,260 | Korea Electric Power Corp. | 2,311,613 | ||||||||||||
65,060 | KT Corp. | 3,008,295 | ||||||||||||
100,820 | @ | KT Freetel Co., Ltd. | 2,780,325 | |||||||||||
260,920 | L | Kumho Tire Co., Inc. | 2,974,930 | |||||||||||
7,232 | Lotte Chilsung Beverage Co., Ltd. | 8,272,171 | ||||||||||||
7,148 | SK Telecom Co., Ltd. | 1,438,510 | ||||||||||||
333,962 | SK Telecom Co., Ltd. ADR | 7,537,522 | ||||||||||||
33,906,406 | ||||||||||||||
Taiwan: 12.0% | ||||||||||||||
11,086,612 | China Motor Corp. | 9,702,529 | ||||||||||||
2,530,508 | Far EasTone Telecommunications Co., Ltd. | 4,300,223 | ||||||||||||
6,696,000 | @ | Taishin Financial Holdings Co., Ltd. | 3,475,930 | |||||||||||
4,292,985 | United Microelectronics Corp. | 2,626,317 | ||||||||||||
14,631,000 | Walsin Lihwa Corp. | 7,383,458 | ||||||||||||
9,644,000 | Winbond Electronics Corp. | 2,843,928 | ||||||||||||
1,899,718 | Yageo Corp. GDR | 3,275,684 | ||||||||||||
33,608,069 | ||||||||||||||
Thailand: 5.4% | ||||||||||||||
43,831,400 | Charoen Pokphand Foods PCL | 6,580,778 | ||||||||||||
10,648,800 | @ | Siam City Bank Public Co. | 5,965,930 | |||||||||||
4,078,500 | Thai Union Frozen Products Public Co., Ltd. | 2,491,515 | ||||||||||||
15,038,223 | ||||||||||||||
Turkey: 3.4% | ||||||||||||||
2,168,920 | Arcelik A/S | 9,651,293 | ||||||||||||
9,651,293 | ||||||||||||||
Total Common Stock (Cost $207,714,769) | 222,434,070 | |||||||||||||
PREFERRED STOCK: 13.2% | ||||||||||||||
Brazil: 5.1% | ||||||||||||||
1,284,267 | Braskem SA | 10,932,727 | ||||||||||||
144,175 | Contax Participacoes SA | 3,374,087 | ||||||||||||
14,306,814 | ||||||||||||||
South Korea: 8.1% | ||||||||||||||
396,530 | Hyundai Motor Co. | 13,829,273 | ||||||||||||
220,240 | LG Chemical Ltd. | 8,986,541 | ||||||||||||
22,815,814 | ||||||||||||||
Total Preferred Stock (Cost $39,235,830) | 37,122,628 | |||||||||||||
Total Long-Term Investments (Cost $246,950,599) | 259,556,698 | |||||||||||||
171
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 17.6% | ||||||||||||||
U.S. Government Agency Obligations: 2.9% | ||||||||||||||
$ | 8,061,000 | L,Z | Federal Home Loan Bank, 1.550%, due 05/01/08 | $ | 8,060,653 | |||||||||
Total U.S. Government Agency Obligations (Cost 8,060,653) | 8,060,653 | |||||||||||||
Securities Lending Collateralcc: 14.7% | ||||||||||||||
41,426,178 | Bank of New York Mellon Corp. Institutional Cash Reserves | 41,426,178 | ||||||||||||
Total Securities Lending Collateral (Cost $41,426,178) | 41,426,178 | |||||||||||||
Total Short-Term Investments (Cost $49,486,831) | 49,486,831 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $296,437,430)* | 110.0 | % | $ | 309,043,529 | ||||||||||
Other Assets and Liabilities - Net | (10.0 | ) | (27,984,911 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 281,058,618 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
cc | Securities purchased with cash collateral for securities loaned. | |
L | Loaned security, a portion or all of the security is on loan at April 30, 2008. | |
Z | Indicates Zero Coupon Bond; rate shown reflects current effective yield. | |
* | Cost for federal income tax purposes is $296,495,828. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 33,824,877 | ||
Gross Unrealized Depreciation | (21,277,176 | ) | ||
Net Unrealized Appreciation | $ | 12,547,701 | ||
Percentage of | ||||
Industry | Net Assets | |||
Agriculture | 3.0 | % | ||
Auto Manufacturers | 10.7 | |||
Auto Parts & Equipment | 1.1 | |||
Banks | 6.7 | |||
Beverages | 2.9 | |||
Chemicals | 7.1 | |||
Commercial Services | 1.2 | |||
Electric | 3.7 | |||
Electrical Components & Equipment | 2.6 | |||
Electronics | 3.2 | |||
Food | 1.9 | |||
Holding Companies — Diversified | 6.7 | |||
Home Furnishings | 3.4 | |||
Insurance | 2.1 | |||
Retail | 2.2 | |||
Semiconductors | 1.9 | |||
Telecommunications | 25.2 | |||
Textiles | 5.5 | |||
Water | 1.3 | |||
Short-Term Investments | 17.6 | |||
Other Assets and Liabilities — Net | (10.0 | ) | ||
Net Assets | 100.0 | % | ||
In | ||||||||||||||||||||
Settlement | Exchange | Unrealized | ||||||||||||||||||
Currency | Buy/Sell | Date | For | Value | Appreciation | |||||||||||||||
USD | ||||||||||||||||||||
South Africa Rand ZAR 9,497,379 | Buy | 05/06/08 | 1,235,030 | 1,254,068 | $ | 19,038 | ||||||||||||||
$ | 19,038 | |||||||||||||||||||
172
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 26.5% | ||||||||||||||
Austria: 6.5% | ||||||||||||||
2,600 | @ | CA Immobilien Anlagen AG | $ | 60,455 | ||||||||||
11,700 | @ | Immoeast Immobilien Anlagen AG | 118,439 | |||||||||||
12,600 | Immofinanz Immobilien Anlagen AG | 139,131 | ||||||||||||
6,500 | @ | Meinl European Land Ltd. | 84,767 | |||||||||||
402,792 | ||||||||||||||
Finland: 3.7% | ||||||||||||||
14,500 | Citycon OYJ | 84,178 | ||||||||||||
11,700 | Sponda OYJ | 145,236 | ||||||||||||
229,414 | ||||||||||||||
Germany: 1.0% | ||||||||||||||
1,400 | Deutsche Euroshop AG | 59,435 | ||||||||||||
59,435 | ||||||||||||||
Sweden: 7.4% | ||||||||||||||
13,700 | Castellum AB | 152,970 | ||||||||||||
15,300 | Hufvudstaden AB | 150,487 | ||||||||||||
38,600 | Klovern AB | 149,675 | ||||||||||||
453,132 | ||||||||||||||
Switzerland: 2.9% | ||||||||||||||
2,900 | @ | PSP Swiss Property AG | 179,549 | |||||||||||
179,549 | ||||||||||||||
United Kingdom: 5.0% | ||||||||||||||
11,100 | Helical Bar PLC | 74,598 | ||||||||||||
50,900 | Safestore Holdings Ltd. | 146,518 | ||||||||||||
9,800 | St. Modwen Properties PLC | 87,952 | ||||||||||||
309,068 | ||||||||||||||
Total Common Stock (Cost $1,649,276) | 1,633,390 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 65.1% | ||||||||||||||
France: 26.4% | ||||||||||||||
580 | Fonciere Des Regions | 88,009 | ||||||||||||
1,700 | Gecina SA | 239,265 | ||||||||||||
1,900 | Klepierre | 114,900 | ||||||||||||
5,020 | Mercialys | 233,071 | ||||||||||||
3,690 | Unibail | 947,683 | ||||||||||||
1,622,928 | ||||||||||||||
Germany: 1.9% | ||||||||||||||
6,200 | @ | Alstria Office AG | 118,479 | |||||||||||
118,479 | ||||||||||||||
Netherlands: 8.8% | ||||||||||||||
3,900 | Corio NV | 362,497 | ||||||||||||
3,100 | Eurocommercial Properties NV | 177,741 | ||||||||||||
540,238 | ||||||||||||||
United Kingdom: 28.0% | ||||||||||||||
9,490 | British Land Co. PLC | 157,498 | ||||||||||||
25,200 | Brixton PLC | 148,447 | ||||||||||||
3,300 | Derwent Valley Holdings PLC | 87,343 | ||||||||||||
8,200 | Great Portland Estates PLC | 74,228 | ||||||||||||
13,820 | Hammerson PLC | 275,148 | ||||||||||||
25,600 | Land Securities Group PLC | 778,473 | ||||||||||||
10,590 | Liberty International PLC | 204,936 | ||||||||||||
1,726,073 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $3,958,037) | 4,007,718 | |||||||||||||
MUTUAL FUNDS: 2.7% | ||||||||||||||
Luxembourg: 2.7% | ||||||||||||||
10,300 | Prologis European Properties | 167,263 | ||||||||||||
Total Mutual Funds (Cost $140,048) | 167,263 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $5,747,361)* | 94.3 | % | $ | 5,808,371 | ||||||||||
Other Assets and Liabilities - Net | 5.7 | 351,213 | ||||||||||||
Net Assets | 100.0 | % | $ | 6,159,584 | ||||||||||
@ | Non-income producing security | |
* | Cost for federal income tax purposes is $5,902,259. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 143,963 | ||
Gross Unrealized Depreciation | (237,851 | ) | ||
Net Unrealized Depreciation | $ | (93,888 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Closed-End Funds | 2.7 | % | ||
Diversified | 60.5 | |||
Office Property | 4.6 | |||
Real Estate | 24.1 | |||
Storage/Warehousing | 2.4 | |||
Other Assets and Liabilities — Net | 5.7 | |||
Net Assets | 100.0 | % | ||
173
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 86.6% | ||||||||||||||
Australia: 3.8% | ||||||||||||||
137,401 | BHP Billiton Ltd. | $ | 5,538,878 | |||||||||||
22,034 | Crown Ltd. | 228,057 | ||||||||||||
34,518 | John Fairfax Holdings Ltd. | 113,496 | ||||||||||||
1,806,764 | Macquarie Airports Management Ltd. | 5,351,803 | ||||||||||||
178,511 | Newcrest Mining Ltd. | 4,902,609 | ||||||||||||
22,034 | Publishing & Broadcasting Ltd. | 74,761 | ||||||||||||
77,171 | Rio Tinto Ltd. | 9,958,392 | ||||||||||||
26,167,996 | ||||||||||||||
Austria: 3.8% | ||||||||||||||
29,034 | Erste Bank der Oesterreichischen Sparkassen AG | 2,140,236 | ||||||||||||
4,643 | Flughafen Wien AG | 587,141 | ||||||||||||
212,232 | @ | Immoeast Immobilien Anlagen AG | 2,148,417 | |||||||||||
13,129 | Oesterreichische Elektrizitaetswirtschafts AG | 1,015,291 | ||||||||||||
146,795 | OMV AG | 11,025,807 | ||||||||||||
37,989 | Raiffeisen International Bank Holding AG | 6,103,292 | ||||||||||||
18,558 | Telekom Austria AG | 456,847 | ||||||||||||
22,052 | Wiener Staedtische Allgemeine Versicherung AG | 1,647,747 | ||||||||||||
17,795 | Wienerberger AG | 1,020,424 | ||||||||||||
26,145,202 | ||||||||||||||
Belgium: 1.0% | ||||||||||||||
2,814 | Groupe Bruxelles Lambert SA | 356,087 | ||||||||||||
30,001 | Kbc Ancora | 3,191,369 | ||||||||||||
25,760 | KBC Groep NV | 3,467,419 | ||||||||||||
7,014,875 | ||||||||||||||
Bermuda: 0.3% | ||||||||||||||
16,828 | @,L | Central European Media Enterprises Ltd. | 1,784,105 | |||||||||||
1,784,105 | ||||||||||||||
Bulgaria: 0.0% | ||||||||||||||
25,950 | @ | Bulgaria Housing Compensation Notes | 7,914 | |||||||||||
117,641 | @ | Bulgaria Reg Compensation Vouchers | 36,714 | |||||||||||
44,628 | ||||||||||||||
Canada: 3.9% | ||||||||||||||
25,564 | Barrick Gold Corp. | 982,606 | ||||||||||||
27,048 | Cameco Corp. | 940,275 | ||||||||||||
4,607 | Canadian Natural Resources Ltd. | 391,350 | ||||||||||||
87,396 | @ | Eldorado Gold Corp. | 596,178 | |||||||||||
29,519 | Imperial Oil Ltd. | 1,741,653 | ||||||||||||
332,007 | @ | Ivanhoe Mines Ltd. | 3,177,984 | |||||||||||
30,115 | @ | OPTI Canada, Inc. | 637,525 | |||||||||||
34,662 | Potash Corp. of Saskatchewan | 6,380,685 | ||||||||||||
48,986 | @ | Research In Motion Ltd. | 5,958,167 | |||||||||||
42,393 | �� | Suncor Energy, Inc. | 4,783,998 | |||||||||||
36,061 | Talisman Energy, Inc. | 729,384 | ||||||||||||
59,492 | @ | UTS Energy Corp. | 319,583 | |||||||||||
26,639,388 | ||||||||||||||
Chile: 0.3% | ||||||||||||||
74,302 | L | Sociedad Quimica y Minera de Chile SA ADR | 2,118,350 | |||||||||||
2,118,350 | ||||||||||||||
China: 0.4% | ||||||||||||||
2,785,580 | Beijing Capital International Airport Co., Ltd. | 2,842,959 | ||||||||||||
2,842,959 | ||||||||||||||
Cyprus: 0.3% | ||||||||||||||
147,856 | Bank of Cyprus Public Co., Ltd. | 2,035,601 | ||||||||||||
2,035,601 | ||||||||||||||
Czech Republic: 2.6% | ||||||||||||||
71,969 | Komercni Banka A/S | 17,658,192 | ||||||||||||
17,658,192 | ||||||||||||||
Denmark: 1.1% | ||||||||||||||
2,755 | ALK-Abello A/S | 323,408 | ||||||||||||
25,705 | Carlsberg A/S | 3,410,444 | ||||||||||||
2,781 | Danske Bank A/S | 95,745 | ||||||||||||
8,993 | Flsmidth & Co. A/S | 943,711 | ||||||||||||
34,776 | Novo-Nordisk A/S | 2,379,310 | ||||||||||||
5,943 | @ | Vestas Wind Systems A/S | 644,358 | |||||||||||
7,796,976 | ||||||||||||||
Finland: 2.9% | ||||||||||||||
109,990 | Fortum OYJ | 4,653,008 | ||||||||||||
30,177 | Kemira OYJ | 433,968 | ||||||||||||
6,134 | Kesko OYJ | 230,766 | ||||||||||||
5,007 | Metso OYJ | 214,508 | ||||||||||||
266,031 | Nokia OYJ | 7,998,023 | ||||||||||||
17,987 | OKO Bank | 357,074 | ||||||||||||
25,562 | Orion OYJ | 537,217 | ||||||||||||
20,980 | Outotec OYJ | 1,306,904 | ||||||||||||
37,103 | Ramirent OYJ | 612,715 | ||||||||||||
32,706 | Sanoma-WSOY OYJ | 838,757 | ||||||||||||
5,012 | Wartsila OYJ | 341,334 | ||||||||||||
88,520 | YIT OYJ | 2,495,528 | ||||||||||||
20,019,802 | ||||||||||||||
France: 8.6% | ||||||||||||||
4,126 | Accor SA | 339,959 | ||||||||||||
34,414 | L | ADP | 4,081,815 | |||||||||||
25,849 | Air Liquide | 3,875,968 | ||||||||||||
3,563 | Alstom | 818,744 | ||||||||||||
14,734 | BNP Paribas | 1,570,716 | ||||||||||||
17,929 | Bouygues SA | 1,328,719 | ||||||||||||
4,509 | @ | Bureau Veritas SA | 250,779 | |||||||||||
17,670 | Cie de Saint-Gobain | 1,405,754 | ||||||||||||
1,940 | EDF Energies Nouvelles S.A. | 130,276 | ||||||||||||
52,424 | Electricite de France | 5,479,456 | ||||||||||||
6,547 | Eurazeo | 843,039 | ||||||||||||
79,389 | France Telecom SA | 2,484,155 | ||||||||||||
14,672 | JC Decaux SA | 418,442 | ||||||||||||
18,942 | Lafarge SA | 3,396,475 | ||||||||||||
47,613 | LVMH Moet Hennessy Louis Vuitton SA | 5,404,083 | ||||||||||||
10,138 | Neuf Cegetel | 567,096 | ||||||||||||
3,616 | Nexity | 160,997 | ||||||||||||
22,766 | Pernod-Ricard SA | 2,603,406 | ||||||||||||
20,223 | PPR | 2,614,674 | ||||||||||||
4,248 | Remy Cointreau SA | 261,233 | ||||||||||||
16,153 | Sanofi-Aventis | 1,245,092 | ||||||||||||
22,551 | Societe Television Francaise 1 | 473,889 | ||||||||||||
4,060 | Sodexho Alliance SA | 270,750 | ||||||||||||
76,609 | Suez SA | 5,398,019 | ||||||||||||
3,701 | Technip SA | 341,035 | ||||||||||||
112,492 | Total SA | 9,423,019 | ||||||||||||
7,838 | Veolia Environnement | 564,576 | ||||||||||||
34,710 | Vinci SA | 2,546,303 | ||||||||||||
8,216 | Vivendi | 331,248 | ||||||||||||
1,802 | Wendel Investissement | 247,574 | ||||||||||||
58,877,291 | ||||||||||||||
174
Table of Contents
Shares | Value | |||||||||||||
Germany: 5.7% | ||||||||||||||
3,261 | Adidas AG | $ | 206,997 | |||||||||||
31,288 | Bayer AG | 2,642,541 | ||||||||||||
22,993 | Commerzbank AG | 825,634 | ||||||||||||
3,543 | Continental AG | 416,029 | ||||||||||||
28,378 | DaimlerChrysler AG | 2,203,924 | ||||||||||||
10,089 | Deutsche Boerse AG | 1,458,806 | ||||||||||||
11,990 | Deutsche Post AG | 372,586 | ||||||||||||
2,963 | Deutsche Postbank AG | 257,986 | ||||||||||||
23,302 | E.ON AG | 4,737,193 | ||||||||||||
96,654 | Fraport AG Frankfurt Airport Services Worldwide | 6,980,043 | ||||||||||||
42,881 | Fresenius AG | 3,640,657 | ||||||||||||
62,848 | Fresenius Medical Care AG & Co. KGaA | 3,325,701 | ||||||||||||
8,109 | @ | Hamburger Hafen und Logistik AG | 674,885 | |||||||||||
14,549 | Henkel KGaA | 584,059 | ||||||||||||
5,460 | K+S AG | 2,232,386 | ||||||||||||
13,693 | @ | KarstadtQuelle AG | 255,875 | |||||||||||
2,404 | MAN AG | 334,220 | ||||||||||||
5,218 | Merck KGaA | 739,161 | ||||||||||||
7,703 | Praktiker Bau- und Heimwerkermaerkte AG | 165,808 | ||||||||||||
9,382 | @ | Premiere AG | 196,859 | |||||||||||
4,466 | Rheinmetall AG | 337,073 | ||||||||||||
80,932 | Rhoen Klinikum AG | 2,446,704 | ||||||||||||
27,838 | Siemens AG | 3,273,592 | ||||||||||||
7,436 | @ | Tognum AG | 211,427 | |||||||||||
16,172 | @ | UkrTelecom GDR | 148,733 | |||||||||||
38,668,879 | ||||||||||||||
Greece: 0.4% | ||||||||||||||
47,975 | Hellenic Telecommunications Organization SA | 1,422,137 | ||||||||||||
417,214 | Veterin SA | 1,347,968 | ||||||||||||
2,770,105 | ||||||||||||||
Hong Kong: 2.4% | ||||||||||||||
830,069 | China Merchants Holdings International Co., Ltd. | 4,247,761 | ||||||||||||
163,708 | China Mobile Ltd. | 2,816,992 | ||||||||||||
899,346 | @ | Galaxy Entertainment Group Ltd. | 684,883 | |||||||||||
1,337,557 | GOME Electrical Appliances Holdings Ltd. | 3,039,231 | ||||||||||||
134,443 | @ | Hutchison Telecommunications International Ltd. | 188,015 | |||||||||||
847,827 | Melco International Development | 1,154,615 | ||||||||||||
60,505 | @,L | Melco PBL Entertainment Macau Ltd. ADR | 798,666 | |||||||||||
2,661,535 | Shun TAK Holdings Ltd. | 3,551,175 | ||||||||||||
165,351 | Texwinca Holdings Ltd. | 124,442 | ||||||||||||
16,605,780 | ||||||||||||||
Hungary: 3.4% | ||||||||||||||
652,879 | Magyar Telekom Telecommunications PLC | 3,471,704 | ||||||||||||
2,922 | Mol Magyar Olaj- es Gazipari Rt | 416,509 | ||||||||||||
439,836 | L | OTP Bank Nyrt | 18,756,010 | |||||||||||
3,242 | Richter Gedeon Nyrt | 669,015 | ||||||||||||
23,313,238 | ||||||||||||||
India: 2.7% | ||||||||||||||
37,037 | @,# | Banking Index Benchmark Exchange Traded Scheme — Bank BeESCitigroup Global Markets (Participation Certificate, Issuer: Citigroup Global Markets) | 691,443 | |||||||||||
69,099 | @,# | Bharti Airtel Ltd. (Equity Linked Certificate, Issuer: CLSA Financial Products Ltd.) | 1,532,737 | |||||||||||
26,555 | @,# | ICICI Bank Ltd.(Participation Certificate, Issuer: Citigroup Global Markets) | 575,457 | |||||||||||
45,686 | @,# | ICICI Bank, Ltd. (Equity Linked Certificate, Issuer: CLSA Financial Products Ltd.) | 992,355 | |||||||||||
17,180 | @,# | Mahindra & Mahindra Ltd. (Equity Linked Certificate, Issuer: CLSA Financial Products Ltd.) | 284,332 | |||||||||||
13,033 | @,# | Oil & Natural Gas Corp. Ltd. (Equity Linked Certificate, Issuer: CLSA Financial Products Ltd.) | 332,479 | |||||||||||
1,463 | @ | State Bank of India GDR | 128,166 | |||||||||||
214,331 | @,# | State Bank of India Ltd. (Equity Linked Certificate, Issuer: CLSA Financial Products Ltd.) | 9,392,827 | |||||||||||
301 | @,# | State Bank of India Ltd. (Low Exercise Price Warrant, Issuer: Deutsche Bank AG London) | 13,191 | |||||||||||
7,318 | State Bank of India Ltd. GDR | 673,867 | ||||||||||||
81,344 | @,# | State Bank of India Ltd.(Participation Certificate, Issuer: Citigroup Global Markets) | 3,564,814 | |||||||||||
18,181,668 | ||||||||||||||
Indonesia: 0.1% | ||||||||||||||
687,400 | Semen Gresik Persero Tbk PT | 314,199 | ||||||||||||
314,199 | ||||||||||||||
Ireland: 0.1% | ||||||||||||||
24,561 | CRH PLC | 930,309 | ||||||||||||
930,309 | ||||||||||||||
Italy: 2.4% | ||||||||||||||
3,579 | Autogrill S.p.A. | 54,319 | ||||||||||||
175,731 | Banca Popolare di Milano Scrl | 2,155,459 | ||||||||||||
19,182 | Banca Popolare di Sondrio Scarl | 269,002 | ||||||||||||
12,866 | Banche Popolari Unite Scpa | 338,590 | ||||||||||||
75,233 | Buzzi Unicem S.p.A. | 1,913,062 | ||||||||||||
115,933 | Credito Emiliano S.p.A. | 1,539,535 | ||||||||||||
4,612 | Finmeccanica S.p.A. | 159,971 | ||||||||||||
46,112 | Geox S.p.A. | 662,142 | ||||||||||||
573,094 | Intesa Sanpaolo S.p.A. | 4,038,565 | ||||||||||||
14,645 | Italcementi S.p.A. | 315,731 | ||||||||||||
1,917 | Lottomatica S.p.A. | 58,858 | ||||||||||||
100,235 | Mediobanca S.p.A. | 2,082,118 | ||||||||||||
364,590 | Telecom Italia S.p.A. | 762,485 | ||||||||||||
272,422 | UniCredito Italiano S.p.A. | 2,053,140 | ||||||||||||
16,402,977 | ||||||||||||||
Japan: 6.3% | ||||||||||||||
6,190 | Acom Co., Ltd. | 191,463 | ||||||||||||
6,625 | Aeon Credit Service Co., Ltd. | 105,443 | ||||||||||||
6,900 | Aiful Corp. | 134,520 | ||||||||||||
6,601 | Aisin Seiki Co., Ltd. | 231,381 | ||||||||||||
22,000 | Bank of Kyoto Ltd. | 281,162 | ||||||||||||
80,000 | Bank of Yokohama Ltd. | 587,455 | ||||||||||||
36,305 | Canon, Inc. | 1,825,329 |
175
Table of Contents
Shares | Value | |||||||||||||
Japan (continued) | ||||||||||||||
138 | Central Japan Railway Co. | $ | 1,354,671 | |||||||||||
39,000 | Chiba Bank Ltd. | 308,234 | ||||||||||||
5,859 | @ | Credit Saison Co., Ltd. | 157,269 | |||||||||||
25,000 | Daihatsu Motor Co., Ltd. | 299,041 | ||||||||||||
5,700 | Daikin Industries Ltd. | 285,250 | ||||||||||||
14,608 | Daiwa Securities Group, Inc. | 144,934 | ||||||||||||
18,288 | Denso Corp. | 637,888 | ||||||||||||
52 | Dentsu, Inc. | 119,894 | ||||||||||||
230 | East Japan Railway Co. | 1,835,380 | ||||||||||||
8,200 | Eisai Co., Ltd. | 290,493 | ||||||||||||
7,000 | Fanuc Ltd. | 737,822 | ||||||||||||
91 | Fuji Television Network, Inc. | 149,300 | ||||||||||||
28,000 | Gunma Bank Ltd. | 224,655 | ||||||||||||
19,728 | Honda Motor Co., Ltd. | 629,647 | ||||||||||||
13,300 | Hoya Corp. | 371,201 | ||||||||||||
8,600 | Ibiden Co., Ltd. | 375,282 | ||||||||||||
66,000 | Isuzu Motors Ltd. | 319,727 | ||||||||||||
15,000 | Itochu Corp. | 157,103 | ||||||||||||
298 | Japan Tobacco, Inc. | 1,449,057 | ||||||||||||
5,068 | JFE Holdings, Inc. | 278,426 | ||||||||||||
9,989 | JS Group Corp. | 174,009 | ||||||||||||
6,548 | JSR Corp. | 147,883 | ||||||||||||
178 | KDDI Corp. | 1,143,464 | ||||||||||||
72,800 | Komatsu Ltd. | 2,215,588 | ||||||||||||
15,319 | Kubota Corp. | 107,328 | ||||||||||||
5,700 | Kyocera Corp. | 526,455 | ||||||||||||
16,093 | Makita Corp. | 553,866 | ||||||||||||
40,484 | Matsushita Electric Industrial Co., Ltd. | 944,924 | ||||||||||||
10,700 | Mitsubishi Corp. | 344,447 | ||||||||||||
23,000 | Mitsubishi Electric Corp. | 235,660 | ||||||||||||
169,640 | Mitsubishi UFJ Financial Group, Inc. | 1,869,260 | ||||||||||||
14,000 | Mitsui & Co., Ltd. | 328,804 | ||||||||||||
7,723 | Mitsui Fudosan Co., Ltd. | 195,160 | ||||||||||||
73 | @ | Mizuho Financial Group, Inc. | 379,903 | |||||||||||
7,201 | Nintendo Co., Ltd. | 3,980,519 | ||||||||||||
92,000 | Nippon Electric Glass Co., Ltd. | 1,431,034 | ||||||||||||
48 | Nippon Telegraph & Telephone Corp. | 206,723 | ||||||||||||
13,707 | Nissan Motor Co., Ltd. | 122,232 | ||||||||||||
4,902 | Nitto Denko Corp. | 203,030 | ||||||||||||
12,355 | Nomura Holdings, Inc. | 215,740 | ||||||||||||
42,000 | NSK Ltd. | 350,026 | ||||||||||||
713 | NTT DoCoMo, Inc. | 1,047,260 | ||||||||||||
3,167 | Olympus Corp. | 104,255 | ||||||||||||
6,592 | Promise Co., Ltd. | 208,904 | ||||||||||||
33,000 | Ricoh Co., Ltd. | 571,259 | ||||||||||||
19 | Sapporo Hokuyo Holdings, Inc. | 153,992 | ||||||||||||
8,486 | Seven & I Holdings Co., Ltd. | 254,041 | ||||||||||||
12,000 | Sharp Corp. | 202,132 | ||||||||||||
6,000 | Shin-Etsu Chemical Co., Ltd. | 371,521 | ||||||||||||
23,000 | Shizuoka Bank Ltd. | 282,372 | ||||||||||||
36,233 | Sony Corp. | 1,670,507 | ||||||||||||
11,499 | Stanley Electric Co., Ltd. | 292,850 | ||||||||||||
45,000 | Sumitomo Chemical Co., Ltd. | 292,319 | ||||||||||||
10,092 | Sumitomo Corp. | 135,872 | ||||||||||||
9,000 | Sumitomo Electric Industries Ltd. | 116,152 | ||||||||||||
41,992 | Sumitomo Heavy Industries | 354,741 | ||||||||||||
83,145 | Sumitomo Metal Industries Ltd. | 350,201 | ||||||||||||
35 | Sumitomo Mitsui Financial Group, Inc. | 301,189 | ||||||||||||
50,000 | Sumitomo Trust & Banking Co., Ltd. | 449,549 | ||||||||||||
16,000 | Suruga Bank Ltd. | 226,431 | ||||||||||||
62,000 | Suzuki Motor Corp. | 1,573,087 | ||||||||||||
10,300 | Takeda Pharmaceutical Co., Ltd. | 544,571 | ||||||||||||
6,560 | Takefuji Corp. | 155,167 | ||||||||||||
55,700 | Toyota Motor Corp. | 2,838,575 | ||||||||||||
15,550 | @ | Yamada Denki Co., Ltd. | 1,335,033 | |||||||||||
12,301 | Yamaha Motor Co., Ltd. | 237,712 | ||||||||||||
4,846 | Yamato Holdings Co., Ltd. | 70,964 | ||||||||||||
43,298,738 | ||||||||||||||
Luxembourg: 0.7% | ||||||||||||||
45,487 | @,L | Millicom Intl Cellular S.A. | 4,913,051 | |||||||||||
4,913,051 | ||||||||||||||
Mexico: 1.1% | ||||||||||||||
589,184 | America Movil SA de CV — Series L | 1,704,287 | ||||||||||||
7,138 | America Movil SA de CV ADR | 413,718 | ||||||||||||
92,118 | Controladora Comercial Mexicana SA de CV | 259,085 | ||||||||||||
270,698 | Corporacion Moctezuma | 706,892 | ||||||||||||
40,364 | Fomento Economico Mexicano SA de CV ADR | 1,753,816 | ||||||||||||
45,023 | Grupo Cementos Chihuahua | 229,606 | ||||||||||||
437,516 | Grupo Financiero Banorte SA de CV | 1,892,931 | ||||||||||||
15,312 | L | Grupo Televisa SA ADR | 377,900 | |||||||||||
84,743 | @ | Urbi Desarrollos Urbanos SA de C.V | 271,872 | |||||||||||
7,610,107 | ||||||||||||||
Netherlands: 0.8% | ||||||||||||||
7,967 | Koninklijke Vopak NV | 542,861 | ||||||||||||
105,264 | Royal KPN NV | 1,921,765 | ||||||||||||
8,874 | TNT NV | 342,822 | ||||||||||||
71,226 | Unilever NV | 2,377,724 | ||||||||||||
14,114 | @ | X5 Retail Group NV GDR | 487,625 | |||||||||||
5,672,797 | ||||||||||||||
New Zealand: 0.1% | ||||||||||||||
560,523 | Auckland International Airport Ltd. | 933,880 | ||||||||||||
933,880 | ||||||||||||||
Norway: 2.1% | ||||||||||||||
26,217 | Aker Kvaerner ASA | 662,059 | ||||||||||||
148,657 | DnB NOR ASA | 2,206,852 | ||||||||||||
22,142 | Norsk Hydro ASA | 325,559 | ||||||||||||
172,309 | Statoil ASA | 6,198,998 | ||||||||||||
80,266 | @ | Telenor ASA | 1,608,656 | |||||||||||
43,563 | Yara International ASA | 3,158,332 | ||||||||||||
14,160,456 | ||||||||||||||
Philippines: 0.1% | ||||||||||||||
34,952 | Ayala Corp. | 244,255 | ||||||||||||
685,243 | Ayala Land, Inc. | 157,584 | ||||||||||||
401,839 | ||||||||||||||
Poland: 3.5% | ||||||||||||||
7,413 | Bank BPH | 297,010 | ||||||||||||
65,145 | Bank Handlowy w Warszawie | 2,474,327 | ||||||||||||
81,407 | Bank Pekao SA | 7,055,823 | ||||||||||||
7,912 | Bank Zachodni WBK SA | 578,456 | ||||||||||||
4,132 | @ | BRE Bank SA | 668,864 | |||||||||||
723,291 | Polish Oil & Gas | 1,359,660 | ||||||||||||
325,777 | Powszechna Kasa Oszczednosci Bank Polski SA | 6,738,843 | ||||||||||||
501,112 | Telekomunikacja Polska SA | 5,034,947 | ||||||||||||
24,207,930 | ||||||||||||||
Portugal: 0.6% | ||||||||||||||
117,929 | Energias de Portugal SA | 744,070 | ||||||||||||
411,747 | Jeronimo Martins | 3,249,954 | ||||||||||||
3,994,024 | ||||||||||||||
176
Table of Contents
Shares | Value | |||||||||||||
Romania: 0.6% | ||||||||||||||
198,352 | Romanian Bank for Development SA | $ | 1,791,821 | |||||||||||
10,411,795 | SNP Petrom SA | 2,161,339 | ||||||||||||
3,953,160 | ||||||||||||||
Russia: 5.5% | ||||||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 232,328 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 122,696 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 122,392 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 266,089 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 136,864 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 773,508 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 153,889 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 35,443 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 170,510 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 47,755 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 38,621 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 84,269 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 77,940 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 63,631 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 116,288 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 23,817 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 53,823 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 41,014 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 8,839 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 604,820 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 146,525 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 565,250 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | 94,500 | |||||||||||
35 | I | Deutsche Bank AG, London (Pending Spin-off of Unified Energy Sys- REG S GDR) | — | |||||||||||
7,980 | # | Evraz Group SA GDR | 823,830 | |||||||||||
19,394 | Lukoil-Spon ADR | 1,742,762 | ||||||||||||
13,766 | L | Mechel OAO ADR | 2,007,083 | |||||||||||
— | MMC Norilsk Nickel | — | ||||||||||||
156,050 | MMC Norilsk Nickel ADR | 4,187,036 | ||||||||||||
165,873 | Novatek OAO | 1,255,659 | ||||||||||||
63,146 | @,# | Novorossiysk Sea Trading Port — Spon GDR | 954,294 | |||||||||||
128,748 | L | OAO Gazprom ADR | 6,812,274 | |||||||||||
183,170 | @ | OAO Rosneft Oil Co. GDR | 1,782,639 | |||||||||||
1,536 | @ | Open Investments | 380,629 | |||||||||||
73,302 | @,# | Pharmstandard OJSC GDR | 1,826,657 | |||||||||||
5,126 | Polyus Gold Co. ZAO | 273,092 | ||||||||||||
22,878 | L | Polyus Gold Co. ZAO ADR | 1,216,365 | |||||||||||
1,367,507 | Sberbank RF | 4,432,883 | ||||||||||||
14,797 | # | Severstal JSC GDR | 361,047 | |||||||||||
45,519 | @,#,L | Sistema-Hals GDR | 335,475 | |||||||||||
5,041 | @,# | Uralkali GDR | 263,392 | |||||||||||
87,064 | @ | Uralkaliy | 907,780 | |||||||||||
21,696 | L | Uralsvyazinform ADR | 201,773 | |||||||||||
45,444 | Vimpel-Communications OAO ADR | 1,370,591 | ||||||||||||
74,728 | @,#,L | VTB Bank OJSC GDR | 554,634 | |||||||||||
10,175 | Wimm-Bill-Dann Foods — Class S | 785,153 | ||||||||||||
11,032 | L | Wimm-Bill-Dann Foods OJSC ADR | 1,342,594 | |||||||||||
37,798,453 | ||||||||||||||
South Africa: 0.2% | ||||||||||||||
28,985 | Impala Platinum Holdings Ltd. | 1,173,061 | ||||||||||||
1,173,061 | ||||||||||||||
South Korea: 0.3% | ||||||||||||||
1,415 | @ | NHN Corp. | 327,952 | |||||||||||
2,706 | Samsung Electronics Co., Ltd. | 1,918,305 | ||||||||||||
2,246,257 | ||||||||||||||
Spain: 1.6% | ||||||||||||||
2,200 | Acciona SA | 624,673 | ||||||||||||
76,440 | Banco Bilbao Vizcaya Argentaria SA | 1,753,163 | ||||||||||||
13,822 | Gamesa Corp. Tecnologica SA | 667,409 | ||||||||||||
119,910 | @ | Iberdrola Renovables | 870,636 | |||||||||||
136,870 | Iberdrola SA | 1,994,405 | ||||||||||||
5,345 | Inditex SA | 289,413 | ||||||||||||
157,621 | Telefonica SA | 4,529,231 | ||||||||||||
10,728,930 | ||||||||||||||
Sweden: 1.2% | ||||||||||||||
28,188 | Getinge AB | 715,410 | ||||||||||||
12,241 | Hennes & Mauritz AB | 721,198 | ||||||||||||
8,988 | Modern Times Group AB | 656,335 | ||||||||||||
270,193 | Nordea Bank AB | 4,443,579 | ||||||||||||
35,816 | Swedbank AB | 900,907 | ||||||||||||
65,911 | TeliaSonera AB | 585,632 | ||||||||||||
8,023,061 | ||||||||||||||
Switzerland: 5.2% | ||||||||||||||
64,454 | ABB Ltd. | 1,966,839 | ||||||||||||
6,066 | BKW FMB Energie AG | 747,319 | ||||||||||||
76,283 | Compagnie Financiere Richemont AG | 4,585,886 | ||||||||||||
4,121 | Flughafen Zuerich AG | 1,804,522 | ||||||||||||
83,018 | Holcim Ltd. | 8,100,233 | ||||||||||||
12,176 | Nestle SA | 5,811,339 | ||||||||||||
7,125 | Nobel Biocare Holding AG | 256,389 |
177
Table of Contents
Shares | Value | |||||||||||||
Switzerland (continued) | ||||||||||||||
9,552 | Roche Holding AG | $ | 1,580,629 | |||||||||||
719 | SGS SA | 1,007,886 | ||||||||||||
14,267 | Swatch Group AG — BR | 3,809,548 | ||||||||||||
3,154 | Synthes, Inc. | 431,541 | ||||||||||||
68,320 | Xstrata PLC | 5,318,954 | ||||||||||||
35,421,085 | ||||||||||||||
Taiwan: 1.9% | ||||||||||||||
202,000 | Asia Cement Corp. | 362,625 | ||||||||||||
6 | @,# | Baskets-Luxembourg Exchange (TWSEBKI Tracking Basket, Issuer: Merrill Lynch Intl & Co.) | 735,476 | |||||||||||
25,662 | Cathay Financial Holding Co., Ltd. GDR | 716,740 | ||||||||||||
1,114,906 | @,# | Chinatrust Financial Holding Co., Ltd. (Taiwan Participation Certificates, Issuer: Citigroup Global Markets Hold) | 1,161,933 | |||||||||||
98,975 | L | Chunghwa Telecom Ltd. ADR | 2,524,852 | |||||||||||
56,617 | Far Eastern Textile Co., Ltd. GDR | 952,060 | ||||||||||||
18,876 | First Financial Holding Co., Ltd. GDR | 458,764 | ||||||||||||
30,456 | Fubon Financial Holding Co., Ltd. GDR | 363,103 | ||||||||||||
97,790 | @ | President Chain (Low Exercise Price Warrant, Issuer: Deutsche Bank AG London) | 343,348 | |||||||||||
68,413 | @ | Taiwan Basket (Issuer: Goldman Sachs International) | 2,681,700 | |||||||||||
336,000 | Taiwan Cement Corp. | 545,055 | ||||||||||||
232,562 | @,# | Taiwan Fertilizer Co. Ltd. (Low Exercise Price Warrant, Issuer: Deutsche Bank AG London) | 1,125,608 | |||||||||||
511,519 | @,# | Tatung Co, Ltd. (Low Exercise Price Warrant, Issuer: Deutsche Bank AG London) | 308,842 | |||||||||||
224,229 | @,# | Uni-President (Equity Linked Certificate, Issuer: CLSA Financial Products Ltd.) | 320,800 | |||||||||||
475,028 | @,# | Yuanta Financial Holding Co., Ltd. (Taiwan Participation Certificates, Issuer: Citigroup Global Markets Hold) | 452,184 | |||||||||||
13,053,090 | ||||||||||||||
Ukraine: 0.7% | ||||||||||||||
5,090,724 | @ | JSCB Ukrsotsbank | 954,327 | |||||||||||
3,938,839 | Raiffeisen Bank Aval | 633,463 | ||||||||||||
16,379 | @ | Ukrnafta Oil Co. ADR | 930,124 | |||||||||||
87 | @ | Ukrnafta Oil Co. GDR | 29,122 | |||||||||||
13,145,713 | @ | UkrTelecom | 2,492,918 | |||||||||||
5,039,954 | ||||||||||||||
United Kingdom: 7.8% | ||||||||||||||
46,197 | Amec PLC | 725,188 | ||||||||||||
75,043 | Anglo American PLC | 4,850,873 | ||||||||||||
44,091 | BAE Systems PLC | 406,459 | ||||||||||||
51,146 | BHP Billiton PLC | 1,825,121 | ||||||||||||
746,241 | BP PLC | 9,042,744 | ||||||||||||
92,650 | BT Group PLC | 407,844 | ||||||||||||
84,227 | Burberry Group PLC | 803,860 | ||||||||||||
81,425 | Cadbury Schweppes PLC | 935,271 | ||||||||||||
223,417 | Compass Group PLC | 1,506,105 | ||||||||||||
243,112 | Diageo PLC | 4,958,421 | ||||||||||||
74,544 | GlaxoSmithKline PLC | 1,649,001 | ||||||||||||
30,125 | Intertek Group PLC | 578,605 | ||||||||||||
25,534 | @ | Peter Hambro Mining PLC | 636,808 | |||||||||||
93,221 | QinetiQ PLC | 357,199 | ||||||||||||
52,149 | Reckitt Benckiser PLC | 3,030,308 | ||||||||||||
41,583 | Rio Tinto PLC | 4,847,476 | ||||||||||||
184,008 | @ | Rolls-Royce Group PLC | 1,594,641 | |||||||||||
14,735,526 | @ | Rolls-Royce Group PLC — B Shares Entitlement | 29,299 | |||||||||||
96,442 | Royal Bank of Scotland Group PLC | 652,755 | ||||||||||||
242,963 | Smith & Nephew PLC | 3,141,116 | ||||||||||||
409,312 | Tesco PLC | 3,466,692 | ||||||||||||
2,478,630 | Vodafone Group PLC | 7,844,031 | ||||||||||||
25,578 | WPP Group PLC | 311,749 | ||||||||||||
53,601,566 | ||||||||||||||
United States: 0.1% | ||||||||||||||
40,798 | Israel Chemicals Ltd. | 749,406 | ||||||||||||
7,145 | KKR Private Equity Investors LP | 105,780 | ||||||||||||
855,186 | ||||||||||||||
Total Common Stock (Cost $463,604,412) | 593,419,145 | |||||||||||||
EXCHANGE-TRADED FUNDS: 6.1% | ||||||||||||||
Australia: 0.4% | ||||||||||||||
102,364 | iShares MSCI Australia Index Fund | 2,843,672 | ||||||||||||
2,843,672 | ||||||||||||||
Brazil: 0.1% | ||||||||||||||
8,372 | L | iShares MSCI Brazil Index Fund | 754,233 | |||||||||||
754,233 | ||||||||||||||
Eurozone: 4.0% | ||||||||||||||
463,689 | iShares DJ Euro STOXX 50 | 27,549,250 | ||||||||||||
27,549,250 | ||||||||||||||
France: 0.3% | ||||||||||||||
22,252 | Lyxor ETF CAC 40 | 1,747,694 | ||||||||||||
1,747,694 | ||||||||||||||
Ireland: 0.2% | ||||||||||||||
95,623 | IShares PLC-IFTSE 100 Fund | 1,168,812 | ||||||||||||
1,168,812 | ||||||||||||||
United States: 1.1% | ||||||||||||||
464,030 | L | iShares MSCI Taiwan Index Fund | 7,684,337 | |||||||||||
7,684,337 | ||||||||||||||
Total Exchange-Traded Funds (Cost $40,113,529) | 41,747,998 | |||||||||||||
MUTUAL FUNDS: 0.1% | ||||||||||||||
Romania: 0.0% | ||||||||||||||
127,000 | @ | SIF 3 Transilvania Brasov | 82,807 | |||||||||||
82,807 | ||||||||||||||
Russia: 0.1% | ||||||||||||||
104,109 | @ | RenShares Utilities Ltd. | 327,943 | |||||||||||
327,943 | ||||||||||||||
Total Mutual Funds (Cost $208,931) | 410,750 | |||||||||||||
PREFERRED STOCK: 1.6% | ||||||||||||||
Brazil: 1.0% | ||||||||||||||
269,292 | Petroleo Brasileiro SA | 6,891,879 | ||||||||||||
6,891,879 | ||||||||||||||
Germany: 0.1% | ||||||||||||||
4,031 | Volkswagen AG | 662,054 | ||||||||||||
662,054 | ||||||||||||||
178
Table of Contents
Shares | Value | |||||||||||||
Russia: 0.5% | ||||||||||||||
3,602 | I | Silvinit BRD | $ | 2,791,550 | ||||||||||
378,180 | @ | URSA Bank | 514,677 | |||||||||||
3,306,227 | ||||||||||||||
Total Preferred Stock (Cost $8,326,428) | 10,860,160 | |||||||||||||
RIGHTS: 0.0% | ||||||||||||||
Austria: 0.0% | ||||||||||||||
22,052 | Vienna Insurance Group — Rights | 7,782 | ||||||||||||
7,782 | ||||||||||||||
United Kingdom: 0.0% | ||||||||||||||
14,114 | X5 Retail Group — Rights | 42,912 | ||||||||||||
42,912 | ||||||||||||||
Total Rights (Cost $-) | 50,694 | |||||||||||||
Total Long-Term Investments (Cost $512,253,300) | 646,488,747 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 5.6% | ||||||||||||||
U.S. Government Agency Obligations: 0.3% | ||||||||||||||
$ | 2,019,000 | L,Z | Federal Home Loan Bank, 1.550%, due 05/01/08 | $ | 2,018,913 | |||||||||
Total U.S. Government Agency Obligations (Cost $2,018,913) | 2,018,913 | |||||||||||||
Securities Lending CollateralCC: 5.3% | ||||||||||||||
36,733,478 | Bank of New York Mellon Corp. Institutional Cash Reserves | 36,733,478 | ||||||||||||
Total Securities Lending Collateral (Cost $36,733,478) | 36,733,478 | |||||||||||||
Total Short-Term Investments (Cost $38,752,391) | 38,752,391 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $551,005,691)* | 100.0 | % | $ | 685,241,138 | ||||||||||
Other Assets and Liabilities - Net | (0.0 | ) | (190,346 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 685,050,792 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees. | |
cc | Securities purchased with cash collateral for securities loaned. | |
I | Illiquid security | |
L | Loaned security, a portion or all of the security is on loan at April 30, 2008. | |
Z | Indicates Zero Coupon Bond; rate shown reflects current effective yield. | |
* | Cost for federal income tax purposes is $554,304,186. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 145,503,620 | ||
Gross Unrealized Depreciation | (14,566,668 | ) | ||
Net Unrealized Appreciation | $ | 130,936,952 | ||
179
Table of Contents
Percentage of | ||||
Industry | Net Assets | |||
Advertising | 0.1 | % | ||
Aerospace/Defense | 0.3 | |||
Agriculture | 0.2 | |||
Apparel | 0.2 | |||
Auto Manufacturers | 1.3 | |||
Auto Parts & Equipment | 0.2 | |||
Banks | 18.2 | |||
Beverages | 1.9 | |||
Building Materials | 2.9 | |||
Chemicals | 4.0 | |||
Closed-End Funds | 0.0 | |||
Commercial Services | 0.5 | |||
Computers | 0.9 | |||
Distribution/Wholesale | 0.1 | |||
Diversified Financial Services | 1.8 | |||
Electric | 3.6 | |||
Electrical Components & Equipment | 0.3 | |||
Electronics | 0.5 | |||
Energy — Alternate Sources | 0.2 | |||
Engineering & Construction | 4.8 | |||
Entertainment | 0.0 | |||
Equity Fund | 0.1 | |||
Exchange Traded Fund | 0.1 | |||
Food | 2.8 | |||
Food Service | 0.3 | |||
Hand/Machine Tools | 0.1 | |||
Healthcare — Products | 1.2 | |||
Healthcare — Services | 0.8 | |||
Hedge Fund | 0.1 | |||
Holding Companies — Diversified | 1.7 | |||
Home Builders | 0.0 | |||
Home Furnishings | 0.4 | |||
Household Products/Wares | 0.5 | |||
Insurance | 0.3 | |||
Internet | 0.1 | |||
Investment Companies | 0.1 | |||
Iron/Steel | 0.6 | |||
Leisure Time | 0.0 | |||
Lodging | 0.3 | |||
Machinery — Construction & Mining | 0.5 | |||
Machinery — Diversified | 0.5 | |||
Media | 0.8 | |||
Metal Fabricate/Hardware | 0.1 | |||
Mining | 7.4 | |||
Miscellaneous Manufacturing | 0.5 | |||
Office/Business Equipment | 0.4 | |||
Oil & Gas | 9.9 | |||
Oil & Gas Services | 0.1 | |||
Pharmaceuticals | 1.9 | |||
Real Estate | 1.4 | |||
Retail | 2.6 | |||
Semiconductors | 0.3 | |||
Sovereign | 0.0 | |||
Telecommunications | 8.7 | |||
Textiles | 0.2 | |||
Toys/Games/Hobbies | 0.6 | |||
Transportation | 0.8 | |||
Water | 0.1 | |||
Other Long-Term Investments | 6.1 | |||
Short-Term Investments | 5.6 | |||
Other Assets and Liabilities — Net | 0.0 | |||
Net Assets | 100.0 | % | ||
In | Unrealized | |||||||||||||||||||
Settlement | Exchange | Appreciation/ | ||||||||||||||||||
Currency | Buy/Sell | Date | For | Value | (Depreciation) | |||||||||||||||
USD | ||||||||||||||||||||
Japanese Yen JPY 2,658,780,768 | Buy | 05/08/08 | 25,106,523 | 25,582,081 | $ | 475,558 | ||||||||||||||
Japanese Yen JPY 390,512,085 | Buy | 08/01/08 | 3,757,633 | 3,775,945 | 18,312 | |||||||||||||||
$ | 493,870 | |||||||||||||||||||
Canada Dollars CAD 1,704,642 | Sell | 06/20/08 | 1,681,273 | 1,691,844 | $ | (10,571 | ) | |||||||||||||
Czech Republic Koruny CZK 54,430,896 | Sell | 06/20/08 | 3,387,956 | 3,363,607 | 24,349 | |||||||||||||||
EURO EUR 4,011,771 | Sell | 06/20/08 | 6,240,350 | 6,249,491 | (9,141 | ) | ||||||||||||||
Hungary Forint HUF 1,361,990,933 | Sell | 05/19/08 | 7,511,532 | 8,401,843 | (890,311 | ) | ||||||||||||||
Mexico Pesos MXN 36,272,822 | Sell | 05/21/08 | 3,339,424 | 3,448,948 | (109,525 | ) | ||||||||||||||
Poland Zlotych PLN 17,738,950 | Sell | 05/19/08 | 7,215,942 | 8,009,134 | (793,192 | ) | ||||||||||||||
$ | (1,788,391 | ) | ||||||||||||||||||
180
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 96.8% | ||||||||||||||
China: 21.6% | ||||||||||||||
542,000 | Anta Sports Products Ltd | $ | 605,637 | |||||||||||
163,000 | China Coal Energy Co. — Shares H | 343,952 | ||||||||||||
281,000 | China COSCO Holdings Co., Ltd. | 836,489 | ||||||||||||
263,000 | @ | China High Speed Transmission Equipment Group Co., Ltd. | 460,617 | |||||||||||
536,000 | China Life Insurance Co., Ltd. | 2,335,033 | ||||||||||||
1,864,000 | China Petroleum & Chemical Corp. | 2,002,843 | ||||||||||||
1,936,000 | @ | China Southern Airlines Co., Ltd. | 1,270,821 | |||||||||||
914,000 | China Telecom Corp., Ltd. | 612,215 | ||||||||||||
212,000 | Dongfang Electrical Machinery Co., Ltd. | 862,168 | ||||||||||||
2,002,000 | Industrial and Commercial Bank of China Ltd. | 1,580,797 | ||||||||||||
1,102,000 | PetroChina Co., Ltd. | 1,655,868 | ||||||||||||
650,000 | Shanghai Forte Land Co. | 285,626 | ||||||||||||
69,033 | @ | SPG Land Holdings Ltd. | 35,310 | |||||||||||
725,000 | Travelsky Technology Ltd. | 628,946 | ||||||||||||
13,516,322 | ||||||||||||||
Hong Kong: 41.7% | ||||||||||||||
220,000 | Bank of East Asia Ltd. | 1,250,211 | ||||||||||||
147,000 | Cheung Kong Holdings Ltd. | 2,296,053 | ||||||||||||
338,500 | China Mobile Ltd. | 5,824,711 | ||||||||||||
1,130,000 | China Overseas Land & Investment Ltd. | 2,374,435 | ||||||||||||
1,590,000 | China Power International Development Ltd. | 578,146 | ||||||||||||
248,000 | China Resources Enterprise | 908,834 | ||||||||||||
494,000 | Chow Sang Sang Holdings International Ltd. | 637,224 | ||||||||||||
2,921,000 | Chuang’s China Investments | 206,964 | ||||||||||||
322,000 | CLP Holdings Ltd. | 2,554,807 | ||||||||||||
422,000 | CNOOC Ltd. | 749,086 | ||||||||||||
607,920 | Dah Chong Hong Holdings Ltd. | 199,552 | ||||||||||||
66,300 | Hang Seng Bank Ltd. | 1,324,559 | ||||||||||||
210,000 | Henderson Land Development Co., Ltd. | 1,606,445 | ||||||||||||
111,900 | Hong Kong Exchanges and Clearing Ltd. | 2,286,668 | ||||||||||||
171,500 | HongKong Electric Holdings | 1,076,143 | ||||||||||||
51,000 | Hutchison Whampoa Ltd. | 498,390 | ||||||||||||
622,000 | Hysan Development Co., Ltd. | 1,804,347 | ||||||||||||
26,176,575 | ||||||||||||||
Taiwan: 33.5% | ||||||||||||||
516,461 | Asustek Computer, Inc. | 1,671,081 | ||||||||||||
310,000 | AU Optronics Corp. | 605,929 | ||||||||||||
915,000 | Cathay Financial Holding Co., Ltd. | 2,567,292 | ||||||||||||
999,000 | Chunghwa Telecom Co., Ltd. | 2,577,293 | ||||||||||||
1,212,863 | Far Eastern Textile Co., Ltd. | 2,030,899 | ||||||||||||
370,488 | Far EasTone Telecommunications Co., Ltd. | 629,589 | ||||||||||||
2,072,000 | First Financial Holding Co., Ltd. | 2,506,168 | ||||||||||||
235,000 | Formosa Plastics Corp. | 670,221 | ||||||||||||
1,265,791 | Goldsun Development & Construction Co., Ltd. | 941,394 | ||||||||||||
92,000 | Huang Hsiang Construction Co. | 259,283 | ||||||||||||
80,560 | MediaTek, Inc. | 1,044,952 | ||||||||||||
290,000 | Oriental Union Chemical Corp. | 325,152 | ||||||||||||
97,987 | @ | Taiwan Basket (Issuer: Deutsche BankAG London) | 1,221,606 | |||||||||||
318,000 | Taiwan Cement Corp. | 515,856 | ||||||||||||
273,000 | Taiwan Fertilizer Co., Ltd. | 1,324,374 | ||||||||||||
142,000 | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1,596,080 | ||||||||||||
120,400 | # | Wintek Corp. GDR | 545,701 | |||||||||||
21,032,870 | ||||||||||||||
Total Common Stock (Cost $51,381,613) | 60,725,767 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 1.4% | ||||||||||||||
Hong Kong: 1.4% | ||||||||||||||
360,000 | Link Real Estate Investment Trust | 861,861 | ||||||||||||
Total Real Estate Investment Trusts (Cost $823,764) | 861,861 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $52,205,377)* | 98.2 | % | $ | 61,587,628 | ||||||||||
Other Assets and Liabilities - Net | 1.8 | 1,122,227 | ||||||||||||
Net Assets | 100.0 | % | $ | 62,709,855 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees. | |
* | Cost for federal income tax purposes is $52,540,497. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 11,809,785 | ||
Gross Unrealized Depreciation | (2,762,654 | ) | ||
Net Unrealized Appreciation | $ | 9,047,131 | ||
Percentage of | ||||
Industry | Net Assets | |||
Airlines | 2.0 | % | ||
Apparel | 1.0 | |||
Banks | 6.6 | |||
Building Materials | 2.3 | |||
Chemicals | 3.7 | |||
Coal | 0.6 | |||
Diversified Financial Services | 7.7 | |||
Electric | 6.7 | |||
Electrical Components & Equipment | 2.1 | |||
Electronics | 4.5 | |||
Equity Fund | 2.0 | |||
Holding Companies — Diversified | 2.9 | |||
Insurance | 7.8 | |||
Oil & Gas | 7.0 | |||
Real Estate | 13.8 | |||
Retail | 1.0 | |||
Semiconductors | 4.2 | |||
Shopping Centers | 1.4 | |||
Software | 1.0 | |||
Telecommunications | 15.4 | |||
Textiles | 3.2 | |||
Transportation | 1.3 | |||
Other Assets and Liabilities — Net | 1.8 | |||
Net Assets | 100.0 | % | ||
181
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 95.1% | ||||||||||||||
Australia: 4.9% | ||||||||||||||
50,360 | AGL Energy Ltd. | $ | 592,348 | |||||||||||
7,269 | Australia & New Zealand Banking Group Ltd. | 150,065 | ||||||||||||
30,979 | BHP Billiton Ltd. | 1,248,819 | ||||||||||||
113,237 | BlueScope Steel Ltd. | 1,181,228 | ||||||||||||
17,873 | CSL Ltd. | 669,017 | ||||||||||||
116,560 | CSR Ltd. | 346,928 | ||||||||||||
288,667 | Harvey Norman Holdings Ltd. | 978,577 | ||||||||||||
60,438 | Iluka Resources Ltd. | 225,854 | ||||||||||||
8 | Lion Nathan Ltd. | 63 | ||||||||||||
297,427 | Macquarie Airports Management Ltd. | 881,006 | ||||||||||||
3,164 | Macquarie Group Ltd. | 188,386 | ||||||||||||
302,574 | Macquarie Infrastructure Group | 806,915 | ||||||||||||
76,460 | National Australia Bank Ltd. | 2,164,824 | ||||||||||||
16,211 | Origin Energy Ltd. | 212,866 | ||||||||||||
103,135 | PaperlinX Ltd. | 245,247 | ||||||||||||
36,442 | Qantas Airways Ltd. | 116,463 | ||||||||||||
4,227 | Rio Tinto Ltd. | 545,466 | ||||||||||||
48,507 | Santos Ltd. | 728,584 | ||||||||||||
57,410 | Telstra Corp., Ltd. | 246,424 | ||||||||||||
4,596 | Woodside Petroleum Ltd. | 242,050 | ||||||||||||
14,554 | Woolworths Ltd. | 392,979 | ||||||||||||
155,704 | Zinifex Ltd. | 1,481,371 | ||||||||||||
13,645,480 | ||||||||||||||
Austria: 2.1% | ||||||||||||||
132,857 | Immofinanz Immobilien Anlagen AG | 1,467,024 | ||||||||||||
11,485 | @ | Meinl European Land Ltd. | 149,776 | |||||||||||
9,962 | OMV AG | 748,248 | ||||||||||||
62,874 | Telekom Austria AG | 1,547,785 | ||||||||||||
20,368 | Voestalpine AG | 1,555,321 | ||||||||||||
3,540 | Wiener Staedtische Allgemeine Versicherung AG | 264,512 | ||||||||||||
5,732,666 | ||||||||||||||
Belgium: 1.0% | ||||||||||||||
530 | Colruyt SA | 134,162 | ||||||||||||
8,212 | Delhaize Group | 708,344 | ||||||||||||
1,500 | D’ieteren SA | 462,178 | ||||||||||||
4,142 | @ | Fortis — Strip VVPR | 65 | |||||||||||
663 | Groupe Bruxelles Lambert SA | 83,897 | ||||||||||||
909 | InBev NV | 74,507 | ||||||||||||
5,230 | KBC Groep NV | 703,983 | ||||||||||||
3,264 | Solvay SA | 477,615 | ||||||||||||
2,644,751 | ||||||||||||||
China: 0.1% | ||||||||||||||
185,000 | @ | Fosun International | 147,812 | |||||||||||
30,200 | Tencent Holdings Ltd. | 200,312 | ||||||||||||
348,124 | ||||||||||||||
Denmark: 0.7% | ||||||||||||||
2,385 | Danisco A/S | 160,304 | ||||||||||||
1,802 | East Asiatic Co., Ltd. A/S | 159,271 | ||||||||||||
16,018 | @ | Vestas Wind Systems A/S | 1,736,720 | |||||||||||
2,056,295 | ||||||||||||||
Finland: 1.7% | ||||||||||||||
27,900 | Elisa OYJ | 627,718 | ||||||||||||
83,444 | Nokia OYJ | 2,508,682 | ||||||||||||
11,039 | Stora Enso OYJ (Euro Denominated Security) | 135,650 | ||||||||||||
77,538 | UPM-Kymmene OYJ | 1,487,015 | ||||||||||||
4,759,065 | ||||||||||||||
France: 10.4% | ||||||||||||||
1,187 | ADP | 140,789 | ||||||||||||
66,814 | AXA SA | 2,468,626 | ||||||||||||
28,680 | BNP Paribas | 3,057,427 | ||||||||||||
22,649 | Bouygues SA | 1,678,519 | ||||||||||||
9,516 | Carrefour SA | 667,539 | ||||||||||||
21,428 | Cie de Saint-Gobain | 1,704,725 | ||||||||||||
16,251 | Credit Agricole SA | 543,893 | ||||||||||||
18,661 | Groupe Danone | 1,642,767 | ||||||||||||
10,304 | Lafarge SA | 1,847,602 | ||||||||||||
20,397 | Lagardere SCA | 1,454,189 | ||||||||||||
1,049 | L’Oreal SA | 123,952 | ||||||||||||
4,073 | LVMH Moet Hennessy Louis Vuitton SA | 462,286 | ||||||||||||
19,605 | Natixis | 327,995 | ||||||||||||
21,483 | Peugeot SA | 1,490,295 | ||||||||||||
954 | PPR | 123,345 | ||||||||||||
3,475 | Sanofi-Aventis | 267,857 | ||||||||||||
12,726 | Schneider Electric SA | 1,548,589 | ||||||||||||
33,590 | Suez SA | 2,366,817 | ||||||||||||
14,261 | @ | Thomson | 90,171 | |||||||||||
41,668 | Total SA | 3,490,367 | ||||||||||||
20,097 | Veolia Environnement | 1,447,598 | ||||||||||||
40,935 | Vivendi | 1,650,396 | ||||||||||||
28,595,744 | ||||||||||||||
Germany: 7.0% | ||||||||||||||
2,792 | Allianz AG | 565,971 | ||||||||||||
11,440 | BASF AG | 1,621,080 | ||||||||||||
3,812 | Bayer AG | 321,956 | ||||||||||||
37,807 | Commerzbank AG | 1,357,576 | ||||||||||||
3,853 | DaimlerChrysler AG | 299,236 | ||||||||||||
21,378 | Deutsche Bank AG | 2,553,466 | ||||||||||||
1,467 | Deutsche Boerse AG | 212,119 | ||||||||||||
17,452 | Deutsche Lufthansa AG | 460,485 | ||||||||||||
54,236 | Deutsche Post AG | 1,685,368 | ||||||||||||
6,839 | E.ON AG | 1,390,338 | ||||||||||||
9,553 | Fresenius Medical Care AG & Co. KGaA | 505,512 | ||||||||||||
560 | Linde AG | 81,628 | ||||||||||||
2,553 | Merck KGaA | 361,648 | ||||||||||||
714 | Muenchener Rueckversicherungs AG | 137,270 | ||||||||||||
1,836 | Rheinmetall AG | 138,573 | ||||||||||||
19,179 | RWE AG | 2,211,827 | ||||||||||||
37,397 | SAP AG | 1,891,821 | ||||||||||||
29,426 | Siemens AG | 3,460,332 | ||||||||||||
470 | Volkswagen AG | 138,668 | ||||||||||||
19,394,874 | ||||||||||||||
Greece: 0.7% | ||||||||||||||
49,671 | Hellenic Telecommunications Organization SA | 1,472,412 | ||||||||||||
8,378 | National Bank of Greece SA | 460,827 | ||||||||||||
1,933,239 | ||||||||||||||
Hong Kong: 2.3% | ||||||||||||||
309,096 | C C Land Holdings Ltd. | 339,610 | ||||||||||||
87,149 | Hang Seng Bank Ltd. | 1,741,086 | ||||||||||||
50,992 | Hong Kong Exchanges and Clearing Ltd. | 1,042,018 | ||||||||||||
835,646 | @ | Hutchison Telecommunications International Ltd. | 1,168,630 | |||||||||||
42,140 | Kingboard Chemicals Holdings | 198,854 | ||||||||||||
334,836 | Melco International Development | 455,997 | ||||||||||||
403,556 | New World Development Ltd. | 1,042,909 | ||||||||||||
329,014 | Shui On Land Ltd. | 326,988 | ||||||||||||
111,555 | Shun TAK Holdings Ltd. | 148,843 | ||||||||||||
6,464,935 | ||||||||||||||
Ireland: 0.5% | ||||||||||||||
61,184 | Allied Irish Banks PLC | 1,278,032 | ||||||||||||
1,278,032 | ||||||||||||||
182
Table of Contents
Shares | Value | |||||||||||||
Italy: 5.4% | ||||||||||||||
29,651 | Banca Monte dei Paschi di Siena S.p.A. | $ | 100,652 | |||||||||||
80,529 | @ | Banco Popolare Scarl | 1,588,657 | |||||||||||
209,324 | Enel S.p.A. | 2,271,193 | ||||||||||||
90,237 | ENI S.p.A. | 3,473,093 | ||||||||||||
71,006 | Fiat S.p.A | 1,578,433 | ||||||||||||
5,165 | Finmeccanica S.p.A. | 179,153 | ||||||||||||
43,666 | Intesa Sanpaolo S.p.A. | 307,712 | ||||||||||||
21,782 | Italcementi S.p.A. | 469,597 | ||||||||||||
9,267 | Italcementi S.p.A. RNC | 147,348 | ||||||||||||
12,394 | Lottomatica S.p.A. | 380,538 | ||||||||||||
11,302 | Mediobanca S.p.A. | 234,769 | ||||||||||||
670,619 | Seat Pagine Gialle S.p.A. | 129,521 | ||||||||||||
670,476 | Telecom Italia S.p.A. | 1,402,200 | ||||||||||||
363,279 | UniCredito Italiano S.p.A. | 2,737,895 | ||||||||||||
15,000,761 | ||||||||||||||
Japan: 20.1% | ||||||||||||||
20,000 | Amada Co., Ltd. | 167,518 | ||||||||||||
25,000 | Asahi Kasei Corp. | 142,097 | ||||||||||||
3,300 | Astellas Pharma, Inc. | 135,843 | ||||||||||||
210,000 | Bank of Yokohama Ltd. | 1,542,071 | ||||||||||||
11,400 | Bridgestone Corp. | 209,814 | ||||||||||||
7,000 | Canon Sales Co., Inc. | 135,980 | ||||||||||||
47 | Central Japan Railway Co. | 461,373 | ||||||||||||
29,000 | @ | Chiyoda Corp. | 218,643 | |||||||||||
152,000 | COMSYS Holdings Corp. | 1,374,887 | ||||||||||||
11,000 | Daifuku Co., Ltd. | 137,892 | ||||||||||||
58,000 | Daiichi Sankyo Co., Ltd. | 1,598,143 | ||||||||||||
3,800 | Denso Corp. | 132,545 | ||||||||||||
87,000 | @ | Dowa Holdings Co., Ltd. | 589,237 | |||||||||||
228 | East Japan Railway Co. | 1,819,420 | ||||||||||||
12,400 | EDION Corp. | 125,687 | ||||||||||||
6,900 | Eisai Co., Ltd. | 244,439 | ||||||||||||
3,600 | Fuji Photo Film Co., Ltd. | 139,178 | ||||||||||||
144 | Fuji Television Network, Inc. | 236,254 | ||||||||||||
204,000 | Fujitsu Ltd. | 1,305,137 | ||||||||||||
34,000 | Hitachi Cable Ltd. | 135,586 | ||||||||||||
45,100 | Hitachi High-Technologies Corp. | 901,260 | ||||||||||||
44,000 | @ | Hokugin Financial Group, Inc. | 139,596 | |||||||||||
4,800 | Honda Motor Co., Ltd. | 153,199 | ||||||||||||
63 | Inpex Holdings, Inc. | 707,079 | ||||||||||||
45,300 | Ito En Ltd. | 788,307 | ||||||||||||
3,400 | JFE Holdings, Inc. | 186,789 | ||||||||||||
10,000 | Kao Corp. | 270,751 | ||||||||||||
228 | KDDI Corp. | 1,464,662 | ||||||||||||
4,200 | Keyence Corp. | 1,074,025 | ||||||||||||
169 | @ | KK DaVinci Advisors | 162,161 | |||||||||||
65,300 | Komatsu Ltd. | 1,987,334 | ||||||||||||
8,900 | Komori Corp. | 176,139 | ||||||||||||
3,300 | Konami Corp. | 118,722 | ||||||||||||
53,500 | Konica Minolta Holdings, Inc. | 806,218 | ||||||||||||
7,100 | Leopalace21 Corp. | 125,602 | ||||||||||||
3,800 | Makita Corp. | 130,783 | ||||||||||||
100,000 | Matsushita Electric Industrial Co., Ltd. | 2,334,068 | ||||||||||||
12,000 | Matsushita Electric Works Ltd. | 132,391 | ||||||||||||
16,000 | Mitsubishi Electric Corp. | 163,937 | ||||||||||||
70,000 | Mitsubishi Rayon Co., Ltd. | 227,680 | ||||||||||||
39,500 | Mitsubishi UFJ Financial Group, Inc. | 435,250 | ||||||||||||
51,000 | Mitsui Engineering & Shipbuilding Co. Ltd. | 166,264 | ||||||||||||
7,000 | Mitsui Fudosan Co., Ltd. | 176,889 | ||||||||||||
42,000 | Mitsui Mining & Smelting Co., Ltd. | 142,994 | ||||||||||||
20,000 | Mitsui OSK Lines Ltd. | 276,139 | ||||||||||||
452 | @ | Mizuho Financial Group, Inc. | 2,352,275 | |||||||||||
5,800 | Murata Manufacturing Co., Ltd. | 307,941 | ||||||||||||
8,000 | NGK Spark Plug Co., Ltd. | 107,744 | ||||||||||||
192,000 | NHK Spring Co., Ltd. | 1,380,656 | ||||||||||||
400 | Nintendo Co., Ltd. | 221,109 | ||||||||||||
76,000 | Nippon Electric Glass Co., Ltd. | 1,182,159 | ||||||||||||
70,000 | Nippon Steel Corp. | 394,006 | ||||||||||||
81 | Nippon Telegraph & Telephone Corp. | 348,845 | ||||||||||||
62,000 | Nippon Yusen KK | 604,386 | ||||||||||||
120,000 | @ | Nishi-Nippon City Bank Ltd. | 368,365 | |||||||||||
23,000 | Nisshinbo Industries, Inc. | 253,276 | ||||||||||||
17,500 | NOK Corp. | 347,242 | ||||||||||||
31,000 | Obayashi Corp. | 150,600 | ||||||||||||
18,000 | Olympus Corp. | 592,548 | ||||||||||||
273,000 | Osaka Gas Co., Ltd. | 974,234 | ||||||||||||
10,700 | Otsuka Corp. | 822,289 | ||||||||||||
829 | @ | Resona Holdings, Inc. | 1,593,617 | |||||||||||
18 | Sapporo Hokuyo Holdings, Inc. | 145,888 | ||||||||||||
289 | SBI E*trade Securities Co., Ltd. | 268,893 | ||||||||||||
65,600 | Seven & I Holdings Co., Ltd. | 1,963,832 | ||||||||||||
66,000 | Sharp Corp. | 1,111,724 | ||||||||||||
31,600 | Shin-Etsu Chemical Co., Ltd. | 1,956,676 | ||||||||||||
32,300 | Shinko Electric Industries | 446,267 | ||||||||||||
7,000 | Shionogi & Co., Ltd. | 135,194 | ||||||||||||
57,000 | @ | Sompo Japan Insurance, Inc. | 635,087 | |||||||||||
11,700 | Sony Corp. | 539,423 | ||||||||||||
118,600 | Sumitomo Electric Industries Ltd. | 1,530,621 | ||||||||||||
19,000 | Sumitomo Heavy Industries | 160,509 | ||||||||||||
76,000 | Sumitomo Metal Mining Co., Ltd. | 1,381,932 | ||||||||||||
292 | Sumitomo Mitsui Financial Group, Inc. | 2,512,778 | ||||||||||||
18,000 | Suruga Bank Ltd. | 254,735 | ||||||||||||
2,200 | TDK Corp. | 150,331 | ||||||||||||
7,600 | THK Co., Ltd. | 169,015 | ||||||||||||
13,600 | Tokai Rika Co., Ltd. | 333,116 | ||||||||||||
354,000 | Tokyo Gas Co., Ltd. | 1,359,975 | ||||||||||||
23,000 | Tokyu Land Corp. | 172,061 | ||||||||||||
51,700 | Toyota Boshoku Corp. | 1,478,655 | ||||||||||||
28,000 | Toyota Motor Corp. | 1,426,932 | ||||||||||||
30 | West Japan Railway Co. | 130,071 | ||||||||||||
155 | Yahoo! Japan Corp. | 68,751 | ||||||||||||
92,000 | Yaskawa Electric Corp. | 932,814 | ||||||||||||
55,366,555 | ||||||||||||||
Luxembourg: 0.2% | ||||||||||||||
4,822 | Arcelor Mittal | 435,571 | ||||||||||||
435,571 | ||||||||||||||
Netherlands: 4.9% | ||||||||||||||
111,824 | Aegon NV | 1,782,212 | ||||||||||||
25,560 | ASML Holding NV | 724,306 | ||||||||||||
27,011 | Heineken NV | 1,565,376 | ||||||||||||
2,736 | Koninklijke DSM NV | 146,849 | ||||||||||||
55,654 | Koninklijke Philips Electronics NV | 2,091,932 | ||||||||||||
8,933 | OCE NV | 134,020 | ||||||||||||
1 | Randstad Holdings NV | 42 | ||||||||||||
525 | Royal Dutch Shell PLC | 21,042 | ||||||||||||
55,932 | Royal Dutch Shell PLC — Class A | 2,248,067 | ||||||||||||
90,868 | Royal Dutch Shell PLC — Class B | 3,620,751 | ||||||||||||
4,618 | Royal KPN NV | 84,309 | ||||||||||||
29,280 | Unilever NV | 977,449 | ||||||||||||
13,396,355 | ||||||||||||||
New Zealand: 0.2% | ||||||||||||||
27,252 | Fletcher Building Ltd. | 182,438 | ||||||||||||
40,380 | Sky Network Television Ltd. | 140,531 | ||||||||||||
182,553 | Vector Ltd. | 294,109 | ||||||||||||
617,078 | ||||||||||||||
Norway: 0.4% | ||||||||||||||
65,069 | @ | TGS Nopec Geophysical Co. ASA | 1,043,075 | |||||||||||
1,043,075 | ||||||||||||||
Portugal: 0.2% | ||||||||||||||
70,788 | @ | Sonae Industria — SGPS SA | 493,141 | |||||||||||
493,141 | ||||||||||||||
183
Table of Contents
Shares | Value | |||||||||||||
Singapore: 1.7% | ||||||||||||||
299,000 | CapitaLand Ltd. | $ | 1,506,960 | |||||||||||
76,000 | Olam International Ltd. | 150,962 | ||||||||||||
329,000 | United Overseas Land Ltd. | 919,102 | ||||||||||||
377,000 | @ | Wilmar International Ltd. | 1,284,619 | |||||||||||
580,000 | Wing Tai Holdings Ltd. | 856,329 | ||||||||||||
4,717,972 | ||||||||||||||
Spain: 2.0% | ||||||||||||||
52,195 | Banco Bilbao Vizcaya Argentaria SA | 1,197,100 | ||||||||||||
71,507 | Banco Santander Central Hispano SA | 1,546,417 | ||||||||||||
10,774 | Grupo Ferrovial | 869,415 | ||||||||||||
19,981 | Promotora de Informaciones SA (PRISA) | 349,559 | ||||||||||||
5,274 | Repsol YPF SA | 213,075 | ||||||||||||
45,303 | Telefonica SA | 1,301,779 | ||||||||||||
5,477,345 | ||||||||||||||
Sweden: 0.9% | ||||||||||||||
64,460 | Boliden AB | 697,503 | ||||||||||||
41,745 | Investor AB | 985,516 | ||||||||||||
24,330 | Nobia AB | 158,423 | ||||||||||||
5,000 | Nordea Bank AB | 82,230 | ||||||||||||
23,209 | Tele2 AB — B Shares | 513,108 | ||||||||||||
2,436,780 | ||||||||||||||
Switzerland: 9.2% | ||||||||||||||
61,298 | ABB Ltd. | 1,870,533 | ||||||||||||
3,668 | Ciba Specialty Chemicals AG | 121,770 | ||||||||||||
2,733 | Compagnie Financiere Richemont AG | 164,299 | ||||||||||||
44,718 | Credit Suisse Group | 2,490,208 | ||||||||||||
16,267 | Holcim Ltd. | 1,587,204 | ||||||||||||
1,353 | Kuehne & Nagel International AG | 145,087 | ||||||||||||
5,116 | @ | Logitech International SA | 154,591 | |||||||||||
6,074 | Nestle SA | 2,898,987 | ||||||||||||
73,937 | Novartis AG | 3,726,810 | ||||||||||||
1,201 | Pargesa Holding SA | 137,341 | ||||||||||||
21,401 | Roche Holding AG | 3,541,356 | ||||||||||||
2,494 | Swatch Group AG — BR | 665,943 | ||||||||||||
17,853 | Swiss Reinsurance | 1,476,188 | ||||||||||||
4,339 | Synthes, Inc. | 593,677 | ||||||||||||
80,464 | UBS AG — Reg | 2,662,729 | ||||||||||||
13,939 | Xstrata PLC | 1,085,200 | ||||||||||||
7,007 | Zurich Financial Services AG | 2,123,611 | ||||||||||||
25,445,534 | ||||||||||||||
United Kingdom: 18.5% | ||||||||||||||
62,423 | 3i Group PLC | 1,061,480 | ||||||||||||
16,209 | Amec PLC | 254,445 | ||||||||||||
10,968 | Anglo American PLC | 708,985 | ||||||||||||
89,969 | ARM Holdings PLC | 178,600 | ||||||||||||
62,015 | AstraZeneca PLC | 2,601,630 | ||||||||||||
14,406 | Aviva PLC | 178,964 | ||||||||||||
21,177 | BAE Systems PLC | 195,223 | ||||||||||||
64,859 | Barclays PLC | 586,448 | ||||||||||||
17,458 | Barratt Developments PLC | 95,230 | ||||||||||||
21,518 | BG Group PLC | 525,151 | ||||||||||||
83,368 | BHP Billiton PLC | 2,974,948 | ||||||||||||
16,467 | Bovis Homes Group PLC | 151,127 | ||||||||||||
445,888 | BP PLC | 5,403,153 | ||||||||||||
113,059 | British Energy Group PLC | 1,687,439 | ||||||||||||
166,404 | BT Group PLC | 732,509 | ||||||||||||
508,102 | Cable & Wireless PLC | 1,499,225 | ||||||||||||
54,516 | Capita Group PLC | 714,603 | ||||||||||||
3,361 | Carnival PLC | 131,422 | ||||||||||||
19,518 | Centrica PLC | 113,482 | ||||||||||||
200,027 | Compass Group PLC | 1,348,428 | ||||||||||||
21,883 | @ | CSR PLC | 171,061 | |||||||||||
126,054 | Daily Mail & General Trust | 1,039,783 | ||||||||||||
20,306 | Davis Service Group PLC | 190,943 | ||||||||||||
96,361 | Diageo PLC | 1,965,343 | ||||||||||||
54,058 | GlaxoSmithKline PLC | 1,195,826 | ||||||||||||
31,891 | Group 4 Securicor PLC | 143,906 | ||||||||||||
196,618 | HBOS PLC | 1,815,260 | ||||||||||||
176,590 | HSBC Holdings PLC | 3,066,289 | ||||||||||||
41,644 | Imperial Tobacco Group PLC | 1,994,296 | ||||||||||||
104,036 | International Power PLC | 902,532 | ||||||||||||
43,308 | Investec PLC | 305,881 | ||||||||||||
92,369 | J Sainsbury PLC | 701,366 | ||||||||||||
337,017 | Legal & General Group PLC | 845,065 | ||||||||||||
19,909 | Marks & Spencer Group PLC | 149,380 | ||||||||||||
6,707 | National Express Group PLC | 122,603 | ||||||||||||
323,514 | Old Mutual PLC | 816,701 | ||||||||||||
50,615 | Persimmon PLC | 578,584 | ||||||||||||
25,048 | Reckitt Benckiser PLC | 1,455,505 | ||||||||||||
50,669 | X | Resolution PLC | 725,368 | |||||||||||
24,067 | Rio Tinto PLC | 2,805,574 | ||||||||||||
13,012,876 | @ | Rolls-Royce Group PLC — B Shares Entitlement | 25,874 | |||||||||||
374,284 | Royal Bank of Scotland Group PLC | 2,533,291 | ||||||||||||
11,023 | Shire PLC | 202,498 | ||||||||||||
12,657 | Smith & Nephew PLC | 163,634 | ||||||||||||
19,616 | Standard Chartered PLC | 693,093 | ||||||||||||
25,325 | Standard Life PLC | 125,091 | ||||||||||||
21,024 | Tate & Lyle PLC | 220,014 | ||||||||||||
19,428 | Tesco PLC | 164,547 | ||||||||||||
42,229 | Thomas Cook Group PLC | 216,010 | ||||||||||||
12,653 | Travis Perkins PLC | 242,262 | ||||||||||||
674,853 | Vodafone Group PLC | 2,135,683 | ||||||||||||
205,755 | WM Morrison Supermarkets PLC | 1,164,475 | ||||||||||||
111,720 | Wolseley PLC | 1,117,222 | ||||||||||||
51,137,452 | ||||||||||||||
Total Common Stock | ||||||||||||||
(Cost $263,705,275) | 262,420,824 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 0.8% | ||||||||||||||
Australia: 0.7% | ||||||||||||||
1,058,298 | Macquarie Office Trust | 1,021,064 | ||||||||||||
126,785 | Stockland | 863,552 | ||||||||||||
1,884,616 | ||||||||||||||
United Kingdom: 0.1% | ||||||||||||||
16,694 | British Land Co. PLC | 277,057 | ||||||||||||
277,057 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $2,552,067) | 2,161,673 | |||||||||||||
PREFERRED STOCK: 1.2% | ||||||||||||||
Germany: 1.2% | ||||||||||||||
5,211 | Bayerische Motoren Werke AG | 225,299 | ||||||||||||
32,321 | Henkel KGaA — Vorzug | 1,369,265 | ||||||||||||
4,814 | Porsche AG | 882,841 | ||||||||||||
43,469 | ProSieben SAT.1 Media AG | 671,632 | ||||||||||||
Total Preferred Stock (Cost $3,881,984) | 3,149,037 | |||||||||||||
RIGHTS: 0.1% | ||||||||||||||
Austria: 0.0% | ||||||||||||||
3,540 | Vienna Insurance Group — Rights | 1,249 | ||||||||||||
1,249 | ||||||||||||||
Italy: 0.0% | ||||||||||||||
29,651 | Banca Monte dei Paschi di Siena S.p.A. — Rights | 20,742 | ||||||||||||
20,742 | ||||||||||||||
184
Table of Contents
Shares | Value | |||||||||||||
Switzerland: 0.1% | ||||||||||||||
82,267 | UBS AG — Reg Rights | $ | 138,944 | |||||||||||
138,944 | ||||||||||||||
Total Rights (Cost $-) | 160,935 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $270,139,326)* | 97.2 | % | $ | 267,892,469 | ||||||||||
Other Assets and Liabilities - Net | 2.8 | 7,769,561 | ||||||||||||
Net Assets | 100.0 | % | $ | 275,662,030 | ||||||||||
@ | Non-income producing security | |
STRIP | Separate Trading of Registered Interest and Principal of Securities | |
X | Fair Value determined by ING Funds Valuation Committee appointed by the Fund’s Board of Trustees. | |
* | Cost for federal income tax purposes is $276,010,898. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 6,001,903 | ||
Gross Unrealized Depreciation | (14,120,332 | ) | ||
Net Unrealized Depreciation | $ | (8,118,429 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Aerospace/Defense | 0.1 | % | ||
Agriculture | 1.2 | |||
Airlines | 0.2 | |||
Auto Manufacturers | 2.2 | |||
Auto Parts & Equipment | 1.4 | |||
Banks | 14.5 | |||
Beverages | 1.6 | |||
Biotechnology | 0.2 | |||
Building Materials | 2.6 | |||
Chemicals | 1.8 | |||
Commercial Services | 0.4 | |||
Computers | 0.9 | |||
Cosmetics/Personal Care | 0.1 | |||
Distribution/Wholesale | 1.0 | |||
Diversified | 0.4 | |||
Diversified Financial Services | 2.7 | |||
Electric | 4.3 | |||
Electrical Components & Equipment | 1.6 | |||
Electronics | 2.0 | |||
Energy — Alternate Sources | 0.6 | |||
Engineering & Construction | 2.7 | |||
Entertainment | 0.1 | |||
Food | 3.7 | |||
Food Service | 0.5 | |||
Forest Products & Paper | 0.7 | |||
Gas | 0.9 | |||
Hand/Machine Tools | 0.1 | |||
Healthcare — Products | 0.3 | |||
Healthcare — Services | 0.2 | |||
Holding Companies — Diversified | 0.5 | |||
Home Builders | 0.3 | |||
Home Furnishings | 1.1 | |||
Household Products/Wares | 1.0 | |||
Insurance | 4.4 | |||
Internet | 0.2 | |||
Investment Companies | 0.7 | |||
Iron/Steel | 1.4 | |||
Leisure Time | 0.1 | |||
Machinery — Construction & Mining | 0.7 | |||
Machinery — Diversified | 0.3 | |||
Media | 2.1 | |||
Mining | 5.0 | |||
Miscellaneous Manufacturing | 1.9 | |||
Office Property | 0.4 | |||
Office/Business Equipment | 0.1 | |||
Oil & Gas | 7.8 | |||
Oil & Gas Services | 0.4 | |||
Pharmaceuticals | 5.1 | |||
Real Estate | 2.5 | |||
Retail | 1.5 | |||
Semiconductors | 0.6 | |||
Shipbuilding | 0.1 | |||
Software | 0.7 | |||
Telecommunications | 6.2 | |||
Textiles | 0.2 | |||
Toys/Games/Hobbies | 0.1 | |||
Transportation | 1.9 | |||
Venture Capital | 0.4 | |||
Water | 0.5 | |||
Other Assets and Liabilities — Net | 2.8 | |||
Net Assets | 100.0 | % | ||
185
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Shares | Value | |||||||||||||
COMMON STOCK: 98.9% | ||||||||||||||
Australia: 5.2% | ||||||||||||||
73,407 | BHP Billiton Ltd. | $ | 2,959,167 | |||||||||||
22,466 | Rio Tinto Ltd. | 2,899,084 | ||||||||||||
34,051 | Woodside Petroleum Ltd. | 1,793,308 | ||||||||||||
7,651,559 | ||||||||||||||
Austria: 1.6% | ||||||||||||||
31,533 | Erste Bank der Oesterreichischen Sparkassen AG | 2,324,449 | ||||||||||||
2,324,449 | ||||||||||||||
Brazil: 6.8% | ||||||||||||||
67,845 | Banco Itau Holding Financeira SA ADR | 1,903,052 | ||||||||||||
21,441 | Cia de Bebidas das Americas ADR | 1,571,625 | ||||||||||||
89,034 | Cia Vale do Rio Doce ADR | 3,479,449 | ||||||||||||
24,807 | Petroleo Brasileiro SA ADR | 3,012,066 | ||||||||||||
9,966,192 | ||||||||||||||
Canada: 6.2% | ||||||||||||||
77,370 | Cameco Corp. | 2,707,176 | ||||||||||||
62,320 | Manulife Financial Corp. | 2,440,451 | ||||||||||||
32,680 | Rogers Communications, Inc. | 1,454,067 | ||||||||||||
21,853 | Suncor Energy, Inc. | 2,462,615 | ||||||||||||
9,064,309 | ||||||||||||||
China: 2.6% | ||||||||||||||
55,952 | @ | Focus Media Holding Ltd. ADR | 2,064,069 | |||||||||||
1,157,000 | @ | Foxconn International Holdings Ltd. | 1,788,281 | |||||||||||
3,852,350 | ||||||||||||||
Denmark: 2.5% | ||||||||||||||
33,675 | @ | Vestas Wind Systems A/S | 3,651,145 | |||||||||||
3,651,145 | ||||||||||||||
France: 5.7% | ||||||||||||||
47,941 | AXA SA | 1,771,311 | ||||||||||||
21,246 | Electricite de France | 2,220,672 | ||||||||||||
26,883 | Iliad SA | 2,844,443 | ||||||||||||
13,500 | LVMH Moet Hennessy Louis Vuitton SA | 1,532,252 | ||||||||||||
8,368,678 | ||||||||||||||
Germany: 7.4% | ||||||||||||||
36,936 | Adidas AG | 2,344,571 | ||||||||||||
10,415 | Deutsche Boerse AG | 1,505,943 | ||||||||||||
9,020 | E.ON AG | 1,833,726 | ||||||||||||
14,352 | @ | Q-Cells AG | 1,641,563 | |||||||||||
35,086 | SAP AG ADR | 1,762,370 | ||||||||||||
7,194 | Wacker Chemie AG | 1,744,811 | ||||||||||||
10,832,984 | ||||||||||||||
Greece: 1.5% | ||||||||||||||
38,963 | National Bank of Greece SA | 2,143,139 | ||||||||||||
2,143,139 | ||||||||||||||
Hong Kong: 3.8% | ||||||||||||||
1,844,000 | Agile Property Holdings Ltd. | 2,555,507 | ||||||||||||
242,400 | Esprit Holdings Ltd. | 2,985,041 | ||||||||||||
5,540,548 | ||||||||||||||
India: 2.7% | ||||||||||||||
18,286 | HDFC Bank Ltd. ADR | 2,062,661 | ||||||||||||
43,667 | Infosys Technologies Ltd. ADR | 1,907,811 | ||||||||||||
3,970,472 | ||||||||||||||
Israel: 1.2% | ||||||||||||||
38,326 | Teva Pharmaceutical Industries Ltd. ADR | 1,792,890 | ||||||||||||
1,792,890 | ||||||||||||||
Italy: 3.5% | ||||||||||||||
61,630 | Saipem S.p.A. | 2,695,381 | ||||||||||||
331,809 | UniCredito Italiano S.p.A. | 2,500,718 | ||||||||||||
5,196,099 | ||||||||||||||
Japan: 10.5% | ||||||||||||||
50,800 | Denso Corp. | 1,771,911 | ||||||||||||
93,000 | NGK Insulators Ltd. | 1,791,195 | ||||||||||||
5,100 | Nintendo Co., Ltd. | 2,819,143 | ||||||||||||
42,600 | Nitto Denko Corp. | 1,764,402 | ||||||||||||
10,800 | ORIX Corp. | 1,953,806 | ||||||||||||
26,700 | Shin-Etsu Chemical Co., Ltd. | 1,653,268 | ||||||||||||
31,800 | Toyota Motor Corp. | 1,620,587 | ||||||||||||
22,800 | @ | Yamada Denki Co., Ltd. | 1,957,475 | |||||||||||
15,331,787 | ||||||||||||||
Luxembourg: 1.8% | ||||||||||||||
25,071 | @ | Millicom International Cellular SA | 2,707,919 | |||||||||||
2,707,919 | ||||||||||||||
Mexico: 1.1% | ||||||||||||||
39,889 | Wal-Mart de Mexico SA de CV ADR | 1,601,974 | ||||||||||||
1,601,974 | ||||||||||||||
Netherlands: 1.2% | ||||||||||||||
46,802 | Koninklijke Philips Electronics NV — NY Shares | 1,757,883 | ||||||||||||
1,757,883 | ||||||||||||||
Norway: 1.7% | ||||||||||||||
72,092 | @ | Renewable Energy Corp. A/S | 2,439,396 | |||||||||||
2,439,396 | ||||||||||||||
Singapore: 2.0% | ||||||||||||||
191,000 | Keppel Corp., Ltd. | 1,462,132 | ||||||||||||
346,000 | Keppel Land Ltd. | 1,553,524 | ||||||||||||
3,015,656 | ||||||||||||||
South Africa: 1.2% | ||||||||||||||
89,751 | MTN Group Ltd. | 1,705,621 | ||||||||||||
1,705,621 | ||||||||||||||
South Korea: 1.7% | ||||||||||||||
6,927 | # | Samsung Electronics GDR | 2,456,040 | |||||||||||
2,456,040 | ||||||||||||||
Spain: 5.2% | ||||||||||||||
110,747 | Banco Bilbao Vizcaya Argentaria SA | 2,539,999 | ||||||||||||
129,215 | Banco Santander Central Hispano SA | 2,794,416 | ||||||||||||
78,383 | Telefonica SA | 2,252,331 | ||||||||||||
7,586,746 | ||||||||||||||
Switzerland: 10.1% | ||||||||||||||
73,622 | ABB Ltd. | 2,246,604 | ||||||||||||
38,446 | Credit Suisse Group | 2,140,939 | ||||||||||||
18,290 | Holcim Ltd. | 1,784,592 | ||||||||||||
4,420 | Nestle SA | 2,109,569 | ||||||||||||
38,090 | Nobel Biocare Holding AG | 1,370,649 | ||||||||||||
30,700 | Novartis AG | 1,547,440 | ||||||||||||
13,315 | Roche Holding AG | 2,203,315 | ||||||||||||
4,904 | Syngenta AG | 1,457,494 | ||||||||||||
14,860,602 | ||||||||||||||
United Kingdom: 11.7% | ||||||||||||||
833,382 | ARM Holdings PLC | 1,654,373 | ||||||||||||
149,489 | @ | Autonomy Corp. PLC | 2,521,870 | |||||||||||
159,333 | British Sky Broadcasting PLC | 1,717,255 | ||||||||||||
126,424 | ICAP PLC | 1,459,499 | ||||||||||||
323,876 | Michael Page International PLC | 1,843,439 | ||||||||||||
186,851 | Prudential PLC | 2,538,013 | ||||||||||||
135,961 | Smith & Nephew PLC | 1,757,754 |
186
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Shares | Value | |||||||||||||
United Kingdom (continued) | ||||||||||||||
184,034 | Tesco PLC | $ | 1,558,687 | |||||||||||
83,282 | @ | Wellstream Holdings PLC | 2,073,053 | |||||||||||
17,123,943 | ||||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $133,066,292)* | 98.9 | % | $ | 144,942,381 | ||||||||||
Other Assets and Liabilities - Net | 1.1 | 1,541,842 | ||||||||||||
Net Assets | 100.0 | % | $ | 146,484,223 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees. | |
* | Cost for federal income tax purposes is $134,810,461. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 16,690,797 | ||
Gross Unrealized Depreciation | (6,558,877 | ) | ||
Net Unrealized Appreciation | $ | 10,131,920 | ||
Percentage of | ||||
Industry | Net Assets | |||
Advertising | 1.4 | % | ||
Apparel | 3.6 | |||
Auto Manufacturers | 1.1 | |||
Auto Parts & Equipment | 1.2 | |||
Banks | 11.1 | |||
Beverages | 1.1 | |||
Building Materials | 1.2 | |||
Chemicals | 4.5 | |||
Commercial Services | 1.3 | |||
Diversified Financial Services | 4.8 | |||
Electric | 2.8 | |||
Electronics | 2.4 | |||
Energy — Alternate Sources | 5.3 | |||
Engineering & Construction | 1.5 | |||
Food | 2.5 | |||
Healthcare — Products | 2.1 | |||
Holding Companies — Diversified | 2.1 | |||
Insurance | 4.6 | |||
Internet | 1.9 | |||
Media | 1.2 | |||
Mining | 8.2 | |||
Oil & Gas | 5.0 | |||
Oil & Gas Services | 3.3 | |||
Pharmaceuticals | 3.8 | |||
Real Estate | 2.8 | |||
Retail | 2.4 | |||
Semiconductors | 2.8 | |||
Software | 4.2 | |||
Telecommunications | 6.8 | |||
Toys/Games/Hobbies | 1.9 | |||
Other Assets and Liabilities — Net | 1.1 | |||
Net Assets | 100.0 | % | ||
187
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 92.6% | ||||||||||||||
Australia: 7.1% | ||||||||||||||
26,564 | Australia & New Zealand Banking Group Ltd. | $ | 548,403 | |||||||||||
40,826 | Crown Ltd. | 422,558 | ||||||||||||
126,939 | Foster’s Group Ltd. | 605,997 | ||||||||||||
145,266 | Insurance Australia Group | 595,248 | ||||||||||||
36,795 | Suncorp-Metway Ltd. | 473,244 | ||||||||||||
37,456 | TABCORP Holdings Ltd. | 401,983 | ||||||||||||
21,372 | Wesfarmers Ltd. | 748,096 | ||||||||||||
3,795,529 | ||||||||||||||
Belgium: 4.1% | ||||||||||||||
11,191 | Belgacom SA | 513,857 | ||||||||||||
15,132 | Elia System Operator SA | 673,605 | ||||||||||||
37,057 | Fortis | 1,005,461 | ||||||||||||
2,192,923 | ||||||||||||||
Bermuda: 0.9% | ||||||||||||||
94,970 | Hiscox Ltd. | 479,656 | ||||||||||||
479,656 | ||||||||||||||
Brazil: 0.6% | ||||||||||||||
13,605 | Tele Norte Leste Participacoes SA ADR | 311,691 | ||||||||||||
311,691 | ||||||||||||||
Canada: 5.4% | ||||||||||||||
18,551 | Bell Aliant Regional Communications Income Fund | 554,449 | ||||||||||||
18,191 | Enerplus Resources Fund | 816,776 | ||||||||||||
36,120 | Precision Drilling Trust | 903,807 | ||||||||||||
16,526 | TransCanada Corp. | 605,510 | ||||||||||||
2,880,542 | ||||||||||||||
Denmark: 1.5% | ||||||||||||||
22,815 | Danske Bank A/S | 785,478 | ||||||||||||
785,478 | ||||||||||||||
Finland: 1.2% | ||||||||||||||
34,393 | UPM-Kymmene OYJ | 659,585 | ||||||||||||
659,585 | ||||||||||||||
France: 8.4% | ||||||||||||||
7,878 | BNP Paribas | 839,833 | ||||||||||||
15,573 | France Telecom SA | 487,294 | ||||||||||||
10,903 | Sanofi-Aventis | 840,416 | ||||||||||||
11,899 | Total SA | 996,733 | ||||||||||||
7,360 | Vinci SA | 539,925 | ||||||||||||
19,916 | Vivendi | 802,963 | ||||||||||||
4,507,164 | ||||||||||||||
Germany: 1.6% | ||||||||||||||
4,835 | Bayerische Motoren Werke AG | 263,064 | ||||||||||||
3,000 | E.ON AG | 609,887 | ||||||||||||
872,951 | ||||||||||||||
Greece: 1.4% | ||||||||||||||
19,344 | OPAP SA | 752,511 | ||||||||||||
752,511 | ||||||||||||||
Hong Kong: 0.8% | ||||||||||||||
54,500 | CLP Holdings Ltd. | 432,413 | ||||||||||||
432,413 | ||||||||||||||
Hungary: 0.7% | ||||||||||||||
13,473 | Magyar Telekom Telecommunications PLC ADR | 360,268 | ||||||||||||
360,268 | ||||||||||||||
Ireland: 2.3% | ||||||||||||||
34,354 | Allied Irish Banks PLC | 717,598 | ||||||||||||
33,918 | Irish Life & Permanent PLC | 543,044 | ||||||||||||
1,260,642 | ||||||||||||||
Israel: 0.8% | ||||||||||||||
95,814 | Bank Hapoalim BM | 405,960 | ||||||||||||
405,960 | ||||||||||||||
Italy: 11.2% | ||||||||||||||
85,484 | Enel S.p.A. | 927,513 | ||||||||||||
27,569 | ENI S.p.A. | 1,061,088 | ||||||||||||
111,623 | Intesa Sanpaolo S.p.A. | 829,793 | ||||||||||||
23,122 | Italcementi S.p.A. RNC | 367,647 | ||||||||||||
69,197 | Mediaset S.p.A. | 628,844 | ||||||||||||
72,382 | Milano Assicurazioni S.p.A. | 472,496 | ||||||||||||
8,287 | Pirelli & C Real Estate S.p.A. | 248,596 | ||||||||||||
306,109 | Telecom Italia S.p.A. RNC | 498,311 | ||||||||||||
132,161 | UniCredito Italiano S.p.A. | 996,047 | ||||||||||||
6,030,335 | ||||||||||||||
Netherlands: 2.0% | ||||||||||||||
26,409 | Royal Dutch Shell PLC | 1,058,489 | ||||||||||||
1,058,489 | ||||||||||||||
New Zealand: 0.7% | ||||||||||||||
137,286 | Telecom Corp. of New Zealand Ltd. | 404,932 | ||||||||||||
404,932 | ||||||||||||||
Norway: 1.3% | ||||||||||||||
48,190 | DnB NOR ASA | 715,393 | ||||||||||||
715,393 | ||||||||||||||
Poland: 0.8% | ||||||||||||||
45,744 | Telekomunikacja Polska SA | 459,615 | ||||||||||||
459,615 | ||||||||||||||
Singapore: 0.9% | ||||||||||||||
33,000 | DBS Group Holdings Ltd. | 482,821 | ||||||||||||
482,821 | ||||||||||||||
South Korea: 1.5% | ||||||||||||||
13,296 | KT Corp. ADR | 307,404 | ||||||||||||
7,060 | S-Oil Corp. | 475,210 | ||||||||||||
782,614 | ||||||||||||||
Spain: 4.9% | ||||||||||||||
39,598 | Banco Bilbao Vizcaya Argentaria SA | 908,186 | ||||||||||||
27,650 | Banco Santander Central Hispano SA | 597,962 | ||||||||||||
29,168 | Gestevision Telecinco SA | 609,659 | ||||||||||||
17,735 | Telefonica SA | 509,614 | ||||||||||||
2,625,421 | ||||||||||||||
Sweden: 4.2% | ||||||||||||||
39,797 | Svenska Cellulosa AB — B Shares | 666,215 | ||||||||||||
25,587 | Swedbank AB | 643,609 | ||||||||||||
166,563 | Telefonaktiebolaget LM Ericsson | 420,736 | ||||||||||||
61,820 | TeliaSonera AB | 549,282 | ||||||||||||
2,279,842 | ||||||||||||||
Taiwan: 1.1% | ||||||||||||||
52,181 | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 586,514 | ||||||||||||
586,514 | ||||||||||||||
Thailand: 1.0% | ||||||||||||||
80,500 | Siam Cement PCL | 547,843 | ||||||||||||
547,843 | ||||||||||||||
188
Table of Contents
Shares | Value | |||||||||||||
United Kingdom: 26.2% | ||||||||||||||
21,932 | AstraZeneca PLC | $ | 920,083 | |||||||||||
53,054 | Aviva PLC | 659,083 | ||||||||||||
81,679 | Barclays PLC | 738,533 | ||||||||||||
75,020 | BBA Aviation PLC | 232,917 | ||||||||||||
82,089 | BP PLC | 994,732 | ||||||||||||
15,043 | British American Tobacco PLC | 564,296 | ||||||||||||
132,241 | BT Group PLC | 582,124 | ||||||||||||
83,571 | Cattles PLC | 394,946 | ||||||||||||
15,030 | Diageo PLC | 306,546 | ||||||||||||
341,893 | DSG International PLC | 441,056 | ||||||||||||
38,666 | GlaxoSmithKline PLC | 855,337 | ||||||||||||
51,294 | HSBC Holdings PLC | 890,663 | ||||||||||||
242,882 | Legal & General Group PLC | 609,023 | ||||||||||||
93,831 | Lloyds TSB Group PLC | 800,195 | ||||||||||||
36,061 | Marks & Spencer Group PLC | 270,570 | ||||||||||||
88,104 | Rexam PLC | 779,952 | ||||||||||||
132,348 | Royal Bank of Scotland Group PLC | 895,780 | ||||||||||||
25,769 | Scottish & Southern Energy PLC | 710,121 | ||||||||||||
27,984 | Severn Trent PLC | 808,117 | ||||||||||||
81,722 | Tate & Lyle PLC | 855,211 | ||||||||||||
55,232 | United Utilities PLC | 783,541 | ||||||||||||
14,092,826 | ||||||||||||||
Total Common Stock (Cost $53,026,050) | 49,763,958 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 2.7% | ||||||||||||||
Australia: 1.3% | ||||||||||||||
67,285 | Stockland | 458,288 | ||||||||||||
15,743 | Westfield Group | 270,529 | ||||||||||||
728,817 | ||||||||||||||
Germany: 0.7% | ||||||||||||||
19,148 | @ | Alstria Office AG | 365,910 | |||||||||||
365,910 | ||||||||||||||
Netherlands: 0.7% | ||||||||||||||
3,982 | Corio NV | 370,118 | ||||||||||||
370,118 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $1,428,401) | 1,464,845 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $54,454,451)* | 95.3 | % | $ | 51,228,803 | ||||||||||
Other Assets and Liabilities - Net | 4.7 | 2,551,998 | ||||||||||||
Net Assets | 100.0 | % | $ | 53,780,801 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
* | Cost for federal income tax purposes is $55,056,136. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 943,927 | ||
Gross Unrealized Depreciation | (4,771,260 | ) | ||
Net Unrealized Depreciation | $ | (3,827,333 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Aerospace/Defense | 0.4 | % | ||
Agriculture | 1.1 | |||
Auto Manufacturers | 0.5 | |||
Banks | 24.7 | |||
Beverages | 1.7 | |||
Building Materials | 1.7 | |||
Diversified | 1.5 | |||
Diversified Financial Services | 1.7 | |||
Electric | 6.2 | |||
Engineering & Construction | 1.0 | |||
Entertainment | 2.1 | |||
Food | 1.6 | |||
Forest Products & Paper | 2.5 | |||
Insurance | 5.2 | |||
Lodging | 0.8 | |||
Media | 3.8 | |||
Miscellaneous Manufacturing | 1.4 | |||
Office Property | 0.7 | |||
Oil & Gas | 11.7 | |||
Packaging & Containers | 1.5 | |||
Pharmaceuticals | 4.9 | |||
Pipelines | 1.1 | |||
Real Estate | 0.5 | |||
Retail | 1.3 | |||
Semiconductors | 1.1 | |||
Shopping Centers | 0.5 | |||
Telecommunications | 11.1 | |||
Water | 3.0 | |||
Other Assets and Liabilities — Net | 4.7 | |||
Net Assets | 100.0 | % | ||
189
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Shares | Value | |||||||||||||
COMMON STOCK: 97.0% | ||||||||||||||
Belgium: 2.2% | ||||||||||||||
33,075 | InBev NV | $ | 2,711,037 | |||||||||||
2,711,037 | ||||||||||||||
Brazil: 2.6% | ||||||||||||||
181,700 | Cosan SA Industria e Comercio | 3,199,590 | ||||||||||||
3,199,590 | ||||||||||||||
Canada: 4.2% | ||||||||||||||
43,800 | Barrick Gold Corp. | 1,691,556 | ||||||||||||
26,100 | EnCana Corp. | 2,105,675 | ||||||||||||
103,278 | @,L | Silver Wheaton Corp. | 1,370,499 | |||||||||||
5,167,730 | ||||||||||||||
China: 4.2% | ||||||||||||||
61,348 | L | Aluminum Corp. of China Ltd. ADR | 2,626,921 | |||||||||||
719,000 | Hengan International Group Co., Ltd. | 2,566,345 | ||||||||||||
5,193,266 | ||||||||||||||
Finland: 6.4% | ||||||||||||||
150,350 | Nokia OYJ | 4,520,165 | ||||||||||||
55,432 | Outotec OYJ | 3,453,016 | ||||||||||||
7,973,181 | ||||||||||||||
France: 3.5% | ||||||||||||||
70,994 | @ | Eutelsat Communications | 2,086,415 | |||||||||||
17,844 | PPR | 2,307,088 | ||||||||||||
4,393,503 | ||||||||||||||
Germany: 8.7% | ||||||||||||||
13,165 | Allianz AG | 2,668,701 | ||||||||||||
37,163 | Bayer AG | 3,138,736 | ||||||||||||
29,109 | DaimlerChrysler AG | 2,260,696 | ||||||||||||
75,495 | GEA Group AG | 2,784,251 | ||||||||||||
10,852,384 | ||||||||||||||
Greece: 1.8% | ||||||||||||||
40,632 | National Bank of Greece SA | 2,234,941 | ||||||||||||
2,234,941 | ||||||||||||||
Hong Kong: 4.8% | ||||||||||||||
862,000 | Li & Fung Ltd. | 3,556,204 | ||||||||||||
906,000 | New World Development Ltd. | 2,341,373 | ||||||||||||
5,897,577 | ||||||||||||||
India: 1.6% | ||||||||||||||
91,115 | @ | Bharti Airtel Ltd. | 2,027,508 | |||||||||||
2,027,508 | ||||||||||||||
Italy: 4.3% | ||||||||||||||
213,498 | Enel S.p.A. | 2,316,482 | ||||||||||||
125,465 | Prysmian S.p.A. | 2,957,956 | ||||||||||||
5,274,438 | ||||||||||||||
Japan: 5.3% | ||||||||||||||
457 | @ | Mizuho Financial Group, Inc. | 2,378,296 | |||||||||||
7,500 | Nintendo Co., Ltd. | 4,145,798 | ||||||||||||
6,524,094 | ||||||||||||||
Mexico: 1.6% | ||||||||||||||
1,883,800 | Consorcio ARA, S.A. de C.V. | 1,975,622 | ||||||||||||
1,975,622 | ||||||||||||||
Netherlands: 2.4% | ||||||||||||||
159,900 | Royal KPN NV | 2,919,233 | ||||||||||||
2,919,233 | ||||||||||||||
Russia: 3.2% | ||||||||||||||
47,964 | L | OAO Gazprom ADR | 2,537,856 | |||||||||||
15,308 | @,L | Unified Energy System ADR | 1,458,852 | |||||||||||
3,996,708 | ||||||||||||||
South Korea: 1.8% | ||||||||||||||
34,538 | Hyundai Development Co. | 2,204,909 | ||||||||||||
2,204,909 | ||||||||||||||
Switzerland: 8.8% | ||||||||||||||
12,393 | Nestle SA | 5,914,908 | ||||||||||||
64,570 | Xstrata PLC | 5,027,003 | ||||||||||||
10,941,911 | ||||||||||||||
Taiwan: 3.3% | ||||||||||||||
422,280 | HON HAI Precision Industry Co., Ltd. | 2,440,427 | ||||||||||||
639,000 | Synnex Technology International Corp. | 1,705,692 | ||||||||||||
4,146,119 | ||||||||||||||
Turkey: 1.8% | ||||||||||||||
161,819 | Enka Insaat Ve Sanayi A/S | 2,203,248 | ||||||||||||
2,203,248 | ||||||||||||||
United Kingdom: 20.2% | ||||||||||||||
82,918 | Anglo American PLC | 5,359,922 | ||||||||||||
1,310,718 | ARM Holdings PLC | 2,601,947 | ||||||||||||
604,223 | Game Group PLC | 3,282,468 | ||||||||||||
1,119,004 | Hays PLC | 2,489,195 | ||||||||||||
64,608 | Imperial Tobacco Group PLC | 3,094,023 | ||||||||||||
211,153 | Inmarsat PLC | 1,928,575 | ||||||||||||
360,126 | International Power PLC | 3,124,162 | ||||||||||||
55,810 | Reckitt Benckiser PLC | 3,243,044 | ||||||||||||
25,123,336 | ||||||||||||||
United States: 4.3% | ||||||||||||||
73,600 | Alcoa, Inc. | 2,559,808 | ||||||||||||
64,261 | @,L | NRG Energy, Inc. | 2,824,271 | |||||||||||
5,384,079 | ||||||||||||||
Total Common Stock (Cost $112,048,166) | 120,344,414 | |||||||||||||
PREFERRED STOCK: 0.8% | ||||||||||||||
Russia: 0.8% | ||||||||||||||
609,051 | TNK-BP Holding | 1,023,206 | ||||||||||||
Total Preferred Stock (Cost $1,769,776) | 1,023,206 | |||||||||||||
Total Long-Term Investments (Cost $113,817,942) | 121,367,620 | |||||||||||||
SHORT-TERM INVESTMENTS: 7.6% | ||||||||||||||
Mutual Fund: 1.5% | ||||||||||||||
1,925,000 | ** | ING Institutional Prime Money Market Fund | 1,925,000 | |||||||||||
Total Mutual Fund (Cost $1,925,000) | 1,925,000 | |||||||||||||
190
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Repurchase Agreement: 0.5% | ||||||||||||||
$ | 613,000 | Morgan Stanley Repurchase Agreement dated 04/30/08, 1.970%, due 05/01/08, $613,034 to be received upon repurchase (Collateralized by $595,000 Federal Home Loan Mortgage Corporation, 6.625%, Market Value plus accrued interest $629,118, due 09/15/09) | $ | 613,000 | ||||||||||
Total Repurchase Agreement (Cost $613,000) | 613,000 | |||||||||||||
Securities Lending CollateralCC: 5.6% | ||||||||||||||
6,906,030 | Bank of New York Mellon Corp. Institutional Cash Reserves | 6,906,030 | ||||||||||||
Total Securities Lending Collateral (Cost $6,906,030) | 6,906,030 | |||||||||||||
Total Short-Term Investments (Cost $9,444,030) | 9,444,030 | |||||||||||||
Total Investments in Securities (Cost $123,261,972)* | 105.4 | % | $ | 130,811,650 | ||||||||||
Other Assets and Liabilities - Net | (5.4 | ) | (6,666,157 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 124,145,493 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
cc | Securities purchased with cash collateral for securities loaned. | |
L | Loaned security, a portion or all of the security is on loan at April 30, 2008. | |
** | Investment in affiliate | |
* | Cost for federal income tax purposes is $123,639,704. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 11,866,896 | ||
Gross Unrealized Depreciation | (4,694,950 | ) | ||
Net Unrealized Appreciation | $ | 7,171,946 | ||
Percentage of | ||||
Industry | Net Assets | |||
Agriculture | 2.5 | % | ||
Auto Manufacturers | 1.8 | |||
Banks | 3.7 | |||
Beverages | 2.2 | |||
Chemicals | 2.5 | |||
Commercial Services | 2.0 | |||
Distribution/Wholesale | 2.9 | |||
Electric | 7.8 | |||
Electrical Components & Equipment | 2.4 | |||
Electronics | 3.3 | |||
Engineering & Construction | 1.8 | |||
Food | 7.3 | |||
Healthcare — Products | 2.1 | |||
Holding Companies — Diversified | 2.3 | |||
Home Builders | 3.4 | |||
Household Products/Wares | 2.6 | |||
Insurance | 2.2 | |||
Machinery — Construction & Mining | 2.8 | |||
Mining | 15.0 | |||
Oil & Gas | 4.5 | |||
Real Estate | 1.9 | |||
Retail | 4.5 | |||
Semiconductors | 2.1 | |||
Telecommunications | 10.9 | |||
Toys/Games/Hobbies | 3.3 | |||
Short-Term Investments | 7.6 | |||
Other Assets and Liabilities — Net | (5.4 | ) | ||
Net Assets | 100.0 | % | ||
191
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 43.8% | ||||||||||||||
Australia: 0.9% | ||||||||||||||
487,100 | Lend Lease Corp., Ltd. | $ | 5,700,322 | |||||||||||
5,700,322 | ||||||||||||||
Austria: 0.3% | ||||||||||||||
11,940 | @ | CA Immobilien Anlagen AG | 277,629 | |||||||||||
129,650 | @ | Meinl European Land Ltd. | 1,690,767 | |||||||||||
1,968,396 | ||||||||||||||
Brazil: 1.7% | ||||||||||||||
611,900 | @ | BR Malls Participacoes SA | 6,626,278 | |||||||||||
407,700 | @ | Construtora Tenda SA | 2,158,441 | |||||||||||
136,700 | Mrv Engenharia | 2,755,054 | ||||||||||||
11,539,773 | ||||||||||||||
Canada: 0.6% | ||||||||||||||
190,250 | Brookfield Properties Co. (U.S. Denominated Security) | 3,829,733 | ||||||||||||
3,829,733 | ||||||||||||||
Finland: 1.3% | ||||||||||||||
1,527,728 | Citycon OYJ | 8,869,009 | ||||||||||||
8,869,009 | ||||||||||||||
Germany: 0.1% | ||||||||||||||
10,580 | Deutsche Euroshop AG | 449,160 | ||||||||||||
449,160 | ||||||||||||||
Hong Kong: 19.4% | ||||||||||||||
2,526,100 | Cheung Kong Holdings Ltd. | 39,456,192 | ||||||||||||
1,674,900 | Hang Lung Group Ltd. | 9,013,676 | ||||||||||||
1,998,600 | Hang Lung Properties Ltd. | 8,113,961 | ||||||||||||
1,219,100 | Hongkong Land Holdings Ltd. | 5,534,102 | ||||||||||||
1,489,500 | Kerry Properties Ltd. | 10,084,663 | ||||||||||||
2,609,400 | Shui On Land Ltd. | 2,593,335 | ||||||||||||
3,299,700 | Sino Land Co. | 8,320,960 | ||||||||||||
2,306,000 | Sun Hung Kai Properties Ltd. | 40,300,901 | ||||||||||||
1,003,750 | Wharf Holdings Ltd. | 5,076,154 | ||||||||||||
128,493,944 | ||||||||||||||
India: 0.5% | ||||||||||||||
406,800 | @ | Unitech Ltd. (Global Instrument, Issuer: Macquarie Group Ltd.) | 3,112,153 | |||||||||||
3,112,153 | ||||||||||||||
Japan: 14.7% | ||||||||||||||
1,591,300 | Mitsubishi Estate Co., Ltd. | 46,278,007 | ||||||||||||
1,475,900 | Mitsui Fudosan Co., Ltd. | 37,295,878 | ||||||||||||
1,975 | NTT Urban Development Corp. | 3,064,233 | ||||||||||||
424,600 | Sumitomo Realty & Development Co., Ltd. | 10,642,999 | ||||||||||||
97,281,117 | ||||||||||||||
Philippines: 0.2% | ||||||||||||||
6,527,200 | Ayala Land, Inc. | 1,501,046 | ||||||||||||
1,501,046 | ||||||||||||||
Singapore: 1.6% | ||||||||||||||
2,090,600 | CapitaLand Ltd. | 10,536,627 | ||||||||||||
10,536,627 | ||||||||||||||
Sweden: 0.6% | ||||||||||||||
440,320 | Hufvudstaden AB | 4,330,865 | ||||||||||||
4,330,865 | ||||||||||||||
Switzerland: 0.9% | ||||||||||||||
95,600 | @ | PSP Swiss Property AG | 5,918,909 | |||||||||||
5,918,909 | ||||||||||||||
Thailand: 0.3% | ||||||||||||||
1,929,000 | Central Pattana PCL | 1,748,443 | ||||||||||||
1,748,443 | ||||||||||||||
United Kingdom: 0.7% | ||||||||||||||
23,000 | @ | Hirco PLC | 157,086 | |||||||||||
598,900 | @ | Ishaan Real Estate PLC | 1,095,368 | |||||||||||
752,200 | Safestore Holdings Ltd. | 2,165,241 | ||||||||||||
90,700 | @ | Yatra Capital Ltd. | 1,210,882 | |||||||||||
4,628,577 | ||||||||||||||
Total Common Stock (Cost $267,594,033) | 289,908,074 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 52.5% | ||||||||||||||
Australia: 14.9% | ||||||||||||||
1,509,700 | Australand Property Group | 2,341,583 | ||||||||||||
3,696,300 | CFS Retail Property Trust | 7,785,931 | ||||||||||||
2,793,700 | Challenger Diversified Property Group | 2,060,413 | ||||||||||||
1,548,100 | Charter Hall Group | 2,110,670 | ||||||||||||
1,343,500 | Commonwealth Property Office Fund | 1,775,840 | ||||||||||||
1,135,700 | DB Rreef Trust | 1,879,673 | ||||||||||||
2,123,900 | GPT Group | 6,672,582 | ||||||||||||
1,718,300 | Macquarie CountryWide Trust | 2,250,215 | ||||||||||||
1,930,900 | Macquarie Goodman Group | 8,200,495 | ||||||||||||
1,039,700 | Mirvac Group | 4,108,244 | ||||||||||||
2,374,200 | Stockland | 16,171,035 | ||||||||||||
688,800 | Valad Property Group | 614,190 | ||||||||||||
2,478,839 | Westfield Group | 42,596,594 | ||||||||||||
98,567,465 | ||||||||||||||
Canada: 2.9% | ||||||||||||||
6,600 | @,# | Calloway Real Estate Investment Trust | 138,737 | |||||||||||
69,200 | Calloway Real Estate Investment Trust | 1,454,636 | ||||||||||||
116,700 | Canadian Real Estate Investment Trust | 3,198,213 | ||||||||||||
242,500 | Cominar Real Estate Investment Trust | 4,948,242 | ||||||||||||
445,600 | RioCan Real Estate Investment Trust | 9,278,356 | ||||||||||||
19,018,184 | ||||||||||||||
France: 9.1% | ||||||||||||||
21,300 | Gecina SA | 2,997,853 | ||||||||||||
83,200 | Klepierre | 5,031,424 | ||||||||||||
106,451 | Mercialys | 4,942,349 | ||||||||||||
22,659 | Societe Immobiliere de Location pour l’Industrie et le Commerce | 3,229,189 | ||||||||||||
170,802 | Unibail | 43,866,169 | ||||||||||||
60,066,984 | ||||||||||||||
Germany: 0.2% | ||||||||||||||
70,700 | @ | Alstria Office AG | 1,351,045 | |||||||||||
1,351,045 | ||||||||||||||
Hong Kong: 1.4% | ||||||||||||||
3,769,700 | Link Real Estate Investment Trust | 9,024,882 | ||||||||||||
9,024,882 | ||||||||||||||
Japan: 5.8% | ||||||||||||||
263 | Japan Hotel and Resort, Inc. | 876,918 | ||||||||||||
472 | Japan Logistics Fund, Inc. | 3,213,906 | ||||||||||||
867 | Japan Real Estate Investment Corp. | 10,277,498 | ||||||||||||
367 | Japan Retail Fund Investment Corp. | 2,173,406 | ||||||||||||
937 | Kenedix Realty Investment Corp. | 5,545,781 |
192
Table of Contents
Shares | Value | |||||||||||||
Japan (continued) | ||||||||||||||
207 | Nippon Accommodations Fund, Inc. | $ | 996,774 | |||||||||||
806 | Nippon Building Fund, Inc. | 10,579,635 | ||||||||||||
152 | Nomura Real Estate Residential Fund, Inc. | 657,492 | ||||||||||||
524 | Tokyu Real Estate Investment Trust, Inc. | 4,412,282 | ||||||||||||
38,733,692 | ||||||||||||||
Netherlands: 3.5% | ||||||||||||||
133,650 | Corio NV | 12,422,485 | ||||||||||||
110,170 | Eurocommercial Properties NV | 6,316,681 | ||||||||||||
38,200 | Wereldhave NV | 4,831,007 | ||||||||||||
23,570,173 | ||||||||||||||
Singapore: 2.9% | ||||||||||||||
2,534,400 | @ | Ascendas Real Estate Investment Trust | 4,838,174 | |||||||||||
2,423,300 | @ | CapitaCommercial Trust | 4,012,851 | |||||||||||
2,487,200 | @ | CapitaMall Trust | 6,401,116 | |||||||||||
4,491,800 | @ | Macquarie MEAG Prime Real Estate Investment Trust | 4,107,053 | |||||||||||
19,359,194 | ||||||||||||||
United Kingdom: 11.8% | ||||||||||||||
605,900 | British Land Co. PLC | 10,055,653 | ||||||||||||
299,800 | Brixton PLC | 1,766,046 | ||||||||||||
291,200 | Derwent Valley Holdings PLC | 7,707,318 | ||||||||||||
256,100 | Great Portland Estates PLC | 2,318,276 | ||||||||||||
621,700 | Hammerson PLC | 12,377,768 | ||||||||||||
888,880 | Land Securities Group PLC | 27,030,048 | ||||||||||||
150,000 | Liberty International PLC | 2,902,771 | ||||||||||||
837,600 | Segro PLC | 7,627,065 | ||||||||||||
576,600 | Shaftesbury PLC | 6,130,385 | ||||||||||||
77,915,330 | ||||||||||||||
Total Real Estate Investment Trusts (Cost $358,029,469) | 347,606,949 | |||||||||||||
MUTUAL FUNDS: 1.1% | ||||||||||||||
Australia: 0.5% | ||||||||||||||
1,567,500 | ** | ING Industrial Fund | 3,080,031 | |||||||||||
3,080,031 | ||||||||||||||
Luxembourg: 0.6% | ||||||||||||||
246,410 | Prologis European Properties | 4,001,474 | ||||||||||||
4,001,474 | ||||||||||||||
Total Mutual Funds (Cost $7,172,671) | 7,081,505 | |||||||||||||
Total Long-Term Investments (Cost $632,796,173) | 644,596,528 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 3.3% | ||||||||||||||
U.S. Government Agency Obligations: 3.3% | ||||||||||||||
$21,653,000 | Z | Federal Home Loan Bank, 1.550%, due 05/01/08 | $ | 21,652,068 | ||||||||||
Total Short-Term Investments (Cost $21,652,068) | 21,652,068 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $654,448,241)* | 100.7 | % | $ | 666,248,596 | ||||||||||
Other Assets and Liabilities - Net | (0.7 | ) | (4,597,500 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 661,651,096 | ||||||||||
@ | Non-income producing security | |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees. | |
** | Investment in affiliate | |
Z | Indicates Zero Coupon Bond; rate shown reflects current effective yield. | |
* | Cost for federal income tax purposes is $687,358,036. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 8,968,931 | ||
Gross Unrealized Depreciation | (30,078,371 | ) | ||
Net Unrealized Depreciation | $ | (21,109,440 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Apartments | 0.1 | % | ||
Closed-End Funds | 1.1 | |||
Diversified | 32.6 | |||
Engineering & Construction | 0.5 | |||
Holding Companies — Diversified | 0.8 | |||
Home Builders | 0.4 | |||
Hotels | 0.1 | |||
Office Property | 6.3 | |||
Real Estate | 41.8 | |||
Shopping Centers | 12.9 | |||
Storage/Warehousing | 0.3 | |||
Warehouse/Industrial | 0.5 | |||
Short-Term Investments | 3.3 | |||
Other Assets and Liabilities — Net | (0.7 | ) | ||
Net Assets | 100.0 | % | ||
In | ||||||||||||||||||||
Settlement | Exchange | Unrealized | ||||||||||||||||||
Currency | Buy/Sell | Date | For | Value | Appreciation | |||||||||||||||
USD | ||||||||||||||||||||
Japanese Yen JPY 519,960,381 | Buy | 05/07/08 | 4,981,704 | 5,002,598 | $ | 20,894 | ||||||||||||||
$ | 20,894 | |||||||||||||||||||
193
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 95.6% | ||||||||||||||
Argentina: 0.0% | ||||||||||||||
20,900 | @ | Telecom Argentina SA ADR | $ | 367,004 | ||||||||||
367,004 | ||||||||||||||
Australia: 7.2% | ||||||||||||||
582,625 | @ | Aditya Birla Minerals Ltd. | 1,597,752 | |||||||||||
95,450 | Ansell Ltd. | 1,033,012 | ||||||||||||
12,207 | @ | Aquila Resources Ltd. | 173,942 | |||||||||||
350,933 | @,I | Atlas Iron Ltd. | 1,019,306 | |||||||||||
15,100 | Ausenco Ltd. | 225,319 | ||||||||||||
2,399,469 | @ | Australian Worldwide Exploration Ltd. | 8,262,633 | |||||||||||
225,105 | @ | Babcock & Brown Capital Ltd. | 880,318 | |||||||||||
37,263 | Bendigo Bank Ltd. | 428,603 | ||||||||||||
188,766 | Boart Longyear Group | 337,289 | ||||||||||||
125,735 | Bradken Ltd. | 979,336 | ||||||||||||
1,434,629 | Centennial Coal Co., Ltd. | 6,149,378 | ||||||||||||
279,766 | Challenger Financial Services Group Ltd. | 549,951 | ||||||||||||
135,948 | Computershare Ltd. | 1,141,940 | ||||||||||||
186,884 | @ | Cooper Energy Ltd. | 86,806 | |||||||||||
77,177 | Downer EDI Ltd. | 530,755 | ||||||||||||
135,732 | @ | Energy World Corp., Ltd. | 178,622 | |||||||||||
132,420 | Flight Centre Ltd. | 2,717,180 | ||||||||||||
308,487 | Futuris Corp., Ltd. | 616,143 | ||||||||||||
66,902 | G.U.D. Holdings Ltd. | 617,257 | ||||||||||||
83,513 | Iluka Resources Ltd. | 312,084 | ||||||||||||
20,174 | Incitec Pivot Ltd. | 3,068,818 | ||||||||||||
244,590 | Independence Group NL | 1,921,372 | ||||||||||||
200,875 | JB Hi-Fi Ltd. | 1,718,150 | ||||||||||||
409,579 | Just Group Ltd. | 1,539,230 | ||||||||||||
772,480 | Mincor Resources NL | 2,565,535 | ||||||||||||
426,428 | @ | Mount Gibson Iron Ltd. | 1,176,484 | |||||||||||
673,856 | I,X | Octaviar Ltd. | 629,427 | |||||||||||
94,200 | OneSteel Ltd. | 569,360 | ||||||||||||
1,257,500 | @ | Pan Australian Resources Ltd. | 1,411,611 | |||||||||||
69,764 | @ | Platinum Australia Ltd. | 153,839 | |||||||||||
248,567 | Ramsay Health Care Ltd. | 2,789,001 | ||||||||||||
96,702 | @ | Riversdale Mining Ltd. | 731,444 | |||||||||||
855,454 | Sally Malay Mining Ltd. | 4,364,315 | ||||||||||||
716,459 | Seven Network Ltd. | 6,265,732 | ||||||||||||
161,433 | Sigma Pharmaceuticals Ltd. | 179,991 | ||||||||||||
44,621 | Sims Group Ltd. | 1,391,871 | ||||||||||||
19,613 | Sonic Healthcare Ltd. | 281,811 | ||||||||||||
151,200 | Straits Resources Ltd. | 982,108 | ||||||||||||
439,241 | Sunland Group Ltd. | 1,182,662 | ||||||||||||
399,036 | @ | Tap Oil Ltd. | 637,527 | |||||||||||
97,882 | Transfield Services Ltd. | 1,180,713 | ||||||||||||
26,800 | WorleyParsons Ltd. | 979,997 | ||||||||||||
63,558,624 | ||||||||||||||
Austria: 0.4% | ||||||||||||||
319,071 | @ | Austrian Airlines | 1,847,726 | |||||||||||
10,721 | @ | Ca Immo International AA | 168,380 | |||||||||||
5,267 | @ | Kapsch TrafficCom AG | 286,754 | |||||||||||
4,915 | Rosenbauer International AG | 229,513 | ||||||||||||
1,535 | Schoeller-Bleckmann Oilfield Equipment AG | 133,563 | ||||||||||||
22,338 | Zumtobel AG | 679,405 | ||||||||||||
3,345,341 | ||||||||||||||
Belgium: 0.5% | ||||||||||||||
4,005 | Bekaert SA | 602,147 | ||||||||||||
6,545 | D’ieteren SA | 2,016,636 | ||||||||||||
39,700 | @ | Telenet Group Holding NV | 956,885 | |||||||||||
14,422 | Tessenderlo Chemie NV | 676,425 | ||||||||||||
4,252,093 | ||||||||||||||
Bermuda: 0.7% | ||||||||||||||
284,837 | Catlin Group Ltd. | 2,202,099 | ||||||||||||
457,770 | Hiscox Ltd. | 2,312,017 | ||||||||||||
157,659 | Lancashire Holdings Ltd. | 951,767 | ||||||||||||
8,480,000 | Regal Hotels International Holdings Ltd. | 473,464 | ||||||||||||
5,939,347 | ||||||||||||||
British Virgin Islands: 0.0% | ||||||||||||||
14,069 | Empire Online Ltd. | 8,342 | ||||||||||||
8,342 | ||||||||||||||
Canada: 7.0% | ||||||||||||||
28,200 | @ | ACE Aviation Holdings, Inc. | 539,023 | |||||||||||
40,800 | AGF Management Ltd. | 971,486 | ||||||||||||
5,500 | @ | Air Canada | 44,837 | |||||||||||
119,000 | Biovail Corp. | 1,361,215 | ||||||||||||
40,300 | @ | Blue Pearl Mining Ltd. | 869,945 | |||||||||||
83,100 | Canaccord Capital, Inc. | 854,021 | ||||||||||||
139,900 | @ | Celestica, Inc. | 1,314,124 | |||||||||||
156,400 | @ | CGI Group, Inc. — Class A | 1,821,638 | |||||||||||
60,600 | Dorel Industries, Inc. | 1,835,270 | ||||||||||||
420,300 | @ | Eastern Platinum Ltd. | 1,210,277 | |||||||||||
69,300 | Gerdau AmeriSteel Corp. | 1,080,340 | ||||||||||||
52,200 | Industrial Alliance Insurance | 2,053,065 | ||||||||||||
52,700 | Inmet Mining Corp. | 4,324,948 | ||||||||||||
11,400 | Laurentian Bank of Canada | 477,802 | ||||||||||||
14,500 | @ | Major Drilling Group International | 743,645 | |||||||||||
12,700 | Manitoba Telecom Services, Inc. | 503,158 | ||||||||||||
57,300 | @ | Mercator Minerals Ltd. | 605,374 | |||||||||||
311,300 | Methanex Corp. | 7,263,976 | ||||||||||||
297,000 | @ | Neo Material Technologies, Inc. | 1,365,415 | |||||||||||
28,500 | Northbridge Financial Corp. | 983,393 | ||||||||||||
152,900 | Nova Chemicals Corp. | 3,853,244 | ||||||||||||
120,900 | @ | Oilexco Incorporated | 1,845,133 | |||||||||||
773,300 | @ | Pacific Rubiales Energy Corp. | 1,136,415 | |||||||||||
8,900 | @ | Pan Orient Energy Corp. | 98,094 | |||||||||||
124,884 | Parkland Income Fund | 1,548,805 | ||||||||||||
23,100 | Pembina Pipeline Income Fund | 389,931 | ||||||||||||
225,650 | @ | QuADRa Mining Ltd. | 5,095,106 | |||||||||||
254,430 | Rothmans Inc. | 6,283,065 | ||||||||||||
541,300 | Sherritt International Corp. | 7,551,648 | ||||||||||||
40,600 | @ | Sierra Wireless, Inc. | 755,883 | |||||||||||
60,000 | Superior Plus Income Fund | 805,481 | ||||||||||||
53,000 | @ | Taseko Mines Ltd. | 281,960 | |||||||||||
98,800 | @ | Westjet Airlines Ltd. | 1,680,512 | |||||||||||
61,548,229 | ||||||||||||||
China: 0.1% | ||||||||||||||
176,000 | Beijing Jingkelong Co., Ltd. | 108,356 | ||||||||||||
166,000 | @ | China Molybdenum Co., Ltd. | 180,312 | |||||||||||
199,500 | Great Wall Motor Co. Ltd. | 235,297 | ||||||||||||
122,000 | Stella International Holdings Ltd. | 181,311 | ||||||||||||
705,276 | ||||||||||||||
Denmark: 1.4% | ||||||||||||||
19,525 | @ | Alm. Brand Skadesforsikring A/S | 1,227,483 | |||||||||||
1,900 | Amagerbanken A/S | 78,727 | ||||||||||||
2,600 | D/S Norden | 283,442 | ||||||||||||
46,100 | East Asiatic Co., Ltd. A/S | 4,074,586 | ||||||||||||
7,900 | Flsmidth & Co. A/S | 829,013 | ||||||||||||
63,400 | H Lundbeck A/S | 1,562,447 | ||||||||||||
76,660 | Sydbank A/S | 2,853,760 | ||||||||||||
61,500 | @ | TK Development | 898,171 | |||||||||||
575 | @ | Topdanmark A/S | 101,076 | |||||||||||
11,908,705 | ||||||||||||||
Finland: 1.0% | ||||||||||||||
12,200 | Finnair OYJ | 120,471 | ||||||||||||
52,673 | F-Secure OYJ | 225,363 | ||||||||||||
109,384 | KCI Konecranes OYJ | 4,735,741 | ||||||||||||
45,600 | Nokian Renkaat OYJ | 1,913,820 | ||||||||||||
59,937 | Oriola-KD OYJ | 276,388 | ||||||||||||
11,500 | Outotec OYJ | 716,368 |
194
Table of Contents
Shares | Value | |||||||||||||
Finland (continued) | ||||||||||||||
7,400 | Wartsila OYJ | $ | 503,965 | |||||||||||
19,751 | YIT OYJ | 556,814 | ||||||||||||
9,048,930 | ||||||||||||||
France: 7.2% | ||||||||||||||
9,831 | @ | Alten | 345,219 | |||||||||||
6,643 | Bacou Dalloz | 840,140 | ||||||||||||
86,680 | Beneteau SA | 2,372,746 | ||||||||||||
21,983 | BioMerieux | 2,397,225 | ||||||||||||
8,814 | Bonduelle S.C.A. | 1,092,460 | ||||||||||||
1,820 | Bongrain SA | 178,276 | ||||||||||||
8,339 | Bourbon SA | 560,771 | ||||||||||||
44,295 | Capgemini SA | 2,660,422 | ||||||||||||
4,091 | Casino Guichard Perrachon SA | 513,062 | ||||||||||||
2,494 | CNP Assurances | 295,803 | ||||||||||||
3,850 | Eramet SLN | 3,433,448 | ||||||||||||
402,902 | @ | Genesys | 1,554,803 | |||||||||||
7,560 | Groupe Steria SCA | 258,309 | ||||||||||||
37,874 | Haulotte Group | 751,600 | ||||||||||||
23,403 | @ | Homair SA | 123,680 | |||||||||||
186,763 | IMS-International Metal Service | 7,491,950 | ||||||||||||
7,200 | Ipsen | 439,996 | ||||||||||||
12,000 | Lagardere SCA | 855,531 | ||||||||||||
2,951 | Lisi | 318,609 | ||||||||||||
20,000 | Neuf Cegetel | 1,118,754 | ||||||||||||
12,951 | Nexans SA | 1,709,369 | ||||||||||||
177,167 | Nexity | 7,888,120 | ||||||||||||
15,528 | Pierre & Vacances | 1,704,323 | ||||||||||||
178,732 | Rallye SA | 13,485,515 | ||||||||||||
4,301 | Rubis | 382,777 | ||||||||||||
11,412 | @ | Saft Groupe SA | 439,899 | |||||||||||
16,700 | SEB SA | 3,048,112 | ||||||||||||
4,718 | Sopra Group SA | 366,770 | ||||||||||||
10,534 | @ | Store Electronic | 246,725 | |||||||||||
4,564 | Sword Group | 195,542 | ||||||||||||
13,716 | Teleperformance | 562,500 | ||||||||||||
11,667 | Thales SA | 759,905 | ||||||||||||
53,608 | @ | Thomson | 338,958 | |||||||||||
36,961 | @ | UbiSoft Entertainment | 3,691,554 | |||||||||||
2,717 | Vilmorin & Cie | 506,729 | ||||||||||||
3,422 | Virbac SA | 322,608 | ||||||||||||
63,252,210 | ||||||||||||||
Germany: 9.8% | ||||||||||||||
5,189 | AMB Generali Holding AG | 952,685 | ||||||||||||
79,159 | Arques Industries AG | 1,056,837 | ||||||||||||
33,050 | Bauer AG | 2,666,290 | ||||||||||||
39,869 | Bechtle AG | 1,300,423 | ||||||||||||
14,400 | Demag Cranes AG | 792,372 | ||||||||||||
35,954 | Deutsche Euroshop AG | 1,526,378 | ||||||||||||
25,025 | @ | Em.Tv Ag | 89,022 | |||||||||||
272,448 | EpCos. AG | 4,157,059 | ||||||||||||
20,653 | Fresenius Medical Care AG & Co. KGaA | 1,092,886 | ||||||||||||
16,600 | GEA Group AG | 612,207 | ||||||||||||
3,546 | Gerry Weber International AG | 119,733 | ||||||||||||
281,014 | Gildemeister AG | 8,251,353 | ||||||||||||
6,759 | Grenkeleasing AG | 266,467 | ||||||||||||
56,873 | Hannover Rueckversicheru — Reg | 3,093,366 | ||||||||||||
2,305 | Hawesko Holding AG | 87,588 | ||||||||||||
523 | Hochtief AG | 53,252 | ||||||||||||
14,000 | IDS Scheer AG | 172,773 | ||||||||||||
82,824 | @ | IWKA AG | 3,028,073 | |||||||||||
138,227 | Kloeckner & Co. AG | 7,546,633 | ||||||||||||
12,189 | Koenig & Bauer AG | 398,769 | ||||||||||||
13,950 | Krones AG | 1,181,948 | ||||||||||||
47,050 | Leoni AG | 2,526,528 | ||||||||||||
9,532 | MAN AG | 1,325,203 | ||||||||||||
94,739 | @ | Medion AG | 1,883,805 | |||||||||||
222,130 | MTU Aero Engines Holding AG | 10,069,344 | ||||||||||||
152,287 | Norddeutsche Affinerie AG | 6,414,297 | ||||||||||||
3,100 | Phoenix Solar AG | 189,600 | ||||||||||||
13,396 | Rheinmetall AG | 1,011,069 | ||||||||||||
4,750 | @ | Roth & Rau AG | 1,088,473 | |||||||||||
53,614 | Salzgitter AG | 10,905,565 | ||||||||||||
6,144 | @ | SFC Smart Fuel Cell AG | 114,403 | |||||||||||
32,150 | @ | SGL Carbon AG | 2,167,327 | |||||||||||
24,950 | Stada Arzneimittel AG | 1,682,408 | ||||||||||||
53,800 | @ | TUI AG | 1,532,593 | |||||||||||
34,891 | Vivacon AG | 608,564 | ||||||||||||
25,771 | Vossloh AG | 3,719,191 | ||||||||||||
5,800 | Wacker Chemie AG | 1,406,714 | ||||||||||||
34,913 | @ | Wirecard AG | 726,634 | |||||||||||
85,817,832 | ||||||||||||||
Greece: 0.4% | ||||||||||||||
221,294 | Anek Lines SA | 726,384 | ||||||||||||
15,363 | @ | Babis Vovos International Technical Co. | 466,963 | |||||||||||
11,412 | Fourlis Holdings SA | 360,180 | ||||||||||||
14,397 | Jumbo SA | 425,331 | ||||||||||||
68,570 | Sidenor Steel Production & Manufacturing Co. SA | 1,128,774 | ||||||||||||
3,107,632 | ||||||||||||||
Hong Kong: 2.7% | ||||||||||||||
96,000 | Agile Property Holdings Ltd. | 133,042 | ||||||||||||
72,000 | @ | China Everbright Ltd. | 183,138 | |||||||||||
85,000 | @ | China Insurance International Holdings Co., Ltd. | 226,127 | |||||||||||
324,000 | Far East Consortium | 120,478 | ||||||||||||
490,000 | First Pacific Co. | 359,131 | ||||||||||||
4,408,000 | Global Green Tech Group Ltd. | 829,297 | ||||||||||||
97,000 | Great Eagle Holding Co. | 281,410 | ||||||||||||
176,000 | Hang Lung Group Ltd. | 947,165 | ||||||||||||
320,000 | Hopewell Highway Infrastructure Ltd. | 254,623 | ||||||||||||
180,000 | Industrial & Commercial Bank of China (Asia) Ltd. | 491,637 | ||||||||||||
346,000 | Jinhui Shipping & Transportation Ltd. | 3,620,477 | ||||||||||||
7,500 | Kerry Properties Ltd. | 50,779 | ||||||||||||
444,000 | Luk Fook Holdings International Ltd. | 273,185 | ||||||||||||
2,630,000 | Midland Holdings Ltd. | 2,719,286 | ||||||||||||
8,592,000 | Minmetals Resources Ltd. | 3,329,988 | ||||||||||||
52,500 | MTR Corp. | 187,756 | ||||||||||||
23,700 | Nam Tai Electronics, Inc. | 244,347 | ||||||||||||
249,000 | Pacific Andes Holdings Ltd. | 89,617 | ||||||||||||
3,085,000 | Pacific Basin Shipping Ltd. | 5,638,178 | ||||||||||||
2,020,000 | Shougang Concord Century Holding | 175,556 | ||||||||||||
6,898,000 | Sinolink Worldwide Holdings | 1,210,366 | ||||||||||||
154,000 | Television Broadcasts Ltd. | 884,517 | ||||||||||||
548,000 | TPV Technology Ltd. | 382,038 | ||||||||||||
149,194 | Vtech Holdings Ltd. | 817,512 | ||||||||||||
23,449,650 | ||||||||||||||
India: 0.2% | ||||||||||||||
155,478 | Chennai Petroleum Corp., Ltd. | 1,387,210 | ||||||||||||
29,207 | Great Eastern Shipping Co., Ltd. | 320,522 | ||||||||||||
1,707,732 | ||||||||||||||
Indonesia: 0.1% | ||||||||||||||
893,000 | PT Tambang Batubara Bukit Asam Tbk | 1,021,700 | ||||||||||||
1,021,700 | ||||||||||||||
Ireland: 0.6% | ||||||||||||||
18,874 | DCC PLC | 433,759 | ||||||||||||
2,100 | FBD Holdings PLC | 83,653 | ||||||||||||
277,000 | Glanbia PLC | 2,149,349 | ||||||||||||
88,300 | Greencore Group PLC | 522,550 | ||||||||||||
36,400 | Iaws Group PLC | 917,294 |
195
Table of Contents
Shares | Value | |||||||||||||
Ireland (continued) | ||||||||||||||
37,200 | Kerry Group PLC | $ | 1,150,601 | |||||||||||
55,700 | United Drug PLC | 331,271 | ||||||||||||
5,588,477 | ||||||||||||||
Israel: 0.2% | ||||||||||||||
143,463 | @ | Israel Discount Bank Ltd. | 348,515 | |||||||||||
13,249 | Partner Communications | 311,490 | ||||||||||||
39,800 | Partner Communications ADR | 926,146 | ||||||||||||
7,578 | Super-Sol Ltd. | 37,612 | ||||||||||||
1,623,763 | ||||||||||||||
Italy: 2.1% | ||||||||||||||
25,020 | ACEA S.p.A. | 481,777 | ||||||||||||
81,500 | Aedes S.p.A | 249,064 | ||||||||||||
278,200 | AEM S.p.A. | 1,022,449 | ||||||||||||
47,140 | Autostrada Torino-Milano S.p.A. | 838,513 | ||||||||||||
118,423 | Azimut Holding S.p.A. | 1,290,578 | ||||||||||||
37,946 | Banco di Desio e della Brianza S.p.A. | 399,203 | ||||||||||||
123,637 | @ | BasicNet S.p.A. | 357,783 | |||||||||||
10,209 | Biesse S.p.A. | 217,080 | ||||||||||||
137,800 | Brembo S.p.A. | 1,756,465 | ||||||||||||
516,230 | CIR-Compagnie Industriali Riunite S.p.A. | 1,338,219 | ||||||||||||
2,941 | Fondiaria-Sai S.p.A. | 117,813 | ||||||||||||
81,503 | @ | GreenergyCapital S.p.A. | 1,349 | |||||||||||
122,790 | @ | Gruppo Coin S.p.A. | 802,481 | |||||||||||
140,621 | Indesit Co. S.p.A. | 1,688,034 | ||||||||||||
393,096 | @ | It Holding S.p.A | 393,508 | |||||||||||
81,503 | @ | KME Group | 132,165 | |||||||||||
191,600 | @ | Maire Tecnimont S.p.A. | 1,129,049 | |||||||||||
80,714 | Premafin Finanziaria S.p.A. | 188,135 | ||||||||||||
30,163 | Prima Industrie S.p.A. | 1,358,157 | ||||||||||||
82,100 | Prysmian S.p.A. | 1,935,585 | ||||||||||||
238,134 | Recordati S.p.A. | 1,735,918 | ||||||||||||
9,900 | Trevi Finanziaria S.p.A. | 228,609 | ||||||||||||
258,787 | Unipol S.p.A. | 843,297 | ||||||||||||
18,505,231 | ||||||||||||||
Japan: 18.0% | ||||||||||||||
102 | Acca Networks Co., Ltd. | 129,480 | ||||||||||||
58,000 | @ | Adores, Inc. | 145,234 | |||||||||||
11,200 | Aica Kogyo Co., Ltd. | 110,551 | ||||||||||||
2,800 | Aichi Bank Ltd. | 240,631 | ||||||||||||
44,050 | Aiful Corp. | 858,786 | ||||||||||||
58,900 | Aisan Industry Co., Ltd. | 574,599 | ||||||||||||
11,800 | Alfresa Holdings Corp. | 832,258 | ||||||||||||
295,200 | @ | Allied Telesis Holdings KK | 207,128 | |||||||||||
11,400 | Aloka Co., Ltd. | 144,282 | ||||||||||||
3,900 | Alpha Corp. | 41,395 | ||||||||||||
177,600 | Alpine Electronics, Inc. | 2,025,619 | ||||||||||||
106,100 | @ | AOC Holdings, Inc. | 1,138,147 | |||||||||||
10,500 | Arcs Co., Ltd. | 147,981 | ||||||||||||
356,000 | Atsugi Co., Ltd. | 449,484 | ||||||||||||
12,000 | Awa Bank Ltd. | 77,554 | ||||||||||||
601 | Bosch Corp. | 3,451 | ||||||||||||
170,800 | Century Leasing System, Inc. | 1,413,546 | ||||||||||||
1,008,000 | @ | Chori Co., Ltd. | 1,118,206 | |||||||||||
39,000 | Chugoku Marine Paints Ltd. | 298,901 | ||||||||||||
20,000 | Chuo Denki Kogyo Co., Ltd. | 306,379 | ||||||||||||
172,000 | Cosmo Oil Co., Ltd. | 571,025 | ||||||||||||
6,000 | @ | Cosmos Initia Co., Ltd. | 18,688 | |||||||||||
3,900 | Create S D Co., Ltd. | 85,967 | ||||||||||||
15,000 | Daido Steel Co., Ltd. | 83,553 | ||||||||||||
33,000 | Daihatsu Diesel Manufacturing Co., Ltd. | 327,843 | ||||||||||||
57,000 | Daiichi Jitsugyo Co., Ltd. | 238,854 | ||||||||||||
13,100 | @ | Daiichikosho Co., Ltd. | 128,188 | |||||||||||
44,000 | @ | Daito Bank Ltd. | 37,718 | |||||||||||
235,000 | Daiwa Industries Ltd. | 1,065,749 | ||||||||||||
23,700 | DC Co., Ltd. | 65,036 | ||||||||||||
15,140 | Diamond Lease Co., Ltd. | 743,194 | ||||||||||||
52,000 | Eagle Industry Co., Ltd. | 463,497 | ||||||||||||
12,000 | Excel Co., Ltd. | 143,638 | ||||||||||||
1,300 | Exedy Corp. | 35,910 | ||||||||||||
64,500 | FamilyMart Co., Ltd. | 2,265,133 | ||||||||||||
57,100 | Fancl Corp. | 714,528 | ||||||||||||
174,000 | Fuji Machine Manufacturing Co., Ltd. | 3,464,427 | ||||||||||||
28,800 | Fuji Oil Co., Ltd. | 266,975 | ||||||||||||
8,700 | Fujikura Kasei Co., Ltd. | 71,762 | ||||||||||||
17,300 | Fujitsu Frontech Ltd. | 152,141 | ||||||||||||
48,000 | Fujitsu General Ltd. | 223,873 | ||||||||||||
25,000 | Furukawa-Sky Aluminum Corp. | 53,639 | ||||||||||||
39,200 | Futaba Industrial Co., Ltd. | 896,571 | ||||||||||||
755 | Geo Co., Ltd. | 630,620 | ||||||||||||
33,400 | Glory Ltd. | 752,299 | ||||||||||||
23,300 | Gulliver International Co. | 840,572 | ||||||||||||
341,000 | Hino Motors Ltd. | 2,153,891 | ||||||||||||
6,000 | Hirano Tecseed Co., Ltd. | 54,671 | ||||||||||||
12,400 | HIS Co., Ltd. | 192,805 | ||||||||||||
6,000 | Hisaka Works Ltd. | 91,500 | ||||||||||||
153,000 | Hitachi Cable Ltd. | 610,135 | ||||||||||||
34,000 | Hitachi Kokusai Electric, Inc. | 322,823 | ||||||||||||
113,000 | Hitachi Metals Ltd. | 1,696,765 | ||||||||||||
15,400 | Hitachi Software Engineering Co., Ltd. | 379,199 | ||||||||||||
36,400 | Hitachi Transport System Ltd. | 435,752 | ||||||||||||
38,200 | Hosiden Corp. | 775,410 | ||||||||||||
98,000 | Hosokawa Micron Corp. | 626,734 | ||||||||||||
38,000 | Hyakugo Bank Ltd. | 249,907 | ||||||||||||
71,000 | Hyakujushi Bank Ltd. | 423,784 | ||||||||||||
102,900 | IBJ Leasing Co., Ltd. | 1,919,418 | ||||||||||||
2,500 | Icom, Inc. | 59,173 | ||||||||||||
754 | IDU Co. | 387,392 | ||||||||||||
65,400 | Inabata & Co., Ltd. | 360,978 | ||||||||||||
125,900 | @ | Ines Corp. | 647,414 | |||||||||||
4,800 | Information Services International-Dentsu Ltd. | 41,554 | ||||||||||||
16,037 | @ | IT Holdings Corp. | 331,582 | |||||||||||
64,000 | @ | Iwatani International Corp. | 189,211 | |||||||||||
21,000 | Izumiya Co., Ltd. | 145,111 | ||||||||||||
123,000 | @ | Izutsuya Co., Ltd. | 123,651 | |||||||||||
32,000 | Japan Aviation Electronics Industry Ltd. | 276,611 | ||||||||||||
208,000 | Japan Radio Co., Ltd. | 514,554 | ||||||||||||
860,000 | JFE Shoji Holdings, Inc. | 6,682,118 | ||||||||||||
69,000 | @ | Jidosha Buhin Kogyo Co., Ltd. | 315,332 | |||||||||||
38,000 | Joshin Denki Co., Ltd. | 330,355 | ||||||||||||
11,900 | JSP Corp. | 104,173 | ||||||||||||
25,000 | Kanamoto Co., Ltd. | 152,793 | ||||||||||||
2,102,000 | @ | Kanematsu Corp. | 3,255,881 | |||||||||||
122,400 | Kanto Auto Works Ltd. | 1,644,905 | ||||||||||||
83,833 | @ | Kanto Tsukuba Bank Ltd. | 477,684 | |||||||||||
209,000 | @ | Kawai Musical Instruments Manufacturing Co., Ltd. | 319,592 | |||||||||||
24,600 | Keiyo Co., Ltd. | 134,751 | ||||||||||||
198,000 | Kenwood Corp. | 234,462 | ||||||||||||
4,900 | Kita-Nippon Bank Ltd. | 197,212 | ||||||||||||
891 | @ | KK DaVinci Advisors | 854,945 | |||||||||||
41,900 | Koa Corp. | 369,400 | ||||||||||||
87,000 | Koito Manufacturing Co., Ltd. | 1,146,077 | ||||||||||||
368,000 | Kurimoto Ltd. | 479,970 | ||||||||||||
38,300 | Kuroda Electric Co., Ltd. | 545,536 | ||||||||||||
28,100 | @ | Kyoden Co., Ltd. | 43,927 | |||||||||||
36,000 | Kyodo Printing Co., Ltd. | 96,647 | ||||||||||||
13,900 | Kyoei Steel Ltd. | 313,944 | ||||||||||||
324 | @ | Kyoei Tanker Co., Ltd. | 946 | |||||||||||
63,000 | Kyorin Co., Ltd. | 679,771 | ||||||||||||
3,400 | Lintec Corp. | 44,160 | ||||||||||||
44,000 | @ | Maeda Road Construction Co., Ltd. | 344,218 | |||||||||||
55,000 | @ | Marudai Food Co., Ltd. | 118,952 | |||||||||||
147,000 | @ | Maruetsu, Inc. | 1,193,272 | |||||||||||
38,900 | @ | Matsumotokiyoshi Holdings Co., Ltd. | 809,910 |
196
Table of Contents
Shares | Value | |||||||||||||
Japan (continued) | ||||||||||||||
20,600 | Megane TOP Co., Ltd. | $ | 200,983 | |||||||||||
18,500 | Mikuni Coca-Cola Bottling Co., Ltd. | 192,769 | ||||||||||||
185,000 | Minebea Co., Ltd. | 1,131,743 | ||||||||||||
32,000 | Ministop Co., Ltd. | 661,511 | ||||||||||||
53,100 | Miraca Holdings, Inc. | 1,258,404 | ||||||||||||
6,300 | MISUMI Group, Inc. | 122,574 | ||||||||||||
537,000 | Mitsubishi Paper Mills Ltd. | 1,202,665 | ||||||||||||
67,000 | Mitsubishi Steel Manufacturing Co., Ltd. | 243,874 | ||||||||||||
264,000 | Mitsui Sugar Co., Ltd. | 878,032 | ||||||||||||
281 | Money Partners Co., Ltd. | 317,299 | ||||||||||||
129,400 | Mori Seiki Co., Ltd. | 2,389,751 | ||||||||||||
46,300 | Musashi Seimitsu Industry Co., Ltd. | 1,030,417 | ||||||||||||
19,583 | Namura Shipbuilding Co., Ltd. | 131,816 | ||||||||||||
18,200 | NEC Fielding Ltd. | 219,069 | ||||||||||||
11,400 | NEC Leasing Ltd. | 143,087 | ||||||||||||
32,800 | NEC Networks & System Integration Corp. | 459,806 | ||||||||||||
458 | Net One systems Co., Ltd. | 578,378 | ||||||||||||
92,000 | NHK Spring Co., Ltd. | 661,565 | ||||||||||||
6,200 | Nichi-iko Pharmaceutical Co., Ltd. | 163,014 | ||||||||||||
531,000 | Nichirei Corp. | 2,506,689 | ||||||||||||
3,900 | Nidec Copal Corp. | 52,839 | ||||||||||||
47,500 | Nifco, Inc. | 1,025,267 | ||||||||||||
16,000 | Nihon Parkerizing Co., Ltd. | 254,583 | ||||||||||||
199,000 | Nippon Denko Co., Ltd. | 2,395,785 | ||||||||||||
195,000 | Nippon Metal Industry Co., Ltd. | 581,132 | ||||||||||||
13,000 | Nippon Seiki Co., Ltd. | 191,077 | ||||||||||||
52,000 | Nippon Shinyaku Co., Ltd. | 612,465 | ||||||||||||
22,500 | Nippon Signal Co., Ltd. | 124,686 | ||||||||||||
121,000 | @ | Nippon Soda Co., Ltd. | 430,527 | |||||||||||
137,000 | Nippon Steel Trading Co., Ltd. | 380,743 | ||||||||||||
265,000 | Nippon Synthetic Chemical Industry Co., Ltd. | 1,580,560 | ||||||||||||
30,000 | Nippon Thompson Co., Ltd. | 208,748 | ||||||||||||
36,000 | Nipro Corp. | 612,489 | ||||||||||||
6,900 | Nishimatsuya Chain Co. Ltd. | 86,600 | ||||||||||||
67,000 | @ | Nishi-Nippon City Bank Ltd. | 205,670 | |||||||||||
220,000 | Nissan Shatai Co., Ltd. | 1,638,085 | ||||||||||||
243,000 | Nisshin Steel Co., Ltd. | 901,288 | ||||||||||||
9,100 | Nitta Corp. | 150,365 | ||||||||||||
109,000 | Nittetsu Mining Co., Ltd. | 670,225 | ||||||||||||
560 | Obic Co., Ltd. | 103,513 | ||||||||||||
33,760 | Oiles Corp. | 630,699 | ||||||||||||
51,000 | Oita Bank Ltd. | 360,361 | ||||||||||||
16,270 | Okinawa Electric Power Co., Inc. | 710,562 | ||||||||||||
90 | Optex Co., Ltd. | 1,471 | ||||||||||||
4,000 | Osaka Steel Co., Ltd. | 54,667 | ||||||||||||
6,900 | OSG Corp. | 97,159 | ||||||||||||
484,000 | Pacific Metals Co., Ltd. | 4,720,317 | ||||||||||||
16,400 | Pigeon Corp. | 302,088 | ||||||||||||
176 | Pilot Corp. | 281,997 | ||||||||||||
184,000 | Pioneer Corp. | 1,820,605 | ||||||||||||
40,800 | Plenus Co., Ltd. | 496,408 | ||||||||||||
80,600 | Ricoh Leasing Co., Ltd. | 1,601,695 | ||||||||||||
1,700 | Ryosan Co., Ltd. | 37,997 | ||||||||||||
105,300 | Saizeriya Co., Ltd. | 922,678 | ||||||||||||
43,000 | San-Ai Oil Co., Ltd. | 172,164 | ||||||||||||
250,000 | Sanden Corp. | 1,032,909 | ||||||||||||
342,500 | @ | Sanix, Inc. | 757,100 | |||||||||||
1,067,000 | @ | Sanyo Electric Co., Ltd. | 2,662,410 | |||||||||||
6,100 | Sato Corp. | 82,384 | ||||||||||||
45,200 | Shimachu Co., Ltd. | 1,243,837 | ||||||||||||
71,100 | @ | Shinki Co., Ltd. | 87,948 | |||||||||||
139,200 | Shinko Plantech Co., Ltd. | 2,187,304 | ||||||||||||
37,000 | Shinmaywa Industries Ltd. | 141,715 | ||||||||||||
292,000 | Shinsho Corp. | 986,088 | ||||||||||||
660,000 | Shinwa Kaiun Kaisha Ltd. | 4,357,722 | ||||||||||||
80,000 | Shizuoka Gas Co., Ltd. | 479,783 | ||||||||||||
72,800 | Siix Corp. | 603,130 | ||||||||||||
1,638 | Sky Perfect Jsat Corp. | 704,233 | ||||||||||||
196,800 | Sojitz Corp. | 758,068 | ||||||||||||
6,700 | Sumida Corp. | 88,401 | ||||||||||||
611,000 | Sumikin Bussan Corp. | 2,316,531 | ||||||||||||
10,100 | Sumisho Computer Systems Corp. | 193,530 | ||||||||||||
63,200 | Sumitomo Densetsu Co., Ltd. | 397,411 | ||||||||||||
32,220 | Sumitomo Real Estate Sales | 1,344,302 | ||||||||||||
1,261 | Suncity Co., Ltd. | 188,937 | ||||||||||||
48,200 | Suruga Corp. | 281,398 | ||||||||||||
33,200 | Tachi-S Co., Ltd. | 270,416 | ||||||||||||
96,000 | @ | Taihei Kogyo Co., Ltd. | 356,270 | |||||||||||
48,000 | Takisawa Machine Tool Co., Ltd. | 72,772 | ||||||||||||
87,000 | Tamura Corp. | 277,789 | ||||||||||||
77,000 | Tanabe Seiyaku Co., Ltd. | 919,690 | ||||||||||||
87,000 | TBK Co., Ltd. | 382,908 | ||||||||||||
36,000 | TCM Corp. | 79,934 | ||||||||||||
1,813 | Telepark Corp. | 1,690,646 | ||||||||||||
13,100 | TKC Corp. | 261,331 | ||||||||||||
61,600 | Toho Pharmaceutical Co., Ltd. | 1,273,114 | ||||||||||||
496 | @ | Tohto Suisan Co., Ltd. | 936 | |||||||||||
102,200 | Tokai Rika Co., Ltd. | 2,503,266 | ||||||||||||
53,800 | Tokai Rubber Industries, Inc. | 787,590 | ||||||||||||
246,000 | Tokyo Dome Corp. | 1,015,813 | ||||||||||||
168,000 | @ | Tokyo Tekko Co., Ltd. | 712,847 | |||||||||||
3,700 | Tokyo Tomin Bank Ltd. | 78,921 | ||||||||||||
2,700 | Tokyu Community Corp. | 59,007 | ||||||||||||
248,000 | @ | Tonichi Carlife Group, Inc. | 276,655 | |||||||||||
78,000 | Toshiba Tec Corp. | 547,297 | ||||||||||||
324,000 | Toyo Kohan Co., Ltd. | 1,606,541 | ||||||||||||
270,000 | Toyo Securities Co., Ltd. | 913,014 | ||||||||||||
65,000 | @ | Toyo Tire & Rubber Co., Ltd. | 252,813 | |||||||||||
6,300 | Toyoda Gosei Co., Ltd. | 230,245 | ||||||||||||
108,000 | Toyota Auto Body Co., Ltd. | 2,162,128 | ||||||||||||
18,000 | Toyota Boshoku Corp. | 514,812 | ||||||||||||
8,500 | Trusco Nakayama Corp. | 130,887 | ||||||||||||
73,400 | TS Tech Co., Ltd. | 1,213,837 | ||||||||||||
301,000 | Tsubakimoto Chain Co. | 2,032,556 | ||||||||||||
77,000 | Tsudakoma Corp. | 178,969 | ||||||||||||
4,400 | Tsumura & Co. | 106,506 | ||||||||||||
2,300 | Tsuruha Holdings, Inc. | 85,953 | ||||||||||||
4,300 | Tsutsumi Jewelry Co., Ltd. | 90,975 | ||||||||||||
82,000 | Uchida Yoko Co., Ltd. | 342,111 | ||||||||||||
9,200 | UEX Ltd. | 61,887 | ||||||||||||
5,000 | Union Tool Co. | 183,895 | ||||||||||||
12,300 | Usen Corp. | 53,762 | ||||||||||||
14,100 | Valor Co., Ltd. | 157,426 | ||||||||||||
14,000 | Waseda Academy Co., Ltd. | 127,568 | ||||||||||||
29,400 | Weathernews, Inc. | 375,745 | ||||||||||||
57 | @ | Wowow, Inc. | 91,550 | |||||||||||
5,600 | Y.A.C. Co., Ltd. | 58,765 | ||||||||||||
11,000 | Yamanashi Chuo Bank Ltd. | 72,639 | ||||||||||||
290,500 | Yamato Kogyo Co., Ltd. | 13,773,698 | ||||||||||||
345,200 | Yamazen Corp. | 1,310,939 | ||||||||||||
32,000 | Yaskawa Electric Corp. | 324,457 | ||||||||||||
10,200 | Yorozu Corp. | 148,001 | ||||||||||||
1,124,000 | @ | Yuasa Trading Co., Ltd. | 1,555,963 | |||||||||||
158,036,916 | ||||||||||||||
Liechtenstein: 0.1% | ||||||||||||||
2,110 | Verwalt & Privat-Bank AG | 530,628 | ||||||||||||
530,628 | ||||||||||||||
Malaysia: 0.0% | ||||||||||||||
17,100 | @ | Proton Holdings Bhd | 21,075 | |||||||||||
114,300 | Tan Chong Motor Holdings Bhd | 66,060 | ||||||||||||
87,135 | ||||||||||||||
Mexico: 0.3% | ||||||||||||||
456,600 | @ | Axtel SAB de CV — CPO | 840,174 | |||||||||||
197,100 | Grupo Aeroportuario del Pacifico SA de CV | 803,339 | ||||||||||||
100,100 | Grupo Financiero Banorte SA de CV | 433,087 |
197
Table of Contents
Shares | Value | |||||||||||||
Mexico (continued) | ||||||||||||||
72,800 | Grupo Mexico SA de CV | $ | 530,969 | |||||||||||
54,000 | @ | Industrias CH SA — Series B | 247,122 | |||||||||||
28,300 | Mexichem SA de CV | 202,225 | ||||||||||||
3,056,916 | ||||||||||||||
Netherlands: 2.6% | ||||||||||||||
2,545 | @ | Advanced Metallurgical Group NV | 173,296 | |||||||||||
91,669 | Draka Holding | 3,264,169 | ||||||||||||
16,744 | Fugro NV | 1,488,122 | ||||||||||||
35,200 | Grontmij | 1,337,086 | ||||||||||||
58,800 | Imtech NV | 1,633,367 | ||||||||||||
18,874 | Innoconcepts | 319,049 | ||||||||||||
6,679 | Nutreco Holding NV | 487,747 | ||||||||||||
302,736 | OCE NV | 4,541,885 | ||||||||||||
37,102 | OPG Groep NV | 993,922 | ||||||||||||
15,801 | SBM Offshore NV | 602,267 | ||||||||||||
21,210 | Smit Internationale NV | 2,457,215 | ||||||||||||
14,484 | Ten Cate NV | 525,068 | ||||||||||||
20,740 | TKH Group NV | 505,201 | ||||||||||||
15,736 | @ | TomTom | 543,691 | |||||||||||
177,512 | USG People NV | 4,080,457 | ||||||||||||
22,952,542 | ||||||||||||||
New Zealand: 0.1% | ||||||||||||||
954,406 | Air New Zealand Ltd. | 931,677 | ||||||||||||
146,349 | Fisher & Paykel Healthcare Corp. | 305,402 | ||||||||||||
1,237,079 | ||||||||||||||
Norway: 0.8% | ||||||||||||||
538,509 | @ | Acta Holding ASA | 1,929,515 | |||||||||||
190,200 | Cermaq ASA | 2,172,892 | ||||||||||||
416,800 | @ | Deep Sea Supply PLC | 1,800,581 | |||||||||||
21,100 | @ | ODIM ASA | 369,560 | |||||||||||
13,850 | @ | Petroleum Geo-Services ASA | 372,685 | |||||||||||
98,000 | @ | StepStone ASA | 324,734 | |||||||||||
6,969,967 | ||||||||||||||
Portugal: 0.2% | ||||||||||||||
90,001 | Semapa-Sociedade de Investimento e Gestao | 1,259,481 | ||||||||||||
293,236 | Teixeira Duarte — Engenharia Construcoes SA | 704,608 | ||||||||||||
1,964,089 | ||||||||||||||
Singapore: 3.3% | ||||||||||||||
1,423,000 | Allgreen Properties Ltd. | 1,353,049 | ||||||||||||
460,000 | @,# | ARA Asset Management Ltd. | 257,808 | |||||||||||
882,000 | Armstrong Industrial Corp. | 211,891 | ||||||||||||
285,000 | Aztech Systems Ltd. | 47,572 | ||||||||||||
209,000 | Goodpack Ltd. | 269,622 | ||||||||||||
495,000 | Ho Bee Investment Ltd. | 369,262 | ||||||||||||
542,000 | I | Hong Leong Asia Ltd. | 1,065,511 | |||||||||||
58,000 | Jardine Cycle & Carriage Ltd. | 711,923 | ||||||||||||
4,008,000 | LC Development Ltd. | 798,984 | ||||||||||||
1,973,000 | Meiban Group Ltd. | 464,802 | ||||||||||||
19,000 | I | MFS Technology Ltd. | 4,554 | |||||||||||
702,000 | Neptune Orient Lines Ltd. | 1,664,436 | ||||||||||||
159,000 | Parkway Holdings Ltd. | 412,971 | ||||||||||||
352,000 | Rotary Engineering Ltd. | 238,840 | ||||||||||||
29,000 | Singapore Land Ltd. | 154,603 | ||||||||||||
3,810,000 | Singapore Petroleum Co., Ltd. | 20,341,683 | ||||||||||||
115,000 | SMRT Corp., Ltd. | 152,714 | ||||||||||||
212,000 | Unisteel Technology Ltd. | 252,850 | ||||||||||||
4,188,000 | @ | Yongnam Holdings Ltd. | 676,550 | |||||||||||
29,449,625 | ||||||||||||||
South Korea: 3.0% | ||||||||||||||
31,900 | BNG Steel Co., Ltd. | 374,070 | ||||||||||||
19,875 | C-motech Co., Ltd. | 608,937 | ||||||||||||
48,730 | @ | Dongbu Insurance Co., Ltd. | 1,826,083 | |||||||||||
29,330 | Dongbu Steel Co., Ltd. | 390,349 | ||||||||||||
24,720 | @ | Forhuman Co., Ltd. | 394,860 | |||||||||||
99,680 | From30 Co., Ltd. | 755,386 | ||||||||||||
441,636 | @ | Halim Co., Ltd. | 908,955 | |||||||||||
10,820 | Hanshin Construction | 257,319 | ||||||||||||
23,199 | Honam Petrochemical Corp. | 2,053,794 | ||||||||||||
57,059 | @ | Human & Technology Co., Ltd. | 327,828 | |||||||||||
31,070 | Hyosung Corp. | 1,928,459 | ||||||||||||
1,409 | Hyundai Department Store Co., Ltd. | 148,488 | ||||||||||||
3,652 | Hyundai Development Co. | 233,144 | ||||||||||||
17,400 | Hyundai DSF Co., Ltd. | 219,165 | ||||||||||||
52,720 | @ | Hyundai Marine & Fire Insurance Co., Ltd. | 1,078,996 | |||||||||||
2,833 | Hyunjin Materials Co., Ltd. | 111,265 | ||||||||||||
66,890 | Jinheung Mutual Savings Bank | 361,524 | ||||||||||||
514 | KCC Corp. | 228,950 | ||||||||||||
8,327 | KCC Engineering & Construction | 433,265 | ||||||||||||
15,780 | Keangnam Enterprises Ltd. | 584,859 | ||||||||||||
3,308 | Korea Iron & Steel Co., Ltd. | 255,282 | ||||||||||||
19,926 | Korea Zinc Co., Ltd. | 2,397,953 | ||||||||||||
23,190 | Korean Petrochemical Industrial Co. | 1,071,293 | ||||||||||||
77,450 | @ | KP Chemical Corp. | 652,949 | |||||||||||
14,080 | Kumho Industrial Co., Ltd. | 468,973 | ||||||||||||
12,676 | Kyeryong Construction Industrial Co., Ltd. | 462,734 | ||||||||||||
26,400 | @ | LG Micron Ltd. | 1,172,848 | |||||||||||
68,290 | @ | LIG Non-Life Insurance Co., Ltd. | 1,460,294 | |||||||||||
2,770 | MegaStudy Co., Ltd. | 908,799 | ||||||||||||
14,580 | Meritz Fire & Marine Insurance Co., Ltd. | 126,436 | ||||||||||||
44,384 | People & Telecommunication, Inc. | 440,001 | ||||||||||||
2,547 | Samsung Engineering Co., Ltd. | 226,426 | ||||||||||||
8,792 | @ | Samsung SDI Co., Ltd. | 677,324 | |||||||||||
26,220 | I | SeAH Steel Corp. | 1,224,197 | |||||||||||
15,662 | SFA Engineering Corp. | 1,033,183 | ||||||||||||
51,680 | Solomon Mutual Savings Bank | 548,528 | ||||||||||||
36,144 | Taesan LCD Co., Ltd. | 257,651 | ||||||||||||
26,610,567 | ||||||||||||||
Spain: 2.5% | ||||||||||||||
7,800 | Banco Espanol de Credito SA (Banesto) | 145,299 | ||||||||||||
3,919 | Construcciones y Auxiliar de Ferrocarriles SA | 1,714,921 | ||||||||||||
495,962 | Corp. Mapfre SA | 2,515,745 | ||||||||||||
9,100 | Corporacion Financiera Alba SA | 633,575 | ||||||||||||
17,870 | Duro Felguera SA | 193,718 | ||||||||||||
18,874 | Enagas | 570,225 | ||||||||||||
65,700 | Grifols SA | 1,828,139 | ||||||||||||
33,400 | Grupo Catalana Occidente SA | 1,268,134 | ||||||||||||
76,892 | Iberia Lineas Aereas de Espana | 301,959 | ||||||||||||
92,700 | Indra Sistemas SA | 2,518,511 | ||||||||||||
71,600 | @ | Laboratorios Almirall SA | 1,495,945 | |||||||||||
5,406 | Pescanova SA | 295,415 | ||||||||||||
35,129 | Red Electrica de Espana | 2,271,322 | ||||||||||||
30,400 | @ | Solaria Energia y Medio Ambiente SA | 574,546 | |||||||||||
181,263 | Tubos Reunidos SA | 1,262,139 | ||||||||||||
51,435 | Union Fenosa SA | 3,434,979 | ||||||||||||
22,207 | Viscofan SA | 532,688 | ||||||||||||
21,557,260 | ||||||||||||||
Sweden: 2.8% | ||||||||||||||
132,200 | BE Group AB | 1,486,041 | ||||||||||||
409,642 | Fabege AB | 3,815,420 | ||||||||||||
15,300 | Getinge AB | 388,313 | ||||||||||||
262,800 | JM AB | 4,314,412 | ||||||||||||
179,000 | Kungsleden AB | 1,779,899 | ||||||||||||
304,800 | NCC AB | 5,818,212 | ||||||||||||
388,200 | Peab AB | 3,330,422 | ||||||||||||
102,117 | @ | Peab AB | 1,014,777 | |||||||||||
6,671 | Saab AB | 188,225 |
198
Table of Contents
Shares | Value | |||||||||||||
Sweden (continued) | ||||||||||||||
77,400 | @ | SAS AB | $ | 618,111 | ||||||||||
23,263 | Swedish Match AB | 506,877 | ||||||||||||
941,000 | @ | West Siberian Resources Ltd. GDR | 615,184 | |||||||||||
37,500 | Wihlborgs Fastigheter AB | 819,699 | ||||||||||||
24,695,592 | ||||||||||||||
Switzerland: 4.4% | ||||||||||||||
31,500 | Addax Petroleum Corp. | 1,403,753 | ||||||||||||
548 | Adecco SA | 32,619 | ||||||||||||
1,339 | AFG Arbonia-Forster Holding | 419,168 | ||||||||||||
27,905 | Baloise Holding AG | 3,038,706 | ||||||||||||
103 | Bank Sarasin & Compagnie AG | 470,797 | ||||||||||||
5,060 | Bellevue Group AG | 316,292 | ||||||||||||
4,213 | BKW FMB Energie AG | 519,033 | ||||||||||||
2,911 | Bucher Industries AG | 805,297 | ||||||||||||
2,264 | Compagnie Financiere Tradition (CFT) | 427,698 | ||||||||||||
1,487 | Flughafen Zuerich AG | 651,134 | ||||||||||||
4,413 | @ | Forbo Holding AG | 2,226,991 | |||||||||||
15,654 | Galenica AG | 4,952,891 | ||||||||||||
3,774 | Geberit AG — Reg | 579,622 | ||||||||||||
8,725 | @ | Georg Fischer AG | 4,747,975 | |||||||||||
5,902 | Helvetia Holding AG | 2,456,801 | ||||||||||||
14,200 | Holcim Ltd. | 1,385,523 | ||||||||||||
6,347 | Huber & Suhner AG | 306,587 | ||||||||||||
1,500 | Kaba Holding AG — Reg B | 469,311 | ||||||||||||
2,439 | Kuoni Reisen Holding | 1,412,723 | ||||||||||||
14,949 | @ | Micronas Semiconductor Hold | 114,457 | |||||||||||
30,000 | Mobilezone Holding AG | 222,941 | ||||||||||||
1,261 | @ | Newave Energy Holding SA | 53,264 | |||||||||||
10,800 | Pargesa Holding SA | 1,235,041 | ||||||||||||
19,037 | @ | PSP Swiss Property AG | 1,178,643 | |||||||||||
2,100 | Schweizerhall Holding AG | 353,437 | ||||||||||||
292 | Sika AG | 503,800 | ||||||||||||
293 | St. Galler Kantonalbank | 138,274 | ||||||||||||
13,190 | @ | Swiss Life Holding | 3,920,428 | |||||||||||
14,081 | Swissquote Group Holding — Reg | 660,764 | ||||||||||||
6,700 | Syngenta AG | 1,991,274 | ||||||||||||
53,740 | @ | Temenos Group AG — Reg | 1,507,324 | |||||||||||
1,200 | @ | U-Blox AG | 58,086 | |||||||||||
69 | Zehnder Group AG | 101,292 | ||||||||||||
38,661,946 | ||||||||||||||
Taiwan: 1.2% | ||||||||||||||
164,956 | Altek Corp. | 255,978 | ||||||||||||
35,000 | @ | Chia Hsin Cement Corp. | 34,773 | |||||||||||
5,504,000 | @ | Chunghwa Picture Tubes Ltd. | 1,728,307 | |||||||||||
720 | Everlight Electronics Co., Ltd. | 2,762 | ||||||||||||
1,590,000 | @ | Grand Pacific Petrochemical Corp. | 633,648 | |||||||||||
2,729,088 | @ | HannStar Display Corp. | 1,255,528 | |||||||||||
178,000 | Hung Sheng Construction Co. | 190,291 | ||||||||||||
400,000 | KGI Securities Co., Ltd. | 340,097 | ||||||||||||
207,000 | Kindom Construction Co., Ltd. | 163,846 | ||||||||||||
220,454 | Lee Chang Yung Chemical Industry Corp. | 278,548 | ||||||||||||
2,889,918 | Macronix International | 1,501,218 | ||||||||||||
2,112,444 | Micro-Star International Co., Ltd. | 1,843,711 | ||||||||||||
550 | Powertech Technology, Inc. | 2,208 | ||||||||||||
60,000 | Sinon Corp. | 35,453 | ||||||||||||
32,000 | Synnex Technology International Corp. | 85,418 | ||||||||||||
139,150 | Taiwan Surface Mounting Technology Co., Ltd. | 294,174 | ||||||||||||
310,000 | @ | Tatung Co., Ltd. | 186,687 | |||||||||||
408,000 | TSRC Corp. | 656,210 | ||||||||||||
159,000 | U-Ming Marine Transport Corp. | 531,373 | ||||||||||||
224 | Unimicron Technology Corp. | 307 | ||||||||||||
467,000 | Universal Scientific Industrial Co., Ltd. | 294,046 | ||||||||||||
10,314,583 | ||||||||||||||
Turkey: 0.8% | ||||||||||||||
51,189 | Akcansa Cimento A/S | 216,117 | ||||||||||||
316,793 | Aksa Akrilik Kimya Sanayii | 536,817 | ||||||||||||
301,213 | Anadolu Sigorta | 343,937 | ||||||||||||
1 | Bolu Cimento Sanayii | 1 | ||||||||||||
276,305 | Bossa Ticaret Sanayi Isletme | 271,072 | ||||||||||||
609,854 | @ | Dogan Sriketler Grubu Holdings | 735,726 | |||||||||||
77,264 | Ford Otomotiv Sanayi A/S | 721,445 | ||||||||||||
28,916 | @ | Goodyear Lastikleri TAS | 334,537 | |||||||||||
372,870 | @ | GSD Holdings A/S | 416,512 | |||||||||||
746,616 | @ | Ihlas Holding | 445,996 | |||||||||||
13,960 | @ | Mardin Cimento Sanayii — New | 57,477 | |||||||||||
58,778 | @ | Mardin Cimento Sanayii | 285,671 | |||||||||||
223,752 | @ | Petkim Petrokimya Holding | 1,223,209 | |||||||||||
1 | @ | Petrol Ofisi | 3 | |||||||||||
244,931 | @ | Turk Hava Yollari | 1,371,141 | |||||||||||
8,802 | Turk Traktor ve Ziraat Makineleri AS | 95,069 | ||||||||||||
7,054,730 | ||||||||||||||
United Kingdom: 13.9% | ||||||||||||||
553,400 | @ | Afren PLC | 1,732,702 | |||||||||||
474,060 | Aggreko PLC | 5,523,431 | ||||||||||||
58,233 | Albemarle & Bond Holdings | 248,154 | ||||||||||||
99,500 | Amec PLC | 1,561,925 | ||||||||||||
217,700 | Amlin PLC | 1,184,966 | ||||||||||||
84,039 | Antofagasta PLC | 1,326,557 | ||||||||||||
416,847 | Ashtead Group PLC | 498,105 | ||||||||||||
39,907 | @ | AssetCo PLC | 155,356 | |||||||||||
114,332 | Atkins WS PLC | 2,393,275 | ||||||||||||
24,105 | Aveva Group PLC | 580,473 | ||||||||||||
50,000 | @ | Avocet Mining PLC | 162,746 | |||||||||||
221,585 | Babcock International Group | 2,588,912 | ||||||||||||
1,191,743 | Beazley Group PLC | 3,437,333 | ||||||||||||
635,061 | Brit Insurance Holdings PLC | 3,066,882 | ||||||||||||
86,491 | Britvic PLC | 568,343 | ||||||||||||
37,857 | BSS Group PLC | 291,253 | ||||||||||||
413,200 | Cable & Wireless PLC | 1,219,204 | ||||||||||||
405,617 | Charter PLC | 7,196,231 | ||||||||||||
526,952 | Chaucer Holdings PLC | 935,393 | ||||||||||||
19,059 | Chemring Group PLC | 930,232 | ||||||||||||
50,000 | Chloride Group PLC | 209,653 | ||||||||||||
160,000 | @ | ClinPhone PLC | 294,270 | |||||||||||
145,900 | Cookson Group PLC | 2,045,668 | ||||||||||||
33,914 | Cranswick PLC | 473,435 | ||||||||||||
421,911 | @ | CSR PLC | 3,298,117 | |||||||||||
169,449 | Dairy Crest Group PLC | 1,355,332 | ||||||||||||
519,575 | @ | Dana Petroleum PLC | 17,752,954 | |||||||||||
25,000 | Dechra Pharmaceuticals PLC | 192,621 | ||||||||||||
249,183 | Dimension Data Holdings PLC | 231,824 | ||||||||||||
30,000 | E2V Technologies PLC | 167,614 | ||||||||||||
50,700 | eaga PLC | 122,088 | ||||||||||||
98,070 | Ferrexpo PLC | 687,020 | ||||||||||||
480,000 | Friends Provident PLC | 1,126,995 | ||||||||||||
436,236 | Future PLC | 247,201 | ||||||||||||
387,022 | Game Group PLC | 2,102,514 | ||||||||||||
224,900 | GKN PLC | 1,262,814 | ||||||||||||
11,600 | Greene King PLC | 118,194 | ||||||||||||
5,223 | Greggs PLC | 476,536 | ||||||||||||
42,913 | Group 4 Securicor PLC | 193,642 | ||||||||||||
195,200 | Halfords Group PLC | 1,087,514 | ||||||||||||
20,000 | Hamworthy KSE | 194,489 | ||||||||||||
248,787 | IG Group Holdings PLC | 1,778,001 | ||||||||||||
174,900 | IMI PLC | 1,577,070 | ||||||||||||
90,679 | Inchcape PLC | 766,723 | ||||||||||||
153,400 | Interserve PLC | 1,469,567 | ||||||||||||
116,310 | Jardine Lloyd Thompson Group PLC | 848,082 | ||||||||||||
48,227 | JKX Oil & Gas PLC | 460,205 |
199
Table of Contents
Shares | Value | |||||||||||||
United Kingdom (continued) | ||||||||||||||
294,552 | John Wood Group PLC | $ | 2,501,567 | |||||||||||
183,607 | Keller Group PLC | 2,456,512 | ||||||||||||
12,357 | Kier Group PLC | 288,455 | ||||||||||||
63,698 | Lavendon Group PLC | 389,136 | ||||||||||||
40,044 | Liontrust Asset Management PLC | 207,679 | ||||||||||||
105,327 | Luminar Group Holdings PLC | 669,188 | ||||||||||||
2,544 | Mapeley Ltd. | 63,885 | ||||||||||||
30,000 | Meggitt PLC | 175,993 | ||||||||||||
108,994 | @ | Meldex International PLC | 137,065 | |||||||||||
77,153 | Micro Focus International PLC | 356,359 | ||||||||||||
49,849 | @ | NETeller PLC | 62,357 | |||||||||||
1,132,440 | Northern Foods PLC | 1,945,733 | ||||||||||||
28,216 | Northgate PLC | 330,934 | ||||||||||||
40,000 | Oxford Instruments PLC | 168,010 | ||||||||||||
1,307,068 | Pendragon PLC | 1,015,323 | ||||||||||||
351,544 | Petrofac Ltd. | 4,096,191 | ||||||||||||
101,455 | PZ Cussons PLC | 372,159 | ||||||||||||
20,000 | Quintain Estates & Development PLC | 160,793 | ||||||||||||
523,100 | Regus Group PLC | 953,749 | ||||||||||||
30,000 | Ricardo PLC | 198,441 | ||||||||||||
52,538 | Rotork PLC | 1,113,649 | ||||||||||||
415,515 | Savills PLC | 2,229,781 | ||||||||||||
77,300 | Severn Trent PLC | 2,232,257 | ||||||||||||
88,159 | Sibir Energy PLC | 1,089,641 | ||||||||||||
13,000 | SIG PLC | 193,327 | ||||||||||||
295,181 | Smiths News PLC | 594,419 | ||||||||||||
149,800 | Southern Cross Healthcare Ltd. | 1,004,181 | ||||||||||||
85,290 | Spectris PLC | 1,286,822 | ||||||||||||
159,420 | Spice PLC | 1,750,213 | ||||||||||||
876,900 | @ | Spirent Communications PLC | 1,222,192 | |||||||||||
1,520,091 | @ | Sportingbet PLC | 1,294,952 | |||||||||||
36,000 | St. Ives Group PLC | 168,731 | ||||||||||||
284,546 | Stagecoach Group PLC | 1,440,873 | ||||||||||||
26,050 | Stolt-Nielsen SA | 579,120 | ||||||||||||
712,893 | Taylor Nelson Sofres PLC | 2,852,607 | ||||||||||||
62,718 | Thomas Cook Group PLC | 320,816 | ||||||||||||
13,397 | @ | THUS Group PLC | 32,879 | |||||||||||
186,263 | Trinity Mirror PLC | 998,470 | ||||||||||||
151,400 | TUI Travel PLC | 708,351 | ||||||||||||
34,963 | Ultra Electronics Holdings | 890,749 | ||||||||||||
22,500 | United Business Media PLC | 255,928 | ||||||||||||
17,931 | Venture Production PLC | 263,307 | ||||||||||||
65,677 | Vislink PLC | 41,577 | ||||||||||||
95,200 | I | Vitec Group PLC | 858,972 | |||||||||||
32,000 | Vitec Group PLC | 288,730 | ||||||||||||
164,386 | VT Group PLC | 2,202,410 | ||||||||||||
40,000 | Wetherspoon (J.D.) PLC | 215,348 | ||||||||||||
441,250 | WH Smith PLC | 3,729,113 | ||||||||||||
122,550,560 | ||||||||||||||
Total Common Stock (Cost $814,076,410 ) | 840,486,253 | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 0.6% | ||||||||||||||
Australia: 0.5% | ||||||||||||||
350,000 | Commonwealth Property Office Fund | 462,631 | ||||||||||||
6,645,774 | Macquarie DDR Trust | 3,653,276 | ||||||||||||
523,514 | Macquarie Office Trust | 505,095 | ||||||||||||
4,621,002 | ||||||||||||||
�� | ||||||||||||||
Netherlands: 0.1% | ||||||||||||||
7,203 | Nieuwe Steen Investments Funds NV | 208,416 | ||||||||||||
25,786 | Vastned Offices | 846,958 | ||||||||||||
1,055,374 | ||||||||||||||
Total Real Estate Investment Trusts | ||||||||||||||
(Cost $9,093,094 ) | 5,676,376 | |||||||||||||
PREFERRED STOCK: 1.0% | ||||||||||||||
Brazil: 0.3% | ||||||||||||||
81,200 | Braskem SA | 691,241 | ||||||||||||
46,500 | Cia Paranaense de Energia | 821,065 | ||||||||||||
15,250 | Metalurgica Gerdau SA | 803,694 | ||||||||||||
2,316,000 | ||||||||||||||
Germany: 0.2% | ||||||||||||||
6,643 | Draegerwerk AG | 443,035 | ||||||||||||
1,492 | Eurokai KGaA | 174,726 | ||||||||||||
16,103 | Fresenius AG | 1,331,142 | ||||||||||||
3,259 | Jungheinrich AG | 110,260 | ||||||||||||
2,059,163 | ||||||||||||||
Italy: 0.5% | ||||||||||||||
156,601 | @ | Instituto Finanziario Industriale S.p.A. | 4,105,695 | |||||||||||
4,105,695 | ||||||||||||||
Total Preferred Stock (Cost $7,668,987 ) | 8,480,858 | |||||||||||||
RIGHTS: 0.0% | ||||||||||||||
Sweden: 0.0% | ||||||||||||||
262,800 | I | JM AB — Rights | 221,537 | |||||||||||
Total Rights (Cost $-) | 221,537 | |||||||||||||
WARRANTS: 0.0% | ||||||||||||||
Hong Kong: 0.0% | ||||||||||||||
20,000 | @ | Industrial & Commercial Bank of China (Asia) Ltd. | 5,030 | |||||||||||
Total Warrants (Cost $-) | 5,030 | |||||||||||||
Total Long-Term Investments (Cost $830,838,491 ) | 854,870,054 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 2.6% | ||||||||||||||
U.S. Government Agency Obligations: 0.3% | ||||||||||||||
$ | 2,771,000 | Z | Federal Home Loan Bank, 1.550%, due 05/01/08 | $ | 2,770,880 | |||||||||
Total U.S. Government Agency Obligations (Cost $2,770,880 ) | 2,770,880 | |||||||||||||
200
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Securities Lending CollateralCC: 2.3% | ||||||||||||||
$ | 20,033,988 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 20,033,988 | ||||||||||
Total Securities Lending Collateral | ||||||||||||||
(Cost $20,033,988 ) | 20,033,988 | |||||||||||||
Total Short-Term Investments | ||||||||||||||
(Cost $22,804,868) | 22,804,868 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $853,643,359)* | 99.8 | % | $ | 877,674,922 | ||||||||||
Other Assets and Liabilities - Net | 0.2 | 1,761,895 | ||||||||||||
Net Assets | 100.0 | % | $ | 879,436,817 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees. | |
cc | Securities purchased with cash collateral for securities loaned. | |
I | Illiquid security | |
X | Fair value determined by ING Funds Valuation Committee appointed by the Fund’s Board of Trustees. | |
Z | Indicates Zero Coupon Bond; rate shown reflects current effective yield. | |
* | Cost for federal income tax purposes is $854,961,936. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 124,941,962 | ||
Gross Unrealized Depreciation | (102,228,976 | ) | ||
Net Unrealized Appreciation | $ | 22,712,986 | ||
Percentage of | ||||
Industry | Net Assets | |||
Advertising | 0.4 | % | ||
Aerospace/Defense | 1.7 | |||
Agriculture | 0.8 | |||
Airlines | 0.8 | |||
Apparel | 0.1 | |||
Auto Manufacturers | 1.0 | |||
Auto Parts & Equipment | 2.6 | |||
Banks | 1.1 | |||
Beverages | 0.1 | |||
Building Materials | 1.1 | |||
Chemicals | 3.6 | |||
Coal | 0.9 | |||
Commercial Services | 3.2 | |||
Computers | 1.5 | |||
Cosmetics/Personal Care | 0.2 | |||
Distribution/Wholesale | 3.6 | |||
Diversified | 0.1 | |||
Diversified Financial Services | 2.2 | |||
Electric | 1.1 | |||
Electrical Components & Equipment | 2.4 | |||
Electronics | 2.6 | |||
Energy — Alternate Sources | 0.1 | |||
Engineering & Construction | 3.9 | |||
Entertainment | 0.1 | |||
Environmental Control | 0.1 | |||
Food | 2.6 | |||
Forest Products & Paper | 0.3 | |||
Gas | 0.1 | |||
Hand/Machine Tools | 2.1 | |||
Healthcare — Products | 0.4 | |||
Healthcare — Services | 0.9 | |||
Holding Companies — Diversified | 1.9 | |||
Home Builders | 0.2 | |||
Home Furnishings | 1.5 | |||
Household Products/Wares | 0.1 | |||
Insurance | 5.0 | |||
Internet | 0.0 | |||
Investment Companies | 0.5 | |||
Iron/Steel | 5.6 | |||
Leisure Time | 1.1 | |||
Lodging | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Machinery — Diversified | 2.0 | |||
Media | 1.4 | |||
Metal Fabricate/Hardware | 1.6 | |||
Mining | 5.3 | |||
Miscellaneous Manufacturing | 2.3 | |||
Office Property | 0.1 | |||
Office/Business Equipment | 0.6 | |||
Oil & Gas | 6.9 | |||
Oil & Gas Services | 1.2 | |||
Pharmaceuticals | 2.7 | |||
Pipelines | 0.0 | |||
Real Estate | 3.7 | |||
Retail | 4.8 | |||
Semiconductors | 0.7 | |||
Shipbuilding | 0.0 | |||
Shopping Centers | 0.4 | |||
Software | 0.8 | |||
Telecommunications | 1.7 | |||
Textiles | 0.0 | |||
Transportation | 2.9 | |||
Trucking & Leasing | 0.0 | |||
Water | 0.3 | |||
Short-Term Investments | 2.6 | |||
Other Assets and Liabilities — Net | 0.2 | |||
Net Assets | 100.0 | % | ||
In | Unrealized | |||||||||||||||||||
Settlement | Exchange | Appreciation | ||||||||||||||||||
Currency | Buy/Sell | Date | For | Value | (Depreciation) | |||||||||||||||
USD | ||||||||||||||||||||
Japanese Yen | ||||||||||||||||||||
JPY 91,576,515 | Buy | 05/07/08 | 876,532 | 881,068 | $ | 4,536 | ||||||||||||||
$ | 4,536 | |||||||||||||||||||
Japanese Yen JPY 58,670,207 | Sell | 05/07/08 | 561,534 | 564,473 | $ | (2,939 | ) | |||||||||||||
$ | (2,939 | ) | ||||||||||||||||||
201
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Shares | Value | |||||||||||||
COMMON STOCK: 98.6% | ||||||||||||||
Bermuda: 1.6% | ||||||||||||||
1,816,034 | Tyco Electronics Ltd. | $ | 67,937,832 | |||||||||||
67,937,832 | ||||||||||||||
Brazil: 3.9% | ||||||||||||||
6,058,831 | L | Centrais Eletricas Brasileiras SA ADR — Class A | 87,715,514 | |||||||||||
3,542,186 | L | Contax Participacoes SA ADR | 4,071,034 | |||||||||||
1,446,454 | L | Tele Norte Leste Participacoes SA ADR | 33,138,261 | |||||||||||
1,144,300 | Telecomunicacoes Brasileiras SA ADR | 24,293,489 | ||||||||||||
57,215 | L | Telemig Celular Participation SA ADR | 3,948,407 | |||||||||||
105,928 | L | Tim Participacoes SA ADR | 3,557,062 | |||||||||||
735,326 | @,L | Vivo Participacoes SA ADR | 4,963,451 | |||||||||||
161,687,218 | ||||||||||||||
Canada: 0.7% | ||||||||||||||
3,464,370 | @,L | Nortel Networks Corp. | 29,585,720 | |||||||||||
29,585,720 | ||||||||||||||
France: 10.7% | ||||||||||||||
12,675,820 | Alcatel SA | 84,841,718 | ||||||||||||
861,236 | Carrefour SA | 60,414,937 | ||||||||||||
1,017,000 | Credit Agricole SA | 34,037,238 | ||||||||||||
2,615,462 | France Telecom SA | 81,840,225 | ||||||||||||
2,413,800 | Natixis | 40,383,304 | ||||||||||||
1,905,550 | Sanofi-Aventis | 146,881,989 | ||||||||||||
448,399,411 | ||||||||||||||
Germany: 4.8% | ||||||||||||||
8,786,319 | Deutsche Telekom AG | 157,179,019 | ||||||||||||
389,300 | Hypo Real Estate Holding AG | 14,283,530 | ||||||||||||
3,113,300 | @ | Infineon Technologies AG | 28,638,174 | |||||||||||
530,090 | @,L | Qimonda AG ADR | 1,887,120 | |||||||||||
201,987,843 | ||||||||||||||
Italy: 3.7% | ||||||||||||||
10,135,782 | Intesa Sanpaolo S.p.A. | 75,348,238 | ||||||||||||
9,779,185 | Telecom Italia S.p.A. | 20,451,694 | ||||||||||||
35,875,700 | Telecom Italia S.p.A. RNC | 58,401,604 | ||||||||||||
154,201,536 | ||||||||||||||
Japan: 31.9% | ||||||||||||||
2,488,400 | Aiful Corp. | 48,513,150 | ||||||||||||
701,000 | Akita Bank Ltd. | 3,082,355 | ||||||||||||
1,092,400 | Astellas Pharma, Inc. | 44,968,004 | ||||||||||||
1,892,000 | Dai Nippon Printing Co., Ltd. | 29,121,330 | ||||||||||||
1,039,736 | Daiichi Sankyo Co., Ltd. | 28,649,088 | ||||||||||||
908,900 | Fuji Photo Film Co., Ltd. | 35,138,630 | ||||||||||||
14,122,700 | Hitachi Ltd. | 95,248,547 | ||||||||||||
2,010,200 | Millea Holdings, Inc. | 85,198,986 | ||||||||||||
13,294,400 | Mitsubishi UFJ Financial Group, Inc. | 146,490,747 | ||||||||||||
2,765,400 | @ | Mitsui Sumitomo Insurance Group Holdings, Inc. | 110,100,072 | |||||||||||
4,006,000 | @ | Mitsui Trust Holdings, Inc. | 28,506,780 | |||||||||||
18,274 | @ | Mizuho Financial Group, Inc. | 95,100,620 | |||||||||||
8,200,000 | NEC Corp. | 39,024,346 | ||||||||||||
20,993 | Nippon Telegraph & Telephone Corp. | 90,411,245 | ||||||||||||
1,111,500 | Ono Pharmaceutical Co., Ltd. | 58,997,839 | ||||||||||||
777,300 | Rohm Co., Ltd. | 54,560,702 | ||||||||||||
3,539,900 | Seven & I Holdings Co., Ltd. | 105,972,090 | ||||||||||||
872,700 | Sony Corp. | 40,235,454 | ||||||||||||
12,669 | Sumitomo Mitsui Financial Group, Inc. | 109,021,859 | ||||||||||||
270,000 | Taisho Pharmaceutical Co., Ltd. | 5,159,466 | ||||||||||||
1,891,600 | Takefuji Corp. | 44,743,034 | ||||||||||||
481,900 | TDK Corp. | 32,929,356 | ||||||||||||
1,331,173,700 | ||||||||||||||
Mexico: 1.9% | ||||||||||||||
2,148,020 | L | Telefonos de Mexico SA de CV ADR | 77,457,601 | |||||||||||
77,457,601 | ||||||||||||||
Netherlands: 8.0% | ||||||||||||||
5,564,770 | Aegon NV | 88,689,355 | ||||||||||||
600,500 | Akzo Nobel NV | 50,698,198 | ||||||||||||
5,765,212 | Koninklijke Ahold NV | 85,155,232 | ||||||||||||
846,179 | SNS Reaal | 17,776,883 | ||||||||||||
1,603,300 | Unilever NV | 53,522,662 | ||||||||||||
1,408,332 | Wolters Kluwer NV | 37,587,850 | ||||||||||||
333,430,180 | ||||||||||||||
New Zealand: 0.8% | ||||||||||||||
11,223,072 | Telecom Corp. of New Zealand Ltd. | 33,103,015 | ||||||||||||
33,103,015 | ||||||||||||||
Portugal: 1.9% | ||||||||||||||
6,516,376 | Portugal Telecom SGPS SA | 77,308,428 | ||||||||||||
77,308,428 | ||||||||||||||
South Korea: 4.3% | ||||||||||||||
1,463,610 | Korea Electric Power Corp. | 48,849,262 | ||||||||||||
1,306,680 | L | Korea Electric Power Corp. ADR | 21,468,752 | |||||||||||
2,075,610 | KT Corp. ADR | 47,988,103 | ||||||||||||
304,885 | SK Telecom Co., Ltd. | 61,357,053 | ||||||||||||
179,663,170 | ||||||||||||||
Spain: 0.5% | ||||||||||||||
795,902 | Telefonica SA | 22,870,200 | ||||||||||||
22,870,200 | ||||||||||||||
Sweden: 2.5% | ||||||||||||||
41,448,300 | Telefonaktiebolaget LM Ericsson | 104,697,953 | ||||||||||||
104,697,953 | ||||||||||||||
Switzerland: 3.1% | ||||||||||||||
5,057,600 | STMicroelectronics NV | 58,339,882 | ||||||||||||
471,310 | Swiss Reinsurance | 38,970,592 | ||||||||||||
86,800 | Swisscom AG | 30,794,534 | ||||||||||||
128,105,008 | ||||||||||||||
Taiwan: 1.3% | ||||||||||||||
91,257,655 | United Microelectronics Corp. | 55,828,635 | ||||||||||||
55,828,635 | ||||||||||||||
United Kingdom: 17.0% | ||||||||||||||
3,374,180 | AstraZeneca PLC | 141,552,359 | ||||||||||||
2,705,040 | Barclays PLC | 24,458,695 | ||||||||||||
2,807,000 | British Sky Broadcasting PLC | 30,253,202 | ||||||||||||
6,021,251 | GlaxoSmithKline PLC | 133,197,138 | ||||||||||||
4,456,204 | HSBC Holdings PLC | 77,377,020 | ||||||||||||
51,009,626 | ITV PLC | 66,350,142 | ||||||||||||
14,411,400 | Kingfisher PLC | 37,659,790 | ||||||||||||
7,008,351 | Marks & Spencer Group PLC | 52,584,580 | ||||||||||||
9,953,046 | Royal Bank of Scotland Group PLC | 67,365,858 | ||||||||||||
13,849,931 | WM Morrison Supermarkets PLC | 78,384,017 | ||||||||||||
709,182,801 | ||||||||||||||
Total Common Stock (Cost $3,895,269,712) | 4,116,620,251 | |||||||||||||
202
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 5.1% | ||||||||||||||
U.S. Government Agency Obligations: 0.7% | ||||||||||||||
$ | 29,279,000 | L,Z | Federal Home Loan Bank, 1.550%, due 05/01/08 | $ | 29,277,739 | |||||||||
Total U.S. Government Agency Obligations (Cost $29,277,739) | 29,277,739 | |||||||||||||
Securities Lending CollateralCC: 4.4% | ||||||||||||||
184,006,441 | Bank of New York Mellon Corp. Institutional Cash Reserves | 184,006,441 | ||||||||||||
Total Securities Lending Collateral (Cost $184,006,441) | 184,006,441 | |||||||||||||
Total Short-Term Investments (Cost $213,284,180) | 213,284,180 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $4,108,553,892)* | 103.7 | % | $ | 4,329,904,431 | ||||||||||
Other Assets and Liabilities - Net | (3.7 | ) | (154,432,241 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 4,175,472,190 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
cc | Securities purchased with cash collateral for securities loaned. | |
L | Loaned security, a portion or all of the security is on loan at April 30, 2008. | |
Z | Indicates Zero Coupon Bond; rate shown reflects current effective yield. | |
* | Cost for federal income tax purposes is the same as for financial statement purposes. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 658,289,737 | ||
Gross Unrealized Depreciation | (436,939,198 | ) | ||
Net Unrealized Appreciation | $ | 221,350,539 | ||
Percentage of | ||||
Industry | Net Assets | |||
Banks | 17.6 | % | ||
Chemicals | 1.2 | |||
Commercial Services | 0.8 | |||
Computers | 0.8 | |||
Diversified Financial Services | 2.2 | |||
Electric | 3.8 | |||
Electrical Components & Equipment | 2.3 | |||
Electronics | 2.6 | |||
Food | 6.7 | |||
Home Furnishings | 1.0 | |||
Insurance | 7.7 | |||
Media | 3.2 | |||
Miscellaneous Manufacturing | 0.8 | |||
Pharmaceuticals | 13.4 | |||
Retail | 4.7 | |||
Semiconductors | 4.7 | |||
Telecommunications | 25.1 | |||
Short-Term Investments | 5.1 | |||
Other Assets and Liabilities — Net | (3.7 | ) | ||
Net Assets | 100.0 | % | ||
203
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 95.1% | ||||||||||||||
Australia: 2.9% | ||||||||||||||
319,456 | Alumina Ltd. | $ | 1,728,671 | |||||||||||
17,500 | Newcrest Mining Ltd. | 480,618 | ||||||||||||
2,209,289 | ||||||||||||||
Belgium: 1.0% | ||||||||||||||
16,150 | Belgacom SA | 741,559 | ||||||||||||
741,559 | ||||||||||||||
Brazil: 1.8% | ||||||||||||||
46,622 | Centrais Eletricas Brasileiras SA | 687,185 | ||||||||||||
46,350 | Centrais Eletricas Brasileiras SA ADR — Class B | 703,616 | ||||||||||||
1,390,801 | ||||||||||||||
Canada: 9.1% | ||||||||||||||
58,074 | Barrick Gold Corp. | 2,242,818 | ||||||||||||
71,450 | @ | Ivanhoe Mines Ltd. | 686,635 | |||||||||||
55,850 | @ | Novagold Resources, Inc. | 409,939 | |||||||||||
55,450 | @ | OPTI Canada, Inc. | 1,173,860 | |||||||||||
23,350 | Petro-Canada | 1,170,302 | ||||||||||||
10,630 | Suncor Energy, Inc. | 1,197,895 | ||||||||||||
6,881,449 | ||||||||||||||
Cayman Islands: 0.8% | ||||||||||||||
64,300 | @ | Apex Silver Mines Ltd. | 646,215 | |||||||||||
646,215 | ||||||||||||||
Finland: 3.1% | ||||||||||||||
126,300 | Stora Enso OYJ (Euro Denominated Security) | 1,552,011 | ||||||||||||
39,750 | UPM-Kymmene OYJ | 762,321 | ||||||||||||
2,314,332 | ||||||||||||||
France: 6.9% | ||||||||||||||
320,550 | Alcatel SA | 2,145,503 | ||||||||||||
121 | Areva SA | 135,064 | ||||||||||||
19,750 | Sanofi-Aventis | 1,522,353 | ||||||||||||
22,230 | Thales SA | 1,447,903 | ||||||||||||
5,250,823 | ||||||||||||||
Germany: 2.8% | ||||||||||||||
99,530 | @ | Premiere AG | 2,088,404 | |||||||||||
2,088,404 | ||||||||||||||
Italy: 3.0% | ||||||||||||||
1,379,790 | Telecom Italia S.p.A. RNC | 2,246,143 | ||||||||||||
2,246,143 | ||||||||||||||
Japan: 34.8% | ||||||||||||||
72,000 | Coca-Cola West Holdings Co., Ltd. | 1,630,020 | ||||||||||||
145,000 | Dai Nippon Printing Co., Ltd. | 2,231,814 | ||||||||||||
60,000 | Fuji Photo Film Co., Ltd. | 2,319,637 | ||||||||||||
62,700 | JS Group Corp. | 1,092,236 | ||||||||||||
86,000 | Kirin Brewery Co., Ltd. | 1,538,598 | ||||||||||||
30,400 | Mabuchi Motor Co., Ltd. | 1,511,188 | ||||||||||||
27,200 | @ | Mitsui Sumitomo Insurance Group Holdings, Inc. | 1,082,925 | |||||||||||
267,000 | Nippon Oil Corp. | 1,840,065 | ||||||||||||
140,430 | Nippon Telegraph & Telephone Corp. ADR | 3,017,838 | ||||||||||||
122,900 | Sega Sammy Holdings, Inc. | 1,495,924 | ||||||||||||
129,000 | Sekisui House Ltd. | 1,228,004 | ||||||||||||
62,900 | Seven & I Holdings Co., Ltd. | 1,883,004 | ||||||||||||
48,600 | Shiseido Co., Ltd. | 1,170,320 | ||||||||||||
113,000 | Sumitomo Trust & Banking Co., Ltd. | 1,015,981 | ||||||||||||
42,170 | Takefuji Corp. | 997,470 | ||||||||||||
33,000 | Toppan Printing Co., Ltd. | 368,460 | ||||||||||||
52,600 | Toyo Seikan Kaisha Ltd. | 1,033,872 | ||||||||||||
56,000 | Wacoal Holdings Corp. | 805,041 | ||||||||||||
26,262,397 | ||||||||||||||
Netherlands: 6.1% | ||||||||||||||
83,050 | @ | Gemalto NV | 2,666,339 | |||||||||||
24,142 | Royal Dutch Shell PLC ADR — Class B | 1,924,117 | ||||||||||||
4,590,456 | ||||||||||||||
Papua New Guinea: 0.5% | ||||||||||||||
135,100 | @ | Lihir Gold Ltd. | 383,287 | |||||||||||
383,287 | ||||||||||||||
South Africa: 6.2% | ||||||||||||||
84,570 | Anglogold Ashanti Ltd. ADR | 2,885,528 | ||||||||||||
89,850 | Gold Fields Ltd. | 1,201,497 | ||||||||||||
45,150 | Gold Fields Ltd. ADR | 609,525 | ||||||||||||
4,696,550 | ||||||||||||||
South Korea: 5.3% | ||||||||||||||
68,930 | Korea Electric Power Corp. ADR | 1,132,520 | ||||||||||||
89,650 | KT Corp. ADR | 2,072,708 | ||||||||||||
34,600 | SK Telecom Co., Ltd. ADR | 780,922 | ||||||||||||
3,986,150 | ||||||||||||||
Sweden: 1.1% | ||||||||||||||
32,400 | Telefonaktiebolaget LM Ericsson ADR | 817,128 | ||||||||||||
817,128 | ||||||||||||||
Switzerland: 1.2% | ||||||||||||||
28,100 | UBS AG — New | 943,879 | ||||||||||||
943,879 | ||||||||||||||
United Kingdom: 5.3% | ||||||||||||||
27,500 | AstraZeneca PLC ADR | 1,154,450 | ||||||||||||
201,300 | BP PLC | 2,439,298 | ||||||||||||
6,150 | Lonmin PLC | 376,369 | ||||||||||||
3,970,117 | ||||||||||||||
United States: 3.2% | ||||||||||||||
54,390 | Newmont Mining Corp. | 2,404,582 | ||||||||||||
2,404,582 | ||||||||||||||
Total Common Stock (Cost $72,872,768) | 71,823,561 | |||||||||||||
RIGHTS: 0.1% | ||||||||||||||
Switzerland: 0.1% | ||||||||||||||
28,100 | UBS AG — Reg Rights | 29,018 | ||||||||||||
Total Rights (Cost $47,829) | 29,018 | |||||||||||||
Total Long-Term Investments (Cost $72,920,597) | 71,852,579 | |||||||||||||
204
Table of Contents
Principal Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 4.7% | ||||||||||||||
U.S. Government Agency Obligations: 4.7% | ||||||||||||||
$ | 3,574,000 | Z | Federal Home Loan Bank, 1.550%, due 05/01/08 | $ | 3,573,846 | |||||||||
Total Short-Term Investments (Cost $3,573,846) | 3,573,846 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $76,494,443)* | 99.9 | % | $ | 75,426,425 | ||||||||||
Other Assets and Liabilities - Net | 0.1 | 75,867 | ||||||||||||
Net Assets | 100.0 | % | $ | 75,502,292 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
Z | Indicates Zero Coupon Bond; rate shown reflects current effective yield. | |
* | Cost for federal income tax purposes is $77,073,107. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 4,807,107 | ||
Gross Unrealized Depreciation | (6,453,789 | ) | ||
Net Unrealized Depreciation | $ | (1,646,682 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Aerospace/Defense | 1.9 | % | ||
Apparel | 1.1 | |||
Banks | 1.3 | |||
Beverages | 4.2 | |||
Building Materials | 1.4 | |||
Commercial Services | 3.4 | |||
Computers | 3.5 | |||
Cosmetics/Personal Care | 1.6 | |||
Diversified Financial Services | 2.7 | |||
Electric | 3.3 | |||
Electronics | 2.0 | |||
Energy — Alternate Sources | 0.2 | |||
Forest Products & Paper | 3.1 | |||
Home Builders | 1.6 | |||
Insurance | 1.4 | |||
Leisure Time | 2.0 | |||
Media | 2.8 | |||
Mining | 18.6 | |||
Miscellaneous Manufacturing | 3.1 | |||
Oil & Gas | 12.9 | |||
Packaging & Containers | 1.4 | |||
Pharmaceuticals | 3.5 | |||
Retail | 2.5 | |||
Telecommunications | 15.7 | |||
Short-Term Investments | 4.7 | |||
Other Assets and Liabilities — Net | 0.1 | |||
Net Assets | 100.0 | % | ||
205
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 94.5% | ||||||||||||||
Australia: 1.0% | ||||||||||||||
23,000 | Telstra Corp., Ltd. | $ | 98,724 | |||||||||||
98,724 | ||||||||||||||
Belgium: 5.9% | ||||||||||||||
950 | Delhaize Group | 81,944 | ||||||||||||
3,425 | Dexia | 94,534 | ||||||||||||
10,916 | Fortis | 296,246 | ||||||||||||
3,866 | @ | Fortis — Strip VVPR | 60 | |||||||||||
4,800 | Melexis NV | 78,669 | ||||||||||||
551,453 | ||||||||||||||
Denmark: 1.0% | ||||||||||||||
2,600 | Danske Bank A/S | 89,513 | ||||||||||||
89,513 | ||||||||||||||
Finland: 2.8% | ||||||||||||||
2,163 | Fortum OYJ | 91,503 | ||||||||||||
1,800 | Outokumpu OYJ | 85,107 | ||||||||||||
4,550 | UPM-Kymmene OYJ | 87,259 | ||||||||||||
263,869 | ||||||||||||||
France: 12.8% | ||||||||||||||
1,040 | BNP Paribas | 110,869 | ||||||||||||
2,000 | Bouygues SA | 148,220 | ||||||||||||
3,340 | Sanofi-Aventis | 257,451 | ||||||||||||
750 | Societe Generale | 87,124 | ||||||||||||
4,050 | Total SA | 339,253 | ||||||||||||
6,550 | Vivendi | 264,079 | ||||||||||||
1,206,996 | ||||||||||||||
Germany: 9.5% | ||||||||||||||
1,000 | Allianz AG | 202,712 | ||||||||||||
2,600 | Commerzbank AG | 93,361 | ||||||||||||
3,100 | Deutsche Lufthansa AG | 81,796 | ||||||||||||
5,650 | Deutsche Post AG | 175,572 | ||||||||||||
7,300 | Deutsche Telekom AG | 130,590 | ||||||||||||
640 | E.ON AG | 130,109 | ||||||||||||
1,700 | MTU Aero Engines Holding AG | 77,062 | ||||||||||||
891,202 | ||||||||||||||
Greece: 0.7% | ||||||||||||||
1,800 | OPAP SA | 70,023 | ||||||||||||
70,023 | ||||||||||||||
Hong Kong: 1.6% | ||||||||||||||
5,100 | Hang Seng Bank Ltd. | 101,889 | ||||||||||||
9,500 | Kingboard Chemicals Holdings | 44,829 | ||||||||||||
146,718 | ||||||||||||||
Ireland: 1.4% | ||||||||||||||
10,900 | Smurfit Kappa PLC | 135,788 | ||||||||||||
135,788 | ||||||||||||||
Italy: 6.5% | ||||||||||||||
12,500 | Enel S.p.A. | 135,627 | ||||||||||||
5,800 | ENI S.p.A. | 223,234 | ||||||||||||
48,300 | Telecom Italia S.p.A. RNC | 78,627 | ||||||||||||
23,000 | UniCredito Italiano S.p.A. | 173,342 | ||||||||||||
610,830 | ||||||||||||||
Japan: 15.6% | ||||||||||||||
2,100 | Aoyama Trading Co., Ltd. | 47,669 | ||||||||||||
2,700 | Canon Sales Co., Inc. | 52,449 | ||||||||||||
3,100 | Chubu Electric Power Co., Inc. | 72,802 | ||||||||||||
2,400 | Daiichi Sankyo Co., Ltd. | 66,130 | ||||||||||||
9 | East Japan Railway Co. | 71,819 | ||||||||||||
6,300 | EDION Corp. | 63,857 | ||||||||||||
13,000 | Furukawa Electric Co., Ltd. | 47,224 | ||||||||||||
4,000 | Honda Motor Co., Ltd. | 127,666 | ||||||||||||
7,000 | Itochu Corp. | 73,315 | ||||||||||||
7 | KDDI Corp. | 44,968 | ||||||||||||
9,000 | Mitsubishi Materials Corp. | 42,749 | ||||||||||||
20,000 | Mitsubishi UFJ Financial Group, Inc. | 220,380 | ||||||||||||
5,000 | Onward Kashiyama Co., Ltd. | 56,877 | ||||||||||||
5,000 | Ricoh Co., Ltd. | 86,554 | ||||||||||||
1,400 | Sankyo Co., Ltd. | 84,325 | ||||||||||||
205 | Softbank Investment Corp. | 53,900 | ||||||||||||
13,700 | Sojitz Corp. | 52,772 | ||||||||||||
9,000 | Sumitomo Trust & Banking Co., Ltd. | 80,919 | ||||||||||||
3,000 | Tohoku Electric Power Co., Inc. | 68,238 | ||||||||||||
15,000 | Tokyo Gas Co., Ltd. | 57,626 | ||||||||||||
1,472,239 | ||||||||||||||
Netherlands: 7.2% | ||||||||||||||
3,300 | European Aeronautic Defence and Space Co. NV | 82,317 | ||||||||||||
10,150 | Royal Dutch Shell PLC — Class A | 407,957 | ||||||||||||
10,250 | Royal KPN NV | 187,130 | ||||||||||||
677,404 | ||||||||||||||
New Zealand: 0.8% | ||||||||||||||
25,777 | Telecom Corp. of New Zealand Ltd. | 76,031 | ||||||||||||
76,031 | ||||||||||||||
Norway: 0.9% | ||||||||||||||
6,000 | DnB NOR ASA | 89,072 | ||||||||||||
89,072 | ||||||||||||||
Spain: 6.2% | ||||||||||||||
5,225 | Banco Bilbao Vizcaya Argentaria SA | 119,836 | ||||||||||||
12,700 | Banco Santander Central Hispano SA | 274,651 | ||||||||||||
3,950 | Ebro Puleva SA | 81,523 | ||||||||||||
7,350 | Iberdrola SA | 107,101 | ||||||||||||
583,111 | ||||||||||||||
Sweden: 0.9% | ||||||||||||||
34,000 | Telefonaktiebolaget LM Ericsson | 85,884 | ||||||||||||
85,884 | ||||||||||||||
Switzerland: 2.1% | ||||||||||||||
160 | Nestle SA | 76,365 | ||||||||||||
1,450 | Swiss Reinsurance | 119,894 | ||||||||||||
196,259 | ||||||||||||||
Taiwan: 0.8% | ||||||||||||||
6,800 | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 76,432 | ||||||||||||
76,432 | ||||||||||||||
United Kingdom: 14.7% | ||||||||||||||
9,500 | Aviva PLC | 118,017 | ||||||||||||
9,900 | Barclays PLC | 89,515 | ||||||||||||
21,300 | BP PLC | 258,108 | ||||||||||||
5,050 | HBOS PLC | 46,624 | ||||||||||||
21,550 | HSBC Holdings PLC | 374,193 | ||||||||||||
53,500 | ITV PLC | 69,589 | ||||||||||||
35,000 | Legal & General Group PLC | 87,762 | ||||||||||||
14,200 | Royal Bank of Scotland Group PLC | 96,111 | ||||||||||||
12,500 | Tate & Lyle PLC | 130,811 | ||||||||||||
35,000 | Vodafone Group PLC | 110,763 | ||||||||||||
1,381,493 | ||||||||||||||
United States: 2.1% | ||||||||||||||
1,800 | AT&T, Inc. | 69,678 | ||||||||||||
3,800 | General Electric Co. | 124,260 | ||||||||||||
193,938 | ||||||||||||||
Total Common Stock (Cost $9,380,478) | 8,896,979 | |||||||||||||
206
Table of Contents
Shares | Value | |||||||||||||
REAL ESTATE INVESTMENT TRUSTS: 0.9% | ||||||||||||||
Germany: 0.9% | ||||||||||||||
4,300 | @ | Alstria Office AG | $ | 82,171 | ||||||||||
Total Real Estate Investment Trusts (Cost $91,714) | 82,171 | |||||||||||||
PREFERRED STOCK: 0.7% | ||||||||||||||
Italy: 0.7% | ||||||||||||||
23,993 | Unipol S.p.A. | 69,694 | ||||||||||||
Total Preferred Stock (Cost $82,594) | 69,694 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $9,554,786)* | 96.1 | % | $ | 9,048,844 | ||||||||||
Other Assets and Liabilities - Net | 3.9 | 369,988 | ||||||||||||
Net Assets | 100.0 | % | $ | 9,418,832 | ||||||||||
@ | Non-income producing security | |
ADR | American Depositary Receipt | |
STRIP | Separate Trading of Registered Interest and Principal of Securities | |
* | Cost for federal income tax purposes is $9,559,338. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 448,239 | ||
Gross Unrealized Depreciation | (958,733 | ) | ||
Net Unrealized Depreciation | $ | (510,494 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Aerospace/Defense | 1.7 | % | ||
Airlines | 0.9 | |||
Apparel | 0.6 | |||
Auto Manufacturers | 1.4 | |||
Banks | 25.9 | |||
Chemicals | 0.5 | |||
Distribution/Wholesale | 1.9 | |||
Electric | 6.4 | |||
Electrical Components & Equipment | 0.5 | |||
Engineering & Construction | 1.6 | |||
Entertainment | 0.7 | |||
Food | 3.9 | |||
Forest Products & Paper | 2.4 | |||
Gas | 0.6 | |||
Insurance | 6.3 | |||
Internet | 0.6 | |||
Iron/Steel | 0.9 | |||
Leisure Time | 0.9 | |||
Media | 3.5 | |||
Mining | 0.5 | |||
Miscellaneous Manufacturing | 1.3 | |||
Office Property | 0.9 | |||
Office/Business Equipment | 0.9 | |||
Oil & Gas | 13.0 | |||
Pharmaceuticals | 3.4 | |||
Retail | 1.2 | |||
Semiconductors | 1.7 | |||
Telecommunications | 9.4 | |||
Transportation | 2.6 | |||
Other Assets and Liabilities — Net | 3.9 | |||
Net Assets | 100.0 | % | ||
207
Table of Contents
Shares | Value | |||||||||||||
COMMON STOCK: 96.5% | ||||||||||||||
Banks: 14.6% | ||||||||||||||
1,709,000 | @@ | Bank St. Petersburg BRD — Class S | $ | 9,741,300 | ||||||||||
37,387,000 | @@ | Sberbank RF | 121,192,951 | |||||||||||
130,934,251 | ||||||||||||||
Beverages: 1.2% | ||||||||||||||
352,000 | @,@@ | Efes Breweries International NV GDR | 10,919,603 | |||||||||||
10,919,603 | ||||||||||||||
Chemicals: 3.0% | ||||||||||||||
500,000 | @,@@ | Uralkali GDR | 26,526,299 | |||||||||||
26,526,299 | ||||||||||||||
Coal: 1.1% | ||||||||||||||
1,200,000 | @@ | Raspadskaya — Class S | 10,121,604 | |||||||||||
10,121,604 | ||||||||||||||
Cosmetics/Personal Care: 0.7% | ||||||||||||||
193,500 | @@ | Kalina | 6,192,000 | |||||||||||
6,192,000 | ||||||||||||||
Electric: 0.0% | ||||||||||||||
428,242,036 | @@ | TGK-5 | 308,334 | |||||||||||
308,334 | ||||||||||||||
Food: 2.1% | ||||||||||||||
154,800 | @@,L | Wimm-Bill-Dann Foods OJSC ADR | 18,839,160 | |||||||||||
18,839,160 | ||||||||||||||
Internet: 1.3% | ||||||||||||||
1,344,122 | @,@@ | RBC Information Systems | 11,300,496 | |||||||||||
11,300,496 | ||||||||||||||
Iron/Steel: 7.9% | ||||||||||||||
150,000 | @@ | Evraz Group SA GDR — Reg S | 15,485,531 | |||||||||||
209,300 | @@,L | Mechel OAO ADR | 30,515,940 | |||||||||||
3,450,000 | @@ | Novolipetsk Steel | 16,163,999 | |||||||||||
192,000 | @@,L | Novolipetsk Steel GDR | 8,482,300 | |||||||||||
70,647,770 | ||||||||||||||
Metal Fabricate/Hardware: 2.5% | ||||||||||||||
450,000 | @@,L | TMK OAO GDR | 14,771,421 | |||||||||||
37,700 | @@ | Vsmpo-Avisma Corp. | 8,143,200 | |||||||||||
22,914,621 | ||||||||||||||
Mining: 7.1% | ||||||||||||||
299,964 | @,@@ | Eurasian Natural Resources Corp. | 7,157,053 | |||||||||||
1,500,000 | @@ | MMC Norilsk Nickel ADR | 40,247,061 | |||||||||||
310,000 | @@,L | Polyus Gold Co. ZAO ADR | 16,481,911 | |||||||||||
63,886,025 | ||||||||||||||
Oil & Gas: 43.3% | ||||||||||||||
1,296,200 | @@,L | Lukoil-Spon ADR | 116,477,696 | |||||||||||
362,000 | @@ | Novatek OAO GDR | 27,266,172 | |||||||||||
7,030,000 | @@ | OAO Gazprom | 92,183,841 | |||||||||||
1,141,700 | @@,L | OAO Gazprom ADR | 60,409,274 | |||||||||||
4,546,200 | @,@@ | OAO Rosneft Oil Co. GDR | 44,244,319 | |||||||||||
2,385,000 | @,@@, L | Surgutneftegaz ADR | 23,064,367 | |||||||||||
192,000 | @@,L | Tatneft GDR | 24,479,245 | |||||||||||
388,124,914 | ||||||||||||||
Pharmaceuticals: 1.4% | ||||||||||||||
500,000 | @,@@ | Pharmstandard — Reg S GDR | 12,459,801 | |||||||||||
12,459,801 | ||||||||||||||
Real Estate: 2.7% | ||||||||||||||
845,700 | @,@@, L | LSR Group GDR | 13,486,714 | |||||||||||
45,000 | @,@@ | Open Investments | 11,151,244 | |||||||||||
24,637,958 | ||||||||||||||
Retail: 1.9% | ||||||||||||||
387,000 | @,@@ | Magnit OAO | 16,894,901 | |||||||||||
16,894,901 | ||||||||||||||
Telecommunications: 5.6% | ||||||||||||||
700,000 | @,@@ | Comstar United Telesystems GDR | 6,890,174 | |||||||||||
188,800 | @@,L | Mobile Telesystems Finance SA ADR | 14,647,104 | |||||||||||
137,000 | @@ | Moscow City Telephone | 4,534,700 | |||||||||||
96,900,000 | @@ | Sibirtelecom | 8,146,383 | |||||||||||
108,000,000 | @@ | Uralsvyazinform | 5,015,844 | |||||||||||
2,400,000 | @@ | VolgaTelecom | 10,752,096 | |||||||||||
49,986,301 | ||||||||||||||
Transportation: 0.1% | ||||||||||||||
6,060,000 | @@ | Novorossiysk Sea Trade Port BRD | 1,221,090 | |||||||||||
1,221,090 | ||||||||||||||
Total Common Stock (Cost $573,593,840) | 865,915,128 | |||||||||||||
MUTUAL FUNDS: 0.8% | ||||||||||||||
2,384,270 | @,@@ | RenShares Utilities Ltd. | 7,510,451 | |||||||||||
Total Mutual Funds (Cost $3,317,280) | 7,510,451 | |||||||||||||
PREFERRED STOCK: 1.1% | ||||||||||||||
Oil & Gas: 1.1% | ||||||||||||||
43,500,000 | @@ | Achinsk Refinery | 9,352,500 | |||||||||||
Total Preferred Stock (Cost $3,106,603) | 9,352,500 | |||||||||||||
Total Long-Term Investments (Cost $580,017,723) | 882,778,079 | |||||||||||||
208
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 19.7% | ||||||||||||||
Securities Lending CollateralCC: 19.7% | ||||||||||||||
$ | 176,807,367 | Bank of New York Mellon Corp. Institutional Cash Reserves | $ | 176,807,367 | ||||||||||
Total Short-Term Investments (Cost $176,807,367) | 176,807,367 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $756,825,090)* | 118.1 | % | $ | 1,059,585,446 | ||||||||||
Other Assets and Liabilities - Net | (18.1 | ) | (162,347,325 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 897,238,121 | ||||||||||
@ | Non-income producing security | |
@@ | Foreign Issuer | |
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
cc | Securities purchased with cash collateral for securities loaned. | |
L | Loaned security, a portion or all of the security is on loan at April 30, 2008. | |
* | Cost for federal income tax purposes is $756,980,545. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 312,236,563 | ||
Gross Unrealized Depreciation | (9,631,662 | ) | ||
Net Unrealized Appreciation | $ | 302,604,901 | ||
209
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
CORPORATE BONDS/NOTES: 31.1% | ||||||||||||||
Argentina: 0.7% | ||||||||||||||
$ | 100,000 | #,C | Cia de Transporte de Energia Electrica de Alta Tension SA, 8.875%, due 12/15/16 | $ | 77,000 | |||||||||
200,000 | +,# | Earls Eight Ltd., 8.000% (step rate 9.000%), due 12/31/12 | 155,580 | |||||||||||
810,999 | Mendoza Province Of, 5.500%, due 09/04/18 | 600,139 | ||||||||||||
13,400 | +,C | Transportadora Gas del Norte, 6.500% (step rate 7.500%), due 12/31/12 | 10,955 | |||||||||||
11,390 | +,#, C | Transportadora Gas del Norte, 6.500% (step rate 7.500%), due 12/31/12 | 9,311 | |||||||||||
20,100 | +,C | Transportadora Gas del Norte, 6.500% (step rate 7.500%), due 12/31/12 | 16,432 | |||||||||||
1,285,000 | +,# | Transportadora Gas Norte, 8.000% (step rate 9.000%), due 12/31/12 | 1,024,788 | |||||||||||
1,894,205 | ||||||||||||||
Brazil: 6.6% | ||||||||||||||
1,000,000 | Banco BMG SA, 9.150%, due 01/15/16 | 1,025,000 | ||||||||||||
BRL 2,300,000 | # | Banco Do Brasil, 9.750%, due 07/18/17 | 1,196,166 | |||||||||||
BRL 1,900,000 | Banco Safra Ltd., 10.875%, due 04/03/17 | 1,050,190 | ||||||||||||
BRL 500,000 | # | Banco Safra Ltd., 10.875%, due 04/03/17 | 276,366 | |||||||||||
BRL 2,300,000 | Banco Votorantim, 10.625%, due 04/10/14 | 1,281,026 | ||||||||||||
BRL 250,000 | # | Banco Votorantim, 10.625%, due 04/10/14 | 82,473 | |||||||||||
$ | 252,290 | Citigroup Funding, Inc., 4.010%, due 08/17/10 | 377,108 | |||||||||||
2,401,717 | # | Citigroup Funding, Inc., 6.000%, due 05/18/15 | 2,858,364 | |||||||||||
2,800,000 | Citigroup Funding, Inc., 9.570%, due 01/03/17 | 2,924,423 | ||||||||||||
2,990,000 | C | Petrobras International Finance Co., 5.875%, due 03/01/18 | 2,992,326 | |||||||||||
600,000 | #,C | Usiminas Commercial Ltd., 7.250%, due 01/18/18 | 619,037 | |||||||||||
360,000 | C | Usiminas Commercial Ltd., 7.250%, due 01/18/18 | 385,684 | |||||||||||
1,025,000 | C | Vale Overseas Ltd., 6.250%, due 01/23/17 | 1,053,188 | |||||||||||
3,050,000 | C | Vale Overseas Ltd., 6.875%, due 11/21/36 | 3,094,530 | |||||||||||
19,215,881 | ||||||||||||||
Chile: 0.2% | ||||||||||||||
620,000 | #,C | Alto Parana SA, 6.375%, due 06/09/17 | 623,596 | |||||||||||
623,596 | ||||||||||||||
Colombia: 1.0% | ||||||||||||||
835,000 | Bancolombia SA, 6.875%, due 05/25/17 | 826,650 | ||||||||||||
695,000 | #,C | EEB International Ltd., 8.750%, due 10/31/14 | 740,175 | |||||||||||
1,300,000 | #,C | TGI International Ltd., 9.500%, due 10/03/17 | 1,389,700 | |||||||||||
2,956,525 | ||||||||||||||
Dominican Republic: 0.6% | ||||||||||||||
2,025,785 | # | Standard Bank PLC, 15.000%, due 03/12/12 | 1,667,524 | |||||||||||
1,667,524 | ||||||||||||||
Hong Kong: 0.5% | ||||||||||||||
800,000 | Bangkok Bank PCL, 9.025%, due 03/15/29 | 881,606 | ||||||||||||
265,000 | #,C | Citic Resources Finance Ltd., 6.750%, due 05/15/14 | 252,413 | |||||||||||
400,000 | C | Citic Resources Finance Ltd., 6.750%, due 05/15/14 | 380,000 | |||||||||||
1,514,019 | ||||||||||||||
India: 0.2% | ||||||||||||||
650,000 | #,C | ICICI Bank Ltd, 6.625%, due 10/03/12 | 647,746 | |||||||||||
647,746 | ||||||||||||||
Indonesia: 2.6% | ||||||||||||||
1,300,000 | # | Barclays Bank CLN, due 12/17/12 | 1,408,030 | |||||||||||
1,200,000 | # | Barclays Bank CLN, due 03/17/13 | 1,330,080 | |||||||||||
100,000 | #,C | Excelcomindo Finance Co. BV, 7.125%, due 01/18/13 | 99,500 | |||||||||||
680,000 | C | Indosat Finance Co. BV, 7.125%, due 06/22/12 | 696,691 | |||||||||||
550,000 | Majapahit Holding BV, 7.250%, due 06/28/17 | 522,651 | ||||||||||||
930,000 | # | Majapahit Holding BV, 7.250%, due 06/28/17 | 881,175 | |||||||||||
100,000 | # | Majapahit Holding BV, 7.750%, due 10/17/16 | 99,000 | |||||||||||
650,000 | Majapahit Holding BV, 7.750%, due 10/17/16 | 643,856 | ||||||||||||
2,235,000 | # | Majapahit Holding BV, 7.875%, due 06/29/37 | 1,977,975 | |||||||||||
7,658,958 | ||||||||||||||
Ireland: 0.3% | ||||||||||||||
1,000,000 | # | VIP FIN (Vimpelcom), 9.125%, due 04/30/18 | 1,002,498 | |||||||||||
1,002,498 | ||||||||||||||
Kazakhstan: 1.1% | ||||||||||||||
600,000 | HSBK Europe BV, 7.250%, due 05/03/17 | 534,180 | ||||||||||||
400,000 | # | HSBK Europe BV, 7.250%, due 05/03/17 | 352,000 | |||||||||||
1,200,000 | Kazkommerts International BV, 7.500%, due 11/29/16 | 911,160 | ||||||||||||
210,000 | # | Kazkommerts International BV, 7.500%, due 11/29/16 | 158,550 | |||||||||||
1,500,000 | TuranAlem Finance BV, 8.250%, due 01/22/37 | 1,224,375 | ||||||||||||
3,180,265 | ||||||||||||||
210
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Luxembourg: 0.2% | ||||||||||||||
$ | 590,000 | GAZ Capital SA, 6.510%, due 03/07/22 | $ | 552,273 | ||||||||||
552,273 | ||||||||||||||
Mexico: 1.3% | ||||||||||||||
2,660,000 | #,C | Pemex Project Funding Master Trust, 5.750%, due 03/01/18 | 2,753,100 | |||||||||||
955,000 | # | Pemex Project Funding Master Trust, 6.625%, due 06/15/35 | 999,662 | |||||||||||
3,752,762 | ||||||||||||||
Netherlands: 0.2% | ||||||||||||||
500,000 | C | Excelcomindo Finance Co., 7.125%, due 01/18/13 | 497,500 | |||||||||||
497,500 | ||||||||||||||
Nigeria: 0.6% | ||||||||||||||
400,000 | # | UBS AG, due 12/27/13 | 459,242 | |||||||||||
1,200,000 | # | UBS AG, 0.120%, due 09/04/17 | 1,186,358 | |||||||||||
1,645,600 | ||||||||||||||
Peru: 1.5% | ||||||||||||||
3,900,000 | I | Banco Credito Del Peru, 7.170%, due 10/15/22 | 1,378,931 | |||||||||||
320,000 | #,Z | Interoceanica IV Finance Ltd., 4.210%, due 11/30/18 | 206,720 | |||||||||||
1,200,000 | #,Z | Interoceanica IV Finance Ltd., 4.390%, due 11/30/25 | 563,520 | |||||||||||
250,000 | #,Z | Peru Enhanced Pass-through Finance Ltd., 3.940%, due 05/31/18 | 168,750 | |||||||||||
3,000,000 | Z | Peru Enhanced Pass-through Finance Ltd., 3.940%, due 05/31/18 | 2,032,500 | |||||||||||
4,350,421 | ||||||||||||||
Philippines: 1.1% | ||||||||||||||
2,300,000 | National Power Corp., 6.875%, due 11/02/16 | 2,345,517 | ||||||||||||
305,000 | # | National Power Corp., 6.875%, due 11/02/16 | 309,575 | |||||||||||
450,000 | National Power Corp., 9.625%, due 05/15/28 | 538,875 | ||||||||||||
3,193,967 | ||||||||||||||
Russia: 5.1% | ||||||||||||||
1,200,000 | C | Alfa Bond Issuance PLC for OJSC Alfa Bank, 8.635%, due 02/22/17 | 1,117,307 | |||||||||||
1,150,000 | # | Alfa MTN Markets Ltd. for ABH Finanial Ltd., 8.200%, due 06/25/12 | 1,106,875 | |||||||||||
2,550,000 | Gaz Capital for Gazprom, 8.625%, due 04/28/34 | 2,989,875 | ||||||||||||
1,500,000 | +,C | Kuznetski Capital for Bank of Moscow, 7.500% (step rate 8.961%), due 11/25/15 | 1,489,350 | |||||||||||
545,000 | #,C | Lukoil International Finance BV, 6.656%, due 06/07/22 | 483,688 | |||||||||||
2,400,000 | Morgan Stanley Bank AG for OAO Gazprom, 9.625%, due 03/01/13 | 2,734,800 | ||||||||||||
500,000 | RSHB Capital SA for OJSC Russian Agricultural Bank, 6.299%, due 05/15/17 | 470,800 | ||||||||||||
450,000 | # | RSHB Capital SA for OJSC Russian Agricultural Bank, 6.299%, due 05/15/17 | 420,188 | |||||||||||
RUB 25,000,000 | Sibacademfinance PLC for URSA Bank, 9.125%, due 02/26/10 | 1,004,649 | ||||||||||||
$ | 2,000,000 | # | TransCapitalInvest Ltd. for OJSC AK Transneft, 6.103%, due 06/27/12 | 1,921,316 | ||||||||||
1,205,000 | UBS Luxembourg SA for OJSC Vimpel Communications, 8.250%, due 05/23/16 | 1,183,852 | ||||||||||||
14,922,700 | ||||||||||||||
South Korea: 0.7% | ||||||||||||||
1,280,000 | C | Shinhan Bank, 6.819%, due 09/20/36 | 1,109,681 | |||||||||||
1,230,000 | C | Woori Bank, 6.208%, due 05/02/37 | 1,026,580 | |||||||||||
2,136,261 | ||||||||||||||
Trinidad And Tobago: 0.3% | ||||||||||||||
1,000,000 | C | Petroleum Co. of Trinidad & Tobago Ltd., 6.000%, due 05/08/22 | 976,336 | |||||||||||
976,336 | ||||||||||||||
Turkey: 0.1% | ||||||||||||||
TRY 400,000 | European Investment Bank, 10.000%, due 01/28/11 | 279,664 | ||||||||||||
279,664 | ||||||||||||||
Ukraine: 1.7% | ||||||||||||||
$ | 550,000 | City of Kiev Ukraine, 8.000%, due 11/06/15 | 530,836 | |||||||||||
1,200,000 | HSBC Bank PLC for Ukrsibbank, 7.750%, due 12/21/11 | 1,200,257 | ||||||||||||
500,000 | Standard Bank (Nak), 8.125%, due 09/30/09 | 482,400 | ||||||||||||
2,600,000 | UK SPV Credit Finance PLC for JSC Commercial Bank Privatbank, 8.000%, due 02/06/12 | 2,397,633 | ||||||||||||
200,000 | # | UK SPV Credit Finance PLC for JSC Commercial Bank Privatbank, 8.000%, due 02/06/12 | 184,433 | |||||||||||
4,795,559 | ||||||||||||||
Venezuela: 4.5% | ||||||||||||||
7,500,000 | C | Petroleos de Venezuela SA, 5.250%, due 04/12/17 | 4,968,750 | |||||||||||
14,350,000 | C | Petroleos de Venezuela SA, 5.375%, due 04/12/27 | 8,071,875 | |||||||||||
13,040,625 | ||||||||||||||
Total Corporate Bonds/Notes (Cost $95,188,937) | 90,504,885 | |||||||||||||
211
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Principal | ||||||||||||||
Amount | Value | |||||||||||||
OTHER BONDS: 63.3% | ||||||||||||||
Argentina: 6.4% | ||||||||||||||
$ | 17,905,000 | Argentina Government International Bond, due 12/15/35 | $ | 2,085,933 | ||||||||||
ARS 5,000 | Argentina Government International Bond, due 12/15/35 | 144 | ||||||||||||
$ | 8,325,000 | Argentina Government International Bond, due 12/15/35 | 952,380 | |||||||||||
ARS 4,000,000 | Argentina Government International Bond, 2.000%, due 09/30/14 | 1,124,699 | ||||||||||||
ARS 1,805,231 | Argentina Government International Bond, 5.830%, due 12/31/33 | 533,038 | ||||||||||||
$ | 5,000,000 | Argentina Government International Bond, 7.000%, due 10/03/15 | 3,612,500 | |||||||||||
3,575,718 | Argentina Government International Bond, 8.280%, due 12/31/33 | 2,883,817 | ||||||||||||
1,050,000 | +,# | Province of Buenos Aires Argentina, 3.000% (step rate 4.000%), due 05/15/35 | 370,650 | |||||||||||
4,550,000 | + | Province of Buenos Aires Argentina, 3.000% (step rate 4.000%), due 05/15/35 | 1,606,150 | |||||||||||
280,000 | # | Province of Buenos Aires Argentina, 9.375%, due 09/14/18 | 210,000 | |||||||||||
2,200,000 | Province of Buenos Aires Argentina, 9.375%, due 09/14/18 | 1,650,000 | ||||||||||||
4,130,000 | Province of Buenos Aires Argentina, 9.625%, due 04/18/28 | 3,014,900 | ||||||||||||
481,500 | # | Provincia Del Neuquen Titulo Provincial, 8.656%, due 10/18/14 | 480,296 | |||||||||||
18,524,507 | ||||||||||||||
Belize: 0.1% | ||||||||||||||
330,000 | +,C | Belize Government International Bond, 4.250% (step rate 6.000%), due 02/20/29 | 241,725 | |||||||||||
241,725 | ||||||||||||||
Bosnia and Herzegovina: 0.2% | ||||||||||||||
EUR 383,469 | Z | Bosnia & Herzegovina Government International Bond, 11.110%, due 12/11/17 | 425,125 | |||||||||||
425,125 | ||||||||||||||
Brazil: 7.1% | ||||||||||||||
$ | 6,200,000 | Brazil Government International Bond, 7.125%, due 01/20/37 | 7,099,000 | |||||||||||
275,000 | Brazil Government International Bond, 8.250%, due 01/20/34 | 349,938 | ||||||||||||
1,680,000 | Brazil Government International Bond, 8.750%, due 02/04/25 | 2,154,600 | ||||||||||||
100,000 | Brazil Government International Bond, 8.875%, due 10/14/19 | 129,120 | ||||||||||||
600,000 | Brazil Government International Bond, 10.125%, due 05/15/27 | 869,190 | ||||||||||||
3,000,000 | C | Brazil Government International Bond, 11.000%, due 08/17/40 | 4,092,750 | |||||||||||
2,705,000 | Brazil Government International Bond, 12.500%, due 01/05/16 | 1,659,909 | ||||||||||||
475,000 | Federal Republic of Brazil, 8.875%, due 04/15/24 | 609,188 | ||||||||||||
BRL 4,295,000 | Federal Republic of Brazil, 12.500%, due 01/05/16 | 2,687,282 | ||||||||||||
$ | 900,000 | C | Federative Republic of Brazil, 6.000%, due 01/17/17 | 942,750 | ||||||||||
20,593,727 | ||||||||||||||
Colombia: 3.2% | ||||||||||||||
50,000 | Colombia Government International Bond, 10.000%, due 01/23/12 | 59,250 | ||||||||||||
53,000 | Colombia Government International Bond, 11.750%, due 02/25/20 | 79,235 | ||||||||||||
5,080,000 | Republic of Colombia, 7.375%, due 01/27/17 | 5,732,780 | ||||||||||||
2,055,000 | Republic of Colombia, 8.125%, due 05/21/24 | 2,440,313 | ||||||||||||
COP 2,061,000,000 | Republic of Colombia, 9.850%, due 06/28/27 | 1,106,222 | ||||||||||||
9,417,800 | ||||||||||||||
Dominican Republic: 1.7% | ||||||||||||||
$ | 2,267,927 | Dominican Republic, 9.040%, due 01/23/18 | 2,460,701 | |||||||||||
250,000 | # | Dominican Republic International Bond, 8.625%, due 04/20/27 | 267,500 | |||||||||||
1,865,000 | Dominican Republic International Bond, 8.625%, due 04/20/27 | 1,995,550 | ||||||||||||
143,584 | Standard Bank PLC, 16.000%, due 07/20/09 | 141,944 | ||||||||||||
4,865,695 | ||||||||||||||
El Salvador: 1.9% | ||||||||||||||
200,000 | # | El Salvador Government International Bond, 7.650%, due 06/15/35 | 215,000 | |||||||||||
2,430,000 | El Salvador Government International Bond, 7.650%, due 06/15/35 | 2,612,250 | ||||||||||||
2,440,000 | El Salvador Government International Bond, 8.250%, due 04/10/32 | 2,806,000 | ||||||||||||
5,633,250 | ||||||||||||||
Ghana: 0.3% | ||||||||||||||
900,000 | # | Republic of Ghana, 8.500%, due 10/04/17 | 942,750 | |||||||||||
942,750 | ||||||||||||||
Indonesia: 2.9% | ||||||||||||||
200,000 | # | Indonesia Government International Bond, 6.625%, due 02/17/37 | 176,840 | |||||||||||
1,900,000 | Indonesia Government International Bond, 6.625%, due 02/17/37 | 1,693,352 |
212
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Indonesia (continued) | ||||||||||||||
$ | 835,000 | # | Indonesia Government International Bond, 6.875%, due 01/17/18 | $ | 859,006 | |||||||||
3,000,000 | Indonesia Government International Bond, 7.500%, due 01/15/16 | 3,213,591 | ||||||||||||
880,000 | # | Indonesia Government International Bond, 7.750%, due 01/17/38 | 886,600 | |||||||||||
1,470,000 | Indonesia Government International Bond, 8.500%, due 10/12/35 | 1,612,245 | ||||||||||||
8,441,634 | ||||||||||||||
Iraq: 2.2% | ||||||||||||||
9,050,000 | C | Republic of Iraq, 5.800%, due 01/15/28 | 6,220,608 | |||||||||||
6,220,608 | ||||||||||||||
Ivory Coast: 0.0% | ||||||||||||||
210,000 | ± | Ivory Coast Government International Bond, 3.000%, due 03/30/18 | 75,600 | |||||||||||
75,600 | ||||||||||||||
Lebanon: 0.1% | ||||||||||||||
210,000 | Lebanon Government International Bond, 8.250%, due 04/12/21 | 196,350 | ||||||||||||
196,350 | ||||||||||||||
Mexico: 1.8% | ||||||||||||||
1,000,000 | C | Mexico Government International Bond, 5.625%, due 01/15/17 | 1,053,500 | |||||||||||
2,100,000 | Mexico Government International Bond, 7.500%, due 04/08/33 | 2,537,430 | ||||||||||||
1,300,000 | Mexico Government International Bond, 8.300%, due 08/15/31 | 1,693,250 | ||||||||||||
5,284,180 | ||||||||||||||
Nigeria: 0.7% | ||||||||||||||
500,000 | Central Bank of Nigeria, 5.092%, due 01/05/10 | 68,750 | ||||||||||||
2,000,000 | UBS AG, 9.850%, due 08/02/17 | 2,064,564 | ||||||||||||
2,133,314 | ||||||||||||||
Pakistan: 1.4% | ||||||||||||||
4,210,000 | Islamic Republic of Pakistan, 6.875%, due 06/01/17 | 3,589,025 | ||||||||||||
610,000 | Pakistan Government International Bond, 7.125%, due 03/31/16 | 528,632 | ||||||||||||
4,117,657 | ||||||||||||||
Panama: 1.1% | ||||||||||||||
50,000 | Panama Government International Bond, 6.700%, due 01/26/36 | 52,125 | ||||||||||||
1,595,000 | Panama Government International Bond, 7.125%, due 01/29/26 | 1,770,450 | ||||||||||||
1,000,000 | Panama Government International Bond, 8.875%, due 09/30/27 | 1,305,000 | ||||||||||||
130,000 | Panama Government International Bond, 9.375%, due 04/01/29 | 176,150 | ||||||||||||
3,303,725 | ||||||||||||||
Peru: 2.2% | ||||||||||||||
2,600,000 | Peru Government International Bond, 6.550%, due 03/14/37 | 2,736,500 | ||||||||||||
PEN 5,000,000 | # | Peru Government International Bond, 6.900%, due 08/12/37 | 1,752,748 | |||||||||||
$ | 1,420,000 | Peru Government International Bond, 7.350%, due 07/21/25 | 1,664,950 | |||||||||||
220,000 | Peru Government International Bond, 8.750%, due 11/21/33 | 292,600 | ||||||||||||
6,446,798 | ||||||||||||||
Philippines: 5.3% | ||||||||||||||
3,630,000 | Philippine Government International Bond, 7.750%, due 01/14/31 | 4,110,975 | ||||||||||||
1,750,000 | Philippine Government International Bond, 8.000%, due 01/15/16 | 2,012,500 | ||||||||||||
4,500,000 | Philippine Government International Bond, 8.250%, due 01/15/14 | 5,169,150 | ||||||||||||
1,100,000 | Philippine Government International Bond, 8.875%, due 03/17/15 | 1,310,375 | ||||||||||||
2,000,000 | Philippine Government International Bond, 9.000%, due 02/15/13 | 2,337,600 | ||||||||||||
270,000 | Philippine Government International Bond, 9.875%, due 01/15/19 | 348,300 | ||||||||||||
15,288,900 | ||||||||||||||
Russia: 7.5% | ||||||||||||||
10,327,725 | + | Russia Government International Bond, 7.500%, due 03/31/30 | 11,893,063 | |||||||||||
5,500,000 | Russia Government International Bond, 12.750%, due 06/24/28 | 9,909,367 | ||||||||||||
21,802,430 | ||||||||||||||
South Africa: 1.2% | ||||||||||||||
3,505,000 | South Africa Government International Bond, 5.875%, due 05/30/22 | 3,330,188 | ||||||||||||
3,330,188 | ||||||||||||||
Sri Lanka: 0.1% | ||||||||||||||
370,000 | # | Democratic Socialist Republic of Sri Lanka, 8.250%, due 10/24/12 | 338,550 | |||||||||||
338,550 | ||||||||||||||
Turkey: 7.2% | ||||||||||||||
6,250,000 | Republic of Turkey, 7.000%, due 09/26/16 | 6,429,688 | ||||||||||||
1,000,000 | Turkey Government International Bond, 6.875%, due 03/17/36 | 930,100 |
213
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Turkey (continued) | ||||||||||||||
$ | 220,000 | Turkey Government International Bond, 7.250%, due 03/15/15 | $ | 230,175 | ||||||||||
4,250,000 | Turkey Government International Bond, 7.375%, due 02/05/25 | 4,329,688 | ||||||||||||
1,530,000 | Turkey Government International Bond, 8.000%, due 02/14/34 | 1,627,538 | ||||||||||||
4,000,000 | Turkey Government International Bond, 9.500%, due 01/15/14 | 4,630,000 | ||||||||||||
TRY 3,080,000 | Turkey Government International Bond, 10.000%, due 02/15/12 | 2,695,653 | ||||||||||||
TRY 130,000 | Turkey Government International Bond, 14.000%, due 01/19/11 | 95,683 | ||||||||||||
20,968,525 | ||||||||||||||
Ukraine: 1.6% | ||||||||||||||
$ | 1,400,000 | Credit Suisse First Boston International for CJSC The EXIM of Ukraine, 6.800%, due 10/04/12 | 1,352,260 | |||||||||||
1,500,000 | Credit Suisse First Boston International for CJSC The EXIM of Ukraine, 7.650%, due 09/07/11 | 1,501,307 | ||||||||||||
470,000 | Ukraine Government International Bond, 6.580%, due 11/21/16 | 461,091 | ||||||||||||
1,180,000 | Ukraine Government International Bond, 7.650%, due 06/11/13 | 1,267,910 | ||||||||||||
4,582,568 | ||||||||||||||
Uruguay: 2.7% | ||||||||||||||
205,000 | Oriental Republic of Uruguay, 7.625%, due 03/21/36 | 217,300 | ||||||||||||
100,000 | Uruguay Government International Bond, 7.500%, due 03/15/15 | 109,650 | ||||||||||||
3,517,500 | & | Uruguay Government International Bond, 7.875%, due 01/15/33 | 3,834,075 | |||||||||||
3,300,000 | Uruguay Government International Bond, 8.000%, due 11/18/22 | 3,679,500 | ||||||||||||
7,840,525 | ||||||||||||||
Venezuela: 4.4% | ||||||||||||||
2,200,000 | Bolivarian Republic of Venezuela, 9.375%, due 01/13/34 | 1,996,500 | ||||||||||||
1,400,000 | Republic of Venezuela, 6.000%, due 12/09/20 | 983,500 | ||||||||||||
2,400,000 | Republic of Venezuela, 7.000%, due 03/31/38 | 1,663,440 | ||||||||||||
3,000,000 | Venezuela Government International Bond, 5.750%, due 02/26/16 | 2,377,500 | ||||||||||||
4,900,000 | Venezuela Government International Bond, 7.000%, due 12/01/18 | 3,944,500 | ||||||||||||
1,500,000 | Venezuela Government International Bond, 7.650%, due 04/21/25 | 1,154,850 | ||||||||||||
300,000 | Venezuela Government International Bond, 8.500%, due 10/08/14 | 282,000 | ||||||||||||
75,000 | Venezuela Government International Bond, 9.250%, due 09/15/27 | 68,438 | ||||||||||||
340,000 | Venezuela Government International Bond, 13.625%, due 08/15/18 | 408,850 | ||||||||||||
12,879,578 | ||||||||||||||
Total Other Bonds (Cost $188,995,357) | 183,895,709 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $284,184,294)* | 94.4 | % | $ | 274,400,594 | ||||||||||
Other Assets and Liabilities - Net | 5.6 | 16,422,961 | ||||||||||||
Net Assets | 100.0 | % | $ | 290,823,555 | ||||||||||
Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A). | ||
& | Payment-in-kind | |
+ | Step-up basis bonds. Interest rates shown reflect current and next coupon rates. | |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees. | |
C | Bond may be called prior to maturity date. | |
I | Illiquid security | |
± | Defaulted security | |
Z | Indicates Zero Coupon Bond; rate shown reflects current effective yield. | |
ARS | Argentine Peso | |
BRL | Brazilian Real | |
COP | Colombian Peso | |
EUR | Euro | |
PEN | Peruvian Nuevo Sol | |
RUB | Russian Ruble | |
TRY | Turkish Lira | |
* | Cost for federal income tax purposes is $284,258,892. | |
Net unrealized depreciation consists of: |
Gross Unrealized Appreciation | $ | 4,871,850 | ||
Gross Unrealized Depreciation | (14,730,148 | ) | ||
Net Unrealized Depreciation | $ | (9,858,298 | ) | |
Percentage of | ||||
Industry | Net Assets | |||
Banks | 7.4 | % | ||
Diversified Financial Services | 7.1 | |||
Electric | 2.8 | |||
Foreign Government Bonds | 63.2 | |||
Forest Products & Paper | 0.2 | |||
Gas | 0.4 | |||
Iron/Steel | 0.3 | |||
Mining | 1.4 | |||
Multi-National | 0.1 | |||
Municipal | 0.2 | |||
Oil & Gas | 9.7 | |||
Telecommunications | 1.0 | |||
Transportation | 0.5 | |||
Other Assets and Liabilities — Net | 5.7 | |||
Net Assets | 100.0 | % | ||
214
Table of Contents
Unrealized | ||||||||||||||||
Number | Notional | Expiration | Appreciation/ | |||||||||||||
Contract Description | of Contracts | Market Value ($) | Date | (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
U.S. Treasury 5-Year Note | 66 | 7,390,969 | 06/30/08 | $ | (65,546 | ) | ||||||||||
U.S. Treasury Long Bond | 9 | 1,052,016 | 06/19/08 | 2,862 | ||||||||||||
$ | (62,684 | ) | ||||||||||||||
In | ||||||||||||||||
Settlement | Exchange | Unrealized | ||||||||||||||
Currency | Buy/Sell | Date | For | Value | Depreciation | |||||||||||
USD | ||||||||||||||||
Turkish Lira TRY 4,200,000 | Sell | 06/02/08 | 3,213,220 | 3,256,521 | $ | (43,301 | ) | |||||||||
Brazilian Real BRL 14,200,000 | Sell | 06/02/08 | 8,299,241 | 8,473,565 | (174,324 | ) | ||||||||||
$ | (217,625 | ) | ||||||||||||||
215
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
CORPORATE BONDS/NOTES: 1.5% | ||||||||||||||
Airlines: 0.1% | ||||||||||||||
$ | 150,000 | C | Delta Airlines, Inc., 7.570%, due 11/18/10 | $ | 145,500 | |||||||||
145,500 | ||||||||||||||
Banks: 0.8% | ||||||||||||||
700,000 | C | Bank of America Corp., 8.000%, due 01/30/18 | 713,361 | |||||||||||
151,000 | SunTrust Bank, 7.250%, due 03/15/18 | 159,291 | ||||||||||||
872,652 | ||||||||||||||
Beverages: 0.4% | ||||||||||||||
BRL 900,000 | @@,# | Ambev International Finance Co., Ltd., 9.500%, due 07/24/17 | 465,648 | |||||||||||
465,648 | ||||||||||||||
Diversified Financial Services: 0.1% | ||||||||||||||
90,000 | American Express Co., 8.150%, due 03/19/38 | 105,023 | ||||||||||||
105,023 | ||||||||||||||
Electric: 0.1% | ||||||||||||||
64,000 | C | Commonwealth Edison Co., 4.700%, due 04/15/15 | 60,419 | |||||||||||
60,419 | ||||||||||||||
Total Corporate Bonds/Notes (Cost $1,655,542) | 1,649,242 | |||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS: 6.5% | ||||||||||||||
Federal Home Loan Mortgage Corporation: 4.2% | ||||||||||||||
800,000 | W | 5.000%, due 05/01/37 | 786,125 | |||||||||||
2,753,000 | 5.500%, due 05/01/37 | 2,770,636 | ||||||||||||
225,000 | W | 6.000%, due 05/01/37 | 230,168 | |||||||||||
702,000 | W | 6.500%, due 05/15/34 | 727,118 | |||||||||||
4,514,047 | ||||||||||||||
Federal National Mortgage Association: 2.3% | ||||||||||||||
667,000 | W | 5.000%, due 05/01/22 | 670,439 | |||||||||||
303,730 | S | 5.000%, due 03/01/37 | 292,638 | |||||||||||
646,000 | W | 5.500%, due 05/15/20 | 657,810 | |||||||||||
398,478 | S | 5.500%, due 06/01/37 | 401,143 | |||||||||||
432,000 | W | 6.500%, due 05/01/37 | 447,053 | |||||||||||
2,469,083 | ||||||||||||||
Total U.S. Government Agency Obligations (Cost $6,985,549) | 6,983,130 | |||||||||||||
U.S. TREASURY OBLIGATIONS: 19.0% | ||||||||||||||
U.S. Treasury Bonds: 4.9% | ||||||||||||||
3,139,000 | S | 3.500%, due 02/15/18 | 3,073,279 | |||||||||||
2,023,000 | S | 5.000%, due 05/15/37 | 2,193,059 | |||||||||||
5,266,338 | ||||||||||||||
U.S. Treasury Notes: 12.7% | ||||||||||||||
3,020,000 | S | 1.750%, due 03/31/10 | 2,992,397 | |||||||||||
3,020,000 | S | 2.125%, due 04/30/10 | 3,006,788 | |||||||||||
7,342,000 | S | 3.125%, due 04/30/13 | 7,372,976 | |||||||||||
260,000 | S | 4.500%, due 05/15/10 | 271,944 | |||||||||||
13,644,105 | ||||||||||||||
Treasury Inflation Indexed Protected Securities: 1.4% | ||||||||||||||
474,926 | S | 1.750%, due 01/15/28 | 452,886 | |||||||||||
972,291 | S | 2.000%, due 04/15/12 | 1,022,805 | |||||||||||
1,475,691 | ||||||||||||||
Total U.S. Treasury Obligations (Cost $20,445,292) | 20,386,134 | |||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS: 3.3% | ||||||||||||||
700,000 | C,S | Ge Capital Commercial Mortgage Corp., 5.339%, due 03/10/44 | 691,742 | |||||||||||
122,000 | C,S | Greenwich Capital Commercial Funding Corp., 5.117%, due 04/10/37 | 122,554 | |||||||||||
700,000 | C,S | Greenwich Capital Commercial Funding Corp., 5.475%, due 03/10/39 | 636,194 | |||||||||||
250,000 | C,S | JPMorgan Chase Commercial Mortgage Securities Corp., 4.865%, due 03/15/46 | 246,261 | |||||||||||
700,000 | C,S | JPMorgan Chase Commercial Mortgage Securities Corp., 5.345%, due 12/15/44 | 696,836 | |||||||||||
97,000 | C,S | LB-UBS Commercial Mortgage Trust, 5.103%, due 11/15/30 | 97,426 | |||||||||||
1,000,000 | C,S | LB-UBS Commercial Mortgage Trust, 6.150%, due 04/15/41 | 1,011,311 | |||||||||||
Total Collateralized Mortgage Obligations (Cost $3,408,948) | 3,502,324 | |||||||||||||
MUNICIPAL BONDS: 0.8% | ||||||||||||||
Louisiana: 0.4% | ||||||||||||||
400,000 | C | State of Louisiana, 5.000%, due 10/15/17 | 429,832 | |||||||||||
429,832 | ||||||||||||||
Washington: 0.4% | ||||||||||||||
400,000 | C | State of Washington, 5.000%, due 01/01/33 | 410,152 | |||||||||||
410,152 | ||||||||||||||
Total Municipal Bonds (Cost $818,743) | 839,984 | |||||||||||||
OTHER BONDS: 30.5% | ||||||||||||||
Foreign Government Bonds: 30.5% | ||||||||||||||
EUR 8,440,000 | Bundesobligation, 3.500%, due 04/08/11 | 13,075,654 | ||||||||||||
EUR 3,235,000 | Bundesrepub. Deutschland, 4.250%, due 07/04/17 | 5,099,928 | ||||||||||||
CAD 1,700,000 | Canadian Government International Bond, 3.750%, due 06/01/12 | 1,731,397 | ||||||||||||
EUR 930,000 | France Government International Bond OAT, 3.250%, due 04/25/16 | 1,359,557 | ||||||||||||
EUR 915,000 | Italy Buoni Poliennali Del Tesoro, 3.750%, due 08/01/16 | 1,368,928 | ||||||||||||
JPY 230,000,000 | Z | Japan Financing Bills, 0.520%, due 06/09/08 | 2,210,570 |
216
Table of Contents
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Foreign Government Bonds (continued) | ||||||||||||||
JPY 414,562,500 | S | Japan Government CPI Linked, 1.200%, due 12/10/17 | $ | 3,947,870 | ||||||||||
GBP 1,595,000 | United Kingdom Gilt Bond, 4.000%, due 03/07/09 | 3,159,558 | ||||||||||||
GBP 230,000 | United Kingdom Gilt Bond, 4.250%, due 03/07/36 | 438,408 | ||||||||||||
UYU 6,067,000 | S | Uruguay Government International Bond, 4.250%, due 04/05/27 | 315,391 | |||||||||||
Total Other Bonds (Cost $30,739,382) | 32,707,261 | |||||||||||||
Total Long-Term Investments (Cost $64,053,456) | 66,068,075 | |||||||||||||
Shares | Value | |||||||||||||
SHORT-TERM INVESTMENTS: 40.7% | ||||||||||||||
Mutual Fund: 34.7% | ||||||||||||||
37,125,000 | **,S | ING Institutional Prime Money Market Fund | $ | 37,125,000 | ||||||||||
Total Mutual Fund (Cost $37,125,000) | 37,125,000 | |||||||||||||
Principal | ||||||||||||||
Amount | Value | |||||||||||||
Foreign Government Securities: 5.5% | ||||||||||||||
EUR 3,810,000 | Z | German Treasury Bill, 3.450%, due 06/18/08 | $ | 5,921,315 | ||||||||||
Total Foreign Government Securities (Cost $5,921,315) | 5,921,315 | |||||||||||||
Repurchase Agreement: 0.5% | ||||||||||||||
$ | 535,000 | S | Goldman Sachs Repurchase Agreement dated 04/30/08, 1.970%, due 05/01/08, $535,029 to be received upon repurchase (Collateralized by $540,700 U.S. Treasury Note, 2.625%, Market Value plus accrued interest $545,767, due 03/15/09) | 535,000 | ||||||||||
Total Repurchase Agreement (Cost $535,000) | 535,000 | |||||||||||||
Total Short-Term Investments (Cost $43,581,315) | 43,581,315 | |||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $107,634,771)* | 102.3 | % | $ | 109,649,390 | ||||||||||
Other Assets and Liabilities - Net | (2.3 | ) | (2,416,861 | ) | ||||||||||
Net Assets | 100.0 | % | $ | 107,232,529 | ||||||||||
Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A). | ||
@@ | Foreign Issuer | |
# | Securities with purchases pursuant to Rule 144A or section 4(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, these securities have been determined to be liquid under the guidelines established by the Funds’ Board of Directors/Trustees. | |
C | Bond may be called prior to maturity date. | |
W | When-issued or delayed delivery security | |
S | All or a portion of this security is segregated for certain derivatives, when-issued or delayed delivery securities and forward currency exchange contracts. | |
** | Investment in affiliate | |
Z | Indicates Zero Coupon Bond; rate shown reflects current effective yield. | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
EUR | EU Euro | |
GBP | British Pound | |
JPY | Japanese Yen | |
UYU | Uruguayan Peso | |
* | Cost for federal income tax purposes is $107,754,350. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 2,094,408 | ||
Gross Unrealized Depreciation | (199,368 | ) | ||
Net Unrealized Appreciation | $ | 1,895,040 | ||
In | Unrealized | |||||||||||||||||||
Settlement | Exchange | Appreciation/ | ||||||||||||||||||
Currency | Buy/Sell | Date | For | Value | (Depreciation) | |||||||||||||||
USD | ||||||||||||||||||||
Australia Dollars AUD 8,264,000 | Buy | 05/15/08 | 7,630,523 | 7,781,867 | $ | 151,344 | ||||||||||||||
Switzerland Francs CHF 1,936,970 | Buy | 05/15/08 | 1,922,000 | 1,869,843 | (52,157 | ) | ||||||||||||||
Switzerland Francs CHF 2,093,660 | Buy | 05/30/08 | 2,022,000 | 2,021,590 | (410 | ) | ||||||||||||||
Denmark Kroner DKK 2,185,000 | Buy | 05/30/08 | 456,164 | 456,639 | 475 | |||||||||||||||
EURO EUR 1,352,000 | Buy | 05/15/08 | 2,122,609 | 2,109,732 | (12,877 | ) | ||||||||||||||
EURO EUR 1,422,040 | Buy | 05/15/08 | 2,244,000 | 2,219,025 | (24,975 | ) | ||||||||||||||
EURO EUR 1,579,382 | Buy | 05/15/08 | 2,516,736 | 2,464,551 | (52,185 | ) | ||||||||||||||
EURO EUR 1,633,382 | Buy | 05/15/08 | 2,600,000 | 2,548,816 | (51,184 | ) | ||||||||||||||
Japanese Yen JPY 838,000,000 | Buy | 05/15/08 | 8,209,425 | 8,066,651 | (142,774 | ) | ||||||||||||||
Japanese Yen JPY 460,204,027 | Buy | 05/15/08 | 4,570,000 | 4,429,958 | (140,042 | ) | ||||||||||||||
Japanese Yen JPY 153,833,850 | Buy | 05/15/08 | 1,530,000 | 1,480,816 | (49,184 | ) | ||||||||||||||
Japanese Yen JPY 206,499,816 | Buy | 05/15/08 | 2,040,000 | 1,987,783 | (52,217 | ) | ||||||||||||||
Japanese Yen JPY 53,210,184 | Buy | 05/15/08 | 515,689 | 512,206 | (3,483 | ) | ||||||||||||||
Japanese Yen JPY 553,144,376 | Buy | 05/15/08 | 5,365,000 | 5,324,609 | (40,391 | ) | ||||||||||||||
Japanese Yen JPY 383,088,420 | Buy | 05/15/08 | 3,690,000 | 3,687,638 | (2,362 | ) | ||||||||||||||
Korea (South) Won KRW 1,142,032,800 | Buy | 05/15/08 | 1,173,000 | 1,138,560 | (34,440 | ) | ||||||||||||||
New Zealand Dollars NZD 6,880,508 | Buy | 06/18/08 | 5,300,000 | 5,349,943 | 49,943 | |||||||||||||||
Norway Krone NOK 14,345,637 | Buy | 05/30/08 | 2,810,000 | 2,810,451 | 451 | |||||||||||||||
Poland Zlotych PLN 1,003,000 | Buy | 05/30/08 | 455,306 | 452,405 | (2,901 | ) |
217
Table of Contents
In | Unrealized | |||||||||||||||||||
Settlement | Exchange | Appreciation/ | ||||||||||||||||||
Currency | Buy/Sell | Date | For | Value | (Depreciation) | |||||||||||||||
USD | ||||||||||||||||||||
Sweden Kronor SEK 4,625,000 | Buy | 05/30/08 | 771,851 | 771,328 | (523 | ) | ||||||||||||||
Taiwan New Dollars TWD 11,500,000 | Buy | 05/15/08 | 383,333 | 377,885 | (5,448 | ) | ||||||||||||||
$ | (465,340 | ) | ||||||||||||||||||
Australia Dollars AUD 3,103,505 | Sell | 05/15/08 | 2,940,000 | 2,922,442 | $ | 17,558 | ||||||||||||||
Australia Dollars AUD 2,901,662 | Sell | 05/15/08 | 2,732,600 | 2,732,376 | 224 | |||||||||||||||
Brazil Real BRL 813,489 | Sell | 05/30/08 | 483,500 | 485,433 | (1,933 | ) | ||||||||||||||
Canada Dollars CAD 2,114,834 | Sell | 05/30/08 | 2,100,000 | 2,099,320 | 680 | |||||||||||||||
Canada Dollars CAD 604,151 | Sell | 05/30/08 | 600,000 | 599,719 | 281 | |||||||||||||||
Canada Dollars CAD 2,244,633 | Sell | 05/30/08 | 2,210,000 | 2,228,167 | (18,167 | ) | ||||||||||||||
Switzerland Francs CHF 1,936,970 | Sell | 05/15/08 | 1,894,118 | 1,869,843 | 24,275 | |||||||||||||||
Switzerland Francs CHF 4,194,661 | Sell | 05/30/08 | 4,160,000 | 4,050,269 | 109,731 | |||||||||||||||
EURO EUR 1,579,382 | Sell | 05/15/08 | 2,483,000 | 2,464,551 | 18,449 | |||||||||||||||
EURO EUR 807,362 | Sell | 05/15/08 | 1,265,000 | 1,259,850 | 5,150 | |||||||||||||||
Japanese Yen JPY 150,668,058 | Sell | 05/15/08 | 1,460,000 | 1,450,342 | 9,658 | |||||||||||||||
Japanese Yen JPY 153,833,850 | Sell | 05/15/08 | 1,475,746 | 1,480,816 | (5,070 | ) | ||||||||||||||
Japanese Yen JPY 383,088,420 | Sell | 05/15/08 | 3,676,423 | 3,687,638 | (11,215 | ) | ||||||||||||||
Japanese Yen JPY 67,750,410 | Sell | 05/15/08 | 650,000 | 652,171 | (2,171 | ) | ||||||||||||||
Japanese Yen JPY 259,710,000 | Sell | 05/15/08 | 2,500,000 | 2,499,989 | 11 | |||||||||||||||
Mexico Pesos MXN 7,108,447 | Sell | 05/15/08 | 670,000 | 676,417 | (6,417 | ) | ||||||||||||||
Mexico Pesos MXN 30,201,737 | Sell | 05/15/08 | 2,860,000 | 2,873,902 | (13,902 | ) | ||||||||||||||
$ | 127,142 | |||||||||||||||||||
Notional | Unrealized | |||||||||||||||
Number of | Market | Expiration | Appreciation/ | |||||||||||||
Contract Description | Contracts | Value ($) | Date | (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
90-Day Sterling | 37 | 8,726,016 | 03/18/09 | $ | (46,317 | ) | ||||||||||
Australia 10-Year Bond | 38 | 3,505,103 | 06/16/08 | (66,687 | ) | |||||||||||
Canada 10-Year Bond | 17 | 1,996,753 | 06/19/08 | 48,694 | ||||||||||||
Euro-Bund | 25 | 4,452,868 | 06/06/08 | (116,510 | ) | |||||||||||
Euro-Schatz | 104 | 16,862,670 | 06/06/08 | (229,070 | ) | |||||||||||
Japanese Government Bonds 10-Year Mini | 19 | 2,496,668 | 06/10/08 | (47,640 | ) | |||||||||||
Long Gilt | 11 | 2,368,453 | 06/26/08 | (7,382 | ) | |||||||||||
U.S. Treasury 5-Year Note | 14 | 1,567,781 | 06/30/08 | (20,051 | ) | |||||||||||
$ | (484,963 | ) | ||||||||||||||
Short Contracts | ||||||||||||||||
90-Day Sterling | 37 | (8,713,602 | ) | 03/17/10 | $ | 29,048 | ||||||||||
$ | 29,048 | |||||||||||||||
Unrealized | ||||||||||||||||||||||||
Buy/Sell | (Pay)/Receive | Termination | Notional | Appreciation/ | ||||||||||||||||||||
Counterparty | Reference Entity/Obligation | Protection | Fixed Rate (%) | Date | Amount | (Depreciation) | ||||||||||||||||||
UBS AG | Australia and New Zealand Banking Group 4.450%, 02/05/15 | Buy | (0.350 | ) | 09/20/17 | USD | 50,000 | 1,177 | ||||||||||||||||
Citibank N.A., New York | Bank of Scotland 5.125%, 12/05/13 | Buy | (0.660 | ) | 09/20/17 | USD | 100,000 | 6,165 | ||||||||||||||||
UBS AG | Bank of Scotland 5.125%, 12/05/13 | Buy | (0.410 | ) | 09/20/17 | USD | 50,000 | 3,999 | ||||||||||||||||
Citibank N.A., New York | BNP Paribas 5.250%, 12/17/12 | Buy | (0.520 | ) | 09/20/17 | USD | 100,000 | 1,466 | ||||||||||||||||
Citibank N.A., New York | CDX.EM.9 Index | Buy | (2.650 | ) | 06/20/13 | USD | 1,000,000 | (16,723 | ) | |||||||||||||||
Barclays Bank PLC | Federative Republic of Brazil 12.250%, 03/06/30 | Sell | 0.240 | 06/20/08 | USD | 2,850,000 | (143 | ) | ||||||||||||||||
Citibank N.A., New York | Federative Republic of Brazil 12.250%, 03/06/30 | Sell | 0.240 | 07/20/08 | USD | 1,200,000 | (95 | ) | ||||||||||||||||
Citibank N.A., New York | Federative Republic of Brazil 12.250%, 03/06/30 | Buy | (0.740 | ) | 07/20/12 | USD | 300,000 | 2,436 | ||||||||||||||||
UBS AG | HSBC Bank PLC 4.250%, 03/18/16 | Buy | (0.400 | ) | 09/20/17 | USD | 50,000 | 1,840 | ||||||||||||||||
UBS AG | Royal Bank of Scotland PLC 6.000%, 05/10/13 | Buy | (0.400 | ) | 09/20/17 | USD | 50,000 | 2,531 | ||||||||||||||||
Citibank N.A., New York | Societe Generale 6.625%, 04/27/15 | Buy | (0.510 | ) | 09/20/17 | USD | 100,000 | 3,804 | ||||||||||||||||
UBS AG | Societe Generale 6.625%, 04/27/15 | Buy | (0.380 | ) | 09/20/17 | USD | 50,000 | 2,391 | ||||||||||||||||
Citibank N.A., New York | Standard Chartered Bank 3.625%, 02/03/17 | Buy | (0.670 | ) | 09/20/17 | USD | 100,000 | 2,927 |
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Unrealized | ||||||||||||||||||||||||
Buy/Sell | (Pay)/Receive | Termination | Notional | Appreciation/ | ||||||||||||||||||||
Counterparty | Reference Entity/Obligation | Protection | Fixed Rate (%) | Date | Amount | (Depreciation) | ||||||||||||||||||
UBS AG | Standard Chartered Bank 3.625%, 02/03/17 | Buy | (0.420 | ) | 09/20/17 | USD | 50,000 | 2,402 | ||||||||||||||||
UBS AG | Westpac Banking Corp. 5.875%, 04/29/18 | Buy | (0.350 | ) | 09/20/17 | USD | 50,000 | 2,195 | ||||||||||||||||
16,372 | ||||||||||||||||||||||||
Notional | Unrealized | |||||||||||||
Termination | Principal | Appreciation/ | ||||||||||||
Date | Amount | (Depreciation) | ||||||||||||
Receive a fixed rate equal to 3.186% and pay a floating rate based on 3-month USD-LIBOR Counterparty: Citibank N.A., New York | 04/22/10 | USD | 5,477,000 | $ | 1,457 | |||||||||
Receive a fixed rate equal to 8.370% and pay a floating rate based on 3-month NZD-BBR-FRA Counterparty: UBS AG, London | 07/12/10 | NZD | 5,835,000 | 37,670 | ||||||||||
Receive a fixed rate equal to 4.670% and pay a floating rate based on 6-month GBP-LIBOR Counterparty: Citibank N.A., New York | 08/05/10 | GBP | 3,559,000 | (76,015 | ) | |||||||||
Receive a fixed rate equal to 4.920% and pay a floating rate based on 6-month GBP-LIBOR Counterparty: Citibank N.A., New York | 08/23/10 | GBP | 3,559,000 | (43,709 | ) | |||||||||
Receive a fixed rate equal to 5.260% and pay a floating rate based on 6-month GBP-LIBOR Counterparty: Citibank N.A., New York | 10/29/10 | GBP | 17,500,000 | (5,155 | ) | |||||||||
Receive a floating rate based on 3-month NZD-BBR-FRA and pay a fixed rate equal to 7.710% Counterparty: UBS AG, London | 07/13/15 | NZD | 2,000,000 | (17,158 | ) | |||||||||
Receive a floating rate based on 3-month USD-LIBOR and pay a fixed rate equal to 4.270% Counterparty: Citibank N.A., New York | 01/23/18 | USD | 1,280,000 | (4,446 | ) | |||||||||
Receive a floating rate based on 6-month GBP-LIBOR and pay a fixed rate equal to 4.870% Counterparty: Citibank N.A., New York | 08/06/18 | GBP | 861,000 | 33,364 | ||||||||||
Receive a floating rate based on 6-month GBP-LIBOR and pay a fixed rate equal to 5.150% Counterparty: Citibank N.A., New York | 08/22/18 | GBP | 861,000 | (3,542 | ) | |||||||||
$ | (77,534 | ) | ||||||||||||
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Shares | Value | |||||||||||||
AFFILIATED INVESTMENT COMPANIES: 99.9% | ||||||||||||||
491,420 | ING Emerging Countries Fund — Class I | $ | 18,246,418 | |||||||||||
5,455,559 | @ | ING Foreign Fund — Class I | 110,147,731 | |||||||||||
11,331,521 | ING Index Plus International Equity Fund — Class I | 124,080,150 | ||||||||||||
10,957,524 | ING International Capital Appreciation Fund — Class I | 139,708,425 | ||||||||||||
5,138,987 | ING International Equity Dividend Fund — Class I | 48,255,087 | ||||||||||||
2,386,783 | ING International Real Estate Fund — Class I | 28,784,603 | ||||||||||||
1,045,980 | ING International SmallCap Fund — Class I | 48,784,502 | ||||||||||||
4,018,072 | ING International Value Choice Fund — Class I | 48,015,955 | ||||||||||||
Total Investments in Securities | ||||||||||||||
(Cost $552,124,404)* | 99.9 | % | $ | 566,022,871 | ||||||||||
Other Assets and Liabilities - Net | 0.1 | 366,642 | ||||||||||||
Net Assets | 100.0 | % | $ | 566,389,513 | ||||||||||
Securities may have been fair valued in accordance with procedures approved by the Board of Directors (Note 2A). | ||
@ | Non-income producing security | |
* | Cost for federal income tax purposes is $564,847,175. | |
Net unrealized appreciation consists of: |
Gross Unrealized Appreciation | $ | 8,787,261 | ||
Gross Unrealized Depreciation | (7,611,565 | ) | ||
Net Unrealized Appreciation | $ | 1,175,696 | ||
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1 | To approve the conversion of certain Funds’ investment objectives from fundamental to non-fundamental. | |
2 | To approve a “Manager-of-Managers” arrangement for certain Funds to permit the Funds’ investment adviser, subject to prior approval by the Board, to enter into and materially amend agreements with unaffiliated sub-advisers without obtaining the approval of the Funds’ shareholders. | |
3 | To approve the election of eleven nominees to the Boards of Directors/Trustees of the Funds. |
Shares | ||||||||||||||||||||||||
Voted | ||||||||||||||||||||||||
Shares | Against | Total | ||||||||||||||||||||||
Voted | or | Shares | Broker | Shares | ||||||||||||||||||||
Proposal* | For | Withheld | Abstained | Non-Vote | Voted | |||||||||||||||||||
ING Emerging Countries Fund | 1 | 3,303,664.071 | 256,758.695 | 127,156.710 | 1,700,808.000 | 5,388,387.476 | ||||||||||||||||||
ING International SmallCap Fund | 1 | 3,943,249.848 | 4,250,437.496 | 188,929.786 | 2,897,071.000 | 11,279,688.130 | ||||||||||||||||||
ING Russia Fund | 1 | 4,123,725.745 | 547,550.981 | 150,848.838 | 4,102,805.000 | 8,924,930.564 | ||||||||||||||||||
ING International Growth Opportunities Fund | 1 | 3,343,806.470 | 211,331.428 | 107,253.207 | 2,127,408.000 | 5,789,799.105 | ||||||||||||||||||
ING Global Equity Dividend Fund | 2 | 8,801,534.302 | 572,748.029 | 317,208.513 | 6,231,716.000 | 15,923,206.844 | ||||||||||||||||||
ING Global Real Estate Fund | 2 | 21,151,855.465 | 2,519,234.577 | 774,688.916 | 16,023,095.000 | 40,468,873.958 | ||||||||||||||||||
ING Russia Fund | 2 | 4,164,475.651 | 530,750.074 | 126,899.839 | 4,102,805.000 | 8,924,930.564 | ||||||||||||||||||
ING International Growth Opportunities Fund | 2 | 3,341,587.008 | 207,680.830 | 113,123.267 | 2,127,408.000 | 5,789,799.105 | ||||||||||||||||||
Colleen D. Baldwin | 3 | 249,706,919.045 | 3,027,810.174 | 0.000 | 0.000 | 252,734,729.219 | ||||||||||||||||||
John V. Boyer | 3 | 249,682,044.241 | 3,052,684.978 | 0.000 | 0.000 | 252,734,729.219 | ||||||||||||||||||
Patricia W. Chadwick | 3 | 249,465,993.099 | 3,268,736.120 | 0.000 | 0.000 | 252,734,729.219 | ||||||||||||||||||
Robert W. Crispin | 3 | 249,643,813.665 | 3,090,915.554 | 0.000 | 0.000 | 252,734,729.219 | ||||||||||||||||||
Peter S. Drotch | 3 | 249,697,326.071 | 3,037,403.148 | 0.000 | 0.000 | 252,734,729.219 | ||||||||||||||||||
J. Michael Earley | 3 | 249,522,554.729 | 3,212,174.490 | 0.000 | 0.000 | 252,734,729.219 | ||||||||||||||||||
Patrick W. Kenny | 3 | 249,766,444.194 | 2,968,285.025 | 0.000 | 0.000 | 252,734,729.219 | ||||||||||||||||||
Shaun P. Mathews | 3 | 249,749,451.981 | 2,985,277.238 | 0.000 | 0.000 | 252,734,729.219 | ||||||||||||||||||
Sheryl K. Pressler | 3 | 249,640,102.557 | 3,094,626.662 | 0.000 | 0.000 | 252,734,729.219 | ||||||||||||||||||
David W.C. Putnam | 3 | 249,463,578.379 | 3,271,150.840 | 0.000 | 0.000 | 252,734,729.219 | ||||||||||||||||||
Roger B. Vincent | 3 | 249,707,425.710 | 3,027,303.509 | 0.000 | 0.000 | 252,734,729.219 |
* | The Shareholder Meeting for Proposals 1 and 2 were adjourned to December 17, 2007. Proposal 3 passed at this meeting. |
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1 | To approve the conversion of certain Funds’ investment objectives from fundamental to non-fundamental. | |
2 | To approve a “Manager-of-Managers” arrangement for certain Funds to permit the Funds’ investment adviser, subject to prior approval by the Board, to enter into and materially amend agreements with unaffiliated sub-advisers without obtaining the approval of the Funds’ shareholders. |
Shares | ||||||||||||||||||||||||
Voted | ||||||||||||||||||||||||
Shares | Against | Total | ||||||||||||||||||||||
Voted | or | Shares | Broker | Shares | ||||||||||||||||||||
Proposal | For | Withheld | Abstained | Non-Vote | Voted | |||||||||||||||||||
ING Emerging Countries Fund | 1 | * | 3,529,006.191 | 280,815.324 | 138,635.452 | 1,569,897.000 | 5,518,353.967 | |||||||||||||||||
ING International SmallCap Fund | 1 | 4,740,527.619 | 4,358,399.651 | 297,254.233 | 2,431,217.000 | 11,827,398.503 | ||||||||||||||||||
ING Russia Fund | 1 | 4,579,183.510 | 603,011.206 | 219,936.660 | 3,635,599.000 | 9,037,730.376 | ||||||||||||||||||
ING International Growth Opportunities Fund | 1 | * | 4,039,312.321 | 273,169.844 | 170,240.604 | 2,004,551.000 | 6,487,273.769 | |||||||||||||||||
ING Global Equity Dividend Fund | 2 | * | 9,832,039.528 | 700,045.216 | 391,917.152 | 5,508,641.000 | 16,432,642.896 | |||||||||||||||||
ING Global Real Estate Fund | 2 | 23,468,669.794 | 2,758,822.536 | 921,401.206 | 14,331,317.000 | 41,480,210.536 | ||||||||||||||||||
ING Russia Fund | 2 | 4,620,033.621 | 589,915.409 | 192,182.346 | 3,635,599.000 | 9,037,730.376 | ||||||||||||||||||
ING International Growth Opportunities Fund | 2 | * | 4,053,822.933 | 261,821.262 | 167,078.574 | 2,004,551.000 | 6,487,273.769 |
* | The Shareholder Meeting was adjourned to December 31, 2007. |
1 | To approve the conversion of certain Funds’ investment objectives from fundamental to non-fundamental. | |
2 | To approve a “Manager-of-Managers” arrangement for certain Funds to permit the Funds’ investment adviser, subject to prior approval by the Board, to enter into and materially amend agreements with unaffiliated sub-advisers without obtaining the approval of the Funds’ shareholders. |
Shares | ||||||||||||||||||||||||
Voted | ||||||||||||||||||||||||
Shares | Against | Total | ||||||||||||||||||||||
Voted | or | Shares | Broker | Shares | ||||||||||||||||||||
Proposal | For | Withheld | Abstained | Non-Vote | Voted | |||||||||||||||||||
ING Emerging Countries Fund | 1 | 3,788,561.250 | 336,812.506 | 142,377.185 | 1,441,855.000 | 5,709,605.941 | ||||||||||||||||||
ING International Growth Opportunities Fund | 1 | 4,598,913.597 | 276,176.245 | 179,179.802 | 1,872,805.000 | 6,927,074.644 | ||||||||||||||||||
ING Global Equity Dividend Fund | 2 | 10,926,527.364 | 719,218.216 | 427,476.968 | 4,798,437.000 | 16,871,659.548 | ||||||||||||||||||
ING International Growth Opportunities Fund | 2 | 4,612,833.497 | 265,947.709 | 175,488.438 | 1,872,805.000 | 6,927,074.644 |
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1 | To approve the conversion of ING International Value Fund’s investment objectives from fundamental to non-fundamental. | |
2 | To approve a “Manager-of-Managers” arrangement for ING International Value Fund to permit the Fund’s investment adviser, subject to prior approval by the Board, to enter into and materially amend agreements with unaffiliated sub-advisers without obtaining the approval of the Fund’s shareholders. | |
3 | To approve the election of eleven nominees to the Boards of Directors/Trustees of the Funds. |
Shares | ||||||||||||||||||||||||
Voted | ||||||||||||||||||||||||
Shares | Against | Total | ||||||||||||||||||||||
Voted | or | Shares | Broker | Shares | ||||||||||||||||||||
Proposal | For | Withheld | Abstained | Non-Vote | Voted | |||||||||||||||||||
ING International Value Fund | 1 | 53,134,727.860 | 12,931,098.876 | 1,846,960.854 | 49,989,278.000 | 117,902,065.590 | ||||||||||||||||||
ING International Value Fund | 2 | 53,473,259.272 | 12,897,305.863 | 1,542,222.455 | 49,989,278.000 | 117,902,065.590 | ||||||||||||||||||
Colleen D. Baldwin | 3 | * | 116,298,776.295 | 1,603,289.295 | 0.000 | 0.000 | 117,902,065.590 | |||||||||||||||||
John V. Boyer | 3 | * | 115,837,744.643 | 2,064,320.947 | 0.000 | 0.000 | 117,902,065.590 | |||||||||||||||||
Patricia W. Chadwick | 3 | * | 116,300,896.837 | 1,601,168.753 | 0.000 | 0.000 | 117,902,065.590 | |||||||||||||||||
Robert W. Crispin | 3 | * | 115,771,872.288 | 2,130,193.302 | 0.000 | 0.000 | 117,902,065.590 | |||||||||||||||||
Peter S. Drotch | 3 | * | 116,239,079.379 | 1,662,986.211 | 0.000 | 0.000 | 117,902,065.590 | |||||||||||||||||
J. Michael Earley | 3 | * | 115,921,536.128 | 1,980,529.462 | 0.000 | 0.000 | 117,902,065.590 | |||||||||||||||||
Patrick W. Kenny | 3 | * | 115,919,408.277 | 1,982,657.313 | 0.000 | 0.000 | 117,902,065.590 | |||||||||||||||||
Shaun P. Mathews | 3 | * | 115,849,151.042 | 2,052,914.548 | 0.000 | 0.000 | 117,902,065.590 | |||||||||||||||||
Sheryl K. Pressler | 3 | * | 115,770,736.133 | 2,131,329.457 | 0.000 | 0.000 | 117,902,065.590 | |||||||||||||||||
David W.C. Putnam | 3 | * | 116,273,111.205 | 1,628,954.385 | 0.000 | 0.000 | 117,902,065.590 | |||||||||||||||||
Roger B. Vincent | 3 | * | 116,316,328.731 | 1,585,736.859 | 0.000 | 0.000 | 117,902,065.590 |
* | The Shareholder Meeting was adjourned to December 17, 2007. |
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1 | To approve the conversion of ING International Value Fund’s investment objectives from fundamental to non-fundamental. | |
2 | To approve a “Manager-of-Managers” arrangement for ING International Value Fund to permit the Fund’s investment adviser, subject to prior approval by the Board, to enter into and materially amend agreements with unaffiliated sub-advisers without obtaining the approval of the Fund’s shareholders. | |
3 | To approve the election of eleven nominees to the Boards of Directors/Trustees of the Funds. |
Shares | ||||||||||||||||||||||||
Voted | ||||||||||||||||||||||||
Shares | Against | Total | ||||||||||||||||||||||
Voted | or | Shares | Broker | Shares | ||||||||||||||||||||
Proposal* | For | Withheld | Abstained | Non-Vote | Voted | |||||||||||||||||||
ING International Value Fund | 1 | 61,904,583.421 | 13,826,523.452 | 2,572,363.315 | 46,288,030.000 | 124,591,500.188 | ||||||||||||||||||
ING International Value Fund | 2 | 62,501,627.034 | 13,607,460.213 | 2,194,382.941 | 46,288,030.000 | 124,591,500.188 | ||||||||||||||||||
Colleen D. Baldwin | 3 | 121,874,494.995 | 2,010,885.664 | 0.000 | 0.000 | 123,885,380.659 | ||||||||||||||||||
John V. Boyer | 3 | 121,411,982.213 | 2,473,398.446 | 0.000 | 0.000 | 123,885,380.659 | ||||||||||||||||||
Patricia W. Chadwick | 3 | 121,877,660.003 | 2,007,720.656 | 0.000 | 0.000 | 123,885,380.659 | ||||||||||||||||||
Robert W. Crispin | 3 | 121,345,455.757 | 2,539,924.902 | 0.000 | 0.000 | 123,885,380.659 | ||||||||||||||||||
Peter S. Drotch | 3 | 121,811,215.729 | 2,074,164.930 | 0.000 | 0.000 | 123,885,380.659 | ||||||||||||||||||
J. Michael Earley | 3 | 121,493,007.375 | 2,392,373.284 | 0.000 | 0.000 | 123,885,380.659 | ||||||||||||||||||
Patrick W. Kenny | 3 | 121,493,565.515 | 2,391,815.144 | 0.000 | 0.000 | 123,885,380.659 | ||||||||||||||||||
Shaun P. Mathews | 3 | 121,423,388.418 | 2,461,992.241 | 0.000 | 0.000 | 123,885,380.659 | ||||||||||||||||||
Sheryl K. Pressler | 3 | 121,349,642.026 | 2,535,738.633 | 0.000 | 0.000 | 123,885,380.659 | ||||||||||||||||||
David W.C. Putnam | 3 | 121,844,329.644 | 2,041,051.015 | 0.000 | 0.000 | 123,885,380.659 | ||||||||||||||||||
Roger B. Vincent | 3 | 121,890,566.059 | 1,994,814.600 | 0.000 | 0.000 | 123,885,380.659 |
* | Proposal 3 passed at this meeting. |
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ING Growth and Income Fund
ING Real Estate Fund
ING Strategic Allocation Growth Fund
ING Strategic Allocation Moderate Fund
ING Equity Dividend Fund
ING Fundamental Research Fund
ING LargeCap Growth Fund
ING MidCap Opportunities Fund
ING Opportunistic LargeCap Fund
ING Small Company Fund
ING Index Plus LargeCap Equity Fund II
ING Index Plus LargeCap Equity Fund III
ING Index Plus LargeCap Equity Fund IV
ING Index Plus LargeCap Equity Fund V
ING Index Plus LargeCap Equity Fund VI
ING Index Plus LargeCap Equity Fund VII
ING Index Plus LargeCap Fund
ING Index Plus MidCap Fund
ING Index Plus SmallCap Fund
ING LargeCap Value Fund
ING SmallCap Value Multi-Manager Fund
ING Value Choice Fund
ING High Yield Bond Fund
ING Intermediate Bond Fund
ING National Tax-Exempt Bond Fund
ING Global Natural Resources Fund
ING Global Real Estate Fund
ING Global Science and Technology Fund
ING Global Value Choice Fund
ING Disciplined International SmallCap Fund
ING Emerging Countries Fund
ING European Real Estate Fund
ING Foreign Fund
ING Greater China Fund
ING Index Plus International Equity Fund
ING International Capital Appreciation Fund
ING International Equity Dividend Fund
ING International Growth Opportunities Fund
ING International Real Estate Fund
ING International SmallCap Multi-Manager Fund
ING International Value Fund
ING International Value Choice Fund
ING International Value Opportunities Fund
ING Russia Fund
ING Global Bond 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. |
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Item 2. Code of Ethics.
Not required for semi-annual filing.
Item 3. Audit Committee Financial Expert.
Not required for semi-annual filing.
Item 4. Principal Accountant Fees and Services.
Not required for semi-annual filing.
Item 5. Audit Committee Of Listed Registrants.
Not required for semi-annual filing.
Item 6. Schedule of Investments.
Schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-end Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-end Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-end Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The Board has a Nominating Committee for the purpose of considering and presenting to the Board candidates it proposes for nomination to fill Independent Trustee vacancies on the Board. The Committee currently consists of all Independent Trustees of the Board. (6 individuals). The Nominating Committee operates pursuant to a Charter approved by the Board. The primary purpose of the Nominating Committee is to consider and present to the Board the candidates it proposes for nomination to fill vacancies on the Board. In evaluating candidates, the Nominating Committee may consider a variety of factors, but it has not at this time set any specific minium qualifications that must be met. Specific qualifications of candidates for Board membership will be based on the needs of the Board at the time of nomination.
The Nominating Committee is willing to consider nominations received from shareholders and shall assess shareholder nominees in the same manner as it reviews its own nominees. A shareholder nominee for director should be submitted in writing to the Fund’s Secretary. Any such shareholder nomination should include at a minimum the following information as to each individual proposed for nomination as trustee: such individual’s written consent to be named in the proxy statement as a nominee (if nominated) and to serve as a trustee (if elected), and all information relating to such individual that is required to be disclosed in the solicitation of proxies for election of trustees, or is otherwise required, in each case under applicable federal securities laws, rules and regulations.
The secretary shall submit all nominations received in a timely manner to the Nominating Committee. To be timely, any such submission must be delivered to the Fund’s Secretary not earlier than the 90th day prior to such meeting and not later than the close of business on the later of the 60th day prior to such meeting or the 10th day following the day on which public announcement of the date of the meeting is first made, by either disclosure in a press release or in a document publicly filed by the Fund with the Securities and Exchange Commission.
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Item 11. Controls and Procedures.
(a) | Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR. | |||
(b) | There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Exhibits.
(a)(1) | The Code of Ethics is not required for the semi-annual filing. | |||
(a)(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT. | |||
(a)(3) | Not required for semi-annual filing. | |||
(b) | The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant): ING Mayflower Trust
By | /s/ Shaun P. Mathews | |||
Shaun P. Mathews President and Chief Executive Officer | ||||
Date: | July 9, 2008 | |||
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 9, 2008 | |||
By | /s/ Todd Modic | |||
Todd Modic Senior Vice President and Chief Financial Officer | ||||
Date: | July 9, 2008 | |||